# EDGAR Filing Document

**Accession Number:** 0001736734
**File Stem:** 0001193125-25-201851
**Filing Date:** 2025-9
**Character Count:** 6224563
**Document Hash:** daa54202bb633cf2dec336313c1a5d63
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-201851.hdr.sgml**: 20250912

**ACCESSION NUMBER**: 0001193125-25-201851

**CONFORMED SUBMISSION TYPE**: S-1

**PUBLIC DOCUMENT COUNT**: 113

**FILED AS OF DATE**: 20250912

**DATE AS OF CHANGE**: 20250912

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Lendbuzz Inc.
- **CENTRAL INDEX KEY:** 0001736734
- **STANDARD INDUSTRIAL CLASSIFICATION:** PERSONAL CREDIT INSTITUTIONS [6141]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 475047556
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-1
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-290207
- **FILM NUMBER:** 251310215

**BUSINESS ADDRESS:**
- **STREET 1:** 100 SUMMER STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110
- **BUSINESS PHONE:** 857-999-0250

**MAIL ADDRESS:**
- **STREET 1:** 100 SUMMER STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110

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**As filed with the Securities and Exchange Commission on September 12, 2025.** 

**Registration No. 333-** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**FORM S-1** 

**REGISTRATION STATEMENT** 

***UNDER***

***THE SECURITIES ACT OF 1933***

## Lendbuzz Inc.
**(Exact Name of Registrant as Specified in Its Charter)** 

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| | | |
|:---|:---|:---|
| **Delaware** | **6141** | **47-5047556** |
| **(State or Other Jurisdiction of**<br> **Incorporation or Organization)** | **(Primary Standard Industrial**<br> **Classification Code Number)** | **(I.R.S. Employer**<br> **Identification Number)** |

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**100 Summer St.** 

**Boston, Massachusetts, 02110** 

**(857) 999-0250** 

**(Address, Including Zip Code, and Telephone Number, Including Area Code, of Registrant's Principal Executive Offices)** 

**Amitay Kalmar** 

**Chief Executive Officer and Co-Founder** 

**Lendbuzz Inc.** 

**100 Summer St.** 

**Boston, Massachusetts, 02110** 

**(857) 999-0250** 

**(Name, Address, Including Zip Code, and Telephone Number, Including Area Code, of Agent For Service)** 

***Copies to:***

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| | |
|:---|:---|
| **Nicole Brookshire**<br> **Hillary A. Coleman**<br> **Arisa A. Sin**<br> **Davis Polk & Wardwell LLP**<br> **450 Lexington Avenue**<br> **New York, New York 10017**<br> **(212) 450-4000** | **Ryan J. Dzierniejko**<br> **Jeffrey A. Brill**<br> **Skadden, Arps, Slate, Meagher & Flom LLP**<br> **One Manhattan West**<br> **395 9th Avenue**<br> **New York, New York 10001**<br> **(212) 735-3000** |

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**Approximate date of commencement of proposed sale to the public**: As soon as practicable after the effective date of this Registration Statement.

If any of the securities being registered on this form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, check the following box. ☐

If this form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

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| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☐ | Accelerated filer | ☐ |
| Non-accelerated filer | ☒ | Smaller reporting company | ☐ |
|  |  | Emerging growth company | ☐ |

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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

**The Registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment which specifically states that this registration statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933 or until the registration statement shall become effective on such date as the Commission, acting pursuant to said Section 8(a), may determine.** 

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**The information in this prospectus is not complete and may be changed. These securities may not be sold until the registration statement filed with the Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities and it is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.** 

**SUBJECT TO COMPLETION, DATED , 2025** 

**PRELIMINARY PROSPECTUS**![LOGO](g715014g00a02.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** 

## Lendbuzz Inc.
**Common Stock** 

**$ per share** 

Lendbuzz Inc. is offering shares of its common stock, par value $0.001 per share, or the common stock. The selling stockholders identified in this prospectus are offering an additional shares of common stock. Lendbuzz will not receive any proceeds from the sale of common stock by the selling stockholders.

This is our initial public offering and no public market exists for our common stock. We anticipate that the initial public offering price will be between $ and $ per share.

We have applied to list our common stock on the Nasdaq Global Select Market under the symbol "LBZZ."

**Investing in our common stock involves risks. See "[Risk Factors](#tx715014_2)" beginning on page 31.** 

**Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.** 

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| | | |
|:---|:---|:---|
|  | **Per Share** | **Total** |
|  Public offering price | $| $|
|  Underwriting discounts and commissions<sup>(1)</sup> | $| $|
|  Proceeds to us before expenses | $| $|
|  Proceeds to the selling stockholders before expenses | $| $|

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<sup>(1)</sup> See the section titled "Underwriting" for a description of the compensation payable to the underwriters.

The selling stockholders have granted the underwriters the option to purchase an additional shares of common stock at the initial public offering price less underwriting discounts and commissions. We will not receive any proceeds from the sale of shares of our common stock if the underwriters exercise their option to purchase additional shares of our common stock.

The underwriters expect to deliver the shares to purchasers on or about , 2025 through the book-entry facilities of The Depository Trust Company.

*Lead Book-running Managers* 

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| | | | |
|:---|:---|:---|:---|
| **Goldman Sachs &**<br> **Co. LLC** | **J.P. Morgan** | **RBC Capital**<br> **Markets** | **Mizuho** |

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*Passive Bookrunners* 

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| | | | |
|:---|:---|:---|:---|
| **TD Securities** | **Citizens Capital Markets** | **Keefe, Bruyette & Woods**<br> *A Stifel Company* | **Needham & Company** |

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**Prospectus dated , 2025** 

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![LOGO](g715014g01a01.jpg)

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![LOGO](g715014g19w54.jpg)

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![LOGO](g715014g01a08.jpg)

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**TABLE OF CONTENTS**

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|:---|:---|
|  | Page |
|  [Prospectus Summary](#tx715014_1) | 1 |
|  [Risk Factors](#tx715014_2) | 31 |
|  [Special Note Regarding Forward-Looking Statements](#tx715014_3) | 66 |
|  [Market, Industry, and Other Data](#tx715014_3a) | 68 |
|  [Use of Proceeds](#tx715014_4) | 69 |
|  [Dividend Policy](#tx715014_5) | 70 |
|  [Capitalization](#tx715014_6) | 71 |
|  [Dilution](#tx715014_7) | 74 |
|  [Management's Discussion and Analysis of Financial Condition and Results of Operations](#tx715014_8) | 77 |
|  [Business](#tx715014_9) | 131 |
|  [Management](#tx715014_10) | 158 |

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|:---|:---|
|  | Page |
|  [Executive and Director Compensation](#tx715014_11) | 163 |
|  [Certain Relationships and Related Party Transactions](#tx715014_12) | 183 |
|  [Principal and Selling Stockholders](#tx715014_13) | 186 |
|  [Description of Capital Stock](#tx715014_14) | 188 |
|  [Material U.S. Federal Income and Estate Tax Consequences for Non-U.S. Holders of Common Stock](#tx715014_15) | 195 |
|  [Shares Eligible for Future Sale](#tx715014_16) | 198 |
|  [Underwriting](#tx715014_17) | 200 |
|  [Legal Matters](#tx715014_18) | 208 |
|  [Experts](#tx715014_19) | 208 |
|  [Where You Can Find More Information](#tx715014_20) | 208 |
|  [Index to Consolidated Financial Statements](#tx715014_21) | F-1 |

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**About This Prospectus** 

In this prospectus, "Lendbuzz," "Lendbuzz Inc.," the "Company," "we," "us" and "our" refer to Lendbuzz Inc. and its consolidated subsidiaries. We, the selling stockholders and the underwriters have not authorized anyone to provide any information or to make any representations other than those contained in this prospectus or in any free writing prospectuses we have prepared. We, the selling stockholders and the underwriters take no responsibility for, and can provide no assurance as to the reliability of, any other information that others may provide you. We, the selling stockholders and underwriters are offering to sell, and seeking offers to buy, shares of common stock only in jurisdictions where offers and sales are permitted. The information contained in this prospectus is accurate only as of the date of this prospectus, regardless of the time of delivery of this prospectus or of any sale of the common stock.

For investors outside of the United States: neither we, the selling stockholders, nor any of the underwriters have done anything that would permit the use of or possession or distribution of this prospectus in any jurisdiction where action for that purpose is required, other than in the United States. Persons outside of the United States who come into possession of this prospectus must inform themselves about, and observe any restrictions relating to, the offering of the shares of our common stock and the distribution of this prospectus outside of the United States.

**Until , 2025 (the 25th day after the date of this prospectus), all dealers that buy, sell or trade our common stock, whether or not participating in this offering, may be required to deliver a prospectus. This is in addition to the dealers' obligation to deliver a prospectus when acting as underwriters and with respect to their unsold allotments or subscriptions.** 

i

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**PROSPECTUS SUMMARY** 

*This summary highlights information contained elsewhere in this prospectus. This summary does not contain all of the information that you should consider before deciding to invest in our common stock. You should read this entire prospectus carefully, including the sections titled "Risk Factors," "Special Note Regarding Forward-Looking Statements" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections and the consolidated financial statements and the related notes to those statements included elsewhere in this prospectus, before making an investment decision.* 

**Company Overview** 

Our mission is to offer fair access to credit for underserved populations.

We are a financial technology company that utilizes artificial intelligence, or AI, and machine learning algorithms to better assess consumer credit risk and expand access to credit. We seamlessly process large sets of data through advanced computational approaches to more accurately predict a consumer's creditworthiness. Our business benefits both consumers through expanded access to credit, and auto dealerships via increased vehicle sales.

Our founders immigrated to the U.S. for graduate school. Upon their arrival, due to their lack of a credit history in the U.S., they could not access basic consumer credit products such as a credit card or an auto loan. Seeing a clear market opportunity to solve this problem using their background in financial services, computer science, and AI, they launched Lendbuzz in 2015 with a focus on auto finance for underserved populations.

Obtaining an auto loan has historically relied upon a traditional, paper-based process. The experience varies in complexity based on a consumer's creditworthiness. Non prime consumers are typically required to complete a lengthy and cumbersome process. Further, lenders using traditional underwriting approaches often misprice those with limited to no traditional credit history, resulting in higher rates and unattractive terms. This negatively impacts the consumer experience and dealership sales.

Our proprietary AI-powered solution efficiently analyzes thousands of data points to underwrite underserved consumers and drive credit outperformance. We serve consumers with thin and no credit files, or credit invisibles, and those traditionally called near prime (consumers with VantageScores<sup>®</sup> of 601-719). We estimate that, based on Oliver Wyman's 2022 Financial Inclusion and Access to Credit report and VantageScore's 2023 CreditGauge report, these groups collectively represent a market of approximately 119 million people in the U.S. or approximately 46% of the total U.S. adult population. We utilize our data and technology to build more robust financial profiles of these consumers, enabling us to more accurately identify those expected to generate better credit performance. We believe our machine learning models, combined with the use of alternative data and data-driven credit decisioning, differentiate us from traditional lenders.

In addition to providing fair access to credit, we offer consumers a modern, digital lending experience. Friction is reduced for consumers as we engage with them through an entirely mobile-enabled digital process.

We acquire consumers through the U.S. auto dealership market, which serves as a scalable and efficient go-to-market channel and minimizes our customer acquisition costs. By expanding access to credit and providing a superior borrowing experience for near prime consumers and credit invisibles, we help our dealership partners expand their pool of potential consumers. Additionally, we have streamlined the loan application experience for dealerships through our proprietary dealership portal. As a result, our dealership partners are loyal, as demonstrated by our 100%+ net dollar retention rate, which we have achieved consistently for 17 consecutive quarters as of June 30, 2025, historically leading to a strong source of recurring revenue. See "Management's Discussion and Analysis of Financial Condition and Results of Operations—Key Factors Affecting Our Performance—*Increasing Sales Penetration with Existing Dealerships*" for more information on our net dollar retention rate.

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We have grown rapidly since our founding and believe we have significant growth potential, all within our core product. The U.S. auto dealership market is highly fragmented, with over 55,000 auto dealerships, according to data from 2022 from the National Automobile Dealers Association, or NADA, and the National Independent Automobile Dealers Association, or NIADA. For the quarter ended June 30, 2025, we partnered with 2,164 Active Dealerships and have the opportunity to expand our presence in our existing geographic footprint, adjacent geographies, and new regions in the U.S. We expect to continue to expand our network of dealership partners and increase our access to the approximately $704 billion annual auto loan origination market in the U.S., according to the Federal Reserve Bank of New York.

Our financial profile has been strong and has shown both rapid growth and profitability. Our efficient go-to-market strategy and low credit losses have driven attractive unit economics, which we believe will continue to drive increased profitability as we grow. We grew Aggregate Originations and Total revenue, net by compounded annual growth rates of approximately 74% and 92%, respectively, from 2019 to 2024.

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|:---|:---|
| ![LOGO](g715014g22m01.jpg) | ![LOGO](g715014g99a01.jpg) |

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Additionally, as of December 31, 2024, we generated positive net income each fiscal year since 2021 and Adjusted Net Income, a non-GAAP measure, for 18 consecutive quarters as of June 30, 2025. For more information on this non-GAAP measure, see "Management's Discussion and Analysis of Financial Condition and Results of Operations—*Non-GAAP Financial Measures—Adjusted Net Income*."

**Industry Background** 

There are a number of important industry trends and market dynamics that create significant opportunity for Lendbuzz.

***The U.S. auto finance market is incredibly deep***

According to the Federal Reserve Bank of New York's December 2024 Quarterly Report on Household Debt and Credit, the U.S. auto finance market is incredibly deep, with approximately $704 billion of loans originated annually and the total amount of auto loans outstanding in the U.S. is similarly large at approximately $1.7 trillion. 

***Dealerships are the primary distribution model for auto finance***

The U.S. auto finance business is primarily a point-of-sale financing business with 84% of loans originated through auto dealerships, according to Cox Automotive's 2019 Car Buyer Journey report. The auto dealership market is a highly fragmented market of over 55,000 dealerships nationally. More than 90% of all these auto dealerships in the U.S. include small, disparate local businesses that rank outside of the top 100 dealership groups (by total number of dealerships), according to Automotive News as of 2025. The fragmented nature of the auto dealership market means that building a large and installed base of dealerships often takes time and a "feet on the street" sales approach.

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***Auto loans are an attractive consumer asset class across historical economic cycles***

Auto loans have proven to be an attractive consumer asset class across economic cycles. Consumers historically prioritize auto payments over other consumer credit obligations, demonstrating the importance of maintaining access to a vehicle. For example, according to the Federal Reserve Bank of New York, during the global financial crisis between 2007 and 2009, auto loans saw seriously delinquent balances increase by only 80 basis points, in comparison to 421 basis points for credit cards and 311 basis points for personal loans.

***Access to auto loans varies in complexity based on a consumer's creditworthiness***

Historically, when looking to obtain financing for an automobile purchase, U.S. consumers faced two very different landscapes based on their creditworthiness. Prime consumers, defined as consumers who have long credit histories and 720+ traditional credit bureau scores, such as FICO<sup>®</sup> scores or VantageScores<sup>®</sup>, can readily find multiple, efficiently-priced options from captive auto lenders, traditional banks and credit unions. According to the Federal Reserve Bank of New York, prime consumers represent approximately half of the $704 billion annual auto originations in the U.S.

The other half of the $704 billion annual auto originations are comprised of consumers who do not have long credit histories or high credit bureau scores. These consumers are typically served by traditional subprime auto lenders. These lenders tend to finance most vehicles regardless of make, model, age, or mileage and price substantially all loans assuming a very high level of credit losses regardless of the consumer's actual creditworthiness.

Oliver Wyman's 2022 Financial Inclusion and Access to Credit report suggests that, for certain segments of the population, credit bureau scores are a less accurate predictor of ability to pay. The report shows that no credit file and thin credit file consumers typically do not have sufficient credit history to inform an accurate credit score. Similarly, according to the report, credit bureau scores may be less effective predictors of credit performance for near prime consumers.

As a result, consumers that are neither prime nor subprime are often mispriced or unable to obtain a loan. We estimate that, based on Oliver Wyman's 2022 Financial Inclusion and Access to Credit report and VantageScore's 2023 CreditGauge report, our target market consists of approximately 119 million consumers in the U.S., split across approximately 49 million consumers with no credit file or a thin credit file and approximately 70 million consumers who are defined as near prime. These underserved segments of the credit spectrum represent approximately 46% of the total adult U.S. population.

***Consumers seek an improved digital auto lending experience***

While some auto dealerships have invested in digitalization, the overall industry has generally been slow to significantly invest in technology due to the fragmentation of the auto dealership market, leading to many auto dealerships continuing to depend on antiquated, paper-based processes. For example, we estimate that, based on Wolters Kluwer's Q4 2024 Automotive Finance Digital Transformation Index and TransUnion's Q4 2024 Credit Industry Insights report, in the fourth quarter of 2024, only 16% of auto loans were originated through e-contracts. For non prime consumers in particular, the auto lending experience is often paperwork intensive, and requires reference calls and employer verification – a process that can take days to complete rather than hours. Using technology to support expanded access to credit for underserved populations and dealerships' digital transition creates a significant market opportunity.

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**The Lendbuzz Solution** 

We focus on three main pillars to drive performance: (1) our proprietary AI algorithms and machine learning models which drive credit outperformance, (2) our streamlined dealership point-of-sale, or POS, software platform, and (3) our enhanced digital consumer experience.

![LOGO](g715014g22m03.jpg)

***Proprietary AI Algorithms and Machine Learning Models Driving Credit Outperformance***

We utilize our proprietary AI algorithms and machine learning models to analyze large sets of alternative data in order to more accurately assess the level of credit risk for each potential consumer. Our unique approach involves collecting thousands of data points per applicant, which allows us to build a robust financial profile for each consumer. Our models, which have been trained with over 2.8 million payments from more than 154,000 consumers, incorporate more than 2,000 features on each consumer, which are pulled seamlessly from application programming interfaces, or APIs. These data points are analyzed using deep neural networks to effectively predict a consumer's ability and willingness to repay their auto loan.

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![LOGO](g715014g22m04.jpg)

Our AI algorithms aggregate and transform the data collected, generating a proprietary credit profile that can be used to compare each applicant against thousands of prior consumers. This process produces the foundation of our underwriting – our proprietary AI Risk Analysis, or AIRA<sup>®</sup>, score which is calculated for all applications received. Since traditional credit scoring methods often have difficulty assessing the credit risk of credit invisibles and near prime consumers, we designed AIRA<sup>®</sup> to generate predictive power for these segments.

Our technology is designed to allow us to accurately identify credit invisibles and near prime consumers that are creditworthy, driving our credit outperformance. The chart below compares 60+ day delinquency rate for Lendbuzz's asset-backed securities, or ABS, portfolio to auto industry prime and subprime indexes from S&P Global Ratings. The portfolio represented by the LBZZ ABS line consists of all collateral targeted at inclusion in our ABS deals for the periods presented. Consumer auto delinquencies have increased relatively steadily since the beginning of 2023, particularly in the subprime sector, as the chart indicates, and are among the highest they have been in the past decade or more. While we have also seen increases in our delinquencies, our portfolio of credit invisibles and near prime consumers has performed similarly to the prime index, and much better than the subprime index, despite serving a segment of the market that is traditionally considered non prime. For more information on current trends in delinquency rates and its impact among our AIRA<sup>®</sup> score bands, see "Management's Discussion and Analysis of Financial Condition and Results of Operations—Key Operating Metrics—*31+ Day Delinquency Rate*."

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![LOGO](g715014g68z50.jpg)

The chart compares 62+ day delinquency rate for Lendbuzz's asset-backed securities portfolio to auto industry 60+ day delinquency rates for prime and subprime indexes from Fitch Rating Service. The portfolio represented by the Lendbuzz ABS line consists of all collateral targeted at inclusion in Lendbuzz's ABS deals for the periods presented. Lendbuzz uses a 365-day calendar for delinquency counting, as opposed to a 360-day calendar, which is more typically used in the consumer finance industry. When using a 365-day calendar, certain months consistently show peaks and valleys, which can be removed for more consistent trend performance by using a 62+ day delinquency rate.

***Streamlined Dealership POS Software Platform***

Our custom designed auto dealership portal provides auto dealerships with the tools to better serve their consumers. Our portal provides both our dealership partners and our consumers with an enhanced end-to-end experience when purchasing and financing a vehicle.

Our dealership portal is a modern e-commerce platform where our dealership partners submit the necessary information required for us to provide initial terms and ultimately a full approval. Consumers and dealerships are able to provide all required credit application information electronically within minutes. While the time the entire process takes to complete can vary, as consumers compare and contrast different vehicle purchase options within and across dealerships, once the dealership and consumer have provided all necessary documentation to move forward, we typically fund over 70% of loans within eight hours. We believe this can take as long as a week for lenders with traditional paper-based processes. Additionally, since, according to Cox Automotive's 2024 Car Buyer Journey Study, the average vehicle buyer visits more than two dealerships when purchasing a car, we believe our streamlined process provides significant value for our dealership partners, who are able to work with a consumer to complete the sale before the consumer leaves the dealership and risk losing the sale. We believe that as a result of both our fast funding and efficient process, by working with Lendbuzz, our dealership partners can both turn over their working capital faster and increase the total number of vehicles they can sell.

***Enhanced Digital Consumer Experience*** 

We engage directly with consumers through an easy-to-use, digital experience. As discussed above, this contributes to faster data collection, underwriting, and ultimate closing of the sale, all benefitting the consumer experience. All information provided by the dealership, on behalf of the consumer, is transferred to the

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consumer's loan application electronically. Consumers are engaged while at the dealership through a mobile-enabled digital process that is more user friendly and faster compared to traditional paper-based processes.

Due to our strong credit outperformance, we have priced consumers in our target market lower than most of our competitors, despite the whole sector, including us, increasing our pricing due to higher interest rates. For more details on the recent interest rate trends in our portfolio, see the section titled "Management's Discussion and Analysis of Financial Condition and Results of Operations—Return on Average Assets and Average Equity." Our lower pricing has helped to drive a positive selection among consumers, further improving our credit performance. When we approve an application, our conversion rate has been over 90%. We believe our more favorable auto loan pricing also enables consumers to afford a better vehicle.

**Competitive Advantages** 

We have several competitive advantages that contribute to our success.

***Artificial Intelligence*** 

AI and machine learning technology is at our core. Our ability to better underwrite our target population is our greatest differentiator. We prioritize building our own algorithms and investing in our data science talent, as we believe these are enduring competitive advantages that are difficult to replicate. Our AI credit models utilize comprehensive data sets that have produced credit outperformance when compared to traditional methodologies such as credit bureau scores for our target market. Our underwriting uses various data sources, including an applicant's bank account transactions, personal information, credit bureau files, vehicle information, and required documents like a driver's license to detect fraud and determine an appropriate risk score. The AIRA<sup>®</sup> score we use today is the outcome of analyzing over 50 billion data attributes derived from more than 25 million datasets, 350 million bank account transactions and 2.8 million payments from more than 154,000 consumers. As we continue to grow our business and expand our Aggregate Originations and consumers, we intend to continue to exponentially grow this data set and enhance our models. We believe this is a core attribute to our competitive advantage. The current model has been approximately 33% better at predicting outcomes than credit bureau scores alone on our portfolio (for more information, see "Business—Competitive Advantages—*Artificial intelligence*," including the separation chart shown therein). Our ability to more accurately identify the credit risk of a consumer has enabled us to provide creditworthy credit invisible and non prime consumers auto loans at better terms than the traditional non prime lenders and has driven better portfolio credit performance.

We continually focus on improving and enhancing our AI models, which benefit from the ever-increasing volume of historical performance data which we incorporate into our models. These ongoing updates improve the accuracy of our risk predictions and allow us to adjust and modify them in real-time, as economic and business conditions evolve. We expect to continue to invest in the development of our AI models. Beyond the ongoing accumulation of performance data, we make discrete improvements to the accuracy of our models by upgrading the algorithms and incorporating new variables.

The power of our models is the product of two major strengths: (1) access to expansive consumer data captured from years of data collection from traditional and non-traditional data sources and (2) our team of data scientists who continue to refine the algorithms in our models. While other auto lenders may also have access to stores of data, we believe it would be difficult to replicate the depth of training data and subsequent insights that drive our model's evolution and predictive power for the credit invisible and non prime consumer segments.

***Data-Driven Culture*** 

At our core, we are a data-driven company that uses AI to better inform credit decisions. Our team is comprised of both data science experts and a best-in-class management team with credit expertise, who work

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together to allow us to expand credit access for underserved communities. Our data science team focuses on developing our AI models to produce the most accurate risk predictions possible. Our credit professionals design and implement a credit and pricing policy, using our AI models, which is focused on ensuring credit outperformance while producing superior financial returns. For more information on how we use our AI model to better price borrowers, see the section titled "Management's Discussion and Analysis of Financial Condition and Results of Operations—Key Operating Metrics—*Aggregate Originations*."

***Dealership Software Platform and Consumer Digital Experience*** 

Our technology-enabled platform is a differentiating advantage over lenders that utilize traditional approaches. Our modern dealership POS software platform streamlines the loan application process for both consumers and our dealership partners. For most non prime consumers, our application process transforms their experience into a digital process that can take as little as five minutes to complete, as opposed to a cumbersome and lengthy process involving a paper package of pay stubs, utility bills, and personal reference calls.

We are able to deliver a highly satisfying experience for both our consumers and our dealership partners. As of December 31, 2024, our dealership net promoter score, NPS, was 81, which compares favorably to well-known financial services and technology brands. See the section titled "Market, Industry, and Other Data" for more information on our NPS scores.

***Modern Integrated Cloud Platform*** 

Our technology products are built on a cloud-first platform engineered for scale, efficiency, and security. We are focused on ensuring consumer and dealership satisfaction while (1) enabling our AI algorithms to produce the expected credit outperformance and (2) facilitating our sales, underwriting and servicing teams' efficiency.

Our consumers, dealerships, and team members can all utilize the same fully integrated platform that supports every stage of a consumer's journey from application to underwriting to loan origination and servicing. We intend to continue to invest in technology to build an increasing and durable competitive advantage. As we grow and scale, our platform needs to evolve to ensure that we consistently add value to our consumers and our dealership partners.

**Our Business Model** 

***Our Dealership Distribution Model*** 

Auto dealerships are the primary distribution model for auto lending broadly, and Lendbuzz specifically, with 84% of all auto loans in the U.S. originated at the point-of-sale through dealerships according to Cox Automotive's 2019 Car Buyer Journey report. Dealerships view auto financing as a crucial tool to enable vehicle sales, as without financing options for the consumer, many vehicle sales would not occur. As a result, dealerships benefit just as much as consumers from an auto lending process that is more streamlined and efficiently priced.

Additionally, the auto dealership market is highly fragmented with over 55,000 dealerships nationally. More than 90% of all these dealerships in the U.S. include small, disparate local businesses that rank outside of the top 100 dealership groups (by total number of dealerships), according to Automotive News as of 2025. While some dealerships have invested in technology, the fragmented nature of this market has prevented the auto dealership industry in general from investing in a digital strategy. We believe our digital-first strategy thus allows us to provide a differentiated digital product to auto dealerships, who may not have the capacity to generate this technology otherwise.

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Our dealership network is a highly efficient way to acquire consumers and has allowed us to minimize customer acquisition costs. Our customer acquisition cost was $410 per loan as of December 31, 2024.

***Our Dealership Value Proposition*** 

We provide a differentiated value proposition for our dealership partners, helping to drive our dealership NPS of 81 as of December 31, 2024:

*Accelerated Sales and Reduced Consumer Turn Downs* 

Our ability to underwrite no credit file, thin credit file and near prime consumers has allowed dealerships to expand the pool of consumers to whom they can sell vehicles, as well as the quality of vehicles which consumers can afford.

![LOGO](g715014g22m06.jpg)

*Real Time Credit Decisioning*

Our AI algorithms and technology platform are designed to allow consumers to complete their entire application process, from application to approval, in less than five minutes, while sitting at the dealership or over time at their convenience. While the time from application to approval can vary as consumers complete their full vehicle buying journey, over 90% of consumers who have chosen to move forward by verifying their income can be approved in less than 30 minutes. Completing the process in less than an hour is critical for dealerships, as, according to Foureyes' 2020 Automotive Dealer Benchmarks Report, only 12.5% of auto buyer leads ultimately purchase cars, and, according to Cox Automotive, consumer satisfaction declines significantly after they have spent more than 1.5 hours at the dealership.

*Same Day Funding*

We believe our competitors can take up to a week to provide funding for a loan, whereas we typically fund over 70% within eight hours once the consumer and dealership have provided all necessary documentation to move forward. Dealerships are highly focused on their working capital, and the faster they receive funding for a vehicle sale, the earlier they can use those funds to purchase their next vehicle for their inventory.

![LOGO](g715014g22m07.jpg)

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*Lower Pricing*

We have passed on our credit outperformance to our consumers and our dealership partners in the form of lower pricing to the consumer.

![LOGO](g715014g16v02.jpg)

***Our Dealership Go-To-Market Strategy*** 

We go-to-market through dealerships. We primarily utilize a "feet-on-the street" salesforce built to grow the size of our dealership network in targeted markets. As of June 30, 2025, we had 154 sales employees.

Our sales representatives help cultivate new Active Dealerships for Lendbuzz by helping dealerships understand the uplift we can provide to their businesses through additional consumers. Once dealerships are signed onto the platform, they can serve as a source of recurring revenue. Dealerships often have a ramp period as they learn how to utilize our custom portal and grow accustomed to our process. Generally, that ramp period has taken between three and nine months for a dealership to reach consistent origination volume. For more information on how we determine when dealerships have reached consistent origination volume, see the section titled "Management's Discussion and Analysis of Financial Condition and Results of Operations—Key Factors Affecting Our Performance—*Increasing Sales Penetration with Existing Dealership*s."

The chart below plots Originations over time by dealership vintage. We assign dealerships to a vintage based on when they originated their first loan with us. While there has been volatility due to the impacts of the COVID-19 lockdowns, in general, once a dealership vintage has ramped to consistent origination volume, which has taken between three and nine months, we have experienced 100%+ net dollar retention rates, as each vintage has continued to produce about the same amount of loan originations, or more, as in prior years. As of June 30, 2025, we have experienced 100%+ net dollar retention rates for 17 consecutive quarters. Our 100%+ net dollar retention rate has accelerated our growth, as our sales representatives can focus on expanding the dealership network each year instead of spending time replacing the existing base. See the section titled "Management's Discussion and Analysis of Financial Condition and Results of Operations—Key Factors Affecting Our Performance—*Increasing Sales Penetration with Existing Dealerships*" for more information about our net dollar retention rates and origination volume by dealerships.

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![LOGO](g715014g04a25.jpg)

Originations by Dealership Vintage chart is not inclusive of all originations. The chart excludes loans originated without a dealership partner. Additionally, dealerships from the 2016 and 2017 vintages have been excluded due to inconsistent data collection. 2025 run rate vintage calculated based on actual originations through the first six months of 2025.

Our success at the dealership level is a key marketing tool itself. Once we have sufficient penetration into a local area, we have historically found that brand awareness among dealerships has driven inbound leads for potential new dealership partners. For example, we developed a relationship with one of the largest publicly held franchise dealership chains because one of their dealerships was losing business to dealerships we worked with.

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***Our Growth Opportunity***

We believe we have significant growth potential in our core product. Our growth strategy is focused on increasing sales representatives, in both new and existing geographies, to continue to expand the number of Active Dealerships. From our dealership portal launch in 2018, through June 30, 2025, we have grown our Active Dealerships count to 2,164. For context, some of the larger, longer tenured auto loan originators partner with over 20,000 dealerships.

![LOGO](g715014g07k07.jpg)

Since Lendbuzz was first launched in Massachusetts, we initially expanded our footprint into adjacent states in the northeast U.S. and then into other U.S. regions. As of June 30, 2025, we operated primarily in six states: California, Florida, Massachusetts, New Jersey, New York and Texas. We plan to continue to expand in these existing markets and realize the benefits from enhanced brand awareness, as our footprint increases in a particular market.

Our penetration rates, as calculated by Experian in the chart below, when calculated as a percentage of used vehicle financings by location of the dealership where the vehicle was sold, are less than 2% in every state.

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![LOGO](g715014g64f45.jpg)

While we are focused on growing our core product within auto finance, we believe that over the long-term, our technology and models can be applied to additional consumer segments and other asset classes, further expanding our opportunity set and addressable market.

***Our Financial Model***

Our revenue is generated through multiple streams: (1) loan interest, both from consumers and, to a lesser extent, from dealerships to whom we provide floorplan lending, (2) origination fees, (3) ancillary product revenue such as Global Positioning Services, or GPS, units and guaranteed asset protection, or GAP, waivers, and (4) loan sales that generate gains on sales of loans and servicing revenue.

We focus the business and our financial model on a target excess spread – revenue less the cost to finance our loans and expected net charge-offs. AIRA<sup>®</sup> has generated quality loans, for near prime consumers and those consumers with thin and no credit files, that have outperformed peers on a risk-adjusted basis with attractive financial returns. While we believe our best and most profitable model is to hold loans on our balance sheet and benefit from the excess spread, our diverse funding strategy and capital sources provide us with the flexibility to sell loans as well.

Variable operating expenses include our sales teams and the cost to acquire dealerships, as well as our operations teams and the cost to service loans. Overhead expenses include the investments we make in our engineering, product development, technology, and research and development, or R&D, teams to ensure that we (1) continue to build an increasing and durable competitive advantage, and (2) consistently add value to our consumers and dealerships. Additionally, overhead costs include general and administrative costs such as finance, accounting, capital markets, compliance, and human resources, or HR. We expect overhead costs to grow at a slower pace than originations and revenue as we continue to achieve scale.

*Unit Economics* 

Our platform has generated strong and attractive unit economics, which has driven our profitability, and resulted in a lifetime value, or LTV, to customer acquisition cost, or CAC, of 8.6x for the year ended December 31, 2024. We target positive economics on each transaction, resulting in a business model that is designed to drive both high growth and profitability. Our low CAC and credit losses have powered our attractive unit economics. See the section titled "Business—Business Model—*Unit Economics*" for more information on our unit economics.

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![LOGO](g715014g14a35.jpg)

We have generated superior risk-adjusted yields on our platform. Our ability to achieve low credit losses on our consumer base has enabled us to produce risk-adjusted yield enhancement compared to publicly traded auto finance platforms with similar portfolio performance.

![LOGO](g715014g70p26.jpg)

Note: Represents Lendbuzz and publicly traded auto finance platforms as of FY 2024 (publicly traded auto finance platforms data based off public filings).

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*Recurring Revenue* 

Our dealership network has served as a recurring source of business and a key driver of growth. Dealerships often have a ramp period as they learn how to utilize our custom portal and grow accustomed to our process.

Generally, it has taken between three and nine months for a dealership to reach consistent origination volume, with net dollar retention rates in excess of 100%. As of June 30, 2025, we have experienced 100%+ net dollar retention rates for 17 consecutive quarters. For more information about our net dollar retention rates and origination volume by dealerships, see the section titled "Management's Discussion and Analysis of Financial Condition and Results of Operations—Key Factors Affecting Our Performance—*Increasing Sales Penetration with Existing Dealerships*."

*Margin Expansion* 

While we are currently profitable and maintain attractive unit economics, we believe our business has considerable margin expansion opportunities from the amortization of older lower margin loans and by achieving further scale. During 2022 and 2023, as interest rates were rising, we were not increasing interest rates on our new loan originations as quickly as our cost of funds were rising, which compressed margins. After the Federal Reserve stopped increasing interest rates in 2023, we continued to increase pricing which has expanded margins. Additionally, during 2024, our cost of funds have declined, primarily due to decreasing the credit spreads we pay on our debt financing deals and loan sale arrangements, as a result of increasing our credit rating to AAA with KBRA, achieving a credit rating of AA with S&P, and adding more investors to our financing programs. As older lower margin loans amortize, we believe our excess spreads and overall margins will expand. Additionally, we believe growing our originations further will enable us to reduce the marginal costs for sales and servicing. We anticipate continuing to develop our debt investor base and increase our credit ratings will allow us to lower the risk premium that lenders, debt investors, and whole loan buyers will require to finance our platform. Additionally, we expect our overhead functions such as finance, accounting, capital markets, compliance and HR to also grow at a slower pace than our originations and revenue.

***Our Financing Strategy***

We focus on maintaining a diverse set of capital sources that maximize the depth and diversity of our funding model, in order to best mitigate relying on any one funding strategy. We primarily fund our investment in loans through the securitization market to obtain term financing for our originations. At the same time, we maintain significant borrowing capacity with lender partners to mitigate any disruption in the markets. We also sell a portion of our loans to whole loan buyers and other investors where we do not retain the credit risk, which provides us further funding diversification and sources of capital-light earnings.

**Summary Risk Factors** 

Investing in our common stock involves numerous risks. Before you invest in our common stock, you should carefully consider all the information in this prospectus, including matters set forth under the heading "Risk Factors." Among these important risks are the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may be adversely affected by economic conditions and other factors that we cannot control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We have been and may, in the future, be adversely affected by increases in interest rates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may be adversely affected by decreasing consumer demand for automobiles and/or declining values of
automobiles.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We track certain operational metrics with internal systems and tools or manual processes and do not independently
verify such metrics. Certain of these metrics are subject to inherent challenges in measurement, and any real or perceived inaccuracies may adversely affect our business, financial condition, results of operations, liquidity, and reputation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our quarterly results are likely to fluctuate and as a result may adversely affect the trading price of our
common stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We have a limited operating history, which may make it difficult to evaluate our business and future prospects
and our growth and financial performance in recent periods may not be indicative of future performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Determining our allowance for expected credit losses requires many assumptions and complex analyses, and if our
estimates prove incorrect, we may incur net charge-offs in excess of our reserves, or we may be required to increase our provision for credit losses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We face risks resulting from the extensive use of models and data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• AIRA<sup>®</sup> score may not accurately predict the likelihood of
delinquencies, defaults and losses on the loans we grant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We have a dealership-centric auto finance business, and a change in the key role of dealerships within the
automotive industry, our ability to maintain or build relationships with them or a misconduct by one of them could have an adverse effect on our business, results of operations, financial condition, results of operations, and liquidity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If our collection efforts on delinquent loans or our efforts to foreclose on vehicles or to resell them are
ineffective or unsuccessful, the performance of the loans would be adversely affected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our business and financial results could suffer if used vehicle prices are low or volatile or decrease in the
future.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The market for auto financings is extremely competitive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our business is subject to regulation in the jurisdictions in which we conduct our business and failure to comply
with such regulations may have a material adverse impact on our business, financial condition, results of operations, and liquidity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are subject to various federal and state consumer protection laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Stringent and changing laws and regulations and contractual obligations relating to privacy, data protection and
cybersecurity could increase our costs and result in claims or adversely affect our business, financial condition, results of operations, and liquidity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The artificial intelligence, machine learning, data analytics and other similar tools that we use to collect,
aggregate, and analyze data may contain errors, biases, or other inadequacies that may adversely impact our business, including by adversely affecting our ability to accurately assess credit risk.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The legal and regulatory environment surrounding the use of artificial intelligence, machine learning, data
analytics and other similar tools is relatively new and evolving, and current and future laws and regulations with respect to such tools could result in claims against us, including claims alleging unfair lending practices, increase our costs, cause
us to redesign our platform or services, or otherwise adversely affect our business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our proprietary software may not operate properly, which could damage our reputation, give rise to claims against
us or divert application of our resources from other purposes, any of which could harm our business.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our operating systems or infrastructure, as well as those of our service providers or others on whom we rely,
could fail or be interrupted, which could disrupt our business and adversely affect our results of operations, financial condition, and liquidity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We rely on borrowings under warehouse credit facilities, term loan facilities and, asset-backed securitizations
and sales of loans to investors to fund certain aspects of our operation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our securitizations may expose us to financing and other risks, and there can be no assurance that we will be
able to access the securitization market in the future, which may require us to seek more costly financing.

**Corporate Information** 

We were incorporated in the State of Delaware on September 9, 2015. Our principal executive offices are located at 100 Summer St., Boston, Massachusetts, 02110 and our telephone number is (857) 999-0250. Our website address is www.lendbuzz.com. Our website and the information contained therein or connected thereto are not incorporated into this prospectus or the registration statement of which it forms a part.

The Lendbuzz name, our logo and our other registered or common law trademarks, service marks or trade names appearing in this prospectus are the property of Lendbuzz. Other trade names, trademarks and service marks used in this prospectus are the property of their respective holders.

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**THE OFFERING** 

Common stock offered by us shares

Common stock offered by the selling stockholders shares (or shares if the underwriters exercise in full their option to purchase additional shares of our common stock from the selling stockholders).

Option to purchase additional shares of common stock from the selling stockholders shares

Common stock to be outstanding after this offering shares

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| | |
|:---|:---|
| Use of proceeds  | We estimate that the net proceeds to us from this offering will be approximately $ million, assuming an initial public offering price of $ per share, the midpoint of the range set forth on the cover page of this prospectus, and after deducting estimated underwriting discounts and commissions and estimated offering expenses. Each $1.00 increase (decrease) in the public offering price per share would increase (decrease) our net proceeds, after deducting estimated underwriting discounts and commissions, by $ million. Each increase (decrease) of 1,000,000 shares of common stock offered by us would increase (decrease) the net proceeds to us from this offering, after deducting the estimated underwriting discounts and commissions, by approximately $ million, assuming the assumed initial public offering price stays the same. |

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The principal purposes of this offering are to increase our capitalization and financial flexibility and create a public market for our common stock. As of the date of this prospectus, we cannot specify with certainty all of the particular uses for the net proceeds to us from this offering. However, we currently intend to use the net proceeds we receive from this offering for general corporate purposes, including working capital, operating expenses and capital expenditures. We may also use a portion of the net proceeds to repay a portion or all of any outstanding amounts under our line of credit or acquire complementary businesses, products, services or technologies. However, we do not have agreements or commitments to enter into any acquisitions at this time. See the section titled "Use of Proceeds" for additional information.

We will not receive any proceeds from the sale of common stock by the selling shareholders, including upon the sale of shares of our common stock by the selling stockholders if the underwriters exercise their option to purchase additional shares of our common stock. See the section titled "Use of Proceeds."

Risk Factors You should carefully read the section titled "Risk Factors" beginning on page 31 and the other information included elsewhere in this prospectus for a discussion of factors that you should consider before deciding to invest in shares of our common stock.

Proposed Nasdaq stock symbol LBZZ

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Unless we specifically state otherwise or the context otherwise requires, the number of shares of common stock to be outstanding after this offering is based on shares of common stock outstanding as of June 30, 2025, and excludes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of our common stock issuable upon the exercise of options to purchase shares of our
common stock outstanding as of June 30, 2025, with a weighted-average exercise price of $ per share

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of our common stock issuable upon the exercise of options to purchase shares of our common
stock granted after June 30, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of our common stock issuable upon the vesting of Restricted Stock Units
("RSUs") granted under our 2019 Equity Incentive Plan as of June 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of our common stock issuable upon the vesting of RSUs granted under our 2019 Equity
Incentive Plan after June 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of our common stock reserved for future issuance under our 2025 Omnibus Incentive Plan as
well as any future increases in the number of shares of our common stock reserved for future issuance under our 2025 Omnibus Incentive Plan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of our common stock reserved for future issuance under our 2025 Employee Stock Purchase Plan
as well as any future increases in the number of shares of our common stock reserved for future issuance under our 2025 Employee Stock Purchase Plan.

In addition, unless we indicate otherwise or the context otherwise requires, all information in this prospectus assumes or gives effect to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a ten-for-one stock split for all classes of stock, effected August 12, 2024, including retroactive adjustments
to all share and per share information disclosed for periods prior to August 12, 2024;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the issuance of    shares of our Series B convertible preferred stock upon the exercise of the
Series B preferred stock warrants (as defined below) at an exercise price of $0.98 per share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the automatic conversion of all shares of our outstanding voting and non-voting convertible preferred stock into
    shares of our voting and non-voting common stock immediately prior to the completion of this offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the reclassification of all shares of our voting and non-voting common
stock into shares of common stock on a one-for-one basis immediately prior to the completion of this offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the filing and effectiveness of our amended and restated certificate of incorporation and the adoption of our
amended and restated bylaws, forms of which will be filed as exhibits to the registration statement of which this prospectus forms a part, which will occur immediately prior to the completion of this offering and will reflect the reclassification
described above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the issuance of   shares of our common stock upon conversion of our outstanding Simple Agreement for
Future Equity ("SAFEs") immediately prior to completion of this offering at an assumed conversion price of $, which reflects the assumed initial public offering price of $ per share, which is the midpoint of
the price range set forth on the cover page of this prospectus, reduced by a 20% discount pursuant to the terms of the SAFEs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the issuance of     shares of our common stock upon conversion of $
aggregate amount of our outstanding convertible loans immediately prior to completion of this offering at an assumed initial public offering price of $ per share, which is the midpoint of the price range set forth on the cover page of
this prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• no exercise of the underwriters' option to purchase additional shares of common stock.

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**Conversion of SAFEs and Convertible Loans** 

The number of shares of our common stock to be issued in connection with the conversion of the outstanding SAFEs and convertible loans depends on the initial public offering price of our common stock. The conversion price of our outstanding SAFEs will be the initial public offering price reduced by a 20% discount and the conversion price of our outstanding convertible loans will be at the initial public offering price. We expect the initial public offering price of our common stock to be between $ and $ per share, as set forth on the cover page of this prospectus. However, the actual initial public offering price may be lower or higher, which would increase or decrease, respectively, the number of shares of our common stock to be issued in connection with the conversion of the outstanding SAFEs and convertible loans, as described in more detail below. We will not know the initial public offering price and, as a result, the total number of shares of common stock to be issued in connection with the conversion of the outstanding SAFEs and convertible loans until the determination of the actual price per share following the effectiveness of the registration statement of which this prospectus forms a part.

Based on an assumed initial offering public price of $ per share, which is the midpoint of the estimated offering price range set forth on the cover page of this prospectus, the conversion of the outstanding SAFEs and $ aggregate amount of convertible loans would be equal to an aggregate of shares and shares, respectively, of our common stock.

For illustrative purposes only, the table below shows the approximate number of additional shares of our common stock that would be issuable upon conversion of the outstanding SAFEs and $ aggregate amount of convertible loans at various initial public offering prices and the resulting total number of outstanding shares of our common stock before and after this offering.

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| | | | |
|:---|:---|:---|:---|
| **Additional<br>Shares of<br>Common<br>Stock<br>Issuable<br>upon<br>Conversion<br>of SAFEs** | **Additional<br>Shares of<br>Common<br>Stock<br>Issuable upon<br>Conversion of<br>Convertible<br>Loans** | **Total Common<br>Stock Outstanding<br>Before this<br>Offering on an<br>As-Converted<br>Basis** | **Total Common<br>Stock<br>Outstanding<br>After this<br>Offering<sup>(1)</sup>** |
| $— |  |  |  |

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(1) This column includes the    shares of common stock offered by us in this offering.

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**SUMMARY CONSOLIDATED FINANCIAL AND OTHER DATA** 

The summary consolidated statement of operations data for the fiscal years ended December 31, 2022, 2023 and 2024 have been derived from our audited consolidated financial statements included elsewhere in this prospectus. The summary consolidated statements of operations data for the six months ended June 30, 2024 and 2025 and the summary consolidated balance sheet data as of June 30, 2025 have been derived from our unaudited interim condensed consolidated financial statements included elsewhere in this prospectus. The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements, and in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, that are for the fair statement of such data. You should read the consolidated financial data set forth below in conjunction with our consolidated financial statements and the accompanying notes and the information in the section titled "Management's Discussion and Analysis of Financial Condition and Results of Operations" contained elsewhere in this prospectus. Our historical results are not necessarily indicative of the results to be expected for the full year or any other period in the future.

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| | | |
|:---|:---|:---|
|  | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2024** | **2025** |
|  **Revenue:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest and fee income, net | $103160 | $139278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ancillary product revenue, net | 8674 | 7081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on sale of loans, net | 10855 | 26047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Servicing income, net | 2748 | 497 |
|  Total revenue, net | $125437 | $172903 |
|  Operating expenses: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provision for expected credit losses | 22543 | 37744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Funding costs | 43523 | 52518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Processing and servicing | 17119 | 26212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Product development, technology and data science | 7893 | 10037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Selling and marketing costs | 11017 | 12259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General, administrative, and other | 14984 | 18042 |
|  Total operating expenses | 117079 | 156812 |
|  Net income before taxes | 8358 | 16091 |
|  Provision for income taxes | 2728 | 4990 |
|  Net income | $5630 | $11101 |
|  Unrealized securities holding gains (losses) | 476 | (547) |
|  Foreign currency translation adjustments | (8) | 89 |
|  Other comprehensive income (loss) | 468 | (458) |
|  **Comprehensive income** | $**6098** | $**10643** |
|  **Per share data** |  |  |
|  **Net income per share attributable to common stockholders** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic | $0.10 | $0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted | $0.09 | $0.18 |
|  **Weighted average common and participating preferred shares outstanding, and participating warrants** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic | 58372590 | 58605934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted | 61207780 | 62645383 |

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| | | | |
|:---|:---|:---|:---|
|  | **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** |
|  | **Actual** | **Pro**<br>**Forma<sup>(1)</sup>** | **Pro Forma<br>As<br>Adjusted<sup>(2)</sup>** |
|  | **(in thousands)** | **(in thousands)** | **(in thousands)** |
|  **Balance Sheet Data:** |  |  |  |
|  Cash and cash equivalents | $30824 |  |  |
|  Total assets | 1966757 |  |  |
|  Total liabilities | 1721078 |  |  |
|  Total stockholders' equity | 245679 |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Pro forma amounts give effect to (1) the issuance of    shares of our Series B convertible
preferred stock upon the exercise of the Series B preferred stock warrants at an exercise price of $0.98 per share; (2) the issuance of    shares of our voting and non-voting common stock upon the automatic conversion of all shares
of our outstanding voting and non-voting convertible preferred stock, (3) the reclassification of all shares of our voting and non-voting common stock into shares of common stock on a one-for-one basis immediately prior to the completion of this offering, (4) the issuance of    shares of our common stock upon conversion of our outstanding
SAFEs immediately prior to completion of this offering at an assumed conversion price of $, which reflects the assumed initial public offering price of $ per share, which is the midpoint of the price range set forth on
the cover page of this prospectus, reduced by a 20% discount pursuant to the terms of the SAFEs and (5) the issuance of   shares of our common stock upon conversion of $ aggregate amount of our
outstanding convertible loans immediately prior to completion of this offering at an assumed initial public offering price of $ per share, which is the midpoint of the price range set forth on the cover page of this prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The pro forma as adjusted amounts give effect to (1) the pro forma adjustments set forth above, (2) the
issuance and sale of  shares of common stock by us in the offering at an assumed initial public offering price of $ per share, the midpoint of the range set forth on the cover page of this prospectus, (3) the receipt of
$ in cash representing the strike price of options exercised by certain selling shareholders in connection with their participation in the offering, and (4) the application of the net proceeds of the offering, after deducting estimated
underwriting discounts and commissions and estimated offering expenses payable by us, as set forth under "Use of Proceeds." Each $1.00 increase (decrease) in the assumed initial public offering price of $ per share, the
midpoint of the range set forth on the cover of this prospectus, would increase (decrease) the pro forma as adjusted amount of each of our cash and cash equivalents, total assets and total stockholders' equity by approximately
$ million, assuming that the number of shares offered by us, as set forth on the cover page of this prospectus, remains the same and after deducting the estimated underwriting discounts and commissions. Each increase (decrease) of
1,000,000 shares of common stock offered by us at the assumed initial public offering price of $ per share, the midpoint of the estimated offering price range set forth on the cover page of this prospectus, would increase (decrease) the
pro forma as adjusted amounts of each of our cash and cash equivalents, total assets and total stockholders' equity by approximately $ million, after deducting the estimated underwriting discounts and commissions. See the sections
titled "Use of Proceeds" and "Capitalization."

**Key Operating Metrics** 

We collect and analyze operating and financial data of our business to measure and evaluate our operating performance, identify trends affecting our business, formulate financial projections and business plans, better assess our liquidity needs, and make strategic decisions. The following table presents certain key operating metrics:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **At or For the Year Ended**<br>**December 31,** | **At or For the Year Ended**<br>**December 31,** | **At or For the Year Ended**<br>**December 31,** | **At or For the Six Months<br>Ended June 30,** | **At or For the Six Months<br>Ended June 30,** |
| *($ in thousands)* | **2022** | **2023** | **2024** | **2024** | **2025** |
|  Active Dealerships<sup>(1)</sup> | 814 | 1366 | 1788 | 1676 | 2164 |
|  Aggregate Originations<sup>(2)</sup> | $733064 | $1112911 | $1536134 | $717329 | $1094316 |
|  Number of Loans Originated<sup>(3)</sup> | 25562 | 40062 | 56026 | 26759 | 38098 |
|  31+ Day Delinquency Rate<sup>(4)</sup> | 2.24% | 3.22% | 4.13% | 3.23% | 5.63% |
|  Annualized Net Charge-off Rate<sup>(5)</sup> | 1.40% | 1.59% | 2.54% | 2.12% | 2.73% |

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(1) We calculate Active Dealerships on a quarterly basis.

(2) We calculate Aggregate Originations on an annual and interim period basis.

(3) We calculate Number of Loans Originated on an annual and interim period basis.

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(4) We calculate 31+ Day Delinquency Rate on an annual and interim period basis.

(5) We calculate Annualized Net Charge-off Rate on an annual and interim
period basis.

***Active Dealerships***

We define Active Dealerships as dealerships through which we have originated at least one loan to finance a borrower's auto purchase during a given quarter. Our December 31 figures represent our Active Dealerships for the fourth quarter of the applicable year. We monitor this number as dealerships serve as our primary customer acquisition channel. We view dealerships as a recurring source of business and key driver of growth. Dealerships may transition between active and inactive over time. We generally interact with substantially more dealerships than those which are defined as active in any fiscal period, since not all dealerships that we are interacting with have originated loans during such period, and therefore were not defined as an Active Dealership for such period.

The number of Active Dealerships increased 29% from 1,676 in the quarter ended June 30, 2024 to 2,164 in the quarter ended June 30, 2025. The number of Active Dealerships increased 68% from 814 in the quarter ended December 31, 2022, to 1,366 in the quarter ended December 31, 2023. The number of Active Dealerships increased 31% from 1,366 in the quarter ended December 31, 2023, to 1,788 in the quarter ended December 31, 2024. These increases were driven by an increase in our sales force, furthering penetration in existing geographies and the expansion of our geographic target area.

![LOGO](g715014g12k12.jpg)

***Aggregate Originations***

We define Aggregate Originations as the total principal balance of loans we originated during the relevant period. We measure Aggregate Originations to assess the overall scale of our platform. Aggregate Originations increased 53% to $1.1 billion for the six months ended June 30, 2025, compared to the six months ended June 30, 2024. Aggregate Originations increased 52% to $1.1 billion for the year ended December 31, 2023, compared to the year ended December 31, 2022. Aggregate Originations increased 38% to $1.5 billion for the year ended December 31, 2024, compared to the year ended December 31, 2023. These increases were driven primarily by the growth in Active Dealerships.

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![LOGO](g715014g14k14.jpg)

We assign dealerships to dealership vintages based on when they originated their first loan with Lendbuzz. The chart below displays originations by each respective dealership vintage. While there has been volatility due to the impacts of the COVID-19 lockdowns, in general, once a dealership vintage has ramped to consistent origination volume, which has taken between three and nine months, we have experienced a 100%+ net dollar retention rate, as each vintage has continued to produce about the same amount of loan originations, or more, as it did in prior years. As of June 30, 2025, we have experienced 100%+ net dollar retention rates for 17 consecutive quarters. Our 100%+ net dollar retention rate has accelerated our growth, as our sales representatives can focus on expanding the dealership network each year, instead of replacing the existing base. As of December 31, 2024, the 2024 vintage is our largest vintage in its initial year, primarily driven by the increase in our sales force. For more information about our net dollar retention rates and origination volume by dealerships, see the section titled "Management's Discussion and Analysis of Financial Condition and Results of Operations—Key Factors Affecting Our Performance—*Increasing Sales Penetration with Existing Dealerships*."

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![LOGO](g715014g04a25.jpg)

Originations by Dealership Vintage chart is not inclusive of all originations. The chart excludes loans originated without a dealership partner. Additionally, dealerships from the 2016 and 2017 vintages have been excluded due to inconsistent data collection. 2025 run rate vintage calculated based on actual originations through the first six months of 2025.

***Number of Loans Originated***

We measure the Number of Loans Originated to help inform us of our penetration into the market. The Number of Loans originated increased 42% to 38,098 for the six months ended June 30, 2025, compared to the six months ended June 30, 2024. The Number of Loans Originated increased 57% to 40,062 for the year ended December 31, 2023, as compared to the year ended December 31, 2022. The Number of Loans Originated increased 40% to 56,026 for the year ended December 31, 2024, as compared to the year ended December 31, 2023. These increases were driven by growth in Active Dealerships. Asset values have declined from their peak in January 2022, resulting in a lower average loan amount in 2023, relative to 2022, and slightly lower Aggregate Originations growth than Number of Loans Originated in 2023, relative to 2022. During 2024, asset values remained similar to their levels at the end of 2023, resulting in similar average loan amounts to the prior year. Asset values started to rise in 2025 as a result of anticipated price increases resulting from announced and proposed tariffs. We have seen an increase in average loan amounts for the six months ended June 30, 2025 as compared to the same period last year as a result.

***31+ Day Delinquency Rate***

We consider our consumer auto loans to be delinquent once they are 31 or more days past due in line with standard auto lending industry practice. We calculate 31+ Day Delinquency Rate as the total amount of principal balance on loans held on the balance sheet that are 31 days or more past due, divided by the outstanding principal balance for loans held on the balance sheet as of the date of measurement. We measure 31+ Day Delinquency Rate to help us monitor early delinquency and default trends in our credit performance. The 31+ Day Delinquency Rate increased 240 basis points to 5.63% for the six months ended June 30, 2025, compared to the six months ended June 30, 2024. The 31+ Day Delinquency Rate increased 98 basis points to 3.22% for the year ended December 31, 2023, as compared to the year ended December 31, 2022. The 31+ Day Delinquency Rate increased 91 basis points

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to 4.13% for the year ended December 31, 2024, as compared to the year ended December 31, 2023. These increases have been in response to macroeconomic conditions, including the significant increase in interest rates during 2022 and 2023, and the industry-wide increase in consumer auto delinquencies following the end of COVID-19 lockdowns and the ending of government stimulus, which had previously provided consumers with additional funds and resulted in increased consumer spending, and the impact on consumers of accelerated inflation. In addition to the macro trends driving these increases, beginning in 2024 and continuing into 2025, the percentage of loans originated in lower AIRA<sup>®</sup> score bands has increased. For more information on current trends in delinquency rates and its impact among our AIRA<sup>®</sup> score bands, see "Management's Discussion and Analysis of Financial Condition and Results of Operations—Key Operating Metrics—*31+ Day Delinquency Rate* and "Management's Discussion and Analysis of Financial Condition and Results of Operations—Key Operating Metrics—"*Aggregate Originations by AIRA(R) Score Band.*"

***Annualized Net Charge-off Rate***

We define Annualized Net Charge-off Rate as the total amount of principal balance charged-off for loans held on balance sheet during the period, less any recoveries collected on all prior charged-off loans held on balance sheet during the same period, divided by the average outstanding principal balance during the period for loans held on balance sheet, annualized. Consistent with our charge-off policy, we charge-off loans when they reach 120 days past due. We measure Annualized Net Charge-off Rate to help us monitor credit losses in our portfolio. Our Annualized Net Charge-Off Rate increased 61 basis points to 2.73% for the six months ended June 30, 2025, compared to the six months ended June 30, 2024. Our Annualized Net Charge-off Rate increased 19 basis points to 1.59% for the year ended December 31, 2023, as compared to the year ended December 31, 2022. Our Annualized Net Charge-off Rate increased 95 basis points to 2.54% for the year ended December 31, 2024, as compared to the year ended December 31, 2023. These increases were primarily driven by the same macroeconomic and business trends driving the increase in 31+ Day Delinquency Rate. Despite these increases, our AIRA<sup>®</sup> score has allowed us to generally outperform traditional lenders with respect to our target population. See the section titled "Business—The Lendbuzz Solution—*Proprietary AI Algorithms and Machine Learning Models Driving Credit Outperformance*" for more information on how our portfolio has performed similarly to the prime index despite serving a segment of the market that is traditionally considered non prime.

**Non-GAAP Financial Metrics** 

In addition to Total revenue, net, net income (loss), and other information presented in accordance with generally accepted accounting principles, or GAAP, results, the following table sets forth non-GAAP financial measures management utilizes to evaluate our business:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Six Months**<br>**Ended June 30,** | **For the Six Months**<br>**Ended June 30,** |
| *($ in thousands)* | **2022** | **2023** | **2024** | **2024** | **2025** |
|  Adjusted EBITDA<sup>(1)</sup> | $19495 | $25455 | $44365 | $14320 | $22680 |
|  Adjusted EBITDA-FVO<sup>(2)</sup> | 32742 | 63151 | 114611 | 45419 | 29754 |
|  Adjusted Net Income<sup>(3)</sup> | 14231 | 16102 | 28099 | 9298 | 14155 |
|  Adjusted Revenue-FVO<sup>(4)</sup> | 105600 | 201154 | 338598 | 149407 | 163638 |

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(1) We define Adjusted EBITDA, a non-GAAP measure, as GAAP net income, adjusted to exclude (1) depreciation and
amortization, (2) stock-based compensation expense, (3) tax provision (benefit) for income taxes and (4) a one-time $2.1 million revenue benefit in 2022 from an M&A transaction (consisting of $6.2 million of loans
acquired at a discounted purchase price of $3.9 million, where any collections in excess of the purchase price were accounted for as Interest and Fee Income, net).

(2) We define Adjusted EBITDA-FVO, a non-GAAP measure, as Adjusted EBITDA, further adjusted to reflect the impact
that the adoption of the fair value option, or FVO, on our consumer auto loan receivables would have.

(3) We define Adjusted Net Income (loss), a non-GAAP measure, as net income (loss) adjusted to exclude stock-based
compensation expense and a one-time tax adjusted revenue benefit from an M&A transaction.

(4) We define Adjusted Revenue-FVO, a non-GAAP measure, as Total revenue, net, adjusted to reflect the impact that
the adoption of the fair value option, or FVO, on our consumer auto loan receivables would have.

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***Adjusted EBITDA***

Adjusted EBITDA, a non-GAAP measure, is a measure used by management to evaluate our operating performance. Management believes Adjusted EBITDA provides a useful measure for period-over-period comparisons of our business, as it removes the effects of certain non-cash items and a one-time M&A benefit that are not indicative of our core operating performance or results of operations. It is also a measure that management relies upon to evaluate cash flows generated from operations, and therefore the extent of additional capital, if any, available to invest in strategic initiatives.

Adjusted EBITDA has limitations as an analytical tool and should not be considered in isolation from, or as a substitute for, the analysis of GAAP financial measures, such as net income. Some of the limitations of Adjusted EBITDA include that it does not reflect the impact of working capital requirements or capital expenditures and is not a universally consistent calculation among companies in our industry, which limits the usefulness of the metric as a comparative measure.

![LOGO](g715014g18k18.jpg)

Adjusted EBITDA increased 58% to $22.7 million in the six months ended June 30, 2025, as compared to the six months ended June 30, 2024. Adjusted EBITDA increased 31% to $25.5 million in the year ended December 31, 2023, as compared to the year ended December 31, 2022. Adjusted EBITDA increased 74% to $44.4 million in the year ended December 31, 2024, as compared to the year ended December 31, 2023.

***Adjusted EBITDA-FVO***

Adjusted EBITDA-FVO, a non-GAAP measure, is a measure used by management to evaluate our operating performance with comparable companies that have elected the fair value option, or FVO, when accounting for loan receivables. Since we have not elected FVO, as permitted under US GAAP, our loans receivables are carried at amortized cost, which is reduced by a valuation allowance for current expected credit losses, or CECL, estimated as of the balance sheet date. Under FVO, loan origination fees and costs are recognized in earnings as incurred, as opposed to being deferred and amortized over the life of the loan. Additionally, the initial fair value measurement and any subsequent changes in fair value are recorded into earnings in the period in which the change occurs. Management believes Adjusted EBITDA-FVO provides a useful measure for period-over-period comparisons of our business, as it removes the effect of certain non-cash items and a one-time M&A benefit that are not indicative of our core operating performance or results of operations and incorporates the impact of adopting FVO. By using this metric, we can more closely evaluate our earnings when compared to companies with similar business models who have elected FVO.

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Adjusted EBITDA-FVO has limitations as an analytical tool and should not be considered in isolation from, or a substitute for, the analysis of other GAAP financial measures, such as net income. Some of the limitations of Adjusted EBITDA-FVO include that it does not reflect the impact of working capital requirements or capital expenditures and is not a universally consistent calculation among companies in our industry, which limits the usefulness of the metric as a comparative measure.

![LOGO](g715014g21a22.jpg)

Adjusted EBITDA-FVO decreased 34% to $29.8 million in the six months ended June 30, 2025, as compared to the six months ended June 30, 2024. Adjusted EBITDA-FVO increased 93% to $63.2 million in the year ended December 31, 2023, as compared to the year ended December 31, 2022. Adjusted EBITDA-FVO increased 82% to $114.6 million in the year ended December 31, 2024, as compared to the year ended December 31, 2023.

***Adjusted Net Income***

We believe Adjusted Net Income, a non-GAAP measure, provides a useful measure for period-over-period comparisons of our business, as it removes the effect of stock-based compensation, a non-cash item that does not impact equity and a one-time benefit of an M&A transaction. Management utilizes this measure to evaluate the changes in equity the business generates.

Adjusted Net Income has limitations as an analytical tool and should not be considered in isolation from, or as a substitute for, the analysis of GAAP financial measures, such as net income (loss). The primary limitation of Adjusted Net Income is its lack of comparability to other companies that do not utilize the measure or that use a similar measure that is defined in a different manner.

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![LOGO](g715014g77a00.jpg)

Adjusted Net Income increased 52% to $14.2 million in the six months ended June 30, 2025, as compared to the six months ended June 30, 2024. Adjusted Net Income increased 13% to $16.1 million for the year ended December 31, 2023, as compared to the year ended December 31, 2022. Adjusted Net Income increased 75% to $28.1 million for the year ended December 31, 2024, as compared to the year ended December 31, 2023.

***Adjusted Revenue-FVO***

Adjusted Revenue-FVO, a non-GAAP measure, is a measure used by management to evaluate our revenue against the revenue of other comparable companies, but who have elected FVO when accounting for loan receivables. Since we have not elected FVO, as permitted under US GAAP, our loans receivables are carried at amortized cost, which is reduced by CECL as of the balance sheet date. Under FVO, loan origination fees and costs are recognized in earnings as incurred, as opposed to being deferred and amortized over the life of the loan. Additionally, the initial fair value measurement and any subsequent changes in fair value are recorded into earnings in the period in which the change occurs. By using this metric, we can more closely evaluate our revenue when compared to companies with similar business models who have elected FVO.

Adjusted Revenue-FVO has limitations as an analytical tool and should not be considered in isolation from, or a substitute for, the analysis of other GAAP financial measures, such as Total revenue, net. Some of the limitations of Adjusted Revenue-FVO include that it is not a universally consistent calculation among companies in our industry, which limits the usefulness of the metric as a comparative measure.

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![LOGO](g715014g22k53.jpg)

Adjusted Revenue FVO increased 10% to $163.6 million in the six months ended June 30, 2025, as compared to the six months ended June 30, 2024. Adjusted Revenue-FVO increased 90% to $201.2 million for the year ended December 31, 2023, as compared to the year ended December 31, 2022. Adjusted Revenue-FVO increased 68% to $338.6 million for the year ended December 31, 2024, as compared to the year ended December 31, 2023.

See the section titled "Management's Discussion and Analysis of Financial Condition and Results of Operations—Non-GAAP Financial Measures" for a reconciliation of Adjusted EBITDA to net income, Adjusted EBITDA-FVO to net income, Adjusted Net Income to net income and Adjusted Revenue-FVO to Total revenue, net.

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**RISK FACTORS** 

*Investing in our common stock involves a high degree of risk. You should carefully consider the following risks and all of the other information set forth in this prospectus before deciding to invest in shares of our common stock. The risks and uncertainties described below are not the only ones we face. Additional risks and uncertainties that we are unaware of or that we deem immaterial may also become important factors that adversely affect our business, financial condition and results of operations. If any of the following risks actually occurs, our business, financial condition or results of operations could be materially and adversely affected. In such case, the trading price of our common stock could decline due to any of these risks, and you may lose all or part of your investment.* 

**Risks Relating to Our Business** 

***We may be adversely affected by economic conditions and other factors that we cannot control.***

Recently, the United States has experienced a period of economic slowdown that has adversely affected our business, results of operations and financial condition. High unemployment, inflation rates, increasing interest rates, volatile stock market values, consumer perceptions of the economy, the introduction of trade tariffs, and other factors can impact consumer confidence and disposable income. In particular, high inflation in 2022 and 2023 significantly increased asset values in recent years, which, coupled with higher interest rates, have led to higher monthly payments on auto loans. These conditions have in the past increased delinquencies and net charge-offs on our auto loans, slowed down prepayments on loans and weakened collateral values on certain types of automobiles and may have similar effects in any future periods of economic slowdown or recession. Auto finance companies, including us, have recently experienced an increase in delinquencies and net charge-offs with respect to auto loans due to a significant increase in interest rates during 2022 and 2023, and the industry-wide normalization of consumer credit following the end of COVID-19 lockdowns and the ending of government stimulus, which had previously provided consumers with additional funds and resulted in increased consumer spending, and the impact on consumers of accelerated inflation, which may continue to increase. More recently, since the beginning of 2025, we have seen delinquencies continue to increase even as interest rates have declined in the face of the significant market volatility and economic uncertainty resulting from new and proposed tariffs and trade tensions more generally between the United States and many of its trading partners. For example, as of December 31, 2024, consumer auto delinquencies and net charge-offs, industry wide, are among the highest they have been in the past decade or more, and 31+ day delinquencies have increased relatively steadily since the beginning of 2023, particularly in the subprime sector. We have also seen delinquencies and net charge-offs increase in all AIRA<sup>®</sup> score bands, with more significant increases in customers in the lower AIRA<sup>®</sup> score bands. See "Management's Discussion and Analysis of Financial Condition and Results of Operations—Key Operating Metrics—*Aggregate Originations*—*Aggregate Originations by AIRA<sup>®</sup> Score Band*" and "Management's Discussion and Analysis of Financial Condition and Results of Operations—Key Operating Metrics—*31+ Day Delinquency Rate*." Borrowers may also not view the loans originated through our platform as having the same significance as other credit obligations arising under more traditional circumstances. A borrower's ability to repay their loans can be negatively impacted by increases in their payment obligations to other lenders under mortgage, credit card, and other loans resulting from increases in base lending rates or structured increases in payment obligations as well as due to declines in household incomes or savings as a result of unemployment, inflation or other factors. If a significant number of borrowers neglect their payment obligations on a loan originated through our platform or choose to not repay loans entirely, it will have an adverse effect on our business, financial condition, results of operations, and liquidity.

Changing market conditions, the availability of credit, the relative economic vitality of the area in which borrowers and their assets are located, changes in tax laws, other opportunities for investment available to our consumers, homeowner mobility, increase in interest rates and other factors discussed above, may affect the rates at which our borrowers prepay their loans. Generally, in situations where prepayment rates have slowed, the weighted-average life of our loans receivable has increased. While total cash collection in the event of slower prepayments may be higher than anticipated over the life of the loan, current period operating results could be adversely impacted. Further, longer term loans may experience a greater frequency of delinquencies and defaults

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given the slower amortization rate of the related principal balance, which may have the effect of further increasing the difference between the outstanding loan balance and the value of the related financed vehicle and increasing our expectations of credit losses.

***We have been and may, in the future, be adversely affected by increases in interest rates.***

Our loans receivable are fixed-rate and generally decline in value if interest rates increase. As such, if changing market conditions cause interest rates to increase substantially, the value of our loans receivable could decline. Some jurisdictions limit the maximum interest rate that we may charge on a certain population of our loans so we have limited ability to increase the interest rate on our loans made in those jurisdictions. Our yield, as well as our cash flows from operations and results of operations, could be materially and adversely affected if we are unable to increase the interest rates charged on new loans to offset any increases in our funding costs. Accordingly, any increase in interest rates could negatively affect our business, financial condition, results of operations, and liquidity. For example, net income as a percentage of total revenues decreased from 15% for the year ended December 31, 2022 to 6% for the year ended December 31, 2023.

Further, there can be no assurance that our forecasts of economic conditions, our assessments and monitoring of credit risk, and our efforts to mitigate credit risk through risk-based pricing, appropriate underwriting and investment policies, loss-mitigation strategies, and diversification are, or will be, sufficient to prevent an adverse impact to our business, financial condition and results of operations. In addition, given our CECL methodology considers forecasts, if weak or deteriorating economic conditions are forecasted, our expectations for credit losses may change, which may negatively affect our financial results.

***We may be adversely affected by decreasing consumer demand for automobiles and/or declining values of automobiles.***

Periods of economic slowdown or recession may be accompanied by decreased consumer demand for automobiles, which could result in fewer automobile sales and fewer loans. The volume of automobile sales is also impacted by several other economic and market conditions such as supply chain issues, interest rates, tariffs, consumer preferences, United Auto Workers strikes and fuel costs. For example, automotive manufacturers have experienced shortages in their supply of semiconductor chips and other supply chain delays since the onset of the COVID-19 pandemic in 2020, which have materially constrained the production and sale of new vehicles. Additionally, a meaningful rise in inflation during 2021 and through 2022 prompted the Federal Reserve Board to sharply increase the federal funds rate during 2022 and 2023. The current level and trajectory of borrowing costs could adversely affect demand for new and used vehicles in the near term. Declines in new or used automobile sales may have an adverse effect on our business, financial condition, results of operations, and liquidity.

Periods of economic slowdown or recession (and other factors) may also result in declining values of automobiles securing outstanding loans, which could weaken collateral coverage, reduce recoveries and increase the amount of a loss in the event of a default of a borrower under a loan. For example, new vehicle sales decreased dramatically during the economic crisis that began in 2007 and 2008 and did not rebound significantly until 2012 and 2013. Automobile values can also be affected by increases in the inventory of used automobiles during a period of economic slowdown or recession, vehicle recalls, the discontinuation of vehicle models or brands and other factors, such as a rebound effect from decreases in inventory caused by COVID-19, may depress the prices at which repossessed automobiles may be sold and our ability to recover deficiency balances following any repossession might be negatively impacted. Finally, any new or increased tariffs or other trade restrictions implemented by the U.S. federal government or other countries may affect vehicle supply or the supply of important vehicle parts and components, as well as customer vehicle purchasing behavior.

***There may be adverse economic or other conditions or changes in laws in the states where we have loan concentrations.***

We are exposed to portfolio concentrations in some states. For loan originations in the twelve months ended December 31, 2024, borrowers with respect to approximately 36%, 12%, 10%, 9%, 8% and 6% of our loan

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originations, were located in the states of Florida, Texas, California, New York, Massachusetts and New Jersey respectively. No other state accounts for more than 5% of the aggregate of our loans originated in the twelve months ended December 31, 2024. Adverse economic conditions, such as unemployment, interest rates, inflation rates and consumer perception of the economy, or other factors, such as natural disasters and extreme weather events, affecting any state or region could increase the delinquency or loan loss experience of the loan originated in that state or region or lead to temporary declines in originations more generally in that state or region. For example, a deterioration in economic conditions in the states where we have portfolio concentrations, including high unemployment, is likely to adversely affect the ability and willingness of borrowers to meet their payment obligations under the loans which is likely to adversely affect the delinquency, default, loss and repossession that we experience with respect to the loans originated in such states. Additionally, there have been predictions that climate change may lead to an increase in the frequency of natural disasters and extreme weather conditions, with certain states bearing a greater risk of the adverse effects of climate change, which could increase the risks of geographic concentration in our loans.

Further, some states have enacted, and other states may in the future enact, laws imposing limits on the interest rate that a lender may charge. When a state limits the amount of interest that we can charge, we may not be able to offset any increased interest expense caused by rising interest rates, adversely affecting our business, financial condition, results of operations, and liquidity and our ability to service loans. To date, there has been no material impact on our business as the result of these rate limitations as the states where such rate changes have occurred have not been states where we have the higher loan concentrations. In addition, some states have also enacted, and other states may in the future enact, changes in laws related to general asset protection, or GAP, waivers, which is one of the ancillary products sold by us to borrowers. A GAP waiver is an insurance product that provides protection to the consumer by paying the difference between the loan balance and the amount covered by the consumer's primary insurance policy, in the event of a total loss of the vehicle due to severe damage or theft. One such change in the laws related to GAP waivers requires us to provide refunds of the unearned, prepaid GAP waiver charges when the loan agreement terminates early (for example, when the borrower prepays their loan). This change, that was also enacted in the geographies where we operate, including in states where we have the higher loan concentrations, has had a material impact on our business as we began pro rata refunds to consumers who prepaid their loans. As a result, the revenue per consumer, who purchased a GAP waiver declined year-over-year. For more information on how GAP waiver refunds have affected our revenue, see the sections titled "Management's Discussion and Analysis of Financial Condition and Results of Operations—Results of Operations—Comparison of the Years Ended December 31, 2022, 2023 and 2024 and "Comparison of the Six Months Ended June 30, 2024 and 2025—*Interest and fee income, net*" and "Management's Discussion and Analysis of Financial Condition and Results of Operations—Results of Operations—Comparison of the Years Ended December 31, 2022, 2023 and 2024 and "Comparison of the Six Months Ended June 30, 2024 and 2025—*Ancillary Product Revenue, net*." As shown in these sections, while interest and fee income, net grew by 59% year-over-year from 2023 to 2024, ancillary product revenue, net grew by only 12% for the same period. If the amount of GAP waiver refunds we are required to pay increases due to increased prepayments by borrowers in these geographies or as a result of any additional state and federal regulation on GAP waivers, there may be a material and adverse effect on our business, financial condition, results of operation, and liquidity.

Further, many auto finance companies have recently made adjustments to their policies and practices related to involuntary repossession activity. Although we were not impacted, there can be no assurance that repossession activity will not be restricted, as the result of changes in applicable laws and guidance or for other reasons. Any delay in repossession activity may extend the timing of expected cashflow from the loans and adversely affect our financial results. For example, initial restrictions imposed by state and local governments in response to COVID-19 resulted in the cessation of most, if not all, physical auctions of used vehicles and significantly reduced the volume and prices in the auction market for used vehicles in the United States. There can be no assurance that a resurgence of COVID-19 or another public health issue will not result in the imposition of additional or reinstated restrictions in the future. Any such restrictions could adversely affect our ability to liquidate repossessed vehicles and the price to be received from the liquidation of such vehicles, which could adversely affect the timing and amount of proceeds of any defaulted auto loan contract.

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***We track certain operational metrics with internal systems and tools or manual processes and do not independently verify such metrics. Certain of these metrics are subject to inherent challenges in measurement, and any real or perceived inaccuracies may adversely affect our business, financial condition, results of operations, liquidity, and reputation.***

We track certain operational metrics, including Active Dealerships, Aggregate Originations, Number of Loans Originated, 31+ Day Delinquency Rate and Annualized Net Charge-off Rate with internal data, systems and tools or manual processes and these metrics are not independently verified by a third-party. The methodologies used to measure certain of these metrics require significant judgment, are susceptible to errors, and may differ from estimates or metrics published by third parties due to differences in sources, methodologies, or the assumptions on which we rely. Our internal data, systems, tools and processes have a number of limitations, and our data collection methodologies may have errors or could change over time, which could result in unexpected changes to our metrics, including the metrics we publicly disclose. If the internal data, systems and tools or processes we use to track these metrics under count or over count performance or contain algorithmic or other technical errors, the data we report may not be accurate. While these numbers are based on what we believe to be reasonable estimates of our metrics, there are inherent challenges in measuring this data. In addition, limitations or errors with respect to how we measure data or with respect to the data that we measure may affect our understanding of certain details of our business, which could affect our long-term strategies. If our operating metrics are not accurate, or if investors do not perceive them to be accurate, investors may lose confidence in our operating metrics and business and we could be subject to legal claims, and our business, financial condition, results of operations, liquidity, and reputation could be adversely affected.

***Our quarterly results are likely to fluctuate and as a result may adversely affect the trading price of our common stock.***

Our quarterly results of operations, including the levels of our revenue, net income and other key metrics, are likely to vary significantly in the future, and period-to-period comparisons of our results of operations may not be meaningful. Accordingly, the results for any one quarter are not necessarily an accurate indication of future performance. Our quarterly financial results may fluctuate due to a variety of factors, many of which are outside of our control. Factors that may cause fluctuations in our quarterly financial results include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the effectiveness and predictiveness of AIRA<sup>®</sup>, or
changes thereto, including as a result of macroeconomic or other factors, which negatively impact transaction volume, such as lower approval rates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the performance of our loan portfolio;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to attract new dealerships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to maintain relationships with existing dealerships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to maintain or increase loan volume;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• headwinds from dealership turnover initiated by us due to poor dealership business practices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• general economic conditions, including economic slowdowns, recessions and tightening of credit markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the timing and success of new products and services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the effectiveness of our sales and marketing efforts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the amount and timing of operating expenses related to maintaining and expanding our business, operations and
infrastructure, including acquiring new and maintaining existing dealerships and attracting borrowers to our platform;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our cost of borrowing money or availability of liquidity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the number and extent of prepayments of loans originated on our platform;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in the fair value of assets and liabilities on our balance sheet;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• network outages, operating system or infrastructure failures or incidents relating to privacy, data protection or
cybersecurity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our involvement in litigation or regulatory enforcement efforts (or the threat thereof) or those that impact our
industry generally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in laws and regulations that impact our business; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in the competitive dynamics of our industry, including consolidation among competitors or the development
of competitive products by larger well-funded incumbents.

The impact of one or more of the foregoing and other factors may cause our operating results to vary significantly. As such, we believe that quarter-to-quarter comparisons of our operating results may not be meaningful and should not be relied upon as an indication of future performance. The variability and unpredictability of our operating results could result in our failure to meet our expectations or those of analysts that cover us or investors with respect to revenue or other operating results for a particular period. If we fail to meet or exceed such expectations, then the trading price of our common stock could fall substantially, and we could be subject to litigation, including securities class action suits, which, if instituted against us, could result in substantial costs and a diversion of our management's attention and resources.

***We have a limited operating history, which may make it difficult to evaluate our business and future prospects and our growth and financial performance in recent periods may not be indicative of future performance.***

We were incorporated in 2015 and have had limited operations to date. As a result, we have limited financial data that can be used to evaluate our business and future prospects. Any evaluation of our business and prospects must be considered in light of our limited operating history, which may not be indicative of future performance. Because of our limited operating history, we face increased risks, uncertainties, expenses, and difficulties, including the risks and uncertainties discussed in this section. We have grown rapidly over the last several years, and our recent loan origination growth rate, revenue growth rate and financial performance may not be indicative of our future performance. In 2022, 2023 and 2024, we originated $733.1 million, $1.1 billion and $1.5 billion in auto loans, representing a year-over-year growth of 52% between 2022 and 2023 and 38% between 2023 and 2024. In 2022, 2023 and 2024, our Total revenue, net was $101.3 million, $175.4 million and $281.5 million, respectively, representing a 73% growth rate from 2022 to 2023 and a 61% growth rate from 2023 to 2024. There is no assurance that we can sustain the growth that we have experienced to date and you should not rely on our financial performance for any previous quarterly or annual period as any indication of our revenue or revenue growth in future periods.

As we grow our business, our loan origination rates and revenue growth rates may slow, or our loan originations and revenue may decline, in future periods for a number of reasons, which may include slowing demand for our platform offerings and services, decreasing interest rates, decreasing investor appetite for our loans, increasing competition, a decrease in the growth of our overall credit market, increasing regulatory costs and our failure to capitalize on growth opportunities. We believe our growth over the last several years has been driven in part by our ability to rapidly grow the number of Active Dealerships in existing and new geographies. We may not be able to maintain the same growth of Active Dealerships. As a result, our revenue growth rates and loan origination rates may slow, and our financial performance may be adversely affected.

In addition, our rapid growth has placed, and may continue to place, significant demands on our management, processes and operational, technological and financial resources. Our ability to manage our growth effectively and to integrate new employees and technologies into our existing business will require us to continue to retain, attract, train, motivate and manage employees and expand our operational, technological and financial infrastructure. Continued growth could strain our ability to develop and improve our operational, technological, financial and management controls, enhance our reporting systems and procedures, recruit, train and retain highly skilled personnel and maintain user satisfaction. Any of the foregoing factors could negatively affect our business, financial condition, results of operations, and liquidity.

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***Determining our allowance for expected credit losses requires many assumptions and complex analyses, and if our estimates prove incorrect, we may incur net charge-offs in excess of our reserves, or we may be required to increase our provision for credit losses.***

We maintain an allowance for expected credit losses, which is a critical accounting estimate and requires us to use significant estimates and assumptions to determine the appropriate level of allowance. This estimate is highly dependent upon the reasonableness of our assumptions and the predictability of the relationships that drive the results of our valuation methodologies. We measure credit losses under CECL for financial assets measured at amortized cost, which includes the vast majority of our loans receivable and loan portfolio. Under CECL, the allowance is established to reserve for management's best estimate of expected lifetime losses inherent in our loans receivable and loan portfolio. The impact of measuring our allowance for expected credit losses on our results will depend on the characteristics of our financial instruments, economic conditions, and our economic and loss forecasts. Management has processes in place to monitor these judgments and assumptions, but these processes may not ensure that our judgments and assumptions are correct. The method for calculating the best estimate of expected credit losses takes into account our historical experience, adjusted for current conditions, and our judgment concerning the probable effects of relevant observable data, trends, and market factors. Changes in such estimates can significantly affect the allowance and provision for losses. It is possible that we will experience credit losses that are different from our current estimates. If our estimates and assumptions prove incorrect and our allowance for credit losses is insufficient, we may incur net charge-offs in excess of our reserves, or we could be required to increase our provision for credit losses, either of which would adversely affect our business, financial condition, results of operations, and liquidity.

Further, the loss and delinquency levels of the loans owned by us may not correspond to the historical levels we have experienced on our portfolio. There is a risk that losses and delinquencies could increase or decline significantly for various reasons, including changes in the local, regional or national economies and other unexpected events. As such, there can be no assurance that our estimates of expected credit losses will reflect actual experience with respect to our loans receivable portfolio.

***We face risks resulting from the extensive use of models and data.***

We rely on quantitative models and our ability to manage and aggregate data in an accurate and timely manner for a variety of purposes. In particular, we use quantitative models to determine the pricing of various products, grade loans and extend credit, measure interest rate and other market risks, predict expected credit losses, estimate the value of financial instruments and balance sheet items, and other operational functions. As such, we depend on the accuracy and effectiveness of these models and our policies, processes and practices governing how models and data, as applicable, are acquired, validated, stored, protected, processed, used and analyzed. Any issues with the quality or effectiveness of our data aggregation and validation procedures, as well as the quality and integrity of data inputs, formulas or algorithms, could result in inaccurate forecasts, suboptimal pricing or ineffective risk management practices.

We obtain large volumes of data from various third-party sources, including loan applicants, loan applicants' financial institutions, credit bureaus, auto auction platforms, auto dealerships and industry organizations. If we are unable to receive, access or use this third-party data for any reason, our access to such data is limited or restricted, or such data is compromised, inaccurate, or biased in any way, our ability to accurately evaluate applicants, detect fraud and verify applicant data would be harmed or compromised. Any of the foregoing could negatively impact the accuracy of our pricing decisions, the degree of efficiency in our loan application process and the volume of loans originated on our platform. For additional risks related to our reliance on third-party vendors, see "*—Certain of our operations rely on external vendors.*"

In addition, quantitative models based on historical data sets might not be accurate predictors of future outcomes, and their ability to appropriately predict future outcomes may degrade over time. While we continuously update our policies, processes and practices, many of our data management, modeling, aggregation and implementation processes are manual and may be subject to human error, data limitations, process delays or system

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failure. Moreover, during periods of market disruption, including periods of significantly rising or high interest rates, rapidly widening credit spreads or illiquidity, or periods in which consumer behavior changes unexpectedly, our models may not function as intended. If our models do not function as intended, we could suffer unexpected losses, which could materially adversely affect our business, financial condition, results of operations, and liquidity.

***We have a dealership-centric auto finance business, and a change in the key role of dealerships within the automotive industry could have an adverse effect on our business, financial condition, results of operations, and liquidity.***

We acquire most of our consumers through the U.S. auto dealership market, and as a result, our auto finance business depends on the continuation of the key role of dealerships within the automotive industry. In particular, dealerships play a key role in arranging purchasers' financing.

A number of trends are affecting the automotive industry and the role of dealerships within it. These include challenges to the dealership's role as a retailer, shifting financial and other pressures exerted by manufacturers on dealerships, the rise of vehicle sharing and ride hailing, the development of autonomous and alternative-energy vehicles, the impact of demographic shifts on attitudes and behaviors toward vehicle ownership and use, changing consumer and regulatory expectations around the vehicle buying experience, adjustments in the geographic distribution of new and used vehicle sales, advancements in communications technology and supply chain challenges. Further, consumers are increasingly presented with opportunities to obtain financing directly from lenders instead of indirectly through the dealership. While it is not currently clear how and how quickly these trends may develop, any one or more of them could adversely affect the key role of dealerships and their business models, profitability, and viability. If there were a consumer shift away from dealership-arranged financing for any of the foregoing reasons, our loan origination volume from dealerships could decline and we may need to adjust our business model as a result. If we are not able to successfully adjust our business model, it could adversely affect our business, financial condition, results of operations, and liquidity.

***Our ability to maintain or build relationships with dealerships or underperformance or misconduct by a dealership we partner with could have an adverse effect on our business, financial condition, results of operations, and liquidity.***

We rely on our relationships with auto dealerships to acquire consumers. If we are not able to maintain existing relationships with significant automotive dealerships or if we are not able to develop new relationships for any reason, including if we are not able to provide services on a timely basis, offer products and services that meet the needs of the dealerships, compete successfully with the products and services of our competitors, hire or maintain an adequate number of skilled customer service and sales representatives needed for handling our growing number of existing dealerships or developing new relationships with dealerships, or otherwise satisfy dealerships and effectively counter the influence that captive auto finance companies have in the marketplace or the exclusivity privileges that some competitors have with automotive manufacturers, our loan origination volume, credit performance and the number of dealerships with whom we have retail funding relationships, could decline in the future. If this were to occur, our business, results of operations, financial condition, and liquidity could be adversely affected.

Dealerships are also a form of systemic risk to our business, including credit risk, fraud risk, reputational risk, litigation risk and compliance risk. Although we have processes and controls in place to monitor dealership performance, poor dealership business practices may result in decreased consumer satisfaction or we may need to terminate a dealership relationship, which may decrease our loan origination volumes, or may also result in fraud, reputational, legal or compliance risk to the business. For example, if a dealership were to engage—or be accused of engaging—in illegal or suspicious activities including fraud or discrimination, we could be subject to regulatory investigations or litigation and suffer serious harm to our reputation, financial condition, consumer relationships, and ability to attract future consumers. In addition, if an automotive dealership that we have a relationship with is engaged in misconduct that involves our platform, that misconduct may have adverse effect on our business, financial condition, results of operations, and liquidity.

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***Negative publicity about us or our industry could adversely affect our business, results of operations, financial condition, and liquidity.***

Negative publicity about us or our industry, including the transparency, fairness, responsible lending on our platform, user experience, quality and reliability of our platform or point-of-sale lending platforms in general, effectiveness of our risk model, our ability to effectively manage and resolve complaints, our privacy and security practices, litigation, regulatory activity, funding sources, service providers, dealerships or others in our industry, the experience of consumers and investors with our platform or services or point-of-sale lending platforms in general, could adversely affect our reputation and the confidence in, and the use of, our platform, which could harm our reputation and cause disruptions to our platform. Any such reputational harm could further affect the behavior of dealerships and consumers, including their willingness to use our platform or to obtain loans originated through our platform or to make payments on their loans, which could adversely affect our business, results of operations, financial condition, and liquidity.

***If our collection efforts on delinquent loans or our efforts to foreclose on vehicles or to resell them are ineffective or unsuccessful, the performance of the loans would be adversely affected.***

Our ability to collect on loans is dependent on the borrower's continuing financial stability, and consequently, collections can be adversely affected by a number of factors, including job loss, divorce, death, illness, or personal bankruptcy. Furthermore, the application of various federal and state laws, including federal and state bankruptcy and debtor relief laws, may limit the amount that can be recovered on the loans. For example, it is possible that a higher percentage of consumers will seek protection under bankruptcy or debtor relief laws when macroeconomic conditions are challenging due to high inflation, the possibility of recession and other factors. Federal and state laws, or other restrictions could impair, prohibit, limit or delay our ability to collect amounts owed and due on the loans originated through our platform, reduce income received from the loans originated through our platform, negatively affect our ability to repossess and sell automobiles to recover losses on defaulted loans, or negatively affect our ability to comply with our current financing arrangements or obtain financing with respect to the loans originated through our platform.

Additional factors that may affect our ability to collect the full amount due on a loan include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our failure to receive or file amendments to the certificates of title for the related vehicles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our failure to file financing statements to perfect our security interest in the related vehicles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• depreciation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• obsolescence; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• damage or loss of the related vehicle.

Furthermore, proceeds from the sale of repossessed vehicles can fluctuate significantly based upon market conditions. For example, asset values increased significantly due to supply chain disruptions caused by COVID-19 and high inflation. However, as such disruptions normalize and inflation decreases, asset values may decrease, potentially significantly. A deterioration in general economic conditions and/or decreases in asset values could result in a greater loss in the sale of repossessed vehicles than we have historically experienced.

We use some third-party service providers in connection with the repossession of vehicles and for the sale of repossessed vehicles. When using such third parties, we incur additional fees and costs, which reduce the amounts of collections that we receive. We also have negotiated a dealership recourse relationship with certain dealerships, under which the dealership agrees to repurchase the repossessed vehicle from us in the case a borrower defaults according to the terms of the recourse agreement and to pay a fixed reserve amount for each loan originated, which we hold in reserve against future credit losses. If such dealership goes out of business or incurs other financial difficulties, we may not be able to enforce the obligation to purchase the repossessed vehicle from us, and the reserve may not be enough to cover any shortfall stemming from us re-selling the repossessed vehicle, especially if the asset values of repossessed vehicles decrease. There is also no assurance that we will be able to keep these recourse relationship agreements with dealerships or negotiate similar agreements as we expand our dealership network.

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Additionally, for those loans that we sell, whatever we are able to collect as a servicing fee in connection with the services we provide depends on the collectability of the loans originated on our platform. If there is an unexpected significant increase in the number of borrowers who fail to repay their loans or an increase in the principal amount of the loans that are not repaid, we will be unable to collect our entire servicing fee for the loans originated through our platform for which we act as servicer, and our business, results of operations, financial condition, future prospects, and liquidity could be materially and adversely affected.

***Our business, financial condition, results of operations, and liquidity could suffer if used vehicle prices are low or volatile or decrease in the future.***

Used vehicle prices, as measured by the Manheim Used Vehicle Value Index, have been volatile since 2020. Initially, following COVID-19 lockdowns, used vehicle prices rose significantly in response to supply issues among new vehicles. As the supply issues resolved, used vehicle prices declined significantly, normalizing closer to their historical values. Despite having declined significantly, they still remain elevated compared to their historical run rates and they have recently started to increase again in the face of new and proposed tariffs, which are leading to increases in new vehicle prices, and consequently, an increase in demand for used vehicles.

General economic conditions, the supply of other vehicles to be sold, the levels of demand for vehicle ownership and use, relative market prices for new and used vehicles, perceived vehicle quality, the shift from gasoline to electric vehicles, overall vehicle prices, the vehicle disposition channel, volatility in gasoline or diesel fuel prices, levels of household income and savings, interest rates, and other factors outside of our control, such as consumer confidence levels and the strength of automotive manufacturers, dealerships and retailers, heavily influence used vehicle prices.

Governments are also intensely focused on the effects of climate change and related environmental issues. How governments act to mitigate climate and related environmental risks, as well as associated changes in the behavior and preferences of businesses and consumers, could have an adverse effect on our business, financial condition and results of operations. For example, changes in law to address climate change could lead to a decline in demand for and value of gasoline-powered vehicles, which would in turn reduce the value we are likely to achieve from repossessed vehicles and increase losses on the sale of repossessed vehicles.

Our expectation of used vehicle values is a factor in determining our pricing of new loan originations. In stressed economic and rapidly changing climate regulatory environments, residual-value risk may be even more volatile than credit risk. To the extent that used vehicle prices are significantly lower than our expectations, our profit on auto loans could be substantially less than our expectations, even more so if our estimate of loss frequency is underestimated as well. In addition, we could be adversely affected if we, or our third-party service providers, fail to efficiently process and effectively market repossessed vehicles and, as a consequence, incur higher-than-expected disposal costs or lower-than-expected proceeds from the vehicle sales.

We also have negotiated a dealership recourse relationship with certain dealerships, under which the dealership agrees to repurchase the repossessed vehicle from us in the case a borrower defaults according to the terms of the recourse agreement and to pay a fixed reserve amount for each loan originated, which we hold in reserve against future credit losses. If such dealership goes out of business or incurs other financial difficulties because vehicle prices are low, we may not be able to enforce the obligation to purchase the repossessed vehicle from us. In such case, the reserve may not be enough to cover any shortfall stemming from us re-selling the repossessed vehicle, especially if the asset values of repossessed vehicles decrease. Further, decreases in vehicle values may cause a borrower's vehicle value to drop to a point where they have negative equity in their vehicle, or further increase existing negative equity. Such borrowers may be less motivated to pay back their loans, increasing the frequency of defaults and repossessions, which may adversely affect our business, financial condition, results of operations, and liquidity.

***Our risk management efforts may not be effective in mitigating risk and loss.***

We maintain an enterprise risk-management framework that is designed to identify, measure, assess, monitor, test, control, report, escalate, and mitigate the risks that we face. These include credit, underwriting, market,

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liquidity, business/strategic, reputational, operational, information-technology/cyber-security, compliance, and conduct risks. Our risk management policies, procedures, and techniques, including our scoring technology, may not be sufficient to identify all of the risks we are exposed to, mitigate the risks we have identified, or identify concentrations of risk or additional risks to which we may become subject in the future. If conditions or circumstances arise that expose flaws or gaps in the framework or its design or implementation, the performance and value of our business and operations could be adversely affected. For example, if our risk-management framework does not effectively monitor and identify macroeconomic conditions that require mitigating by decisions such as tightening underwriting criteria during such periods, our delinquencies and net charge-offs may increase, and could adversely affect our business, financial condition, results of operations, and liquidity. Additionally, ineffective risk management could give rise to enforcement and other supervisory actions, damage our reputation, and result in private litigation, which could adversely affect our business, financial condition, results of operations, and liquidity.

***Certain of our operations rely on external vendors.***

We rely on external vendors to provide certain products and services (including data) that we use in our day-to-day operations, including various third-party data providers, repossession vendors, GPS suppliers, insurance companies and collection agencies. Accordingly, we are exposed to the risk that these vendors may not perform in accordance with their agreements with us, may not be able to continue to provide services upon similar terms or may not comply with regulatory requirements. While we have planned redundancies for all our external vendors, such failures could be disruptive to our operations and have a material adverse impact on our business, financial condition, results of operations, and liquidity. These third parties are also sources of risk associated with operational errors, system interruptions or breaches, and unauthorized disclosure of confidential information. See "—Risks Related to Intellectual Property and Technology—*Our operating systems or infrastructure, as well as those of our service providers or others on whom we rely, could fail or be interrupted, which could disrupt our business and adversely affect our results of operations, financial condition and prospects*" and "—*We face a wide array of security risks that could result in business, reputational, financial, regulatory and other harm to us*." Additionally, we are reliant on repossession vendors and collection agencies, and if they do not perform in accordance with our agreements with them, or if they act unprofessionally or otherwise harm the user experience for our borrowers, our ability to collect on defaulted loans would be adversely affected, our brand and reputation could be harmed, and our ability to attract potential borrowers to our platform could be negatively impacted. We may also become subject to regulatory scrutiny and potential litigation based on their conduct. If our vendors encounter any of these issues, we could be exposed to disruption of service, damage to our reputation and litigation, all of which could adversely affect our business, financial condition, results of operations, and liquidity.

***We have experienced in the past, and expect to continue to experience, seasonal fluctuations in our revenues.***

Vehicle sales generally exhibit seasonality. Historically, the two peak seasons for auto sales are in the spring and the fall. In addition, delinquencies and defaults in all consumer credit asset classes, including auto loans, generally exhibit seasonality. Historically, delinquencies peak in January and February after the holiday shopping season, and then begin to fall in March and April in line with tax returns to a low in the summer. Delinquencies then begin to rise again through the following holiday shopping season. Due to our rapid growth, COVID-19 lockdowns, new and used vehicle supply constraints, introduction and then removal of government stimulus, and rapid inflation, at times, our historical originations and portfolio delinquency and default rate patterns have not reflected the general seasonality we expect of our business. As our business matures and markets continue to normalize, we expect to experience typical seasonal fluctuations in our quarterly operating results. Adverse events that occur during the peak seasons described above could have a disproportionate effect on our business, results of operations, financial condition, and liquidity.

***If we lose the services of any of our key management personnel, our business, financial condition results of operations, and liquidity could be adversely affected.***

Our future success depends significantly on the continued service and performance of our key management personnel. Our senior management team has significant industry experience and would be difficult to replace.

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Competition for these employees is intense and we may not be able to attract and retain key personnel. If we are unable to attract or retain appropriately qualified personnel, we may not be successful in originating loans and servicing our consumers, which could have a materially adverse effect on our business, financial condition, results of operations, and liquidity.

***We may not be able to attract, retain, or motivate qualified employees.***

Skilled employees are one of our most important resources, and competition for talented people is intense. We may not be able to locate and hire the best people, keep them with us, or properly motivate them to perform at a high level. This risk may be exacerbated due to some of our competitors having significantly greater scale, financial and operational resources, and brand recognition. In addition, we may experience competition in retaining employees based on remote or other flexible work arrangements, and our ability to attract or retain qualified employees may be adversely affected if our work arrangements are perceived as less favorable than those of our competitors. Continued scrutiny of compensation practices has made this competition for talent only more difficult. In addition, many parts of our business are particularly dependent on key personnel, and retaining talented people in certain areas, such as technology, sales and capital markets, may be challenging. Further, growth in our businesses will further increase our need for skilled employees. If we were to lose and be unable to replace these personnel or other skilled employees or if the competition for talent were to drive our compensation costs to unsustainable levels, our management of operational and other risks could suffer, and our business, financial condition, results of operations, and liquidity could be negatively impacted.

***Consumers purchasing cars made by Toyota and Ford continue to constitute a significant portion of our consumer base, which creates concentration risk for us.***

Consumers purchasing cars made by Toyota and Ford constitute a significant portion of our consumer base. For example, in 2024, 25% of our loan originations were transacted for borrowers purchasing Toyota vehicles, and 9% of our loans were transacted for borrowers purchasing Ford vehicles. A significant adverse change in Toyota's or Ford's business, including, for example, in the production or sale of Toyota or Ford vehicles, the quality or resale value of Toyota or Ford vehicles, Toyota's or Ford's relationships with its key suppliers, or the rate or volume of recalls of Toyota or Ford vehicles, could negatively impact the size of Toyota and Ford consumer bases and the volume of loans we originate to them and the value of collateral securing our extensions of credit to them. Any future reductions in Toyota and Ford business that we are not able to offset could adversely affect our business, financial condition, results of operations, and liquidity.

***We are subject to both natural and man-made events that may unexpectedly disrupt our operations and adversely impact our business, financial condition and results of operations.***

Our systems and operations are vulnerable to damage or interruption from earthquakes, fires, floods, hurricanes, tornadoes, and other natural disasters (including those caused by climate change), power losses, telecommunications failures, strikes, health pandemics, such as the COVID-19 pandemic, and similar events. In addition, strikes, wars, terrorism, and other geopolitical unrest could cause disruptions in our business and lead to interruptions, delays, or loss of critical data. For example, the Israel-Hamas war has disrupted operations in our Israeli office, where a portion of our technology team is based. In particular, while none of our technical infrastructure is located in Israel, some of our Israeli employees have been drafted, which may result in a loss of critical knowledge for operating our technical infrastructure. We may not have sufficient protection or recovery plans in certain circumstances, such as a significant natural disaster or war, and our business interruption insurance may be insufficient to compensate us for losses that may occur.

These disruptions may also affect our collections processes. For example, if significant portions of our workforce become unable to work effectively due to any such disruptions, there may be business disruptions which could result in reduced collection effectiveness. Additionally, certain third parties that we rely on to support repossessions of vehicles following delinquency or default of the related auto loans may be, as a result of

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any of the above-mentioned disruptions, unable to fully perform the requested services in a timely manner, which could reduce recoveries and adversely affect our business, financial condition, results of operations, and liquidity.

***Changes in immigration patterns, policy or enforcement could affect some of our consumers, including those who may be undocumented immigrants, and consequently impact the performance of our loans, our business, financial condition, results of operations, and liquidity.***

Some of our consumers are immigrants and some may not be U.S. citizens or permanent resident aliens. We follow appropriate consumer identification procedures as mandated by law, including accepting government issued picture identification that may be issued by non-U.S. governments, as permitted by the USA PATRIOT Act, but we do not verify the immigration status of our consumers, which we believe is consistent with industry best practices and is not required by law. While our credit models look to approve consumers who have stability of residency and employment, a significant change in immigration patterns, policy or enforcement could cause some consumers to emigrate from the United States, either voluntarily or involuntarily, or slow the flow of new immigrants to the United States. Changes in immigration laws, policies or enforcement patterns, or announcements thereof, that make it more difficult or less desirable for immigrants to work in the United States or introduce greater uncertainty into the immigration system have affected spending patterns by immigrants in the past and may do so in the future, which may have in the past, and may in the future, lead to fluctuations, including declines, in originations from time to time. Such changes may have in the past, and could in the future, also result in increased delinquencies and losses on our loans due to more difficulty for potential consumers to earn income. In addition, if we or our competitors receive negative publicity around making loans to undocumented immigrants, it may draw additional attention from regulatory bodies or consumer advocacy groups, all of which may harm our brand and business. In recent months, significant changes in U.S. immigration policy and enforcement have been announced and there is no assurance that there will not be future a significant changes in U.S. immigration patterns, policy, laws or enforcement. We cannot predict the likelihood, nature or extent of government regulation that may arise from future legislation or administrative action. Any such change could adversely affect our business, financial condition, results of operations, and liquidity.

***We face risks from the use of or changes to assumptions or estimates in our financial statements.***

Pursuant to generally accepted accounting principles in the U.S. or GAAP, we are required to use certain assumptions and estimates in preparing our financial statements, including useful lives of property and equipment, capitalization of internally developed software and associated useful lives, expected credit losses, and the determination of fair value of our stock option grants. In addition, the FASB, the SEC and other regulatory bodies may change the financial accounting and reporting standards, including those related to assumptions and estimates we use to prepare our financial statements, in ways that we cannot predict and that could impact our financial statements. If actual results differ from the assumptions or estimates underlying our financial statements or if financial accounting and reporting standards are changed, we may experience unexpected material losses. For a discussion of our use of estimates in the preparation of our consolidated financial statements, see the section titled "Management's Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Policies and Estimates."

***The market for auto financings is highly competitive.***

The market for auto financing is highly competitive, and we expect competitive pressures only to intensify in the future, especially in light of the regulatory and supervisory environments in which we operate, innovations that alter the barriers to entry, current and evolving economic and market conditions, changing consumer preferences and consumer and business sentiment, and monetary and fiscal policies. Some of our competitors may have greater financial, technical, and marketing resources than we possess and/or may have a lower funding costs and access to funding sources that may not be available to us, in particular those competitors that are part of larger financial institutions or are captive auto finance companies of large car manufacturers. Many of our competitors have also been operating for longer and have a more established market presence than us and, as a result, these competitors may be better positioned to attract consumers.

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Competitive pressures may drive us to take actions that we might otherwise eschew, such as lowering the interest rates or fees on loans or adopting more liberal standards in granting loans. These pressures may also accelerate actions that we might otherwise elect to defer, such as further substantial investment in systems or infrastructure. Such actions that we take in response to competition, among others, may adversely affect our business, financial condition and results of operations. These consequences could be exacerbated if we are not successful in introducing new products and services, achieving market acceptance of our products and services, developing and maintaining a strong consumer base, continuing to enhance our reputation, or prudently managing risks and expenses.

***We are or may be subject to potential liability in connection with pending or threatened legal proceedings and other matters.***

We are regularly involved in ongoing, pending or threatened legal proceedings and other matters and are or may be subject to potential liability in connection with them. These legal matters may be formal or informal and include litigation and arbitration with one or more identified claimants, certified or purported class actions with yet-to-be-identified claimants, and regulatory or other governmental information-gathering requests, examinations, investigations, and enforcement proceedings. Our legal matters exist in varying stages of adjudication, arbitration, negotiation, or investigation and span our operations. Claims may be based in law or equity-such as those arising under contracts or in tort and those involving banking, consumer-protection, securities, tax, employment, and other laws-and some can present novel legal theories and allege substantial or indeterminate damages.

The course and outcome of legal matters are inherently unpredictable. This is especially so when a matter is still in its early stages, the damages sought are indeterminate or unsupported, significant facts are unclear or disputed, novel questions of law or other meaningful legal uncertainties exist, a request to certify a proceeding as a class action is outstanding or granted, multiple parties are named, or regulatory or other governmental entities are involved. Other contingent exposures and their ultimate resolution are similarly unpredictable for reasons that can vary based on the circumstances. As a result, we often are unable to determine how or when threatened or pending legal matters and other contingent exposures will be resolved and what losses may be incrementally and ultimately incurred. Actual losses may be higher or lower than any amounts accrued or estimated for those matters and other exposures, possibly to a significant degree. In addition, while we maintain insurance policies to mitigate the cost of litigation and other proceedings, these policies have deductibles, limits, and exclusions that may diminish their value or efficacy. Substantial legal claims, even if not meritorious, could have a detrimental impact on our business, results of operations, financial condition, and liquidity, and could cause us reputational harm.

***There are risks associated with the acquisition or sale of assets or businesses and the formation, termination, or operation of joint ventures or other strategic alliances.***

We have previously acquired, and in the future may acquire, assets or businesses, either through the direct purchase of such assets or the purchase of a company's equity, which we believe could complement or expand our business.

Potential difficulties we may encounter in connection with these transactions and arrangements include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the integration of the assets or business into our information technology platforms and servicing systems;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the quality of servicing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• disruption of our ongoing businesses and distraction of our management teams;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• incomplete or inaccurate records;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• inability to retain existing consumers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• unanticipated expenses; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• potential unknown liabilities associated with the transactions, including legal liability related to origination
and servicing prior to the acquisition.

The anticipated benefits and synergies of any future acquisition will assume a successful integration, and will be based on projections and other assumptions, which are inherently uncertain. Even if integration is successful, anticipated benefits and synergies may not be achieved.

**Risks Relating to Regulatory and Tax Matters** 

***Our business is subject to regulation in the jurisdictions in which we conduct our business and failure to comply with such regulations may have a material adverse impact on our business, financial condition, results of operations, and liquidity.***

Our business is subject to numerous federal, state, and local laws and regulations, and various state authorities regulate and supervise our lending business.

Our operations are subject to regular examination by state regulators and, for certain aspects of our business, by U.S. federal regulators. These examinations may require us to change our policies or practices, pay monetary fines, or make reimbursements to consumers. Many state regulators have indicated an intention to pool their resources to conduct examinations of licensed entities, including us, at the same time (referred to as a "multistate" examination). This could result in more in-depth examinations, which could be costlier and lead to more significant enforcement actions. We are also subject to potential enforcement, supervisions, and other actions that may be brought by state attorneys general or other state enforcement authorities and other governmental agencies. Such actions have in the past, and could in the future, subject us to civil money penalties, consumer remediation, and increased compliance costs, and/or require us to change our policies or practices and make reimbursements to consumers. Any such actions may also damage our reputation and brand and could limit or prohibit our ability to offer certain products and services or engage in certain business practices. No assurance can be given that our compliance policies will be effective and that we will not be subject to fines and penalties. Ambiguities in applicable statutes and regulations and unclear and evolving regulatory expectations and enforcement practices may leave uncertainty with respect to permitted or restricted conduct and may make compliance with laws, and risk assessment decisions with respect to compliance with laws, difficult and uncertain. In addition, ambiguities make it difficult, in certain circumstances, to determine if, and how, compliance violations may be cured. We may fail to comply with applicable statutes and regulations even if acting in good faith, or because governmental bodies or courts interpret existing laws or regulations in a more restrictive manner, which may lead to regulatory investigations, governmental enforcement actions or private causes of action with respect to our compliance. To resolve issues raised in examinations or other governmental actions, we may be required to take various corrective actions, including changing certain business practices, making refunds or taking other actions that could be financially or competitively detrimental to us. In some cases, regardless of fault, it may be less time consuming or costly, or an otherwise prudent decision, to settle these matters, which may require us to implement certain changes to our business practices, provide remediation to certain individuals or make a payment to a given party or regulatory body. There is no assurance that any future settlements will not have an adverse effect on our business, financial condition, results of operations, and liquidity.

State attorneys general have a variety of tools at their disposal to enforce state and federal consumer financial laws, including the ability to enforce the Dodd-Frank Act and regulations promulgated under the Dodd-Frank Act's authority. State attorneys general also have enforcement authority under state law with respect to unfair or deceptive practices under which state attorneys general may conduct investigations, bring actions, and recover civil penalties or obtain injunctive relief against entities engaging in unfair, deceptive, or fraudulent acts. Attorneys general may also coordinate among themselves to enter into multi-state actions or settlements. Some federal consumer financial laws, such as the Truth in Lending Act, grant enforcement or litigation authority to state attorneys general.

We are subject to potential changes in federal and state law, which could lower the interest-rate limit that non-depository financial institutions may charge for consumer loans or could expand the definition of interest

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under federal and state law. Such changes could limit our interest income and other revenue, which could adversely affect our business, financial condition and results of operations. Incorrect calculations of proper interest rates or failure to make required disclosures may also result in fines or civil money penalties.

We are also subject to various laws and regulations in the United States that impose certain anti-money laundering requirements on companies that are financial institutions or that provide financial products and services. Under these laws and regulations, including the Bank Secrecy Act, we are required to report large cash transactions and suspicious activity, and maintain transaction records, among other requirements. State regulators may impose similar requirements on licensed money transmitters. We are also subject to anti-corruption and anti-bribery and similar laws, such as the U.S. Foreign Corrupt Practices Act of 1977, as amended, the U.S. domestic bribery statute contained in 18 U.S.C. § 201, and the U.S. Travel Act, which prohibit companies and their employees and agents from promising, authorizing, making, or offering improper payments or other benefits to government officials and others in the private sector in order to influence official action, direct business to any person, gain any improper advantage, or obtain or retain business. Our failure to comply with anti-money laundering and other applicable laws could subject us to substantial civil and criminal penalties or result in the loss or restriction of our money services business and state licenses, which may significantly affect our ability to conduct some aspects of our business. Changes in this regulatory environment, including changing interpretations of new or varying regulatory requirements by the government, may significantly affect or change the manner in which we currently conduct some aspects of our business.

We may not be able to maintain all requisite licenses and permits, and the failure to satisfy those or other regulatory requirements could have a material adverse effect on our business, results of operations, financial condition, and liquidity.

A material failure to comply with applicable laws and regulations could result in regulatory actions, including substantial fines or penalties, lawsuits, and damage to our reputation, which could adversely affect our business, financial condition, results of operations, and liquidity.

***Requirements of the Dodd-Frank Act and oversight by the CFPB may significantly increase our regulatory costs and burdens.***

The Dodd-Frank Act and the related regulations increased oversight of financial services and products by the Consumer Finance and Protection Bureau, or the CFPB, and imposed restrictions on the allowable terms for certain consumer credit transactions. The CFPB has significant authority to implement and enforce federal consumer finance laws, including the Truth in Lending Act, the Fair Credit Reporting Act, the Gramm-Leach-Bliley Act, or the GLBA, the Equal Credit Opportunity Act, or the ECOA, the Fair Credit Billing Act and new requirements for financial services products provided for in the Dodd-Frank Act, as well as the authority to identify and prohibit unfair, deceptive, or abusive acts and practices. In addition, the Dodd-Frank Act provides the CFPB with broad supervisory, examination and enforcement authority over various consumer financial products and services, including the ability to require reimbursements and other payments to consumers for alleged legal violations, and to impose significant penalties, as well as injunctive relief that prohibits lenders from engaging in allegedly unlawful practices. Further, state attorneys general and state regulators are authorized to bring civil actions to enforce certain consumer protection provisions of the Dodd-Frank Act. The industry investigation and enforcement provisions of Title X of the Dodd-Frank Act may adversely affect our business if the CFPB or one or more state attorneys general or state regulators believe that we have violated any federal consumer financial protection laws, including the prohibition in Title X against unfair, deceptive or abusive acts or practices.

The CFPB has supervisory authority over our business. It also has the authority to bring enforcement actions for violations of laws over which it has jurisdiction regardless of whether it has supervisory authority for a given product or service. The Dodd-Frank Act also gives the CFPB supervisory authority over entities that are designated as "larger participants" in certain financial services markets. The CFPB has published regulations for "larger participants" in the market of auto finance, and we have been designated as a larger participant in this market. The larger-participant rule for consumer installment loans was one of the rulemaking initiatives the

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CFPB designated as inactive in its Spring 2018 rulemaking agenda. It is not known if or when the CFPB may consider reactivating the rulemaking process for the larger participant rule for consumer installment loans. The CFPB's broad supervisory and enforcement powers could affect our business and operations significantly in terms of increased operating and regulatory compliance costs, and limits on the types of products we offer and the way they are offered, among other things.

The CFPB and certain state regulators have acted against some lenders regarding collection acts and repossessions. There are certain state lending laws and regulations that require certain parties to hold licenses or other government approvals or filings in connection with specified activities, and impose requirements related to, among other things, debt collection and repossession. We collect on delinquent debt, and we may not always have been, and may not always be, in compliance with these and other applicable laws, regulations and rules. Our debt collection practices could therefore be challenged in a similar manner by the CFPB or state consumer lending regulators.

Some of the rulemaking under the Dodd-Frank Act remains pending. As a result, the complete impact of the Dodd-Frank Act remains uncertain. It is not clear what form remaining regulations will ultimately take, or how our business will be affected.

***We are subject to various federal and state consumer protection laws.***

We must comply with various regulatory regimes, including those applicable to consumer credit transactions. Certain state laws generally regulate interest rates and other charges and require certain disclosures. In addition, other federal and state laws may apply to the origination, servicing and collection of loans originated on our platform, to the repossession of vehicles, and to ancillary products.

While we have developed policies and procedures designed to assist in compliance with these laws and regulations, no assurance is given that our compliance policies and procedures will be effective. These laws impose specific statutory liabilities upon creditors who fail to comply with the provisions of these laws and may also require us to repurchase loans that fail to comply with such laws. Failure to comply with these laws and with regulatory requirements applicable to our business could subject us to revocation of licenses, class action lawsuits, administrative enforcement actions, regulatory orders and agreements, fines, damages, other required payments, changes to our business practices and other injunctive relief, and civil and criminal liability, any of which could adversely affect our business, financial condition, results of operations, and liquidity.

***Dealerships are subject to significant regulation, which may affect vehicle sales by dealerships and, in turn, our business.***

Dealerships are subject to significant regulation by state and federal authorities. If the regulation of dealerships were to limit vehicle prices, the sale of ancillary products, or otherwise adversely affect vehicle sales by dealerships, our business could be adversely affected. For instance, on December 12, 2023, the FTC issued the Combating Auto Retail Scams Rule, or CARS Rule, 16 C.F.R. Part 463. The CARS Rule contains a number of provisions relating to dealership practices with respect to vehicle pricing, disclosure of vehicle prices and fees, the sale of and disclosures relating to ancillary products, consumer consent to charges, and unfair and deceptive statements. The FTC initially set the effective date for the CARS Rule as July 30, 2024. On January 4, 2024, two dealership trade groups filed a petition for review seeking to vacate, modify, or stay enforcement of the CARS Rule, as well as a motion to stay the Rule, and on January 27, 2025, the U.S. Court of Appeals for the Fifth Circuit vacated the Rule. *See National Automobile Dealers Association v. FTC*, No. 24-60013 (5th Cir.). Additionally, regulation of ancillary product sales at the state and federal level continues to evolve in ways that may limit our ability to sell ancillary products, which has the effect of reducing ancillary product revenue on a per-loan basis. We expect this trend to continue. This trend creates uncertainty about the ability of finance companies like ours to continue to generate future revenue from ancillary products at current levels. For more information on the effect of compliance on our ancillary product revenue, see the section titled "Management's Discussion and Analysis of Financial Condition and Results of Operations—Results of Operations—*Ancillary Product Revenue, net*."

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***Stringent and changing laws and regulations and contractual obligations relating to privacy, data protection and cybersecurity could increase our costs and result in claims or adversely affect our business, financial condition, results of operations, and liquidity.***

We are subject to laws, regulations, orders, and industry standards related to privacy, data protection, cybersecurity, and consumer protection in the jurisdictions in which we do business, and we may expand these jurisdictions in the future. Compliance with current and future laws, regulations, orders, and industry standards related to privacy, data protection, cybersecurity and consumer protection, and any related contractual obligations, may require significant expenditures of time and money, and could significantly impact our current and planned privacy, data protection and cybersecurity related practices and our collection, use, sharing, retention, safeguarding and other processing of personal information (including personally identifiable information, or PII), including credit and other financial information, and other data, and certain of our current and planned business activities. We publicly post documentation regarding our practices concerning collection, processing, use and disclosure of data. Although we endeavor to comply with our published privacy policies and documentation, we may at times fail to do so or be alleged to have failed to do so. Any failure or perceived failure by us to comply with our published privacy policies and documentation and any applicable privacy, data protection, cybersecurity and consumer protection laws, regulations, orders, and industry standards, as well as any related contractual obligations, in one or more jurisdictions could expose us to costly litigation, significant awards, fines or judgments, civil and/or criminal penalties or negative publicity, and could materially and adversely affect our business, financial condition and results of operations. The publication of our privacy policy and other documentation that provides promises and assurances about privacy and security can subject us to potential U.S. state and federal action if they are found to be deceptive, unfair or misrepresentative of our actual practices, which could materially and adversely affect our business, financial condition, results of operations, and liquidity.

The legal and regulatory landscape governing privacy, data protection, cybersecurity, and consumer protection is in a period of considerable flux. Any such laws, regulations, orders, and industry standards may be inconsistent among different jurisdictions, subject to differing interpretations or may conflict with our current or future practices. As privacy, data protection, cybersecurity, and consumer protection laws, regulations, orders, and industry standards are implemented, interpreted and applied, our compliance costs could increase, particularly in the context of ensuring that adequate data protection and data transfer mechanisms are in place. Any changes in these laws, regulations, orders, and industry standards, or in our current business practices, may compel us to enhance or modify our systems and infrastructure, invest in new systems and infrastructure, change our service providers, augment our scenario and vulnerability testing or alter our business practices or our policies on security, data governance and privacy. If any of these outcomes were to occur, the complexity and costs of our operations could increase significantly. Moreover, our service providers may require us to be bound by varying contractual requirements relating to privacy, data protection and cybersecurity, including as a result of differing laws, regulations, orders, and industry standards applicable in a given jurisdiction. Adherence to such contractual requirements may impact our collection, use, processing, storage, sharing and disclosure of various types of information, including financial information and other personal information, and may cause us to become bound by, or to voluntarily comply with, self-regulatory or other industry standards relating to these matters that may further change as laws, rules and regulations evolve.

In the United States, at the federal level, we are subject to various laws, rules and regulations with respect to privacy, data protection, cybersecurity and consumer protection, including those promulgated under the authority of the Federal Trade Commission, or the FTC, which regulates unfair or deceptive acts or practices, and the CFPB, which enforces federal consumer financial laws. The GLBA, together with related regulations issued by the CFPB, restricts the collection, storage, use, disclosure and other processing of certain personal information by financial services providers. Lenders and other financial institutions also are required to provide notice to individuals of privacy practices and provide individuals with certain rights to prevent the use and disclosure of certain nonpublic or otherwise legally protected information. CFPB guidance also imposes requirements for the safeguarding and proper destruction of personal information through the issuance of data security expectations. The CFPB is also actively considering new rules relating to the use and storage of data by lenders and other financial service providers, including regarding data portability. Pursuant to its rulemaking authority under the

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GLBA, the FTC has recently updated its Standards for Safeguarding Customer Information (Safeguards Rule) which sets new, minimum standards for certain financial institutions' information security programs. These rules impose prescriptive requirements on lenders and other financial institutions relating to such programs, including in relation to accountability and oversight, performing risk assessments, encryption standards and access controls. Further, in July 2023, the SEC adopted rules requiring registrants to disclose material cybersecurity incidents they experience and to disclose on an annual basis material information regarding their cybersecurity risk management, strategy, and governance. The United States Congress also is considering, and may in the future consider or enact, various proposals for privacy, data protection and cybersecurity legislation.

Certain states have also enacted laws relating to privacy, data protection and cybersecurity. For example, the California Consumer Privacy Act, as amended by the California Privacy Rights Act, or collectively the CCPA, provides California residents with certain individual privacy rights and imposes privacy, data protection and cybersecurity obligations on covered companies. The CCPA requires covered companies to provide certain disclosures to California residents about such companies' data collection, use, sharing and other processing practices and to provide California residents with ways to opt out of certain sales or transfers of their personal information, and provides California residents with certain additional causes of action. The CCPA may impact our policies with respect to the processing of personal information. A number of other states have enacted, or are considering enacting, their own comprehensive data privacy laws, including those applicable specifically to financial institutions. For example, the New York Cybersecurity Regulation regulates the use of PII by financial institutions, including by imposing minimum requirements for managing cybersecurity risk and responding to cyberattacks. In addition, we are subject to privacy, data protection, cybersecurity, and consumer protection laws, regulations, orders, and industry standards in the jurisdictions in which we operate that require enhanced levels of cybersecurity and notification to users and/or regulators when there is a security breach of personal information.

The cumulative effects of these privacy, data protection, cybersecurity, and consumer protection laws, regulations, orders, and industry standards, along with contractual requirements, include an increased ability of individuals to control the use of their personal information; increased obligations on companies and any third parties with which they do business to maintain the privacy and security of personal information; and increased exposure to regulatory action, litigation, fines, damages or reputational harm for companies that do not afford individuals their specified privacy rights, experience data breaches, or do not maintain cybersecurity practices at certain required levels. The national and global data protection landscapes continue to be in flux, resulting in possible significant operational costs for internal compliance and risk to our business. There can be no assurance that any systems we have implemented and maintain designed to promote compliance with these laws, both those adopted or applicable to date and those that may be adopted or applicable in the future, will be effective in mitigating the business impact of individuals' increased privacy rights or in ensuring compliance with these laws. In the event of regulatory action, litigation, fines, damages or reputational harm due to noncompliance with such privacy, data protection, cybersecurity, and consumer protection laws, regulations, orders, and industry standards or a data breach may adversely affect our business, financial condition, results of operations, and liquidity.

***Our use of third-party vendors is subject to regulatory review.***

The CFPB and other regulators have issued regulatory guidance focusing on the need for financial institutions to perform due diligence and ongoing monitoring of third-party vendor relationships, which increases the scope of management involvement and decreases the benefit that we receive from using third-party vendors. If our regulators conclude that we have not met the standards for oversight of our third-party vendors, we could be subject to enforcement actions, civil monetary penalties, supervisory orders to cease and desist, or other remedial actions, which could adversely affect our business, financial condition and results of operations.

***Changes in law and regulatory developments could result in significant additional compliance costs.***

Compliance with current or future laws and regulations to which we are subject could result in higher compliance costs and could restrict our ability to provide certain products and services, which could materially and adversely affect our profitability and could reduce income from certain business initiatives.

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Our failure, or the failure of any third-party with whom we work, to comply with laws and regulations to which we are subject could result in potentially significant regulatory investigations and government actions, litigation, fines, or sanctions, consumer actions, and damage to our reputation and brand, all of which could have a material adverse effect on our business, financial condition, results of operations, and liquidity. Complying with laws and regulations may cause us to incur substantial operational costs or require us to change our business practices. We may not be successful in our efforts to achieve compliance either due to internal or external factors, such as resource allocation limitations. We may also experience difficulty retaining or obtaining new consumers in these jurisdictions due to the legal requirements, compliance cost, potential risk exposure, and uncertainty for these entities, and we may experience significantly increased liability with respect to these consumers pursuant to the terms set forth in our engagements with them.

Because the interpretation and application of many laws and regulations are uncertain, it is possible that these laws and regulations may be interpreted and applied in a manner that is inconsistent with our existing data management practices or the features of our products and services. If so, in addition to the possibility of fines, lawsuits, regulatory investigations, and other claims and penalties, we could be required to change our business activities and practices or modify our products or services, any of which could have an adverse effect on our business, financial condition, results of operations and future prospects. Any claims regarding our inability to adequately address legal and regulatory concerns, even if unfounded, or to comply with applicable laws, regulations, contractual requirements, and policies, could result in additional cost and liability to us, damage our reputation, and adversely affect our business. Legal and regulatory concerns, whether valid or not, may inhibit market adoption of our products and services, particularly in certain industries and jurisdictions. If we are not able to quickly adjust to changing laws, regulations, and standards related to consumer lending, our business, financial condition, results of operations, and liquidity may be adversely affected.

***Recent and future changes to tax laws or applicable tax rates in the jurisdictions where we operate could materially and adversely affect our company.***

The taxation of our business is subject to the enactment of, or changes in, tax laws, regulations and treaties, or the interpretation thereof, tax policy initiatives and reforms under consideration and the practices of tax authorities in various jurisdictions. Existing, new, or future changes in tax laws, regulations and treaties, or the interpretation thereof could have an adverse effect on our tax liabilities, business, financial condition, results of operations, and liquidity. We are unable to predict what tax reform may be proposed or enacted in the future in jurisdictions where we have operations or what effect such changes would have on our business, but such changes could affect our future financial position and overall tax rates in the future or increase the complexity, burden and cost of tax compliance.

Applicable tax rates may be subject to significant change in the jurisdictions in which we operate. If our effective tax rate increases, our operating results and cash flow could be adversely affected. Our effective income tax rate can vary significantly between periods due to a number of complex factors including, but not limited to, projected levels of taxable income in each jurisdiction, tax audits conducted and settled by various tax authorities, and adjustments to income taxes upon finalization of income tax returns.

***Tax authorities in certain jurisdictions where we do not file tax returns may assert that we have a nexus in their jurisdictions and seek to impose taxes, which could harm our business, financial condition, results of operations, and liquidity.***

We are qualified to operate in, and file income tax returns in, numerous jurisdictions, but there is some risk that tax authorities in jurisdictions where we do not currently file certain types of tax returns could assert that we are liable for taxes in their jurisdictions. For example, some states are becoming increasingly aggressive in asserting a nexus for state income tax purposes. We could be subject to taxation, including penalties and interest attributable to prior periods, if the taxing authority of any jurisdiction successfully asserts that our activities give rise to a nexus in that jurisdiction. Such tax assessments, penalties and interest may adversely impact our business, financial condition, results of operations, and liquidity.

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***Our international footprint may subject us to potential adverse tax consequences in various jurisdictions.***

Our corporate structure and intercompany arrangements, including the manner in which we develop our intellectual property and the transfer pricing of our intercompany transactions, may subject us to the tax laws of various jurisdictions, which are subject to interpretation. Taxing authorities may challenge our methodologies for valuing developed technology or intercompany arrangements, including our transfer pricing, or determine that the manner in which we operate our business does not achieve the intended tax consequences, which could increase our worldwide effective tax rate and harm our business, financial condition, results of operations, and liquidity.

**Risks Relating to Our Use of Artificial Intelligence** 

***The artificial intelligence, machine learning, data analytics and other similar tools that we use to collect, aggregate and analyze data may contain errors, biases or other inadequacies that adversely impact our business, including by adversely affecting our ability to accurately assess credit risk.***

From time to time, we utilize artificial intelligence, machine learning, data analytics and similar tools that collect, aggregate and analyze data, or collectively data tools, in connection with our business. There are significant risks involved in utilizing data tools, and no assurance can be provided that the usage of data tools will enhance our business or assist our business in being more efficient, better at assessing credit risk, or profitable.

While our data tools undergo validation, testing and analysis prior to deployment, such data tools may have errors, biases or other inadequacies that are not easily detectable. For example, certain data tools may utilize historical performance, historical market or sector data in their analytics. To the extent that such historical data is not indicative of current or future conditions in the applicable market or sector, or the data tools fail to filter or appropriately adjust biases in the underlying data or collection methods, the usage of data tools may lead us to make determinations on behalf of our business that have an adverse effect. If data tools are incorrectly designed, or the data used to train them is incomplete, inadequate or biased in some way, our use of data tools may inadvertently reduce our efficiency or cause unintentional or unexpected outputs that are incorrect, do not match our business goals, do not comply with our policies or interfere with the performance of our services or platform, our business and our reputation. Additionally, our use of data tools could present ethical concerns, which could have negative implications for our organization.

More specifically, our ability to attract our customers, including applicants, borrowers and dealerships, to our platform and minimize the risk of delinquent loans depends in large part on our ability to effectively evaluate an applicant's creditworthiness and likelihood of default and, based on that evaluation, offer competitively priced loans.

Our overall operating efficiency and margins further depend in large part on our ability to maintain a high degree of efficiency in our loan application process and achieve incremental improvements in the degree of efficiency through our use of data tools If the data tools we utilize fail to adequately assess the creditworthiness of applicants due to the design of such data tools, including the training data used or programming or other errors as previously described, and we or our data tools do not detect and account for such errors despite our monitoring of such data tools pre- and post-deployment, or any of the other components of our credit decision process fails, we may experience higher than forecasted loan losses. Any of the foregoing could result in sub-optimally priced loans, incorrect approvals or denials of loans, or higher than expected loan losses, which in turn could adversely affect our ability to attract new borrowers and dealerships, increase the number of loans or maintain or increase the average size of loans originated on our platform.

Continuing to improve the accuracy of the data tools we utilize is central to our business strategy, and following deployment of data tools, we continuously monitor the performance of the data tools and our portfolio, including by our management credit committee which includes all named executive officers, to identify possible areas for future improvement. However, such improvements could be costly to implement and could also negatively impact transaction volume, such as by lowering approval rates. While we believe that continuing to

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improve the accuracy of the data tools we utilize is key to our long-term success and our focus on accurately and effectively evaluating an applicant's creditworthiness, those improvements could, from time to time, lead us to reevaluate the risks associated with certain borrowers, which could in turn result in lower approval rates or higher interest rates for any borrowers identified as a higher risk, either of which could negatively impact our growth and results of operations in the short term.

***The legal and regulatory environment surrounding the use of artificial intelligence, machine learning, data analytics and other similar tools is relatively new and evolving, and current and future laws and regulations with respect to such tools could result in claims against us, including claims alleging unfair lending practices, increase our costs, cause us to redesign our platform or services, or otherwise adversely affect our business.***

The use of data tools may enhance or create legal, operational, regulatory and technological and related contractual risks, as the technologies underlying data tools and their use cases are subject to a variety of laws, regulations, orders, and industry standards, including intellectual property, privacy, data protection and cybersecurity, consumer protection, competition, equal protection, and equal opportunity laws. Regulation of data tools is complex and rapidly evolving worldwide as legislators, regulators (including the CFPB, the Securities and Exchange Commission and the FTC) and consumer advocacy groups have focused on these powerful emerging technologies, in particular data tools incorporating artificial intelligence and machine learning technology. The CFPB has previously identified artificial intelligence as a key regulatory priority for the agency, including the use of complex credit scoring models as part of the loan underwriting process, and it has previously issued various guidance documents regarding the use of data tools. For instance, the CFPB has previously issued guidance regarding the "explainability" of algorithms using artificial intelligence and related consumer notification requirements, which may affect the use of data tools.

The regulatory environment relating to the use of AI in consumer finance is relatively new and evolving. The laws and regulations applicable to our business and AI are complex and subject to varying interpretations, with limited regulatory guidance at this time. The application of such laws and regulations to consumer finance and AI models may change or develop over time.

We face the risk that one or more of the variables included in our data tools may be deemed a proxy for a protected characteristic such as race, ethnicity, sex, or age in violation of the ECOA or other anti-discrimination laws, and therefore would need to be revised or eliminated, or the use of such data tools as part of our credit assessment process altered, to ensure compliance with the ECOA or other anti-discrimination laws, which could result in lower approval rates or higher credit losses. Additionally, various federal regulatory agencies and departments, including the U.S. Department of Justice and the CFPB, have taken the position that the ECOA applies not only to intentional discrimination, but also to neutral practices that have a disparate impact on a group that shares a characteristic that a creditor may not consider in making credit decisions (i.e., creditor or servicing practices that have a disproportionate negative effect on a protected class of individuals). Our use of data tools could inadvertently result in a "disparate impact" on protected groups. Efforts by government agencies and consumer advocacy groups, may result in new or enhanced governmental or regulatory scrutiny, litigation, obligations, ethical concerns (including a negative public opinion toward the use of data tools) or other complications that could adversely affect our business, financial condition, results of operations, and liquidity, and subject us to legal or other regulatory liability.

It is not possible to predict all of the legal, operational, regulatory or technological risks related to the use of data tools, including because of the evolving regulatory and technological landscape. We have a management compliance committee, which meets monthly, that tracks laws and regulations to help ensure that we can continue to serve our consumers and dealerships in compliance with applicable laws. Further, we have engaged regulatory counsel that is familiar with our business that informs us on changes in laws and regulations that are relevant to our business, including in connection with the use of data tools. We annually engage third-party audit firms which audit the compliance of our business, including our use of data tools, for compliance with our internal policies and procedures and new and existing laws and regulations. These audits may fail or be inaccurate, and may result in

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claims, disputes, litigation or costs associated with compliance or any compliance failure. Further, any changes in laws, regulations, orders, and industry standards governing the use of data tools may be costly or impossible to comply with, and may also result in claims, disputes, litigation or costs associated with compliance or any compliance failure. In addition, we may be required to redesign our platform or services, or to update, enhance, cease or otherwise modify our use of data tools, in order to comply with such laws, regulations, orders, and industry standards which may require us to incur additional costs. Any of the foregoing could adversely affect our ability to utilize data tools as part of our business, or else increase the complexity and costs of using such data tools, which in turn may adversely affect our operational capacity and ability to attract and maintain consumers.

***AIRA<sup>®</sup> scores may not accurately predict the likelihood of delinquencies, defaults and losses on the loans we grant.***

We rely on AIRA<sup>®</sup>, a proprietary model utilizing custom developed artificial intelligence and machine learning algorithms, to evaluate credit risk and to improve the accuracy of our risk predictions and to allow us to adjust in real-time as both macroeconomic and business conditions evolve. See the section titled "Business—Lendbuzz Solution—*Proprietary AI Algorithms and Machine Learning Models Driving Credit Outperformance.*" A consumer's AIRA<sup>®</sup> score is based on a number of data points, including bank account information, credit bureau information, education information, employment information, and vehicle information and is used by us to determine the credit risk of a consumer and an application. As many of our consumers have a thin or no credit file, our underwriting model does not rely on traditional credit scores in making credit decisions. It is uncertain whether the AIRA<sup>®</sup> score will result in a better or worse performing pool of loans. A consumer's AIRA<sup>®</sup> score may fail to accurately predict the actual performance of a loan, which may result in unanticipated losses on the loans, increase our delinquencies and net charge-offs, and adversely affect our business, financial condition, results of operations, and liquidity. In addition, consumers' AIRA<sup>®</sup> scores rely, in part, on data provided by our consumers. If such data proves to be incomplete, false or inaccurate, we could misjudge an applicant's qualification to receive a loan or the performance of a loan may be below expectations and adversely affect our business, financial condition, results of operations, and liquidity.

Additionally, we regularly make updates to AIRA<sup>®</sup> to incorporate updated performance information and adjustments for evolving macroeconomic and business conditions. If we do not make these updates and adjustments in a timely manner or if they are not effective at improving the accuracy of our risk predictions, we may experience unanticipated losses on the loans and increases in our delinquencies, and net charge-offs, which would adversely affect our business, financial condition, results of operations, and liquidity.

**Risks Relating to Intellectual Property and Technology** 

***If we are unable to obtain, maintain, protect and enforce our intellectual property, or if third parties are successful in claiming that we are infringing, misappropriating or violating the intellectual property of others, we may incur significant expenses, or be unable to successfully compete, and our business, financial condition, results of operations, and liquidity may be adversely affected.***

Our ability to compete effectively is dependent in part upon our ability to seek, obtain, maintain, protect and enforce our intellectual property and other proprietary rights, including with respect to our proprietary technology and content, software, processes, databases, confidential information, and know-how. We rely on a combination of patents, trademarks, service marks, copyrights, trade secrets, domain names and agreements with employees and third parties to protect our intellectual property and other proprietary rights relating to our technology and brand. It is our policy to enter into agreements containing obligations of confidentiality with each party that has or may have had access to proprietary information, know-how or trade secrets owned or held by us, including confidentiality and invention assignment agreements with our employees and consultants. Nonetheless, the steps we take to obtain, maintain, protect and enforce our intellectual property and other proprietary rights may be inadequate. For example, our competitors and other third parties may design around our intellectual property, or independently develop similar or superior intellectual property or otherwise duplicate or mimic our

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platform or services in a manner that does not violate our intellectual property rights, such that we would not be able to successfully assert our intellectual property or other proprietary rights against such third parties. We cannot assure that any future patent, copyright, trademark or service mark registrations will be issued for our pending or future applications, or that any of our current or future intellectual property rights (whether registered or unregistered) will be valid, enforceable, sufficiently broad in scope, provide adequate protection of our intellectual property or other proprietary rights or provide us with any competitive advantage.

Our brand and associated trademarks and goodwill have significant value and are important factors in the marketing of our business. We rely on both registrations and common law protections for our current and any future trademarks and service marks. However, we may be unable to prevent competitors or other third parties from acquiring or using trademarks, service marks or other intellectual property or other proprietary rights that are similar to, infringe upon, misappropriate, dilute or otherwise violate or diminish the value of our trademark and our other intellectual property and proprietary rights. The value of our intellectual property and other proprietary rights could diminish if others assert rights in or ownership of our intellectual property or other proprietary rights, or in trademarks or service marks that are similar to our trademarks.

In addition, we cannot guarantee that we have entered into agreements containing obligations of confidentiality with each party that has or may have had access to proprietary information, know-how or trade secrets owned or held by us, or entered into invention assignment or other agreements with each party that may have developed intellectual property rights for us or on our behalf. Moreover, our contractual arrangements may be breached or may otherwise not effectively prevent disclosure of, or control access to, our confidential or otherwise proprietary information or provide an adequate remedy in the event of an unauthorized disclosure. The measures we have put in place may not prevent infringement, misappropriation, or other violation of our intellectual property or other proprietary rights or information, and we may be required to litigate to protect our intellectual property or other proprietary rights or information from infringement, misappropriation, or other violation by others, which is expensive, could cause a diversion of resources and may not be successful, even when our rights have been infringed, misappropriated or otherwise violated. Our efforts to enforce our intellectual property and other proprietary rights may be met with defenses, counterclaims and countersuits attacking the validity and enforceability of our intellectual property and other proprietary rights, and if such defenses, counterclaims or countersuits are successful, it could diminish, or we could otherwise lose, valuable intellectual property and other proprietary rights.

Our intellectual property and other proprietary rights may not be sufficient to provide us with a competitive advantage if we are unable to enforce our rights or if we do not detect unauthorized use of our intellectual property and other proprietary rights. Monitoring unauthorized use of our intellectual property and other proprietary rights is difficult and costly. Third parties may be able to commercialize and use technologies that are substantially the same as ours to compete with us without incurring the development and licensing costs that we have incurred which could result in competitive harm, including costly redesign efforts, or discontinuance of some of our offerings.

Furthermore, third parties may challenge, invalidate or circumvent our intellectual property and other proprietary rights, or otherwise assert rights therein or ownership thereof, including through administrative processes or litigation, and we may be unable to successfully resolve any such conflicts in our favor or to our satisfaction. Moreover, the legal standards relating to the validity, enforceability and scope of protection of intellectual property and other proprietary rights are evolving, and any changes in, or unexpected interpretations of, such standards may compromise our ability to enforce such rights.

We may, over time, increase our investment in protecting our intellectual property and other proprietary rights through additional trademark, patent and other intellectual property filings, which could be expensive and time-consuming. We may not be able to obtain protection for our intellectual property and other proprietary rights and even if we are successful in obtaining effective patent, trademark, trade secret and copyright protection, it is expensive to maintain these rights in terms of application and maintenance costs, and the time and costs required to defend our rights could be substantial. Our failure to develop and properly manage new intellectual property rights could hurt our business, financial condition, results of operations, and liquidity.

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***We may be subject to claims brought by third parties for alleged infringement, misappropriation or other violation of their intellectual property or other proprietary rights, which could cause us to incur significant costs and have a material and adverse effect on our business, financial condition, results of operations, and liquidity.***

Our success depends, in part, on our ability to develop and commercialize our platform and services without infringing, misappropriating, or otherwise violating the intellectual property or other proprietary rights of third parties. From time to time, we may receive claims or otherwise become involved in disputes concerning intellectual property or other proprietary rights of third parties, which disputes may relate to our own intellectual property or other proprietary rights, or to intellectual property or other proprietary rights that we acquire or license from third parties, and we may not prevail in these disputes. Relatedly, competitors or other third parties may raise claims alleging that service providers or other third parties retained or indemnified by us, infringe on, misappropriate or otherwise violate such competitors' or other third parties' intellectual property or other proprietary rights. These claims of infringement, misappropriation or other violation may be extremely broad, and it may not be possible for us to conduct our operations in such a way as to avoid all such alleged violations of such intellectual property or other proprietary rights. We also may be unaware of third-party intellectual property or other proprietary rights that cover or otherwise relate to some or all of our platform or services.

Given the complex, rapidly changing and competitive technological and business environment in which we operate, including in the auto financing and fintech sectors, and the potential risks and uncertainties of intellectual property-related litigation, a claim of infringement, misappropriation or other violation against us may require us to spend significant amounts of time and other resources to defend against the claim (regardless of the merit of such claim and even if we ultimately prevail), pay significant money damages, lose significant revenues, be prohibited from using the relevant intellectual property or other proprietary rights (temporarily or permanently), cease offering access to our platform or certain services, obtain a license (which may not be available on commercially reasonable terms or at all, may be non-exclusive, or may require substantial licensing or royalty payments), or redesign our services, platform or functionality therein, any of which could be costly, time-consuming or impossible. Any such claim may also damage our reputation and brand or otherwise substantially harm our business, financial condition, results of operations, and liquidity.

Some of the aforementioned risks of infringement, misappropriation or other violation are potentially increased due to the technology-intensive nature of our business. For instance, it has become common in recent years for certain third parties to purchase patents or other intellectual property assets for the sole purpose of making claims of infringement, misappropriation or other violation in an attempt to extract settlements from companies such as ours. In addition to the previously mentioned impacts of intellectual property-related litigation, while in some cases a third-party may have agreed to indemnify us for costs associated with intellectual property-related litigation, such indemnifying third-party may refuse or be unable to uphold its contractual obligations. In other cases, our insurance may not cover potential claims of this type adequately or at all, and we may be required to pay monetary damages, which may be significant.

***Our proprietary software may not operate properly, which could damage our reputation, give rise to claims against us or divert application of our resources from other purposes, any of which could harm our business, financial condition, results of operations, and liquidity.***

Proprietary software development is time-consuming, expensive and complex, and may involve unforeseen difficulties. We may encounter technical obstacles, and it is possible that we may discover problems that prevent our software from operating properly. For example, errors or other design defects within the software on which we rely may result in failure to accurately predict a loan applicant's creditworthiness, failure to comply with applicable laws and regulations, approval of sub-optimally priced loans, incorrectly displayed interest rates or other data to applicants, incorrectly charged interest to borrowers or fees to dealerships, failure to present or properly display regulatory disclosures to applicants for an extended period of time, failure to detect fraudulent activity on our platform (including a failure of our internal tools to verify consumer identities), a negative

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experience for consumers or dealerships, delayed introductions of new features or enhancements or failure to protect data or our intellectual property. If our proprietary software does not function reliably or fails to achieve borrower or dealership expectations in terms of performance, we may lose or fail to grow borrower or dealership usage and consumers could assert liability claims against us. This could damage our reputation and impair our ability to attract or maintain relationships with our consumers and third parties.

***Our operating systems or infrastructure, as well as those of our service providers or others on whom we rely, could fail or be interrupted, which could disrupt our business and adversely affect our business, financial condition, results of operations, and liquidity.***

We rely heavily upon communications, data management and other systems and infrastructure, such as cloud-based services, to conduct our business and operations, including to store, retrieve, process and manage substantial amounts of information, which creates meaningful operational, financial and business risks for us. In particular, we rely on the software and services provided by Amazon Web Services, or AWS, Plaid, and Salesforce in the operation of our business, pursuant to ordinary course agreements. While we have redundancies in place for third-party service providers such as these and others on whom we rely, any failure of or interruption in these systems or infrastructure, or those of our service providers or others on whom we rely, including as a result of inadequate or failed technology or processes, unplanned or unsuccessful updates to technology, sudden increases in transaction volume, human errors, fraud or other misconduct, energy or similar infrastructure outages, disruptions in communications networks or systems, natural disasters, catastrophic events, pandemics, acts of terrorism, political or social unrest, external or internal security breaches, acts of vandalism, cyberattacks (including computer viruses and malware), misplaced or lost data or breakdowns in business continuity plans, could cause failures or delays in receiving or processing applications for loans, accessing online accounts, processing transactions, communicating with our consumers, conducting collection activities or otherwise conducting our business and operations. These adverse effects could be enhanced by the use of data tools and further exacerbated if systems or infrastructure need to be taken offline or meaningfully repaired, if backup systems or infrastructure are not adequately redundant and effective for the conduct of our business and operations, or if technological or other solutions do not exist or are slow to be developed.

As a company with a meaningful dependence on a select number of service providers, we are susceptible to increased business, reputational, financial, regulatory and other harm. Our platform is cloud-based, and as such, we rely on certain service providers. In some cases, our service providers are one of a limited number of sources from which the relevant services can be obtained. For example, we rely on service providers to host our underwriting and collection platform, our data warehouse and our CRM platform. In addition, we pull data into our system from credit bureaus and financial data, and automobile asset information from other service providers. While we have redundancies in place for third-party service providers and others on whom we rely, any significant disruption of, limitation of our access to, or other interference with our use of, such third-party services would negatively impact our operations and could seriously harm our business. In addition, any transition of services currently provided to us by service providers to different service providers would require significant time and expense and could disrupt or degrade access to our platform. Our business relies on the availability of our platform for our users and consumers, and we may lose users or consumers if they are not able to access our platform or encounter difficulties in doing so. In the event these service providers fail to provide their services adequately, including as a result of financial difficulty or insolvency, errors in their systems, outages or events beyond their control, or refuse to provide these services on terms acceptable to us or at all, and we are not able to find suitable alternatives, our business, financial condition and results of operations may be adversely affected. Further, to the extent that the systems or infrastructure of service providers or others are involved, we may have little or no knowledge, control or influence over how and when failures or delays are addressed. Additionally, if we fail to comply with our obligations under our agreements with our service providers, if we are unable to renew such agreements on reasonable terms (or at all), or if our service providers terminate such agreements, our operations could be disrupted which could have a materially adverse impact on our business, financial condition, results of operations, and liquidity.

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In addition, in the event of failure or interruption, our insurance policies may not adequately compensate us for any losses that we may incur. Similarly, while in some cases a service provider may have agreed to indemnify us for certain costs, such indemnifying service provider may refuse or be unable to uphold its contractual obligations. Our disaster recovery plan has not been tested under all possible disaster conditions, and we may not have sufficient capacity to recover all data and services in the event of an outage. Moreover, even when a failure of or interruption in systems or infrastructure is timely resolved, we may need to expend substantial resources in doing so, may be required to take actions that could adversely affect customer satisfaction or behavior and may be exposed to reputational damage. We also could be exposed to contractual claims, supervisory or enforcement actions or litigation by private plaintiffs.

***We face a wide array of cybersecurity risks that could result in business, reputational, financial, regulatory and other harm to us.***

Our systems and infrastructure, as well as those of our service providers or others on whom we rely, are subject to cybersecurity risks that are rapidly evolving and increasing in scope, complexity and frequency. This is due, in part, to the introduction of new technologies, the continued expansion of the use of internet and telecommunications technologies (including mobile devices) to conduct financial and other business transactions, and the increased sophistication and activities of hostile state-sponsored actors, organized crime, perpetrators of fraud, hackers, terrorists and others. We, along with other financial companies, our service providers and others on whom we rely, are expected to continue to be the target of cyberattacks, which could include computer viruses, malware, malicious or destructive code, social engineering (including phishing or spear phishing attacks), denial-of-service or denial-of-information attacks, ransomware, identity theft, access violations by employees or vendors, attacks on the personal email of employees and ransom demands accompanied by threats to expose security vulnerabilities. Risks relating to cyberattacks on our service providers and other third parties, including supply-chain attacks affecting our software and information-technology providers, have been rising as such attacks become increasingly frequent and severe. The development of new technologies, including data tools, as well as the utilization of decentralized technology infrastructures (such as our utilization of cloud computing) and software-defined networks, could expose us to additional cybersecurity risks. We, our service providers and others on whom we rely are also exposed to more traditional security threats to physical facilities and personnel.

These security risks could result in business, reputational, financial, regulatory and other harm to us. For example, if sensitive, confidential or proprietary data or other information about us or our borrowers, dealerships, employees or third parties were improperly disclosed, accessed or destroyed because of a security breach, we could experience severe business or operational disruptions, reputational damage, contractual claims, supervisory or enforcement actions or litigation by private plaintiffs, including for identity theft or other damages resulting from data breach involving PII, including sensitive credit information, or misuse of their PII and possible financial liability. As a lending company, we may face heightened pressure to resolve security breaches more expeditiously to prevent or mitigate a loss of customer confidence, and, should we fail to do so, our viability as a going concern could be threatened. As threats inevitably evolve, we expect to continue experiencing increased scrutiny of our security frameworks and protocols by supervisory authorities and others and to continue expending significant resources to enhance our defenses, educate our employees, monitor and support the defenses established by us, our service providers and others on whom we rely, and investigate and remediate incidents and vulnerabilities as they arise or are identified. Even so, we may not be able to anticipate or implement effective preventive measures against all security breaches, especially because techniques change frequently, attacks can be launched with no warning from a wide variety of sources around the globe, and attackers often need few resources to extensively probe and exploit vulnerabilities over lengthy periods of time. A sophisticated breach, moreover, may not be identified until well after the attack has occurred and the damage has been caused.

We also could be adversely affected by security risks faced by others and service providers have in the past, and may in the future, experience cyberattacks. For example, a cyberattack or other security breach affecting a service provider or another entity on whom we rely could negatively impact us and our ability to conduct

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business and operations just as much as a breach affecting us directly. Further, in such a circumstance, we may not receive timely notice of, or sufficient information about, the breach or be able to exert any meaningful control or influence over how and when the breach is addressed. In addition, a security threat affecting the business community, the markets or parts of them may cycle or cascade through the financial system and harm us. The mere perception of a security breach involving us or any part of the financial services industry, whether or not true, could also damage our business, financial condition, results of operations, liquidity, and reputation.

***We are heavily reliant on technology, including data tools, and a failure in effectively implementing technology initiatives, anticipating future technology needs or demands, or maintaining technology or rights or interests in associated intellectual property could adversely affect our business, financial condition, results of operations, and liquidity.***

We significantly depend on technology, including data tools, to deliver our lending services, operate our platform and to otherwise conduct our business and operations. To remain technologically competitive and operationally efficient for new and existing services and platforms, we invest in system upgrades and enhancements, new solutions, research and development, cloud-based services and other technology initiatives. Many of these initiatives take a significant amount of time to develop and implement, are tied to critical systems, and require substantial financial, human and other resources. Although we take steps to mitigate the risks and uncertainties associated with these initiatives, they are not always implemented on time, within budget or without negative financial, operational or customer impact and do not always perform as we or our consumers expect, and no assurance can be provided that initiatives in the future will be or will do so. We also may not succeed in anticipating or keeping pace with future technology needs, the technology demands of consumers or the competitive landscape for technology, or in the marketing surrounding such technology to our existing or new consumers. For example, we face significant competition from other companies that are developing their own lending services and technologies utilizing data tools or similar technologies. Those other companies may develop services and technologies utilizing data tools that are similar or superior to our services and technologies or are more cost-effective to develop and deploy. If we were to misstep in any of these areas, our business, financial results or reputation could be negatively impacted. Our use of systems and other technologies also depends on rights or interests in the underlying intellectual property, which we or our service providers may own or license.

***Our software platform contains, and may in the future contain, open source software, which may pose particular risks to our proprietary software and services in a manner that could have a material and adverse effect on our business, financial condition, results of operations, and liquidity.***

We use open source software in connection with our software platform and anticipate using open source software in the future. The terms of certain open source licenses to which we are subject have not been interpreted by U.S. or foreign courts, and there is a risk that open source software licenses could be construed in a manner that imposes unanticipated conditions or restrictions on our platform, including requiring us to disclose our proprietary source code to the public. While we monitor our use of open source software and try to ensure that none is used in a manner that would require us to disclose our proprietary source code or that would otherwise breach the terms of an open source agreement, such a use could inadvertently occur, or could be claimed to have occurred, in part because open source license terms can be ambiguous. Additionally, we could face claims from third parties claiming ownership of, or demanding release of, any open source software or derivative works that we have developed using such software, which could include proprietary source code, or otherwise seeking to enforce the terms of the applicable open source license. These claims could result in litigation and could require us to make our software source code freely available, purchase a costly license or cease offering our platform unless and until we can re-engineer such source code in a manner that avoids infringement. This re-engineering process could require us to expend significant additional research and development resources, and we may not be able to complete the re-engineering process successfully. In addition to risks related to license requirements, use of certain open source software can lead to greater risks than use of third-party commercial software, as open source licensors generally do not provide support, warranties,

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indemnification or other contractual protection regarding infringement claims or the quality of the code. There is little legal precedent in this area and any actual or claimed requirement to disclose our proprietary source code or pay damages for breach of contract could harm our business and could help third parties, including our competitors, develop technology that is similar to or better than ours. Any of the foregoing could have a material adverse effect on our business, results of operation, financial condition, and liquidity.

**Risk Relating to Financing and Indebtedness** 

***Our inability to obtain additional capital could have an adverse effect on our business and ability to perform.***

Our operations require significant amounts of capital. To fund our operations, we have borrowed, and will continue to borrow funds and enter into debt financing and complete securitizations or other structured finance transactions. At some point in the future, we may require additional capital to fund operations and the retirement of debt obligations as they mature, as well as to pursue our business objectives and growth strategy and to respond to business opportunities, challenges or unforeseen circumstances, including supporting our lending operations, increasing our marketing expenditures to attract new consumers and dealerships, enhancing our operating infrastructure and potentially acquiring complementary businesses and technologies, and complying with any increased regulatory requirements. Our ability to access capital and credit may be significantly affected by disruption in the U.S. credit markets and any potential credit rating downgrades on our debt. In addition, the risk of volatility and uncertainty surrounding the macroeconomic environment has created and could continue to create significant volatility in, and uncertainty around access to the capital markets. Our ability to obtain additional capital is also dependent upon our future operating performance and the overall performance of our loan portfolio and servicing operations as well as other factors, many of which are outside of our control, including general economic conditions, competitive factors, general conditions in the credit markets, the size and liquidity of the secondary market for securitizations and other factors. Moreover, even if we are able to obtain additional capital, any of these factors may result in us obtaining financing on less favorable terms than our existing financings and increase our cost of funding. If we are unable to complete additional securitization transactions or unsecured debt offerings on a timely basis or upon terms acceptable to us or otherwise access other sources of liquidity, our ability to fund our operational requirements and satisfy our financial obligations, among other things, may be adversely affected.

***We rely on borrowings under warehouse credit facilities, term loan facilities and, asset-backed securitizations and sales of loans to investors to fund certain aspects of our operation.***

To support our business model and the growth of our business, we must maintain a variety of funding arrangements, including warehouse credit facilities and term loan facilities through our bankruptcy remote SPVs and asset-backed securitization transactions. As of June 30, 2025, we had outstanding borrowings of $324.6 million under the various warehouse credit facilities, $207.6 million outstanding under the term credit facility and $1,068.0 million outstanding of asset-backed term debt. These facilities are generally non-recourse to Lendbuzz, Inc., but in some instances, we provide limited guarantees of our loan servicer subsidiary's obligations pursuant to these agreements and in some cases guarantee a small portion of the borrowings thereunder. See the section titled "Management's Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources."

We cannot be sure that these funding sources will continue to be available on reasonable terms or at all. Events of default or breaches of financial, performance or other covenants, or worse than expected performance of certain pools of loans underpinning our asset-backed securitizations or other debt facilities, could result in the reduction or termination of our access to such funding, could increase our cost of such funding or, in some cases, could give our lenders the right to require repayment of the loans prior to their scheduled maturity. Certain of these covenants are tied to our consumer default rates, which may be significantly affected by factors, such as economic downturns or general economic conditions, that are beyond our control and beyond the control of individual consumers. In addition, we use deconsolidated asset backed securitizations and sales of whole loans to third-party investors in part

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to balance our on-balance sheet credit risk through the mix of loans that we include in these transactions and the level of credit risk those loans bear. Our on-balance sheet credit risk could deteriorate if we are unable to include loans with a similar or higher overall credit risk in those transactions as those we are able to include today due to market conditions, worse than expected performance of our existing securitizations and debt financing arrangements and general economic conditions, many of which are outside of our control. In addition, our term credit facility contains (a) certain covenants and restrictions that limit our and our subsidiaries' ability to, among other things: incur additional debt; create liens on certain assets; pay dividends on or make distributions in respect of our capital stock or make other restricted payments; and consolidate, merge, sell, or otherwise dispose of all or substantially all of our assets; and enter into certain transactions with their affiliates, and (b) certain financial maintenance covenants that require us to not exceed a specified leverage ratio and to maintain a minimum level of unrestricted cash while any borrowings under the revolving credit facility are outstanding.

We also cannot be sure that these funding sources will be sufficient. We may require additional capital to fund operations, as well as to pursue our business objectives and growth strategy and to respond to business opportunities, challenges or unforeseen circumstances, including supporting our operations, increasing our marketing expenditures to attract new dealerships and consumers, enhancing our operating infrastructure and potentially acquiring complementary businesses and technologies, and complying with any increased regulatory requirements.

Further, our indebtedness could have important consequences, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• it may require us to dedicate a larger portion of our cash flows from operations to pay our indebtedness, which
reduces the funds available for other purposes, including loan receivable originations and capital returns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• it may limit our ability to withstand competitive pressures and reduce our flexibility in responding to changing
regulatory, business, and economic conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• it may limit our ability to incur additional borrowings or securitizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• it may require us to seek to change the maturity, interest rate and other terms of our existing debt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• it may place us at a competitive disadvantage to competitors that are not as highly leveraged;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• it may cause a downgrade of our asset-backed securities ratings; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• it may cause us to be more vulnerable to periods of negative or slow growth in the general economy or in our
business.

***Our securitizations may expose us to financing and other risks, and there can be no assurance that we will be able to access the securitization market in the future, which may require us to seek more costly financing.***

We cannot give assurance that we will be able to complete additional securitizations if the securitization markets become constrained. In addition, the value of any subordinated securities or risk retention securities that we may retain in our securitizations might be reduced or, in some cases, eliminated because of adverse changes in economic conditions or the financial markets.

Lendbuzz Funding LLC currently acts as the servicer with respect to the warehouse lines of credit, securitization trusts and forward flows that we use to fund our operations. If Lendbuzz Funding LLC defaults on its servicing obligations, an early amortization event could occur with respect to the relevant asset-backed securities and Lendbuzz Funding LLC could be replaced as servicer. Servicer defaults include, for example, the failure of the servicer to make any payment, transfer or deposit in accordance with the securitization documents, a breach of representations, warranties or agreements made by the servicer under the securitization documents and the occurrence of certain insolvency events with respect to the servicer. Such an early amortization event could damage our reputation and have materially adverse consequences on our liquidity and funding costs.

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Moreover, we can provide no assurance that we would have adequate cash or other qualifying assets available to satisfy such accelerations. If we were required to satisfy such accelerations of our asset-backed securities and if we do not have adequate liquidity to fund such accelerations, it would have a material adverse effect on our business, results of operations, financial condition, and liquidity. Even if we have adequate liquidity to fund such accelerations, we may not have adequate liquidity or capital remaining to continue to service our existing loans, make new loans, or otherwise operate our business, which would have a material adverse effect on our business, results of operations, financial condition, and liquidity.

Rating agencies may also affect our ability to execute a securitization transaction or increase the costs we expect to incur from executing securitization transactions. KBRA and Moody's currently rate our outstanding asset-backed securities. However, rating agencies can change these ratings at any time or could alter their ratings processes or criteria after we have accumulated loan receivables for securitization in a manner that effectively reduces the value of those loan receivables, either of which could limit our ability to access the capital markets, increase our financing costs or otherwise require that we incur additional costs.

Further, other matters, such as (1) accounting standards applicable to securitization transactions and (2) capital and leverage requirements applicable to banks and other regulated financial institutions' asset-backed securities, could result in decreased investor demand for securities issued through our securitization transactions, or increased competition from other institutions that undertake- securitization transactions. In addition, compliance with certain regulatory requirements, including but not limited to the Dodd-Frank Act and the Investment Company Act, may affect the type of securitizations that are completed and investors that we are able to market to.

Additionally, although each of our bankruptcy remote SPVs has been structured in a manner intended to ensure that it is neither subject to tax as a corporation for U.S. federal income tax purposes nor subject to certain U.S. federal tax withholding obligations, and each has received advice from tax counsel to that effect, there can be no complete assurance that none of them will be subject to U.S. corporate income tax or those withholding obligations. If any of our SPVs were determined to be subject to U.S. corporate income tax, or to be subject to these withholding obligations, our consolidated results of operations, and our ability to complete additional securitizations, would be negatively affected.

If it is not possible or economical for us to securitize our loan receivables in the future, we would need to seek alternative financing to support our operations and to meet our existing debt obligations, which may be less efficient and more expensive than raising capital via securitizations and may have a material adverse effect on our business, financial condition, results of operations, and liquidity.

***We may be required to indemnify or repurchase loan receivables from purchasers of loan receivables that we have sold or securitized, or which we will sell or securitize in the future, if our loan receivables fail to meet certain criteria or characteristics or under other circumstances, which would adversely affect our business, financial conditions, results of operations, and liquidity.***

We have securitized a large part of our auto loan portfolio. In addition, we have sold loan receivables from time to time. The documents governing our loan receivable sales and securitizations contain provisions that require us to indemnify the purchasers of securitized loan receivables, or to repurchase the affected loan receivables, under certain circumstances. While our sale and securitization documents vary, they generally contain customary provisions that may require us to repurchase loan receivables if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our representations and warranties concerning loan receivable quality and circumstances are inaccurate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• there is borrower fraud;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we fail to comply, at the individual loan receivable level or otherwise, with regulatory requirements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we fail to properly underwrite or service a loan in accordance with our policies.

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As a result of the current market environment, we believe that many purchasers of auto loans (including through securitizations) are particularly aware of the conditions under which originators must indemnify purchasers or repurchase loan receivables, and would benefit from enforcing any repurchase remedies that they may have. At its extreme, our exposure to repurchases or our indemnification obligations under our representations and warranties could include the current unpaid balance of all loan receivables that we have sold or securitized and which are not subject to settlement agreements with purchasers. Such repurchases could have a negative effect on our liquidity and lead to us taking on more credit risk, and our business, financial condition, results of operations, and liquidity could be adversely affected.

***Our use of derivatives exposes us to credit and market risks.***

From time to time, we may enter into derivative financial instruments for economic hedging purposes, such as managing our exposure to interest rate risk. By using derivative instruments, we are exposed to credit and market risks, including the risk of loss associated with variations in the spread between the asset yield and the funding and/or hedge cost, default risk, and the risk of insolvency or other inability of the counterparty to a particular derivative financial instrument to perform its obligations.

**Risks Relating to Our Common Stock and this Offering** 

***The requirements of being a public company may strain our resources and distract our management, which could adversely affect our business, financial condition, results of operations, and liquidity.***

Following the completion of this offering, we will be required to comply with various regulatory and reporting requirements, including those required by the Securities and Exchange Commission, or SEC. Complying with these reporting and other regulatory requirements will be time-consuming and will result in increased costs to us and could have a negative effect on our business, financial condition, results of operations, and liquidity.

As a public company, we will be subject to the reporting requirements of the Securities Exchange Act of 1934, as amended, or the Exchange Act, and requirements of the Sarbanes-Oxley Act of 2002, as amended, or the Sarbanes-Oxley Act. These requirements may place a strain on our systems and resources. The Exchange Act requires that we file annual, quarterly and current reports with respect to our business, financial condition and results of operations. The Sarbanes-Oxley Act requires that we maintain effective disclosure controls and procedures and internal controls over financial reporting. To maintain and improve the effectiveness of our disclosure controls and procedures, we will need to commit significant resources, hire additional staff and provide additional management oversight. We will be implementing additional procedures and processes for the purpose of addressing the standards and requirements applicable to public companies. Sustaining our growth also will require us to commit additional management, operational and financial resources to identify new professionals to join our firm and to maintain appropriate operational and financial systems to adequately support expansion. These activities may divert management's attention from other business concerns, which could have a material adverse effect on our business, result of operations, financial condition, and liquidity.

***There may not be an active, liquid trading market for our common stock.***

Prior to this offering, there has been no public market for shares of our common stock. We cannot predict the extent to which investor interest in our company will lead to the development of a trading market on the Nasdaq Global Select Market or how liquid that market may become. If an active trading market does not develop, you may have difficulty selling any of our common stock that you purchase. The initial public offering price of shares of our common stock is, or will be, determined by negotiation between us, the selling stockholders and the underwriters and may not be indicative of prices that will prevail following the completion of this offering. The market price of shares of our common stock may decline below the initial public offering price, and you may not be able to resell your shares of our common stock at or above the initial public offering price.

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***We expect that our stock price will fluctuate significantly, and you may not be able to resell your shares at or above the initial public offering price.***

The trading price of our common stock is likely to be volatile and subject to wide price fluctuations in response to various factors, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• market conditions in the broader stock market in general, or in our industry in particular;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• actual or anticipated fluctuations in our quarterly financial and operating results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• introduction of new products and services by us or our competitors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• sales of large blocks of our stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• additions or departures of key personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• network outages, operating system or infrastructure failures or incidents relating to privacy, data protection or
cybersecurity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• regulatory developments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• litigation and governmental investigations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• general economic and political conditions or events.

These and other factors may cause the market price and demand for our common stock to fluctuate substantially, which may limit or prevent investors from readily selling their shares of common stock and may otherwise negatively affect the liquidity of our common stock. In addition, in the past, when the market price of a stock has been volatile, holders of that stock have instituted securities class action litigation against the company that issued the stock. If any of our stockholders brought a lawsuit against us, we could incur substantial costs defending the lawsuit. Such a lawsuit could also divert the time and attention of our management from our business.

The trading market for our common stock will also be influenced by the research and reports that industry or securities analysts publish about us or our business. If one or more of these analysts cease coverage of our company or fail to publish reports on us regularly, we could lose visibility in the financial markets, which in turn could cause our stock price or trading volume to decline. Moreover, if one or more of the analysts who cover us downgrade our stock, or if our results of operations do not meet their expectations, our stock price could decline.

***If a substantial number of shares become available for sale and are sold in a short period of time, the market price of our common stock could decline.***

If our existing stockholders sell substantial amounts of our common stock in the public market following this offering, the market price of our common stock could decrease significantly. The perception in the public market that our existing stockholders might sell shares of common stock could also depress our market price. Upon completion of this offering, we will have outstanding shares of common stock, shares of common stock reserved for future issuance under our equity compensation plans, shares of our common stock issuable upon exercise of outstanding warrants and options to purchase shares of common stock. Our directors, executive officers and holders of substantially all of our common stock, including the selling stockholders, will be subject to the lock-up agreements described in the section titled "Underwriting" and the Rule 144 holding period requirements described in the section titled "Shares Eligible for Future Sale." After all of these lock-up periods have expired and the holding periods have elapsed, additional shares will be eligible for sale in the public market. The market price of shares of our common stock may drop significantly when the restrictions on resale by our existing stockholders lapse. A decline in the price of shares of our common stock might impede our ability to raise capital through the issuance of additional shares of our common stock or other equity securities.

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***Insiders will continue to have substantial control over us after this offering and could limit your ability to influence the outcome of key transactions, including a change of control.***

Our principal stockholders, directors and executive officers and entities affiliated with them will own approximately % of the outstanding shares of our common stock after this offering. As a result, these stockholders, if acting together, would be able to influence or control matters requiring approval by our stockholders, including the election of directors and the approval of mergers or other extraordinary transactions. They may also have interests that differ from yours and may vote in a way with which you disagree and which may be adverse to your interests. The concentration of ownership may have the effect of delaying, preventing or deterring a change of control of our company, could deprive our stockholders of an opportunity to receive a premium for their common stock as part of a sale of our company and might ultimately affect the market price of our common stock.

***Some provisions of Delaware law and our amended and restated certificate of incorporation and amended and restated bylaws may deter third parties from acquiring us.***

On completion of this offering, our amended and restated certificate of incorporation and amended and restated bylaws will provide for, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a staggered board and restrictions on the ability of our stockholders to fill a vacancy on the board of
directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the authorization of undesignated preferred stock, the terms of which may be established and shares of which may
be issued without stockholder approval; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• advance notice requirements for stockholder proposals.

These anti-takeover defenses could discourage, delay or prevent a transaction involving a change in control of our company. These provisions could also discourage proxy contests and make it more difficult for you and other stockholders to elect directors of your choosing and cause us to take other corporate actions than you desire.

***Delaware law may delay or prevent a change in control, and may discourage bids for our common stock at a premium over its market price.***

We are subject to the provisions of section 203 of the Delaware General Corporation Law. These provisions prohibit large stockholders, in particular a stockholder owning 15% or more of the outstanding voting stock, from consummating a merger or combination with a corporation unless this stockholder receives board approval for the transaction or 66<sup>2</sup>⁄<sub>3</sub>% of the shares of voting stock not owned by the stockholder approve the merger or transaction. These provisions of Delaware law may have the effect of delaying, deferring or preventing a change in control, and may discourage bids for our common stock at a premium over its market price.

***We do not anticipate paying any cash dividends in the foreseeable future.***

We currently intend to retain our future earnings, if any, for the foreseeable future, to fund the development and growth of our business. We do not intend to pay any dividends to holders of our common stock. As a result, capital appreciation in the price of our common stock, if any, will be your only source of gain on an investment in our common stock.

***New investors in our common stock will experience immediate and substantial book value dilution after this offering.***

The initial public offering price of our common stock will be substantially higher than the pro forma as adjusted net tangible book value per share of the outstanding common stock immediately after the offering. Based on an assumed initial public offering price of $ per share (the midpoint of the price range set forth

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on the cover of this prospectus) and our net tangible book value as of December 31, 2024, if you purchase our common stock in this offering you will pay more for your shares than the amounts paid by our existing stockholders for their shares and you will suffer immediate dilution of approximately $ per share in pro forma as adjusted net tangible book value. As a result of this dilution, investors purchasing stock in this offering may receive significantly less than the full purchase price that they paid for the shares purchased in this offering in the event of a liquidation.

We also have approximately outstanding stock options to purchase common stock with exercise prices that are below the assumed initial public offering price of the common stock. To the extent that these options are exercised, there will be further dilution. Furthermore, if we issue additional awards to our employees under our equity incentive plans, or if we otherwise issue additional shares of our common stock, you could experience further dilution.

***Our internal controls over financial reporting may not be effective and our independent registered public accounting firm may not be able to certify as to their effectiveness, which could have a significant and adverse effect on our business, financial condition, results of operations, liquidity, and reputation.***

As a public company, we will be required to comply with SEC rules that implement Section 404 of the Sarbanes-Oxley Act and make a formal assessment of the effectiveness of our internal controls over financial reporting beginning with our second annual report on Form 10-K to be filed in 2027.

When evaluating our internal controls over financial reporting, we may identify material weaknesses that we may not be able to remediate in time to meet the applicable deadline imposed upon us for compliance with the requirements of Section 404 of the Sarbanes-Oxley Act. In addition, if we fail to achieve and maintain the adequacy of our internal controls, as such standards are modified, supplemented or amended from time to time, we may not be able to ensure that we can conclude on an ongoing basis that we have effective internal controls over financial reporting in accordance with Section 404 of the Sarbanes-Oxley Act. We cannot be certain as to the timing of completion of our evaluation, testing and any remediation actions or the impact of the same on our operations. If we are not able to implement the requirements of Section 404 of the Sarbanes-Oxley Act in a timely manner or with adequate compliance, our independent registered public accounting firm may issue an adverse opinion due to ineffective internal controls over financial reporting, and we may be subject to sanctions or investigation by regulatory authorities, such as the SEC. As a result, there could be a negative reaction in the financial markets due to a loss of confidence in the reliability of our financial statements. In addition, we may be required to incur costs in improving our internal control system and the hiring of additional personnel. Any such action could negatively affect our business, financial condition, results of operations, liquidity, and reputation.

***We will have broad discretion in the use of the net proceeds to us from this offering and may not use them effectively.***

We will have broad discretion in the application of the net proceeds to us from this offering, including for any of the purposes described in the section titled "Use of Proceeds," and you will not have the opportunity as part of your investment decision to assess whether the net proceeds are being used appropriately. Because of the number and variability of factors that will determine our use of the net proceeds from this offering, our ultimate use may vary substantially from our currently intended use. Investors will need to rely upon the judgment of our management with respect to the use of proceeds. Pending use, we may invest the net proceeds from this offering in short-term, investment-grade, interest-bearing securities, such as money market accounts, certificates of deposit, commercial paper, and guaranteed obligations of the U.S. government that may not generate a high yield for our stockholders. If we do not use the net proceeds that we receive in this offering effectively, our business, financial condition, results of operations, and prospects could be harmed and the market price of our common stock could decline.

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***Our amended and restated certificate of incorporation and amended and restated bylaws will provide that the Court of Chancery of the State of Delaware and the federal district courts of the United States of America will be the exclusive forums for substantially all disputes between us and our stockholders, which could limit our stockholders' ability to obtain a favorable judicial forum for disputes with us or our directors, officers, or employees.***

Our amended and restated certificate of incorporation and amended and restated bylaws, as will be in effect upon the completion of this offering, will provide that the Court of Chancery of the State of Delaware is the exclusive forum for the following types of actions or proceedings under Delaware statutory or common law:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any derivative claim or cause of action brought on our behalf;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any claim or cause of action asserting a breach of fiduciary duty;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any claim or cause of action against us arising under the Delaware General Corporation Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any claim or cause of action arising under or seeking to interpret our amended and restated certificate of
incorporation or our amended and restated bylaws; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any claim or cause of action against us that is governed by the internal affairs doctrine.

These exclusive forum provisions may limit a stockholder's ability to bring a claim in a judicial forum that it finds favorable for disputes with us or our directors, officers, or other employees, which may discourage lawsuits against us and our directors, officers, and other employees. If a court were to find either exclusive-forum provision in our amended and restated certificate of incorporation and amended and restated bylaws to be inapplicable or unenforceable in an action, we may incur further significant additional costs associated with resolving the dispute in other jurisdictions, all of which could seriously harm our business, financial condition, results of operations, and liquidity.

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**SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS** 

We have made statements under the sections titled "Prospectus Summary," "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations," "Business" and in other sections of this prospectus that are forward-looking statements. In some cases, you can identify these statements by forward-looking words such as "may," "might," "will," "should," "expects," "plans," "anticipates," "believes," "estimates," "predicts," "potential" or "continue," the negative of these terms and other comparable terminology. Forward-looking statements contained in this prospectus include, but are not limited to, statements about:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to increase our revenue and maintain levels of revenue growth and our opportunity for margin
expansion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to retain and grow our relationships with consumers and dealerships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to hire and maintain quality sales personnel while decreasing marginal cost and overhead;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to expand our consumer and dealership reach;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• general economic conditions and uncertainties affecting markets in which we operate and economic volatility that
could adversely impact our business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to compete successfully in our industry against current and future competitors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to comply with existing, modified, or new laws and regulations applicable to our business, and
potential harm to our business as a result of those laws and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to manage our credit risk;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to maintain our credit rating on our bonds and decrease cost of funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the availability of our funding sources;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fluctuations in our operating results and key operating metrics, including expectations about seasonality;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our expectation to continue to invest in developing our AI models and platform functionalities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• failure to maintain, enhance, and protect our brand;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to effectively and timely price and score credit risk using our proprietary AI risk model;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to grow our share of the auto sales among credit invisibles and near prime borrowers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to innovate and build new impactful products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to expand to new markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to improve upon and expand use of our point-of-sale platform;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our estimated total addressable market; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our anticipated use of the net proceeds from this offering.

We caution you that the foregoing list may not contain all of the forward-looking statements made in this prospectus.

These forward-looking statements are subject to a number of risks, uncertainties, and assumptions, including those described in the section titled "Risk Factors." Moreover, we operate in a very competitive and rapidly changing environment, and new risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties, and assumptions, the future events and trends discussed in this prospectus may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements.

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You should not rely upon forward-looking statements as predictions of future events. The events and circumstances reflected in the forward-looking statements may not be achieved or occur. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, performance, or achievements. We undertake no obligation to update any of these forward-looking statements for any reason after the date of this prospectus or to conform these statements to actual results or to changes in our expectations, except as required by law.

In addition, statements that "we believe" and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this prospectus, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements.

You should read this prospectus and the documents that we reference in this prospectus and have filed with the SEC as exhibits to the registration statement of which this prospectus is a part with the understanding that our actual future results and performance, and events and circumstances may be materially different from what we expect.

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**MARKET, INDUSTRY, AND OTHER DATA** 

This prospectus includes industry and market data that we obtained from periodic industry publications, third-party studies and surveys, filings of public companies in our industry and internal company surveys. We have not commissioned any of the industry reports or any other sources to which we refer in this prospectus and have no relationship with any of the authors of such reports or sources. For example, we rely on an industry report from Foureyes, an automotive data platform that produces annual Automotive Dealer Benchmarks Reports that analyze data from dealership website traffic to produce dealership industry sales and marketing benchmarks against which dealerships can compare their results. The dealership quotes within this prospectus were sourced by calling dealerships who use Lendbuzz, asking for their testimonials, and receiving consent to include their quotes and the job description of the persons who made these statements. No consideration was paid for any of these quotes. Some data and other information contained in this prospectus is also based on management's estimates and calculations, which are derived from their review and interpretation of independent sources. For example, our dealership NPS is calculated based on surveying our dealerships' satisfaction with us through our dealership portal. Our dealership NPS of 81, was calculated based on the responses we received from those surveys during the year ended December 31, 2024.

Industry and government publications and surveys generally state that the information contained therein has been obtained from sources believed to be reliable. Although we believe the industry and market data to be reliable as of the date of this prospectus, we have not independently verified any third-party information and this information could prove to be inaccurate or incomplete. Industry and market data could be wrong because of the method by which sources obtained their data and because information cannot always be verified with complete certainty due to the limits on the availability and reliability of raw data, the voluntary nature of the data gathering process and other limitations and uncertainties. In addition, we do not know all of the assumptions regarding general economic conditions or growth that were used in preparing the forecasts from the sources relied upon or cited herein.

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**USE OF PROCEEDS** 

We estimate that the net proceeds to us from this offering will be approximately $ million, assuming an initial public offering price of $ per share (the midpoint of the range set forth on the cover page of this prospectus), after deducting estimated underwriting discounts and commissions and estimated offering expenses.

Each $1.00 increase (decrease) in the public offering price per share would increase (decrease) our net proceeds, after deducting estimated underwriting discounts and commissions, by approximately $ million. Each increase (decrease) of 1,000,000 shares of common stock offered by us would increase (decrease) the net proceeds to us from this offering, after deducting the estimated underwriting discounts and commissions, by approximately $ million, assuming the assumed initial public offering price stays the same.

The principal purposes of this offering are to increase our capitalization and financial flexibility, create a public market for our common stock, and facilitate our future access to the capital markets. As of the date of this prospectus, we cannot specify with certainty all of the particular uses for the net proceeds to us from this offering. However, we currently intend to use the net proceeds we receive from this offering for general corporate purposes, including working capital, operating expenses and capital expenditures. We may use a portion of the net proceeds to repay all or a portion of any outstanding principal and interest under a $75.0 million committed line of credit with Bank Hapoalim B.M., or Lender, which we entered into on March 31, 2023 and last amended on March 31, 2025, that may be used for repayment of existing loans, working capital and general corporate purposes. The line of credit bears an interest rate of prime plus 1.25% per annum or Term SOFR plus 4.00% per annum, as may be selected by the Lender and matures on March 31, 2027. We may also use a portion of the net proceeds to acquire complementary businesses, products, services or technologies. However, we do not have agreements or commitments to enter into any acquisitions at this time.

We will have broad discretion over how to use the net proceeds to us from this offering. We intend to invest the net proceeds to us from the offering that are not used as described above in investment-grade, interest-bearing instruments.

We will not receive any proceeds from the sale of common stock by the selling stockholders, including upon the sale of shares of our common stock by the selling stockholders if the underwriters exercise their option to purchase additional shares of our common stock.

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**DIVIDEND POLICY** 

We have never declared or paid cash dividends on our common stock. We currently intend to retain all available funds and any future earnings for use in the operation of our business and do not anticipate paying any dividends on our common stock in the foreseeable future. The amounts available to us to pay cash dividends are restricted by covenants in or other terms of our existing credit facilities, and may be restricted in the future by covenants in or other terms of our future credit facilities, other debt, or preferred securities. The declaration and payment of dividends will be at the discretion of our board of directors and will depend on various factors, including our results of operations, financial condition, cash requirements, prospects, and other factors deemed relevant by our board of directors.

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**CAPITALIZATION** 

The following table sets forth our cash, cash equivalents and capitalization as of June 30, 2025:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• on an actual basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• on a pro forma basis to reflect (1) the issuance of    shares of our Series B convertible preferred
stock upon the exercise of the Series B preferred stock warrants at an exercise price of $0.98 per share, (2) the issuance of    shares of our voting and non-voting common stock upon the automatic conversion of all shares of our
outstanding voting and non-voting convertible preferred stock, (3) the reclassification of all shares of our voting and non-voting common stock into shares of common stock on a one-for-one basis immediately prior to the completion of this offering, (4) the issuance of    shares of our common stock upon conversion of our outstanding SAFEs
immediately prior to completion of this offering at an assumed conversion price of $, which reflects the assumed initial public offering price of $ per share, which is the midpoint of the price range set forth on the
cover page of this prospectus, reduced by a 20% discount pursuant to the terms of the SAFEs and (5) the issuance of    shares of our common stock upon conversion of $ aggregate amount of our outstanding convertible loans
immediately prior to completion of this offering at an assumed initial public offering price of $ per share, which is the midpoint of the price range set forth on the cover page of this prospectus; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• on a pro forma as adjusted basis to give effect to (1) the pro forma adjustments set forth above,
(2) reflect the issuance and sale by us of  shares of common stock by us in the offering at an assumed initial public offering price of $ per share, the midpoint of the range set forth on the cover page of this
prospectus, (3) the receipt of $ in cash representing the strike price of options exercised by certain selling shareholders in connection with their participation in the offering and (4) the application of the net proceeds of the
offering, after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us.

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The pro forma as adjusted information set forth in the table below is illustrative only and will be adjusted based on the actual initial public offering price and other terms of this offering determined at pricing. This table should be read in conjunction with "Management's Discussion and Analysis of Financial Condition and Results of Operations" and the consolidated financial statements and related notes thereto appearing elsewhere in this prospectus.

---

| | | | |
|:---|:---|:---|:---|
|  | **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** |
|  | **Actual** | **Pro Forma** | **Pro forma<br>As Adjusted** |
|  | **(in thousands, except share and per share<br>amounts)** | **(in thousands, except share and per share<br>amounts)** | **(in thousands, except share and per share<br>amounts)** |
|  Cash and cash equivalents | $30824 | $| $|
|  Other assets | 248236 |  |  |
|  Long-term debt: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Secured financing, net | 324640 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term credit facility, net | 207635 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-backed term debt, net | 1067954 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other debt carried at fair value | 33688 |  |  |
|  Total debt | $1633917 |  |  |
|  Stockholders' equity: |  |  |  |
|  Voting convertible preferred stock, $0.001 par value per share, 44,690,490 shares authorized, shares issued and outstanding, actual; no shares authorized, issued and outstanding, pro forma and pro forma as adjusted | 44 |  |  |
|  Non-voting convertible preferred stock, $0.001 par value per share, 1,078,860 shares authorized, shares issued and outstanding, actual; no shares authorized, issued and outstanding, pro forma and pro forma as adjusted | 1 |  |  |
|  Preferred stock, $0.001 par value per share, no shares authorized, issued and outstanding, actual; shares authorized, no shares issued and outstanding, pro forma and pro forma as adjusted |  |  |  |
|  Voting common stock, $0.001 par value per share, 65,555,190 shares authorized, shares issued and outstanding, actual; no shares authorized, issued and outstanding, pro forma and pro forma as adjusted | 14 |  |  |
|  Non-voting common stock, $0.001 par value per share, 1,078,860 shares authorized, shares issued and outstanding, actual; no shares authorized, issued and outstanding, pro forma and pro forma as adjusted |  |  |  |
|  Common stock, $0.001 per value share, no shares authorized, issued and outstanding, actual; shares authorized, shares issued and outstanding, pro forma; shares authorized, shares issued and outstanding, pro forma as adjusted |  |  |  |
|  Additional paid-in capital | $191894 |  |  |
|  Retained earnings and accumulated other comprehensive income | 53726 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total stockholders' equity | $245679 | $| $|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total capitalization | $1879596 | $| $|

---

A $1.00 increase (decrease) in the assumed initial public offering price of $ per share, the midpoint of the range set forth on the cover page of this prospectus, would increase (decrease) pro forma as adjusted cash and cash equivalents, additional paid-in capital, total stockholders' equity, and total capitalization by approximately $ million, assuming that the number of shares offered by us, as set forth on the cover of this prospectus,

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remains the same and after deducting estimated underwriting discounts and commissions. Each increase (decrease) of 1,000,000 shares of common stock offered by us at the assumed initial public offering price of $ per share would increase (decrease) the pro forma as adjusted amount of each of our cash and cash equivalents, additional paid-in capital, total stockholders' equity and total capitalization by approximately $ million, after deducting the estimated underwriting discounts and commissions.

The pro forma and pro forma as adjusted number of shares of common stock to be outstanding after this offering is based on shares of common stock outstanding as of June 30, 2025 on a pro forma basis, which includes (1) the issuance of shares of our Series B convertible preferred stock upon the exercise of the Series B preferred stock warrants at an exercise price of $0.98 per share, (2) the issuance of shares of our voting and non-voting common stock upon the automatic conversion of all shares of our outstanding voting and non-voting convertible preferred stock, (3) the reclassification of all shares of our voting common stock into shares of common stock on a one-for-one basis immediately prior to the completion of this offering, (4) the issuance of shares of our common stock upon conversion of our outstanding SAFEs immediately prior to completion of this offering at an assumed conversion price of $, which reflects the assumed initial public offering price of $ per share, which is the midpoint of the price range set forth on the cover page of this prospectus, reduced by a 20% discount pursuant to the terms of the SAFEs and (5) the issuance of shares of our common stock upon conversion of $ aggregate amount of our outstanding convertible loans immediately prior to completion of this offering at an assumed initial public offering price of $ per share, which is the midpoint of the price range set forth on the cover page of this prospectus, and excludes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of our common stock issuable upon the exercise of options to purchase shares of our common
stock outstanding as of June 30, 2025, with a weighted-average exercise price of $ per share

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of our common stock issuable upon the exercise of options to purchase shares of our common
stock granted after June 30, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of our common stock issuable upon the vesting of RSUs granted under our 2019 Equity
Incentive Plan as of June 30, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of our common stock issuable upon the vesting of RSUs granted under our 2019 Equity
Incentive Plan after June 30, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of our common stock reserved for future issuance under our 2025 Omnibus Incentive Plan as
well as any future increases in the number of shares of our common stock reserved for future issuance under our 2025 Omnibus Incentive Plan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of our common stock reserved for future issuance under our 2025 Employee Stock Purchase Plan
as well as any future increases in the number of shares of our common stock reserved for future issuance under our 2025 Employee Stock Purchase Plan.

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**DILUTION** 

If you invest in our common stock, your ownership interest will be diluted to the extent of the difference between the initial public offering price per share of our common stock in this offering and the pro forma as adjusted net tangible book value per share of our common stock after this offering. Dilution results from the fact that the per share offering price of our common stock is substantially in excess of the pro forma net tangible book value per share attributable to our existing stockholders.

Our historical net tangible book value as of June 30, 2025 was $ or $ per share of voting common stock. Our pro forma net tangible book value as of June 30, 2025 was $ or $ per share of common stock. Pro forma net tangible book value per share represents tangible assets, less liabilities, divided by the aggregate number of shares of common stock outstanding as of June 30, 2025, on a pro forma basis, after giving effect to (1) the issuance of shares of our Series B convertible preferred stock upon the exercise of the Series B preferred stock warrants at an exercise price of $0.98 per share, (2) the issuance of shares of our voting and non-voting common stock upon the automatic conversion of all shares of our outstanding voting and non-voting convertible preferred stock, (3) the reclassification of all shares of our voting and non-voting common stock into shares of common stock on a one-for-one basis immediately prior to the completion of this offering, (4) the issuance of shares of our common stock upon conversion of our outstanding SAFEs immediately prior to completion of this offering at an assumed conversion price of $, which reflects the assumed initial public offering price of $ per share, which is the midpoint of the price range set forth on the cover page of this prospectus, reduced by a 20% discount pursuant to the terms of the SAFEs and (5) the issuance of shares of our common stock upon conversion of $ aggregate amount of our outstanding convertible loans immediately prior to completion of this offering at an assumed initial public offering price of $ per share, which is the midpoint of the price range set forth on the cover page of this prospectus.

After further giving effect to the sale by us of the shares of common stock in this offering, at an assumed initial public offering price of $ per share, the midpoint of the range set forth on the cover page of this prospectus, and the receipt and application of the net proceeds, our pro forma as adjusted net tangible book value as of June 30, 2025 would have been $ or $ per share of common stock. This represents an immediate increase in pro forma net tangible book value to existing stockholders of $ per share and an immediate dilution to new investors of $ per share.

Dilution per share represents the difference between the price per share to be paid by new investors for the shares of common stock sold in this offering and the pro forma as adjusted net tangible book value per share immediately after this offering. The following table illustrates this per share dilution:

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| | |
|:---|:---|
|  Assumed initial public offering price per share | $|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Historical net tangible book value per share as of June 30, 2025  | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pro forma net tangible book value per share as of June 30, 2025 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in pro forma net tangible book value per share attributable to new investors |  |
|  Pro forma as adjusted net tangible book value per share after offering |  |
|  Dilution per share to new investors in this offering | $|

---

Each $1.00 increase (decrease) in the assumed initial public offering price of $ per share, which is the midpoint of the price range set forth on the cover page of this prospectus, would increase (decrease) the pro forma as adjusted net tangible book value per share after this offering by approximately $, and the dilution in pro forma as adjusted net tangible book value per share to new investors by approximately $, assuming

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that the number of shares offered by us, as set forth on the cover page of this prospectus, remains the same and after deducting the estimated underwriting discounts and commissions. Each increase (decrease) of 1,000,000 shares of common stock offered by us would increase (decrease) our pro forma as adjusted net tangible book value per share after this offering by approximately $ per share and decrease (increase) the dilution to investors participating in this offering by approximately $ per share, assuming that the assumed initial public offering price of $ per share remains the same, and after deducting the estimated underwriting discounts and commissions.

The following table summarizes on the pro forma as adjusted basis described above, as of , 2025, the differences between the number of shares of common stock purchased from us, the total consideration paid to us in cash and the average price per share paid by existing stockholders for shares issued prior to this offering and the price to be paid by new investors in this offering. The calculations below are based on an assumed initial public offering price of $ per share, which is the midpoint of the price range set forth on the cover page of the prospectus, before deducting the estimated underwriting discounts and commissions and estimated offering expenses payable by us:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Shares Purchased** | **Shares Purchased** | **Total Consideration** | **Total Consideration** | **Average Price<br>Per Share** |
|  | **Number** | **Percent** | **Percent** | **Percent** | **Average Price<br>Per Share** |
|  Existing stockholders% |  |  | $nan% |  |  |
|  New investors |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total |  | 100% | $— | 100% |  |

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The foregoing tables assume no exercise of the underwriters' option to purchase additional shares of common stock. If the underwriters exercise their option to purchase additional shares in full, the number of shares of our common stock held by new investors will increase to % of the total number of shares of our common stock outstanding after this offering.

Sales by the selling stockholders in this offering will cause the number of shares held by existing stockholders to be reduced to shares, or % of the total number of shares of our common stock outstanding immediately after the completion of this offering, and will increase the number of shares held by new investors to shares, or % of the total number of shares of our common stock outstanding immediately after the completion of this offering.

The pro forma and pro forma as adjusted number of shares of common stock to be outstanding after this offering is based on shares of common stock outstanding as of June 30, 2025 on a pro forma basis, which includes (1) the issuance of shares of our Series B convertible preferred stock upon the exercise of the Series B preferred stock warrants at an exercise price of $0.98 per share, (2) the issuance of shares of our voting and non-voting common stock upon the automatic conversion of all shares of our outstanding voting and non-voting convertible preferred stock, (3) the reclassification of all shares of our voting and non-voting common stock into shares of common stock on a one-for-one basis immediately prior to the completion of this offering, (4) the issuance of shares of our common stock upon conversion of our outstanding SAFEs immediately prior to completion of this offering at an assumed conversion price of $, which reflects the assumed initial public offering price of $ per share, which is the midpoint of the price range set forth on the cover page of this prospectus, reduced by a 20% discount pursuant to the terms of the SAFEs and (5) the issuance of shares of our common stock upon conversion of $ aggregate amount of our outstanding convertible loans immediately prior to completion of this offering at an assumed initial public offering price of $ per share, which is the midpoint of the price range set forth on the cover page of this prospectus, and excludes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of our common stock issuable upon the exercise of options to purchase shares of our common
stock outstanding as of June 30, 2025, with a weighted-average exercise price of $ per share

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of our common stock issuable upon the exercise of options to purchase shares of our common
stock granted after June 30, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of our common stock issuable upon the vesting of RSUs granted under our 2019 Equity
Incentive Plan as of June 30, 2025;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of our common stock issuable upon the vesting of RSUs granted under our 2019 Equity
Incentive Plan after June 30, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of our common stock reserved for future issuance under our 2025 Omnibus Incentive Plan as
well as any future increases in the number of shares of our common stock reserved for future issuance under our 2025 Omnibus Incentive Plan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of our common stock reserved for future issuance under our 2025 Employee Stock Purchase Plan
as well as any future increases in the number of shares of our common stock reserved for future issuance under our 2025 Employee Stock Purchase Plan.

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**MANAGEMENT'S DISCUSSION AND ANALYSIS** 

**OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS** 

**Overview** 

We are a financial technology company that utilizes artificial intelligence, or AI, and machine learning algorithms to better assess consumer credit risk and expand access to credit. We seamlessly process large sets of traditional data and alternative data through advanced computational approaches to more accurately predict a consumer's creditworthiness. Our business benefits both consumers through expanded access to credit and auto dealerships via increased vehicle sales.

Our mission is to offer fair access to credit for underserved populations. Obtaining an auto loan has historically relied upon a traditional, paper-based process. The experience varies in complexity based on a consumer's creditworthiness. Non prime consumers are typically required to complete a lengthy and cumbersome process. Further, lenders using traditional underwriting approaches often misprice those with limited to no traditional credit history, resulting in high rates and unattractive terms. This negatively impacts the consumer experience and dealership sales.

Our proprietary AI-powered solution efficiently analyzes thousands of data points to underwrite underserved consumers and drive credit outperformance. We serve consumers with thin and no credit files, or credit invisibles, and those traditionally called near prime (consumers with VantageScores<sup>®</sup> of 601-719). We estimate that, based on Oliver Wyman's 2022 Financial Inclusion and Access to Credit report and VantageScore's 2023 CreditGauge report, these groups collectively represent a market of over 119 million people in the U.S. or approximately 46% of the total U.S. adult population. We utilize our data and technology to build more robust financial profiles of these consumers, enabling us to more accurately identify those who are expected to generate better credit performance. We believe our machine learning models combined with the use of alternative data and data-driven credit decisioning, differentiates us from traditional lenders.

In addition to providing fair access to credit, we offer consumers a modern, digital lending experience. Friction is reduced for consumers as we engage with them through an entirely mobile-enabled digital process.

We acquire consumers through the U.S. auto dealership market, which serves as a scalable and efficient go-to-market channel and minimizes our customer acquisition costs. By expanding access to credit and providing a superior borrowing experience for credit invisibles and near prime consumers, we help our dealership partners expand their pool of potential consumers. Additionally, we have streamlined the loan application experience for dealerships through our proprietary dealership portal. As a result, our dealership partners are loyal, as demonstrated by our 100%+ dealership net dollar retention rate, which we have achieved consistently for 17 consecutive quarters as of June 30, 2025, historically leading to a strong source of recurring revenue.

The business launched in Boston, Massachusetts and has expanded from its initial focus on the northeast U.S. to originate in primarily six states, as of June 30, 2025, across the U.S. with a continued focus on growing Active Dealerships.

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We focus on three main pillars to drive performance:

![LOGO](g715014g03x01.jpg)

***Proprietary AI Algorithms and Machine Learning Models Driving Credit Outperformance***

We utilize our proprietary AI algorithms and machine learning models to analyze large sets of alternative data in order to more accurately assess the level of credit risk for each potential consumer. Our unique approach involves collecting thousands of data points per applicant, which allows us to build a robust financial profile for each consumer. Our models, which have been trained with over 154,000 data points, incorporate more than 2,000 attributes on a consumer, which are pulled seamlessly from APIs. These data points are analyzed using deep neural networks to effectively predict a consumer's ability and willingness to repay their auto loan.

We collect data primarily from five sources at the application stage:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Bank account transactional level detail. We typically require consumers to link their bank accounts via a
third-party API allowing us to acquire up to 18 months of consumer's bank account transactions, including credit card transactions when available

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Personal credit. Information such as employer, role, and educational attainment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Credit bureau. Individual tradelines and payment history

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Vehicle information. Including car history, dealership selling the vehicle, make, model, year, mileage, down
payment, and loan-to-value

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Personal documents. Including, for example, a driver's license

Our AI algorithms aggregate and transform the data collected, generating a proprietary credit profile that can be used to compare each applicant against thousands of prior consumers. This process produces the foundation of our underwriting – our proprietary AI Risk Analysis, or AIRA<sup>®</sup>, score which is calculated for all applications received. Since traditional credit scoring methods often have difficulty assessing the credit risk of credit invisibles and near prime consumers, we designed AIRA<sup>®</sup> to generate predictive power for these segments.

***Streamlined Dealership POS Software Platform***

Our custom designed auto dealership portal provides auto dealerships with the tools to better serve their consumers. Our portal provides both our dealership partners and our consumers with an enhanced end-to-end experience when purchasing and financing a vehicle.

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Our dealership portal is a modern e-commerce platform where our dealership partners submit the necessary information required for us to provide initial terms and ultimately a full approval. Loan applications may be started on our own custom-built portal or on DealerTrack<sup>©</sup> or RouteOne<sup>®</sup>, which are legacy platforms. Consumers and dealerships are able to provide all required credit application information electronically within minutes. While the time the entire process takes to complete can vary, as consumers compare and contrast different vehicle purchase options within and across dealerships, once the dealership and consumer have provided all necessary documentation to move forward, we typically fund over 70% of loans within eight hours. We believe this can take as long as a week for lenders with traditional paper-based processes. As of December 31, 2024, over half of our loan originations were started directly on our custom portal. All applications, regardless of which platform they are started, must be completed on our portal to receive a full approval. Additionally, since, according to Cox Automotive's 2024 Car Buyer Journey Study, the average vehicle buyer visits more than two dealerships when purchasing a car, we believe our streamlined process provides significant value for our dealership partners, who are able to work with a consumer to complete the sale before the consumer leaves the dealership and risk losing the sale. We believe that as a result of both our fast funding and efficient process, by working with Lendbuzz, our dealership partners can both turn over their working capital faster and increase the total number of vehicles they can sell.

***Enhanced Digital Customer Experience***

In addition to redesigning the auto lending process to be entirely digital for the dealership, we have significantly reduced the friction for the consumer. We engage directly with consumers through an easy-to-use, digital experience. As discussed above, this contributes to faster data collection, underwriting, and ultimate closing of the sale, all benefiting the consumer experience. All information provided by the dealership, on behalf of the consumer, is transferred to the consumer's loan application electronically. Consumers are engaged while at the dealership through a mobile-enabled digital process that is both more user friendly and faster compared to traditional paper-based processes.

Due to our strong credit outperformance, we have priced consumers in our target market lower than most of our competitors, despite the whole sector, including us, increasing our pricing due to higher interest rates. For more details on the recent interest rate trends in our portfolio, see the section titled "—Return on Average Assets and Average Equity." Many of our competitors price no and thin credit file consumers at state maximum rates – ranging generally from 17% to 36%, according to the Conference of State Bank Supervisors, depending upon the state – compared to an average of 17% for us. Our lower pricing has helped drive a positive selection among consumers, further improving our credit performance. When we approve an application, our conversion rates have been 90%. We believe our more favorable auto loan pricing also enables consumers to afford a better vehicle.

***Our Rapid Growth in Recent Years***

We have experienced rapid growth in recent years. For the six months ended June 30, 2024, we originated $717.3 million in auto loans compared to $1.1 billion in the six months ended June 30, 2025, representing year-over-year growth of 53%. For the years ended December 31, 2022, 2023 and 2024, we originated $733.1 million, $1.1 billion and $1.5 billion in auto loans, respectively, representing year-over-year growth of 52% for the year ended December 31, 2023 and 38% for the year ended December 31, 2024. For the six months ended June 30, 2024, we had 1,676 Active Dealerships compared to 2,164 in the six months ended June 30, 2025, representing period-over-period growth of 29%. For the years ended December 31, 2022, 2023 and 2024, we had 814, 1,366 and 1,788 Active Dealerships, respectively, representing year-over-year growth of 68% for the year ended December 31, 2023 and 31% for the year ended December 31, 2024.

Our Total revenue, net was $125.4 million for the six months ended June 30, 2024, compared to $172.9 million in the six months ended June 30, 2025, representing year-over-year growth of 38%. For the fiscal years ended December 31, 2022, 2023 and 2024, our Total revenue, net was $101.3 million, $175.4 million and

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$281.5 million, respectively, representing year-over-year growth of 73% and 61% for the years ended December 31, 2023 and 2024, respectively. Our net income was $5.6 million and $11.1 million for the six months ended June 30, 2024 and 2025, respectively, representing year-over-year growth of 97%. For the years ended December 31, 2022, 2023 and 2024, our net income was $15.0 million, $11.2 million and $22.8 million, respectively. Our Adjusted EBITDA, a non-GAAP measure, was $14.3 million and $22.7 million for the six months ended June 30, 2024 and 2025, respectively, representing year- over-year growth of 58%. For the years ended December 31, 2022, 2023 and 2024, our Adjusted EBITDA, was $19.5 million, $25.5 million and $44.4 million, respectively. Our Adjusted Net Income, a non-GAAP measure, was $9.3 million and $14.2 million for the six months ended June 30, 2024 and 2025, respectively, representing year-over-year growth of 52%. For the years ended December 31, 2022, 2023 and 2024, our Adjusted Net Income was $14.2 million, $16.1 million and $28.1 million, respectively.

Our Adjusted EBITDA-FVO, a non-GAAP measure, was $45.4 million and $29.8 million for the six months ended June 30, 2024 and 2025, respectively. For the years ended December 31, 2022, 2023 and 2024, our Adjusted EBITDA-FVO was $32.7 million, $63.2 million, and $114.6 million, respectively. Our Adjusted Revenue-FVO, a non-GAAP measure, was $149.4 million and $163.6 million for the six months ended June 30, 2024 and 2025, respectively. For the years ended December 31, 2022, 2023 and 2024, our Adjusted Revenue-FVO was $105.6 million, $201.2 million and $338.6 million, respectively. See the section titled "—Non-GAAP Financial Measures" for a reconciliation of Adjusted EBITDA to net income, Adjusted EBITDA-FVO to net income, Adjusted Net Income to net income and Adjusted Revenue-FVO to Total revenue, net.

**Our Financial Model** 

We generate revenue through multiple streams: (1) loan interest income, both from consumer auto borrowers and, to a much lesser extent, from dealerships who we provide floorplan lending, (2) loan origination fees, (3) ancillary product revenue from sales of GPS units and GAP waivers, and (4) loan sales that generate gains on sales of loans and servicing revenue. Our financial model is focused on achieving a target excess spread – revenue less the cost to finance our loans and net charge-offs. While we believe our best and most profitable model is to hold loans on our balance sheet and benefit from the excess spread, to support our diverse funding strategy and capital sources, we choose to sell a portion of our loans as well. Our cost of acquisition is the commission we pay dealerships on originated loans. Variable operating expenses include our sales teams, our operations teams, and the cost to service loans. Overhead expenses include the investments we make in our engineering, product development, technology, and R&D teams to ensure that we (1) continue to build an increasing and durable competitive advantage and (2) consistently add value to our borrowers and dealerships. Additionally, overhead costs include general and administrative costs such as finance, accounting, capital markets, compliance, and HR. We expect overhead costs to grow at a slower pace than originations and revenue as we increase scale.

**Loan Servicing** 

Our auto loans are serviced using our custom developed loan servicing platform. As of June 30, 2025, we have a 79-person servicing team, with 22 team members supporting customer service and 57 team members supporting collections. In addition to our in-house servicing team, we work with third party collections firms. The third-party collections firms take inbound calls and make outbound calls with resources dedicated solely to Lendbuzz.

A significant percentage of consumers pay their loans via ACH autopay. Consumers can self-service, check their balance, and obtain payoff amounts using a custom developed portal. Additionally, consumers receive text and/or e-mail reminders before their ACH payment is due. Most early-stage collections conversations are treated with a customer service type approach. As delinquencies age, loans are serviced by a dedicated late-stage collections team using outbound calling and collection letters.

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If consumers are unable to pay, since our loans are secured by vehicles, we typically begin repossession proceedings around 60 days past due. Our recovery rates have historically averaged over 70% due to: (1) our conservative loan terms, (2) conservative loan-to-values, (3) a requirement that a large portion of our loans have GPS systems installed to locate the vehicle, and (4) our dealership recourse program.

**Key Factors Affecting Our Performance** 

Our performance has been and may continue to be affected by many factors, including those identified

below, as well as factors discussed in the section titled "Risk Factors."

***Increasing Sales Penetration with Existing Dealerships***

Once dealerships are signed onto our platform, they serve as a source of recurring auto loan originations. Dealerships often have a ramp period as they learn how to utilize our custom portal and grow accustomed to our process. Generally, that ramp period has taken between three and nine months for a dealership to reach consistent origination volume. The total amount of business we can generate from any particular dealership is driven by the dealership's sales volume, the vehicles it sells, and the consumers it serves. Larger, mass market franchise dealerships, that primarily sell new vehicles, typically sell significantly more vehicles than smaller, independent dealerships that primarily sell used vehicles. However, we typically can generate a higher percentage of the total available financing business from smaller, independent dealerships who generally do not have access to captive auto lenders and large banks, as compared to larger, mass market franchise dealerships whose primary source of financing for their consumers are captive auto lenders and large banks. Franchise dealerships, as a percentage of our existing dealership network, has increased overtime. Franchise dealerships, as a percentage of our existing dealership network, have increased from 21% in the first quarter of 2022 to 57% in the second quarter of 2025. As of June 30, 2025, we have experienced 100%+ net dollar retention rates for 17 consecutive quarters, as calculated by taking the aggregate amount of loans originated by an active dealership in a twelve month period ended in the relevant quarter, divided by the amount such active dealership originated in the 13 to 24 months period preceding the start of the relevant period. We closely monitor dealership satisfaction through monthly dealership engagement reporting, an annual NPS, with a dealership NPS of 81, based on feedback we received in 2024 and through feedback received by our sales representatives. We continually work to ensure satisfaction with our proprietary dealership portal through upgrades and improvements. Our ability to increase sales through our existing dealerships will depend on a number of factors, including our dealerships' satisfaction with our platform, competition, pricing and overall changes in our dealerships' businesses.

***Expanding our Dealership Network***

Our dealership network is a key driver of our growth. We focus extensively on growing our dealership network. We intend to drive new dealership growth by adding additional sales representatives in both new and existing geographies, which will expand our presence in existing geographies, expand our geographic target areas, increase brand awareness and drive greater adoption of our platform. We do not have dealership concentration in our current geographies, as the largest dealership accounts for less than 5% of our Aggregate Originations. We also plan to continue investing in building brand awareness within the auto dealerships industry. Our ability to expand our dealership network and to attract new dealerships will depend on a number of factors, including our ability to hire and train new sales representatives, the effectiveness and pricing of our platform, offerings of our competitors, brand awareness and the effectiveness of our marketing efforts.

***Continued Improvements to Our AI Models***

We focus on continually improving and enhancing our AI models. As is consistent with AI systems, our models benefit from the speed at which we are able to incorporate an ever-increasing volume of historical performance data. These constant updates improve the accuracy of our risk predictions and allow us to adjust in real-time as both macroeconomic and business conditions evolve. Beyond the ongoing accumulation of performance data, we make regular discrete improvements to our model accuracy by upgrading algorithms and

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incorporating new variables. We expect to continue to invest significantly in the development of our AI models and platform functionalities. We believe that ongoing improvements to our machine learning algorithms will allow us to further expand access to our platform and lower rates for our borrowers, which will continue to fuel our growth. Should the pace of these improvements slow down or cease, or should we discover forms of model upgrades which improve accuracy at the expense of volume, our growth rates could be adversely affected.

***Credit Risk Management***

Our credit performance is driven by the effectiveness and accuracy of AIRA<sup>®</sup>, our underwriting processes, monitoring and collection efforts, the financial condition of our consumers and dealerships, asset values, our risk appetite, and various macroeconomic considerations. To be approved, consistent with our underwriting policy, all consumers must display both an ability and willingness to repay their loan. The failure to effectively manage credit risk may have a direct and significant impact on our business, financial condition, results of operations, liquidity, and reputation.

***Our Mix of Funding Relationships***

Our funding model is integral to the success of our business. We focus on ensuring a diverse set of funding sources to maximize flexibility and mitigate the impacts of changing market conditions. Newly originated loans are initially financed through warehouse facilities with our lending partners. As of June 30, 2025, we had $1.1 billion of committed capital from seven financial institutions including but not limited to JP Morgan, Goldman Sachs, Royal Bank of Canada, Regions Bank, Bank Hapoalim B.M., MUFG and Mizuho. We match the duration of the funds that we are raising to the duration of the loans we intend to hold on our balance sheet until maturity, and retain the credit risk, via securitizations or other term credit facilities. As of June 30, 2025, we have issued approximately $2.2 billion of bonds through our securitization program, in ten transactions to over 65 unique investors. Our most recent senior tranche of securitizations has been rated AAA by Kroll Bond Rating Agency and AA by S&P Global Ratings, and prior securitizations have all been rated investment grade as of June 30, 2025.

We sell a portion of our loans to whole loan buyers and other investors, primarily through forward flow arrangements, securitization transactions, and aggregated pools of loans. In these transactions we do not retain the credit risk. We sell loans on a servicing retained basis, generating an ongoing revenue stream from the resulting servicing fees. As of June 30, 2025, we have executed ten forward flow transactions through which investors have committed to purchase $2.1 billion in loans since we launched these programs in 2022. In the twelve months preceding June 30, 2025, we have executed four securitization transactions which were not consolidated and transferred the credit risk to the buyers (except for the required risk retention) for $302.3 million of loans as well as one sale of a $208.3 million pool of loans. During the six months ended June 30, 2024 and 2025, we sold loans with a total outstanding principal balance at the time of sale of $274.9 million and $755.0 million, respectively. During the twelve months ended December 31, 2022, 2023 and 2024, we sold loans with a total outstanding principal balance at the time of sale of $157.3 million, $422.2 million, and $648.5 million, respectively. These relationships provide significant diversification to our overall funding strategy.

We cannot be sure that these funding sources will continue to be available on reasonable terms, or at all, beyond the current maturity dates of our existing securitizations and debt financing arrangements, which could have an adverse effect on our competitive position, business, financial condition and results of operations.

***Seasonality***

Vehicle sales generally exhibit seasonality. Historically, the two peak seasons for auto sales are in the spring and the fall. In addition, delinquencies and defaults in all consumer credit asset classes, including auto loans, generally exhibit seasonality. Historically, delinquencies peak in January and February after the holiday shopping season, and then begin to fall in March and April in line with tax returns to a low in the summer. Delinquencies then begin to rise again through the following holiday shopping season. Due to our rapid growth, COVID-19 lockdowns, and new vehicle supply constraints, introduction and then removal of government stimulus, and rapid

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inflation, at times, our historical overall origination portfolio delinquency and defaults patterns have not reflected the general seasonality we expect of our business. As our business matures and markets continue to normalize, we expect to experience typical seasonal fluctuations in our quarterly operating results, which may not fully reflect the overall underlying performance of our business.

**Key Operating Metrics** 

We collect and analyze operating and financial data of our business to measure and evaluate our operating performance, identify trends affecting our business, formulate financial projections and business plans, better assess our liquidity needs, and make strategic decisions. The following table presents certain key operating metrics:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **At or For the Year Ended**<br>**December 31,** | **At or For the Year Ended**<br>**December 31,** | **At or For the Year Ended**<br>**December 31,** | **At or For the Six Months<br>Ended June 30,** | **At or For the Six Months<br>Ended June 30,** |
| *($ in thousands)* | **2022** | **2023** | **2024** | **2024** | **2025** |
|  Active Dealerships<sup>(1)</sup> | 814 | 1366 | 1788 | 1676 | 2164 |
|  Aggregate Originations<sup>(2)</sup> | $733064 | $1112911 | $1536134 | $717329 | $1094316 |
|  Number of Loans Originated<sup>(3)</sup> | 25562 | 40062 | 56026 | 26759 | 38098 |
|  31+ Day Delinquency Rate<sup>(4)</sup> | 2.24% | 3.22% | 4.13% | 3.23% | 5.63% |
|  Annualized Net Charge-off Rate<sup>(5)</sup> | 1.40% | 1.59% | 2.54% | 2.12% | 2.73% |

---

(1) We calculate Active Dealerships on a quarterly basis.

(2) We calculate Aggregate Originations on an annual and interim period basis.

(3) We calculate Number of Loans Originated on an annual and interim period basis.

(4) We calculate 31+ Day Delinquency Rate on an annual and interim period basis.

(5) We calculate Annualized Net Charge-off Rate on an annual and interim
period basis.

***Active Dealerships***

We define Active Dealerships as dealerships through which we have originated at least one loan to finance a borrower's auto purchase during a given quarter. Our December 31 figures represent our Active Dealerships for the fourth quarter of the applicable year. We monitor this number as dealerships serve as our primary customer acquisition channel. We view dealerships as a recurring source of business and key driver of growth. Dealerships may transition between active and inactive over time. We generally interact with substantially more dealerships than those which are defined as active in any fiscal period, since not all dealerships that we are interacting with have originated loans during such period, and therefore were not defined as an Active Dealership for such period.

The number of Active Dealerships increased 29% from 1,676 in the quarter ended June 30, 2024 to 2,164 in the quarter ended June 30, 2025. The number of Active Dealerships increased 68% from 814 in the quarter ended December 31, 2022, to 1,366 in the quarter ended December 31, 2023. The number of Active Dealerships increased 31% from 1,366 in the quarter ended December 31, 2023, to 1,788 in the quarter ended December 31, 2024. These increases were driven by an increase in our sales force, furthering penetration in existing geographies and expansion of our geographic target area.

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![LOGO](g715014g08h09.jpg)

***Aggregate Originations***

We define Aggregate Originations as the total principal balance of loans we originated during the relevant period. We measure Aggregate Originations to assess the overall scale of our platform. Aggregate Originations increased 53% to $1.1 billion for the six months ended June 30, 2025, compared to the six months ended June 30, 2024. The growth was driven by our continued strategic focus on driving growth and adding sales representatives for our business, partial unwinding of the credit tightening experienced in 2022, and rising asset values as a result of anticipated price increases resulting from announced and proposed tariffs. Aggregate Originations increased 52% to $1.1 billion for the year ended December 31, 2023, compared to the year ended December 31, 2022. Aggregate Originations increased 38% to $1.5 billion for the year ended December 31, 2024, compared to the year ended December 31, 2023. These increases were driven primarily by the growth in Active Dealerships.

![LOGO](g715014g08p10.jpg)

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*Aggregate Originations by APR Band* 

Our consumer auto loans vary in lending terms and maturities. The following table presents the total and percent of Aggregate Originations by annual percentage rate, or APR, Band:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** |
|  | **2022** | **2022** | **2023** | **2023** | **2024** | **2024** | **2024** | **2024** | **2025** | **2025** |
| *($ in thousands)* | $**%** | **%** | $**%** | **%** | $**%** | **%** | $**%** | **%** | $**%** | **%** |
|  Less than 9.0% |  | 11.8% |  | 3.5% |  | 1.7% |  | 2.1% |  | 1.3% |
|  9.0% - 11.9% |  | 13.7 |  | 10.3 |  | 6.2 |  | 6.9 |  | 5 |
|  12.0% -13.9% |  | 9.8 |  | 7.8 |  | 8.5 |  | 8.1 |  | 5.5 |
|  14.0% -15.9% |  | 28.4 |  | 6.8 |  | 5.2 |  | 5.4 |  | 3.9 |
|  16.0% - 17.9% |  | 33.8 |  | 43.3 |  | 27.6 |  | 29.9 |  | 19.6 |
|  18.0% - 19.9% |  | 2.5 |  | 27.3 |  | 46 |  | 44.3 |  | 52.5 |
|  20.0% or More |  | 0 |  | 1 |  | 4.8 |  | 3.3 |  | 12.2 |

---

*Aggregate Originations by Original Loan Term* 

The following table presents the total and percent of Aggregate Originations by original loan term:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** |
|  | **2022** | **2022** | **2023** | **2023** | **2024** | **2024** | **2024** | **2024** | **2025** | **2025** |
| *($ in thousands)* | $**%** | **%** | $**%** | **%** | $**%** | **%** | $**%** | **%** | $**%** | **%** |
|  0-36 months |  | 2.8% |  | 2.0% |  | 1.9% |  | 2.0% |  | 1.2% |
|  48 months |  | 5.3 |  | 4.2 |  | 3.8 |  | 4.1 |  | 2.5 |
|  60 months |  | 51.4 |  | 43.8 |  | 32.6 |  | 35.5 |  | 27 |
|  66 months |  | 0.4 |  | 0.9 |  | 0.9 |  | 1 |  | 0.8 |
|  72 months |  | 40.1 |  | 49.1 |  | 60.8 |  | 57.4 |  | 68.5 |

---

*Aggregate Originations by AIRA<sup>®</sup> Score Band*

We closely monitor the credit quality of our loan originations. We primarily measure the credit risk of these originations by the borrower's AIRA<sup>®</sup> score (reflected in the graph below).

The following table presents Aggregate Originations by AIRA<sup>®</sup> score band:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** |
|  | **2022** | **2022** | **2023** | **2023** | **2024** | **2024** | **2024** | **2024** | **2025** | **2025** |
| *($ in thousands)* | $**%** | **%** | $**%** | **%** | $**%** | **%** | $**%** | **%** | $**%** | **%** |
| 300 - 385 |  | 6.0% |  | 2.9% |  | 0.4% |  | 0.3% |  | 5.0% |
| 386 - 450 |  | 9.9 |  | 9.9 |  | 14.2 |  | 13.1 |  | 23.1 |
| 451 - 575 |  | 24.0 |  | 27.4 |  | 32.3 |  | 31.8 |  | 34.6 |
| 576 - 699 |  | 25.6 |  | 27.7 |  | 28.0 |  | 28.5 |  | 21.3 |
|  700 + |  | 34.5 |  | 32.1 |  | 25.1 |  | 26.3 |  | 16.0 |

---

In terms of credit risk, as shown in the following chart that presents 31+ Day Delinquency Rate by Newest AIRA<sup>®</sup> Score Band, the lower the AIRA<sup>®</sup> score, the higher the credit risk is and the greater the 31+ Day Delinquency Rate becomes. We utilize a risk-based pricing schema where higher risk borrowers generally receive higher prices and lower risk borrowers generally receive lower prices. As discussed in "—*Continued Improvements to our AI Models*," we are focused on continually incorporating updated performance information and making discrete improvements in AIRA<sup>®</sup> to improve the accuracy of our risk predictions and to allow us to adjust in real-time as both macroeconomic and business conditions evolve.

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![LOGO](g715014g12k13.jpg)

Increased volume in originations of lower AIRA<sup>®</sup> loans in the first quarter of 2025 resulted in a temporary decline in 31+ day delinquency rate in that score band during the first quarter of 2025.

*Originations by Dealership Vintage*

We assign dealerships to dealership vintages based on when they originated their first loan with us. The chart below displays originations by each respective dealership vintage. While there has been volatility due to the impacts of the COVID-19 lockdowns, in general, once a dealership vintage has ramped to consistent origination volume, which has taken between three and nine months, we have experienced a 100%+ net dollar retention rates as each vintage has continued to produce about the same amount of loan originations, or more, as it did in prior years. As of June 30, 2025, we have experienced 100%+ net dollar retention rates for 17 consecutive quarters. Our 100%+ net dollar retention rate has accelerated our growth, as our sales representatives can focus on expanding the dealership network each year, instead of replacing the existing base. As of December 31, 2024, the 2024 vintage is our largest vintage in its initial year, primarily driven by the increase in our sales force. For more information about our net dollar retention rates and origination volume by dealerships, see the section titled "Key Factors Affecting Our Performance—*Increasing Sales Penetration with Existing Dealerships*."

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![LOGO](g715014g18j14.jpg)

Originations by Dealership Vintage chart is not inclusive of all originations. The chart excludes loans originated without a dealership partner. Additionally, dealerships from the 2016 and 2017 vintages have been excluded due to inconsistent data collection. 2025 run rate vintage calculated based on actual originations through the first six months of 2025.

***Number of Loans Originated***

We measure the Number of Loans Originated to help inform us of our penetration into the market. The Number of Loans Originated increased 42% to 38,098 for the six months ended June 30, 2025, as compared to the six months ended June 30, 2024. The Number of Loans Originated increased 57% to 40,062 for the year ended December 31, 2023, as compared to the year ended December 31, 2022. The Number of Loans Originated increased 40% to 56,026 for the year ended December 31, 2024, as compared to the year ended December 31, 2023. These increases were primarily driven by growth in Active Dealerships. Asset values declined from their peak in January 2022, resulting in a lower average loan amount in 2023, than 2022, and slightly lower Aggregate Originations growth than Number of Loans Originated in 2023, relative to 2022. During 2024, asset values remained similar to their levels at the end of 2023, resulting in similar average loan amounts to the prior year. Asset values have started to rise in 2025 as a result of anticipated price increases resulting from announced and proposed tariffs. We have seen an increase in average loan amounts for the six months ended June 30, 2025 as compared to the same period last year as a result.

***31+ Day Delinquency Rate***

We consider our consumer auto loans to be delinquent once they are 31 or more days past due in line with standard auto lending industry practice. We calculate 31+ Day Delinquency Rate as the total amount of principal balance on loans held on the balance sheet that are 31 days or more past due, divided by the outstanding principal balance for loans held on the balance sheet as of the date of measurement. We measure 31+ Day Delinquency Rate to help us monitor early delinquency and default trends in our credit performance. The 31+ Day Delinquency Rate increased 240 basis points to 5.63% for the six months ended June 30, 2025, as compared to the six months ended June 30, 2024. The 31+ Day Delinquency Rate increased 98 basis points to 3.22% for the year ended December 31, 2023, as compared to the year ended December 31, 2022. The 31+ Day Delinquency Rate increased 91 basis points to 4.13% for the year ended December 31, 2024, as compared to the year ended December 31, 2023. These increases have been in response to macroeconomic conditions, including the significant increase in interest rates during 2022 and 2023, and the industry-wide increase in consumer auto delinquencies following the end of COVID-19 lockdowns and

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the ending of government stimulus, which had previously provided consumers with additional funds and resulted in increased consumer spending, and the impact on consumers of accelerated inflation.

As of December 31, 2024, consumer auto delinquencies and net charge-offs, industry wide, are among the highest they have been in the past decade or more, and as shown in the graph under "Business—The Lendbuzz Solution—*Proprietary AI Algorithms and Machine Learning Models Driving Credit Outperformance*," 60+ day delinquencies have increased relatively steadily since the beginning of 2023, particularly in the subprime sector. We have also seen increases in our delinquencies and net charge-offs, as discussed above. As shown under "— *Aggregate Originations—Aggregate Originations by Newest AIRA<sup>®</sup> Score Band*," we have seen delinquencies and net charge-offs increase in all AIRA<sup>®</sup> score bands, with more significant increases in customers in the lowest AIRA<sup>®</sup> score band and only minimal increases in the highest AIRA<sup>®</sup> score band. The weighted average AIRA<sup>®</sup> of our loan originations has been declining throughout 2024 and into 2025 as we have originated more loans in lower AIRA<sup>®</sup> score bands as shown under, "*Aggregate Originations by AIRA<sup>®</sup> Score Band*." With this, we have seen an increase in the percentage of loans entering early-stage delinquency, but not advancing further. This can be seen within our 60+ day delinquency rate, which has not risen at the same levels as our 31+ Day Delinquency Rate, as shown in the graph under, "Business—The Lendbuzz Solution-*Proprietary AI Algorithms and Machine Learning Models Driving Credit Outperformance*."

In the aggregate, our delinquencies and net charge-offs have increased only modestly more than businesses serving the prime sector and significantly less than those serving the non-prime sector. We believe this outperformance has been driven by AIRA<sup>®</sup>. As discussed in "—*Continued Improvements to our AI Models*", we are focused on continually incorporating updated performance information and making discrete improvements in AIRA<sup>®</sup> to improve the accuracy of our risk predictions and to allow us to adjust in real-time as both macroeconomic and business conditions evolve. In addition to the ongoing updates in AIRA<sup>®</sup>, in response to the increases in delinquencies and net charge-offs, during 2023, our management credit committee opted to tighten our underwriting criteria. As a result, for the year ended December 31, 2024, we declined approximately 39% more applications than we did in the year ended December 31, 2022. During 2024, we did not make any material changes to our underwriting criteria. In the beginning of 2025, we marginally unwound that tightening. At the same time as we were marginally loosening underwriting criteria, we have seen a decline in the credit quality of the applications dealerships send to us. This has resulted in us declining approximately 6% more applications in the first six months of 2025 as compared to the first six months of 2024. This combination of credit monitoring and underwriting changes by our management credit committee and ongoing updates to AIRA<sup>®</sup> allows us to continually adjust our credit appetite and we believe has driven credit out performance within our portfolio.

![LOGO](g715014g93d83.jpg)

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***Annualized Net Charge-off Rate***

We define Annualized Net Charge-off Rate as the total amount of principal balance charged-off for loans held on balance sheet during the period, less any recoveries collected on all prior charged-off loans held on balance sheet during the same period, divided by the average outstanding principal balance during the period for loans held on balance sheet, annualized. Consistent with our charge-off policy, we charge-off loans when they reach 120 days past due. We measure Annualized Net Charge-off Rate to help us monitor credit losses in our portfolio. Our Annualized Net Charge-Off Rate increased 61 basis points to 2.73% for the six months ended June 30, 2025, as compared to the six months ended June 30, 2024. Our Annualized Net Charge-off Rate increased 19 basis points to 1.59% for the year ended December 31, 2023, as compared to the year ended December 31, 2022. Our Annualized Net Charge-off Rate increased 95 basis points to 2.54% for the year ended December 31, 2024, as compared to the year ended December 31, 2023. Increases have primarily been driven by the same macro trends as those that drove the increases in the 31+ Day Delinquency Rates, including the significant increase in interest rates in 2022 and 2023. Although our Annualized Net Charge-Off Rate has increased, it has not increased at the same rate as our 31+ Day Delinquency Rate. As discussed in "*31+ Day Delinquency Rate*" as our weighted average AIRA<sup>®</sup> has declined on more recent vintages, we have seen more early-stage delinquencies that do not advance further into later stage delinquencies. Despite those increases in delinquency and net charge-offs, our AIRA<sup>®</sup> score has allowed us to generally outperform traditional lenders with respect to our target population. See the section titled "Business—The Lendbuzz Solution—*Proprietary AI Algorithms and Machine Learning Models Driving Credit Outperformance*" for more information on how our portfolio has performed similarly to the prime index despite serving a segment of the market that is traditionally considered non prime.

**Components of Results of Operations** 

***Revenue***

*Interest and fee income, net* 

We charge our consumers interest and fees on their loans with us and dealerships, to whom we provide floorplan lending, interest and fees on their loans with us. Interest and fee income, net, consists of the consumer interest and fee income, net (income from consumer interest income and fees plus amortized loan origination fees minus amortized direct origination costs), floorplan interest income and other interest income. Loan origination fees are fees we charge each consumer, which are included in the loan amount. Direct origination costs consist of a fee we pay to certain dealerships.

Interest and fee income, net is predominantly driven by the unpaid principal balance of loans held for investment and the yield generated on those loans. Loan origination fees, costs, premiums and discounts on loans held for investment are deferred and generally amortized into interest income as yield adjustments over the contractual life and/or commitment period using the effective interest method.

*Ancillary product revenue, net* 

Ancillary product revenue, net consists primarily of the sale of GPS units and GAP waivers, or collectively ancillary products. We require substantially all consumers to have a GPS installed into the vehicle by the dealership at time of purchase, allowing the vehicle to be located if needed by the borrower or Lendbuzz for a repossession. The price of the GPS unit, if Lendbuzz charges for one, and the cost of GAP waivers are included in the loan amount at the time of loan origination.

*Gain on sale of loans, net* 

From time to time, we enter into whole loan sale agreements with institutional investors to sell portions of the loans we originate. We started entering into such agreements in March of 2022. Additionally, from time to

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time, we enter into securitization transactions where we transfer the credit risk to the investors in the notes and do not consolidate the trusts. Under either the whole loan sale agreements or non-consolidated securitization transactions, we recognize a gain or loss on sale upon completion of such sales. The gain or loss is calculated as the difference between proceeds received, adjusted for initial recognition of servicing assets and liabilities obtained at the date of sale, and the carrying value of the loans sold.

*Servicing income, net* 

We earn a specified fee from providing professional services to manage loan portfolios on behalf of our third-party loan owners. As discussed above in "Gain on sale of loans, net", beginning in March 2022, we began entering into arrangements where we service the loans sold to third-party investors. Under the servicing agreements with our third-party loan owners and non-consolidated securitization investors, we are entitled to collect servicing fees on the loans that we service, which are paid monthly based upon an annual fixed percentage of the outstanding loan portfolio balance. Servicing income, net also includes fair value adjustments for servicing assets and servicing liabilities.

***Operating Expenses***

*Provision for expected credit losses* 

Our Provision for expected credit losses consists of amounts charged against income during the period to maintain an allowance for credit losses on loans held for investment. We measure the allowance through consideration of past events, including historical experience, current macro environment conditions and reasonable and supportable forecasts. We measure current expected loan losses over the contractual terms of our loans. The contractual terms are adjusted for expected prepayments but are not extended for potential renewals or extensions. Our provision for credit losses in each period is driven by loan originations, loan sales, net charge-offs, and changes to our expectations for future credit losses. Loan originations, loan sales, net charge-offs and our expectations for future credit losses historically have fluctuated due to the changes in the macro-economy, inflation, and the overall consumer credit environment, and we expect them to continue to do so.

*Funding costs* 

Funding costs primarily include interest we incur under our warehouse credit facilities, term credit facilities, and securitizations, all inclusive of debt issuance costs, premiums and discounts, to the extent applicable. We incur securitization-related interest expense when securitization transfers do not qualify as true sales pursuant to ASC Topic 810, Consolidation. Funding costs are dependent on market interest rates (such as U.S. Treasuries, SOFR or other representative alternative reference rates, commercial paper rates, and prime rates), interest rate spreads versus benchmark rates, the amount of warehouse capacity we can access, warehouse advance rates and the amount of loans we ultimately pledge to our warehouse facilities. Our interest expense has historically fluctuated due to changes in the interest rate environment, and we expect it will continue to fluctuate in future periods.

*Processing and servicing* 

Processing and servicing expense consists primarily of compensation, employee benefits, and stock-based compensation. Other processing and servicing costs include back-office services such as repossessions, transport of vehicles and the cost of GPS units and the valuation allowance on loans classified as held-for-sale on our balance sheet. We expect processing and servicing expense will continue to grow in absolute dollars to support the business as it continues to grow but may fluctuate as a percentage of our Total revenue, net from period to period due to the timing and extent of these expenses.

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*Product development, technology and data science* 

Product development, technology, and data science expense consists primarily of the salaries, stock-based compensation, and personnel-related costs of our engineering, machine learning, and product employees, less capitalized costs. Other product development, technology and data science expenses include platform infrastructure and hosting costs, third-party data acquisition expenses, and expenses related to the maintenance of existing technology assets and our technology platform as a whole.

We expect that our product development, technology, and data science expense will increase in absolute dollars for the foreseeable future as we continue to invest in R&D efforts to enhance and update AIRA<sup>®</sup>, develop new technology and enhance the functionality and capabilities of our internal team member, consumer and dealership platforms. Our product development, technology and data science expenses may fluctuate as a percentage of our Total revenue, net from period to period due to the timing and extent of these expenses. However, we expect that our product development, technology and data science expense will decline as a percentage of revenue over the long term.

*Selling and marketing costs* 

Selling and marketing costs consist primarily of salaries, stock-based compensation and personnel-related costs of our sales and marketing teams. We plan to increase our investment in sales and marketing over the foreseeable future as we continue to hire additional personnel and expand our sales and marketing programs. Our sales and marketing costs may fluctuate as a percentage of our Total revenue, net from period to period due to the timing and extent of these expenses.

*General, administrative, and other* 

General, administrative, and other expenses consist primarily of expenses related to our finance and accounting, legal and compliance, HR, and administrative personnel. General, administrative, and other expenses also include occupancy costs and fees paid for professional services, including legal, tax and accounting services, and amortization of internally developed software.

Following the completion of this offering, we expect to incur additional general, administrative, and other expenses as a result of operating as a public company. As a result, we expect the dollar amount of our general and administrative expenses to increase for the foreseeable future. However, we expect that our general and administrative expense will decrease as a percentage of our Total revenue, net as our revenue, net grows over the longer term, although our general and administrative expenses may fluctuate as a percentage of our revenue from period to period due to the timing and extent of these expenses.

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**Results of Operations** 

The following table summarizes our consolidated statements of operations for the periods indicated:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Six Months Ended<br>June 30,** | **For the Six Months Ended<br>June 30,** |
| *($ in thousands)* | **2022** | **2023** | **2024** | **2024** | **2025** |
|  Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest and fee income, net | $78857 | $142224 | $226269 | $103160 | $139278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ancillary product revenue, net | 14301 | 15590 | 17531 | 8674 | 7081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on sale of loans, net | 7419 | 14363 | 31302 | 10855 | 26047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Servicing income, net | 683 | 3176 | 6422 | 2748 | 497 |
|  Total revenue, net | $101260 | $175353 | $281524 | $125437 | $172903 |
|  Operating expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provision for expected credit losses | 16512 | 30358 | 51505 | 22543 | 37744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Funding costs | 23871 | 59029 | 93780 | 43523 | 52518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Processing and servicing | 10015 | 17826 | 35346 | 17119 | 26212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Product development, technology and data science | 6240 | 10950 | 15624 | 7893 | 10037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Selling and marketing costs | 10331 | 17156 | 21428 | 11017 | 12259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General, administrative, and other | 15362 | 22719 | 29966 | 14984 | 18042 |
|  Total operating expenses | $82331 | $158038 | $247649 | $117079 | $156812 |
|  Net income before taxes | $18929 | $17315 | $33875 | $8358 | $16091 |
|  Provision for income taxes | 3883 | 6157 | 11064 | 2728 | 4990 |
|  Net income | $15046 | $11158 | $22811 | $5630 | $11101 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Six Months Ended<br>June 30,** | **For the Six Months Ended<br>June 30,** |
|  | **2022** | **2023** | **2024** | **2024** | **2025** |
|  | *(as a percentage of total revenues)* | *(as a percentage of total revenues)* | *(as a percentage of total revenues)* | *(as a percentage of total revenues)* | *(as a percentage of total revenues)* |
|  Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest and fee income, net | 78% | 81% | 81% | 82% | 81% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ancillary product revenue, net | 14 | 9 | 6 | 7 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on sale of loans, net | 7 | 8 | 11 | 9 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Servicing income, net | 1 | 2 | 2 | 2 |  |
|  Total revenue, net | 100 | 100 | 100 | 100 | 100 |
|  Operating expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provision for expected credit losses | 16 | 17 | 18 | 18 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Funding costs | 24 | 34 | 32 | 34 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Processing and servicing | 10 | 10 | 13 | 14 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Product development, technology and data science | 6 | 6 | 6 | 6 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Selling and marketing costs | 10 | 10 | 8 | 9 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General, administrative, and other | 15 | 13 | 11 | 12 | 10 |
|  Total operating expenses | 81 | 90 | 88 | 93 | 91 |
|  Net income before taxes | 19 | 10 | 12 | 7 | 9 |
|  Provision for income taxes | 4 | 4 | 4 | 2 | 3 |
|  Net income | 15% | 6% | 8% | 4% | 6% |

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**Comparison of the Six Months Ended June 30, 2025 and 2024** 

***Revenue***

*Interest and fee income, net* 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** | **2024 vs. 2025** | **2024 vs. 2025** |
|  | **2024** | **2025** | **$ Change** | **% Change** |
| *($ in thousands)* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest and fee income, net: | $103160 | $139278 | $36118 | 35% |

---

Interest and fee income, net increased 35% to $139.3 million for the six months ended June 30, 2025 compared to the prior year. The increase was driven by (1) an increase in loan balances and other interest-earning assets from growth in loan originations and (2) higher loan yields due to the amortization of older, lower priced collateral originated prior to the increase in interest rates in 2022 and 2023. Average interest-earning assets increased 27% and average yield increased by 100 basis points during the six months ended June 30, 2025, compared to the same period last year.

The table below presents the components of interest and fee income, net as of the six months ended June 30, 2024 and 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** | **2024 vs. 2025** | **2024 vs. 2025** |
|  | **2024** | **2025** | **$ Change** | **% Change** |
| *($ in thousands)* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer interest income and fees | $85387 | $119289 | $33902 | 40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loan origination fees | 19334 | 27063 | 7729 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Direct origination costs | (4171) | (10123) | (5952) | 143 |
|  Consumer interest and fee income, net | $100550 | $136229 | $35679 | 35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Floorplan interest income and fees | 2015 | 2076 | 61 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other interest income and fees | 595 | 973 | 378 | 64 |
|  Interest and fee income, net | $103160 | $139278 | $36118 | 35% |

---

We structure our loan pricing such that similarly situated loans, based on the borrower's risk profile and their state's compliance rules, are generally charged the same APR. However, the components of the APR (interest income and loan origination fees) will vary based on the market conditions in the respective borrower's market and the relevant compliance rules.

Our Direct Origination Costs consist of commissions paid to our dealerships. Our dealership network consists of dealerships of all sizes, from the very large mass market franchise dealerships to small single lot independent dealerships. For loans from independent dealerships, who the manufacturer's captive finance companies do not partner with, we typically do not pay a commission. For loans from franchise dealerships, we typically pay a commission, as a percentage of the loan amount. The commissions paid to franchise dealerships have remained fairly consistent since 2021, but our percentage of loans originated from franchise dealerships has grown over time. As a result of the increased portion of loans originated through franchise dealerships, our Direct Origination Costs have grown faster than our overall growth. On average, we have paid approximately $410 per loan or 0.68% to acquire a consumer as of December 31, 2024, $300 per loan or 0.55% as of December 31, 2023, and $190 per loan or 0.40% as of December 31, 2022.

The following table explains the above dollar change between the six months ended June 30, 2024 and 2025, for each component of the interest and fee income, net, by presenting the extent to which the change is

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attributable to changes in the volume of our interest-bearing assets and the extent to which the change is attributable to changes in the interest rates related to these assets:

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| | | | |
|:---|:---|:---|:---|
|  | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** |
|  | **2024 vs. 2025** | **2024 vs. 2025** | **2024 vs. 2025** |
|  | **Volume** | **Rate** | **Total** |
| *($ in thousands)* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer interest and fee income, net | $28810 | $6869 | $35679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Floorplan interest income and fees | 211 | (150) | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other interest income and fees | 292 | 86 | 378 |
|  Interest and fee income, net | $29313 | $6805 | $36118 |

---

The table below presents the components of the average outstanding interest-bearing asset balances for the indicated periods, and the respective interest and fee income, net and average yield:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** |
|  | **2024** | **2024** | **2024** | **2025** | **2025** | **2025** |
|  | **Average<br>Balance <sup>(1)</sup>** | **Interest &<br>Fee Income** | **Average<br>Yield <sup>(2)</sup>** | **Average<br>Balance <sup>(1)</sup>** | **Interest &<br>Fee income** | **Average<br>Yield <sup>(2)</sup>** |
| *($ in thousands)* |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer auto loans | $1238924 | $100550 | 16.2% | $1555518 | $136229 | 17.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Floorplan auto loans | 19976 | 2015 | 20.2 | 22231 | 2076 | 18.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 101732 | 595 | 1.2 | 145605 | 973 | 1.3 |
|  Interest and fee income, net | $1360632 | $103160 | 15.2% | $1723354 | $139278 | 16.2% |

---

(1) Average balances are calculated using the simple average of the unpaid principal balance of each month-end during the period for loans and the simple average of the interest earning assets at each month-end during the period.

(2) Average yield is calculated as the ratio between average balance and Interest and fee income, net, expressed as
a percentage, annualized.

*Ancillary product revenue, net* 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** | **2024 vs. 2025** | **2024 vs. 2025** |
|  | **2024** | **2025** | **$ Change** | **% Change** |
| *($ in thousands)* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ancillary product revenue, net | $8674 | $7081 | $(1593) | (18)% |

---

Ancillary product revenue, net decreased by 18% to $7.1 million for the six months ended June 30, 2025, compared to the prior year. This decrease was driven by lower fees generated from sales of GPS units in the six months ended June 30, 2025 compared to the same period last year, partially offset by the increase in revenue from the sale of GAP waivers as a result of increased originations over the same period.

*Gain on sale of loans, net* 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** | **2024 vs. 2025** | **2024 vs. 2025** |
|  | **2024** | **2025** | **$ Change** | **% Change** |
| *($ in thousands)* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on sale of loans, net | $10855 | $26047 | $15192 | 140% |

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Gain on sale of loans, net increased 140% to $26.0 million for the six months ended June 30, 2025, compared to the prior year. This increase was driven by a significant increase in the amount of loans sold during

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the first half of 2025 compared to the same period last year. The total amount of outstanding principal balance of loans sold increased by 125% during the six months ended June 30, 2025, as we sold loans with total outstanding principal balance at time of sale of $755.0 million, compared to $274.9 million during the six months ended June 30, 2024. Management increased its sale of loans to manage its balance sheet and liquidity, in response to an acceleration of growth in the first six months of 2025 and market conditions related to the U.S. government's rollout of tariffs.

*Servicing income, net* 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** | **2024 vs. 2025** | **2024 vs. 2025** |
|  | **2024** | **2025** | **$ Change** | **% Change** |
| *($ in thousands)* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Servicing income, net | $2748 | $497 | $(2251) | (82)% |

---

Servicing income, net decreased 82% to $0.5 million for the six months ended June 30, 2025, compared to the prior year. This decrease was driven by changes in the fair value of servicing rights maintained by the Company and partially offset by an increase in the servicing income earned due to unpaid principal balances of loans sold, on which we generate servicing fees. As of June 30, 2025, the unpaid principal balance we serviced for third-party investors was $1,406.4 million as compared to $625.2 million as of June 30, 2024. While the unpaid principal balance of assets serviced for third-party investors increased as of the six months ended June 30, 2025 as compared to June 30, 2024, the assumptions utilized to assign a fair value to the servicing assets have changed as new assets were added to the portfolio as a result of loan sales. Servicing assets related to loans sold in 2022 and 2023 which reflect lower default and prepay rates have amortized out of the servicing asset portfolio and were replaced with assets that include higher default and prepay rates that result in a lower asset value. The table below displays additional information related to our servicing fees, net:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** | **2024 vs. 2025** | **2024 vs. 2025** |
|  | **2024** | **2025** | **$ Change** | **% Change** |
| *($ in thousands)* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Servicing income earned | $5257 | $12586 | $7330 | 139% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Servicing rights fair value change - change in assumptions | $(26) | $(2634) | $(2608) | NMF |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Servicing rights fair value change - net amortization and addition of unpaid principal balance of assets serviced for third-party investors | $(2483) | $(9455) | $(6973) | 281% |
|  Servicing income, net | $2748 | $497 | $(2251) | (82)% |

---

***Operating Expenses***

*Provision for expected credit losses* 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** | **2024 vs. 2025** | **2024 vs. 2025** |
|  | **2024** | **2025** | **$ Change** | **% Change** |
| *($ in thousands)* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provision for expected credit losses | $22543 | $37744 | $15201 | 67% |

---

Provision for expected credit losses increased 67% to $37.7 million for the six months ended June 30, 2025, compared to the prior year. This increase was primarily driven by a 54% increase in net charge-offs, and an increase in expected credit losses in more recent vintages as a result of a potentially more challenging macro environment for consumer credit, and the decline in our weighted average AIRA<sup>®</sup> of loans originated throughout 2024 and into the first six months of 2025. While provision for expected credit losses has increased, since we use risk-based pricing, weighted average loan coupons have been increasing to offset the increase in expected credit losses. The impact of the drivers of this increase can be found in the line item "Change in provision due to other

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factors" within the table below displaying the activities in the allowance for expected credit provisions. See the section titled "Management Discussion and Analysis — *Key Operating Metrics* — *31+ Day Delinquency*" for more information on the impacts of the industry wide normalization of consumer credit on our business and weighted average AIRA<sup>®</sup> trends.

The table below details activity in the allowance for expected credit losses:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** | **2024 vs. 2025** | **2024 vs. 2025** |
|  | **2024** | **2025** | **$ Change** | **% Change** |
|  *($ in thousands)* |  |  |  |  |
|  Balance at the beginning of the period | $32669 | $46234 | $13565 | 42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charge-offs | (26087) | (40629) | (14542) | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recoveries of charged-off receivables | 12657 | 19993 | 7336 | 58 |
|  Net charge-offs | $(13430) | $(20636) | $(7206) | 54% |
|  Change in provision due to portfolio size | 6442 | (471) | (6913) | (107) |
|  Change in provision due to net charge-offs | 13430 | 20636 | 7206 | 54 |
|  Change in provision due to VSI<sup>(1)</sup> | 430 | (819) | (1249) | (290) |
|  Change in provision due to other factors | 994 | 15456 | 14462 | 1455 |
|  Balance at end of period | $40535 | $60400 | $19865 | 49% |
|  CECL as a % of unpaid principal balance of loans held for investment | 3.03% | 4.09% |  |  |

---

(1) As part of our risk management efforts, we maintain a Vendor Single Interest, or VSI Insurance, program that
provides coverage for credit losses on loans where the obligors failed to maintain their required auto insurance policy or where we were unable to repossess a vehicle on a loan that was in default. We have traditionally administered and funded the
program through a third-party. Net costs for the program were accounted for in Processing and Servicing, and payments received from the third-party were treated as recoveries lowering net charge-offs and the allowance for expected credit losses.
Beginning in 2023, we transitioned a portion of the program to internal management. In doing so, we included the costs of the internally managed program in the allowance for expected credit losses, net of any claims paid.

For a more detailed description of our provision for excepted credit losses, refer to "Note 4—Loans Receivable and Allowance for Expected Credit Losses" in our consolidated financial statements included elsewhere in this prospectus. For information on the allowance methodology for each of our loan categories, refer to "Note 2—Summary of Significant Accounting Policies" in our consolidated financial statements included elsewhere in this prospectus.

*Funding costs* 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** | **2024 vs. 2025** | **2024 vs. 2025** |
|  | **2024** | **2025** | **$ Change** | **% Change** |
|  *($ in thousands)* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Funding costs | $43523 | $52518 | $8995 | 21% |

---

Funding costs increased 21% to $52.5 million for the six months ended June 30, 2025, compared to the prior year. This increase was due to increased debt to fund loan origination, partially offset by lower cost of funds. The average balance of debt outstanding, excluding SAFEs and convertible debt (classified as Other debt carried at fair value on the consolidated balance sheet at June 30, 2025), increased by 33% from June 30, 2024 to June 30, 2025. The average cost of funds on debt financing transactions during the six months ended June 30, 2025 was 70 basis points lower than average cost of funds for the six months ended June 30, 2024. The decrease in cost of funds was driven by the amortization of older, higher cost debt facilities. The cost of funds on debt financing

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transactions closed in the last twelves months was lower than debt financing transactions closed in previous periods. See the section titled "Interest rate sensitivity-Impact on excess spread" for more information on the cost of funds on our debt financing transactions since 2021.

The following table presents the components of the average outstanding debt balance, our funding costs and cost of funds for the years indicated:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** |
|  | **2024** | **2024** | **2024** | **2025** | **2025** | **2025** |
| *($ in thousands)* | **Average<br>Balance <sup>(1)</sup>** | **Funding<br>Costs** | **Cost of<br>Funds<sup>(2)</sup>** | **Average<br>Balance <sup>(1)</sup>** | **Funding<br>Costs** | **Cost of<br>Funds<sup>(2)</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Secured Financing | $314250 | $16824 | 10.7% | $335014 | $15656 | 9.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-backed term debt | 687007 | 22026 | 6.4 | 955621 | 30155 | 6.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term financing | 120686 | 4673 | 7.7 | 197735 | 6707 | 6.8 |
|  Funding costs | $1121943 | $43523 | 7.8% | $1488370 | $52518 | 7.1% |

---

(1) Average balances are calculated using the simple average of the outstanding debt balance of each month-end during the period.

(2) Cost of Funds are calculated as the ratio between Funding Costs and Average Balance, expressed as a percentage,
annualized.

*Processing and servicing* 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** | **2024 vs. 2025** | **2024 vs. 2025** |
|  | **2024** | **2025** | **$ Change** | **% Change** |
|  *($ in thousands)* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Processing and servicing | $17119 | $26212 | $9093 | 53% |

---

Processing and servicing income increased 53% to $26.2 million for the six months ended June 30, 2025, compared to the prior year. This increase was primarily due to volume driven increases in loan processing and servicing fees and personnel costs. For the six months ended June 30, 2025, loan processing and servicing fees such as collections services, vehicle titling and loan repossession services, increased by 102% to $16.2 million, and personnel costs increased by 26% to $5.7 million. These increases were partially offset by a decrease of 24% to $3.5 million in ancillary product costs, compared to the same period last year. The decrease in ancillary product costs was primarily a result of a one-time VSI charge of $1.8 million in the first quarter of 2024, which was partially offset by increases due to origination volume.

*Product development, technology, and data science* 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** | **2024 vs. 2025** | **2024 vs. 2025** |
| *($ in thousands)* | **2024** | **2025** | **$ Change** | **% Change** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Product development, technology and data science | $7893 | $10037 | $2144 | 27% |

---

Product development, technology, and data science expense increased 27% to $10.0 million for the six months ended June 30, 2025 compared to the prior year. Personnel costs, net of compensation costs that were capitalized related to internally developed software, increased by 26% for the six months ended June 30, 2025, to $6.3 million compared to the same period last year. Our data infrastructure, underwriting data provider, and platform hosting costs increased by 30% to $3.7 million.

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##### [**Table of Contents**](#toc)
*Selling and marketing costs* 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** | **2024 vs. 2025** | **2024 vs. 2025** |
| *($ in thousands)* | **2024** | **2025** | **$ Change** | **% Change** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Selling and marketing costs | $11017 | $12259 | $1242 | 11% |

---

Sales and marketing expense increased 11% to $12.3 million for the six months ended June 30, 2025, compared to the prior year. Personnel costs, primarily driven by increases in personnel within our sales and marketing functions, increased 13% to $11.6 million for the six months ended June 30, 2025, compared to the same period last year. This increase was driven by increased variable compensation tied to loan origination and increased sales and marketing personnel.

*General, administrative, and other* 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** | **2024 vs. 2025** | **2024 vs. 2025** |
| *($ in thousands)* | **2024** | **2025** | **$ Change** | **% Change** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General, administrative, and other | $14984 | $18042 | $3058 | 20% |

---

General, administrative, and other expense increased 20% to $18.0 million for the six months ended June 30, 2025, compared to the prior year. Personnel costs increased by 22% to $6.9 million, and other general and administrative costs increased 13% to $4.7 million for the six months ended June 30, 2025, compared to the same period last year. These increases were driven by increased back office operation costs as we continue to support the growth of the organization. Amortization of internally developed software increased 51% to $3.2 million.

*Provision for income taxes* 

Our provision for income taxes consists of U.S. federal and state income taxes and Israeli income taxes. All Israeli related tax expense are due to transfer pricing between our U.S. and Israel locations. For the six months ended June 30, 2025, we recorded income tax expense of $5.0 million. Income taxes were primarily attributable to tax expense associated with our profitability in jurisdictions where separate filings are required.

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##### [**Table of Contents**](#toc)
*Return on average assets and average equity* 

The table below reflects the return on average assets and average equity for the six months ended June 30, 2024 and 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** |
|  | **2024** | **2024** | **2024** | **2025** | **2025** | **2025** |
| *($ in thousands)* | **Average<br>Balance <sup>(3)</sup>** | **Revenue/<br>(Expense)** | **%<sup>(4)</sup>** | **Average<br>Balance <sup>(3)</sup>** | **Revenue/<br>(Expense)** | **%<sup>(4)</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer auto loans | $1238924 | $100550 | 16.2% | $1555518 | $136229 | 17.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Floorplan | 19976 | 2015 | 20.2 | 22231 | 2076 | 18.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 101732 | 595 | 1.2 | 145605 | 973 | 1.3 |
|  Interest and fee income, net | $1360632 | $103160 | 15.2% | $1723354 | $139278 | 16.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ancillary product revenue, net | NA | 8674 | NA | NA | 7081 | NA |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on sale of loans, net | NA | 10855 | NA | NA | 26047 | NA |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Servicing fees, net | NA | 2748 | NA | NA | 497 | NA |
|  Total revenue, net | $1360632 | $125437 | 18.4% | $1723354 | $172903 | 20.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Secured financing | 314250 | (16824) | (10.7) | 335014 | (15656) | (9.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-backed term debt | 687007 | (22026) | (6.4) | 955621 | (30155) | (6.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term financing | 120686 | (4673) | (7.7) | 197735 | (6707) | (6.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity financing | 238689 | NA | NA | 234984 | NA | NA |
|  Total funding costs | $1360632 | $(43523) | (6.4)% | $1723354 | $(52518) | (6.1)% |
|  Provision for expected credit losses | $1360632 | $(22543) | (3.3)% | $1723354 | $(37744) | (4.4)% |
|  Excess spread<sup>(5)</sup> | $1360632 | $59371 | 8.7% | $1723354 | $82641 | 9.6% |
|  Other expenses<sup>(1)</sup> | NA | (53741) | NA | NA | (71540) | NA |
|  Other assets<sup>(2)</sup> | 1450 | NA | NA | 82169 | NA | NA |
|  Return on average assets | $1362082 | $5630 | 0.8% | $1805523 | $11101 | 1.2% |
|  Return on average equity | $207015 | $5630 | 5.4% | $242250 | $11101 | 9.2% |

---

(1) Other expenses include the following: processing and servicing costs; product development, technology, and data
science; selling and marketing costs; general, administrative, and other; provision for income taxes.

(2) Other assets include the following: non-interest-bearing cash;
restricted cash; property; equipment and software, net; allowance for expected credit losses; deferred tax asset; other assets.

(3) Average balances are calculated using the simple average of the unpaid principal balance of each month-end during the period for loans, and the simple average of the interest earning assets or outstanding debt balance at each month-end during the period.

(4) Percentages are calculated as the ratio between revenue / (expenses) and average balance, expressed as a
percentage, annualized.

(5) Excess spread is calculated with both debt and equity financing incorporated.

**Comparison of the Years Ended December 31, 2022, 2023 and 2024** 

***Revenue***

*Interest and fee income, net* 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **2022 vs. 2023** | **2022 vs. 2023** | **2023 vs. 2024** | **2023 vs. 2024** |
| *($ in thousands)* | **2022** | **2023** | **2024** | **$ Change** | **% Change** | **$ Change** | **% Change** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest and fee income, net | $78857 | $142224 | $226269 | $63367 | 80% | $84045 | 59% |

---

Interest and fee income, net increased 80% to $142.2 million for the twelve months ended December 31, 2023, compared to the prior year. The increase was driven by both (1) an increase in loan balances and other interest-earning assets from growth in loan originations and (2) higher loan yields due to the rise in interest rates. Interest and fee income, net increased 59% to $226.3 million for the twelve months ended December 31, 2024, compared to the prior year. The increase was driven by both (1) an increase in loan balances and other interest-

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##### [**Table of Contents**](#toc)
earning assets from growth in loan originations and (2) higher loan yields due to the amortization of older, lower priced collateral originated prior to the increase in interest rates in 2022 and 2023. Average interest-earning assets increased 46% and average yield increased by 131 basis points during the twelve months ended December 31, 2024, compared to the same period last year.

The table below presents the components of interest and fee income, net as of the twelve months ended December 31, 2022, 2023 and 2024:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **2022 vs. 2023** | **2022 vs. 2023** | **2023 vs. 2024** | **2023 vs. 2024** |
| *($ in thousands)* | **2022** | **2023** | **2024** | **$ Change** | **% Change** | **$ Change** | **% Change** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer interest income and fees | $62607 | $113882 | $190365 | $51275 | 82% | $76483 | 67% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loan origination fees | 14228 | 28379 | 40501 | 14151 | 99 | 12122 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Direct origination costs | (2447) | (5282) | (9869) | (2835) | 116 | (4587) | 87 |
|  Consumer interest and fee income, net | $74388 | $136979 | $220997 | $62591 | 84% | $84018 | 61% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Floorplan interest income | 4252 | 3718 | 4294 | (534) | (13) | 576 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other interest income | 217 | 1527 | 978 | 1310 | 604 | (549) | (36) |
|  Interest and fee income, net | $78857 | $142224 | $226269 | $63367 | 80% | $84045 | 59% |

---

We structure our loan pricing such that similarly situated loans, based on the borrower's risk profile and their state's compliance rules, are generally charged the same APR. However, the components of the APR (interest income and loan origination fees) will vary based on the market conditions in the respective borrower's market and the relevant compliance rules. During the year ended December 31, 2024, we originated more loans without loan origination fees than we had in previous periods. As a result, the growth in interest and fee income, net from loan origination fees was slower than the overall growth in interest and fee income, net, and the growth from consumer interest income and fees was greater than the overall growth.

Our Direct Origination Costs consist of commissions paid to our dealerships. Our dealership network consists of dealerships of all sizes, from the very large mass market franchise dealerships to small single lot independent dealerships. For loans from independent dealerships, who the manufacturer's captive finance companies do not partner with, we typically do not pay a commission. For loans from franchise dealerships, we typically pay a commission, as a percentage of the loan amount. The commissions paid to franchise dealerships has remained fairly consistent since 2021, but our percentage of loans originated from franchise dealerships has grown over time. As a result of the increased portion of loans originated through franchise dealerships, our Direct Origination Costs have grown faster than our overall growth. On average, we have paid approximately $410 per loan or 0.68% to acquire a consumer as of December 31, 2024, $300 per loan or 0.55% as of December 31, 2023, and $190 per loan or 0.40% as of December 31, 2022.

The following table explains the above dollar change between the years ended December 31, 2022 and 2023 and the years ended December 31, 2023 and 2024, for each component of the interest and fee income, net, by presenting the extent to which the change is attributable to changes in the volume of our interest-bearing assets and the extent to which the change is attributable to changes in the interest rates related to these assets:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
|  | **2022 vs. 2023** | **2022 vs. 2023** | **2022 vs. 2023** | **2023 vs. 2024** | **2023 vs. 2024** | **2023 vs. 2024** |
| *($ in thousands)* | **Volume** | **Rate** | **Total** | **Volume** | **Rate** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer interest and fee income, net | $55529 | $7062 | $62591 | $72099 | $11919 | $84018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Floorplan interest income | (311) | (223) | (534) | (1320) | 1896 | 576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other interest income | 352 | 958 | 1310 | 190 | (739) | (549) |
|  Interest and fee income, net | $55570 | $7797 | $63367 | $70969 | $13076 | $84045 |

---

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##### [**Table of Contents**](#toc)
The table below presents the components of the average outstanding interest-bearing asset balances for the indicated periods, and the respective interest and fee income, net and average yield:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
|  | **2022** | **2022** | **2022** | **2023** | **2023** | **2023** | **2024** | **2024** | **2024** |
| *($ in thousands)* | **Average<br>Balance<sup>(1)</sup>** | **Interest &<br>Fee Income** | **Average<br>Yield<sup>(2)</sup>** | **Average<br>Balance<sup>(1)</sup>** | **Interest &<br>Fee Income** | **Average<br>Yield<sup>(2)</sup>** | **Average<br>Balance<sup>(1)</sup>** | **Interest &<br>Fee Income** | **Average<br>Yield<sup>(2)</sup>** |
|  Consumer auto loans | $533669 | $74388 | 13.9% | $897507 | $136979 | 15.3% | $1332087 | $220997 | 16.6% |
|  Floorplan loans | 10996 | 4252 | 38.7 | 18878 | 3718 | 19.7 | 21524 | 4294 | 19.9 |
|  Other | 65641 | 217 | 0.3 | 85300 | 1527 | 1.8 | 105807 | 978 | 0.9 |
|  Interest and fee income, net | $610306 | $78857 | 12.9% | $1001684 | $142224 | 14.2% | $1459418 | $226269 | 15.5% |

---

(1) Average balances are calculated using the simple average of the unpaid principal balance of each month-end during the period for loans and the simple average of the interest earning assets at each month-end during the period.

(2) Average yield is calculated as the ratio between average balance and Interest and fee income, net, expressed as
a percentage, annualized.

The interest and fee income from Floorplan loans for the years ended December 31, 2022 and 2023 include a one-time M&A benefit of $2.1 million and $0.07 million, respectively. See "Note 2—Summary of Significant Accounting Policies, Business Combinations" in our consolidated financial statements included elsewhere in this prospectus for a discussion of the Shamrock Acquisition. As part of that acquisition, we acquired $6.2 million of performing loans at a discounted purchase price of $3.9 million. Any collections on the loans in excess of the purchase price were accounted for as interest and fee income, net. Without the one-time benefit, the Average Yield for Floorplan loans, for the year ended December 31, 2022, would have been 19.2%.

*Ancillary product revenue, net* 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **2022 vs. 2023** | **2022 vs. 2023** | **2023 vs. 2024** | **2023 vs. 2024** |
| *($ in thousands)* | **2022** | **2023** | **2024** | **$ Change** | **% Change** | **$ Change** | **% Change** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ancillary product revenue, net | $14301 | $15590 | $17531 | $1289 | 9% | $1941 | 12% |

---

Ancillary product revenue, net increased by 9% to $15.6 million for the twelve months ended December 31, 2023, compared to the prior year. The increase was driven by increasing loan originations offset by a lower percentage of consumers opting to purchase GAP waivers and by less revenue per consumer who purchased a GAP waiver. Ancillary product revenue, net increased by 12% to $17.5 million for the twelve months ended December 31, 2024, compared to the prior year. Similar to the prior year, the increase was driven by increasing loan originations partially offset by a lower percentage of consumers opting to purchase GAP waivers and by less revenue per consumer who purchased a GAP waiver. As a result of various changes in state and federal laws and regulations related to GAP waivers in 2023, we began providing pro rata refunds to consumers who pre-paid their loans. As a result, the revenue per consumer who purchased a GAP waiver declined year-over-year.

*Gain on sale of loans, net* 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **2022 vs. 2023** | **2022 vs. 2023** | **2023 vs. 2024** | **2023 vs. 2024** |
| *($ in thousands)* | **2022** | **2023** | **2024** | **$ Change** | **% Change** | **$ Change** | **% Change** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on sale of loans, net | $7419 | $14363 | $31302 | $6944 | 94% | $16939 | 118% |

---

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##### [**Table of Contents**](#toc)
Gain on sale of loans, net increased 94% to $14.4 million for the twelve months ended December 31, 2023, compared to the prior year. This increase was driven by an increase of 168% in the total amount of outstanding principal balance of the loans sold, as during the twelve months ended December 31, 2023, we sold loans with total outstanding principal balance at time of sale of $422.2 million, compared to $157.3 million during the twelve months ended December 31, 2022. Gain on sale of loans, net increased 118% to $31.3 million for the twelve months ended December 31, 2024, compared to the prior year. This increase was driven by an increase in both the profit we generate when we sell loans and the amount of loans sold. The profit we generate on loans sold has increased because (1) loans have been originated with higher pricing, (2) we have lowered the spread third-party investors require to participate in our loan sale programs, and (3) interest rates have declined from their recent peaks during in 2023 and 2024 while we increased or maintained our pricing levels. The total amount of outstanding principal balance of loans sold increased by 54% during the twelve months ended December 31, 2024, as we sold loans with total outstanding principal balance at time of sale of $648.5 million, compared to $422.2 million during the twelve months ended December 31, 2023.

*Servicing income, net* 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **2022 vs. 2023** | **2022 vs. 2023** | **2023 vs. 2024** | **2023 vs. 2024** |
| *($ in thousands)* | **2022** | **2023** | **2024** | **$ Change** | **% Change** | **$ Change** | **% Change** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Servicing income, net | $683 | $3176 | $6422 | $2493 | 365% | $3246 | 102% |

---

Servicing income, net increased 365% to $3.2 million for the twelve months ended December 31, 2023, compared to the prior year. This increase was driven by selling significantly more loans, on which we generate servicing fees, in 2023 than in 2022. Servicing income, net increased 102% to $6.4 million for the twelve months ended December 31, 2024, compared to the prior year. This increase was driven by increases in the unpaid principal balances of loans sold, on which we generate servicing fees, in the twelve months ended December 31, 2024, compared to the same period last year. Servicing income, net represented 2% of our Total revenue, net for the twelve months ended December 31, 2024. As of December 31, 2024, the unpaid principal balance we serviced for third-party investors was $859.4 million. The table below displays additional information related to our servicing fees, net:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **2022 vs. 2023** | **2022 vs. 2023** | **2023 vs. 2024** | **2023 vs. 2024** |
| *($ in thousands)* | **2022** | **2023** | **2024** | **$ Change** | **% Change** | **$ Change** | **% Change** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Servicing income earned | $1341 | $6467 | $13860 | $5126 | 382% | $7393 | 114% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Servicing rights fair value change | (658) | (3291) | (7438) | (2633) | 400 | (4147) | 126 |
|  Servicing income, net | $683 | $3176 | $6422 | $2493 | 365% | $3246 | 102% |

---

***Operating Expenses***

*Provision for expected credit losses* 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **2022 vs. 2023** | **2022 vs. 2023** | **2023 vs. 2024** | **2023 vs. 2024** |
| *($ in thousands)* | **2022** | **2023** | **2024** | **$ Change** | **% Change** | **$ Change** | **% Change** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provision for expected credit losses | $16512 | $30358 | $51505 | $13846 | 84% | $21147 | 70% |

---

Provision for expected credit losses increased 84% to $30.4 million for the twelve months ended December 31, 2023, compared to the prior year, driven by a 119% increase in net charge-offs. Provision for expected credit losses increased 70% to $51.5 million for the twelve months ended December 31, 2024, compared to the prior year. This increase was primarily driven by a 115% increase in net charge-offs. Net charge-offs in 2023 and 2024 increased due to the growth in Aggregate Originations and a higher Annualized Net Charge-off Rate from macroeconomic conditions and the industrywide normalization of consumer credit. See the section titled "Management Discussion and Analysis — *Key Operating Metrics — 31+ Day Delinquency*" for more information on the impacts of the industry wide normalization of consumer credit on our business.

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##### [**Table of Contents**](#toc)
The table below details activity in the allowance for expected credit losses:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended**<br>**December 31,** | **For the Year Ended**<br>**December 31,** | **For the Year Ended**<br>**December 31,** | **2022 vs. 2023** | **2022 vs. 2023** | **2023 vs. 2024** | **2023 vs. 2024** |
| *($ in thousands)* | **2022** | **2023** | **2024** | **$ Change** | **% Change** | **$ Change** | **% Change** |
|  Balance at the beginning of the period | $9534 | $18622 | $32669 | $9088 | 95% | $14047 | 75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charge-offs | (12683) | (33654) | (64189) | (20971) | 165 | (30535) | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recoveries of charged-off receivables | 5259 | 17400 | 29302 | 12141 | 231 | 11902 | 68 |
|  Net charge-offs | (7424) | (16254) | (34887) | (8830) | 119 | (18633) | 115 |
|  Change in provision due to portfolio size | 9093 | 9331 | 11472 | 238 | 3 | 2141 | 23 |
|  Change in provision due to net charge-off | 7424 | 16254 | 34887 | 8830 | 119 | 18633 | 115 |
|  Change in provision due to VSI<sup>(1)</sup> | 0 | 1502 | 121 | 1502 | NA | (1381) | (92) |
|  Change in provision due to other factors | (5) | 3214 | 1972 | 3219 | NM<sup>(2)</sup> | (1242) | (39) |
|  Balance at end of period | $18622 | $32669 | $46234 | $14047 | 75% | $13565 | 42% |
|  CECL as a % of unpaid principal balance | 2.50% | 2.92% | 3.06% |  |  |  |  |

---

(1) As part of our risk management efforts, we maintain a Vendor Single Interest, or VSI Insurance, program that
provides coverage for credit losses on loans where the obligors failed to maintain their required auto insurance policy or where we were unable to repossess a vehicle on a loan that was in default. We have traditionally administered and funded the
program through a third-party. Net costs for the program were accounted for in Processing and Servicing, and payments received from the third-party were treated as recoveries lowering net charge-offs and the allowance for expected credit losses.
Beginning in 2023, we transitioned a portion of the program to internal management. In doing so, we included the costs of the internally managed program in the allowance for expected credit losses, net of any claims paid.

(2) Not meaningful.

For a more detailed description of our provision for excepted credit losses, refer to "Note 4 — Loans Receivable and Allowance for Expected Credit Losses" in our consolidated financial statements included elsewhere in this prospectus. For information on the allowance methodology for each of our loan categories, refer to "Note 2 — Summary of Significant Accounting Policies" in our consolidated financial statements included elsewhere in this prospectus.

*Funding costs* 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **2022 vs. 2023** | **2022 vs. 2023** | **2023 vs. 2024** | **2023 vs. 2024** |
| *($ in thousands)* | **2022** | **2023** | **2024** | **$ Change** | **% Change** | **$ Change** | **% Change** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Funding costs | $23871 | $59029 | $93780 | $35158 | 147% | $34751 | 59% |

---

Funding costs increased 147% to $59.0 million for the twelve months ended December 31, 2023, compared to the prior year. This increase was due to a 72% increase in average outstanding debt balance, driven by increased debt to fund loan origination growth, and a 228 basis points increase in our cost of funds, driven by the increase in interest rates. Funding costs increased 59% to $93.8 million for the twelve months ended December 31, 2024, compared to the same period last year. This increase was due to increased debt to fund loan origination growth, and a 33 basis points increase, driven by the amortization of older, lower priced debt facilities from before the increase in interest rates in 2022 and 2023. The cost of funds on debt financing transactions closed during the year ended December 31, 2024 was lower than debt financing transactions closed during the year ended December 31, 2023. See the section titled "*Interest rate sensitivity-Impact on excess spread*" for more information on the cost of funds on our debt financing transactions since 2021.

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##### [**Table of Contents**](#toc)
The following table presents the components of the average outstanding debt balance, our funding costs, and cost of funds for the years indicated:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
|  | **2022** | **2022** | **2022** | **2023** | **2023** | **2023** | **2024** | **2024** | **2024** |
| *($ in thousands)* | **Average<br>Balance<sup>(1)</sup>** | **Funding<br>Costs** | **Cost of<br>Funds<sup>(2)</sup>** | **Average<br>Balance<sup>(1)</sup>** | **Funding<br>Costs** | **Cost of<br>Funds<sup>(2)</sup>** | **Average<br>Balance<sup>(1)</sup>** | **Funding<br>Costs** | **Cost of<br>Funds<sup>(2)</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Secured financing | $159642 | $10208 | 6.4% | $296131 | $27203 | 9.2% | $356194 | $34797 | 9.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-backed term debt | 262531 | 10682 | 4.1 | 392440 | 21949 | 5.6 | 737183 | 49109 | 6.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term financing | 48108 | 2981 | 6.2 | 114265 | 9877 | 8.6 | 127620 | 9874 | 7.7 |
|  Funding costs | $470281 | $23871 | 5.1% | $802836 | $59029 | 7.4% | $1220997 | $93780 | 7.7% |

---

(1) Average balances are calculated using the simple average of the outstanding debt balance of each month-end during the period.

(2) Cost of Funds are calculated as the ratio between Funding Costs and Average Balance, expressed as a percentage,
annualized.

*Processing and servicing* 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **2022 vs. 2023** | **2022 vs. 2023** | **2023 vs. 2024** | **2023 vs. 2024** |
| *($ in thousands)* | **2022** | **2023** | **2024** | **$ Change** | **% Change** | **$ Change** | **% Change** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Processing and servicing | $10015 | $17826 | $35346 | $7811 | 78% | $17520 | 98% |

---

Processing and servicing expense increased 78% to $17.8 million for the twelve months ended December 31, 2023, compared to the prior year. This increase was primarily due to volume driven increases in personnel costs and loan processing and servicing fees. For the twelve months ended December 31, 2023, personnel costs increased by 53% to $6.3 million, loan processing and servicing fees such as collections services, vehicle titling and loan repossession services, increased by 151% to $6.7 million, and ancillary product costs increased by 48% to $4.8 million, compared to the same period last year. Processing and servicing expense increased 98% to $35.3 million for the twelve months ended December 31, 2024, compared to the prior year. This increase was primarily due to volume driven increases in loan processing and servicing fees and personnel costs. For the twelve months ended December 31, 2024, loan processing and servicing fees such as collections services, vehicle titling and loan repossession services, increased by 178% to $18.8 million, personnel costs increased by 50% to $9.5 million, and ancillary product costs increased by 50% to $7.1 million, compared to the same period last year.

*Product development, technology, and data science* 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **2022 vs. 2023** | **2022 vs. 2023** | **2023 vs. 2024** | **2023 vs. 2024** |
| *($ in thousands)* | **2022** | **2023** | **2024** | **$ Change** | **% Change** | **$ Change** | **% Change** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Product development, technology, and data science | $6240 | $10950 | $15624 | $4710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75% | $4674 | 43% |

---

Product development, technology, and data science expense increased 75% to $11.0 million for the twelve months ended December 31, 2023, compared to the prior year. Personnel costs, net of compensation costs that were capitalized related to internally developed software, increased 75% to $7.4 million for the twelve months ended December 31, 2023, compared to the same period last year. Personnel costs that relate to the creation of internally developed software that were capitalized into property, equipment and software, net on the consolidated balance sheets, and are amortized into general, administrative and other expense over the useful life of the developed software, increased by 39% to $5.4 million. Our data infrastructure, underwriting data provider, and platform hosting costs increased by 81% to $3.5 million. Product development, technology, and data science

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##### [**Table of Contents**](#toc)
expense increased 43% to $15.6 million for the twelve months ended December 31, 2024, compared to the prior year. Personnel costs, net of compensation costs that were capitalized related to internally developed software, increased by 32% for the twelve months ended December 31, 2024, to $9.7 million compared to the same period last year. Personnel costs that relate to the creation of internally developed software increased by 44% to $7.8 million. Our data infrastructure, underwriting data provider, and platform hosting costs increased by 67% to $5.9 million.

*Selling and marketing costs* 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **2022 vs. 2023** | **2022 vs. 2023** | **2023 vs. 2024** | **2023 vs. 2024** |
| *($ in thousands)* | **2022** | **2023** | **2024** | **$ Change** | **% Change** | **$ Change** | **% Change** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Selling and marketing costs | $10331 | $17156 | $21428 | $6825 | 66% | $4272 | 25% |

---

Sales and marketing expense increased 66% to $17.2 million for the twelve months ended December 31, 2023, compared to the prior year. This increase was primarily driven by increases in personnel costs within our sales and marketing functions of 61% to $16.0 million for the twelve months ended December 31, 2023, compared to the same period the prior year. Sales and marketing costs increased 25% to $21.4 million for the twelve months ended December 31, 2024, compared to the same period the prior year. Personnel costs, primarily driven by increases in personnel, within our sales and marketing functions increased 28% to $20.4 million for the twelve months ended December 31, 2024, compared to the same period last year. In each year, the increases were driven by increased variable compensation tied to loan origination and increased sales and marketing personnel.

*General administrative and other* 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **2022 vs. 2023** | **2022 vs. 2023** | **2023 vs. 2024** | **2023 vs. 2024** |
| *($ in thousands)* | **2022** | **2023** | **2024** | **$ Change** | **% Change** | **$ Change** | **% Change** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General, administrative | $15362 | $22719 | $29966 | $7357 | 48% | $7247 | 32% |

---

General, administrative, and other expense increased 48% to $22.7 million for the twelve months ended December 31, 2023, compared to the prior year. Personnel costs increased by 99% to $7.9 million, and other general and administrative costs increased 52% to $7.5 million for the twelve months ended December 31, 2023, compared to the same period last year. These increases were driven by increases in headcount as we continue to grow our back office and increase the size and scale of our organization. Amortization of internally developed software increased by 79% to $3.1 million. General, administrative, and other expenses increased 32% to $30.0 million for the twelve months ended December 31, 2024, compared to the same period the prior year. Personnel costs increased 41% to $11.2 million and professional fees increased 28% to $5.3 million for the twelve months ended December 31, 2024, compared to the same period last year. Similar to the prior year, these increases were driven by increases in headcount as we continue to grow our back office and increase the size and scale of our organization. Amortization of internally developed software increased by 56% to $4.8 million.

*Provision for (Benefit from) Income Taxes* 

Our provision for (benefit from) income taxes consists of U.S. federal and state income taxes and Israeli income taxes. All Israeli related tax expense are due to transfer pricing between our U.S. and Israel locations. For the twelve months ended December 31, 2022, December 31, 2023 and December 31, 2024 we recorded income tax expense of $3.9 million, $6.2 million and $11.1 million, respectively. Income taxes were primarily attributable to tax expense associated with our profitability in jurisdictions where separate filings are required.

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##### [**Table of Contents**](#toc)
*Return on Average Assets and Average Equity* 

The table below reflects the return on average assets and average equity for the years ended December 31, 2022, 2023 and 2024:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
|  | **2022** | **2022** | **2022** | **2023** | **2023** | **2023** | **2024** | **2024** | **2024** |
| *($ in thousands)* | **Average<br>Balance<sup>(3)</sup>** | **Revenue/<br>(Expense)** | **%<sup>(4)</sup>** | **Average<br>Balance<sup>(3)</sup>** | **Revenue/<br>(Expense)** | **%<sup>(4)</sup>** | **Average<br>Balance<sup>(3)</sup>** | **Revenue/<br>(Expense)** | **%<sup>(4)</sup>** |
|  Consumer Auto loans | $533669 | $74388 | 13.9% | $897506 | $136979 | 15.3% | $1332087 | $220997 | 16.6% |
|  Floorplan | 10996 | 4252 | 38.7 | 18878 | 3718 | 19.7 | 21524 | 4294 | 19.9 |
|  Other | 65641 | 217 | 0.3 | 85300 | 1527 | 1.8 | 105807 | 978 | 0.9 |
|  Interest and fee income, net | $610306 | $78857 | 12.9% | $1001684 | $142224 | 14.2% | $1459418 | $226269 | 15.5% |
|  Ancillary product revenue, net | NA | 14301 | NA | NA | 15590 | NA | NA | 17531 | NA |
|  Gain on sale of loans, net | NA | 7419 | NA | NA | 14363 | NA | NA | 31302 | NA |
|  Servicing fees, net | NA | 683 | NA | NA | 3176 | NA | NA | 6422 | NA |
|  Total revenue, net | $610306 | $101260 | 16.6% | $1001684 | $175353 | 17.5% | $1459418 | $281524 | 19.3% |
|  Secured financing | 159642 | (10208) | (6.4) | 296131 | (27203) | (9.2) | 356194 | (34797) | (9.8) |
|  Asset-backed term debt | 262531 | (10682) | (4.1) | 392440 | (21949) | (5.6) | 737183 | (49109) | (6.7) |
|  Term financing | 48108 | (2981) | (6.2) | 114265 | (9877) | (8.6) | 127620 | (9874) | (7.7) |
|  Equity financing | 140025 | NA | NA | 198848 | NA | NA | 238421 | NA | NA |
|  Funding costs | $610306 | $(23871) | (3.9)% | $1001684 | $(59029) | (5.9)% | $1459418 | $(93780) | (6.4)% |
|  Provision for expected credit losses | $610306 | $(16512) | (2.7)% | $1001684 | $(30358) | (3.0)% | $1459418 | $(51505) | (3.5)% |
|  Excess spread<sup>(5)</sup>  | $610306 | $60876 | 10.0% | $1001684 | $85965 | 8.6% | $1459418 | $136239 | 9.3% |
|  Other expenses<sup>(1)</sup>  | NA | (45831) | NA | NA | (74807) | NA | NA | (113428) | NA |
|  Other assets<sup>(2)</sup>  | (3439) | NA | NA | 6596 | NA | NA | 18719 | NA | NA |
|  Return on average assets | $606866 | $15046 | 2.5% | $1008280 | $11158 | 1.1% | $1478137 | $22811 | 1.5% |
|  Return on average equity | $125119 | $15046 | 12.0% | $182495 | $11158 | 6.1% | $215108 | $22811 | 10.6% |

---

(1) Other expenses include the following: processing and servicing costs; product development, technology, and data
science; selling and marketing costs; general, administrative, and other; provision for income taxes.

(2) Other assets include the following: non-interest-bearing cash;
restricted cash; property; equipment and software   %, net; allowance for expected credit losses; deferred tax asset; other assets.

(3) Average balances are calculated using the simple average of the unpaid principal balance of each month-end during the period for loans, and the simple average of the interest earning assets or outstanding debt balance at each month-end during the period.

(4) Percentages are calculated as the ratio between revenue / (expenses) and average balance, expressed as a
percentage, annualized.

(5) Excess spread is calculated with both debt and equity financing incorporated.

**Liquidity and Capital Resources** 

***Sources and Uses of Funds***

We finance our operating and capital needs through the sale of equity and debt securities, borrowings from debt facilities, third-party loan sale arrangements, asset-backed securitization transactions, and cash flows from operations.

From inception, through December 31, 2021, we raised approximately $100 million in paid-in-capital from sales of equity securities. These sales were primarily in the form of preferred stock. During the years ended December 31, 2022 and 2023 we raised $48 million and $27 million, respectively in paid-in-capital from sales of preferred stock. We did not raise paid-in-capital from sales of preferred stock in 2024 and in the six months ended June 30, 2025. See "Note 10—Convertible Preferred Stock" in our consolidated financial statements included elsewhere in this prospectus for additional details.

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##### [**Table of Contents**](#toc)
In the second quarter of 2025, we entered into Simple Agreements for Future Equity, or SAFEs, with investors in an aggregate purchase amount of $17.1 million. Additionally, in the second quarter of 2025, we entered into subordinated convertible loan agreements with existing investors for an aggregate principal amount of $16.7 million. See "—Convertible Financings" below for additional details.

We regularly analyze and monitor our liquidity needs and strive to maintain excess liquidity and access to diverse funding sources to continue to achieve our overall liquidity objectives. We are focused on building a diverse liquidity structure to maintain sufficient liquidity and to access the most economical funding channels, especially in various economic climates. This includes working with various lending institutions and broker dealerships to create a diversified platform that includes warehouse credit facilities, term credit facilities, securitizations, and third-party loan sales arrangements.

We define our liquidity risk as the risk that we are unable to achieve any or all of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Originate loans at our current growth rates, or at all;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sell our loans at favorable prices, or at all;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Meet our minimum capital requirements under our warehouse lines of credit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Meet our contractual obligations as they become due;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Increase or extend the maturity of our warehouse line of credits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Execute securitizations and/or other private term debt financings; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Make future investments in the necessary technological and operating infrastructure to support our business.

For the years ended December 31, 2022, 2023 and 2024 and for the six months ended June 30, 2025, we were profitable and generated positive free cash flow. As such, our free cash flows are sufficient to fund our business and we do not require the sale of equity securities in order to continue operations. Any sale of equity and debt securities was completed in order to manage our investor base and provide additional capital and liquidity for growth, flexibility and risk management. We fund our growth in loan originations through our debt facilities, asset-backed securitization transactions, or Securitizations, private term debt financings, and our third-party loan sale arrangements. We believe that our existing cash balance, anticipated positive free cash flows, access to the securitization and private term debt markets, and available borrowing capacity under our credit facilities will be sufficient to meet our anticipated cash operating expense and capital expenditure requirements through at least the next 12 months. We do not have any significant unused sources of liquid assets.

***Warehouse Credit Facilities***

Through bankruptcy remote special purpose vehicles, or SPVs, which Lendbuzz considers VIEs, we enter into warehouse credit facilities with certain lenders to finance the origination of our loans. Each SPV enters into a credit and loan security agreement with one or more lenders. Borrowings under these agreements are referred to as secured financing and generally the proceeds from the borrowings may only be used for the purposes of facilitating loan funding and origination, with advance rates generally ranging from 85% to 87% of the total collateralized balance. The lenders generally do not have recourse against the credit of Lendbuzz. These facilities have a revolving borrowing period, followed by an amortization period. During the revolving borrowing period, the ability to continue to revolve is based on covenant compliance with each respective lender. During the amortization period, the facilities enter rapid amortization, where all cash proceeds, after payment of fees and expenses of the servicer and third parties and debt service, are used to pay down the outstanding debt. As the facilities amortize under their rapid amortization features, our effective advance rate declines. To minimize the effect of the rapid amortization, once a facility has entered its amortization period, we actively try to incorporate the collateral within the facility into a new warehouse facility, a new term credit facility, or a new securitization in order to prepay the facility.

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##### [**Table of Contents**](#toc)
Borrowings under these warehouse credit facilities bear interest, payable monthly, at an annual benchmark rate of SOFR or commercial paper, plus a spread. In addition, these agreements require payment of a monthly unused commitment fee on the undrawn portion available. These warehouse credit facilities mature between the first quarter of 2026 and the second quarter of 2027.

These agreements contain certain customary negative covenants and financial covenants including maintaining certain levels of liquidity, leverage, and tangible net worth. As of the years ended December 31, 2022, 2023 and 2024 and the six months ended June 30, 2025, we were in compliance with all applicable covenants in the agreements.

***Corporate Financing***

The Company maintains a $75.0 million committed line of credit with a national banking association intended to be used for working capital and general corporate purposes, for which the maturity date is March 2027. The facility is secured by the assets of our standalone parent entity and our licensed loan originating entity Lendbuzz Funding, LLC. The facility has a revolving period of 24 months, and bears interest at a rate of SOFR + 4%. The facility also requires payments of an unused commitment fee on the undrawn portion available. The agreement contains certain customary negative covenants and financial covenants including maintaining certain levels of liquidity and interest coverage.

***Repurchase Agreements***

The Company periodically enters into repurchase agreements ("Repo Agreements") with its existing lenders, allowing it to borrow against certain of its retained bonds from its consolidated and unconsolidated securitizations that have been pledged to the lender. The purchase price of each of the agreements are accounted for as debt and included within the Secured Financing, net financial statement line item due to the agreements' mandatory repurchase obligation. Under the Repo Agreements, since the Company's counterparties have purchased the collateral, they have the right to sell or repledge the collateral. The Repo Agreements allow for the simultaneous repurchase and resale of the bonds as of the maturity date, often referred to as "rolling the maturity." As of December 31, 2024 and June 30, 2025, the assets sold under repurchase agreements consisted of $52.6 million and $67.4 million, respectively, of retained bonds from the Company's securitizations. The Repo Agreements are generally set to mature within 90 days.

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##### [**Table of Contents**](#toc)
The table below displays the change in secured financing, net for the years ended December 31, 2023 and 2024 and as of the six months ended June 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Year Ended<br>December 31,** | **For the Year Ended<br>December 31,** | **For the Six Months<br>Ended June 30,** |
| *($ in thousands)* | **2023** | **2024** | **2025** |
|  Aggregate revolving commitment amount | $852500 | $1095000 | $1120000 |
|  Proceeds received net of paydowns under mandatory repurchase agreement |  | 41000 | 6968 |
|  Principal opening balance | $270376 | $424900 | $488234 |
|  Repayments | (796963) | (1451137) | (1041012) |
|  Borrowings | 951487 | 1514471 | 880577 |
|  Principal closing balance | $424900 | $488234 | $327799 |
|  Accrued interest opening balance | 1679 | 3114 | 3333 |
|  Interest payments | (24102) | (32023) | (14798) |
|  Interest expense | 25537 | 32242 | 13941 |
|  Accrued interest closing balance | $3114 | $3333 | $2476 |
|  Deferred financing fees opening balance | (2720) | (4587) | (6697) |
|  Capitalizations | (3549) | (4649) | (495) |
|  Amortizations | 1682 | 2539 | 1557 |
|  Deferred financing fees closing balance | $(4587) | $(6697) | $(5635) |
|  Secured financing, net opening balance | $269335 | $423427 | $484870 |
|  Secured financing, net closing balance | 423427 | 484870 | 324640 |

---

***Term Credit Facility***

During 2022, through an SPV, we entered into a term credit facility via a credit and loan security agreement with a national banking association. Borrowings under this facility are referred to as term financing and the proceeds from the borrowings may only be used to fund loans originated by our platform. The advance rates on the facility at the dates of funding range from 80.0% - 87.5% of the total collateralized balance. The creditor does not have recourse against the general credit of Lendbuzz and the underlying collateral of the SPV may only be used to settle the obligations of the SPV. As the underlying collateral amortizes, the facility amortizes pro-rata, until the amount of over collateralization reaches a minimum amount. After reaching the minimum over collateralization, the facility amortizes sequentially, maintaining the minimum over collateralization. The facility includes customary collateral covenants, which would cause the facility to enter rapid amortization.

Borrowings under the term credit facility bear interest at a commercial paper rate plus a spread. Interest is payable monthly. During the year ended December 31, 2023, we paid down $43.4 million of the term credit facility. During the year ended December 31, 2024, we paid down $63.5 million, transferred $101.8 million of collateral into the facility, and borrowed $86.0 million. During the six months ended June 30, 2025, we transferred $353.6 million of collateral into the facility, borrowed $283.8 million, and paid down $195.5 million.

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##### [**Table of Contents**](#toc)
The below table presents the change in the term credit facilities for the years ended December 31, 2023 and 2024 and as of the six months ended June 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Year Ended**<br>**December 31,** | **For the Year Ended**<br>**December 31,** | **For the Six Months**<br>**Ended June 30,** |
| *($ in thousands)* | **2023** | **2024** | **2025** |
|  Principal opening balance | $139017 | $95633 | $118130 |
|  Repayments | (43384) | (63489) | (195514) |
|  Borrowings |  | 85986 | 283850 |
|  Principal closing balance | $95633 | $118130 | $206466 |
|  Accrued interest opening balance | 845 | 659 | 722 |
|  Interest payments | (9198) | (9371) | (5675) |
|  Interest expense | 9012 | 9434 | 6378 |
|  Accrued interest closing balance | $659 | $722 | $1425 |
|  Deferred financing fees opening balance | (775) | (155) | (211) |
|  Capitalizations |  | (300) | (321) |
|  Amortizations | 620 | 244 | 276 |
|  Deferred financing fees closing balance | $(155) | $(211) | $(256) |
|  Term credit facility, net opening balance | $139087 | $96137 | $118641 |
|  Term credit facility, net closing balance | 96137 | 118641 | 207635 |

---

***Asset-Backed Term Debt, net ("Asset-Backed Securitizations" or "ABS")***

During 2021, we launched an asset backed securitization, for which we sponsor and establish trusts, which are deemed to be variable interest entities, or VIEs, to purchase loans originated by our platform. Securities issued from our ABS program are senior or subordinated based on the waterfall criteria of distributions to each security class. The subordinated residual interests (the residual certificates described below) issued from these transactions are the first to absorb loan losses in accordance with the waterfall criteria. For these VIEs, the securityholders have no recourse to the general credit of Lendbuzz and the liabilities of the VIEs can only be settled by the respective VIEs' assets. Additionally, the assets of the VIEs can be used only to settle obligations of the VIEs.

We consolidate certain securitization trusts in which we have a variable interest and are deemed to be the primary beneficiary. See "Note 2—Summary of Significant Accounting Policies – Principles of Consolidation" in our consolidated financial statements included elsewhere in this prospectus for further discussion of our consolidation policy.

Alternately, we create trusts that transfer the credit risk associated with loans which we do not consolidate. To comply with Dodd-Frank Risk Retention rules, we retain a portion of each class of notes and residual certificates issued by the securitization trust. We also have continuing, non-controlling involvement with the trusts as the servicer. As servicer, we have the power to perform the activities which most impact the economic performance of the VIE. However, since we hold an insignificant financial interest in the trusts, we are not the primary beneficiary. Our maximum exposure to loss as a result of our involvement with the nonconsolidated VIEs is limited to our investment. There are no liquidity arrangements, guarantees or other commitments by third parties that may affect the fair value or risk of our variable interests in non-consolidated VIEs.

As of December 31, 2024 and June 30, 2025, we had six and eight consolidated VIEs, respectively, on our consolidated balance sheets. As of December 31, 2024 and June 30, 2025, we served as servicer for a securitization transaction that we created and sponsored but such securitization transaction was not consolidated as of December 31, 2024 and June 30, 2025. The securitization transaction initially closed in April 2023 but was not deconsolidated until June 2023. During the year ended December 31, 2024, we entered into and served as servicer for an additional securitization transaction, which was not consolidated as of December 31, 2024. During

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the six months ended June 30, 2025, we closed five securitization transactions. Lendbuzz serves as the servicer for each of these transactions. Three of the five securitization transactions that occurred during the six months ended June 30, 2025 are not consolidated by Lendbuzz.

The following tables present the aggregate carrying value of financial assets and liabilities from our consolidated VIEs:

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| | | | |
|:---|:---|:---|:---|
| *($ in thousands)* | **Assets** | **Liabilities** | **Net Assets** |
|  **December 31, 2023** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Secured financing, net | $504994 | $410444 | $94550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term credit facility, net | 103059 | 96137 | 6922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-backed term debt, net | 511635 | 454076 | 57559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other |  | 49 | (49) |
|  Total consolidated VIEs | $1119688 | $960706 | $158982 |
|  | **Assets** | **Liabilities** | **Net Assets** |
|  **December 31, 2024** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Secured financing, net | $499962 | $393356 | $106606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term credit facility, net | 144141 | 118641 | 25500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-backed term debt, net | 901473 | 774863 | 126610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other |  | 67 | (67) |
|  Total consolidated VIEs | $1545576 | $1286927 | $258649 |
|  | **Assets** | **Liabilities** | **Net Assets** |
|  **June 30, 2025** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Secured financing, net | $239404 | $231377 | $8027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term credit facility, net | 127833 | 207635 | (79802) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-backed term debt, net | 1212117 | 1067954 | 144163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other |  | 84 | (84) |
|  Total consolidated VIEs | $1579354 | $1507050 | $72304 |

---

***Whole Loan Sales***

In March 2022 we began selling whole loans to institutional investors to expand our committed capital sources, diversify our liquidity and reduce our reliance on the securitization markets. As part of these agreements, we agree to sell a minimum amount of our loan originations, subject to certain eligibility criteria and minimum and maximum volumes. Additionally, on June 30, 2025, we closed the sale of a pool of $208.3 million of loans. For the years ended December 31, 2023 and 2024, we sold $252.2 million and $595.9 million in unpaid principal balance, respectively. For the six months ended June 30, 2024 and 2025, we sold $274.9 and $505.3 million in unpaid principal balance, respectively.

***Convertible Financings***

*SAFEs* 

During April, May, and June 2025, we entered into several SAFEs with substantially similar terms with various investors (the "SAFE investors") for an aggregate purchase amount of $17,050,000. Under the terms of the SAFEs, the SAFE investors have the right to convert their purchase amount into certain shares of the Company, upon the occurrence of certain events. These events include, among others (each, a "Conversion Event"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. a preferred stock financing by the Company, in which the SAFE investors have the right, but not the obligation,
to convert the entire purchase amount of the SAFE, in full (and not in part), into the same class and series of equity securities issued in such financing;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. a Qualified IPO, defined as an initial public offering on the New York Stock Exchange or Nasdaq, which yields
at least $100 million net proceeds to the Company at a price per share which is at least equal to the Series D-1 Original Issue Price (as defined in our existing certificate of incorporation), in which
the SAFE investors' purchase amounts will automatically convert into the number of shares of common stock to be sold in such IPO equal to the purchase amount of the relevant SAFE divided by the lower of the initial public offering price, as
discounted based on the timing of our IPO, and the price per share calculated by dividing $2.0 billion by our IPO capitalization (the "IPO Price");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. a Non-Qualified IPO, which includes special purpose acquisition
companies ("SPACs") and direct listings and initial public offerings that do not qualify for a Qualified IPO, in which SAFE investors have the right, but not the obligation, to convert the entire purchase amount of the SAFE, in full (and
not in part), into the number of shares of common stock to be sold in such IPO equal to the purchase price divided by the IPO Price; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. a SAFE remaining outstanding at April 30, 2028, or at April 30, 2035, in which case SAFE investors
will have the right, but not the obligation, at April 30, 2028, to convert their purchase amount, or will have their purchase amount automatically converted at April 30, 2035, into either (i) the most senior class or series of shares
at such date, at a price per share equal to the lowest price per share paid for such securities or (ii) shares of our Preferred D-1 Stock, at the Series D-1 Original Issue Price.

In the case of a Conversion Event constituting a preferred stock financing or a Non-Qualified IPO, the SAFE investors holding greater than 50% of the total purchase amount of all then outstanding SAFEs may elect to convert the entire purchase amount of all SAFEs then outstanding. In some cases, if the majority SAFE Investors agree to certain amendments to the terms of any Conversion Event, a SAFE investor may, with 10 days notice of such amendment, elect to convert their purchase amount into shares of Preferred D-1 Stock of the Company, at the Series D-1 Original Issue Price.

The SAFEs will terminate upon an occurrence of a Conversion Event. If this offering does not constitute a Qualified IPO and SAFE investors, or the majority SAFE investors, do not elect to convert their purchase amount into common stock, the SAFEs will remain outstanding until the time of a subsequent Conversion Event.

*Convertible Loans* 

In May and June 2025, we entered into Subordinated Unsecured Convertible Loan Agreements (the "Convertible Loan Agreements") with substantially similar terms with certain investors (the "CLA investors") who agreed to provide subordinated convertible loans (the "convertible loans") in the aggregate amount of $16,725,000 to us. The convertible loans mature on May 12, 2030, in the case of $15,000,000 of the aggregate principal amount thereof, and May 29, 2030, with respect to $1,725,000 of the aggregate principal amount thereof (each such date, a "Maturity Date"). The convertible loans bear interest at a rate of 10% per annum, non-compounded, which is paid on a quarterly basis, until the convertible loans are converted or repaid in full in accordance with the terms of the applicable Convertible Loan Agreement. In the event that we fail to make any payment due under the Convertible Loan Agreements, interest will accrue on a compounded, quarterly basis and the overdue amount will bear an additional 2% of interest until any such overdue amount is paid in full. Upon the occurrence of certain events, the CLA investors have the right to have the outstanding amounts under the convertible loans converted. These events, include, among others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. a preferred stock financing by the Company, in which the CLA investors have the right, but not the obligation,
to convert the outstanding balance of the convertible loan, in full (and not in part), into the same class and series of equity securities issued in such financing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. in the event of an IPO, defined as any initial public offering on a nationally or internationally recognized
securities exchange, a SPAC transaction or a direct listing, the CLA investors have the right to convert all or any portion of the outstanding amount under the convertible loan into shares of the Company's common stock to be offered in the IPO
at the lower of the initial public offering price and the price per share equal to $2.0 billion divided by our IPO capitalization. If a CLA investor chooses

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not to convert all or a portion of their convertible loans, they may elect to receive a cash payment for the outstanding balance at such time or continue to hold until the applicable Maturity Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. the applicable Maturity Date, at which time the CLA investors have the right, but not the obligation, to elect
to convert all or any portion of the outstanding balance under the convertible loans, into either (i) the most senior class or series of shares at the Maturity Date, at a price per share equal to the lowest price per share paid for such
securities or (ii) shares of Preferred D-1 Stock of the Company, at the Series D-1 Original Issue Price (as defined therein) and the remaining amount, if any, will
become immediately due and payable by the Company.

The convertible loans are subordinated to all of our senior indebtedness, including, without limitation our line of credit agreement. In addition, the convertible loans contain certain covenants. In particular, if we raise additional capital via convertible securities in excess of $70.0 million, including via SAFEs, we must obtain the written consent of OG Tech Ventures International (II) Limited, one of the investors in the convertible loans. In addition, if we issue any convertible securities prior to the earliest to occur of three years after the date of each Convertible Loan Agreement, an IPO or certain other events specified therein with terms more favorable than those in the Convertible Loan Agreements, the investors will have the right to cause the Company to amend and restate their Convertible Loan Agreements to be identical to such subsequent convertible securities.

This offering is our initial public offering and will constitute an IPO under the Convertible Loan Agreements. If the CLA investors do not elect to convert their convertible loans into common stock, the convertible loans will remain outstanding until the time of a subsequent conversion event or maturity.

**Cash Flow** 

The following table summarizes our cash flows for the periods presented:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Six Months<br>Ended June 30,** | **For the Six Months<br>Ended June 30,** |
| *($ in thousands)* | **2022** | **2023** | **2024** | **2024** | **2025** |
|  Net cash (used in) provided by operating activities | $44570 | $57442 | $80798 | $29737 | $(37006) |
|  Net cash (used in) provided by investing activities | (374804) | (402842) | (440227) | (238425) | (176464) |
|  Net cash provided by financing activities | 367956 | 341145 | 397862 | 210856 | 249469 |

---

Our cash is held for working capital purposes and originating loans. Our restricted cash represents collections held for our warehouse lines of credit, term credit facilities, securitizations and third-party loan buyers. Restricted cash is distributed monthly to pay servicing fees, interest expense, required principal payments, and any amount due to whole loan buyers with any excess amounts returned to us. We believe that our existing cash balance, anticipated positive cash flows from operations, excluding the impact of activity related to held for sale receivables, expected securitizations and other term financings, and available borrowing capacity under our credit facilities will be sufficient to meet our anticipated cash operating expense and capital expenditure requirements through at least the next 12 months. Our future capital requirements will depend on many factors, including loan origination growth, loan sales, availability and cost of securitizations and other term financings, current line of credit capacity and growth in that capacity, and investment in technology product enhancements and research and development. We may, in the future, enter into arrangements to acquire or invest in complementary businesses, services and technologies, including intellectual property rights. We may be required to seek additional equity or debt financing. In the event that we require additional financing, we may not be able to raise such financing on terms acceptable to us or at all. If we are unable to raise additional capital or generate cash flows necessary to expand our operations and invest in continued innovation, we may not be able to compete successfully, which would harm our business, operations and financial condition.

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***Operating Activities***

Cash flows (used in) provided by operating activities primarily include net income or losses adjusted for (1) non-cash items included in net income or loss, including provision for expected credit losses, depreciation and amortization expense, fair value adjustments, net, stock-based compensation expense, and deferred tax provision, net, (2) changes in the balances of operating assets and liabilities including interest and fee receivables, deferred origination fees and costs, and servicing assets, which can vary significantly in the normal course of business due to the amount and timing of various payments, and (3) the impact of originations, collections and proceeds from sales of loans originated as held-for-sale.

For the six months ended June 30, 2024 and 2025, our net cash (used in) provided by operating activities was $29.7 million and $(37.0) million, respectively. The Company originated loans as held-for-sale for the first time in 2025 and the impact of the originations net of the cash collected and proceeds from the sale of these receivables contributed to an operating cash flow result of cash used in operating activities for the six months ended June 30, 2025, as compared to cash provided by operating activities in the six months ended June 30, 2024. For the twelve months ended December 31, 2022, December 31, 2023 and December 31, 2024, our net cash provided by operating activities was $44.6 million, $57.4 million and $80.8 million, respectively.

***Investing Activities***

Our investing activities consist primarily of loan origination of loans originated as held for investment, loan repayments of loans originated as held for investment, loan sales of loans originated as held for investment, as well as capital expenditures and capitalized software. Capitalization of system development costs may vary from period to period due to the timing of the expansion of our operations, the increase in employee headcount and the development cycles of our system development.

For the six months ended June 30, 2024, our net cash used in investing activities was $238.4 million.

For the six months ended June 30, 2025, our net cash used in investing activities was $176.5 million. The decrease in cash used in investing activities compared to the same period last year was primarily due to the increase in repayment of consumer auto loan principal of $79.6 million, and increase in proceeds from loan sales of $196.3 million, and was partially offset by an increase in disbursements on origination of consumer auto loans of $219.9 million, compared to the six months ended June 30, 2024.

For the twelve months ended December 31, 2022, our net cash used in investing activities was $374.8 million. For the twelve months ended December 31, 2023, our net cash used in investing activities was $402.8 million. The increase in cash used in investing activities for the twelve months ended December 31, 2023 as compared to the same period last year was primarily due to the increase in disbursements on origination of consumer auto loans of $379.8 million, and was partially offset by an increase in repayment of consumer auto loan principal of $96.9 million, and in proceeds from loan sales of $256.0 million.

For the twelve months ended December 31, 2024, our net cash used in investing activities was $440.2 million. The increase in cash used in investing activities for the twelve months ended December 31, 2024 as compared to the same period last year was primarily due to the increase in disbursements on origination of consumer auto loans of $423.2 million, and was partially offset by an increase in repayment of consumer auto loan principal of $154.1 million, and in proceeds from loan sales of $232.5 million.

***Financing Activities***

For the six months ended June 30, 2024, our net cash provided by financing activities was $210.9 million, primarily driven by $210.5 million net increase in borrowings from warehouse lines of credit, term credit facilities, and securitizations, net of deal costs.

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For the six months ended June 30, 2025, our net cash provided by financing activities was $249.5 million, primarily driven by $216.1 million in net borrowings from warehouse lines of credit, term credit facilities, and securitizations, net of deal costs and $33.8 million of proceeds from the SAFEs and Convertible Loan transactions.

For the twelve months ended December 31, 2022, our net cash provided by financing activities was $368.0 million, primarily driven by (1) the sale of $48.0 million of Series D preferred stock, net of deal costs and (2) $319.7 million net increase in borrowings from warehouse lines of credit, term credit facilities, and securitizations.

For the twelve months ended December 31, 2023, our net cash provided by financing activities was $341.1 million, primarily driven by (1) the sale of $27.1 million of Series D-1 preferred stock, net of deal costs and (2) $313.1 million net increase in borrowings from warehouse lines of credit, term credit facilities, and securitizations, resulting in a decrease of $26.8 million compared to the year ended December 31, 2022.

For the twelve months ended December 31, 2024, our net cash provided by financing activities was $397.9 million, primarily driven by $397.3 million net in borrowings from warehouse lines of credit, term credit facilities, and securitizations, net of deal costs.

**Non-GAAP Financial Metrics** 

In addition to Total revenue, net, net income (loss), and other results presented in accordance with generally accepted accounting principles, or GAAP, the following table sets forth non-GAAP financial measures management utilizes to evaluate our business:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Six Months**<br>**Ended June 30,** | **For the Six Months**<br>**Ended June 30,** |
| *($ in thousands)* | **2022** | **2023** | **2024** | **2024** | **2025** |
|  Adjusted EBITDA<sup>(1)</sup> | $19495 | $25455 | $44365 | $14320 | $22680 |
|  Adjusted EBITDA-FVO<sup>(2)</sup> | $32742 | $63151 | $114611 | $45419 | $29754 |
|  Adjusted Net Income<sup>(3)</sup> | $14231 | $16102 | $28099 | $9298 | $14155 |
|  Adjusted Revenue-FVO<sup>(4)</sup> | $105600 | $201154 | $338598 | $149407 | $163638 |

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(1) We define Adjusted EBITDA, a non-GAAP measure, as GAAP net income,
adjusted to exclude (1) depreciation and amortization, (2) stock-based compensation expense, (3) tax provision (benefit) for income taxes and (4) a one-time $2.1 million revenue
benefit in 2022 from an M&A transaction (consisting of $6.2 million of loans acquired at a discounted purchase price of $3.9 million, where any collections in excess of the purchase price were accounted for as Interest and Fee Income,
net).

(2) We define Adjusted EBITDA-FVO, a non-GAAP measure, as Adjusted EBITDA, further adjusted to reflect the impact that the adoption of the fair value option, or FVO, on our consumer auto loan receivables would have.

(3) We define Adjusted Net Income (loss), a non-GAAP measure, as net income
(loss) adjusted to exclude stock-based compensation expense and a one-time tax adjusted revenue benefit from an M&A transaction.

(4) We define Adjusted Revenue-FVO, a non-GAAP measure, as Total revenue, net adjusted to reflect the impact that the adoption of the fair value option, or FVO, on our consumer auto loan receivables would have.

***Adjusted EBITDA and Adjusted EBITDA-FVO***

*Adjusted EBITDA* ****

Adjusted EBITDA, a non-GAAP measure, is a measure used by management to evaluate our operating performance. Management believes Adjusted EBITDA provides a useful measure for period-over-period comparisons of our business, as it removes the effects of certain non-cash items and a one-time M&A benefit that are not indicative of our core operating performance or results of operations. It is also a measure that management relies upon to evaluate cash flows generated from operations, and therefore the extent of additional capital, if any, available to invest in strategic initiatives.

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Adjusted EBITDA has limitations as an analytical tool and should not be considered in isolation from, or as a substitute for, the analysis of GAAP financial measures, such as net income. Some of the limitations of Adjusted EBITDA include that it does not reflect the impact of working capital requirements or capital expenditures and is not a universally consistent calculation among companies in our industry, which limits the usefulness of the metric as a comparative measure.

![LOGO](g715014g39n40.jpg)

Adjusted EBITDA increased 58% to $22.7 million in the six months ended June 30, 2025, as compared to

the six months ended June 30, 2024. Adjusted EBITDA increased 31% to $25.5 million in the year ended

December 31, 2023, as compared to the year ended December 31, 2022. Adjusted EBITDA increased 74% to $44.4 million in the year ended December 31, 2024, as compared to the year ended December 31, 2023.

*Adjusted EBITDA-FVO* ****

Adjusted EBITDA-FVO, a non-GAAP measure, is a measure used by management to evaluate our operating performance with comparable companies that have elected the fair value option, or FVO, when accounting for loan receivables. Since we have not elected FVO, as permitted under US GAAP, our loans receivables are carried at amortized cost, which is reduced by CECL as of the balance sheet date. Under FVO, loan origination fees and costs are recognized in earnings as incurred, as opposed to being deferred and amortized over the life of the loan. Additionally, the initial fair value measurement and any subsequent changes in fair value are recorded into earnings in the period in which the change occurs. Management believes Adjusted EBITDA-FVO provides a useful measure for period-over-period comparisons of our business, as it removes the effect of certain non-cash items and a one-time M&A benefit that are not indicative of our core operating performance or results of operations and incorporates the impact of adopting FVO. By using this metric, we can more closely evaluate our earnings when compared to companies with similar business models who have elected FVO.

Adjusted EBITDA-FVO has limitations as an analytical tool and should not be considered in isolation from, or a substitute for, the analysis of other GAAP financial measures, such as net income. Some of the limitations of Adjusted EBITDA-FVO include that it does not reflect the impact of working capital requirements or capital

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expenditures and is not a universally consistent calculation among companies in our industry, which limits the usefulness of the metric as a comparative measure.

![LOGO](g715014g39p41.jpg)

Adjusted EBITDA-FVO decreased 34% to $29.8 million in the six months ended June 30, 2025, as compared to the six months ended June 30, 2024. Adjusted EBITDA-FVO increased 93% to $63.2 million in the year ended December 31, 2023, as compared to the year ended December 31, 2022. Adjusted EBITDA-FVO increased 82% to $114.6 million in the year ended December 31, 2024, as compared to the year ended December 31, 2023.

The following table reconciles net income, the most directly comparable GAAP measure, to Adjusted EBITDA and Adjusted EBITDA-FVO for the time periods indicated.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended**<br>**December 31,** | **For the Year Ended**<br>**December 31,** | **For the Year Ended**<br>**December 31,** | **For the Six Months**<br>**Ended June 30,** | **For the Six Months**<br>**Ended June 30,** |
| *($ in thousands)* | **2022** | **2023** | **2024** | **2024** | **2025** |
|  Net income | $15046 | $11158 | $22811 | $5630 | $11101 |
|  Non-GAAP adjustments |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization | 1818 | 3224 | 5203 | 2295 | 3535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stock-based compensation expense | 886 | 4990 | 5290 | 3669 | 3054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax provision (benefit) from income taxes | 3883 | 6157 | 11064 | 2728 | 4990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; One-time M&A benefit | (2138) | (74) | (3) | (2) |  |
|  Adjusted EBITDA | $19495 | $25455 | $44365 | $14320 | $22680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impact of adopting FVO on Consumer Auto Loan Receivables<sup>(1)</sup> | 13247 | 37696 | 70246 | 31099 | 7074 |
|  Adjusted EBITDA-FVO | $32742 | $63151 | $114611 | $45419 | $29754 |

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(1) See the section titled "—Consumer Loan Receivables Accounting Policy Elections and Adjusted EBITDA-FVO" for details of impact of adopting FVO on Consumer Auto Loan Receivables.

***Adjusted Net Income***

We believe Adjusted Net Income, a non-GAAP measure, provides a useful measure for period-over-period comparisons of our business, as it removes the effect of stock-based compensation, a non-cash item that does not impact equity and a one-time benefit of an M&A transaction. Management utilizes this measure to evaluate the changes in equity the business generates.

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Adjusted Net Income has limitations as an analytical tool and should not be considered in isolation from, or as a substitute for, the analysis of GAAP financial measures, such as net income (loss). The primary limitation of Adjusted Net Income is its lack of comparability to other companies that do not utilize the measure or that use a similar measure that is defined in a different manner.

![LOGO](g715014g94w35.jpg)

Adjusted Net Income increased 52% to $14.2 million in the six months ended June 30, 2025, as compared to the six months ended June 30, 2024. Adjusted Net Income increased 13% to $16.1 million for the year ended December 31, 2023, as compared to the year ended December 31, 2022. Adjusted Net Income increased 75% to $28.1 million for the year ended December 31, 2024, as compared to the year ended December 31, 2023.

The following table reconciles net income, the most directly comparable GAAP measure, to Adjusted Net Income for the time periods indicated:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended**<br>**December 31,** | **For the Year Ended**<br>**December 31,** | **For the Year Ended**<br>**December 31,** | **For the Six Months<br>Ended June 30,** | **For the Six Months<br>Ended June 30,** |
| *($ in thousands)* | **2022** | **2023** | **2024** | **2024** | **2025** |
|  Net income | $15046 | $11158 | $22811 | $5630 | $11101 |
|  Non-GAAP adjustments |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stock-based compensation expense | 886 | 4990 | 5290 | 3669 | 3054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; One-time M&A benefit | (2138) | (74) | (3) | (2) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax impact of one-time M&A benefit | 437 | 28 | 1 | 1 |  |
|  Adjusted Net Income | $14231 | $16102 | $28099 | $9298 | $14155 |

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The following table reconciles net income, the most directly comparable GAAP measure, to Adjusted Net Income for the quarterly periods presented below:

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** |
|  | **March 31,** | **June 30,** | **September 30,** | **December 31,** | **March 31,** | **June 30,** | **September 30,** | **December 31,** | **March 31,** | **June 30,** |
| *($ in thousands)* | **2023** | **2023** | **2023** | **2023** | **2024** | **2024** | **2024** | **2024** | **2025** | **2025** |
|  Net income | $772 | $9847 | $177 | $362 | $778 | $4852 | $9269 | $7912 | $8930 | $2171 |
|  Non-GAAP adjustments |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stock-based compensation expense | 3523 | 465 | 478 | 524 | 2919 | 749 | 882 | 740 | 1727 | 1326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; One-time M&A benefit | (48) | (24) | (2) |  | (2) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax impact of one-time M&A benefit | 15 | 9 | 1 | 3 | 1 |  |  |  |  |  |
|  Adjusted Net Income | $4262 | $10297 | $654 | $889 | $3696 | $5601 | $10151 | $8652 | $10657 | $3497 |

---

***Adjusted Revenue-FVO***

Adjusted Revenue-FVO, a non-GAAP measure, is a measure used by management to evaluate our revenue with comparable companies but have elected FVO when accounting for loan receivables. Since we have not elected FVO, as permitted under US GAAP, our loans receivables are carried at amortized cost, which is reduced by CECL as of the balance sheet date. Under FVO, loan origination fees and costs are recognized in earnings as incurred, as opposed to being deferred and amortized over the life of the loan. Additionally, the initial fair value measurement and any subsequent changes in fair value are recorded into earnings in the period in which the change occurs. By using this metric, we can more closely evaluate our revenue when compared to companies with similar business models who have elected FVO.

Adjusted Revenue-FVO has limitations as an analytical tool and should not be considered in isolation from, or a substitute for, the analysis of other GAAP financial measures, such as Total revenue, net. Some of the limitations of Adjusted Revenue-FVO include that it is not a universally consistent calculation among companies in our industry, which limits the usefulness of the metric as a comparative measure.

![LOGO](g715014g36q12.jpg)

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Adjusted Revenue-FVO increased 10% to $163.6 million in the six months ended June 30, 2025, as compared to the six months ended June 30, 2024. Adjusted Revenue-FVO increased 90% to $201.2 million in the year ended December 31, 2023, as compared to the year ended December 31, 2022. Adjusted Revenue-FVO increased 68% to $338.6 million in the year ended December 31, 2024, as compared to the year ended December 31, 2023.

The following table reconciles Total revenue, net, the most directly comparable GAAP measure, to Adjusted Revenue-FVO for the time periods indicated.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended**<br>**December 31,** | **For the Year Ended**<br>**December 31,** | **For the Year Ended**<br>**December 31,** | **For the Six Months**<br>**Ended June 30,** | **For the Six Months**<br>**Ended June 30,** |
| *($ in thousands)* | **2022** | **2023** | **2024** | **2024** | **2025** |
|  Total revenue, net | $101260 | $175353 | $281524 | $125437 | $172903 |
|  Impact of adopting FVO on Consumer Auto Loan Receivables<sup>(1)</sup> | 4340 | 25801 | 57074 | 23970 | (9265) |
|  Adjusted Revenue-FVO | $105600 | $201154 | $338598 | $149407 | $163638 |

---

(1) See the section titled "—Consumer Loan Receivables Accounting Policy Elections and Adjusted Revenue-FVO" for details of impact of adopting FVO on Consumer Auto Loan Receivables.

**Critical Accounting Policies and Estimates** 

Our "Management's Discussion and Analysis of Financial Condition and Results of Operations" is based on our consolidated financial statements, which have been prepared in accordance with GAAP. The preparation of these consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, expenses and the related disclosures. In accordance with GAAP, we base our estimates on historical experience and on various other assumptions that we believe are reasonable under the circumstances. Actual results may differ from these estimates under different assumptions or conditions. While our significant accounting policies are more fully described in "Note 2—Summary of Significant Accounting Policies" in our consolidated financial statements included elsewhere in this prospectus, we believe the following critical accounting policies affect the more significant estimates, assumptions and judgments we use to prepare our consolidated financial statements.

***Allowance for Expected Credit Losses***

We maintain an allowance for expected credit losses, or allowance, that represents our current estimate of expected credit losses over the contractual terms of our loans held for investment. We measure the allowance on a monthly basis through consideration of past events, including historical experience, current conditions and reasonable and supportable forecasts.

We measure current expected loan losses over the contractual terms of our loans. The contractual terms are adjusted for expected prepayments but are not extended for renewals or extensions. Expected credit losses incorporate the fair value of the underlying vehicles collateralizing the consumer auto loans. Charge-offs of uncollectible amounts result in a reduction to the allowance and recoveries of previously charged off amounts result in an increase to the allowance. When developing an estimate of expected credit losses, we use both quantitative and qualitative methods in considering all available information relevant to assessing collectability. This may include internal information, external information, or a combination of both relating to past events, current conditions, and reasonable and supportable forecasts. Significant judgment is applied to the development and duration of reasonable and supportable forecasts used in our estimation of lifetime losses.

We estimate expected credit losses over the duration of those forecasts and then revert, on a rational and systematic basis, to historical losses at each relevant loss component of the estimate. For periods beyond which we are able to make or obtain reasonable and supportable forecasts, we revert to historical loss information that is

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reflective of the contractual term of the financial asset or group of financial assets. The reasonable and supportable forecast period for key macroeconomic variables that influence credit losses generally extends for 24 months, and we employ a straight-line reversion approach based on 12 months to blend the forecasted period with the historical loss rates. Management will consider and may qualitatively adjust for conditions, changes and trends in loan portfolios that may not be captured in modeled results. These adjustments are referred to as qualitative factors and represent management's judgment of the imprecision and risks inherent in the processes and assumptions used in establishing the allowance for expected credit losses. Management's judgment may involve an assessment of current and forward-looking conditions including but not limited to changes in lending policies and procedures, nature and volume of the portfolio, external factors, and uncertainty as it relates to economic, model or forecast risks, where not already captured in the modeled results.

The macroeconomic forecast used to inform both quantitative and qualitative components of our allowance for credit losses estimate is sensitive to variables that may impact borrowers' ability to pay, such as the U.S. unemployment rate. Our December 31, 2024 allowance for credit losses assumes that the average unemployment rate will remain similar to its current level. If our assumptions about the macroeconomic environment or other key drivers of net charge-offs were not to be accurate, and our Annualized Net Charge-off Rate were to increase by 25 bps, our pre-tax net income would decline by 10%.

Although we examine a variety of externally available data, as well as our internal loan performance data, to determine our allowance for credit losses, our estimation process is subject to risks and uncertainties, including a reliance on historical loss and trend information that may not be representative of current conditions and indicative of future performance as well as economic forecasts that may not align with actual future economic conditions. Accordingly, our actual credit loss experience may not be in line with our expectations.

The allowance for expected credit losses was $18.6 million, $32.7 million and $46.2 million at December 31, 2022, 2023 and 2024, respectively. The allowance for expected credit loses was $40.5 million and $60.4 million at June 30, 2024 and 2025, respectively. For further information on our allowance see "Note 4— Loans Receivable and Allowance for Expected Credit Losses" in our consolidated financial statements included elsewhere in this prospectus.

***Fair Value***

We have elected the fair value option for servicing assets and liabilities, as well as for our convertible debt and SAFEs. We record servicing assets and liabilities at their estimated fair values when we transfer loans which qualify as sales under Topic 860, Transfers and Servicing. We use a discounted cash flow model to estimate the fair value of loan servicing assets and liabilities. The cash flows in the valuation model represent the difference between the servicing fees charged to institutional investors and an estimated market servicing fee. Since servicing fees are generally based on the monthly unpaid principal balance of the underlying loans, the expected cash flows in the model incorporate estimated credit risk and expected prepayments on the loans. As of June 30, 2025 and December 31, 2024, the aggregate fair value of the servicing assets was measured at $49.3 million and $28.9 million, respectively, and presented as servicing assets, net in the consolidated balance sheet. As of June 30, 2025, the aggregate fair values of the SAFEs and convertible debt were measured at $16.9 million and $16.8 million, respectively, and are presented within the Other debt carried at fair value financial statement line item within the consolidated balance sheet. For further information on fair value measurements see "Note 6—Fair Value Measurements" in our consolidated financial statements included elsewhere in this prospectus.

***Stock-Based Compensation***

The determination of the amount of stock-based compensation expense to be recorded requires us to develop estimates to be used in the calculation of the grant date fair value of stock options granted under our employee stock purchase plan. We estimate the grant date fair value of stock options using the Black-Scholes option-pricing model. The use of the Black-Scholes model requires us to make key assumptions such as expected option term and volatility to determine the fair value of a stock option.

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The assumptions used in our option-pricing model represent management's best estimates. These estimates involve inherent uncertainties and the application of management's judgment. If factors change and different assumptions are used, our stock-based compensation expense could be materially different in the future.

These assumptions are estimated as follows:

• *Fair value.* Because our common stock is not yet publicly traded, we must estimate the fair value of common
stock. Our board of directors considers numerous objective and subjective factors to determine the fair value of our common stock at each meeting in which awards are approved.

• *Expected volatility.* Expected volatility is a measure of the amount by which the stock price is expected
to fluctuate. Since we do not have sufficient trading history of our common stock, we estimate the expected volatility of our stock options at the grant date by taking the average historical volatility of a group of comparable publicly traded
companies over a period equal to the expected life of the options.

• *Expected term.* We determine the expected term based on the average period the stock options are expected
to remain outstanding using the simplified method, generally calculated as the midpoint of the stock options' vesting term and contractual expiration period, as we do not have sufficient historical information to develop reasonable
expectations about future exercise patterns and post-vesting employment termination behavior.

• *Risk-free rate.* We use the U.S. Treasury yield for our risk-free interest rate that corresponds with the
expected term.

• *Expected dividend yield.* We utilize a dividend yield of zero, as we do not currently issue dividends, nor
do we expect to do so in the future.

The following assumptions were used to calculate the fair value of stock options granted to employees:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Six Months**<br>**Ended June 30,** | **For the Six Months**<br>**Ended June 30,** |
|  | **2022** | **2023** | **2024** | **2024** | **2025** |
|  Expected dividend yield | —% | —% | —% | —% | —% |
|  Expected volatility | 65% | 65% | 65% - 121.7 | 65% | 95% |
|  Expected term (years) | 6 | 5 - 6.24 | 6.24 | 6.24 | 6.24 |
|  Risk-free interest rate | 3.3% | 3.3% - 4.72 | 4.59% - 4.72 | 4.72% | 3.65% |

---

Assumptions used in valuing non-employee stock options are generally consistent with those used for employee stock options with the exception that the expected term is over the contractual life, or 10 years.

We will continue to use judgment in evaluating the assumptions related to our stock-based compensation on a prospective basis. As we continue to accumulate additional data related to our common stock, we may have refinements to our estimates, which could materially impact our future stock-based compensation expense. For further information on stock-based compensation see "Note 12—Stock Option Plan" in our consolidated financial statements included elsewhere in this prospectus.

**Consumer Loan Receivables Accounting Policy Elections** 

***Adjusted EBITDA-FVO and Adjusted Revenue-FVO***

As discussed in "Note 2 — Summary of Critical Accounting Policies," we have elected to record our consumer auto loans receivables, classified as held for investment at amortized cost, which is reduced by CECL estimated as of the applicable balance sheet date. Additionally, amortized cost includes deferring origination fees and costs. Had we chosen to adopt the fair value option, as permitted by ASC 825-10, we (1) would not have recorded a CECL allowance, (2) would have recognized loan origination costs and fees at origination, rather than

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deferring them, and (3) would have recorded the fair value on our consolidated balance sheet, with the impact of the initial fair value measurement and subsequent changes in fair value recognized in the consolidated statements of operations. Since the fair value of our loans are generally greater than the face value of our loans, recording the fair value at loan origination generally results in an immediate recognition of revenue.

The table below displays the impact to Adjusted Revenue-FVO and pre-tax earnings (named "Impact to Adjusted EBITDA-FVO" in the table below) from electing the fair value option methodology from each of the different recognition components:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Six Months**<br>**Ended June 30,** | **For the Six Months**<br>**Ended June 30,** |
|  | **2022** | **2023** | **2024** | **2024** | **2025** |
| *($ in thousands)* |  |  |  |  |  |
|  Impact from Immediate Recognition of Deferred Origination Fees | $10627 | $10321 | $4259 | $4481 | $(5274) |
|  Impact from Immediate Recognition of Deferred Origination Costs | (1559) | (2345) | (3701) | (2018) | (153) |
|  Impact from Fair Value Recognition of Loans | (4728) | 17825 | 56516 | 21507 | (3838) |
|  Impact to Adjusted Revenue-FVO | $4340 | $25801 | $57074 | $23970 | $(9265) |
|  Impact from Removing CECL and losses on held for sale loans | 8907 | 11895 | 13172 | 7129 | 16339 |
|  Impact to Adjusted EBITDA-FVO | $13247 | $37696 | $70246 | $31099 | $7074 |

---

The impacts from the immediate recognition of deferred origination fees and costs and removing CECL

reflect the difference between the ending and beginning balances included in the consolidated balance sheets for

deferred origination fees, deferred origination costs and the allowance for expected credit losses, respectively.

The following table presents the changes in the fair value of our consumer loan receivables and the Impact

to Adjusted EBITDA-FVO and the Impact to Adjusted Revenue-FVO from the recognition of the fair value.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Six Months Ended<br>June 30,** | **For the Six Months Ended<br>June 30,** |
|  | **2022** | **2023** | **2024** | **2024** | **2025** |
| *($ in thousands)* |  |  |  |  |  |
|  Beginning Fair Value | $390150 | $741446 | $1126199 | $1126199 | $1570891 |
|  Less Fair Value at Opening Date | 14772 | 10044 | 27869 | 27869 | 84385 |
|  Unpaid Principal Balance at Opening Date (utilizing amortized cost method) | 375378 | 731402 | 1098330 | 1098330 | 1486506 |
|  Change in Unpaid Principal Balance | 356024 | 366928 | 388176 | 218036 | 24964 |
|  Unpaid Principal Balance at Ending Date (utilizing amortized cost method) | 731402 | 1098330 | 1486506 | 1316366 | 1511470 |
|  Plus Fair Value at Ending Date | 10044 | 27869 | 84385 | 49376 | 80547 |
|  Ending Fair Value | 741446 | 1126199 | 1570891 | 1365742 | 1592017 |
|  Less Fair Value at Opening Date | (14772) | (10044) | (27869) | (27869) | (84385) |
|  Plus Fair Value at Ending Date | 10044 | 27869 | 84385 | 49376 | 80547 |
|  Impact to Adjusted EBITDA-FVO and Adjusted Revenue-FVO | $(4728) | $17825 | $56516 | $21507 | $(3838) |

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We utilize discounted cash flow models to arrive at an estimate of fair value of our consumer loans receivable (Level 2). Significant assumptions used in the fair value are as follows:

• Discount Rate - Estimated cash flows of the consumer loan receivables are discounted at a market discount rate to
determine the fair value. The discount rate reflects the market rate that third-party investors would require to purchase our loans.

• Cumulative Net Charge-off Rate - The cumulative net charge-offs expected
on the consumer loan receivables over the expected remaining term of the loans.

• Conditional Prepayment Rate - The monthly proportion of the principal of a pool of loans that is assumed to be
voluntarily paid off prematurely in each period.

The following table presents significant assumptions used in our discounted cash flow model:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Six Months**<br> **Ended June 30,** | **For the Six Months**<br> **Ended June 30,** |
|  | **2022** | **2023** | **2024** | **2024** | **2025** |
|  Discount Rate | 9.91% | 10.38% | 9.60% | 10.13% | 8.47% |
|  Annualized Net Charge-Off Rate | 1.59% | 1.48% | 1.56% | 1.60% | 2.81% |
|  Conditional Prepayment Rate | 2.00% | 1.40% | 1.19% | 1.40% | 1.38% |

---

Our consumer auto finance loans historically have had positive fair values because the projected net yield (portfolio weighted average interest less expected annualized net charge-off rate) exceeds the discount rate. As interest rates rose in 2022 and 2023, the rate of return that third-party investors required to purchase our loans rose. As discussed within the section titled "Management Discussion & Analysis — Impact on Excess Spread", as interest rates rose, we increased prices on new loan originations to offset these increases. However, since our consumer auto loans are originated with a fixed rate, we were not able to increase pricing on the historical portfolio. As a result, the fair value of those loans originated prior to the rise in interest rates, while still remaining positive, declined. For the period ended December 31, 2022, the fair value of $10.0 million on our consumer auto loans was lower than the fair value of $14.8 million, for the period ended December 31, 2021, resulting in a negative Impact to Adjusted EBITDA-FVO and Adjusted Revenue-FVO. During the final six months of the year ended December 31, 2023, the unpaid principal balance of loans on our balance sheet that were originated prior to the rise in interest rates continued to decline through amortization and prepayments, while we continued to increase pricing and grow our portfolio, resulting in a fair value of $27.9 million, and a positive $17.8 million Impact to Adjusted EBITDA-FVO and Adjusted Revenue-FVO. For the year ended December 31, 2024, the trends experienced during the final six months of 2023 stayed consistent. The unpaid principal balance of loans on our balance sheet that were originated prior to the rise in interest rates continued to decline and we continued to increase the unpaid principal balance of loans with higher interest rates. Additionally, the Federal Reserve began lowering interest rates in September 2024, which resulted in a decline in the discount rates investors require to purchase our loans. This has resulted in a fair value of $84.4 million and a positive $56.5 million Impact to Adjusted EBITDA-FVO and Adjusted Revenue-FVO.

As a result of the declining weighted average AIRA<sup>®</sup> of our loan originations in more recent vintages, overall credit losses for the life of the loans are projected to be higher, resulting in a lower fair value of the loans on our balance sheet. Thus, for the six months ended June 30, 2025, the fair value of $80.5 million on our consumer auto loans was lower than the fair value of $84.4 million for the period ended December 31, 2024, resulting in a negative impact to Adjusted EBITDA-FVO and Adjusted Revenue-FVO.

**Quantitative and Qualitative Disclosures About Market Risk** 

We are exposed to market risks in the ordinary course of our business, which may impact our financial position due to fluctuations in automotive and financial asset prices, credit performance of our loans, and interest rates. We are exposed to market risk through our loans originated and held for investment or originated and sold

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to investors, access to the securitization markets, investor demand for loans originated through our platform, and availability of funding under our current credit facilities and term loans.

***Credit Risk***

We recognize that we are exposed to cyclical changes in credit quality. Consequently, we are committed to striving to ensure that our credit portfolio is resilient to economic downturns. Our most important tool in this endeavor is sound underwriting driven by AIRA<sup>®</sup>. The table below displays the unpaid principal balance, or UPB, of the loan portfolio inclusive of loans held for investment and held for sale by AIRA<sup>®</sup> score band as of December 31, 2022, 2023 and 2024 and as of June 30, 2024 and 2025:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of June 30,** | **As of June 30,** | **As of June 30,** | **As of June 30,** |
|  | **2022** | **2022** | **2023** | **2023** | **2024** | **2024** | **2024** | **2024** | **2025** | **2025** |
| *($ in thousands)* | $**%** | **%** | $**%** | **%** | $**%** | **%** | $**%** | **%** | $**%** | **%** |
| 300 - 385 |  | 4.5% |  | 2.0% |  | 0.9% |  | 1.2% |  | 1.4% |
| 386 - 450 |  | 9.0 |  | 8.4 |  | 10.8 |  | 9.9 |  | 10.5 |
| 451 - 575 |  | 24.1 |  | 26.4 |  | 28.4 |  | 27.8 |  | 26.1 |
| 576 - 699 |  | 26.3 |  | 28.5 |  | 28.6 |  | 28.5 |  | 30.6 |
|  700 + |  | 36.1 |  | 34.7 |  | 31.3 |  | 32.6 |  | 31.4 |

---

We closely monitor our loan performance and profitability in relation to forecasted economic conditions and manage credit risk and expectations of losses in the portfolio. We focus on carefully monitoring and managing the performance and pricing of our loan portfolio with the goal of generating appropriate risk-adjusted returns. For further information on risk-adjusted returns, see "Return on Average Assets and Average Equity." The table below presents the portfolio inclusive of loans held for investment and held for sale by APR band as of December 31, 2022, 2023 and 2024 and as of June 30, 2024 and 2025:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of June 30,** | **As of June 30,** | **As of June 30,** | **As of June 30,** |
|  | **2022** | **2022** | **2023** | **2023** | **2024** | **2024** | **2024** | **2024** | **2025** | **2025** |
| *($ in thousands)* | $**%** | **%** | $**%** | **%** | $**%** | **%** | $**%** | **%** | $**%** | **%** |
|  Less than 9.0% |  | 12.4% |  | 8.1% |  | 4.8% |  | 6.2% |  | 4.2% |
|  9.0% - 11.9% |  | 16.4 |  | 14.3 |  | 10.7 |  | 12.1 |  | 10.6 |
|  12.0% - 13.9% |  | 10.7 |  | 10.0 |  | 10.2 |  | 9.8 |  | 10.3 |
|  14.0% - 15.9% |  | 31.0 |  | 15.8 |  | 9.5 |  | 11.9 |  | 8.5 |
|  16.0% - 17.9% |  | 28.1 |  | 34.6 |  | 30.7 |  | 33.1 |  | 27.6 |
|  18.0% or 19.9% |  | 1.4 |  | 16.7 |  | 31.6 |  | 25.7 |  | 34.1 |
|  20.0% or More |  |  |  | 0.5 |  | 2.5 |  | 1.2 |  | 4.7 |

---

Our consumer auto loans have a variety of maturities and have been originated across various different geographies. The tables below display the breakdown of the UPB inclusive of loans held for investment and held for sale by original loan term and state as of December 31, 2022, 2023 and 2024 and as of June 30, 2024 and 2025:

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of June 30,** | **As of June 30,** | **As of June 30,** | **As of June 30,** |
|  | **2022** | **2022** | **2023** | **2023** | **2024** | **2024** | **2024** | **2024** | **2025** | **2025** |
| *($ in thousands)* | $**%** | **%** | $**%** | **%** | $**%** | **%** | $**%** | **%** | $**%** | **%** |
|  0 - 36 months |  | 3.3% |  | 2.2% |  | 1.5% |  | 1.9% |  | 1.4% |
|  48 months |  | 8.1 |  | 5.4 |  | 4 |  | 4.7 |  | 3.5 |
|  60 months |  | 58.1 |  | 50.8 |  | 40.2 |  | 45.4 |  | 38.1 |
|  66 months |  | 0.8 |  | 1 |  | 1 |  | 1 |  | 1 |
|  72 months |  | 29.7 |  | 40.6 |  | 53.3 |  | 47 |  | 56 |

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of June 30,** | **As of June 30,** | **As of June 30,** | **As of June 30,** |
|  | **2022** | **2022** | **2023** | **2023** | **2024** | **2024** | **2024** | **2024** | **2025** | **2025** |
| *($ in thousands)* | $**%** | **%** | $**%** | **%** | $**%** | **%** | $**%** | **%** | $**%** | **%** |
|  Florida |  | 42.6% |  | 41.7% |  | 37.5% |  | 40.5% |  | 32.6% |
|  Massachusetts |  | 20.2 |  | 15.8 |  | 11.8 |  | 13.3 |  | 10.3 |
|  California |  | 9.0 |  | 7.9 |  | 8.7 |  | 8.2 |  | 9.4 |
|  New York |  | 10.4 |  | 10.4 |  | 9.6 |  | 9.9 |  | 10.1 |
|  Texas |  | 2.9 |  | 6.2 |  | 10.0 |  | 8.0 |  | 11.8 |
|  New Jersey |  | 4.8 |  | 5.0 |  | 5.6 |  | 5.4 |  | 6.1 |
|  Other |  | 10.1 |  | 13.0 |  | 16.8 |  | 14.7 |  | 19.7 |

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We charge-off consumer automotive loans when they reach 120 days past due, or DPD. We typically begin repossession proceedings at 60 DPD. Charge-off amounts on loans that have the underlying vehicle repossessed and dispositioned prior to 120 DPD are net of the disposition amount, as repossession does not trigger a charge-off under our charge-off policy. We closely monitor delinquency and loan performance trends to assess and manage our exposure to credit risk. The table below displays the UPB by delinquency status as of December 31, 2022, 2023 and 2024 and as of the six months ended June 30, 2025:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of June 30,** | **As of June 30,** |
|  | **2022** | **2022** | **2023** | **2023** | **2024** | **2024** | **2025** | **2025** |
| *($ in thousands)* | $**%** | **%** | $**%** | **%** | $**%** | **%** | $**%** | **%** |
|  Current |  | 97.7% |  | 96.8% |  | 95.8% |  | 94.4% |
|  31 - 60 DPD |  | 1.6 |  | 2.2 |  | 3.0 |  | 4.1 |
|  61 - 90 DPD |  | 0.3 |  | 0.4 |  | 0.5 |  | 1.2 |
|  91 + DPD |  | 0.4 |  | 0.6 |  | 0.7 |  | 0.3 |

---

Our loans are secured by automobiles, which can be repossessed if a borrower defaults on his or her loan. Our credit performance, in the form of charged-off loan recoveries, is impacted when economic conditions result in changes to automotive asset values. Recoveries benefited from the rising asset values experienced throughout 2021 and during the first half of 2022. As used car values have declined in the second half of 2022, recoveries have also begun to decline. The impact of changes to asset values is reduced within our portfolio due to: (1) our conservative loan terms, (2) conservative loan-to-values, (3) a requirement that a large portion of our loans have GPS systems installed to locate the vehicle, and (4) our dealership recourse program. The table below displays recovery rates on defaulted loans (defaulted loans are defined as loans that had the vehicle repossessed, surrendered, or are 120 DPD without a repossession or surrender)<sup>(1)</sup>:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | **Cumulative Recovery - Months Since Default (%)** | **Cumulative Recovery - Months Since Default (%)** | **Cumulative Recovery - Months Since Default (%)** | **Cumulative Recovery - Months Since Default (%)** | **Cumulative Recovery - Months Since Default (%)** | **Cumulative Recovery - Months Since Default (%)** | **Cumulative Recovery - Months Since Default (%)** |
| *($ in thousands)* | **Default Amount ($)** | **Total Recovered (%)** | **1** | **2** | **3** | **4** | **5** | **6** | **7+** |
| 2019 | $1926 | 88% | 50% | 71% | 84% | 86% | 86% | 86% | 86% |
| 2020 | 5086 | 85 | 46 | 68 | 78 | 81 | 82 | 83 | 83 |
| 2021 | 8497 | 87 | 35 | 62 | 75 | 82 | 84 | 85 | 85 |
| 2022 | 24490 | 79 | 16 | 39 | 59 | 69 | 74 | 75 | 76 |
|  2023 Q1 | 11158 | 83 | 14 | 39 | 59 | 71 | 75 | 78 | 80 |
|  2023 Q2 | 14329 | 81 | 13 | 34 | 52 | 63 | 69 | 74 | 76 |
|  2023 Q3 | 15008 | 77 | 12 | 32 | 48 | 60 | 66 | 70 | 72 |
|  2023 Q4 | 20507 | 75 | 10 | 24 | 41 | 52 | 60 | 66 | 69 |
|  2024 Q1 | 24502 | 72 | 12 | 28 | 43 | 50 | 56 | 60 | 64 |
|  2024 Q2 | 21783 | 68 | 11 | 27 | 41 | 49 | 54 | 59 | 62 |
|  2024 Q3 | 26948 | 65 | 13 | 28 | 40 | 47 | 53 | 58 | 61 |
|  2024 Q4 | 35207 | 62 | 16 | 30 | 41 | 47 | 55 | 60 |  |
|  2025 Q1 | 39923 | 49 | 18 | 35 | 44 |  |  |  |  |
|  2025 Q2 | 47235 |  |  |  |  |  |  |  |  |

---

(1) Default status is not a permanent status and can change as loans cure. Recovery data only includes months post
default that have fully aged for the relevant period.

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We closely monitor the credit performance of our Floorplan loans. Dealerships are required to make curtailments as vehicles age. Curtailments are typically required at 60, 90, and 120 days after financing. The table below displays the Floorplan loans receivables by age of the Floorplan loan portfolio as of December 31, 2022, 2023 and 2024 and as of the six months ended June 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of June 30,** | **As of June 30,** |
|  | **2022** | **2022** | **2023** | **2023** | **2024** | **2024** | **2025** | **2025** |
| *($ in thousands)* | $**%** | **%** | $**%** | **%** | $**%** | **%** | $**%** | **%** |
|  Less than 60 Days |  | 59.8% |  | 49.7% |  | 65.4% |  | 60.1% |
|  60 - 89 Days |  | 16.6 |  | 19.7 |  | 12.4 |  | 21.1 |
|  90 -119 Days |  | 8.6 |  | 15.1 |  | 8.6 |  | 9.9 |
|  120+ Days |  | 15.1 |  | 15.5 |  | 13.6 |  | 8.9 |

---

***Interest Rate Sensitivity***

Our business is exposed to interest rate risk in four primary ways: (1) inflation, (2) monthly payment rates charged to consumers, (3) excess spread, and (4) discount rates applied in the discounted cash flow models used to fair value assets.

*Impact from Inflation* 

During periods of inflation, such as those experienced by in the U.S. during 2022, 2023 and 2024, the Federal Reserve will increase interest rates to reduce inflation. Increasing interest rates potentially increases monthly payments we charge borrowers, reduces excess spread, and increases discount rates applied in discounted cash flow models used to fair value assets. See "—Impact from Changes in Monthly Payment Rates," "—Impact on Excess Spread" and "—Impact on Servicing Assets" below.

Inflation could increase the price consumers pay for vehicles while disinflation and/or deflation could decrease the price. Higher purchase prices could result in higher monthly payment amounts, which could result in higher delinquencies and defaults, as borrowers might struggle to pay the higher amount, or lower originations, as borrowers choose to not purchase the vehicle and take out a loan. Conversely, lower prices could result in lower payment amounts and potentially higher loan originations.

Additionally, inflation reduces the amount of excess cash consumers have available to pay their bills, as a result, during periods of inflation, delinquencies and defaults could increase.

*Impact from Changes in Monthly Payment Rates* 

Our consumer auto loans are fixed rate loans, but as interest rates change, we may pass along those changes in interest rates to our consumers when new loans are originated. Higher rates result in higher payment amounts which could result in higher delinquencies and defaults, or could result in lower originations as borrowers choose to not purchase the vehicle and take out a loan. Conversely, lower rates might result in lower payment amounts and potentially higher loan originations.

*Impact on Excess Spread* 

As interest rates change, the change in excess spread is the net result of (1) the change in our cost of funds and loan sale buyer yields, (2) hedging, and (3) the change in rates we pass along to our borrowers. Our warehouse lines of credit and term credit facilities are floating rate, and as a result, are impacted by changes in rates. Our securitizations are fixed rates once closed, but they are priced utilizing the prevailing interest rates at the time of closing. Since the collateral we include in a securitization is typically originated before it is included, we incur interest rate risk between the time the loans are originated and the date we contribute those loans into the transaction. Additionally, when we sell whole loans, we typically sell them at a spread above a base rate at the time of the sale.

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As the Federal Reserve has increased interest rates during 2022 and 2023, we increased pricing to our borrowers by approximately 4%. For more details on the recent interest rate trends in our portfolio, see the section titled "—Return on Average Assets and Average Equity." For example, net income as a percentage of total revenues decreased from 15% for the year ended December 31, 2022 to 6% for the year ended December 31, 2023. Given the short duration of our loan portfolio (with a weighted average life of approximately two years) and our rate of growth, we have been typically able to price new loans added to our portfolio in line with the prevailing interest rate environment, which had the effect of rebalancing our portfolio relatively quickly after the initial impact of higher interest rates. Additionally, our Floorplan portfolio is primarily priced at prime plus a spread.

As of June 30, 2025, we only have invested in two out of the money interest rate hedges, which was required as part of a term credit facility.

The table below presents estimates of the impact on our excess spread from changes in interest rates for our loan portfolio, assuming all fixed rate assets and liabilities cannot be repriced, as of June 30, 2025:

---

| | | |
|:---|:---|:---|
| ***($ in thousands)*** | **Estimated Change in<br>Excess Spread (%)** | **Estimated Change in Pre-Tax Income<br>from Change in Excess Spread ($)** |
|  + 300bps | (0.41)% | $(7143) |
|  + 200bps | (0.29) | (4994) |
|  + 100bps | (0.16) | (2840) |
|  Current Base Rate |  |  |
|  - 100bps | 0.31 | 5294 |
|  - 200bps | 0.56 | 9635 |
|  - 300bps | 0.81 | 13976 |

---

When interest rates change and we assume all fixed rate assets and liabilities cannot be repriced, only the fair value of our servicing assets, interest and fee income, net of our floorplan lending business, and our floating rate debt, where we do not have hedges (or our hedges are currently out of the money) are impacted. The change to excess spread, for the period ended June 30, 2025, is approximately 16% of the overall change in rates, as only approximately 23% of our total debt financing was floating and unhedged, and approximately 13% of our total debt financing was floating but hedged during the six months ended June 30, 2025.

The table below presents estimates of the impact on our excess spread from changes in interest rates for our loan portfolio, if we were to re-originate all assets and liabilities in the respective interest rate environments, as of June 30, 2025:

---

| | | |
|:---|:---|:---|
| *($ in thousands)* | **Estimated Change in<br>Excess Spread (%)** | **Estimated Change in Pre-Tax Income<br>from Change in Excess Spread ($)** |
|  + 300bps | (2.37)% | $(40867) |
|  + 200bps | (1.45) | (25059) |
|  + 100bps | (0.54) | (9246) |
|  Current Base Rate |  |  |
|  - 100bps | 0.95 | 16447 |
|  - 200bps | 1.80 | 30952 |
|  - 300bps | 2.64 | 45461 |

---

Since our excess spread includes the revenue from of our gain-on-sale, which is determined using a discounted cash flow model, changes in interest rates do not always linearly result in changes in excess spread.

Given how quickly we are able to re-price our portfolio, when interest rates change and we assume we re-originate all interest rate sensitive assets and liabilities under the new rate environment, there is an impact to interest and fee income, gain-on-sale, the fair value of our servicing assets, and all of our funding costs. As

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mentioned above, under any rate stress scenario, the estimated change in excess spread is the result of the amount of increase and/or decrease in cost of funds and loan sale buyer yields net of the amount of increase and/or decrease we pass along to our customers. As interest rates rise, our cost of funds and the yield our loan sale buyers require both rise, but we are not able to fully pass on this increase to our borrowers due to various competitive dynamics and compliance rules. Conversely, as rates decrease, we receive the full benefit on our cost of funds and the yield our loan sale buyers require, but we are not forced to pass along the full decrease to our borrowers.

The table below displays the APR of the loans included in each ABS deal we have consolidated on our balance sheet, the cost of funds for each deal, the APR minus the cost of funds, and the principal balance outstanding of the collateral as of June 30, 2025. As shown in the table, the APRs on our loans have continued to increase into 2024, while our cost of funds peaked with our 2023-3 deal, which closed in October 2023. Our cost of funds have declined in 2024, primarily due to decreasing the credit spreads we pay on our deals as a result of increasing our credit rating to AAA with KBRA, achieving a credit rating of AA with S&P, and adding more investors to our program. The combination of increasing APRs and declining cost of funds in 2024 has resulted in our APR less cost of funds exceeding the levels experienced in our 2022-1 transaction.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ABS Deal<sup>(1)</sup>** | **Weighted Average APR** | **Bond Duration Weighted<br>Average COF<sup>(2)</sup>** | **APR less COF** | **% of Deal (UPB)<br>Outstanding as of<br>June 30, 2025** |
| 2022-1 | 13.2% | 4.4% | 8.8% | 15% |
| 2023-1 | 13.9% | 7.2% | 6.7% | 32% |
| 2023-3 | 14.8% | 8.3% | 6.5% | 48% |
| 2024-1 | 15.2% | 6.7% | 8.5% | 53% |
| 2024-2 | 15.5% | 6.5% | 9.0% | 61% |
| 2024-3 | 16.0% | 5.9% | 10.1% | 75% |
| 2025-1 | 16.3% | 6.0% | 10.2% | 85% |
| 2025-2 | 16.6% | 5.3% | 11.3% | 100% |

---

(1) Excludes 2023-2 as 2023-2 was
deconsolidated when we sold the certificates to investors.

(2) Excludes transaction costs.

As the older loans with lower margins from 2022 and 2023 continue to amortize and the proportion of our portfolio with higher margins from 2024 and 2025 continues to increase, the overall margins in our business are expected to increase. The chart below shows the Adjusted Net Income in 2022, 2023, 2024, and the second quarter of 2025 multiplied by four, displaying the impact of these trends in our portfolio. The annualized second quarter 2025 Adjusted Net Income figure is not necessarily indicative of the results to be achieved for a full fiscal year or any future period. The bar titled "Illustrative 2Q25 with 2025-2 spreads" is a sample sensitivity illustration of what the second quarter 2025 annualized Adjusted Net Income would look like if (1) our entire loan portfolio was repriced to our 2025-2 ABS Weighted Average APR and (2) the derived second quarter 2025 Adjusted Net Income was multiplied by four. This is purely an illustration of the impact on our excess spread from changes in interest rates for our loan portfolio, if we were to re-originate our entire loan portfolio in the interest rate environment as of the second quarter of 2025. This illustration is not necessarily indicative of what may be achieved in any future period. See "—Non-GAAP Financial Metrics—Adjusted Net Income" for a reconciliation of Adjusted Net Income for the periods presented in the chart below to net income.

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##### [**Table of Contents**](#toc)
![LOGO](g715014g55a56.jpg)

*Impact on Servicing Assets* 

The fair value of our servicing assets is determined using a discounted cash flow model. The discount rates used in those fair value models are based on market rates. As interest rates change, the discount rates will change. As interest rates have increased during 2022 and 2023, we increased the discount rates used in those models. The table below presents estimates to changes in fair value from our changes in interest rates as of June 30, 2025:

---

| | |
|:---|:---|
| *($ in thousands)* | **Estimated Change in Fair Value ($)** |
|  + 300bps | $(1894) |
|  + 200bps | (1276) |
|  + 100bps | (645) |
|  Current Base Rate |  |
|  - 100bps | 659 |
|  - 200bps | 1333 |
|  - 300bps | 2022 |

---

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**BUSINESS** 

**Our Mission** 

Our mission is to offer fair access to credit for underserved populations.

**Our Company** 

We are a financial technology company that utilizes artificial intelligence, or AI, and machine learning algorithms to better assess consumer credit risk and expand access to credit. We seamlessly process large sets of data provided by traditional credit bureaus, or traditional data, and data consisting of bank transactional information, personal credit information and documents, and information on the vehicle the consumer is interested in, or collectively alternative data, through advanced computational approaches to more accurately predict a consumer's creditworthiness. Our business benefits both consumers through expanded access to credit and auto dealerships via increased vehicle sales.

Our founders immigrated to the U.S. for graduate school. Upon their arrival, due to their lack of a credit history in the U.S., they could not access basic consumer credit products such as a credit card or an auto loan. Seeing a clear market opportunity to solve this problem using their background in financial services, computer science, and AI, they launched Lendbuzz in 2015 with a focus on auto finance for underserved populations.

Obtaining an auto loan has historically relied upon a traditional, paper-based process. The experience varies in complexity based on a consumer's creditworthiness. Non prime consumers are typically required to complete a lengthy and cumbersome process. Further, lenders using traditional underwriting approaches often misprice those with limited to no traditional credit history, resulting in higher rates and unattractive terms. This negatively impacts the consumer experience and dealership sales.

Our proprietary AI-powered solution efficiently analyzes thousands of data points to underwrite underserved consumers and drive credit outperformance. We serve consumers with thin and no credit files, or credit invisibles, and those traditionally called near prime (consumers with VantageScores<sup>®</sup> of 601-719). We estimate that, based on Oliver Wyman's 2022 Financial Inclusion and Access to Credit report and VantageScore's 2023 CreditGauge report, these groups collectively represent a market of approximately 119 million people in the U.S. or approximately 46% of the total U.S. adult population. We utilize our data and technology to build more robust financial profiles of these consumers, enabling us to more accurately identify those expected to generate better credit performance. We believe our machine learning models combined, with the use of alternative data and data-driven credit decisioning, differentiates us from traditional lenders.

In addition to providing fair access to credit, we offer consumers a modern, digital lending experience. Friction is reduced for consumers as we engage with them through an entirely mobile-enabled digital process.

We acquire consumers through the U.S. auto dealership market, which serves as a scalable and efficient go-to-market channel and minimizes our customer acquisition costs. By expanding access to credit and providing a superior borrowing experience for near prime consumers and credit invisibles, we are able to help our dealership partners expand their pool of potential consumers. Additionally, we have streamlined the loan application experience for a dealership through our proprietary dealership portal. As a result, our dealership partners are loyal as demonstrated by our 100%+ net dollar retention rates, which we have achieved consistently for 17 consecutive quarters as of June 30, 2025, historically leading to a strong source of recurring revenue.

We have grown rapidly since our founding and believe we have significant growth potential, all within our core product. The U.S. auto dealership market is highly fragmented, with over 55,000 auto dealerships, according to data from 2022 from NADA and NIADA. In addition, according to Automotive News Research & Data Center, no individual network or franchise ownership group owns more than 500 stores as of 2021. For the three

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months ended June 30, 2025, we partnered with 2,164 Active Dealerships and have the opportunity to expand our presence in our existing geographic footprint, adjacent geographies, and new regions in the U.S. We expect to continue to expand our network of dealership partners and increase our access to the approximately $704 billion annual auto loan origination market in the U.S., according to the Federal Reserve Bank of New York.

Our financial profile has been strong and has shown both rapid growth and profitability. Our efficient go-to-market strategy and low credit losses have driven attractive unit economics, which we believe will continue to drive increased profitability as we grow. We grew Aggregate Originations and Total Revenue, net by compounded annual growth rates of approximately 74% and 92%, respectively, from 2019 to 2024.

![LOGO](g715014g22m01.jpg)

![LOGO](g715014g99a01.jpg)

Additionally, as of December 31, 2024, we generated positive net income each fiscal year since 2021 and positive Adjusted Net Income, a non-GAAP measure, for 18 consecutive quarters as of June 30, 2025. For more information on this non-GAAP measure, see "Management's Discussion and Analysis of Financial Condition and Results of Operations—*Non-GAAP Financial Measures—Adjusted Net Income*."

**Industry Background** 

There are a number of important industry trends and market dynamics that create significant opportunity for Lendbuzz.

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***The U.S. auto finance market is incredibly deep***

According to the Federal Reserve Bank of New York's December 2024 Quarterly Report on Household Debt and Credit, the U.S. auto finance market is incredibly deep, with approximately $704 billion of loans originated annually, and the total amount of auto loans outstanding in the U.S. is similarly large at approximately $1.7 trillion.

![LOGO](g715014g25s02.jpg)

***Dealerships are the primary distribution model for auto finance***

The U.S. auto finance business is primarily a point-of-sale, or POS, financing business with 84% of loans originated through auto dealerships according to Cox Automotive's 2019 Car Buyer Journey report. The auto dealership market is a highly fragmented market of over 55,000 dealerships nationally. More than 90% of all these auto dealerships in the U.S. include small, disparate local businesses that rank outside of the top 100 dealership groups (by total number of dealerships), according to Automotive News as of 2025. The fragmented nature of the auto dealership market means that building a large and installed base of dealerships often takes time and a "feet on the street" sales approach.

![LOGO](g715014g64v44.jpg)

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***Auto loans are an attractive consumer asset class across historical economic cycles***

Auto loans have proven to be an attractive consumer asset class across economic cycles. Consumers historically prioritize auto payments over other consumer credit obligations, demonstrating the importance of maintaining access to a vehicle. For example, according to the Federal Reserve Bank of New York, during the global financial crisis between 2007 and 2009, auto loans saw seriously delinquent balances increase by only 80 basis points, in comparison to 421 basis points for credit cards and 311 basis points for personal loans.

![LOGO](g715014g01k96.jpg)

***Access to auto loans varies in complexity based on a consumer's creditworthiness***

Historically, when looking to obtain financing for an automobile purchase, U.S. consumers faced two very different landscapes based on their creditworthiness. Prime consumers, defined as consumers who have long credit histories and 720+ traditional credit bureau scores, such as FICO<sup>®</sup> scores or VantageScores<sup>®</sup>, can readily find multiple, efficiently priced options from captive auto lenders, traditional banks and credit unions. According to the Federal Reserve Bank of New York, prime consumers represent approximately half of the $704 billion annual auto originations in the U.S.

The other half of the $704 billion annual auto originations are comprised of consumers who do not have long credit histories or high credit bureau scores. These consumers are typically served by traditional subprime auto lenders. These lenders tend to finance most vehicles regardless of make, model, age, or mileage and price substantially all loans assuming a very high level of credit losses, regardless of the consumer's actual credit worthiness.

Oliver Wyman's 2022 Financial Inclusion and Access to Credit report suggests that for certain segments of the population, credit bureau scores are a less accurate predictor of ability to pay. The report shows that no credit file and thin credit file consumers typically do not have sufficient credit history to inform an accurate credit score. Similarly, according to the report, credit bureau scores may be less effective predictors of credit performance for near prime consumers.

As a result, consumers that are neither prime nor subprime are often mispriced or unable to obtain a loan. We estimate that, based on Oliver Wyman's 2022 Financial Inclusion and Access to Credit report and VantageScore's 2023 CreditGauge report, our target market consists of approximately 119 million consumers in the U.S., split across approximately 49 million consumers with no credit file or a thin credit file and

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approximately 70 million consumers who are defined as near prime. These underserved segments of the credit spectrum represent nearly approximately 46% of the total adult U.S. population.

![LOGO](g715014g25s03.jpg)

***Consumers seek an improved digital auto lending experience***

While some auto dealerships have invested in digitization, the overall industry has generally been slow to significantly invest in technology due to the fragmentation of the auto dealership market, leading to many auto dealerships continuing to depend on antiquated, paper-based processes. Most dealerships use RouteOne<sup>®</sup> or DealerTrack<sup>©</sup>, which are legacy platforms, to support the loan origination process. RouteOne<sup>®</sup> and DealerTrack<sup>©</sup> have loan origination systems for both dealerships and auto lenders, allowing dealerships to submit applications to auto lenders. The Finance and Insurance Manager, or F&I Manager, at the dealership typically decides which auto lenders to submit a consumer's application to. Following submission and based on the terms provided (often referred to as a callback), the F&I Manager works with the consumer to select one financing offer, if any, and clear all relevant stipulations imposed by the lender.

For prime consumers, the auto loan process is simple but often antiquated. Prime consumers tell stories of recent auto financing experiences where their contracts were printed with a dot matrix printer, something they last personally used more than 15 years ago. Consumers typically provide a copy of their driver license and complete a short online application which includes (1) personally identifiable information, or PII (e.g., name, address, and social security number), (2) name and address of their employer, and (3) stated income. Stipulations provided by the auto lender typically include a credit report confirming a sufficiently high credit bureau score and enough stated income on the consumer's application to meet the lender's debt-to-income ratio cutoff.

To complete the process, the dealership typically overnight mails the paper loan application and contract, which has been physically signed by the consumer, to the finance company's loan processing center. The finance company reviews the file once received, and if all stipulations have been cleared to their satisfaction, they fund the dealership for the loan; often as long as a week after the consumer bought the vehicle from the dealership.

Despite the relatively simple process, the net promoter score, or NPS, for prime consumers is only in the mid-50s. While the auto lending industry is largely paper driven, consumers have been shifting to digital channels at increasing rates.

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![LOGO](g715014g25s04.jpg)

For subprime and near prime consumers, the experience is often paperwork intensive and can take days rather than hours. In addition to providing a copy of their driver's license and completing the same application as their prime counterparts, they are often required to provide (1) proof of residency via a utility bill, (2) proof of income via a pay stub, tax return, or W2 form, (3) proof of employment via a call to the consumer's employer and (4) two individuals to serve as personal references. These are items the consumer may not have with them at the time of vehicle purchase, potentially requiring multiple trips to the dealership to provide the required documents.

![LOGO](g715014g25s05.jpg)

Using technology to build a better consumer experience and identify a better way to underwrite and price these near prime and credit invisibles population of approximately 119 million people creates a sizeable market opportunity.

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**The Lendbuzz Solution** 

Our mission is to offer fair access to credit for underserved populations. Lendbuzz expands access to credit with a simple and fast auto loan process that looks at the consumer – not just the credit score. As of December 31, 2024, approximately 42% of our customers had a FICO score. Of those with a FICO score, the weighted average FICO score was 680. Additionally, as of December 31, 2024, 83% of our consumers have no credit file or a thin credit file. We believe such consumers historically have experienced higher rates, inferior cars and bad terms, when obtaining financing for a vehicle purchase. Lendbuzz aims to change that narrative by providing fair pricing and access to credit for these credit invisibles and near prime consumers.

We focus on three main pillars to drive performance: (1) our proprietary AI algorithms and machine learning models which drive credit outperformance, (2) our streamlined dealership POS software platform, and (3) our enhanced digital consumer experience.

![LOGO](g715014g25s06.jpg)

***Proprietary AI Algorithms and Machine Learning Models Driving Credit Outperformance***

We utilize our proprietary AI algorithms and machine learning models to analyze large sets of alternative data in order to more accurately assess the level of credit risk for each potential consumer. Our unique approach involves collecting thousands of data points per applicant, which allows us to build a robust financial profile for each consumer. Our models, which have been trained from more than 154,000 consumers, incorporate more than 2,000 features on each consumer, which are pulled seamlessly from APIs. These data points are analyzed using deep neural networks to effectively predict a consumer's ability and willingness to repay their auto loan.

We collect data primarily from five sources at the application stage:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Bank account transactional level detail. We typically require consumers to link their bank accounts via a
third-party API allowing us to acquire up to 18 months of a consumer's bank account transactions, including credit card transactions when available

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Personal credit. Information such as employer, role, and educational attainment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Credit bureau. Individual tradelines and payment history

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Vehicle information. Including car history, dealership selling the vehicle, make, model, year, mileage, down
payment, and loan-to-value

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Personal documents. Including, for example, a driver's license

![LOGO](g715014g25s07.jpg)

Our AI algorithms aggregate and transform the data collected, generating a proprietary credit profile that can be used to compare each applicant against thousands of prior consumers. This process produces the foundation of our underwriting – our proprietary AI Risk Analysis, or AIRA<sup>®</sup>, score which is calculated for all applications received. Since traditional credit scoring methods often have difficulty assessing the credit risk of credit invisibles and near prime consumers, we designed AIRA<sup>®</sup> to generate predictive power for these segments.

In the process of creating an AIRA<sup>®</sup> score and determining whether to approve an application, our algorithms verify the consumer's income through the credit transactions in their bank account. In addition to verifying income and determining whether the consumer's credit is strong enough to pass our internal AIRA<sup>®</sup> cutoff, our algorithms complete our Know-Your-Customer, or KYC, process. The KYC process utilizes optical character recognition, or OCR, technology whenever possible and includes comparing the name and address on a consumer's credit application, to the name and address on their ID, to the name and address on their bank account.

AIRA<sup>®</sup> is updated quarterly to incorporate the most recent payment information data and current portfolio trends into the decision making, including changes in the macroeconomic environment. AIRA<sup>®</sup> incorporates more than 2,500 features and has been trained by more than 50 billion data attributes derived from more than 25 million datasets, which translates into approximately 2.8 million repayment events and 475 million transactions.

Before deployment, all models undergo validation, testing and analysis, including the data science team presenting all changes and analytic results for review and approval by our management credit committee, which

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includes all named executive officers. Following deployment, our models and our portfolio performance are monitored on a regular basis via our data science team, our management credit committee, and our management compliance committee, which includes all named executive officers, via ongoing portfolio performance reporting, monthly credit performance monitoring, analytics, and reporting, as well as compliance reviews and ad hoc analytics. For more information on the metrics used to monitor portfolio performance, see the section titled "—Competitive Advantages—*Artificial Intelligence*" and "Management's Discussion and Analysis of Financial Condition and Results of Operations—*Aggregate Originations*."

Our technology is designed to allow us to accurately identify credit invisibles and near prime consumers that are creditworthy, driving our credit outperformance. The chart below compares 60+ day delinquency rate for Lendbuzz's ABS portfolio to auto industry prime and subprime indexes from S&P Global Ratings. The portfolio represented by the LBZZ ABS line consists of all collateral targeted at inclusion in our ABS deals for the periods presented. Consumer auto delinquencies have increased relatively steadily since the beginning of 2023, particularly in the subprime sector, as the chart indicates, and are among the highest they have been in the past decade or more. While we have also seen increases in our delinquencies, our portfolio of credit invisibles and near prime consumers has performed similarly to the prime index, and much better than the subprime index, despite serving a segment of the market that is traditionally considered non prime. The subprime index recently peaked at a level that is higher than what it hit during the global financial crisis in 2008 and 2009.

![LOGO](g715014g68z50.jpg)

The chart compares 62+ day delinquency rate for Lendbuzz's asset-backed securities portfolio to auto industry 60+ day delinquency rates for prime and subprime indexes from Fitch Rating Service. The portfolio represented by the Lendbuzz ABS line consists of all collateral targeted at inclusion in Lendbuzz's ABS deals for the periods presented. Lendbuzz uses a 365-day calendar for delinquency counting, as opposed to a 360-day calendar, which is more typically used in the consumer finance industry. When using a 365-day calendar, certain months consistently show peaks and valleys, which can be removed for more consistent trend performance by using a 62+ day delinquency rate.

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The chart below compares the cumulative net charge-off rate for our ABS deals to expected base case net loss rates from two of the credit rating agencies that rate our ABS deals. Our ABS deals have historically outperformed the expected base case net loss rates (which is the Moody's 5.5% and S&P's 6.4% line in the graph below) from the credit rating agencies.

![LOGO](g715014g57a58.jpg)

***Streamlined Dealership POS Software Platform***

Our custom designed auto dealership portal provides auto dealerships with the tools to better serve their consumers. Our portal provides both our dealership partners and our consumers with an enhanced end-to-end experience when purchasing and financing a vehicle.

![LOGO](g715014g57a59.jpg)

Our dealership portal is a modern e-commerce platform where our dealership partners submit the necessary information required for us to provide initial terms and ultimately a full approval. Loan applications may be started on own custom-built portal or on DealerTrack<sup>©</sup> or RouteOne<sup>®</sup>, which are legacy platforms. Consumers and dealerships are able to provide all required credit application information electronically within minutes. While the time the entire process takes to complete can vary, as consumers compare and contrast different vehicle purchase options within and across dealerships, once the dealership and consumer have provided all necessary documentation to move forward, we typically fund over 70% of loans within eight hours. We believe this can take as long as a week for lenders with traditional paper-based processes. As of December 31, 2024, over half of our loan originations were started directly on our custom portal. All applications, regardless of which platform they are started, must be completed on our portal to receive a full approval. Additionally, since, according to Cox Automotive's 2024 Car Buyer Journey Study, the average vehicle buyer visits more than two

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dealerships when purchasing a car, we believe our streamlined process provides significant value for our dealership partners, who are able to work with a consumer to complete the sale before the consumer leaves the dealership and risk losing the sale. We believe that as a result of both our fast funding and efficient process, by working with Lendbuzz, our dealership partners can both turn over their working capital faster and increase the total number of vehicles they can sell.

***Enhanced Digital Consumer Experience*** 

In addition to redesigning the auto lending process to be entirely digital for the dealership, we have significantly reduced the friction for the consumer. We engage directly with consumers through an easy-to-use, digital experience. As discussed above, this contributes to faster data collection, underwriting, and ultimate closing of the sale, all benefitting the consumer experience. All information provided by the dealership, on behalf of the consumer, is transferred to the consumer's loan application electronically. Consumers are engaged while at the dealership through a mobile-enabled digital process that is both more user friendly and faster compared to traditional paper-based processes.

An initial text message introduces Lendbuzz as an auto lender and asks the consumer to link their bank account via a third-party API. When consumers link their bank account, we are able to approve the application and clear all stipulations within seconds.

Following approval, a second text message notifies the consumer of the approval and provides a link to DocuSign their contract, which completes the process. Our digital process creates considerably less friction for the consumer compared to both non prime and prime alternatives, further differentiating Lendbuzz.

![LOGO](g715014g16q35.jpg)

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Due to our strong credit outperformance, we have priced consumers in our target market lower than most of our competitors, despite the whole sector, including us, increasing our pricing due to higher interest rates. For more details on the recent interest rate trends in our portfolio, see the section titled "Management's Discussion and Analysis of Financial Condition and Results of Operations—Return on Average Assets and Average Equity." Many of our competitors price no and thin credit file consumers at state maximum rates – ranging generally from 17% to 36%, according to the Conference of State Bank Supervisors, depending upon the state – compared to an average of 17% for us. Our lower pricing has helped to drive a positive selection among consumers, further improving our credit performance. When we approve an application, our conversion rates have been over 90%. We believe our more favorable auto loan pricing also enables consumers to afford a better vehicle.

![LOGO](g715014g60a61.jpg)

**Business Model** 

***Our Dealership Go-to-Market Strategy***

We go-to-market through dealerships. We primarily utilize a "feet-on-the-street" salesforce, hiring sales representatives in each metro area Lendbuzz operates in, to engage, sign, and manage our dealership relationships. As of June 30, 2025, we had 154 sales employees.

Since Lendbuzz was first launched in Massachusetts, we initially expanded our footprint into adjacent states in the northeast U.S. and then into other U.S. regions. From our dealership portal launch in 2018, through the quarter ended June 30, 2025, we have grown our Active Dealership count to 2,164. For context, some of the larger, longer tenured auto loan originators partner with over 20,000 dealerships.

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![LOGO](g715014g80h34.jpg)

As of June 30, 2025, we operated primarily in six states: California, Florida, Massachusetts, New Jersey, New York and Texas. We plan to continue to expand in these existing markets and realize the benefits from enhanced brand awareness, as our footprint increases in a particular market.

Our penetration rates, as calculated by Experian in the chart below, when calculated as a percentage of used vehicle financings by location of the dealership where the vehicle was sold, are less than 2% in every state.

![LOGO](g715014g78z55.jpg)

In new geographies, our sales representatives rely on their own relationships or by engaging new dealerships through "cold calling." As our brand awareness has increased in more established metropolitan areas, we have started to receive inbound calls from dealerships. For example, we developed a relationship with one of the largest publicly held franchise dealership chains because one of their dealerships was losing business to dealerships we worked with.

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While we are focused on growing our core product within auto finance, we believe that over the long-term, our technology and models can be applied to additional consumer segments and other asset classes, further expanding our opportunity set and addressable market.

***Our Dealership Value Proposition, Retention, Penetration and Floorplan***

We provide a differentiated value proposition for dealerships, helping to drive our dealership NPS of 81:

*Accelerated Sales and Reduced Consumer Turn Downs*

Our ability to underwrite no credit file, thin credit file and near prime consumers allows dealerships to expand the pool of consumers to whom they can sell vehicles, as well as the quality of vehicles which consumers can afford.

![LOGO](g715014g22m06.jpg)

*Real Time Credit Decisioning*

Our AI algorithms and technology platform are designed to allow consumers to complete their entire application process, from application to approval, in less than five minutes, while sitting at the dealership or over time at their convenience. While the time from application to approval can vary as consumers complete their full vehicle buying journey, over 90% of consumers who have chosen to move forward by verifying their income can be approved in less than 30 minutes. Completing the process in less than an hour is critical for dealerships, as, according to Foureyes' 2020 Automotive Dealer Benchmarks Report, only 12.5% of auto buyer leads ultimately purchase cars, and, according to Cox Automotive, consumer satisfaction declines significantly after they have spent more than 1.5 hours at the dealership.

*Same Day Funding*

We believe our competitors can take up to a week to provide funding for a loan, whereas we typically fund over 70% within eight hours once the consumer and dealership have provided all necessary documentation to move forward. Dealerships are highly focused on their working capital, and the faster they receive funding for a vehicle sale, the earlier they can use those funds to purchase their next vehicle for their inventory.

![LOGO](g715014g22m07.jpg)

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*Lower Pricing*

We have passed on our credit outperformance to our consumers and our dealership partners in the form of lower pricing to the consumer.

![LOGO](g715014g16v02.jpg)

Our dealership network serves as a recurring source of business and a key driver of growth. Dealerships often have a ramp period as they learn how to utilize our custom portal and grow accustomed to our process. Generally, it has taken between three and nine months to reach consistent origination volume, with net dollar retention rates in excess of 100%. As of June 30, 2025, we have experienced 100%+ net dollar retention rates for 17 consecutive quarters. We define consistent origination volume as when a dealership produces a consistent origination volume with little to no growth following the initial ramp period of growth.

In addition to our "feet-on-the-street" sales representatives who are focused on adding new dealerships, we have an office-based sales force. The office-based sales force helps maintain penetration among our existing dealership base, allowing our "feet-on-the-street" sales representatives to focus on adding new dealerships.

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The chart below plots Originations over time by dealership vintage. We assign dealerships to a vintage based on when they originated their first loan with us. While there has been volatility due to the impacts of the COVID-19 lockdowns, in general, once a dealership vintage has ramped to consistent origination volume, which has taken between three and nine months, we have experienced 100%+ net dollar retention rates, as each vintage has continued to produce about the same amount of loan originations, or more, as in prior years. As of June 30, 2025, we have experienced 100%+ net dollar retention rates for 17 consecutive quarters. Our 100%+ net dollar retention rates have accelerated our growth, as our sales representatives can focus on expanding the dealership network each year instead of spending time replacing the existing base. See the section titled "Management's Discussion and Analysis of Financial Condition and Results of Operations—*Increasing Sales Penetration with Existing Dealership*" for more information about our net dollar retention rates and origination volume by dealerships.

![LOGO](g715014g18j14.jpg)

Originations by Dealership Vintage chart is not inclusive of all originations. The chart excludes loans originated without a dealership partner. Additionally, dealerships from the 2016 and 2017 vintages have been excluded due to inconsistent data collection. 2025 run rate vintage calculated based on actual originations through the first six months of 2025.

In addition to providing financing to consumers, we also provide financing to dealerships, called Floorplan lending. Floorplan lending allows us to expand our relationship with our dealerships, allowing them to purchase and sell more vehicles, and thus increasing the number of auto loans Lendbuzz can originate with that dealership. We provide a small incentive fee of approximately $100 to dealerships when a vehicle financed through our Floorplan lending business is purchased by a Lendbuzz borrower.

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***Unit Economics***

Our platform has generated strong and attractive unit economics, which has driven our profitability, and resulted in an LTV to CAC of 8.6x for the year ended December 31, 2024.

![LOGO](g715014g14a35.jpg)

We target positive economics on each transaction, resulting in a business model that is designed to drive both high growth and profitability. Our low credit losses and CAC have powered our attractive unit economics. Below is an outline of the underlying components of our unit economics as of December 31, 2024:

*Loan Interest.* We generate revenue primarily from interest on our loans. Our interest rates have averaged 15.17%, generating $9,190 of interest income over the life of a Lendbuzz loan. For more information on our income from loan interest on a period-to-period basis, see the section titled "Management's Discussion and Analysis of Financial Condition and Results of Operations—Return on Average Assets and Average Equity."

*Origination Fees.* In addition to loan interest, we charge each borrower an origination fee that is capitalized into the loan amount. Our average origination fee has been approximately $860 or a yield of 1.43% on each loan.

*Ancillary Products.* We sell ancillary products, or APs, such as GPS units and GAP waivers. On average, Lendbuzz has generated $730 in revenue from ancillary products on each loan.

*Loan Sale Revenue.* We sell loans to investors where we generate gains on the sale of the loan and servicing revenue from the ongoing servicing of the loan following sale. On average, Lendbuzz has generated $910, or 1.50%, in revenue per loan from loan sales and ongoing servicing of sold loans. The $910 is calculated as $1,000 per loan sold multiplied by the percentage of loans sold.

*Cost of Funds.* We have a diverse funding strategy to manage our cost of funds as efficiently as possible, while maintaining a strong liquidity position. As of December 31, 2024, Lendbuzz had a blended cost of funds of 6.43% or $3,890 per loan. See *"—Financing Strategy*" for additional details. For more information on our cost of funds on a period-to-period basis, see the section titled "Management's Discussion and Analysis of Financial Condition and Results of Operations -Comparison of the Years Ended December 31, 2022, 2023 and 2024—*Operating Expenses—Funding Costs*."

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*Net Charge-Offs.* As discussed above in "*—Lendbuzz Solution*," our proprietary AI models are designed to generate credit performance that is typically expected for prime borrowers from a portfolio traditionally viewed as non prime. As of December 31, 2024, Lendbuzz's net charge-offs were approximately 2.54% or $1,540 on a per loan basis. For more information on our net charge-offs on a period-to-period basis, see the sections titled "Management's Discussion and Analysis of Financial Condition and Results of Operations—Comparison of the Years Ended December 31, 2022, 2023 and 2024—*Operating Expenses—Provision for Expected Credit Losses.*"

*Sales & Servicing & Ancillary Product Costs.* The cost for our "feet-on-the-street" sales teams and in-house and outsourced servicing teams as well as Ancillary Product costs averaged $2,310 per loan or 3.81%. See "Note 2—Summary of Significant Accounting Policies—Revenue Recognition—*Ancillary Product Revenue, net*" in our consolidated financial statements included elsewhere in this prospectus for further discussion on ancillary products.

*Customer Acquisition Costs.* Our dealership network is a highly efficient way to acquire customers and allows us to keep consumer acquisition costs very low compared to many other lenders. Dealerships view auto financing as their primary sales enablement tool. Since we are a value add for their F&I Managers, we often have not needed to pay a customer acquisition fee to dealerships. Our dealership network, consists of dealerships, of all sizes, from the very large mass market franchise dealerships to small single lot independent dealerships. For loans from independent dealerships, who the manufacturer's captive finance companies do not partner with, we typically do not pay a commission. For loans from franchise dealerships, we typically pay a commission, as a percentage of the loan amount. As a result, on average, we have only paid approximately $410 per loan or 0.68% to acquire a consumer as of December 31, 2024. For more information on our customer acquisition costs on a period-to-period basis, see "Direct Origination Costs", which is a component of interest and fee income, net within the sections titled "Management's Discussion and Analysis of Financial Condition and Results of Operations*—*Comparison of the Years Ended December 31, 2022, 2023 and 2024*—*Revenue*—*Interest and Fee Income, Net."

We have generated superior risk-adjusted yields on our platform. Our ability to achieve low credit losses on our consumer base has enabled us to produce risk-adjusted yield enhancement compared to publicly traded auto finance platforms with similar portfolio performance for no credit file and thin credit file consumers.

![LOGO](g715014g70p26.jpg)

Note: Represents Lendbuzz and publicly traded auto platforms as of FY 2024 (publicly traded auto finance platforms data based off public filings).

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***Margin Expansion***

While we are currently profitable and maintain attractive unit economics, we believe our business has considerable margin expansion opportunities:

*Scale within Sales & Servicing.* Our sales and servicing functions are variable cost centers, growing alongside our originations, revenue, and portfolio. However, as we grow, we expect that the marginal cost for each incremental sales representative or servicing team member will decline. Additionally, within our servicing teams, there are opportunities to expand the use of lower cost near shoring and utilization of AI.

*Scale within Overhead*. We expect that our overhead functions such as finance, accounting, capital markets, compliance, and HR to grow at a slower pace than our originations and revenue.

*Cost of Funds*. The cost of funds we pay are a combination of the macro interest rate environment, which we largely pass on to our borrowers, and the risk premium investors and lenders require to finance our business. Across all of our financing channels, the risk premium investors and lenders require is broadly tied to the risk premium we pay in the securitization market. For more information, see "Business Model*—Financing Strategy*." Through June 30, 2025 we have achieved a AAA rating from one credit rating agency, but not all agencies, and have had over 65 unique investors participate in our program. As we continue to expand our securitization investor base and if we achieve a AAA rating on our senior bonds from all credit rating agencies, we anticipate that the risk premiums we pay will decline, resulting in a decline in our cost of funds.

*Excess Spreads*. During 2022 and 2023, as interest rates were rising, we were not increasing interest rates on new loan originations as quickly as our cost of funds were rising, which compressed margins. After the Federal Reserve stopped increasing interest rates in 2023, we continued to increase pricing which has expanded margins. Additionally, during 2024 and the first six months of 2025, our cost of funds have declined, primarily due to decreasing the credit spreads we pay on our debt financing deals and loan sale arrangements, as a result of increasing our credit rating to AAA with KBRA, achieving a credit rating of AA with S&P, and adding more investors to our financing programs. As older lower margin loans amortize, we believe our excess spreads and overall margins will expand.

***Our Financing Strategy***

We focus on maintaining a diverse set of capital sources that maximize the depth and diversity of our funding model, in order to best mitigate relying on any one funding strategy. We primarily fund our investment in loans through the securitization market to obtain term financing for our originations. At the same time, we maintain significant borrowing capacity with lender partners to mitigate any disruption in the markets.

Newly originated loans are initially financed through warehouse facilities with our lending partners. As of December 31, 2024, we had $1.1 billion of committed capital from seven financial institutions including but not limited to Bank Hapoalim B.M., Goldman Sachs Bank USA, JPMorgan Chase Bank, N.A., Mizuho, Regions Bank, and Royal Bank of Canada. We match the duration of the funds that we are raising to the duration of the loans we intend to hold on our balance sheet until maturity, and retain the credit risk, via securitizations or other term credit facilities. As of June 30, 2025, we have issued approximately $2.2 billion of bonds through our securitization programs in ten transactions to over 65 unique investors. Our most recent senior tranche of securitizations has been rated AAA by Kroll Bond Rating Agency and AA by S&P Global Ratings, and prior securitizations have all been rated investment grade as of June 30, 2025.

We also sell a portion of our loans to whole loan buyers and other investors where we do not retain the credit risk. We sell through forward flow arrangements, aggregated pools of loans, or securitization transactions where we are not the primary beneficiary, and as a result, do not consolidate the trust. See "Note 5—Debt Financing" in our consolidated financial statements included elsewhere in this prospectus for more information. We sell loans on a servicing retained basis, generating an ongoing revenue stream from the resulting servicing fees.

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We maintain a component of our off-balance sheet financing for a portion of our higher credit risk loans. These can be structured as forward flows, targeted specifically at higher credit risk loans or they can be ABS transactions, where we select a pool of higher credit risk loans, sell the residuals, and deconsolidate the transaction.

***Loan Servicing***

We service our loans using a custom developed loan servicing platform. We utilize both an in-house servicing team, as well as near shore third parties. As of June 30, 2025, we have a 79-person servicing team, with 22 team members supporting customer service and 57 team members supporting collections.

A significant percentage of consumers pay their loans via ACH autopay. Consumers can self-service, check their balance, and obtain payoff amounts using our custom developed portal. Since a high percentage of consumers are on ACH autopay, early-stage delinquencies are often due to consumers switching bank accounts. As a result, most early collections conversations are treated with a customer service type approach. As delinquencies age, loans are serviced by a dedicated late-stage collections team using outbound calling, text messages, and collection letters. To the extent we need to repossess a vehicle, we outsource repossession to a nationwide network of licensed providers.

**Competitive Advantages** 

We have several competitive advantages that contribute to our success:

***Artificial Intelligence***

AI and machine learning technology is at our core. Our ability to better underwrite our target population is our greatest differentiator. We prioritize building our own algorithms and investing in our data science talent, as we believe these are enduring competitive advantages that are difficult to replicate. Our AI credit models utilize comprehensive data sets that have produced credit outperformance when compared to traditional methodologies such as credit bureau scores for our target market. Our underwriting uses various data sources, including an applicant's bank account transactions, personal information, credit bureau files, vehicle information, and required documents like a driver's license to detect fraud and determine an appropriate risk score. We use all the data we have ever generated since our inception in 2015 to train our AI credit models, and the AIRA<sup>®</sup> score we use today is the outcome of analyzing over 50 billion data attributes derived from more than 25 million datasets, 350 million bank account transactions and 2.8 million payments from more than 154,000 consumers. As we continue to grow our business and expand our Aggregate Originations and consumers, we intend to continue to exponentially grow this data set and enhance our models. We believe this is a core attribute to our competitive advantage. As shown in the below chart, the current model has been approximately 33% better at predicting outcomes than credit bureau scores alone on our portfolio. Our ability to more accurately identify the credit risk of a consumer has enabled us to provide creditworthy credit invisible and non prime consumers auto loans at better terms than the traditional non prime lenders and has driven better portfolio credit performance.

For more information, see "Lendbuzz Solution*—Proprietary AI Algorithms and Machine Learning Models Driving Credit Outperformance.*"

This chart below illustrates our credit outperformance within our target population. Separation is defined as the total area under a receiver operating curve, or AUROC. The more area under the curve, the better a score separates non-performing borrowers from performing borrowers. In AUROC curves, credit scores that are perfectly random, where perfectly random is defined as having no ability to differentiate between consumers who will perform and consumers who will default, will generate a 45-degree line and produce 50% separation.

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Conversely, credit scores that perfectly differentiate non-performing borrowers from performing borrowers will generate a 90-degree angle, fully shading the graph, and produce 100% separation.

Based on our internal data, for our loans originated during 2022, traditional credit bureau scoring generated 57% separation, i.e., 14% better than random, whereas AIRA<sup>®</sup> produced 75% separation.

![LOGO](g715014g18a01.jpg)

We continually focus on improving and enhancing our AI models, which benefit from the ever increasing volume of historical performance data which we incorporate in our models. These ongoing updates improve the accuracy of our risk predictions and allow us to adjust and modify them in real-time, as economic and business conditions evolve. We expect to continue to invest in the development of our AI models. Beyond the ongoing accumulation of performance data, we make discrete improvements to the accuracy of our models by upgrading the algorithms and incorporating new variables.

The power of our models is the product of two major strengths: (1) access to expansive consumer data captured from years of data collection from traditional and non-traditional data sources and (2) our team of data scientists who continue to refine the algorithms in our models. While other auto lenders may also have access to stores of data, we believe it would be difficult to replicate the depth of training data and subsequent insights that drive our model's evolution and predictive power for the credit invisible and non prime consumer segments.

***Data-Driven Culture***

At our core, we are a data-driven company that uses AI to better inform credit decisions. Our team is comprised of both data science experts and a best-in-class management team with credit expertise, who work together to allow us to expand credit access for underserved communities. Our data science team focuses on developing our AI models to produce the most accurate risk predictions possible. Our credit professionals design and implement a credit and pricing policy, using our AI models, which is focused on ensuring credit outperformance while producing superior financial returns.

***Dealership Software Platform and Consumer Digital Experience***

Our technology-enabled platform is a differentiating advantage over other lenders utilizing a paper driven process facilitated by DealerTrack<sup>©</sup> or RouteOne<sup>®</sup>. Our modern dealership POS software platform streamlines the loan application for both consumers and dealerships. For most non prime consumers, the application process is converted from a cumbersome and lengthy process, with a paper package including pay stubs, utility bills, and

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personal reference calls to a digital process that can take as little as five minutes to complete. Due to the expedience of the POS software platform, we typically fund over 70% of loans within eight hours once the consumer and dealership have provided all necessary documentation to move forward. We believe this is a significant value add for dealerships, who can complete a sale without relying on a customer to come back to the dealership, thus turning their capital faster to increase the number of vehicles they can sell.

We closely monitor dealership satisfaction through monthly dealership engagement reporting, an annual NPS study, and ad hoc feedback our sales representatives receive. We continually upgrade and improve our custom developed dealership portal to ensure satisfaction with the Lendbuzz experience. As of December 31, 2024 our dealership NPS was 81. As more dealerships learn about our platform and solution, we anticipate that more and more dealerships will choose to work with Lendbuzz, and our dealership base will continue to grow.

We closely monitor consumer satisfaction as well through online consumer reviews, customer surveys, and an annual NPS study.

***Modern Integrated Cloud Platform***

Our technology products are built on a cloud-first platform engineered for scale, efficiency, and security. We are focused on ensuring consumer and dealership satisfaction while (1) enabling our AI algorithms to produce the expected credit outperformance and (2) facilitating our sales, underwriting and servicing teams' efficiency. To maintain a seamless experience for consumers and dealerships, we rely on certain third-party providers, including AWS, Plaid, and Salesforce, to support our platform's availability and integrity.

Our consumers, dealerships, and team members can all utilize the same fully integrated platform that supports every stage of a consumer's journey from application to underwriting to loan origination and servicing. We have found that the best approach to improving the end user experience is to partner business owners (e.g., dealerships or customer service representatives) with technology product owners and engineers, to identify pain points in the process and create best-in-class solutions.

We intend to continue to invest in technology to build an increasing and durable competitive advantage. As we grow and scale, the platform is designed to evolve to ensure that we consistently add value to our consumers and dealerships.

![LOGO](g715014g74o51.jpg)

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***Dealership Model***

We work with all types of dealerships from the very large mass market franchise dealerships to small single lot independent dealerships. Due to the fragmented nature of the auto dealership market, building a large installed base takes significant time and effort. As of June 30, 2025, the largest dealership accounted for less than 5% of our Aggregate Originations.

**Risk Management** 

Our board of directors applies an enterprise-wide approach to risk management. This approach is designed to support organizational objectives, such as short- and long-term strategic objectives and enhancement of stockholder value. A fundamental part of risk management is not only understanding the most significant risks a company faces and what steps management is taking to manage those risks, but also understanding what level of risk is appropriate for a given company. The involvement of our full board of directors in reviewing our business is an integral aspect of its assessment of management's tolerance for risk and also its determination of what constitutes an appropriate level of risk.

Our full board is responsible for monitoring and assessing strategic risk exposure. Our audit, risk and compliance, or ARC committee, a sub-committee of our board of directors, provides oversight over our risks in relation to AI and data science, cybersecurity, credit, finance, fraud, consumer compliance, and litigation. The ARC Committee provides monitoring and oversight over three management committees whose primary responsibilities are focused on the day-to-day management of our business's risks: the management credit committee, management security committee, and management compliance committee. Our ARC Committee also monitors the performance of our independent financial auditor and our internal auditor.

The board of directors receives regular updates from management on all key areas of its risks. Our management security committee, which contains all named executive officers, is responsible for monitoring and assessing cybersecurity risks including policies, procedures, security and IT audits, penetration testing, and remediation of all incidents and vulnerabilities. Our management credit committee, which contains all named executive officers, is responsible for monitoring credit risk posed by our consumers and dealerships and determining what changes, if any, in credit risk strategy may be warranted. Our management credit committee also monitors fraud risk, evaluating our digital and manual underwriting processes and determining whether any changes are warranted in either of those processes to mitigate fraud. Our management compliance committee, which contains all named executive officers, monitors compliance risk by tracking laws and regulations to help ensure that we can continue to serve our consumers and dealerships in compliance with applicable laws and oversees our internal compliance testing and third-party compliance audit programs.

***Credit Risk***

Our credit performance is driven by the effectiveness and accuracy of AIRA<sup>®</sup>, our underwriting processes, monitoring and collection efforts, the financial condition of our consumers and dealerships, asset values, our risk appetite, and various macroeconomic considerations. To be approved, consistent with our underwriting policy, all consumers must display both an ability and willingness to repay their loan. The failure to effectively manage credit risk would have a direct and significant impact on our business, financial condition, results of operations, liquidity, and reputation.

Dealerships are a form of systemic risk to the business including credit risk, fraud risk, reputational risk, litigation risk, and compliance risk. Poor dealership business practices may also result in fraud, reputational, legal or compliance risk to our business. We have the following processes and controls in place to diligently monitor dealership performance: (1) before the relationship begins, all dealerships complete an onboarding process which includes a legal and compliance review; (2) during underwriting and loan origination, consumer and vehicle information is verified from various sources other than the dealership; and (3) following signing, we

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extensively monitor origination volume, defaults and delinquencies, profitability, consumer complaints, vehicle titling, and ongoing business practices. We routinely terminate dealerships from our platform when they fail to meet our required performance standards. Our management credit committee receives regular updates from other members of management on the effectiveness of our processes to manage consumer credit risk and issues arising from management's monitoring of our dealerships. The management credit committee is then responsible for determining what changes, if any, in credit risk strategy may be warranted.

***AI Model Risk***

Our AI algorithms aggregate and transform the data that we have collected, generating a proprietary credit profile that can be used to compare each applicant against thousands of prior consumers. This process produces the foundation of our underwriting – our proprietary AIRA<sup>®</sup>. The use of artificial intelligence, machine learning, data analytics and other similar tools that we use to collect, aggregate, and analyze data may result in errors, biases, or other inadequacies. To mitigate these risks, before deployment, all models undergo validation, testing and analysis, including via our data science team presenting all changes and analytic results for review and approval by our management credit committee, which includes all named executive officers. Following deployment, our models and our portfolio performance are monitored on a regular basis by our data science team, our management credit committee, and our management compliance committee, which also includes all named executive officers, via ongoing portfolio performance reporting, monthly credit performance monitoring, analytics, and reporting, as well as compliance reviews and ad hoc analytics. In addition, AIRA<sup>®</sup> is updated quarterly to incorporate the most recent payment information data and current portfolio trends into the decision making, including changes in the macroeconomic environment. For more information on the metrics used to monitor portfolio performance, see the section titled "—Competitive Advantages—Artificial Intelligence" and "Business—Lendbuzz Solution—*Proprietary AI Algorithms and Machine Learning Models Driving Credit Outperformance*."

***Fraud***

Our underwriting process involves several fraud detection steps including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Our custom-built AI algorithms and OCR technology to review documents provided by consumers and dealerships to
identify fraud; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) As part of our KYC process, a consumer's identity is verified by matching their PII on the ID provided to
the PII on their linked bank account, credit bureau, and loan application. The ability to verify bank account information is a strong mitigant against fraud and is different than the approach used by many traditional lenders.

Our management credit committee regularly reviews information from other members of management regarding our fraud risk, including the effectiveness of our digital and manual underwriting processes and trends in increased fraud or emerging fraudulent strategies that may affect our business. The management credit committee is then tasked with determining whether any changes are warranted in our underwriting processes to mitigate and preemptively protect against fraudulent activities.

***Compliance***

Our compliance teams track laws and regulations to help ensure that we can continue to serve our consumers and dealerships in compliance with applicable laws. We have a compliance management system, or CMS, that includes a complete set of compliance policies and procedures, an ongoing in-house complaint monitoring and testing program, and periodic third-party audits. Our management compliance committee meets monthly, and a third-party audit firm conducts annual audits on our compliance with our internal policies and procedures and the various laws and regulations we are subject to. These audits include a review of our business against recent changes in the law or regulations, among other things.

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***Cybersecurity***

The board of directors appreciates the rapidly evolving nature of threats presented by cybersecurity incidents Our board is responsible for monitoring and assessing cybersecurity risks by overseeing management's design, implementation, and maintenance of an effective program for protecting against and mitigating data privacy and cybersecurity risks. The board of directors receives regular updates on cybersecurity threats to our business from management and mitigation processes and oversees investigations and remediations of incidents and vulnerabilities as they arise or are identified. We employ various in-house and third-party technologies and network administration policies that are designed to protect our computer network and the privacy of our consumer's information from external threats and malicious attacks.

We believe that the technologies and network security plans we have adopted are appropriate for the size, complexity, and scope of the services we provide, as well as the nature of the information that we handle. We have a team of professionals dedicated to network and information security who monitor security systems, evaluate the effectiveness of technologies against known risks and adjust systems accordingly. In addition, we periodically have our network security evaluated by outside firms to identify and remove any potential vulnerabilities.

**Regulatory Environment** 

We operate in a heavily regulated industry that is highly focused on consumer protection. Since we are not a depository institution, we must comply with individual state licensing requirements and state laws to conduct our business. As of June 30, 2025, Lendbuzz operated in 35 states, with licenses in 24 jurisdictions and the ability to lend pursuant to state law exemptions or non-applicability across 11 states.

We are primarily supervised by state regulatory agencies governed by each state's respective laws. From time to time, we receive examination requests that require us to provide records, documents and information relating to our business operations. State attorneys general, state licensing regulators, and state and local consumer protection offices have authority to investigate consumer complaints and to commence investigations and other formal and informal proceedings regarding our operations and activities. Our management compliance committee, with the help of external consumer regulatory counsel, regularly reviews state licensing laws and determines which licenses we need to operate our business. We have built controls into our loan origination system, which are designed to prevent the approval of any loan where doing so would be in violation of the laws of the state or other jurisdiction of the borrower, including, but not limited to, state usury laws or because we have not completed the required regulatory registration or licensing.

The Consumer Financial Protection Bureau, or CFPB, was established in 2011 under the Dodd-Frank Act to ensure, among other things, that consumers receive clear and accurate disclosures regarding financial products and to protect consumers from hidden fees and unfair, deceptive or abusive acts or practices. The CFPB's jurisdiction includes those businesses originating or servicing auto loans. The CFPB has broad supervisory and enforcement powers with regard to non-depository institutions, such as us, that engage in the origination and servicing of auto loans. The CFPB has the authority to investigate consumer complaints and to commence investigations and other formal and informal proceedings regarding our operations and activities.

As part of its enforcement authority, the CFPB can order, among other things, rescission or reformation of contracts, the refund of moneys, restitution, disgorgement or compensation for unjust enrichment, the payment of damages or other monetary relief, public notifications regarding violations, remediation of practices, external compliance monitoring and civil money penalties. The CFPB has been active in investigations and enforcement actions and has issued large civil money penalties since its inception to parties the CFPB determines violated the laws and regulations it enforces.

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Numerous federal and state regulatory consumer protection laws impact our business, including but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Truth in Lending Act, or TILA, and Regulation Z, which regulate auto loan origination activities and
require the disclosure of certain loan terms and conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Certain provisions of the Dodd-Frank Act, including the Consumer Financial Protection Act, which, among other
things, prohibit unfair, deceptive or abusive acts or practices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Equal Credit Opportunity Act and Regulation B, which prohibit discrimination on the basis of age, race and
certain other characteristics in the extension of credit and require certain disclosures to applicants for credit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Fair Debt Collection Practices Act, which regulates the timing and content of third-party debt collection
communications;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Gramm-Leach-Bliley Act, which requires initial and periodic communication with consumers on privacy matters and
the maintenance of privacy regarding certain consumer data in our possession;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Bank Secrecy Act and related regulations from the Office of Foreign Assets Control and the Uniting and
Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act, or USA PATRIOT Act, which impose certain due diligence and recordkeeping requirements on lenders to detect and block money-laundering that could
support terrorist or other illegal activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Service Members Civil Relief Act, or SCRA, which provides financial protections for eligible service members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) Electronic Signatures in Global and National Commerce Act, or ESIGN, and similar state laws, particularly the
Uniform Electronic Transactions Act, or UETA, which require businesses that use electronic records or signatures in consumer transactions and provide required disclosures to consumers electronically to obtain the consumer's consent to receive
information electronically; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) Electronic Fund Transfer Act of 1978, or EFTA, and Regulation E, which protect consumers engaging in electronic
fund transfers.

We work to assess and understand the implications of the regulatory environment in which we operate and the regulatory changes we face. We devote resources to regulatory compliance, including operational and system costs, while at the same time striving to meet the needs and expectations of our consumers and dealerships. We expect that we will remain subject to extensive regulation and supervision going forward. Future regulatory changes may result in an increase in our regulatory compliance burden and associated costs and place restrictions on our origination and servicing operations.

See the section titled "Risk Factors—Risks Relating to Regulatory and Tax Matters" for a more comprehensive description of risks related to our regulatory environment.

**Intellectual Property** 

Intellectual property and proprietary rights are important to the success of our business. We rely on a combination of patent, copyright, trademark, trade secret and other intellectual property laws in the U.S. and other jurisdictions, as well as license agreements, confidentiality procedures, invention assignment and non-disclosure agreements, and other contractual protections, to establish, maintain, protect and enforce our intellectual property and proprietary rights, including our proprietary technology, software, know-how, and brand as well as the commercially valuable confidential information and data used in our business. However, these laws, agreements, and procedures do not provide absolute protection.

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As of June 30, 2025, we owned two registered U.S. trademarks (for the mark LENDBUZZ and for the mark AIRA), four issued U.S. patents and two pending U.S. patent applications. The issued patents will expire between 2041 and 2043. In addition, we have registered domain names used in connection with our platform, including www.lendbuzz.com. We also license from third parties a variety of intellectual property and data.

Although we take steps to protect our intellectual property and proprietary rights, we cannot be certain that the steps we have taken will be sufficient or effective to prevent unauthorized access, use, copying, or the reverse engineering of our proprietary technology and information, including by third parties who may use our proprietary technology or information to develop services that compete with ours. Moreover, others may independently develop technologies or services that are competitive with ours or that infringe on, misappropriate, or otherwise violate our intellectual property and proprietary rights. Policing the unauthorized use of our intellectual property and proprietary rights can be difficult. The enforcement of our intellectual property and proprietary rights also depends on whether any legal actions we may bring against any such parties are successful, but such actions are costly, time-consuming, and may not be successful, even when our rights have been infringed, misappropriated, or otherwise violated. In addition, aspects of our platform and services include software covered by open-source licenses. The terms of various open-source licenses have not been interpreted by United States courts, and there is a risk that such licenses could be construed in a manner that imposes unanticipated conditions or restrictions on our services.

See the section titled "Risk Factors—Risks Relating to Intellectual Property and Technology" for a more comprehensive description of risks related to our intellectual property and proprietary rights.

**Our Team Members and Human Capital Resources** 

Our strongest asset is the human capital that we have been able to attract, retain, and motivate. We are interested in the health and well-being of our employees and their families. We have been recognized for our ability to attract skilled and diverse talent in the workforce, having been listed as one of Forbes' America's Best Startup Employers in 2024. As a result, we attract exceptionally talented, highly educated, experienced, and motivated employees. Our human capital resources objectives include, as applicable, identifying, recruiting, retaining, incentivizing, and integrating our existing and additional employees. The principal purposes of our equity and other incentive plans are to attract, retain, and motivate selected employees, consultants, and directors through the granting of stock-based compensation awards and cash-based performance bonus awards.

As of June 30, 2025, we had over 475 employees located in the U.S. and Israel. Our U.S. employees, comprising over 430 team members, support all business functions across the company. Our Israel employees, comprising 45 team members, support R&D and product engineering. None of our employees are represented by a labor union or covered by a collective bargaining agreement. We have not experienced any work stoppages, and we consider our relations with our team members to be good.

**Facilities** 

Our headquarters is located in Boston, Massachusetts, where we lease approximately 16,275 square feet pursuant to a lease expiring in 2029. In addition, we lease office space in Tel Aviv, Israel; Pasadena, California; Orlando, Florida; Fort Lauderdale, Florida; and New York, New York. We do not own any real property. We believe that our current facilities are adequate to meet our current needs.

**Legal Proceedings** 

From time to time, we may be subject to legal proceedings and claims in the ordinary course of business. We are not presently a party to any legal proceedings that, if determined adversely to us, would individually or in the aggregate have a material adverse effect on our business, results of operations, financial condition, or cash flows. The results of any current or future litigation cannot be predicted with certainty, and regardless of the outcome, litigation can have an adverse impact on us because of defense and settlement costs, diversion of management resources, and other factors.

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**MANAGEMENT** 

**Directors and Executive Officers** 

The following table sets forth information regarding our directors and executive officers:

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| | | |
|:---|:---|:---|
| **Name** | **Age** | **Position** |
| ***Executive Officers*** |  |  |
| Amitay Kalmar | 43 | Chief Executive Officer, Co-Founder and Director |
| Dan Raviv, Ph.D. | 50 | Chief Technology Officer, Co-Founder and Director |
| George Sclavos | 45 | Chief Financial Officer |
| ***Non-Employee Directors*** |  |  |
| Laurel Bowden<br> Ziv Kop<br> David Krell<br> Stephen Linehan<br> Diane Offereins | 60<br> 54<br> 79<br> 64<br> 67 | Director<br> Director<br> Director<br> Director<br> Director |

---

***Executive Officers***

***Amitay Kalmar*** is the Co-Founder of Lendbuzz and has served as our Chief Executive Officer and a member of our board of directors since October 2015. Prior to co-founding Lendbuzz, from 2010 to 2015, Mr. Kalmar was a Vice President at Deutsche Bank's Technology Investment Banking practice where he worked with leading technology companies to successfully complete IPOs, debt financings and M&A transactions. Mr. Kalmar also led R&D teams developing digital communications systems. Mr. Kalmar holds an MBA from MIT Sloan School of Management, M.Sc. in Computer Science from the Reichman University and B.Sc. in Computer Science and Mathematics from Tel-Aviv University.

We believe Mr. Kalmar is qualified to serve as a member of our board of directors because of his experience building and leading our business and his insight into corporate matters as our Chief Executive Officer.

***Dan Raviv, Ph.D***. is the Co-Founder of Lendbuzz and has served as our Chief Technology Officer and a member of our board of directors since April 2016. Mr. Raviv has over 10 years of experience in academia, leading researchers and scientific projects across an array of machine learning and computer science topics, and has spent eight years in the Israeli Air Force managing professional teams. Prior to co-founding Lendbuzz, Mr. Raviv was a post-doctoral researcher at the Massachusetts Institute of Technology, conducting research in machine learning and computer vision. In addition to his academic experience, Mr. Raviv also worked at HP Labs in the research and development division in 2008. Mr. Raviv retired from the Air Force as an active pilot, ranked Major, where he had led both soldiers and officers. Mr. Raviv holds a Ph.D. and M.Sc. in Computer Science from the Technion—Israel Institute of Technology. Mr. Raviv also holds a BA in Mathematics and Computer Science from the Technion—Israel Institute of Technology.

We believe Mr. Raviv is qualified to serve as a member of our board of directors because of his experience building and leading the development of our technology and his insight into our business as our Chief Technology Officer.

***George Sclavos*** has served as our Chief Financial officer since June 2021. Mr. Sclavos has over 20 years of experience in finance, risk, analytics, and capital raising across the financial technology, consumer finance, small business, and asset backed finance industries. Prior to joining Lendbuzz, Mr. Sclavos was a managing director at

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Westside Advisors from 2019 to 2021, where he served as Chief Financial Officer and Chief Compliance Officer. From 2015 to 2019, Mr. Sclavos served as Chief Financial Officer for Laurel Road, a FinTech Company and FDIC insured bank offering online lending and digital deposit products to super prime millennials. Prior to Laurel Road, Mr. Sclavos held finance, analytics, and risk management positions within the small business lending and credit card industries at CAN Capital, 1st Financial Funding & Investments, and Capital One. Mr. Sclavos holds an MS from Columbia University in Industrial Engineering and a BA from Cornell University in Chemistry and Economics.

***Non-Employee Directors***

***Laurel Bowden*** has served as a member of our board of directors since January 2024. Ms. Bowden is a General Partner at 83North, a venture capital fund focused on early-stage technology investments in Europe and Israel that manages approximately $2.2 billion. She is the founder of 83North in Europe and has over 20 years' experience in venture capital. Ms. Bowden has led investments and been on the boards of many multi-billion-dollar European technology companies. She currently sits on the board of MotorK. She holds an MBA from INSEAD France and a B.Sc. in Electronic & Electrical Engineering from the University of Cape Town, South Africa.

We believe that Ms. Bowden is qualified to serve as a member of our board of directors because of her extensive experience in the venture capital and technology industries.

***Ziv Kop*** has served as a member of our board of directors since 2020. Mr. Kop is a Managing Partner at O.G. Ventures Partners (Israel), which he joined in 2019. O.G. Ventures Partners is a global growth stage venture capital fund. Previously, he was a partner at Innovation Endeavors, an early and growth stage venture capital fund, from 2016 to 2018, a board member and Chief Operating Officer at Outbrain from 2014 to 2016, and a Managing Partner at GlenRock Israel, a venture capital firm, from 2003 to 2013. Over the past 20 years, Mr. Kop has led investments and been on the boards of many growth-stage private and public technology companies.

Mr. Kop holds an LLB in Law and Bachelor of Business Administration from Tel Aviv University, and graduated from INSEAD's Young Managers Program and the Israel Naval Officer Academy.

We believe that Mr. Kop is qualified to serve as a member of our board of directors because of his extensive experience in the venture capital and technology industries.

***David Krell*** has served as a member of our board of directors since 2015. Mr. Krell was a co-founder and member of the board of directors of International Securities Exchange, LLC, or ISE, and served as its chairperson from January 2008 until June 2016. Prior to the ISE, Mr. Krell co-founded and was chairperson of K-Squared Research, LLC, and held several option market exchange executive roles. He was a director on the board of the International Federation of Technical Analysts from 1982 to 1986, a president of the Market Technicians Association from 1988 to 1989 and a director on the board of The Options Clearing Corporation from 1984 to 1997. Mr. Krell is also an educator, having formerly been an adjunct professor at Rutgers University Graduate School of Management and the Graduate School of Baruch College. He has also taught, coordinated, and directed numerous seminars and workshops at the New York Institute of Finance. He holds a BA from Queens College in Economics and an MBA from Baruch College.

We believe that Mr. Krell is qualified to serve as a member of our board of directors because of his extensive experience in the technology industry.

***Stephen Linehan*** has served as a member of our board of directors since July 2024. Mr. Linehan most recently served as the Chief Financial Officer of Fair Square Financial, a private-equity backed credit card company focused on the near-prime segment. Beginning in 2016, as a founding member of the executive team, Mr. Linehan helped lead the build out of the company's platform and execution of its strategic growth plan,

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culminating in its sale to Ally Financial in 2021. Following the sale to Ally, Mr. Linehan continued to serve as a member of the Fair Square Financial senior executive team, within Ally, until his retirement in 2023. Prior to his role as CFO at Fair Square Financial, Mr. Linehan spent 18 years with Capital One Financial Corporation serving as Executive Vice President and Corporate Treasurer, where he was responsible for the company's overall balance sheet management including capital strategy, liquidity and interest rate risk management, global funding, and management of the investment portfolio. Mr. Linehan earned his bachelor's degree in finance from the University of Notre Dame and holds an MBA from Loyola University Maryland.

We believe that Mr. Linehan is qualified to serve as a member of our board of directors because of his extensive experience in the financial services and technology industries.

***Diane Offereins*** has served as a member of our board of directors since January 2024. From 2009 until her retirement in June 2023, Ms. Offereins served as the Executive Vice President and President, Payment Services at Discover Financial Services, where she was responsible for the growth of the Discover Global Network, consisting of three payment networks – Discover Network, Diners Club International and PULSE. Prior to her role as Executive Vice President and President, Payment Services she has held several other positions within the company, including Executive Vice President and Chief Information Officer. Prior to Discover, Ms. Offereins held leadership positions at MBNA, Bank of America, and SouthEast Bank. Ms. Offereins currently serves on the Board of Directors of Brighthouse Financial, Inc. (Nasdaq: BHF) where she chairs the Compensation and Human Capital Committee and serves on the Finance and Risk and Nominating and Corporate Governance Committees and Flywire (Nasdaq FLYW) where she serves as a director and member of the People and Compensation Committee. She was the chair of the Chicago Network, an organization of Chicago's most senior and influential women. Ms. Offereins holds a BBA in accounting from Loyola University, New Orleans, Louisiana.

We believe that Ms. Offereins is qualified to serve as a member of our board of directors because of her financial technology industry experience.

**Board Structure** 

Upon completion of the offering, our board of directors will consist of seven members. Our board has determined that each of Ms. Bowden, Mr. Kop, Mr. Krell, Mr. Linehan and Ms. Offereins is independent under applicable Nasdaq Global Select Market listing rules.

Our directors will be divided into three classes serving staggered three-year terms. Class I, Class II and Class III directors will serve until our annual meetings of stockholders in 2025, 2026 and 2027, respectively. At each annual meeting of stockholders, directors will be elected to succeed the class of directors whose terms have expired. This classification of our board of directors could have the effect of increasing the length of time necessary to change the composition of a majority of the board of directors. In general, at least two annual meetings of stockholders will be necessary for stockholders to effect a change in a majority of the members of the board of directors. No director may be removed except for cause, and directors may be removed for cause by an affirmative vote of shares representing at least 66 <sup>2</sup>⁄<sub>3</sub>% of the shares then entitled to vote at an election of directors. Any vacancy occurring on the board of directors and any newly created directorship may be filled only by a majority vote of the remaining directors in office (although less than a quorum) or by the sole remaining director.

**Board Committees** 

Our board of directors has established an audit committee, a compensation committee, and a nominating and corporate governance committee. The composition and responsibilities of each of the committees of our board of directors are as described below. Members that serve on these committees serve until their resignation or until otherwise determined by our board of directors. Our board of directors may establish other committees as it deems necessary or appropriate from time to time.

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***Audit Committee***

The members of our audit committee are Stephen Linehan, David Krell and Diane Offereins. Stephen Linehan is the chairperson of our audit committee. The composition of our audit committee meets the requirements for independence under the current Nasdaq Global Select Market listing standards and SEC rules and regulations. Each member of our audit committee is financially literate. In addition, our board of directors has determined that each of Stephen Linehan and Diane Offereins is an "audit committee financial expert" as defined in Item 407(d)(5)(ii) of Regulation S-K promulgated under the Securities Act. This designation does not impose on Stephen Linehan and Diane Offereins any duties, obligations or liabilities that are greater than are generally imposed on members of our audit committee and our board of directors. Our audit committee is directly responsible for, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• selecting a firm to serve as the independent registered public accounting firm to audit our financial statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ensuring the independence of the independent registered public accounting firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• discussing the scope and results of the audit with the independent registered public accounting firm and
reviewing, with management and that firm, our interim and year-end operating results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• establishing procedures for employees to anonymously submit concerns about questionable accounting or audit
matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• considering the adequacy of our internal controls and internal audit function;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing material related party transactions or those that require disclosure; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• approving or, as permitted, pre-approving all audit and non-audit services to be performed by the independent registered public accounting firm.

***Compensation Committee***

The members of our compensation committee are ****Laurel Bowden, Diane Offereins and Ziv Kop. Laurel Bowden is the chairperson of our compensation committee. Each member of this committee is a non-employee director, as defined by Rule 16b-3 promulgated under the Exchange Act, and an outside director, as defined pursuant to Section 162(m) of the Code, and meets the requirements for independence under the current Nasdaq Global Select Market listing standards and SEC rules and regulations. Our compensation committee is responsible for, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• determining the compensation of our executive officers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing and approving the compensation of our directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing and approving, or making recommendations to our board of directors with respect to incentive
compensation and equity plans.

***Nominating and Governance Committee***

The members of our nominating and governance committee are Ziv Kop, David Krell and Laurel Bowden. Ziv Kop is the chairperson of our nominating and governance committee. Each member of the nominating and governance committee meets the requirements for independence under the current Nasdaq Global Select Market listing standards. Our nominating and governance committee is responsible for, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• identifying and recommending candidates for membership on our board of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing and recommending our corporate governance guidelines and policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing proposed waivers of the corporate governance guidelines or code of conduct for directors and executive
officers;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• overseeing the process of evaluating the performance of our board of directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• assisting our board of directors on corporate governance matters.

**Code of Ethics** 

Our board of directors has adopted a code of ethics that applies to all of our employees, officers and directors, including our Chief Executive Officer, Chief Financial Officer and other executive and senior financial officers. Upon completion of this offering, the full text of our codes of business conduct and ethics will be posted on the investor relations section of our website. We intend to disclose future amendments to our codes of business conduct and ethics, or any waivers of such code, on our website or in public filings.

**Compensation Committee Interlocks and Insider Participation** 

None of our executive officers has served as a member of a compensation committee (or if no committee performs that function, the board of directors) of any other entity that has an executive officer serving as a member of our board of directors.

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**EXECUTIVE AND DIRECTOR COMPENSATION** 

**Named Executive Officers** 

Our named executive officers, or NEOs, consisting of our principal executive officer, principal financial officer and the next most highly compensated executive officer, as of December 31, 2024, were:

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| | |
|:---|:---|
| **Name** | **Principal Position** |
| Amitay Kalmar | Chief Executive Officer |
| George Sclavos | Chief Financial Officer |
| Dan Raviv | Chief Technology Officer |

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**Compensation Discussion and Analysis** 

***Key Components of Our Compensation Program***

We make compensation decisions in a manner we believe will best serve the long-term interests of our stockholders by attracting and retaining executives who will be motivated to meet and exceed our goals and whose interests will be aligned with the interests of our stockholders. The compensation objectives for our NEOs are achieved through the following mix of components of target direct compensation for our NEOs, respectively, which are discussed in more detail in this Compensation Discussion and Analysis.

In fiscal year 2024, our compensation consisted of the elements described below.

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| | | |
|:---|:---|:---|
| **Element of Pay** | **Purpose** | **Alignment with Principles & Objectives** |
| Base Salary | Recognize and reward for the scope of an NEO's role and his or her individual performance | • Provides a minimum, fixed level of cash compensation to reflect the level of accountability of talented executives who can continue to improve the Company's overall performance<br>• Value provided is aligned with executives' experience, industry knowledge, duties and scope of responsibility as well as the competitive market for talent, and our founders have historically received below-market compensation |
| Annual Incentive Program | Reward for success in achieving annual objectives | • Value paid out is variable dependent on the Company's performance through the fiscal year<br>• Motivates executives to achieve specific annual performance goals and objectives |

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| | | |
|:---|:---|:---|
| **Element of Pay** | **Purpose** | **Alignment with Principles & Objectives** |
| Equity Incentive Plan | Attract and retain senior management of the Company and incentivize them to make decisions with a long-term view | • Motivates and influences behavior to be consistent with maximizing stockholder value |
| Retirement (401(k) plan), health and welfare benefits, and limited perquisites | Enhances total compensation to provide a package that is competitive with market practices | • Provides competitive benefits that support the health, wellness and long-term financial security of our executives |

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**2024 Compensation Decisions and Performance** 

***Base Salary***

As part of setting pay mix and structure for fiscal year 2024, we evaluated the NEOs' base salaries. Annual salary increases are neither automatic nor guaranteed, but determined by our compensation committee after taking into consideration each NEO's position with the Company and their respective responsibilities and experience. Based on this evaluation, the base salary levels in the table below were approved for fiscal year 2024.

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| | |
|:---|:---|
| **Named Executive Officer** | **Base Salary as of<br>December 31, 2024 ($)** |
|  Amitay Kalmar | 275000 |
|  George Sclavos | 400000 |
|  Dan Raviv | 275000 |

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*Going forward*: For fiscal year 2025, we increased base salaries for our NEOs based on an evaluation of each NEO's individual performance and similarly situated executives at companies in our compensation peer group. Such increases in base salary are as follows:

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| | |
|:---|:---|
| **Named Executive Officer** | **Base Salary as of<br>January 1, 2025 ($)** |
|  Amitay Kalmar | 375000 |
|  George Sclavos | 450000 |
|  Dan Raviv | 375000 |

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***Annual Incentive Program***

In fiscal year 2024, the Company maintained the Lendbuzz Annual Incentive Program, or AIP, in which each of our NEOs participated. The AIP is designed to reward and motivate key employees who have primary responsibility for the operations of the Company or its affiliates.

Under the AIP, our compensation committee reviews the Company's performance during the fiscal year. Based on a holistic review of the Company's performance, the compensation committee establishes an AIP pool from which annual incentive amounts may be paid to our NEOs and other members of management. For fiscal year 2024, the compensation committee determined that, based on the Company's performance during fiscal year 2024, the aggregate amount to be paid to our NEOs should be approximately $1.25 million.

Following the establishment of the AIP pool, the compensation committee reviews the performance of our NEOs. Based on a holistic review of the applicable NEO's performance, the compensation committee will award such NEO his or her annual award under the AIP, reducing the AIP pool by such amount. AIP payments are made on or before January 31, subject to the NEO's continued employment through the payment date.

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The table below sets forth the AIP amounts awarded to our NEOs with respect to fiscal year 2024 performance.

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| | |
|:---|:---|
| **Named Executive Officer** | **AIP Payment for Fiscal Year<br>2024 ($)** |
|  Amitay Kalmar | 325000 |
|  George Sclavos | 600000 |
|  Dan Raviv | 325000 |

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*Going forward*: For fiscal year 2025, the Company has established a new annual incentive program, which would provide for payment of annual cash incentives to our NEOs based on pre-established performance metrics, as determined by the compensation committee. Particularly, while historically the annual incentive amounts for Messrs. Kalmar and Raviv have been discretionary, the Company established target performance metrics and corresponding annual cash incentive levels to Messrs. Kalmar and Raviv.

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| | |
|:---|:---|
| **Named Executive Officer** | **AIP Target Opportunity (as a percentage of base salary)<br>for Fiscal Year 2025** |
|  Amitay Kalmar | 100% |
|  George Sclavos | 150% |
|  Dan Raviv | 100% |

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***Equity Incentive Plans*** 

*Lendbuzz Inc. 2019 Equity Incentive Plan*

Each of our NEOs participates in the Lendbuzz Inc. 2019 Equity Incentive Plan, or the 2019 Plan. The 2019 Plan was originally adopted by our stockholders on September 26, 2019.

The 2019 Plan authorizes the Company to grant nonqualified stock options, or NQSOs, incentive stock options, or SOs, and, together with NQSOs, Options, restricted stock awards, stock bonus awards, stock appreciation rights, or SARs, restricted stock units, or RSUs and performance awards, each, an Award, to employees, consultants, directors and nonemployee directors. An aggregate maximum of 6,614,250 shares of common stock, or Shares, may be issued under the 2019 Plan. As of December 31, 2024, there were Options to purchase 4,936,950 Shares outstanding under the 2019 Plan, 870,000 Shares underlying RSUs granted under the 2019 Plan and 745,560 Shares available for issuance under the 2019 Plan.

*Plan Administration.* Our compensation committee (or the board of directors acting as the compensation committee, or Committee, administers the 2019 Plan. The Committee may further delegate to a subcommittee consisting of one or more executive officers pursuant to a specific delegation as permitted by applicable law. The Committee will have full power to implement and carry out the 2019 Plan; *provided*, *however*, the Board will establish the terms for the grant of any Award to non-employee directors.

The Committee has the authority, among other things, to: (1) construe and interpret the 2019 Plan, any award agreements and any other agreement or document executed pursuant to the 2019 Plan; (2) select persons to receive Awards; (3) determine the form, terms and conditions of any Award granted under the 2019 Plan (including the exercise price, the time or times when Awards may vest and be exercised (which may be based on performance criteria) or settled, any vesting acceleration or waiver or forfeiture restrictions, the method to satisfy tax withholding obligations and any restriction or limitation regarding any Award or the Shares relating to such Award, based on such factors as the Committee determines); (4) determine the number of Shares or other consideration subject to Awards; (5) determine the fair market value for such Award in good faith; (6) determine the vesting, exercisability and payment of Awards; (7) determine whether an Award has been earned; (8) reduce or waive any criteria with respect to performance factors; (9) adjust performance factors as the Committee deems necessary or appropriate; (10) make all other determinations necessary or advisable for the administration of the 2019 Plan and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11) exercise negative discretion on performance awards, reducing or eliminating the amount to be paid to Participants (defined below). The Committee's determination with respect to any Award shall be final and binding on the Company and all persons having an interest in any Award under the 2019 Plan.

*Eligibility.* Generally, employees, consultants, directors and non-employee directors, or together, the Participants, are eligible to receive Awards under the 2019 Plan; *provided* that ISOs may only be granted to employees.

*Non-Employee Directors*. Non-employee directors are eligible to receive Awards under the 2019 Plan. Non-employee directors may elect to receive their annual retainer payments and/or meeting fees from the Company in the form of cash or Awards or a combination thereof, as determined by the Committee.

*Options.* Pursuant to the 2019 Plan, the Committee may grant Awards of Options to the Participants. Subject to the 2019 Plan and the Committee's discretion, each Option will set forth whether such Option will be an ISO or NQSO, the number of Shares subject to the Option, the exercise price, the period during which the Option may vest and be exercised and all other terms and conditions of the Option. Options may be awarded upon satisfaction of performance factors during any performance period as set forth in the award agreements.

Options will generally be exercisable during the period set forth in the applicable award agreement; *provided* that no Option will be exercisable after the expiration of 10 years from the date of grant (five years for individuals who hold at least 10% of the Shares).

The Committee will determine the exercise price for Options; *provided* that the exercise price cannot be less than 100% of the fair market value of a Share on the date of grant (110% for individuals who hold at least 10% of the Shares).

If the award agreement does not specify the terms and conditions upon which an Option will vest upon the Participant's termination of employment, the 2019 Plan provides that the vesting ceases on such Participant's termination date and the exercise of an Option will be subject to the following provisions, subject to the expiration date of the Options:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) If the Participant is terminated for any reason other than for Cause (as such term is defined in the 2019 Plan
or the applicable award agreement) or upon the Participant's death or Disability (as such term is defined in the 2019 Plan or the applicable award agreement), then any Options that were exercisable as of the termination date may be exercised
no later than three (3) months following the termination date (or such longer or shorter period as determined by the Committee; *provided* that, if such period is longer than three (3) months, such Option will be deemed an NQSO), but
in no event later than the expiration date of the Options;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) If the Participant is terminated because of Participant's death, then any Options that were exercisable
as of the termination date may be exercised no later than 12 months following the termination date (or such shorter period as determined by the Committee, but no less than six (6) months), but in no event later than the expiration date of the
Options;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) If the Participant is terminated because of Participant's Disability, then any Options that were
exercisable as of the termination date may be exercised no later than 12 months following the termination date (or such longer or shorter period as determined by the Committee; *provided* that, if the period is longer than three (3) months
for a Disability that is not a "permanent and total disability" or longer than 12 months for a Disability that is a "permanent and total disability," such Option will be deemed a NQSO), but in no event later than the
expiration date of the Options; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) If the Participant is terminated for Cause, the Options will expire on such Participant's termination
date, or at such later time and on such conditions as are determined by the Committee.

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With respect to ISOs, if the fair market value of the Shares with respect to the ISOs that are exercisable for the first time by a Participant during any calendar year under all plans of the Company and its subsidiaries exceeds $100,000, such Options will be treated as NQSOs.

*Restricted Stock Awards.* Restricted Stock Awards may be granted under the 2019 Plan. A Restricted Stock Award is an offer by the Company to sell to an eligible Participant Shares that are subject to restriction, or Restricted Shares. The Committee will determine to whom an offer will be made, the number of Shares the Participant may purchase, the purchase price, the restrictions under which the Shares will be subject and all other terms and conditions of the Restricted Stock Award, subject to the 2019 Plan. Except as may otherwise be provided in an award agreement, a Participant accepting a Restricted Stock Award must make a full payment of the purchase price within 30 days from the date the award agreement was delivered to the Participant. Upon a termination of employment, unless otherwise set forth in the applicable award agreement, any vesting ceases as of the Participant's termination date.

*Stock Bonus Awards.* Stock Bonus Awards may be awarded under the 2019 Plan. Pursuant to the underlying award agreements, Stock Bonus Awards may be settled in cash, Shares or a combination thereof in the sole discretion of the compensation committee. No payment from the Participant will be required for Shares awarded pursuant to a Stock Bonus Award. The Committee will determine the number of Shares to be awarded to the Participant and any restrictions thereon, including restrictions on time-vested conditions and/or performance-vested conditions. Settlement may be made in the form of cash, whole Shares, or a combination thereof, based on the fair market value of the Shares earned under a Stock Bonus Award on the date of payment, as determined in the sole discretion of the Committee. Upon a termination of employment, unless otherwise set forth in the applicable award agreement, any vesting ceases as of the Participant's termination date.

*SARs.* SARs may be awarded under the 2019 Plan. Pursuant to the underlying award agreement, SARs may be settled in cash, Shares or a combination thereof in the sole discretion of the Committee. The Committee will determine (i) the number of Shares subject to the SAR; (ii) the exercise price for the SAR (*provided* that such exercise price cannot be less than 100% of the fair market value of a Share on the date of grant) and the time or times during which the SAR may be settled; (iii) the consideration to be distributed on settlement of the SAR and (iv) the effect of the Participant's termination of employment on each SAR. SARs may be subject to vesting conditions, including performance-based vesting conditions, at the discretion of the Committee. If the SAR is subject to performance-based vesting conditions, the Committee may (i) determine the nature, length and starting date of any performance period for each SAR and (ii) select from among the performance factors to be used to measure performance, if any. SARs will generally be exercisable during the period set forth in the applicable award agreement; *provided* that no SARs will be exercisable after the expiration of 10 years from the date of grant. If the award agreement does not specify the terms and conditions upon which an SAR will terminate upon the Participant's termination of employment, the 2019 Plan provides that the vesting ceases on such Participant's termination date and the exercise of the SAR will be subject to the same terms as provided for Options, as described above.

*RSUs.* RSUs may be awarded under the 2019 Plan. RSUs are an Award covering the number of Shares that may be settled in cash or the issuance of Shares (which may take the form of Restricted Stock) or a combination of both. The Committee will determine (i) the number of Shares subject to the RSU; (ii) the time or times during which the RSU may be settled; (iii) the consideration to be distributed on settlement of the RSUs and (iv) the effect of the Participant's termination of employment on each RSU. RSUs may be subject to vesting conditions, including performance-based vesting conditions, at the discretion of the Committee. If the RSU is subject to performance-based vesting conditions, the Committee may (1) determine the nature, length and starting date of any performance period for each RSU; (ii) select from among the performance factors to be used to measure performance, if any and (iii) determine the number of Shares deemed subject to the RSU. Upon a termination of employment, unless otherwise set forth in the applicable award agreement, any vesting ceases as of the Participant's termination date.

*Performance Awards.* Performance Awards may be awarded under 2019 Plan. Performance Awards may take the form of Performance Shares, Performance Units or cash-based Awards.

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Performance Shares consist of a unit valued by reference to a designated number of Shares, the value of which may be paid to the Participant by delivery of Shares or, if set forth in the award agreement, cash or such other property (or a combination of the foregoing) as the Committee may determine in its sole discretion. The Committee has the discretion to designate the Participants receiving Performance Shares and determine the number of Performance Shares and the terms and conditions of such Performance Shares. The Committee may adjust the amount paid with respect to Performance Shares on the basis of such further consideration as the Committee determines in its sole discretion upon the attainment of the underlying performance goals, as established by the Committee, and such other terms and conditions specified by the Committee.

Performance Units consist of a unit valued by reference to a designated amount of property other than Shares, the value of which may be paid to the Participant by delivery of Shares or, if set forth in the award agreement, cash or such other property (or a combination of the foregoing) as the Committee may determine in its sole discretion upon the attainment of the underlying performance goals, as established by the Committee, and such other terms and conditions specified by the Committee.

Cash-Settled Performance Awards may be paid based on the attainment of the underlying performance goals, as established by the Committee, and such other terms and conditions specified by the Committee.

The Committee determines, for each Performance Award, (i) the amount of any cash bonus; (ii) the number of Shares deemed subject to an award of Performance Shares (if any); (iii) the performance factors and performance period that will determine the time and extent to which each Performance Award will be settled; (iv) the consideration to be distributed on settlement and (v) the effect of the Participant's termination of employment on each Performance Award. Further, in establishing the underlying performance factors and performance period, the Committee will (i) determine the length, nature and starting date of any performance period; (ii) select from among the performance factors to be used and (iii) determine the number of Shares deemed subject to the Performance Award. No Participant will be eligible to receive a grant of more than $10,000,000 in Performance Awards denominated in cash in any calendar year.

Upon a termination of employment, unless otherwise set forth in the applicable award agreement, any vesting ceases as of the Participant's termination date.

*Non-transferability of Awards.* Unless otherwise determined by the Committee, the 2019 Plan does not allow for Awards to be sold, pledged, assigned, hypothecated, transferred or disposed of in any manner other than by will or by the laws of descent or distribution. If the Committee makes an Award transferrable, such Award will contain such additional terms and conditions as the Committee deems appropriate.

*Rights as Stockholder; Dividends and Dividend Equivalents*. No Participant will have the rights of any stockholder with respect to Shares until the Shares are issued to the Participant, except for any dividend equivalent rights permitted by the applicable award agreement. After Shares are issued to the Participant, the Participant will be a stockholder and have all of the rights of a stockholder, including receiving dividends and the right to vote subject to the limitations set forth in the 2019 Plan. The Committee may reserve for itself and/or its assignee a right to repurchase a portion of any unvested Shares held by a Participant following such Participant's termination of employment at any time within 90 days (or such other period determined by the Committee) after the later of the Participant's termination date or the date the Participant purchases Shares under the 2019 Plan.

*Adjustments*. If the number of outstanding Shares is changed by a stock dividend, recapitalization, stock split, reverse stock split, subdivision, combination, reclassification or similar change in the capital structure of the Company, without consideration, then (i) the number of Shares reserved for issuance and future grant under the 2019 Plan, (ii) the exercise prices of and the number of Shares subject to outstanding Options and SARs, (iii) the number of Shares subject to other outstanding Awards, (iv) the maximum number of Shares that may be issued as ISOs and (v) the maximum number of Shares that may be issued to an individual or to a new employee in any one calendar year will, in each case, be proportionately adjusted, subject to any required action by the Board or the stockholders; *provided* that fractional Shares will not be issued.

*Repricing*. Unless otherwise approved by the stockholders, the Committee may not (other than in connection with an adjustment as described above), (i) lower the exercise price per Share of an Option or SAR after it is

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granted, (ii) cancel an Option or a SAR when the exercise price per Share exceeds the fair market value of one Share in exchange for cash or another Award (other than in connection with a Corporate Transaction described below) or (iii) take any other action with respect to an Option or SAR that would be treated as repricing under the rules and regulations of the principal U.S. national securities exchange on which the Shares are listed.

*Corporate Transactions.* The 2019 Plan provides that, in the event of a Corporate Transaction, all Shares acquired under the 2019 Plan and all other Awards will be subject to the terms of the agreements governing the Corporate Transaction. Such agreement may provide for one or more of the following with respect to each Award: (i) the continuation of the Awards by the Company (if the Company is the surviving corporation), (ii) the assumption of the Awards by the surviving corporation or its parent, (iii) the substitution by the surviving corporation or its parent of new awards, (iv) the full or partial acceleration of exercisability or vesting and accelerated expiration of outstanding Awards and lapse of our right to repurchase or re-acquire Shares acquired under an Award or lapse of forfeiture rights with respect to Shares acquired under Awards; (v) a payment to Participants equal to the excess of (x) the fair market value of the Shares subject to the Awards as of the effective date of such Corporate Transaction over (y) the exercise price or purchase price of Shares subject to the Awards in connection with the cancellation of the Awards, (vi) cancellation of the outstanding Awards in exchange for no consideration and (vii) any other treatment in accordance with the decision of our Board.

*Insider Trading; Clawback.* Each Participant who receives an Award will comply with any policy adopted by the Company from time to time covering transactions in the Company's securities by employees, officers and/or directors of the Company. Awards will be subject to any clawback or recoupment policy that is adopted or is required to be adopted pursuant to the listing standards of any national securities exchange or association on which our stock is listed or as otherwise required by applicable laws during the term of Participant's employment or other service with the Company. In addition to any other remedies available under such policy and applicable law, we may require the cancelation of outstanding Awards and the recoupment of any gains realized with respect to Awards.

*Amendment and Termination.* The Board may at any time terminate or amend the 2019 Plan in any respect; *provided*, *however*, that, absent stockholder approval, the Board will not make any amendments to the 2019 Plan that require stockholder approval.

*Sub-Plan for Participants in Israel*. Pursuant to its authority under the 2019 Plan, the Board has also established a Sub-Plan for Participants in Israel, or the Israel Sub-Plan. The Israel Sub-Plan is subject to the terms and conditions of the 2019 Plan. The Israel Sub-Plan establishes certain rules and limitations applicable to Awards that may be granted or issued under the 2019 Plan from time to time, in compliance with tax, securities and other applicable laws in Israel, and is intended to comply with the Israeli Income Tax Ordinance (New Version), 1961, or the ITO, including Section 102 thereunder, as amended, or Section 102. Section 102 allows employees, directors and officers who are not controlling stockholders and are considered Israeli residents, or Eligible 102 Participant, to receive favorable tax treatment for compensation in the form of shares or options. Non-employee service providers and controlling stockholders may only be granted options under Section 3(i) of the ITO, which does not provide for similar tax benefits.

Under the Israel Sub-Plan, the Company may issue grants of 102 Trustee Grants (Capital Gains Track), 102 Trustee Grants (Ordinary Income Track) and Non-Trustee Grants to Eligible 102 Participants. 102 Trustee Grants (Capital Gains Track) and 102 Trustee Grants (Ordinary Income Track) are deposited with a trustee pursuant to the deposit requirements as described in the Israel Sub-Plan; Non-Trustee Grants, however, are not deposited with a trustee.

*2024 Grants Under the 2019 Plan*

Historically, the Company has granted time-vesting Options. Generally, Options vest as follows: (i) 25% vest on the one-year anniversary of the vesting commencement date and (ii) the remaining 75% vest on a

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monthly basis thereafter through the four-year anniversary of the vesting commencement date, subject in each case to the NEO's continued employment through the applicable vesting dates. Upon a termination of employment for any reason, any unvested Options will be forfeited.

In 2024, the Company granted awards of RSUs to its NEOs. The RSUs granted to the NEOs are subject to service-based vesting conditions. The RSUs will vest in 36 equal monthly installments beginning on February 1, 2025. No Options were granted in 2024.

The table below sets forth the RSUs granted to our NEOs in fiscal year 2024:

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| | | |
|:---|:---|:---|
| **Named Executive Officer**  | **Grant Date** | **Number of RSUs (#)<sup>(1)</sup>** |
|  Amitay Kalmar | December 27, 2024 | 250000 |
|  George Sclavos | December 27, 2024 | 180000 |
|  Dan Raviv | December 27, 2024 | 250000 |

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(1) The RSUs will vest in 36 equal monthly installments beginning on February 1, 2025, subject to the NEO's
continued employment through the applicable vesting date.

**Lendbuzz Inc. 2025 Omnibus Incentive Plan** 

The board of directors has adopted the Lendbuzz Inc. 2025 Omnibus Incentive Plan (the "2025 Omnibus Plan"), which will be effective in connection with the completion of this offering. The following summary describes the material terms of the 2025 Omnibus Plan.

*Types of Awards*. Awards under the 2025 Omnibus Plan include options (including options intended to qualify as incentive stock options under Section 422 of the Code ("ISOs") and nonqualified stock options ("NSOs," and, together with ISOs, "Options")), stock appreciation rights ("SARs"), restricted stock, restricted stock units ("RSUs"), performance awards, other cash-based awards and other stock-based awards (collectively, the "Awards").

*Plan Administration.* The 2025 Omnibus Plan will be administered by the compensation committee, unless another committee is designated by our board of directors; in addition, the board of directors may, at its discretion, administer the 2025 Omnibus Plan and the Awards granted thereunder. The compensation committee will have broad authority to administer the 2025 Omnibus Plan, such as to (i) determine eligible participants, (ii) determine the types of Awards to be granted, (iii) determine the number of shares covered by any Awards granted under the 2025 Omnibus Plan, (iv) determine the terms and conditions of any Awards and prescribe the form of award agreement for each Award (which need not be identical for each participant), (v) amend the terms or conditions of outstanding Awards, (vi) interpret and administer the 2025 Omnibus Plan or any instrument or agreement relating to, or Award made under, the 2025 Omnibus Plan and (vii) make any other determination and take any other action that the compensation committee deems necessary or desirable for the administration and compliance of the 2025 Omnibus Plan. The compensation committee may delegate some or all of its authority under the 2025 Omnibus Plan to one or more officers of the Company, or one or more committees of the board of directors (which may consist solely of one director).

*Eligibility.* Employees, non-employee directors or consultants of the Company are eligible to be selected to participate in the 2025 Omnibus Plan.

*Authorized Shares*. The total number of shares of common stock of the Company, or Shares, authorized for issuance under the 2025 Omnibus Plan is 5,700,000 and the total number of Shares then available for issuance under our 2019 Equity Incentive Plan; *provided* that the total number of Shares available for issuance under the 2025 Omnibus Plan shall be increased on the first day of each Company fiscal year following the effective date of the 2025 Omnibus Plan in an amount equal to the least of (i) 5,700,000 Shares, (ii) 5% of outstanding Shares on the last day of the immediately preceding fiscal year and (iii) such number of Shares as determined by the

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board of directors in its sole discretion (together, the "Share Pool"). The maximum number of Shares that may be issued upon the exercise of ISOs under the 2025 Omnibus Plan is 5,700,000.

*Options*. The exercise price of an Option may not be less than 100% of the fair market value of a Share on the grant date (other than in the case of Substitute Awards (as defined in the 2025 Omnibus Plan)). Each Option will expire no later than the tenth (10<sup>th</sup>) anniversary of the date the Option is granted; *provided* that to the extent an Option is not previously exercised as to all of the Shares subject thereto, and if the fair market value of one Share is greater than the exercise price then in effect, then the Option shall be deemed automatically exercised immediately before its expiration. Any grant of ISOs must be in compliance with Section 422 of the Code, and may only be granted to employees of the Company, its parent or a subsidiary corporation.

*Stock Appreciation Rights*. The exercise or hurdle price of a SAR may not be less than 100% of the fair market value of a Share on the grant date (other than in the case of Substitute Awards). Each SAR will expire no later than the tenth (10<sup>th</sup>) anniversary of the date the SAR is granted; *provided* that to the extent a SAR is not previously exercised as to all of the Shares subject thereto, and if the fair market value of one Share is greater than the exercise price then in effect, then the SAR shall be deemed automatically exercised immediately before its expiration.

*Restricted Stock*. Restricted stock is an Award of Shares that is subject to restrictions on transfer and a substantial risk of forfeiture on such terms and conditions as determined by the compensation committee. Subject to such restrictions as determined by the compensation committee, the applicable participant will have the rights and privileges of a stockholder with respect to Shares, including the right to vote and the right to receive dividends, as long as the participant holds the restricted stock.

*Restricted Stock Units*. An RSU is an Award that represents a right to receive the value of one Share (or a percentage of such value). RSUs may be paid in cash, Shares, other Awards, other property or any combination thereof, as determined in the sole discretion of the compensation committee. Awards of RSUs may include the right to receive dividend equivalents. The applicable participant does not have the rights and privileges of a stockholder with respect to Shares underlying an RSU.

*Performance Awards*. Performance Awards are Awards that may be earned upon achievement or satisfaction of performance conditions specified by the compensation committee. Performance Awards may be denominated as a cash amount, number of Shares or units or a combination thereof.

*Other Cash-Based and Other Stock-Based Awards.* The compensation committee is permitted to grant other equity or equity-based Awards and cash-based Awards on such terms and conditions as the compensation committee will determine. For Awards in the nature of a purchase right, the purchase price shall not be less than the fair market value of such Shares on the date of grant of such right.

*Director Compensation Limitations*. Any participant who is a non-employee director may not receive compensation for any calendar year in excess of $750,000 in the aggregate, including cash payments and Awards.

*Changes in Capitalization.* In the event that the compensation committee determines that, as a result of any dividend or other distribution (other than an ordinary dividend or distribution), recapitalization, share subdivision, share consolidation, reorganization, merger, amalgamation, consolidation, separation, rights offering, split-up, spin-off, combination, repurchase or exchange of Shares or other securities of the Company, issuance of warrants or other rights to acquire Shares or other securities of the Company, issuance of Shares pursuant to the anti-dilution provisions of securities of the Company, or other similar corporate transaction or event affecting the Shares, or of changes in applicable laws, regulations or accounting principles, an adjustment is necessary in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the 2025 Omnibus Plan, then the compensation committee shall adjust equitably, so as to ensure

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no undue enrichment or harm (including by payment of cash), any or all of (i) the number and type of Shares (or other securities) which thereafter may be made the subject of Awards, including the amount of the Share Pool and the number of Shares available for ISOs, (ii) the number and type of Shares (or other securities) subject to outstanding Awards, (iii) the grant, acquisition, exercise or hurdle price with respect to any Award or, if deemed appropriate, make provision for a cash payment to the holder of an outstanding Award and (iv) the terms and conditions of any outstanding Awards, including the performance criteria of any Performance Awards.

*Effect of Termination of Service or a Change in Control.* The compensation committee may provide that an Award may be exercised, settled, vested, paid or forfeited in the event of a participant's termination of service prior to the vesting, exercise or settlement of such Award.

In the event of a change in control of the Company, the compensation committee may take any one or more of the following actions with respect to any outstanding Award: (i) continuation or assumption of such Award, (ii) substitution or replacement of such Award, (iii) acceleration of the vesting and the lapse of any restrictions either immediately prior to or after the change in control or upon termination of service under certain circumstances following the change in control, (iv) in the case of a Performance Award, the determination of the level of attainment of the applicable performance condition(s) and (v) cancellation of such Award in consideration of a payment or, in certain circumstances, for no consideration.

*Clawback*. Under the 2025 Omnibus Plan, Awards (including any amounts or benefits arising from such Awards) will be subject to any clawback or recoupment arrangements or policies the Company has in place from time to time, and the compensation committee may, to the extent permitted by applicable law and stock exchange rules or by any applicable Company policy or arrangement, and will, to the extent required, cancel or require reimbursement of any Awards or any Shares issued or cash received upon vesting, exercise or settlement of any such Awards or sale of Shares underlying such Awards, including any policies and procedures necessary to comply with Section 10D of the Exchange Act and any other regulatory regimes.

*Amendment.* Except to the extent prohibited by applicable law and unless otherwise expressly provided in an award agreement or in the 2025 Omnibus Plan, our board of directors may amend, alter, suspend, discontinue or terminate the 2025 Omnibus Plan or any portion thereof at any time; provided that no such amendment, alternation, suspension, discontinuation or termination shall be made without (i) stockholder approval if such approval is required by applicable law or the rules of the stock market or exchange on which the Shares are principally quoted or traded, or (ii) subject to limitations, the consent of the affected participant of the 2025 Omnibus Plan if such action would materially adversely affect the rights of such participant under any outstanding Award.

*No Repricing*. The compensation committee may not, without stockholder approval, seek to effect any repricing of any previously granted "underwater" Option, SAR or similar Award.

*Term*. The 2025 Omnibus Plan will become effective on the date on which the registration statement covering this offering is declared effective by the Securities and Exchange Commission. No Award may be granted under the 2025 Omnibus Plan after the tenth (10<sup>th</sup>) anniversary of the effective date. Previously granted Awards are permitted to extend beyond the termination date of the 2025 Omnibus Plan.

**Lendbuzz Inc. 2025 Employee Stock Purchase Plan** 

The board of directors has adopted the new Lendbuzz Inc. 2025 Employee Stock Purchase Plan (the "2025 ESPP"), which will be effective in connection with the completion of this offering. The 2025 ESPP consists of two components: the Section 423 component, intended to qualify as an "employee stock purchase plan" under Section 423 of the Code (the "423 Component") and the non-Section 423 component (the "Non-423 Component"), which authorizes the grant of rights which need not qualify under Section 423 of the Code. The following summary describes the material terms of the 2025 ESPP.

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*Plan Administration*. The 2025 ESPP will be administered by the compensation committee, unless another committee is designated by our board of directors. The compensation committee will have broad authority to administer the 2025 ESPP, such as to change the duration, frequency, start and end dates of any offering period, the minimum and maximum amounts of compensation for payroll deductions, the frequency with which a participant may elect to change his or her rate of payroll deductions, the dates by which a participant is required to submit an enrollment form, the effective date of a participant's withdrawal due to termination or transfer of employment or change in status, and the withholding procedures. With respect to the Non-423 Component, the rules set forth in the applicable sub-plans may take precedence over other provisions of the 2025 ESPP, but unless otherwise superseded by the terms of such sub-plan, the provisions of the 2025 ESPP will govern the operation of such sub-plan.

*Authorized Shares*. The maximum number of Shares available for issuance under the 2025 ESPP shall not exceed in the aggregate the sum of 760,000 Shares (the "ESPP Share Pool") and will be increased on the first day of each Company fiscal year following the effective date of the 2025 ESPP in an amount equal to the least of (i) 760,000 Shares, (ii) 1% of the ESPP Share Pool and (iii) such number of Shares as determined by the board of directors in its discretion. The number of Shares available at any time under the 2025 ESPP will be subject to adjustment in the event of a dividend or other distribution (other than an ordinary dividend or distribution), recapitalization, share subdivision, share consolidation, reorganization, merger, amalgamation, consolidation, separation, rights offering, split-up, spin-off, combination, repurchase or exchange of Shares or other securities of the Company, issuance of warrants or other rights to acquire Shares or other securities of the Company, issuance of Shares pursuant to the anti-dilution provisions of securities of the Company, or other similar corporate transaction or event affecting the Shares or changes in applicable laws, regulations or accounting principles. The number of Shares which a participant may purchase in an Offering under the Plan may be reduced if the Offering is oversubscribed.

*Offering Periods*. The 2025 ESPP will be implemented by a series of offering periods, each of which will be six (6) months in duration, with new offering periods commencing on or about March 1 and September 1 of each year (or such other times as determined by the compensation committee). The compensation committee shall have the authority to change the duration, frequency, start and end dates of offering periods.

*Eligibility*. With respect to the 423 Component, employees of the Company or employees of certain of our subsidiaries (each, a "Participating Subsidiary") may participate if they have satisfied the following criteria: (i) such employee has been employed by the Company or a Participating Subsidiary for at least two (2) years and (ii) such employee is customarily employed for at least twenty (20) hours per week and more than five (5) months in any calendar year. The compensation committee may exclude any employee from participating in the 2025 ESPP who is a "highly compensated employee" of the Company or a Participating Subsidiary. With respect to the Non-423 Component, employee eligibility is determined by the compensation committee; provided that no employee may participate in the Non-423 Component if such employee is subject to taxation in the United States.

*Grant of Option*. On the first day of each offering period, each participant in the applicable offering period shall be granted an option to purchase, on the purchase date, a number of Shares determined by dividing the participant's accumulated payroll deductions by the applicable Purchase Price (as defined below). In connection with each offering, the compensation committee may specify (i) a maximum number of Shares that may be purchased by any participant on any purchase date in such offering, (ii) a maximum aggregate number of Shares that may be purchased by all participants in such offering and (iii) if such offering contains more than one purchase date, a maximum aggregate number of Shares that may be purchased by all participants on any purchase date in such offering; *provided*, *however*, that in no event shall any participant purchase more than 2,500 Shares during an offering period.

*Purchase of Shares*. A participant's option will be exercised automatically on the purchase date of each offering period. The participant's accumulated payroll deductions will be used to purchase the maximum number of whole Shares that can be purchased with the amounts in the Participant's notional account.

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*Participation*. Each offering period will have one or more purchase dates on which Shares will be purchased for the employees who are participating in the offering. The compensation committee, in its discretion, will determine the terms of offerings under the 2025 ESPP. The 2025 ESPP permits participating employees to purchase Shares through payroll deductions in an amount equal to at least one percent (1%), but not more than ten percent (10%) of the employee's compensation. For purposes of the 423 Component, the purchase price of the Shares will be equal to the lesser of (i) eighty-five percent (85%) (or such greater percentage as designated by the compensation committee) of the fair market value of a Share on the first trading date of the applicable offering period or (ii) eighty-five percent (85%) (or such greater percentage as designated by the compensation committee) of the fair market value of a Share on the last trading day of the applicable offering period (or such other purchase date as designated by the compensation committee) (the "Purchase Price").

*Termination of Employment; Withdrawal Procedure*. Upon termination of a participant's employment for any reason that occurs at least thirty (30) days before the purchase date, the participant will be deemed to have withdrawn from the 2025 ESPP and the payroll deductions in the participant's notional account (that have not been used to purchase Shares) will be returned to the participant, and the participant's option shall be automatically terminated. If the participant's termination of employment occurs within thirty (30) days before a purchase date, the accumulated payroll deductions shall be used to purchase Shares on the purchase date.

A participant may withdraw from an offering by timely submitting to the Company a revised enrollment form indicating his or her election to withdraw. The accumulated payroll deductions held on behalf of a participant in his or her notional account (that have not been used to purchase Shares) shall be paid to the participant and the participant's option shall be automatically terminated.

*Corporate Transaction*. In the event of a merger, consolidation, acquisition of property or stock, separation, reorganization or other corporate event described in Section 424 of the Code, each outstanding option under the 2025 ESPP shall be cancelled and all accumulated payroll deductions shall be refunded to the participant as soon as reasonably practicable on or following the date of such transaction.

*Amendment or Termination*. The compensation committee may, in its sole discretion, amend, suspend or terminate the 2025 ESPP at any time and for any reason. If the 2025 ESPP is terminated, the compensation committee may elect to terminate all outstanding offering periods either immediately or once Shares have been purchased on the next purchase date (which may, in the discretion of the compensation committee, be accelerated) or permit offering periods to expire in accordance with their terms. If any offering period is terminated before its scheduled expiration, all amounts that have not been used to purchase Shares will be returned to participants (without interest, except as otherwise required by law) as soon as administratively practicable.

*Term*. The 2025 ESPP will remain in effect for ten (10) years following the effective date of the 2025 ESPP unless terminated earlier by the compensation committee in accordance with the terms of the 2025 ESPP.

***Benefit Plans*** 

*401(k) Plan*

We maintain a tax-qualified 401(k) retirement plan for eligible U.S. employees, including our NEOs. Under our 401(k) plan, employees may elect to defer a portion of their annual compensation on a pre-tax basis, subject to applicable annual Internal Revenue Code limits. In addition, we make matching contributions of up to 4% of a participant's deferrals up to a maximum. We make matching contributions of 100% of a participant's deferrals up to 3% of the participant's salary and match up to an additional 50% of a participant's deferrals from 3% to 5% of the participant's salary. We do not sponsor any nonqualified deferred compensation plans or defined benefit pension plans except as required by applicable law.

*Perquisites*

We do not provide any perquisites to our NEOs except as required by applicable law.

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**Compensation Policies and Practices** 

***Employment-Related Agreements*** 

We have entered into employment-related agreements with certain of our NEOs, as described in more detail under "Agreements with our Named Executive Officers" below.

***Tax Considerations*** 

Section 162(m) of the Internal Revenue Code generally limits the tax deductibility of annual compensation paid by public companies for certain executive officers to $1 million. Although we are mindful of the benefits of tax deductibility when determining executive compensation, we may approve compensation that will not be fully deductible in order to ensure competitive levels of total compensation for our executive officers.

***Accounting Considerations*** 

When reviewing preliminary recommendations and in connection with approving the terms of a given incentive plan period, we review and consider the accounting implications of a given Award, including the estimated expense.

**Summary Compensation Table** 

The amounts below represent the compensation awarded to or earned by or paid to our named executive officers for fiscal year ended December 31, 2024:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name and Principal Position** | **Year** | **Salary**<br>**($)** | **Stock<br>Awards**<br>**($)<sup>(1)</sup>** | **Options<br>Awards**<br>**($)** | **Nonequity<br>Incentive Plan<br>Compensation<br>($)<sup>(2)</sup>** | **All Other<br>Compensation**<br>**($)<sup>(3)</sup>** | **Total**<br>**($)** |
|  Amitay Kalmar<sup>(4)</sup> | 2024 | 275000 | 3235000 |  | 325000 | 13800 | 3848800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Chief Executive Officer* | 2023 | 275000 |  | $2544433 | 225000 | 11000 | 3055433 |
|  George Sclavos | 2024 | 400000 | 2329200 |  | 600000 | 13800 | 3343000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Chief Financial Officer* | 2023 | 350000 |  | 720194 | 550000 | 13200 | 1633394 |
|  Dan Raviv<sup>(4)</sup> | 2024 | 279427 | 3235000 |  | 325000 | 55152 | 3894579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Chief Technology Officer* | 2023 | 275000 |  | $2544433 | 225000 | 35126 | 3079599 |

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(1) The amounts reported represent the aggregate grant-date fair value of the RSUs awarded to the NEO in fiscal year
2024, calculated in accordance with ASC Topic 718, "*Compensation—Stock Compensation*." Such grant-date fair value does not take into account any estimated forfeitures related to vesting conditions. The assumptions used in
calculating the grant-date fair value of the RSUs reported in this column are set forth in "Note 12—Stock Option Plan" in our consolidated financial statements included elsewhere in this prospectus. These amounts do not reflect the
actual economic value that may be realized by the NEO.

(2) The amounts reported for 2024 represent the amounts earned by the NEOs in fiscal year 2024 under the AIP, as
described in more detail above under the section above titled "Annual Incentive Program."

(3) The amounts reported represent (1) for Messrs. Kalmar and Sclavos, the Company's contributions to the
Company's 401(k) plan and (2) for Mr. Raviv, (a) the Company's contributions to the Company's 401(k) plan ($12,800), (b) severance contribution payments ($27,093), (c) the Company's contributions for Mr. Raviv's pension
insurance (Bituah Leumi) ($11,268), (d) the Company's contributions to Keren Hishtalmut (study fund) ($3,876) and (e) welfare payments ($115). For Mr. Raviv, amounts were denominated in Israeli New Shekels. For purposes of this table, amounts
have been converted from ILS to USD by using the exchange rate of (x) 0.2775, which was in effect as of December 31, 2023 and (y) 0.2742, which was in effect as of December 31, 2024.

(4) Messrs. Kalmar and Raviv serve on our Board but are not paid additional compensation for such service.

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**Awards** 

The following table provides information relating to plan-based awards and opportunities granted to the NEOs during the fiscal year ended December 31, 2024.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **Type** | **Grant Date** | **Estimated Possible Payouts**<br>**Under Non-Equity Incentive**<br>**Plan Awards<sup>(1)</sup>** | **Estimated Possible Payouts**<br>**Under Non-Equity Incentive**<br>**Plan Awards<sup>(1)</sup>** | **Estimated Possible Payouts**<br>**Under Non-Equity Incentive**<br>**Plan Awards<sup>(1)</sup>** | **All Other Stock<br>Awards:<br>Number of<br>Securities<br>Underling<br>Stock or Units<br>(#)<sup>(2)</sup>** | **Grant Date<br>Fair Value ($)<sup>(3)</sup>** |
| **Name** | **Type** | **Grant Date** | *Threshold ($)* | *Target ($)* | *Maximum ($)* | **All Other Stock<br>Awards:<br>Number of<br>Securities<br>Underling<br>Stock or Units<br>(#)<sup>(2)</sup>** | **Grant Date<br>Fair Value ($)<sup>(3)</sup>** |
|  Amitay Kalmar | RSUs | December 27, 2024 |  |  |  | 250000 | 3235000 |
|  | 2024 AIP |  |  |  |  |  |  |
|  George Sclavos | RSUs | December 27, 2024 |  |  |  | 180000 | 2329200 |
|  | 2024 AIP |  |  | 600000 |  |  |  |
|  Dan Raviv | RSUs | December 27, 2024 |  |  |  | 250000 | 3235000 |
|  | 2024 AIP |  |  |  |  |  |  |

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(1) The amounts reported for 2024 represent the amounts earned by the NEOs in fiscal year 2024 under the AIP, as
described in more detail above under the section above titled "Annual Incentive Program." Only Mr. Sclavos has a target bonus opportunity under the 2024 AIP, while Messrs. Kalmar and Raviv's bonus opportunities are fully
discretionary.

(2) The RSUs will vest in 36 equal monthly installments beginning on February 1, 2025, subject to the
NEO's continued employment through the applicable vesting date.

(3) The amounts reported represent the aggregate grant-date fair value of the RSUs awarded to the NEO in fiscal year
2024, calculated in accordance with ASC Topic 718, "*Compensation—Stock Compensation*." Such grant-date fair value does not take into account any estimated forfeitures related to vesting conditions. The assumptions used in
calculating the grant-date fair value of the RSUs reported in this column are set forth in "Note 12—Stock Option Plan" in our consolidated financial statements included elsewhere in this prospectus. These amounts do not reflect the
actual economic value that may be realized by the NEO.

**Outstanding Equity Awards at Year-End** 

The following table sets forth information regarding outstanding equity awards held by our named executive officers as of December 31, 2024:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Option Awards<sup>(1)</sup>** | **Option Awards<sup>(1)</sup>** | **Option Awards<sup>(1)</sup>** | **Option Awards<sup>(1)</sup>** | **Stock Awards** | **Stock Awards** |
| <br>**Name** | <br>**Vesting<br>Commencement Date** | **Number of<br>Securities<br>Underlying<br>Unexercised<br>Options(#)<br>Exercisable** | **Number of<br>Securities<br>Underlying<br>Unexercised<br>Options(#)<br>unexercisable** | **Option<br>Exercise<br>Price<br>($)** | **Option Expiration<br>Date** | **Number of<br>Shares of<br>Units of<br>Stock that<br>have not<br>Vested (#)** | **Market<br>Value of<br>Shares or<br>Units of<br>Stock that<br>have not<br>Vested($)** |
|  Amitay Kalmar<br> October 6, 2020<sup>(2)</sup> | November 1, 2020 | 25060 |  | 0.621 | October 6, 2025 |  |  |
| December 20, 2021<sup>(6)</sup> | December 1, 2021 | 12500 | 30000 | 2.867 | December 19, 2031 |  |  |
| January 17, 2023<sup>(3)</sup> | N/A |  |  | 5.662 | January 14, 2033 |  |  |
| December 27, 2023<sup>(4)</sup> | January 30, 2024 | 200000 |  | 8.956 | December 26, 2033 |  |  |
| December 27, 2024<sup>(7)</sup> | February 1, 2025 |  |  |  |  | 250000 | 3235000 |
|  George Sclavos<br> July 12, 2021<sup>(5)</sup> | June 1, 2021 | 218750 | 31250 | 2.867 | June 1, 2031 |  |  |
| June 14, 2022<sup>(2)</sup> | July 1, 2022 | 60410 | 39590 | 3.630 | July 1, 2032 |  |  |
| December 27, 2023<sup>(6)</sup> | January 30, 2024 | 28640 | 96360 | 8.956 | December 27, 2033 |  |  |
| December 27, 2024<sup>(7)</sup> | February 1, 2025 |  |  |  |  | 180000 | 2329200 |
|  Dan Raviv<br> October 6, 2020<sup>(2)</sup> | November 1, 2020 | 300630 |  | 0.621 | October 6, 2025 |  |  |
| December 20, 2021<sup>(6)</sup> | December 1, 2021 | 90000 | 30000 | 2.867 | December 19, 2031 |  |  |
| January 17, 2023<sup>(3)</sup> | N/A | 462000 |  | 5.662 | January 14, 2033 |  |  |
| December 27, 2023<sup>(4)</sup> | January 30, 2024 | 200000 |  | 8.956 | December 26, 2033 |  |  |
| December 27, 2024<sup>(7)</sup> | February 1, 2025 |  |  |  |  | 250000 | 3235000 |

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(1) Pursuant to the 2019 Plan, the exercise price and number of shares subject to these Options were adjusted in
accordance with the ten-for-one stock split for all classes of stock, effected August 12, 2024. Accordingly, the share totals and exercise prices shown in this table (and in the corresponding footnotes) reflect the number of shares and exercise
prices of our NEOs' Options post-stock split.

(2) The Option will vest as follows: (1) 25% of the Shares subject to the Option vest on the one-year anniversary of the vesting commencement date and (2) the remaining 75% vest in 36 equal monthly installments over the three-year period commencing on the first anniversary of the vesting commencement
date, subject to the NEO's continued employment through the applicable vesting date.

(3) The Option was fully vested on the Grant Date.

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(4) The Option was fully vested as of January 30, 2024.

(5) The Option will vest as follows: (1) 25% of the Shares subject to the Option would vest on the first anniversary
of the vesting commencement date and (2) the remaining 75% would vest in 36 equal monthly installments over the three-year period commencing on the first anniversary of the vesting commencement date, subject to the NEO's continued
employment through the applicable vesting date. In the event of a Corporate Transaction, 100% of the Options would vest and become exercisable.

(6) The option will vest in 48 equal monthly installments over a four-year period, subject to the NEO's
continued employment through the applicable vesting date.

(7) The RSUs will vest in 36 equal monthly installments beginning on February 1, 2025, subject to the
NEO's continued employment through the applicable vesting date.

**Option Exercises and Stock Vested** 

The following table provides information relating to Options exercised during fiscal year 2024.

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| | | |
|:---|:---|:---|
| | **Option Awards** | **Option Awards** |
| <br>**Name** | **Number of Shares<br>Acquired on Exercise (#)<sup>(2)</sup>** | **Value Realized on**<br>**Exercise ($)<sup>(1)</sup>** |
|  Amitay Kalmar | 121340 | 864477.42 |
|  George Sclavos |  |  |
|  Dan Raviv |  |  |

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(1) Option Award Value Realized is calculated based on the difference between the market price and the Option
exercise price.

(2) Pursuant to the 2019 Plan, the exercise price and number of shares subject to these Options were adjusted in
accordance with the ten-for-one stock split for all classes of stock, effected August 12, 2024. Accordingly, the share totals and exercise prices shown in this table (and in the corresponding footnotes) reflect the number of shares and exercise
prices of our NEOs' Options post-stock split.

**Agreements with Our Named Executive Officers** 

The terms and conditions of employment for each of our NEOs are set forth in written offer letters, or in the case of Mr. Raviv, an employment agreement, the terms of which are described below. Any potential payment and benefits due upon a termination of employment or a change of control are further described below in the section titled "Potential Payment upon Termination or Change in Control."

***Amitay Kalmar***. We entered into an offer letter with Amitay Kalmar, our Chief Executive Officer, effective as of May 12, 2017, or the Kalmar Letter. Pursuant to the Kalmar Letter, Mr. Kalmar would serve as Chief Executive Officer of the Company, with an initial annual base salary of $120,000. Mr. Kalmar's employment is at-will. In connection with his employment, Mr. Kalmar also executed a Confidentiality/Assignment of Inventions/Non-Solicitation Agreement, which provides that Mr. Kalmar would be subject to certain restrictive covenants, including 12-month post-employment non-competition and non-solicitation of employees and customers restrictions.

***George Sclavos***. We entered into an offer letter with George Sclavos, our Chief Financial Officer, effective as of May 20, 2021, or the Sclavos Letter. Pursuant to the Sclavos Letter, Mr. Sclavos would serve as Chief Financial Officer of the Company, with an initial annual base salary of $350,000. Mr. Sclavos is also eligible to receive an annual bonus, commencing on the first anniversary of his start date (June 1, 2021), with a target value of $150,000, subject to performance metrics determined by us. Mr. Sclavos's annual bonus will be paid no later than 75 days following the anniversary of his start date, subject to his continued employment through the payment date. In connection with his hiring, Mr. Sclavos received a grant of 250,000 Options, which would vest as follows: (i) 25% of the Shares subject to the Option would vest on the first anniversary of Mr. Sclavos's start date and (ii) the remaining 75% would vest in 12 equal quarterly installments over the three-year period commencing on the first anniversary of his start date. In the event of a Corporate Transaction, 100% of the Options would vest and become exercisable.

Upon a termination of employment by the Company without Cause, or in the event Mr. Sclavos resigns for Good Reason (in each case as defined in the Sclavos Letter), subject to his execution and nonrevocation of a release of claims, Mr. Sclavos would receive severance pay equal to his annual base salary as in effect as of the date of such termination of employment for a period of six (6) months following his termination of employment.

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In connection with his employment, Mr. Sclavos also executed an Employee Proprietary Information, Inventions Assignment, Non-Competition and Non-Solicitation Agreement, which provides that Mr. Sclavos would be subject to certain restrictive covenants, including (i) a 12-month post-employment non-solicitation of employees and customers restriction following a termination of employment for any reason and (ii) a 12-month post-employment non-competition restriction following a termination of employment for Cause (as defined in the Sclavos Letter) or a voluntary resignation.

***Dan Raviv***. We entered into an employment agreement with Dan Raviv, our Chief Technology Officer, effective as of June 1, 2021, or the Raviv Agreement. Pursuant to the Raviv Agreement, Mr. Raviv would serve as our Chief Technology Officer, with an initial annual base salary of $180,000. Mr. Raviv would be paid in Israeli New Shekels, with such amounts converted from U.S. currency in accordance with the official exchange rate of the Bank of Israel at the end of each calendar month for which the base salary is being paid. Consistent with Israeli law, we and Mr. Raviv would obtain Managers Insurance and/or Pension Fund, or Pension Insurance, with the Company contributing an amount equal to 6.5% of Mr. Raviv's monthly base salary to the Pension Insurance, or the Pension Contribution, while Mr. Raviv would contribute 6% of his monthly base salary. We would also contribute an amount equal to 8.33% of Mr. Raviv's monthly salary for severance payments, or the Severance Contribution. If Mr. Raviv elects to obtain Managers Insurance, our contribution will include payments toward disability insurance, or the Disability Contribution. Our combined Pension Contribution and Disability Contribution will not exceed 7.5% of Mr. Raviv's monthly base salary. In addition, we and Mr. Raviv would open and maintain a Keren Hishtalmut (a short-term savings plan), or the Fund, with the Company contributing an amount equal to 7.5% of Mr. Raviv's monthly base salary to the Fund and Mr. Raviv contributing 2.5%. Upon a termination of employment for any reason other than for Cause, we must provide Mr. Raviv 30-days' prior notice or pay such amount that is equivalent to all legally required compensation in lieu of such notice period. Upon a termination of employment, we will release to Mr. Raviv all amounts accrued with respect to the Severance Contribution, Pension Contribution and Disability Contribution, as well as any amounts contributed by Mr. Raviv. Mr. Raviv is not entitled to any other severance upon a termination of employment. Upon a termination of employment for Cause (as defined in the Raviv Agreement), Mr. Raviv would not be entitled to any notice. In connection with his employment, Mr. Raviv also executed a Proprietary Information and Inventions Assignment Agreement, which provides that Mr. Raviv would be subject to certain restrictive covenants, including 12-month post-employment non-competition and six-month post-employment non-solicitation of employees restrictions.

**New Employment Agreements with Our Named Executive Officers** 

In connection with this offering, we intend to enter into, subject to the approval of the compensation committee, new employment agreements with our NEOs, the terms of which are described below. Any potential payment and benefits due upon a termination of employment in connection with a change of control are further described below in the section titled "Executive Change in Control Severance Plan."

***Amitay Kalmar***. Pursuant to the employment agreement we intend to enter into with Mr. Kalmar (the "Kalmar Agreement"), Mr. Kalmar will continue serving as Chief Executive Officer of the Company, with an initial annual base salary of $375,000 and is eligible to receive an annual bonus with a target value of 100% of Mr. Kalmar's base salary, subject to performance metrics determined by us. Mr. Kalmar will be eligible for consideration for equity grants under the 2025 Omnibus Plan or any successor thereto, in the sole discretion of the compensation committee.

Upon a termination of employment by the Company without Cause (as defined in the Kalmar Agreement), or in the event Mr. Kalmar resigns for Good Reason (as defined in the Kalmar Agreement), in each case other than during the Change in Control Period (described below in the section titled "Executive Change in Control Severance Plan"), or in the event Mr. Kalmar resigns without Good Reason, subject to his execution and nonrevocation of a release of claims, Mr. Kalmar would receive severance pay of a continuation of his base

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salary as in effect as of the date of such termination of employment for a period of one-year following his termination of employment and reimbursement and continuation of health benefits for a one-year period following such termination of employment.

In connection with his employment, Mr. Kalmar also executed an Employee Proprietary Information, Inventions Assignment, Non-Competition and Non-Solicitation Agreement (a "Restrictive Covenant Agreement"), which provides that Mr. Kalmar would be subject to certain restrictive covenants, including (i) a 12-month post-employment non-solicitation of employees and customers restriction following a termination of employment for any reason and (ii) a 12-month post-employment non-competition restriction following a termination of employment for Cause (as defined in the Kalmar Agreement) or voluntary resignation. Consistent with applicable law, if the Company elects to enforce the non-competition covenant, then the Company must either: (i) accelerate the vesting of his Company stock options by 12 months, or, in the event he does not have any Company stock options, (ii) pay him continuing salary payments for one year following termination of his employment at a rate equal to no less than 50% of the highest annualized base salary paid to him by the Company within the 2 years prior to the termination of his relationship with the Company.

***George Sclavos***. Pursuant to the employment agreement we intend to enter into with Mr. Sclavos (the "Sclavos Agreement"), Mr. Sclavos will continue serving as Chief Financial Officer of the Company, with an initial annual base salary of $450,000 and is eligible to receive an annual bonus with a target value of 150% of Mr. Sclavos's base salary, subject to performance metrics determined by us. Mr. Sclavos will be eligible for consideration for equity grants under the 2025 Omnibus Plan or any successor thereto, in the sole discretion of the compensation committee.

Upon a termination of employment by the Company without Cause (as defined in the Sclavos Agreement), or in the event Mr. Sclavos resigns for Good Reason (as defined in the Sclavos Agreement), in each case other than during the Change in Control Period (described below in the section titled "Executive Change in Control Severance Plan"), or in the event Mr. Sclavos resigns without Good Reason, subject to his execution and nonrevocation of a release of claims, Mr. Sclavos would receive severance pay of a continuation of his base salary as in effect as of the date of such termination of employment for a period of one-year following his termination of employment and reimbursement and continuation of health benefits for a one-year period following such termination of employment.

In connection with his employment, Mr. Sclavos also executed a Restrictive Covenant Agreement, which provides that Mr. Sclavos would be subject to certain restrictive covenants, including (i) a 12-month post-employment non-solicitation of employees and customers restriction following a termination of employment for any reason and (ii) a 12-month post-employment non-competition restriction following a termination of employment for any reason.

***Dan Raviv***. Pursuant to the employment agreement we intend to enter into with Mr. Raviv (the "Raviv Agreement"), Mr. Raviv will continue serving as Chief Technology Officer of the Company, with an initial annual base salary of $375,000 and is eligible to receive an annual bonus with a target value of 100% of Mr. Raviv's base salary, subject to performance metrics determined by us. Mr. Raviv will be eligible for consideration for equity grants under the 2025 Omnibus Plan or any successor thereto, in the sole discretion of the compensation committee.

Upon a termination of employment by the Company without Cause (as defined in the Raviv Agreement), or in the event Mr. Raviv resigns for Good Reason (as defined in the Raviv Agreement), in each case other than during the Change in Control Period (described below in the section titled "Executive Change in Control Severance Plan"), or in the event Mr. Raviv resigns without Good Reason, subject to his execution and nonrevocation of a release of claims, Mr. Raviv would receive severance pay of a continuation of his base salary as in effect as of the date of such termination of employment for a period of one-year following his termination of employment and reimbursement and continuation of health benefits for a one-year period following such termination of employment.

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In connection with his employment, Mr. Raviv also executed a Restrictive Covenant Agreement, which provides that Mr. Raviv would be subject to certain restrictive covenants, including (i) a 12-month post-employment non-solicitation of employees and customers restriction following a termination of employment for any reason and (ii) a 12-month post-employment non-competition restriction following a termination of employment for any reason.

In addition to the terms provided above, each of the Kalmar Agreement, Sclavos Agreement and Raviv Agreement provide that, in the event any equity or equity-based awards are not assumed, replaced or continued in connection with a Change in Control (as defined in the 2025 Omnibus Plan), (i) any service-based vesting conditions shall be deemed satisfied and the equity or equity-based award shall vest immediately prior to such termination and (ii) any performance-based vesting conditions shall be deemed achieved at the grater of target and actual performance, as measured by the compensation committee as of the date of the Change in Control for the applicable performance and extrapolated for the applicable performance period.

**Letter Agreement with George Sclavos** 

In connection with this offering, subject to the approval of the compensation committee, we plan to enter into an offer letter with George Sclavos (the "IPO Letter Agreement"). Pursuant to the IPO Letter Agreement, Mr. Sclavos will be entitled to receive a grant of 100,000 restricted stock units (the "IPO Grant"), under the 2025 Omnibus Plan, upon the effective date of our registration statement on Form S-8 in connection with the 2025 Omnibus Plan. The IPO Grant will vest in 36 equal monthly installments beginning on the first monthly anniversary of the grant date of the IPO Grant, subject to Mr. Sclavos's continued employment through the applicable vesting date. In the event that Mr. Sclavos's employment terminates prior to the effective date of an initial public offering of the Company, or the initial public offering does not become effective on or prior to the ten (10) year anniversary of the effective date of the IPO Letter Agreement, the IPO grant will be forfeited for no consideration.

**Pension Benefits and Nonqualified Deferred Compensation** 

During fiscal year 2024, none of our NEOs received pension benefits or participated in any nonqualified deferred compensation plans.

**Potential Payments upon Termination or Change in Control** 

The below table sets forth information regarding contractual payments that would be made to our NEOs upon the occurrence of certain termination and/or change in control events. In estimating the value of such payments, the table assumes that our NEO's employment was terminated and/or a change in control of the Company occurred, in each case on December 31, 2024.

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| | | | |
|:---|:---|:---|:---|
| **Name** | **Involuntary Termination**<br>**Without Cause or**<br>**Voluntary with Good**<br>**Reason ($)** | **Change in**<br>**Control**<br>**(Termination**<br>**of**<br>**Employment)**<br>**($)** | **Change in Control (No**<br>**Termination) ($)** |
|  Amitay Kalmar<sup>(1)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Base Salary* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Benefits and Perquisites* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Options under 2019 Plan* |  |  |  |
|  George Sclavos |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Base Salary* | 200000<sup>(2)</sup> | 200000<sup>(2)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Benefits and Perquisites* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Options under 2019 Plan* |  |  | 43143<sup>(3)</sup> |

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| | | | |
|:---|:---|:---|:---|
| **Name** | **Involuntary Termination**<br>**Without Cause or**<br>**Voluntary with Good**<br>**Reason ($)** | **Change in**<br>**Control**<br>**(Termination**<br>**of**<br>**Employment)**<br>**($)** | **Change in Control (No**<br>**Termination) ($)** |
|  Dan Raviv |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Base Salary* | 22917<sup>(4)</sup> | 22917<sup>(4)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Benefits and Perquisites* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Options under 2019 Plan* |  |  |  |

---

(1) Mr. Kalmar is not entitled to any severance in connection with a termination of employment or accelerated
vesting in connection with a Corporate Transaction.

(2) Upon a termination of employment by us without Cause or by Mr. Sclavos for Good Reason (each as defined in
the Sclavos Letter), Mr. Sclavos is entitled to receive continued payment of his base salary for a period of six months following his termination of employment, subject to his execution and nonrevocation of a release of claims. The amount set
forth herein represents the continued payment of Mr. Sclavos's base salary for a period of six months post-employment.

(3) Upon a Corporate Transaction, Mr. Sclavos's Options granted on July 12, 2021 in connection with
his commencement of employment will vest in full. The value set forth herein represents the value of the accelerated vesting of the Options.

(4) Upon a termination of employment by us for any reason other than for Cause (as defined in the Raviv Agreement),
Mr. Raviv is entitled to 30-days' prior notice. The amount set forth herein represents the amount Mr. Raviv would receive during his 30-day notice
period.

In connection with this offering, we intend to adopt, subject to the approval of the compensation committee, a form of Restricted Stock Unit Award Agreement and a form of Performance-Based Restricted Stock Unit Award Agreement, which provide that if an NEO experiences a termination of employment due to his or her death of Disability (as defined in the 2025 Omnibus Plan) prior to the vesting conditions as set forth in the applicable award agreement, then (i) in respect of RSUs, (A) if such termination of service occurs on or prior to the initial vesting date, the NEO will vest in a prorated portion of the RSUs that would have vested had the NEO remained employed through the initial vesting date, with such number of RSUs determined based on the number of months completed following the vesting commencement date and (B) if such termination of service occurs following the initial vesting date, the NEO will vest in the next tranche of RSUs that would have vested had the NEO remained employed through the following monthly vesting date, and (ii) in respect to of performance-based RSUs, the NEO will be deemed to have satisfied any service-based vesting conditions on a prorated portion of the performance-based RSUs, with performance determined based on target level of performance.

**Executive Change in Control Severance Plan** 

In connection with this offering, we intend to adopt, subject to the approval by our compensation committee, an executive change in control severance plan (the "Change in Control Severance Plan") in which our NEOs will participate. Under our Change in Control Severance Plan, if an NEO experiences a termination of employment without Cause or resigns for Good Reason (each as defined in the Change in Control Severance Plan) (a "Qualifying Termination"), in each case within three (3) months prior to and twelve (12) months following a Change in Control (as defined in the Change in Control Severance Plan) of the Company (the "Change in Control Period"), the NEO is entitled to receive a lump sum cash payment equal to two (2) times the sum of their base salary and target annual cash bonus. In the event any equity or equity-based awards are assumed, replaced or continued in connection with a Change in Control and, during the Change in Control Period, the NEO experiences a Qualifying Termination, (i) any service-based vesting conditions shall be deemed satisfied and the equity or equity-based award shall vest immediately prior to such termination and (ii) any performance-based vesting conditions shall be deemed achieved at the grater of target and actual performance, as measured by the compensation committee as of the date of the Change in Control for the applicable performance and extrapolated for the applicable performance period. An NEO will also be entitled to receive a prorated portion of their annual cash bonus for the year in which the termination occurs, measured at the greater of target and actual performance, as well as continuation of health benefits for a two-year period following such termination of employment. All payments and benefits provided under the Change in Control Severance Plan are conditioned on the NEO's continuing compliance with the plan and the NEO's execution of a release of claims in favor of the Company.

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**Clawback Policy** 

In September 2025, the compensation committee adopted a clawback policy that provides for the recoupment of incentive-based compensation in the event that the Company is required to prepare an accounting restatement due to material noncompliance with any financial reporting requirement under the federal securities laws. The clawback policy is designed to comply with Section 10D of the Exchange Act, the rules promulgated thereunder, and Rule 5608 of the NASDAQ listing rules.

**Rule 10b5-1 Sales Plans** 

Our directors and officers may adopt written plans, known as Rule 10b5-1 plans, in which they will contract with a broker to buy or sell shares of our common stock on a periodic basis. Under a Rule 10b5-1 plan, a broker executes trades under parameters established by the director or officer when entering into the plan, without further direction from them. The director or officer may amend a Rule 10b5-1 plan in some circumstances and may terminate a plan at any time. Our directors and executive officers may also buy or sell additional shares outside of a Rule 10b5-1 plan when they do not possess of material nonpublic information, subject to compliance with the terms of our insider trading policy.

**Director Compensation** 

The following table sets forth information concerning the compensation earned by each of our non-employee directors during the fiscal year ended December 31, 2024.

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| | | | |
|:---|:---|:---|:---|
| **Name** | **Fee Earned or Paid<br>in Cash ($)** | **Option<br>Awards ($)** | **Total ($)** |
|  Stephen Linehan | 28333.36 | 428907.79 | 457241.15 |
|  Diane Offereins | 47916.82 | 230461.93 | 278378.75 |

---

Laurel Bowden, David Krell and Ziv Kop did not receive any compensation in 2024 for services as a non-employee director. Prior to this offering, our independent directors who joined our board of directors during 2024 received a fee of $50,000 in the form of an annual retainer payable in cash for their service on the board of directors, prorated based upon the date they joined our board of directors. In addition, they each received a grant of 40,000 stock options in connection with their appointment to our board of directors, which vest in equal monthly installments over a three-year period from the grant date, subject to their continued service through each vesting date. Our audit committee chair is paid an annual $10,000 cash retainer, prorated based upon the date he was assigned the role as chair. Our non-employee directors are reimbursed for their reasonable expenses incurred in attending meetings of the board of directors or committees. Our other directors do not receive additional compensation for their service on the board of directors.

In connection with this offering, the board of directors has adopted a director compensation policy which will govern the annual compensation paid to our non-employee directors following this offering. Our lead independent director will receive an annual cash retainer of $50,000 and our chair of the audit committee will receive an annual cash retainer of $60,000. In addition, non-employee directors will receive (i) an equity grant in the form of RSUs made upon initial election or appointment to our board of directors with a grant date value of $200,000, and (ii) annual grants in the form of RSUs with a grant date value of $200,000, to be made on the second trading day following each annual stockholder meeting after the completion of this offering. No non-employee director may receive compensation for any calendar year in excess of $750,000 in the aggregate, including cash payments and equity awards.

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**CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS** 

We describe below transactions and series of similar transactions, during our last three fiscal years or currently proposed, to which we were a party or will be a party, in which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the amounts involved exceeded or will exceed $120,000; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any of our directors, executive officers or beneficial holders of more than 5% of any class of our capital stock
had or will have a direct or indirect material interest.

Other than as described below, there have not been, nor are there any currently proposed, transactions or series of similar transactions meeting this criteria to which we have been or will be a party other than compensation arrangements, which are described where required under "Management—Board Structure and Compensation of Directors" and "Executive and Director Compensation."

**Preferred Stock Financings** 

***Series D Voting Convertible Preferred Stock.*** In 2022, we sold an aggregate of 3,004,900 Series D voting convertible preferred shares in multiple closings at a purchase price of $14.24191 per share for an aggregate amount of $42.8 million. Each Series D voting convertible preferred share will automatically convert into one share of our voting common stock immediately prior to the closing of this offering. The holders of our Series D voting convertible preferred shares listed below are entitled to specified registration rights. See the section titled "Description of Capital Stock—Registration Rights" for additional information regarding these registration rights.

***Series D-1 Voting Convertible Preferred Stock.*** In 2023, we sold an aggregate of 1,530,310 Series D-1 voting convertible preferred shares in multiple closings at a purchase price of $16.65141 per share for an aggregate amount of $25.5 million. Each Series D-1 voting convertible preferred share will automatically convert into one share of our voting common stock immediately prior to the closing of this offering. The holders of our D-1 voting convertible preferred shares listed below are entitled to specified registration rights. See the section titled "Description of Capital Stock—Registration Rights" for additional information regarding these registration rights.

The following table sets forth the aggregate number of these securities acquired by the listed directors, executive officers or holders of more than 5% of our capital stock, or their affiliates.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Stockholder<sup>(1)</sup>** | **Shares of**<br>**Series D**<br>**voting**<br>**convertible**<br>**preferred**<br>**shares (#)** | **Total**<br>**Purchase**<br>**Price ($)** | **Shares of**<br>**Series D-1**<br>**voting**<br>**convertible**<br>**preferred**<br>**shares (#)** | **Total**<br>**Purchase**<br>**Price ($)** |
|  OG Tech Ventures International Ltd.  | 561720 | $7999966 | 240220 | $4000002 |
|  83North FXV IV Limited Partnership | 1755380 | 24999964 | 300270 | 4999919 |
|  Arkin Communication Ltd.  |  |  |  |  |
|  Mivtach Shamir Technologies (2000) Ltd. | 257160 | 3662450 |  |  |

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(1) Additional details regarding these stockholders and their equity holdings are provided in the section titled
"Principal and Selling Stockholders."

**Securitization Transactions** 

On June 8, 2023, our subsidiary Lendbuzz Depositor II LLC, sold Asset-Backed Certificates issued by Lendbuzz Securitization Trust 2023-2 having a notional amount of $390,625 at the purchase price of $5,000,000 to each of (i) Arkin Private Equity (P.I.) 2 Limited Partnership, an affiliate of Nir Arkin, and (ii) an affiliate of OG Tech Ventures International Ltd, which are currently held by OG Tech Ventures International (II) Limited.

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On January 11, 2024, Lendbuzz Depositor II LLC sold $1,000,000 aggregate principal amount of Class B Automobile Receivables-Backed Notes issued by Lendbuzz Securitization Trust 2023-3 at par to ZA Capital LLC, an affiliate of Amitay Kalmar and Dan Raviv.

On March 20, 2025, our subsidiary Lendbuzz Depositor II LLC, priced the sale of Asset-Backed Certificates issued by Lendbuzz Auto Receivables Trust SS-2025-B, to be settled on March 26, 2025. Arkin Private Equity (P.I.) 2 Limited Partnership, an affiliate of Nir Arkin, will purchase Asset-Backed Certificates having a notional amount of 494,031 at the purchase price of $2,972,547 and ZA Capital LLC, an affiliate of Amitay Kalmar and Dan Raviv, will purchase Asset-Backed Certificates having a notional amount of 158,333 at the purchase price of $952,679.

**SAFE Agreements** 

During April and May, 2025, we entered into SAFEs with an affiliate of 83North, 83North VII Limited Partnership, for a purchase amount of $15,000,000, and with an entity affiliated with Nir Arkin, Arkin Communications Ltd. for $500,000. See "Management's Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Convertible Financings" for more information on the terms of the SAFEs.

**Convertible Loans** 

In May, 2025, the Company entered into a Convertible Loan Agreement with an affiliate of OG Tech Venture International Limited, where OG Tech Ventures International (II) Limited agreed to provide the Company with a convertible loan in the aggregate amount of $15,000,000 due May 12, 2030. See "Management's Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Convertible Financings" for more information on the terms of the Convertible Loan Agreement.

**Agreements with Stockholders** 

In connection with the issuances of our Series A convertible preferred stock, Series B convertible preferred stock, Series C convertible preferred stock, Series C-2 convertible voting preferred stock, Series D convertible voting preferred stock and Series D-1 convertible voting preferred stock, we entered into investors' rights, voting and first refusal and co-sale agreements containing registration rights, information rights, voting rights, board designation and observer rights and rights of first refusal, among other things, with certain holders of our preferred stock and certain holders of our common stock. These stockholder agreements will terminate immediately before the consummation of this offering, except for the registration rights granted under our investors' rights agreement, as more fully described in "Description of Capital Stock—Registration Rights."

**Stock Option Grants to Executive Officers** 

We have granted stock options to our named executive officers as more fully described in the section entitled "Executive and Director Compensation."

**Related Person Transaction Policy** 

Prior to the completion of this offering, we intend to enter into a new related person transaction policy. We expect that this related party transaction policy will require related person transactions and any material amendments or modification thereto to be reviewed and approved by our board of directors or a designated committee thereof, which may include our audit committee, once implemented. The policy will cover, with certain exceptions set forth in Item 404 of Regulation S-K under the Securities Act, any transaction, arrangement or relationship, or any series of similar transactions, arrangements or relationships in which we were or are to be

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a participant, where the amount involved exceeds $120,000, and a related person had or will have a direct or indirect material interest. In reviewing and approving any such transactions, our board of directors or a designated committee thereof will be tasked to consider all relevant facts and circumstances, including, but not limited to, whether the transaction is on terms comparable to those that could be obtained in an arm's length transaction and the extent of the related person's interest in the transaction.

**Indemnification Agreements** 

We intend to enter into indemnification agreements with our directors and executive officers. The indemnification agreements and our amended and restated articles of incorporation will require us to indemnify our directors and executive officers to the fullest extent permitted by Delaware law.

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**PRINCIPAL AND SELLING STOCKHOLDERS** 

The following table sets forth information regarding beneficial ownership of our common stock as of June 30, 2025, by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each selling stockholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each person whom we know to own beneficially more than 5% of our common stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each of the directors and named executive officers individually; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all directors and executive officers as a group.

In accordance with the rules of the SEC, beneficial ownership includes voting or investment power with respect to securities and includes the shares issuable pursuant to stock options that are exercisable within 60 days of June 30, 2025. Shares issuable pursuant to stock options are deemed outstanding for computing the percentage of the person holding such options but are not outstanding for computing the percentage of any other person.

The number of shares of common stock outstanding and the percentage of beneficial ownership for the following table before the offering is based on (1) the issuance of shares of our Series B convertible preferred stock upon the exercise of the Series B preferred stock warrants at an exercise price of $0.98 per share, (2) the issuance of shares of our voting and non-voting common stock upon the automatic conversion of all shares of our outstanding voting and non-voting convertible preferred stock, (3) the reclassification of all shares of our voting and non-voting common stock into shares of common stock on a one-for-one basis immediately prior to the completion of this offering, (4) the issuance of shares of our common stock upon conversion of our outstanding SAFEs immediately prior to completion of this offering at an assumed conversion price of $, which reflects the assumed initial public offering price of $ per share, which is the midpoint of the price range set forth on the cover page of this prospectus, reduced by a 20% discount pursuant to the terms of the SAFEs and (5) the issuance of shares of our common stock upon conversion of $ aggregate amount of our outstanding convertible loans immediately prior to completion of this offering at an assumed initial public offering price of $ per share, which is the midpoint of the price range set forth on the cover page of this prospectus. The number of shares of common stock outstanding and the percentage of beneficial ownership for the following table after the offering is based on shares of common stock outstanding after the completion of this offering which gives effect to the adjustments in the prior sentence and further reflects the issuance by us of shares of common stock in this offering. Unless otherwise indicated, the address for each listed stockholder is: c/o Lendbuzz Inc., 100 Summer St., Boston, Massachusetts 02110. To our knowledge, except as indicated in the footnotes to this table and pursuant to applicable community property laws, the persons named in the table have sole voting and investment power with respect to all shares of common stock.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Shares Beneficially**<br>**Owned Before the**<br>**Offering <sup>(#)</sup>** | **Shares Beneficially**<br>**Owned Before the**<br>**Offering <sup>(#)</sup>** | **Number of<br>Shares<br>Offered <sup>(#)</sup>** | **Shares<br>Beneficially<br>Owned After the<br>Offering <sup>(#)(1)</sup>** | **Shares<br>Beneficially<br>Owned After the<br>Offering <sup>(#)(1)</sup>** |
| **Name and Address of Beneficial Owner** | **Number** | **Percent** | | **Number** | **Percent** |
|  **5% or Greater Stockholders** |  |  |  |  |  |
|  Nir Arkin<sup>(2)</sup> |  |  |  |  |  |
|  Mivtach Shamir Technologies (2000) Ltd.<sup>(3)</sup> |  |  |  |  |  |
|  Entities affiliated with 83North<sup>(4)</sup> |  |  |  |  |  |
|  OG Tech Ventures International Ltd.<sup>(5)</sup> |  |  |  |  |  |
|  **Directors and Named Executive Officers** |  |  |  |  |  |
|  Amitay Kalmar<sup>(6)</sup> |  |  |  |  |  |
|  Dan Raviv<sup>(7)</sup> |  |  |  |  |  |
|  George Sclavos<sup>(8)</sup> |  |  |  |  |  |
|  Laurel Bowden<sup>(9)</sup> |  |  |  |  |  |
|  David Krell |  |  |  |  |  |
|  Ziv Kop |  |  |  |  |  |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Shares Beneficially**<br>**Owned Before the**<br>**Offering <sup>(#)</sup>** | **Shares Beneficially**<br>**Owned Before the**<br>**Offering <sup>(#)</sup>** | **Number of<br>Shares<br>Offered <sup>(#)</sup>** | **Shares<br>Beneficially<br>Owned After the<br>Offering <sup>(#)(1)</sup>** | **Shares<br>Beneficially<br>Owned After the<br>Offering <sup>(#)(1)</sup>** |
| **Name and Address of Beneficial Owner** | **Number** | **Percent** | | **Number** | **Percent** |
|  Stephen Linehan |  |  |  |  |  |
|  Diane Offereins<sup>(10)</sup> |  |  |  |  |  |
|  All named executive officers and directors as a group (8 persons) |  |  |  |  |  |
|  **Other Selling Stockholders** |  |  |  |  |  |

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\* Represent beneficial ownership of less than 1%. 

(1) Assumes no exercise of the underwriters' option to purchase additional shares of common stock. See the
section titled "Underwriting."

(2) Consists of: (a)  shares of common stock held by Nir Arkin and (b)  shares of common
stock held by Arkin Communications Ltd. Mr. Moshe Arkin is the sole shareholder and director of Arkin Communications Ltd. and may be deemed to share voting and dispositive power over the shares held by Arkin Communications. Mr. Arkin disclaims
beneficial ownership with respect to such shares except to the extent of his pecuniary interest therein. The address for Nir Arkin and Arkin Communications Ltd. is 6 Hachoshlim St., Herzliya, Israel 4672406.

(3) The shares are held directly by Mivtach Shamir Technologies (2000) Ltd. Mivtach Shamir Investments (93) Ltd.
owns all the outstanding shares of Mivtach Shamir Technologies (2000) Ltd. Mivtach Shamir Holdings Ltd., a public company traded on the Tel Aviv Stock Exchange (symbol: MISH), owns 99.09% of the outstanding shares of Mivtach Shamir Investments (93)
Ltd. Mr. Meir Shamir is the sole director in Mivtach Shamir Technologies (2000) Ltd., a director and the owner of the remainder shares of Mivtach Shamir Investments (93) Ltd. and the controlling shareholder of Mivtach Shamir Holdings Ltd., and may
be deemed to share voting and dispositive power over the shares held by Mivtach Shamir Technologies (2000) Ltd. Mr. Shamir disclaims beneficial ownership with respect to such shares except to the extent of his pecuniary interest therein. The address
for Mivtach Shamir Technologies (2000) Ltd. is 27 Ha' Barzel St., Tel Aviv, Israel 6971039.

(4) Consists of: (a)  shares of common stock held by 83North IV L.P., (b)  shares of common
stock held by 83North FXV IV Limited Partnership and (c)  shares of common stock held by 83North VII Limited Partnership. Laurel Bowden, Gil Goren, Yoram Snir, Yariv Hauer, and Arnon Dinur are all partners and members of the investment
team/committee of all 83North entities listed above and may be deemed to share voting and dispositive power over the shares held by all 83North entities listed above. These individuals disclaim beneficial ownership with respect to such shares except
to the extent of their pecuniary interest therein. The address for all 83North entities listed above is 121 Menachem Begin Road, Azrieli Sarona Tower, Tel Aviv 6701203, Israel.

(5) Represents shares held by OG Tech Ventures International Ltd. Lorraine Davidson, Andreas Georgiou and Markus
Heeb are all directors of OG Tech Ventures International Ltd. and may be deemed to share voting and dispositive power over the shares held by OG Tech Ventures International Ltd. These individuals disclaim beneficial ownership with respect to such
shares except of their pecuniary interest therein. The address for OG Tech Ventures International Ltd. is Villa Saint Jean, 3 Ruelle saint Jean Monaco, MC 98000.

(6) Consists of: (a)  shares of common stock held by Amitay Kalmar or trusts controlled by Amitay
Kalmar, (b)  shares of our common stock issuable upon the exercise of options to purchase shares of our common stock which are exercisable within 60 days of June 30, 2025, and (c)  shares of our common stock issuable upon the
vesting of RSUs granted as of June 30, 2025 that will vest within 60 days of June 30, 2025.

(7) Consists of: (a)  shares of common stock held by Dan Raviv or trusts controlled by Dan Raviv,
(b)  shares of our common stock issuable upon the exercise of options to purchase shares of our common stock which are exercisable within 60 days of June 30, 2025, and (c)  shares of our common stock issuable upon the vesting
of RSUs granted as of June 30, 2025 that will vest within 60 days of June 30, 2025.

(8) Consists of: (a)  shares of our common stock issuable upon the exercise of options to purchase
shares of our common stock which are exercisable within 60 days of June 30, 2025 and (b)  shares of our common stock issuable upon the vesting of RSUs granted as of June 30, 2025 that will vest within 60 days of June 30, 2025.

(9) Consists of shares held by entities affiliated with 83North identified in footnote (4) above.

(10) Consists of:   shares of our common stock issuable upon the exercise of options to purchase shares
of our common stock which are exercisable within 60 days of June 30, 2025.

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**DESCRIPTION OF CAPITAL STOCK** 

The following descriptions are summaries of the material terms of our amended and restated certificate of incorporation and amended and restated bylaws that will be in effect on the completion of this offering. Reference is made to the more detailed provisions of, and the descriptions are qualified in their entirety by reference to, these documents, copies of which are filed with the SEC as exhibits to the registration statement of which this prospectus is a part, and applicable law.

**General** 

Following this offering, our authorized capital stock will consist of (1) shares of common stock, $0.001 par value per share and (2) shares of preferred stock, $0.001 par value per share.

**Common Stock** 

***Common stock outstanding.*** As of June 30, 2025 there were shares of common stock outstanding which were held of record by stockholders, after giving effect to (1) the issuance of shares of our Series B convertible preferred stock upon the exercise of the Series B preferred stock warrants at an exercise price of $0.98 per share, (2) the issuance of shares of our voting and non-voting common stock upon the automatic conversion of all shares of our outstanding voting and non-voting convertible preferred stock (3) the reclassification of all shares of our voting and non-voting common stock into shares of common stock on a one-for-one basis immediately prior to the completion of this offering, (4) the issuance of shares of our common stock upon conversion of our outstanding SAFEs immediately prior to completion of this offering at an assumed conversion price of $, which reflects the assumed initial public offering price of $ per share, which is the midpoint of the price range set forth on the cover page of this prospectus, reduced by a 20% discount pursuant to the terms of the SAFEs and (5) the issuance of shares of our common stock upon conversion of $ aggregate amount of our outstanding convertible loans immediately prior to completion of this offering at an assumed initial public offering price of $ per share, which is the midpoint of the price range set forth on the cover page of this prospectus. There will be shares of common stock outstanding, assuming no exercise of outstanding options, after the completion of this offering. All outstanding shares of common stock are fully paid and non-assessable, and the shares of common stock to be issued upon completion of this offering will be fully paid and non-assessable.

***Voting rights.*** The holders of common stock are entitled to one vote per share on all matters to be voted upon by the stockholders. Our amended and restated certificate of incorporation that will be in effect on the completion of this offering will not provide for cumulative voting for the election of directors.

***Dividend rights.*** Subject to preferences that may be applicable to any outstanding preferred stock, the holders of common stock are entitled to receive ratably such dividends, if any, as may be declared from time to time by the board of directors out of funds legally available therefor. See the section titled "Dividend Policy."

***Rights upon liquidation.*** In the event of our liquidation, dissolution or winding up, the holders of common stock are entitled to share ratably in all assets remaining after payment of liabilities, subject to prior distribution rights of preferred stock, if any, then outstanding.

***Other rights.*** Except as specified above, the holders of our common stock have no preemptive or conversion rights or other subscription rights. There are no redemption or sinking fund provisions applicable to the common stock.

**Preferred Stock** 

Upon the completion of this offering, all outstanding shares of our preferred stock will be converted into shares of our common stock.

Our board of directors has the authority to issue preferred stock in one or more series and to fix the rights, preferences, privileges and restrictions thereof, including dividend rights, dividend rates, conversion rights,

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voting rights, terms of redemption, redemption prices, liquidation preferences and the number of shares constituting any series or the designation of such series, without further vote or action by the stockholders.

The issuance of preferred stock may have the effect of delaying, deferring or preventing a change in control of Lendbuzz without further action by the stockholders and may adversely affect the voting and other rights of the holders of common stock. At present, Lendbuzz has no plans to issue any of the preferred stock.

**Warrants** 

On July 11, 2023, we entered into an amended and restated warrant agreement ("Amended Warrant Agreement") with Viola Credit Alternate Lending SVP L.P., or Viola. As part of the Amended Warrant Agreement, we issued Viola a warrant the ("Series B preferred stock warrant") to purchase Series B convertible preferred stock at an exercise price of approximately $0.98 per share, up to an aggregate purchase price of $865,500. The warrant expires upon the earlier of an acquisition by any third-party of greater than 50% of an ownership stake in the Company, the completion of this offering, or nine years from its date of issuance. On August 26, 2025, Viola exercised the Series B preferred stock warrant in full immediately.

**Options** 

As of June 30, 2025, options to purchase shares of common stock at a weighted-average exercise price of $ per share were outstanding under our 2019 Equity Incentive Plan, as amended.

**RSUs** 

As of June 30, 2025, shares of common stock were issuable upon the vesting of outstanding RSUs and shares of common stock were issuable upon the vesting of RSUs granted under our 2019 Equity Incentive Plan after December 31, 2024.

**Registration Rights** 

Upon the completion of this offering, the holders of shares of our common stock (or shares of our common stock if the underwriters exercise in full their option to purchase additional shares of our common stock from the selling stockholders) and shares of common stock issuable upon the exercise of outstanding options and warrant or their transferees, will be entitled to rights with respect to the registration of these securities under the Securities Act. These rights are provided under the terms of an amended and restated investors' rights agreement between us and certain holders of our common stock. The amended and restated investors' rights agreement includes demand registration rights, shortform registration rights and piggyback registration rights. All fees, costs and expenses of underwritten registrations under this agreement will be borne by us and all selling expenses, including underwriting discounts and selling commissions, will be borne by the holders of the shares being registered.

***Demand Registration Rights***

Beginning 180 days after the effective date of this registration statement, the holders of shares of our common stock, including those issuable upon the conversion of shares of our preferred stock upon closing of this offering, are entitled to demand registration rights. Under the terms of the amended and restated investors' rights agreement, we will be required, upon the written request of holders of the majority of securities eligible for registration, to register at least 40 percent of the securities eligible for registration then outstanding (or a lesser percent if the anticipated aggregate offering price, net of selling expenses, would equal or exceed $10 million), to (x) within ten days after the date such request is given, give notice thereof to all holders of securities eligible for registration, other than the holders that initiated the request and (y) as soon as possible and no later than 60 days after such request, file a Form S-1 registration statement with respect to all securities eligible for registration that the initiating holders requested to be registered and any additional securities eligible for registration that other

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holders requested to be registered, as specified by notice given by each such holder to us within 20 days of the date our notice is given. We are required to effect only two registrations pursuant to this provision of the amended and restated investors' rights agreement in any 12-month period. The right to have such shares registered on Form S-1 is further subject to other specified conditions and limitations.

***Short-Form Registration Rights***

Pursuant to the amended and restated investors' rights agreement, if we are eligible to file a registration statement on Form S-3, upon the written request of stockholders holding at least 20 percent of the securities eligible for registration then outstanding, we will be required to file a Form S-3 registration restatement with respect to outstanding securities of such stockholders having an anticipated aggregate offering, net of selling expenses, of at least $3.0 million. We will be required to (i) within 10 days after the date such request is given, to give notice to all holders other than the initiating holders and (ii) as soon as practicable, and in any event within 45 days after the date such request is given by the initiating holders, file a Form S-3 registration statement with respect to all securities eligible for registration that the initiating holders requested to be registered and any additional securities eligible for registration that other holders requested to be registered, as specified by notice given by each such holder to us within 20 days of the date our notice is given. We are required to effect only two registrations in any 12-month period pursuant to this provision of the amended and restated investors' rights agreement. The right to have such shares registered on Form S-3 is further subject to other specified conditions and limitations.

***Piggyback Registration Rights***

Pursuant to the amended and restated investors' rights agreement, if we register any of our securities either for our own account or for the account of other security holders, the holders of our common stock, including those issuable upon the conversion of our preferred stock, are entitled to include their shares in the registration. Subject to certain exceptions contained in the amended and restated investors' rights agreement, we and the underwriters may limit the number of shares included in the underwritten offering to the number of shares which we and the underwriters determine in our sole discretion will not jeopardize the success of the offering. The right to have such shares registered is further subject to other specified conditions and limitations.

***Indemnification***

Our amended and restated investors' rights agreement contains customary cross-indemnification provisions, under which we are obligated to indemnify holders of registrable securities in the event of material misstatements or omissions in the registration statement attributable to us, and they are obligated to indemnify us for material misstatements or omissions attributable to them.

***Expiration of Registration Rights***

The demand registration rights, short form registration rights, and piggyback registration rights granted under the amended and restated investors' rights agreement will terminate on the earliest to occur of (a) the closing of certain liquidation events, (b) at such time after this offering when the holders' shares may be sold without restriction pursuant to Rule 144 under the Securities Act within a three-month period, or (c) the fifth anniversary of the completion of this offering.

***Expenses***

Ordinarily, other than underwriting discounts and commissions, we are generally required to pay all expenses incurred by us related to any registration effected pursuant to the exercise of these registration rights. These expenses may include all registration and filing fees, printing expenses, fees and disbursements of our counsel, reasonable fees and disbursements of a counsel for the selling security holders and blue-sky fees and expenses.

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**Limits on Written Consents** 

On completion of this offering, our amended and restated certificate of incorporation and our amended and restated bylaws will provide that holders of our common stock will not be able to act by written consent without a meeting.

**Stockholder Meetings** 

On completion of this offering, our amended and restated certificate of incorporation and our amended and restated bylaws will provide that special meetings of our stockholders may be called only by the chairperson of our board of directors or a majority of the directors.

**Amended and Restated Certificate of Incorporation** 

On completion of this offering, the provisions of our amended and restated certificate of incorporation described under "—Management—Board Structure", "—Common Stock—Voting Rights", "—Stockholder Meetings", "—Limits on Written Consents" and "—Forum Selection" may be amended only by the affirmative vote of holders of at least 66<sup>2</sup>⁄<sub>3</sub>% of the voting power of our outstanding shares of voting stock, voting together as a single class. The affirmative vote of holders of at least a majority of the voting power of our outstanding shares of stock will generally be required to amend other provisions of our certificate of incorporation.

**Amended and Restated Bylaws** 

On completion of this offering, our amended and restated bylaws may generally be altered, amended or repealed, and new bylaws may be adopted, with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the affirmative vote of a majority of directors in any manner not inconsistent with Delaware law or our amended
and restated certificate of incorporation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the affirmative vote of holders of not less than 66<sup>2</sup>⁄<sub>3</sub>% of the voting power of our outstanding shares of voting stock, voting together as a single class.

**Other Limitations on Stockholder Actions** 

On completion of this offering, our amended and restated bylaws will also impose some procedural requirements on stockholders who wish to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• make nominations in the election of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• propose that a director be removed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• propose any repeal or change in our bylaws; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• propose any other business to be brought before an annual or special meeting of stockholders.

Under these procedural requirements, in order to bring a proposal before a meeting of stockholders, a stockholder must deliver timely notice of a proposal pertaining to a proper subject for presentation at the meeting to our corporate secretary along with the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a description of the business or nomination to be brought before the meeting and the reasons for conducting such
business at the meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the stockholder's name and address;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any material interest of the stockholder in the proposal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the number of shares beneficially owned by the stockholder and evidence of such ownership; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the names and addresses of all persons with whom the stockholder is acting in concert and a reasonably detailed
description of all arrangements and understandings with those persons, and the number of shares such persons beneficially own.

To be timely, a stockholder must generally deliver notice:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in connection with an annual meeting of stockholders, not less than 90 nor more than 120 days prior to the date
on which the annual meeting of stockholders was held in the immediately preceding year, but in the event that the date of the annual meeting is more than 30 days before or after the anniversary date of the preceding annual meeting of stockholders or
delayed more than 70 days after such anniversary date, a stockholder notice will be timely if received by us no earlier than 120 days prior to such annual meeting and no later than the later of (1) the 90<sup>th</sup> day prior to the annual meeting and (2) the 10<sup>th</sup> day following the day on which we first publicly announce the date of the annual meeting;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in connection with the election of a director at a special meeting of stockholders, not earlier than
150 days prior to the date of the special meeting nor later than the later of (1) 120 days prior to the date of the special meeting and (2) the 10th day following the day on which we first publicly announce the date of the annual
meeting.

In order to submit a nomination for our board of directors, a stockholder must also submit any information with respect to the nominee that we would be required to include in a proxy statement, as well as some other information. If a stockholder fails to follow the required procedures, the stockholder's proposal or nominee will be ineligible and will not be voted on by our stockholders.

**Limitations of Liability and Indemnification Matters** 

On the completion of this offering, our amended and restated certificate of incorporation and amended and restated bylaws will contain provisions that limit the liability of our current and former directors and of our officers for monetary damages to the fullest extent permitted by Delaware law. Delaware law provides that directors of a corporation will not be personally liable for monetary damages for any breach of fiduciary duties as directors or officers, except liability for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any breach of the director's or officer's duty of loyalty to the corporation or its stockholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any act or omission not in good faith or that involves intentional misconduct or a knowing violation of law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• unlawful payments of dividends or unlawful stock repurchases or redemptions; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any transaction from which the director derived an improper personal benefit.

Such limitation of liability does not apply to liabilities arising under federal securities laws and does not affect the availability of equitable remedies such as injunctive relief or rescission.

Our amended and restated certificate of incorporation that will be in effect on the completion of this offering will authorize us to indemnify our directors, officers, employees and other agents to the fullest extent permitted by Delaware law. Our amended and restated bylaws that will be in effect on the completion of this offering will provide that we are required to indemnify our directors and officers to the fullest extent permitted by Delaware law and may indemnify our other employees and agents. Our amended and restated certificate of incorporation and amended and restated bylaws that will be in effect on the completion of this offering will also provide that, on satisfaction of certain conditions, we will advance expenses incurred by a director or officer in advance of the final disposition of any action or proceeding, and permit us to secure insurance on behalf of any officer, director, employee or other agent for any liability arising out of his or her actions in that capacity regardless of whether we would otherwise be permitted to indemnify him or her under the provisions of Delaware law. We have entered and

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expect to continue to enter into agreements to indemnify our directors, executive officers and other employees as determined by the board of directors. With certain exceptions, these agreements provide for indemnification for related expenses including attorneys' fees, judgments, fines and settlement amounts incurred by any of these individuals in any action or proceeding. We believe that these provisions in our amended and restated certificate of incorporation, amended and restated bylaws and the indemnification agreements are necessary to attract and retain qualified persons as directors and officers. We also maintain customary directors' and officers' liability insurance.

The limitation of liability and indemnification provisions in our amended and restated certificate of incorporation and amended and restated bylaws may discourage stockholders from bringing a lawsuit against our directors and officers for breach of their fiduciary duty. They may also reduce the likelihood of derivative litigation against our directors and officers, even though an action, if successful, might benefit us and other stockholders. Further, a stockholder's investment may be adversely affected to the extent that we pay the costs of settlement and damage awards against directors and officers as required by these indemnification provisions.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted for directors, executive officers or persons controlling us, we have been informed that, in the opinion of the SEC, such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

**Forum Selection** 

The Court of Chancery of the State of Delaware will be the sole and exclusive forum for (1) any derivative action or proceeding brought on behalf of Lendbuzz, (2) any action asserting a claim of breach of fiduciary duty owed by any director, officer or other employee of Lendbuzz to Lendbuzz or Lendbuzz's stockholders, (3) any action asserting a claim arising pursuant to any provision of the Delaware General Corporation Law, the amended and restated certificate of incorporation and amended and restated bylaws, or (4) any action asserting a claim governed by the internal affairs doctrine.

Additionally, unless we consent in writing to the selection of an alternative forum, the federal district courts of the United States of America shall be the exclusive forum for the resolution of any complaint asserting a cause of action arising under the Securities Act. The exclusive forum provisions may limit a stockholder's ability to bring a claim in a judicial forum that it finds favorable for disputes with us or any of our directors, officers or stockholders, which may discourage lawsuits with respect to such claims. In addition, while the Delaware courts have determined that such choice of forum provisions are facially valid, a stockholder may nevertheless seek to bring a claim in a venue other than those designated in the exclusive forum provisions and there can be no assurance that these provisions will be enforced by a court in those other jurisdictions. See "*Risks Related to Our Common Stock and this Offering*—*Our amended and restated certificate of incorporation and amended and restated bylaws will provide that the Court of Chancery of the State of Delaware and the federal district courts of the United States of America will be the exclusive forums for substantially all disputes between us and our stockholders, which could limit our stockholders' ability to obtain a favorable judicial forum for disputes with us or our directors, officers, or employees*."

Any person or entity purchasing or otherwise acquiring any interest in shares of our capital stock shall be deemed to have notice of and consented to the foregoing forum selection provisions.

**Delaware Business Combination Statute** 

We will elect to be subject to Section 203 of the Delaware General Corporation Law, which regulates corporate acquisitions. Section 203 prevents an "interested stockholder," which is defined generally as a person owning 15% or more of a corporation's voting stock, or any affiliate or associate of that person, from engaging in a broad range of "business combinations" with the corporation for three years after becoming an interested stockholder unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the board of directors of the corporation had previously approved either the business combination or the
transaction that resulted in the stockholder's becoming an interested stockholder;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• upon completion of the transaction that resulted in the stockholder's becoming an interested stockholder,
that person owned at least 85% of the voting stock of the corporation outstanding at the time the transaction commenced, other than statutorily excluded shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• following the transaction in which that person became an interested stockholder, the business combination is
approved by the board of directors of the corporation and holders of at least two-thirds of the outstanding voting stock not owned by the interested stockholder.

Under Section 203, the restrictions described above also do not apply to specific business combinations proposed by an interested stockholder following the announcement or notification of designated extraordinary transactions involving the corporation and a person who had not been an interested stockholder during the previous three years or who became an interested stockholder with the approval of a majority of the corporation's directors, if such extraordinary transaction is approved or not opposed by a majority of the directors who were directors prior to any person becoming an interested stockholder during the previous three years or were recommended for election or elected to succeed such directors by a majority of such directors.

Section 203 may make it more difficult for a person who would be an interested stockholder to effect various business combinations with a corporation for a three-year period. Section 203 also may have the effect of preventing changes in our management and could make it more difficult to accomplish transactions which our stockholders may otherwise deem to be in their best interests.

**Anti-Takeover Effects of Some Provisions** 

Some provisions of our amended and restated certificate of incorporation and amended and restated bylaws that will be in effect on the completion of this offering could make the following more difficult:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• acquisition of control of us by means of a proxy contest or otherwise, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• removal of our incumbent officers and directors.

These provisions, as well as our ability to issue preferred stock, are designed to discourage coercive takeover practices and inadequate takeover bids. These provisions are also designed to encourage persons seeking to acquire control of us to first negotiate with our board of directors. We believe that the benefits of increased protection give us the potential ability to negotiate with the proponent of an unfriendly or unsolicited proposal to acquire or restructure us, and that the benefits of this increased protection outweigh the disadvantages of discouraging those proposals, because negotiation of those proposals could result in an improvement of their terms.

**Listing** 

We have applied to list the common stock on the Nasdaq Global Select Market under the symbol "LBZZ."

**Transfer Agent and Registrar** 

The transfer agent and registrar for the common stock is Computershare Trust Company, N.A.

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**MATERIAL U.S. FEDERAL INCOME AND ESTATE TAX CONSEQUENCES FOR** 

**NON-U.S. HOLDERS OF COMMON STOCK** 

The following are the material U.S. federal income and estate tax consequences of the ownership and disposition of our common stock acquired in this offering by a "Non-U.S. Holder" that does not own, and has not owned, actually or constructively, more than 5% of our common stock. You are a Non-U.S. Holder if for U.S. federal income tax purposes you are a beneficial owner of our common stock that is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a nonresident alien individual;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a foreign corporation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a foreign estate or trust.

You are not a Non-U.S. Holder if you are a nonresident alien individual present in the United States for 183 days or more in the taxable year of disposition, or if you are a former citizen or former resident of the United States for U.S. federal income tax purposes. If you are such a person, you should consult your tax adviser regarding the U.S. federal income tax consequences of the ownership and disposition of our common stock.

If you are a partnership for U.S. federal income tax purposes, the U.S. federal income tax treatment of a partner will generally depend on the status of the partner and your activities. Partners and beneficial owners in partnerships or other pass-through entities that own our Class A common stock should consult their own tax advisors as to the particular U.S. federal income and estate tax consequences applicable to them.

This discussion is based on the Internal Revenue Code of 1986, as amended to the date hereof, or the Code, administrative pronouncements, judicial decisions and final, temporary and proposed Treasury regulations, changes to any of which subsequent to the date of this prospectus may affect the tax consequences described herein, possibly with retroactive effect. This discussion does not describe all of the tax consequences that may be relevant to you in light of your particular circumstances, including alternative minimum tax and Medicare contribution tax consequences and does not address any aspect of state, local or non-U.S. taxation, or any taxes other than income and estate taxes. You should consult your tax adviser with regard to the application of the U.S. federal tax laws to your particular situation, as well as any tax consequences arising under the laws of any state, local or non-U.S. taxing jurisdiction.

**Dividends** 

As discussed under "Dividend Policy" above, we do not currently expect to make distributions on our common stock. In the event that we do make distributions of cash or other property, those distributions will constitute dividends for U.S. federal income tax purposes to the extent paid from our current or accumulated earnings and profits, as determined under U.S. federal income tax principles. To the extent those distributions exceed our current and accumulated earnings and profits, they will constitute a return of capital, which will first reduce your basis in our common stock, but not below zero, and then will be treated as gain from the sale of our common stock, as described below under "— Gain on Disposition of Our Common Stock."

Dividends paid to you generally will be subject to withholding tax at a 30% rate or a reduced rate specified by an applicable income tax treaty, subject to the discussion of FATCA (as defined below) withholding taxes below. In order to obtain a reduced rate of withholding, you will be required to provide a properly executed applicable Internal Revenue Service, or IRS, Form W-8 certifying your entitlement to benefits under a treaty.

If dividends paid to you are effectively connected with your conduct of a trade or business in the United States (and, if required by an applicable income tax treaty, are attributable to a permanent establishment or fixed base maintained by you in the United States), you will generally be taxed on the dividends in the same manner as a U.S. person. In this case, you will be exempt from the withholding tax discussed in the preceding paragraph,

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although you will be required to provide a properly executed IRS Form W-8ECI in order to claim an exemption from withholding. You should consult your tax adviser with respect to other U.S. tax consequences of the ownership and disposition of our common stock, including the possible imposition of a branch profits tax at a rate of 30% (or a lower treaty rate) if you are a corporation.

**Gain on Disposition of Our Common Stock** 

Subject to the discussions below under "— Information Reporting and Backup Withholding" and "— FATCA," you generally will not be subject to U.S. federal income or withholding tax on gain realized on a sale or other taxable disposition of our common stock unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the gain is effectively connected with your conduct of a trade or business in the United States (and, if required
by an applicable income tax treaty, is attributable to a permanent establishment or fixed base maintained by you in the United States), or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we are or have been a "United States real property holding corporation," as defined in the Code, at
any time within the five-year period preceding the disposition or your holding period, whichever period is shorter, and our common stock has ceased to be regularly traded on an established securities market prior to the beginning of the calendar
year in which the sale or disposition occurs.

We believe that we are not, and do not anticipate becoming, a United States real property holding corporation.

If you recognize gain on a sale or other disposition of our common stock that is effectively connected with your conduct of a trade or business in the United States (and if required by an applicable income tax treaty, is attributable to a permanent establishment or fixed base maintained by you in the United States), you will generally be taxed on such gain in the same manner as a U.S. person. You should consult your tax adviser with respect to other U.S. tax consequences of the ownership and disposition of our common stock, including the possible imposition of a branch profits tax at a rate of 30% (or a lower treaty rate) if you are a corporation.

**Information Reporting and Backup Withholding** 

Information returns are required to be filed with the IRS in connection with payments of dividends on our common stock. Unless you comply with certification procedures to establish that you are not a U.S. person, information returns may also be filed with the IRS in connection with the proceeds from a sale or other disposition of our common stock. You may be subject to backup withholding on payments on our common stock or on the proceeds from a sale or other disposition of our common stock unless you comply with certification procedures to establish that you are not a U.S. person or otherwise establish an exemption. Your provision of a properly executed applicable IRS Form W-8 certifying your non-U.S. status will permit you to avoid backup withholding. Amounts withheld under the backup withholding rules are not additional taxes and may be refunded or credited against your U.S. federal income tax liability, provided the required information is timely furnished to the IRS.

**FATCA** 

Provisions of the Code commonly referred to as "FATCA" require withholding of 30% on payments of dividends on our common stock, as well as of gross proceeds of dispositions of our common stock, to "foreign financial institutions" (which is broadly defined for this purpose and in general includes investment vehicles) and certain other non-U.S. entities unless various U.S. information reporting and due diligence requirements (generally relating to ownership by U.S. persons of interests in or accounts with those entities) have been satisfied, or an exemption applies. An intergovernmental agreement between the United States and an applicable foreign country may modify these requirements. Under proposed regulations the preamble to which states that taxpayers may rely on the proposed regulations until final regulations are issued, this withholding tax will not

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apply to the gross proceeds from the sale, exchange, redemption or other taxable disposition of our common stock. If FATCA withholding is imposed, a beneficial owner that is not a foreign financial institution generally may obtain a refund of any amounts withheld by filing a U.S. federal income tax return (which may entail significant administrative burden). You should consult your tax adviser regarding the effects of FATCA on your investment in our common stock.

**Federal Estate Tax** 

Individual Non-U.S. Holders and entities the property of which is potentially includible in such an individual's gross estate for U.S. federal estate tax purposes (for example, a trust funded by such an individual and with respect to which the individual has retained certain interests or powers), should note that, absent an applicable treaty exemption, our common stock will be treated as U.S.-situs property subject to U.S. federal estate tax.

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**SHARES ELIGIBLE FOR FUTURE SALE** 

Prior to this offering, there has been no market for our common stock. Future sales of substantial amounts of our common stock in the public market, or the perception that such sales may occur, could adversely affect market prices prevailing from time to time. Furthermore, because only a limited number of shares will be available for sale shortly after this offering due to existing contractual and legal restrictions on resale as described below, there may be sales of substantial amounts of our common stock in the public market after the restrictions lapse. This may adversely affect the prevailing market price and our ability to raise equity capital in the future.

Upon completion of this offering, we will have shares of common stock outstanding. Of these shares, the shares of common stock, or shares if the underwriters exercise their option to purchase additional shares in full, sold in this offering will be freely transferable without restriction or registration under the Securities Act, except for any shares purchased by one of our existing "affiliates," as that term is defined in Rule 144 under the Securities Act.

The remaining shares of common stock existing will be "restricted securities" as defined in Rule 144. Restricted securities may be sold in the public market only if registered or if they qualify for an exemption from registration under Rules 144 or 701 of the Securities Act, which are summarized below. As a result of the contractual 180-day lock-up period described below and the provisions of Rules 144 and 701, these restricted securities will be available for sale in the public market after the date of this prospectus.

**Rule 144** 

In general, a person who has beneficially owned shares of our common stock that are restricted securities for at least six months would be entitled to sell such securities, provided that (i) such person is not deemed to have been one of our affiliates at the time of, or at any time during the 90 days preceding, a sale and (ii) we are subject to the Exchange Act periodic reporting requirements for at least 90 days before the sale. Persons who have beneficially owned shares of our common stock that are restricted securities for at least six months but who are our affiliates at the time of, or any time during the 90 days preceding, a sale, would be subject to additional restrictions, by which such person would be entitled to sell within any three-month period only a number of securities that does not exceed the greater of either of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 1% of the number of shares of our common stock then outstanding, which will equal approximately shares
immediately after this offering; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the average weekly trading volume of our common stock on the Nasdaq Global Select Market during the four calendar
weeks preceding the filing of a notice on Form 144 with respect to the sale;

provided, in each case, that we are subject to the Exchange Act periodic reporting requirements for at least 90 days before the sale. Such sales both by affiliates and by non-affiliates must also comply with the manner of sale, current public information and notice provisions of Rule 144 to the extent applicable.

**Rule 701** 

In general, under Rule 701, any of our employees, directors, officers, consultants or advisors who purchases shares from us in connection with a compensatory stock or option plan or other written agreement before the effective date of this offering is entitled to resell such shares 90 days after the effective date of this offering in reliance on Rule 144, without having to comply with the holding period requirements or other restrictions contained in Rule 701.

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The SEC has indicated that Rule 701 will apply to typical stock options granted by an issuer before it becomes subject to the reporting requirements of the Exchange Act, along with the shares acquired upon exercise of such options, including exercises after the date of this prospectus. Securities issued in reliance on Rule 701 are restricted securities and, subject to the contractual restrictions described above, beginning 90 days after the date of this prospectus, may be sold by persons other than "affiliates," as defined in Rule 144, subject only to the manner of sale provisions of Rule 144 and by "affiliates" under Rule 144 without compliance with its one-year minimum holding period requirement.

**Form S-8 Registration Statements** 

We intend to file one or more registration statements on Form S-8 under the Securities Act with the SEC to register the offer and sale of shares of our common stock that are issuable under our equity incentive plans. These registration statements will become effective immediately on filing. Shares covered by these registration statements will then be eligible for sale in the public markets, subject to vesting restrictions, any applicable lock-up agreements described below and Rule 144 limitations applicable to affiliates.

**Registration Rights** 

Upon completion of this offering, the holders of shares and shares of common stock issuable upon the exercise of outstanding options and warrant or their transferees of common stock will be entitled to various rights with respect to the registration of these shares under the Securities Act. Registration of these shares under the Securities Act would result in these shares becoming freely tradable without restriction under the Securities Act immediately upon the effectiveness of the registration, except for shares purchased by affiliates. See the section titled "Description of Capital Stock—Registration Rights."

**Lock-up Agreements** 

We, our officers, directors, and holders of substantially all of our common stock, including the selling stockholders, have agreed with the underwriters, subject to certain exceptions, not to dispose of or hedge any of their common stock or securities convertible into or exchangeable for shares of common stock, exercise any registration rights with respect to such securities or make any public announcement to take any of the aforementioned actions, during the period from the date of this prospectus continuing through the date that is 180 days after the date of this prospectus, except with the prior written consent of Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC. See the section titled "Underwriting."

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**UNDERWRITING** 

We, the selling stockholders and the underwriters named below have entered into an underwriting agreement with respect to the shares being offered. Subject to certain conditions, each underwriter has severally agreed to purchase the number of shares indicated in the following table. Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC are the representatives of the underwriters.

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| | |
|:---|:---|
| **Underwriters** | **Number of Shares (#)** |
|  Goldman Sachs & Co. LLC |  |
|  J.P. Morgan Securities LLC |  |
|  RBC Capital Markets, LLC |  |
|  Mizuho Securities USA LLC |  |
|  TD Securities (USA) LLC |  |
|  Citizens JMP Securities, LLC |  |
|  Keefe, Bruyette & Woods, Inc. |  |
|  Needham & Company, LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total |  |

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The underwriters are committed to take and pay for all of the shares being offered, if any are taken, other than the shares covered by the option described below unless and until this option is exercised.

The underwriters have an option to buy up to an additional shares from the selling stockholders to cover sales by the underwriters of a greater number of shares than the total number set forth in the table above. They may exercise that option for 30 days. If any shares are purchased pursuant to this option, the underwriters will severally purchase shares in approximately the same proportion as set forth in the table above.

The following tables show the per share and total underwriting discounts and commissions to be paid to the underwriters by us and the selling stockholders. Such amounts are shown assuming both no exercise and full exercise of the underwriters' option to purchase additional shares from the selling stockholders.

<u>Paid by Us</u> 

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| | |
|:---|:---|
|  Per Share | $|
|  Total | $|

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<u>Paid by the Selling Stockholders</u> 

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| | | |
|:---|:---|:---|
|  | **No Exercise** | **Full Exercise** |
|  Per Share | $| $|
|  Total | $| $|

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Shares sold by the underwriters to the public will initially be offered at the initial public offering price set forth on the cover of this prospectus. Any shares sold by the underwriters to securities dealers may be sold at a discount of up to $ per share from the initial public offering price. After the initial offering of the shares, the representatives may change the offering price and the other selling terms. The offering of the shares by the underwriters is subject to receipt and acceptance and subject to the underwriters' right to reject any order in whole or in part. Sales of any shares made outside of the United States may be made by affiliates of the underwriters.

We, our officers, directors, and holders of substantially all of our common stock, including the selling stockholders, have agreed with the underwriters, subject to certain exceptions, not to dispose of or hedge any of their common stock or securities convertible into or exchangeable for shares of common stock, exercise any

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registration rights with respect to such securities or make any public announcement to take any of the aforementioned actions, during the period from the date of this prospectus continuing through the date that is 180 days after the date of this prospectus, except with the prior written consent of Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC. See the section titled "Shares Available for Future Sale" for a discussion of certain transfer restrictions.

The foregoing restrictions on our officers, directors and other holders of our common stock do not apply to, among other things, and subject in certain cases to various conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) transfers as bona fide gifts, charitable contributions, or for bona fide estate planning purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) transfers upon death by will, testamentary document, or the laws of intestate succession;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) transfers to immediate family members or to any trust for the direct or indirect benefit of the holder and/or
the immediate family of the holder or, if the holder is a trust, to a trustor or beneficiary of the trust or the estate of a beneficiary of such trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) transfers to a partnership, limited liability company, or other entity of which the holder and the immediate
family of the holder are the legal and beneficial owner of all of the outstanding equity securities or similar interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) transfers to a nominee or custodian of a person or entity to whom a disposition or transfer would be
permissible under clauses (i) through (iv) above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) transfers by a business entity (A) to an affiliated or controlled entity or (B) as part of a distribution to
the holder's stockholders, partners, members, or other equityholders or to the estate of any such stockholders, partners, members, or other equityholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) transfers by operation of law, such as pursuant to a qualified domestic order, divorce settlement, divorce
decree, or separation agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) transfers to us from one of our employees upon their death, disability, or termination of employment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) if the holder is not an officer or director, transfers of shares acquired (A) from the underwriters in this
offering or (B) in open market transactions after the pricing date of this offering; transfers to us in connection with the vesting, settlement, or exercise of restricted stock units, options, warrants, or other rights to purchase shares of our
common stock (including, in each case, by way of "net" or "cashless" exercise) that are scheduled to expire or automatically vest during the lock-up period, including any transfer to us for the payment of tax withholdings or
remittance payments due as a result of the vesting, settlement or exercise of such restricted stock units, options, warrants or other rights, or in connection with the conversion of convertible securities, in each case granted under a stock
incentive plan or other equity award plan, or pursuant to the terms of convertible securities, described in the prospectus, provided that any securities received upon such vesting, settlement, exercise or conversion shall be subject to the
restrictions set forth in the lock-up agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) the exercise of outstanding options, settlement of restricted stock units or other equity awards pursuant to
plans described in the prospectus, or the exercise of warrants as described in the prospectus, provided that any securities received upon such exercise, vesting or settlement shall be subject to the restrictions set forth in the lock-up agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) the conversion and reclassification of shares of our convertible preferred stock, warrants or non-voting and
voting common stock into shares of common stock as described in the prospectus, provided that such shares shall continue to be subject to the foregoing restrictions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) entry into a written plan meeting the requirements of Rule 10b5-1 under the Exchange Act relating to the
transfer, sale or other disposition of shares of common stock, provided that shares of common stock subject to such plan may not be transferred, sold or otherwise disposed of during the lock-up period, and no public announcement, report or filing
under the Exchange Act, or any other public filing, report or

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announcement, shall be voluntarily made, and if any such filing, report or announcement shall be legally required during the lock-up period, such filing, report or announcement regarding such plan shall clearly indicate that that none of the securities subject to such plan may be transferred, sold or otherwise disposed of pursuant to such plan until after the expiration of the lock-up period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) transfers pursuant to a bona fide third-party tender offer, merger, consolidation, or other similar transaction
that is approved by our board of directors and made to all holders of our common stock, and which involves a change in control; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) transfers to the underwriters pursuant to the underwriting agreement.

Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC, in their sole discretion, may release the common stock and other securities subject to the restrictions described above in whole or in part at any time; provided that in the event Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC release, in full or in part, any of the parties to the amended and restated investors' rights agreement who beneficially owns at least 1% of our outstanding equity securities on a fully diluted basis as of immediately prior to the consummation of this offering, then the same percentage of the total number of outstanding shares of common stock held by such released holder represented by the shares being released shall be immediately and fully released for the other parties to the amended and restated investors' rights agreement. This pro-rata release will not apply (i)(a) if the release or waiver is effected solely to permit a transfer not for consideration and (b) the transferee has agreed in writing to be bound by the restrictions set forth in the lock-up agreements for the remaining duration, (ii) in the case of any secondary underwritten public offering of common stock (including a secondary underwritten public offering with a primary component) if such holder is offered the opportunity to participate on a pro rata basis in such secondary offering and on no less favorable pricing terms, (iii) if the aggregate number of shares of common stock and other securities affected by such pro-rata releases or waivers (whether in one or multiple releases or waivers) is less than or equal to 1.0% of the total number of shares of common stock outstanding on a fully diluted basis immediately following the closing of this offering or (iv) if the release or waiver is granted due to circumstances of an emergency or hardship as determined by Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC in their sole judgment.

Prior to the offering, there has been no public market for the shares of common stock. The initial public offering price has been negotiated among us and the representatives. Among the factors to be considered in determining the initial public offering price of the shares, in addition to prevailing market conditions, will be our historical performance, estimates of our business potential and earnings prospects, an assessment of our management and the consideration of the above factors in relation to market valuation of companies in related businesses.

We have applied to list our common stock on the Nasdaq Global Select Market under the symbol "LBZZ."

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stock in the open market after pricing that could adversely affect investors who purchase in the offering. Stabilizing transactions consist of various bids for or purchases of common stock made by the underwriters in the open market prior to the completion of the offering.

The underwriters may also impose a penalty bid. This occurs when a particular underwriter repays to the underwriters a portion of the underwriting discount received by it because the representatives have repurchased shares sold by or for the account of such underwriter in stabilizing or short covering transactions.

Purchases to cover a short position and stabilizing transactions, as well as other purchases by the underwriters for their own accounts, may have the effect of preventing or retarding a decline in the market price of our stock, and together with the imposition of the penalty bid, may stabilize, maintain or otherwise affect the market price of the common stock. As a result, the price of the common stock may be higher than the price that otherwise might exist in the open market. The underwriters are not required to engage in these activities and may end any of these activities at any time. These transactions may be effected on the Nasdaq Global Select Market, in the over-the-counter market or otherwise.

We and the selling stockholders estimate that the total expenses of the offering, excluding underwriting discounts and commissions, will be approximately $. We have agreed to reimburse the underwriters for certain of their expenses relating to the clearance of this offering with the Financial Industry Regulatory Authority in an amount up to $.

We and the selling stockholders have agreed to indemnify the several underwriters against certain liabilities, including liabilities under the Securities Act.

The underwriters and their respective affiliates are full service financial institutions engaged in various activities, which may include lending, sales and trading, commercial and investment banking, advisory, investment management, investment research, principal investment, hedging, market making, brokerage and other financial and non-financial activities and services. Certain of the underwriters and their respective affiliates have provided, and may in the future provide, a variety of these services to us and to persons and entities with relationships with us, for which they received or will receive customary fees and expenses.

In the ordinary course of their various business activities, the underwriters and their respective affiliates, officers, directors and employees may purchase, sell or hold a broad array of investments and actively traded securities, derivatives, loans, commodities, currencies, credit default swaps and other financial instruments for their own account and for the accounts of their customers, and such investment and trading activities may involve or relate to our assets, securities and/or instruments (directly, as collateral securing other obligations or otherwise) and/or persons and entities with relationships with us. The underwriters and their respective affiliates may also communicate independent investment recommendations, market color or trading ideas and/or publish or express independent research views in respect of such assets, securities or instruments and may at any time hold, or recommend to clients that they should acquire, long and/or short positions in such assets, securities and instruments.

Other than in the United States, no action has been taken by us or the underwriters that would permit a public offering of the securities offered by this prospectus in any jurisdiction where action for that purpose is required. The securities offered by this prospectus may not be offered or sold, directly or indirectly, nor may this prospectus or any other offering material or advertisements in connection with the offer and sale of any such securities be distributed or published in any jurisdiction, except under circumstances that will result in compliance with the applicable rules and regulations of that jurisdiction. Persons into whose possession this prospectus comes are advised to inform themselves about and to observe any restrictions relating to the offering and the distribution of this prospectus. This prospectus does not constitute an offer to sell or a solicitation of an offer to buy any securities offered by this prospectus in any jurisdiction in which such an offer or a solicitation is unlawful.

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**European Economic Area** 

In relation to each Member State of the European Economic Area, or each, a Relevant Member State, an offer to the public of any shares may not be made in that Relevant Member State, except that an offer to the public in that Relevant Member State of any shares may be made at any time under the following exemptions under the EU Prospectus Regulation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to any legal entity which is a "qualified investor" as defined under the EU Prospectus Regulation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to fewer than 150 natural or legal persons (other than "qualified investors" as defined under the EU
Prospectus Regulation), subject to obtaining the prior consent of the joint book-running managers for any such offer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in any other circumstances falling within Article 1(4) of the EU Prospectus Regulation,

provided that no such offer of the shares of common stock shall result in a requirement for the Company or any underwriter to publish a prospectus pursuant to Article 3 of the Prospectus Regulation or a supplemental prospectus pursuant to Article 23 of the Prospectus Regulation and each person who initially acquires any shares of common stock or to whom any offer is made will be deemed to have represented, warranted and agreed to and with each of the underwriters and the Company that it is a qualified investor within the meaning of Article 2 of the EU Prospectus Regulation.

In the case of any shares of common stock being offered to a financial intermediary as that term is used in Article 1(4) of the EU Prospectus Regulation, each financial intermediary will also be deemed to have represented, warranted and agreed that the shares of common stock acquired by it in the offer have not been acquired on a non-discretionary basis on behalf of, nor have they been acquired with a view to their offer or resale to, persons in circumstances which may give rise to an offer of any shares to the public, other than their offer or resale in a Relevant Member State to qualified investors as so defined or in circumstances in which the prior consent of the underwriters has been obtained to each such proposed offer or resale.

We, the underwriters and their affiliates will rely upon the truth and accuracy of the foregoing representations, warranties and agreements. Notwithstanding the above, a person who is not a "qualified investor" and who has notified the joint book-running managers of such fact in writing may, with the prior consent of the joint book-running managers, be permitted to acquire shares of common stock in the offer.

For the purposes of this provision, the expression an "offer to the public" in relation to any shares of common stock in any Relevant Member State means the communication in any form and by any means of sufficient information on the terms of the offer and any shares to be offered so as to enable an investor to decide to purchase or subscribe for any shares, and the expression "EU Prospectus Regulation" means Regulation (EU) 2017/1129.

**United Kingdom** 

An offer to the public of any shares may not be made in the United Kingdom, except that an offer to the public in the United Kingdom of any shares may be made at any time under the following exemptions under the UK Prospectus Regulation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to any legal entity which is a "qualified investor" as defined under the UK Prospectus Regulation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to fewer than 150 natural or legal persons (other than "qualified investors" as defined under the UK
Prospectus Regulation), subject to obtaining the prior consent of the joint book-running managers for any such offer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in any other circumstances falling within section 86 of the Financial Services and Markets Act 2000, or as
amended, FSMA,

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provided that no such offer of shares shall result in a requirement for the Company or any underwriter to publish a prospectus pursuant to section 85 of the FSMA or a supplemental prospectus pursuant to Article 23 of the UK Prospectus Regulation and each person who initially acquires any shares or to whom any offer is made will be deemed to have represented, warranted and agreed to and with each of the underwriters and the Company that it is a qualified investor within the meaning of Article 2 of the UK Prospectus Regulation.

In the case of any shares being offered to a financial intermediary as that term is used in Article 1(4) of the UK Prospectus Regulation, each financial intermediary will also be deemed to have represented, warranted and agreed that the shares acquired by it in the offer have not been acquired on a non-discretionary basis on behalf of, nor have they been acquired with a view to their offer or resale to, persons in circumstances which may give rise to an offer of any shares to the public, other than their offer or resale in the United Kingdom to qualified investors as so defined or in circumstances in which the prior consent of the joint book-running managers has been obtained to each such proposed offer or resale.

We, the underwriters and their affiliates will rely upon the truth and accuracy of the foregoing representations, warranties and agreements. Notwithstanding the above, a person who is not a "qualified investor" and who has notified the joint book-running managers of such fact in writing may, with the prior consent of the joint book-running managers, be permitted to acquire shares of common stock in the offer.

For the purposes of this provision, the expression an "offer to the public" in relation to any shares in the United Kingdom means the communication in any form and by any means of sufficient information on the terms of the offer and any shares to be offered so as to enable an investor to decide to purchase or subscribe for any shares.

This Prospectus is only being distributed to and is only directed at: (A) persons who are outside the United Kingdom; or (B) qualified investors who are also (1) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, or the Order, or (2) high net worth companies, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order, or all such persons falling within (1)-(3) together being referred to as relevant persons. The shares are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire the shares will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this Prospectus or any of its contents.

**Canada** 

The shares may be sold in Canada only to purchasers purchasing, or deemed to be purchasing, as principal that are accredited investors, as defined in National Instrument 45-106 Prospectus Exemptions or subsection 73.3(1) of the Securities Act (Ontario), and are permitted clients, as defined in National Instrument 31-103 Registration Requirements, Exemptions, and Ongoing Registrant Obligations. Any resale of the shares must be made in accordance with an exemption from, or in a transaction not subject to, the prospectus requirements of applicable securities laws.

Securities legislation in certain provinces or territories of Canada may provide a purchaser with remedies for rescission or damages if this prospectus (including any amendment thereto) contains a misrepresentation, provided that the remedies for rescission or damages are exercised by the purchaser within the time limit prescribed by the securities legislation of the purchaser's province or territory. The purchaser should refer to any applicable provisions of the securities legislation of the purchaser's province or territory of these rights or consult with a legal advisor.

Pursuant to section 3A.3 of National Instrument 33-105 Underwriting Conflicts (NI 33-105), the underwriters are not required to comply with the disclosure requirements of NI 33-105 regarding underwriter conflicts of interest in connection with this offering.

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**Hong Kong** 

The shares may not be offered or sold in Hong Kong by means of any document other than (1) in circumstances which do not constitute an offer to the public within the meaning of the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32 of the Laws of Hong Kong), or Companies (Winding Up and Miscellaneous Provisions) Ordinance, or which do not constitute an invitation to the public within the meaning of the Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong), or Securities and Futures Ordinance, or (2) to "professional investors" as defined in the Securities and Futures Ordinance and any rules made thereunder, or (3) in other circumstances which do not result in the document being a "prospectus" as defined in the Companies (Winding Up and Miscellaneous Provisions) Ordinance, and no advertisement, invitation or document relating to the shares may be issued or may be in the possession of any person for the purpose of issue (in each case whether in Hong Kong or elsewhere), which is directed at, or the contents of which are likely to be accessed or read by, the public in Hong Kong (except if permitted to do so under the securities laws of Hong Kong) other than with respect to shares which are or are intended to be disposed of only to persons outside Hong Kong or only to "professional investors" in Hong Kong as defined in the Securities and Futures Ordinance and any rules made thereunder.

**Singapore** 

This prospectus has not been registered as a prospectus with the Monetary Authority of Singapore. Accordingly, this prospectus and any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of the shares may not be circulated or distributed, nor may the shares be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore other than (1) to an institutional investor (as defined under Section 4A of the Securities and Futures Act, Chapter 289 of Singapore, or the SFA) under Section 274 of the SFA, (2) to a relevant person (as defined in Section 275(2) of the SFA) pursuant to Section 275(1) of the SFA, or any person pursuant to Section 275(1A) of the SFA, and in accordance with the conditions specified in Section 275 of the SFA or (3) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA, in each case subject to conditions set forth in the SFA.

Where the shares are subscribed or purchased under Section 275 of the SFA by a relevant person which is a corporation (which is not an accredited investor (as defined in Section 4A of the SFA)) the sole business of which is to hold investments and the entire share capital of which is owned by one or more individuals, each of whom is an accredited investor, the securities (as defined in Section 239(1) of the SFA) of that corporation shall not be transferable for six months after that corporation has acquired the shares under Section 275 of the SFA except: (1) to an institutional investor under Section 274 of the SFA or to a relevant person (as defined in Section 275(2) of the SFA), (2) where such transfer arises from an offer in that corporation's securities pursuant to Section 275(1A) of the SFA, (3) where no consideration is or will be given for the transfer, (4) where the transfer is by operation of law, (5) as specified in Section 276(7) of the SFA, or (6) as specified in Regulation 32 of the Securities and Futures (Offers of Investments) (Shares and Debentures) Regulations 2005 of Singapore, or Regulation 32.

Where the shares are subscribed or purchased under Section 275 of the SFA by a relevant person which is a trust (where the trustee is not an accredited investor (as defined in Section 4A of the SFA)) whose sole purpose is to hold investments and each beneficiary of the trust is an accredited investor, the beneficiaries' rights and interest (howsoever described) in that trust shall not be transferable for six months after that trust has acquired the shares under Section 275 of the SFA except: (1) to an institutional investor under Section 274 of the SFA or to a relevant person (as defined in Section 275(2) of the SFA), (2) where such transfer arises from an offer that is made on terms that such rights or interest are acquired at a consideration of not less than $200,000 (or its equivalent in a foreign currency) for each transaction (whether such amount is to be paid for in cash or by exchange of securities or other assets), (3) where no consideration is or will be given for the transfer, (4) where the transfer is by operation of law, (5) as specified in Section 276(7) of the SFA, or (6) as specified in Regulation 32.

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**Japan** 

The shares have not been and will not be registered under the Financial Instruments and Exchange Act of Japan (Act No. 25 of 1948, as amended), or the FIEA. The shares may not be offered or sold, directly or indirectly, in Japan or to or for the benefit of any resident of Japan (including any person resident in Japan or any corporation or other entity organized under the laws of Japan) or to others for reoffering or resale, directly or indirectly, in Japan or to or for the benefit of any resident of Japan, except pursuant to an exemption from the registration requirements of the FIEA and otherwise in compliance with any relevant laws and regulations of Japan.

**Brazil** 

The offer and sale of the securities have not been and will not be registered with the Brazilian securities commission (Comissão de Valores Mobiliários, or "CVM") and, therefore, will not be carried out by any means that would constitute a public offering in Brazil under CVM resolution no 160, dated 13 July 2022, as amended ("CVM Resolution 160") or unauthorized distribution under Brazilian laws and regulations. the securities may only be offered to Brazilian professional investors (as defined by applicable CVM regulation), who may only acquire the securities through a non-Brazilian account, with settlement outside Brazil in non-Brazilian currency. the trading of these securities on regulated securities markets in Brazil is prohibited.

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**LEGAL MATTERS** 

The validity of the issuance of the shares of common stock offered hereby will be passed upon for Lendbuzz Inc. and the selling stockholders by Davis Polk & Wardwell LLP. Skadden, Arps, Slate, Meagher & Flom LLP is representing the underwriters.

**EXPERTS** 

The consolidated financial statements of Lendbuzz Inc. as of December 31, 2023 and 2024, and for each of the three years in the period ended December 31, 2024, included in this prospectus, have been audited by Deloitte & Touche LLP, an independent registered public accounting firm, as stated in their report. Such consolidated financial statements are included in reliance upon the report of such firm given their authority as experts in accounting and auditing.

**WHERE YOU CAN FIND MORE INFORMATION** 

We have filed with the SEC a registration statement on Form S-1 under the Securities Act with respect to the common stock offered hereby. This prospectus does not contain all of the information set forth in the registration statement and the exhibits and schedules thereto. For further information with respect to the company and its common stock, reference is made to the registration statement and the exhibits and any schedules filed therewith. Statements contained in this prospectus as to the contents of any contract or other document referred to are not necessarily complete and in each instance, if such contract or document is filed as an exhibit, reference is made to the copy of such contract or other document filed as an exhibit to the registration statement, each statement being qualified in all respects by such reference. The SEC maintains an Internet site at www.sec.gov that contains reports, proxy and information statements and other information we have filed electronically with the SEC.

As a result of the offering, we will be required to file periodic reports and other information with the SEC. We also maintain an Internet site at www.lendbuzz.com. Our website and the information contained therein or connected thereto shall not be deemed to be incorporated into this prospectus or the registration statement of which it forms a part.

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**LENDBUZZ INC** 

**TABLE OF CONTENTS** 

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|:---|:---|
|  | Page |
|  **Audited Consolidated Financial Statements as of and for the years ended December 31, 2023 and 2024** |  |
|  [Report of Independent Registered Public Accounting Firm (PCAOB ID No. 34)](#fin715014_1a) | F-2 |
|  [Consolidated Balance Sheets at December 31, 2023 and 2024](#fin715014_1) | F-4 |
|  [Consolidated Statements of Operations and Comprehensive Income for the Year Ended December 31, 2022, 2023, and 2024](#fin715014_2) | F-6 |
|  [Consolidated Statements of Changes in Stockholders' Equity for the Year Ended December 31, 2022, 2023, and 2024](#fin715014_3) | F-7 |
|  [Consolidated Statements of Cash Flows for the Year Ended December 31, 2022, 2023, and 2024](#fin715014_4) | F-8 |
|  [Notes to Consolidated Financial Statements](#fin715014_5) | F-9 |
|  **Unaudited Condensed Consolidated Financial Statements as of December 31, 2024 and June 30, 2025 and for the six months ended June 30, 2024 and 2025** |  |
|  [Condensed Consolidated Balance Sheets at December 31, 2024 and June 30, 2025 (unaudited)](#fin715014_105) | F-42 |
|  [Condensed Consolidated Statements of Operations and Comprehensive Income for the Six Months Ended June 30, 2024 and 2025 (unaudited)](#fin715014_106) | F-44 |
|  [Condensed Consolidated Statements of Changes in Stockholders' Equity for the Six Months Ended June 30, 2024 and 2025 (unaudited)](#fin715014_107) | F-45 |
|  [Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2024 and 2025 (unaudited)](#fin715014_108) | F-46 |
|  [Notes to Condensed Consolidated Financial Statements](#fin715014_109) | F-47 |

---

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##### [**Table of Contents**](#toc)
**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

To the Stockholders and the Board of Directors of Lendbuzz Inc.

**Opinion on the Financial Statements** 

We have audited the accompanying consolidated balance sheets of Lendbuzz Inc. and subsidiaries (the "Company") as of December 31, 2023 and 2024, the related consolidated statements of operations and comprehensive income, changes in stockholders' equity, and cash flows, for each of the three years in the period ended December 31, 2024, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2023 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion** 

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

**Critical Audit Matter** 

The critical audit matter communicated below is a matter arising from the current-period audit of the financial statements that was communicated or required to be communicated to the audit committee and that (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

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##### [**Table of Contents**](#toc)
**Current Expected Credit Losses – Consumer Auto Loans – Refer to Note 2 and 4 to the financial statements** 

*Critical Audit Matter Description* 

The allowance for expected credit losses ("allowance") related to consumer auto loans represents the Company's current estimate of expected credit losses over the contractual terms of its loans held for investment. The Company measures the allowance through consideration of past events, including historical experience, current conditions, and reasonable and supportable forecasts. When developing an estimate of expected credit losses related to consumer auto loans, the Company uses both quantitative and qualitative methods in considering available information relevant to assessing collectability. The allowance for expected credit losses was $46.2 million as of December 31, 2024, of which $45.2 million pertained to consumer auto loans.

Given the size of the consumer auto loan portfolio and the subjective nature of estimating the allowance, performing audit procedures to evaluate the reasonableness of the allowance related to consumer auto loans required a high degree of auditor judgment and an increased extent of audit effort, including the use of credit specialists.

*How the Critical Audit Matter Was Addressed in the Audit* 

Our audit procedures related to the allowance for expected credit losses related to consumer auto loans included the following, among others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We evaluated the reasonableness of the methodology of aggregating the loan data and charge-off data established
by the Company and its appropriateness in supporting the Company's estimate. Furthermore, we tested the underlying loan and charge-off data utilized in the model for completeness and accuracy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We involved our credit specialists to assist us in evaluating the reasonableness of the model utilized by the
Company in estimating the expected credit losses, including the model methodology, key assumptions, model performance, model accuracy, and the use of qualitative adjustments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We assessed the reasonableness of qualitative adjustments as considered by the Company based on market conditions
and significant assumptions.

---

| |
|:---|
|  /s/ Deloitte & Touche LLP |
|  Boston, Massachusetts |
|  March 5, 2025 |
| We have served as the Company's auditor since 2022. |

---

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##### [**Table of Contents**](#toc)
**LENDBUZZ INC** 

**CONSOLIDATED BALANCE SHEET** 

(In thousands, except share amounts)

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2023** | **2024** |
|  **Assets** |  |  |
|  Cash and cash equivalents | $31498 | $39350 |
|  Restricted cash | 55768 | 86365 |
|  Loans receivable | 1102632 | 1499878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allowance for expected credit losses | (32669) | (46234) |
|  Loans receivable, net | 1069963 | 1453644 |
|  Servicing assets, net | 9590 | 28924 |
|  Property, equipment, and software, net | 7349 | 11848 |
|  Deferred tax asset | 19371 | 26212 |
|  Other assets | 14066 | 25480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total assets** | $1207605 | $1671823 |
|  **Liabilities** |  |  |
|  Secured financing, net | 423427 | 484870 |
|  Term credit facility, net | 96137 | 118641 |
|  Asset-backed term debt, net | 454076 | 774863 |
|  Accrued expenses, accounts payable, and other liabilities | 31745 | 61088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total liabilities** | $1005385 | $1439462 |
|  Commitments and contingencies (Note 9) |  |  |
|  **Stockholders' equity** |  |  |
|  Convertible preferred stock, $0.001 par value: 45,769,350 shares authorized and 44,885,050 shares outstanding at December 31, 2024 and December 31, 2023 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A aggregate liquidation value of $4,192 | $6 | $6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-1 aggregate liquidation value of $1,153 | 5 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-2 aggregate liquidation value of $154 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-3 aggregate liquidation value of $307 | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B convertible aggregate liquidation value of $13,793 | 11 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B-1 aggregate liquidation value of $2,500 | 3 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C aggregate liquidation value of $25,027 | 7 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C-2 aggregate liquidation value of $49,706 | 6 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C-2A aggregate liquidation value of $5,039 | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D aggregate liquidation value of $42,796 | 3 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D-A aggregate liquidation value of $5,267 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D-1 aggregate liquidation value of $25,482 | 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D-1A aggregate liquidation value of $1,728 |  |  |
|  Common stock, $0.001 par value: 66,634,050 shares authorized as of December 31, 2024 and December 31, 2023 and 13,683,080 and 11,353,580 outstanding at December 31, 2024 and December 31, 2023, respectively | 11 | 14 |
|  Additional paid-in-capital | 183368 | 189219 |
|  Retained earnings | 18770 | 41581 |
|  Accumulated other comprehensive income | 26 | 1502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total stockholders' equity** | $202220 | $232361 |
|  **Total liabilities and stockholders' equity** | $1207605 | $1671823 |

---

See accompanying notes to the consolidated financial statements

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##### [**Table of Contents**](#toc)
**LENDBUZZ INC** 

**CONSOLIDATED BALANCE SHEET, CONT.** 

(In thousands, except share amounts)

The following table presents the assets and liabilities of consolidated variable interest entities ("VIEs"), which are included in the consolidated balance sheets above. The assets in the table below may only be used to settle obligations of consolidated VIEs and are in excess of those obligations. The liabilities in the table below include liabilities for which creditors do not have recourse to the general credit of the Company. Additionally, the assets and liabilities in the table below exclude intercompany balances that eliminate upon consolidation.

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2023** | **2024** |
|  **Assets of consolidated VIEs, included in total assets above** |  |  |
|  Restricted cash | $53111 | $79971 |
|  Loans receivable | 1096556 | 1508134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allowance for expected credit losses | (30004) | (42599) |
|  Loans receivable, net | 1066552 | 1465535 |
|  Other Assets | 25 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total assets of consolidated VIEs** | $1119688 | $1545576 |
|  **Liabilities of consolidated VIEs, included in total liabilities above** |  |  |
|  Secured financing, net | 410444 | 393356 |
|  Term credit facility, net | 96137 | 118641 |
|  Asset-backed term debt, net | 454076 | 774863 |
|  Accrued expenses, accounts payable, and other liabilities | 49 | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total liabilities of consolidated VIEs** | $960706 | $1286927 |
|  **Total net assets of consolidated VIEs** | $158982 | $258649 |

---

See accompanying notes to the consolidated financial statements

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##### [**Table of Contents**](#toc)
**LENDBUZZ INC** 

**CONSOLIDATED STATEMENTS OF OPERATIONS** 

**AND COMPREHENSIVE INCOME** 

(In thousands, except share and per share amounts)

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2023** | **2024** |
|  **Revenue:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest and fee income, net | $78857 | $142224 | $226269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ancillary product revenue, net | 14301 | 15590 | 17531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on sale of loans, net | 7419 | 14363 | 31302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Servicing income, net | 683 | 3176 | 6422 |
|  Total revenue, net | $101260 | $175353 | $281524 |
|  Operating expenses |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provision for expected credit losses | 16512 | 30358 | 51505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Funding costs | 23871 | 59029 | 93780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Processing and servicing | 10015 | 17826 | 35346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Product development, technology and data science | 6240 | 10950 | 15624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Selling and marketing costs | 10331 | 17156 | 21428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General, administrative, and other | 15362 | 22719 | 29966 |
|  Total operating expenses | 82331 | 158038 | 247649 |
|  Net income before taxes | 18929 | 17315 | 33875 |
|  Provision for income taxes | 3883 | 6157 | 11064 |
|  Net income | $15046 | $11158 | $22811 |
|  Unrealized securities holding gains | 1 | 83 | 1460 |
|  Foreign currency translation adjustments |  | (82) | 16 |
|  Other comprehensive income | 1 | 1 | 1476 |
|  **Comprehensive income** | $**15047** | $**11159** | $**24287** |
|  **Per share data** |  |  |  |
|  **Net income per share attributable to common stockholders** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic | $0.28 | $0.20 | $0.39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted | $0.27 | $0.19 | $0.37 |
|  **Weighted average common and participating preferred shares outstanding, and participating warrants** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic | 53220620 | 56788900 | 58610479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted | 55904480 | 59643210 | 61955101 |

---

See accompanying notes to condensed consolidated financial statements

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##### [**Table of Contents**](#toc)
**LENDBUZZ INC** 

**CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY** 

(In thousands, except share amounts)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Common Shares** | **Redeemable<br>Convertible**<br>**Preferred Shares** | **Redeemable<br>Convertible**<br>**Preferred Shares** | **Additional<br>Paid-in-Capital** | **(Accumulated<br>Deficit)<br>Retained<br>Earnings** | **Accumulated<br>Other<br>Comprehensive<br>Income** | **Total<br>Stockholders'<br>Equity** |
|  | **Shares** | $**Shares** | **Shares** | **Additional<br>Paid-in-Capital** | **(Accumulated<br>Deficit)<br>Retained<br>Earnings** | **Accumulated<br>Other<br>Comprehensive<br>Income** | **Total<br>Stockholders'<br>Equity** |
|  Balance at January 1, 2022 | 10403910 |  | 39227940 | $101203 | $(7434) | $24 | $93843 |
|  Issuance of preferred series D/D-A shares |  |  | 3374720 | 47972 |  |  | 47975 |
|  Stock-based compensation |  |  |  | 886 |  |  | 886 |
|  Exercise of preferred warrant shares |  |  | 226430 | 220 |  |  | 220 |
|  Exercise of employee stock options | 196440 |  |  | 103 |  |  | 104 |
|  Foreign currency translation adjustments |  |  |  |  |  |  |  |
|  Unrealized securities holding gains (losses) |  |  |  |  |  | 1 | 1 |
| Net income |  |  |  |  | 15046 |  | 15046 |
|  **Balance at December 31, 2022** | **10600350** |  | **42829090** | $**150384** | $**7612** | $**25** | $**158075** |
|  Balance at January 1, 2023 | 10600350 |  | 42829090 | 150384 | 7612 | 25 | 158075 |
|  Issuance of preferred series D-1/D-1A shares |  |  | 1634110 | 27126 |  |  | 27128 |
|  Stock-based compensation |  |  |  | 4990 |  |  | 4990 |
|  Exercise of preferred warrant shares |  |  | 421850 | 402 |  |  | 402 |
|  Exercise of employee stock options | 753230 |  |  | 466 |  |  | 466 |
|  Foreign currency translation adjustments |  |  |  |  |  | (82) | (82) |
|  Unrealized securities holding gains (losses) |  |  |  |  |  | 83 | 83 |
|  Net income |  |  |  |  | 11158 |  | 11158 |
|  **Balance at December 31, 2023** | **11353580** |  | **44885050** | $**183368** | $**18770** | $**26** | $**202220** |
|  Balance at January 1, 2024 | 11353580 |  | 44885050 | 183368 | 18770 | 26 | 202220 |
|  Stock-based compensation |  |  |  | 5290 |  |  | 5290 |
|  Exercise of common warrant shares | 1981340 |  |  | (1) |  |  | 1 |
|  Exercise of employee stock options | 303160 |  |  | 562 |  |  | 563 |
|  Issuance of restricted stock units | 45000 |  |  |  |  |  |  |
|  Foreign currency translation adjustments |  |  |  |  |  | 16 | 16 |
|  Unrealized securities holding gains (losses) |  |  |  |  |  | 1460 | 1460 |
|  Net income |  |  |  |  | 22811 |  | 22811 |
|  **Balance at December 31, 2024** | **13683080** |  | **44885050** | $**189219** | $**41581** | $**1502** | $**232361** |

---

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##### [**Table of Contents**](#toc)
**LENDBUZZ INC** 

**CONSOLIDATED STATEMENTS OF CASH FLOWS** 

(In thousands)

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2023** | **2024** |
|  **Net income** | $15046 | $11158 | $22811 |
|  Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provision for expected credit losses | 16512 | 30358 | 51505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization | 1818 | 3224 | 5203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stock-based compensation | 886 | 4990 | 5290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred tax provision, net | (5503) | (5290) | 378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of debt issuance costs | 4600 | 4926 | 7763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in assets and liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest receivable | (3126) | (4189) | (5220) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred commission expense | (1559) | (2345) | (3701) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Servicing assets | (2956) | (6634) | (19334) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred origination fees | 10627 | 10321 | 4258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets | (948) | (3472) | (3563) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses, accounts payable and other liabilities | 9173 | 14395 | 15408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net cash provided by operating activities** | 44570 | 57442 | 80798 |
|  Cash flows from investing activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash paid for acquisition | (3628) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Origination of consumer loan receivables | (733064) | (1112911) | (1536134) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Origination of floorplan receivables | (67072) | (105404) | (111463) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal collected on consumer loan receivables | 211732 | 308651 | 462748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal collected on floorplan receivables | 64108 | 97949 | 105871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal proceeds from loan sales | 157271 | 413227 | 645726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal collections on debt securities |  | 1469 | 2727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital expenditures and capitalized software | (4151) | (5823) | (9702) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net cash used in investing activities** | (374804) | (402842) | (440227) |
|  Cash flows from financing activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from secured financing | 514600 | 951488 | 1514471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repayment of secured financing  | (389562) | (796963) | (1451137) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from term debt | 150000 |  | 85986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repayment of term debt facility | (10984) | (43383) | (63489) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from asset-backed term debt | 198064 | 388245 | 644788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repayment of asset-backed term debt | (136531) | (177420) | (319828) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from issuance of preferred stock, net of issuance costs | 47975 | 27129 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments of debt issuance costs | (5930) | (8819) | (13493) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercise of options and warrants | 324 | 868 | 564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net cash provided by financing activities** | 367956 | 341145 | 397862 |
|  **Effect of exchange rate changes on cash, cash equivalents, and restricted cash** |  | (83) | 16 |
|  **Net increase (decrease) in cash, cash equivalents, and restricted cash** | 37722 | (4338) | 38449 |
|  Cash, cash equivalents, and restricted cash at the beginning of the period | 53882 | 91604 | 87266 |
|  Cash, cash equivalents, and restricted cash at the end of the period | $91604 | $87266 | $125715 |
|  **Reconciliation of cash, cash equivalents, and restricted cash** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents | $56982 | $31498 | $39350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restricted cash | 34622 | 55768 | 86365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total cash, cash equivalents, and restricted cash** | $91604 | $87266 | $125715 |
|  **Supplemental cash flow information:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash paid during the period for interest | 17108 | 52215 | 84324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash paid during the period for taxes | 12531 | 11637 | 11703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Right of use assets obtained in exchange for operating lease liabilities | 701 | 406 | 7797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debt securities retained in loan sales |  | (8958) | 2726 |

---

See accompanying notes to the consolidated financial statements

------

##### [**Table of Contents**](#toc)
**LENDBUZZ INC.** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**NOTE 1 - DESCRIPTION OF THE BUSINESS** 

Founded in 2015, Lendbuzz Inc. (the "Company" or "Lendbuzz") is a financial technology company that utilizes artificial intelligence, or AI, and machine learning algorithms to better assess consumer credit risk and expand access to credit. Lendbuzz seamlessly processes large sets of data through advanced computational approaches to more accurately predict a consumer's creditworthiness. The Company benefits both consumers through expanded access to credit and auto dealerships through increased vehicle sales.

Lendbuzz originates loans directly under its lending licenses or pursuant to applicable exemptions across various states in the United States. Lendbuzz services all of the loans that it originates.

Lendbuzz, and its wholly-owned subsidiaries of Lendbuzz Funding LLC, Lendbuzz Floorplan, and Lendbuzz Ltd, operate in the United States and are headquartered in Boston, Massachusetts. The Company also has offices in New York, New York; Orlando, Florida; Ft. Lauderdale, Florida; Pasadena, California; Ipswich, Massachusetts; and Tel Aviv, Israel.

**NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** 

**Principals of Consolidation** – The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP") and include the accounts of the Company, its wholly-owned subsidiaries, and consolidated variable interest entities ("VIEs"). Other entities in which we have invested and have the ability to exercise significant influence over operating and financial policies of the investee, but upon which we do not possess control, are accounted for using the equity method of accounting within the financial statements and are therefore not consolidated. All intercompany accounts and transactions have been eliminated. The Company's functional and reporting currency is the U.S. dollar.

**Use of Estimates** – The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expense during the reporting period. The most significant estimates relate to the valuation of the Company's servicing assets, the selection of useful lives of property and equipment, capitalization of internally developed software and associated useful lives, expected credit losses, and the determination of fair value of the Company's stock option and RSU grants. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, and makes adjustments when facts and circumstances dictate. These estimates are based on information available as of the date of the financial statements; therefore, actual results could differ from those estimates.

**Business Combinations** – The company uses the acquisition method of accounting for business combination transactions pursuant to Financial Accounting Standards Board Accounting Standards Codification Topic 805, Business Combinations ("ASC 805"), and, accordingly, recognizes the fair values of assets acquired and liabilities assumed in our consolidated financial statements. Transaction costs related to the acquisition of the acquired company are expensed as incurred. The allocation of fair values may be subject to adjustment after the initial allocation for up to a one-year period as more information becomes available relative to the fair values as of the acquisition date. The Company's consolidated financial statements include the results of operations of any acquired company since the acquisition date.

On March 23, 2022, Lendbuzz acquired substantially all of the assets, net of liabilities, of Shamrock Finance, LLC ("Shamrock"), a floorplan lending company, at a purchase price of $3.4 million. The acquisition

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**LENDBUZZ INC.** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

was accounted for as an asset acquisition in accordance with ASC 805, as the assets acquired did not meet the definition of a business. Shamrock was acquired out of bankruptcy and as such, the book value of the assets purchased exceeded the fair value, which was determined to be the purchase price. The Company recorded the assets on its consolidated balance sheets at their fair value. Any collections on the assets that exceeded the initial fair value were recorded into interest income and fee revenue, net on the consolidated statement of operations. The Company did not record any intangible assets related to this asset acquisition. During the year ended December 31, 2022, the Company recorded $0.2 million in acquisition-related costs and did not incur any acquisition-related costs during the years ended December 31, 2023 and 2024.

**Stock Split** – On August 12, 2024, the Company performed a ten-for-one stock split for all classes of stock and a proportionate increase in the number of authorized shares. All share and per share information, including share based compensation, within the accompanying consolidated financial statements have been retroactively adjusted to reflect the stock split. The shares of common stock retain a par value of $0.001 per share. Accordingly, an amount equal to the par value of the increased shares resulting from the stock split was reclassified from capital in excess of par value to common stock.

**Variable Interest Entities** – A legal entity is considered a VIE if it has either i) a total equity investment that is insufficient to finance its operations without additional subordinated financial support or ii) whose equity holders lack the characteristics of a controlling financial interest. The Company enters into arrangements in which it originates loans, establishes a special purpose vehicle ("SPV"), and transfers loans to the SPV. The Company retains the servicing rights of those loans and holds additional interests in the SPV. If the SPV meets the definition of a VIE, Lendbuzz assesses whether it is the primary beneficiary of the VIE, such that Lendbuzz must consolidate the VIE on its consolidated balance sheets. The Company determines it is the primary beneficiary if it has the power to direct activities that most significantly impact the VIE's economic performance and has the obligation to absorb losses or the right to receive benefits of the VIE that could be potentially significant to the VIE. The Company assesses whether or not it is the primary beneficiary of a VIE on an ongoing basis. Refer to Note 5 - "Debt Financing" for more details regarding Lendbuzz's consolidated VIEs.

**Cash and Cash Equivalents** – The Company considers all highly liquid investments, purchased with a remaining maturity of three months or less, to be cash equivalents including money market funds. Cash and cash equivalents are recorded at cost, which approximates fair value. As of December 31, 2023 and 2024, cash consists primarily of checking and savings deposits. The Company's cash balances exceed those that are federally insured. To date, the Company has not recognized any losses caused by uninsured balances.

Cash and cash equivalents consist of the following:

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| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
| *(In thousands)* | **2023** | **2024** |
|  **Cash and cash equivalents** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash | $8515 | $11580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money market funds | 22983 | 27770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total cash and cash equivalents** | $**31498** | $**39350** |

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**Restricted Cash** – Restricted cash consists primarily of: (i) servicing funds held in accounts contractually restricted by agreements with warehouse credit facilities, term credit facilities, securitization trusts, and loan sale arrangements; (ii) funds held in a reserve account as collateral for the securitization trusts; (iii) funds held in accounts as collateral for the automated clearing house payment processing services; and (iv) a deposit restricted by standby letters of credit for office lease. The Company has no ability to draw on such funds as long as they remain restricted under the applicable agreements.

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**LENDBUZZ INC.** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**Foreign Currency Translation Adjustments** – The Company's reporting currency is the U.S. dollar ("USD"). The functional currency of the Company's foreign subsidiary is the local currency (Israeli New Shekel), as it is the monetary unit of account of the principal economic environment in which the Company's foreign subsidiary operates. The Company revalues assets, liabilities, income and expense denominated in non-United States currencies into USD using applicable exchange rates. For foreign subsidiaries in which the functional currency is the subsidiary's local currency, gains and losses relating to foreign currency translation adjustments are included in accumulated other comprehensive income (loss) in our consolidated balance sheets. USD, gains and losses relating to foreign currency transaction adjustments are included within earnings in the consolidated statements of operations and comprehensive income.

**Loans Receivable** – The Company's loans receivable are primarily consumer auto loans directly originated by the Company and underwritten using the Company's technology platform. Additionally, Lendbuzz provides working capital loans to dealerships ("floorplan" loans) that it partners with to originate consumer auto loans.

Lendbuzz classifies loans as held for investment or held for sale. Loans that the Company has the ability and intent to hold for the foreseeable future or until maturity or payoff are classified as held for investment. Loans that the Company intends to sell or for which it does not have the ability or intent to hold for the foreseeable future are classified as held for sale. The accounting and measurement framework for loans differs depending on the loan classification. The presentation within the consolidated statements of cash flows is based on management's intent at origination.

Cash flows related to loans that are originated with the intent to hold for investment are included in cash flows from investing activities in the consolidated statements of cash flows. Cash flows related to loans that are originated with the intent to sell are included in cash flows from operating activities on the consolidated statements of cash flows.

Lendbuzz carries loans receivables classified as held for investment at amortized cost, which is reduced by a valuation allowance for credit losses estimated as of the balance sheet date. Loans classified as held for sale are recorded at the lower of amortized cost or fair value. Amortized cost includes deferred origination fees and deferred loan origination costs.

Each reporting period management makes a determination of what the probability that any individual loan or group of loans originated during the period will be held for the foreseeable future based on historical receivable sale experience, internal forecasts and budgets, liquidity and funding needs, as well as other relevant, reliable information available through the date of evaluation. Consistent with our budgeting and forecasting period, we define foreseeable future to mean 12 months. The determination of intent and ability for the foreseeable future is highly judgmental and requires management to make good faith estimates based on all information available at the time. Once a decision has been made to sell specific receivables not previously classified as held-for-sale (HFS), such receivables are transferred into the held-for-sale classification and carried at the lower of cost or fair value. We classify receivables on either a loan-by-loan basis or on a group level when a clear estimate can be made regarding a specific amount of loans. To-date we have not been able to make a clear estimate in any individual reporting period, and as such, loans receivables have only been classified on a loan-by-loan basis. Specific receivables included in off-balance sheet securitizations or whole-loan sale transactions are generally not identified until the process for the transaction begins. For off-balance sheet securitizations, that is typically 60 to 90 days before the transaction closes and for whole loan sales, that is typically within the month in which the sale occurs.

As of the years ended December 31, 2023 and 2024, Lendbuzz had classified all loans held on balance sheet as held for investment.

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**LENDBUZZ INC.** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

<u>Consumer Auto Loans</u> 

Consumer auto loans are directly originated by the Company and underwritten using the Company's technology platform. Lendbuzz utilizes alternative data and machine-learning algorithms to assess its customer's credit risk.

The customer experience begins within an auto dealership at the point of sale. The dealership will submit a credit application through Lendbuzz's custom developed dealership portal or through an integration Lendbuzz built for Dealertrack<sup>©</sup> or RouteOne<sup>®</sup>. The application will include credit bureau information, stated income from the customer, and vehicle information automatically pulled from an integration with Manheim, CARFAX<sup>®</sup>, and NADA based on the vehicle identification number from the dealership.

If the credit application is pre-approved, the dealership is alerted through the portal, Dealertrack<sup>©</sup> or RouteOne<sup>®</sup>, as appropriate, with loan terms. Simultaneously, the customer receives a text and or e-mail with a link to connect their bank account, via third-party integrations. All pre-approvals are conditional, with final approval requiring bank transaction data, income verification, and identity verification. Once a customer has linked a bank account or uploaded bank statements, Lendbuzz's system will run its custom developed machine learning algorithm ("AIRA<sup>®</sup>"). To be approved, a customer must: (i) pass a credit score cutoff, (ii) have their income verified, (iii) have their identity verified, and (iv) pass a fraud screen.

For legal purposes, a consumer loan is considered to have been originated after the following has occurred:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The consumer's loan has been approved and both the consumer and Lendbuzz have signed a consumer loan
contract; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lendbuzz has received the required supporting documentation

For accounting and financial reporting purposes, a consumer loan is considered to have been originated after the following has occurred:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The consumer loan has been legally originated

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lendbuzz has made a funding decision and generally has provided funding to the dealership

Lendbuzz's consumer auto loans have a variety of lending terms and maturities. All consumer auto loans have similar risk characteristics in relation to the categorization of borrowers, type of financing receivable, industry sector and type of collateral. The consumer loans are only originated by dealerships located within the United States.

<u>Floorplan Loans</u> 

Lendbuzz provides multiple financing solutions to dealerships including term loans and lines of credit. Term loans, which are fully secured by all asset liens, are provided for working capital and for store acquisition, and may be senior or subordinated. Working capital lines of credit are collateralized by vehicles owned by the dealerships. Typically, dealerships can borrow the lesser of their line of credit or the collateral value of the vehicles they currently own. However, from time to time, on an exception basis to foster relationships with our dealerships, Lendbuzz will allow dealerships to borrow an amount greater than their approved line of credit. The working capital lines of credit and the dealership loans are collectively referred to as "floorplan" loans.

**Allowance for Expected Credit Losses** – Lendbuzz maintains an allowance for expected credit losses ("allowance") that represents management's current estimate of expected credit losses over the contractual terms

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**LENDBUZZ INC.** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

of its loans held for investment. The Company measures the allowance on a monthly basis through consideration of past events, including historical experience, current conditions and reasonable and supportable forecasts. Lendbuzz measures current expected loan losses over the contractual terms of its loans. The contractual terms are adjusted for expected prepayments but are not extended for renewals or extensions.

Lendbuzz aggregates loans into quarterly origination pools for purposes of measuring expected credit losses. Expected credit losses incorporate the fair value of the underlying vehicles collateralizing the consumer auto loans. Charge-offs of uncollectible amounts result in a reduction to the allowance and recoveries of previously charged off amounts result in an increase to the allowance. When developing an estimate of expected credit losses, the Company uses both quantitative and qualitative methods in considering all available information relevant to assessing collectability. This may include internal information, external information, or a combination of both relating to past events, current conditions, and reasonable and supportable forecasts. Significant judgment is applied to the development and duration of reasonable and supportable forecasts used in the Company's estimation of lifetime losses. Lendbuzz estimates expected credit losses over the duration of those forecasts and then reverts, on a rational and systematic basis, to historical losses at each relevant loss component of the estimate. Expected losses for contractual terms extending beyond the reasonable and supportable forecast and reversion periods are based on those historical losses. Management will consider and may qualitatively adjust for conditions, changes and trends in loan portfolios that may not be captured in modeled results. These adjustments are referred to as qualitative factors and represent management's judgment of the imprecision and risks inherent in the processes and assumptions used in establishing the allowance for expected credit losses. Management's judgment may involve an assessment of current and forward-looking conditions including but not limited to changes in lending policies and procedures, nature and volume of the portfolio, external factors, and uncertainty as it relates to economic, model or forecast risks, where not already captured in the modeled results.

The allowance for expected credit losses was $32.7 million and $46.2 million at December 31, 2023 and 2024, respectively.

**Property, Equipment, and Software, Net** – Property, equipment and software consist of computer and office equipment, leasehold improvements, capitalized internal-use software and website development costs. Property, equipment, and software is stated at cost less accumulated depreciation and amortization. Depreciation and amortization expenses are recognized using the straight-line method over the estimated useful lives of the assets, which range from three to seven years.

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| | |
|:---|:---|
|  | Useful lives (years) |
|  Computers | 5 |
|  Furniture and office equipment | 7 |
|  Leasehold improvements | 5 |
|  Software assets | 3 |

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The Company capitalized the costs of developing the software applications used in the Company's lending services. The Company capitalizes costs to develop internal-use software when preliminary development efforts are successfully completed, management has authorized and committed project funding, and it is probable that the project will be completed and the software or website will function and be used as intended. Capitalized internal-use software costs primarily include salaries and payroll-related costs for employees directly involved in the development efforts, software licenses acquired, and fees paid to external consultants.

Property, equipment and software is tested for impairment when there is an indication that the carrying value of an asset group may not be recoverable. Carrying values are not recoverable when the undiscounted cash flows estimated to be generated by the assets are less than their carrying values. When an asset is determined not

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**LENDBUZZ INC.** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

to be recoverable, the impairment is measured based on the excess, if any, of the carrying value of the asset over its respective fair value and recorded in the period the determination is made.

**Employee Related Obligations** – The Company sponsors a 401(k) retirement plan in which all of the Company's full-time employees are eligible to participate. The Company offers matching contributions to the 401(k) program based upon each enrolled employee's eligible annual gross pay. The matching contribution rate is equal to 100% of the first 3% of a participant's contribution and an additional 50% of the next 2% of a participant's contribution, for a maximum matching contribution of 4% of each participant's eligible annual gross pay. During 2022, 2023 and 2024, employees were limited to contributions, and additional "catch-up" contributions for employees age 50 and older, in line with maximum annual employee contribution amounts set by the Internal Revenue Service. For the years ended December 31, 2022, 2023 and 2024, the Company recognized compensation expenses due to the 401(k) program of $0.5 million, $0.7 million and $0.8 million, respectively.

**Debt and Deferred Debt Issuance Costs** – Lendbuzz borrows from various financial institutions and fixed income investors to finance its lending activities. Direct costs incurred in connection with financing, such as banker fees, origination fees, warrants issued to lenders, and legal fees, are classified as deferred debt issuance costs. These costs are capitalized and reported as a direct deduction from the carrying amount of the debt balance. Any difference between the stated principal amount of debt and the amount of cash proceeds received, net of debt issuance costs, is presented as a discount or premium. The capitalized debt issuance costs and the original issue discount/premium are amortized into interest expense over the estimated life of the related financing agreement. Remaining unamortized fees are expensed immediately upon early extinguishment of the debt. In a debt modification, the initial issuance costs and any additional fees incurred as a result of the modification would be deferred over the term of the modified agreement. The amortization of deferred debt issuance costs is recorded as non-cash interest expense and presented as funding costs in the consolidated statements of operations.

**Interest and Fee Income, net** – Interest income and fees on loans receivable are generally recognized in the financial statements at the effective yield but are billed to the customers based on the contractual provisions of the underlying arrangements. Loan origination fees, costs, premiums and discounts on loans held for investment are deferred and amortized into interest income as yield adjustments over the contractual life and/or commitment period using the effective interest method. Costs deferred include, among other things, incentives paid to our network of auto dealerships for loan referrals. Additionally, the Company recognizes certain fees into income upon occurrence. These fees include late fees charged to borrowers if a scheduled installment payment becomes delinquent, as well as credit card processing fees.

Interest income accrued, but not collected for loans that are charged off or those otherwise deemed not fully collectible, is reversed. Generally, loans that have not been charged-off but have otherwise been deemed not fully collectible are placed on non-accrual status. If the borrower brings the loan back current, or the loan is otherwise deemed fully collectible, the loan is returned to accrual status. The interest income and other fees on charged-off loans or those otherwise on non-accrual status are accounted for using the cash-basis or cost recovery method.

**Revenue Recognition** – Lendbuzz recognizes revenue from contracts with customers in the amount of consideration it expects to receive upon the transfer of control of a good or service. The timing of recognition is dependent on whether the Company satisfies a performance obligation by transferring control of the product or service to a customer over time or at a point in time. Judgments are made in the recognition of income including the timing of satisfaction of performance obligations and determination of the transaction price. The allocation of the transaction price for the ancillary products listed below are based on the relative stand-alone pricing of each performance obligation and for each ancillary product offering is distinct and separate.

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**LENDBUZZ INC.** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

*Ancillary Product Revenue, net* - Ancillary product revenue, net consists primarily of the sale of global positioning systems ("GPS") units and the resale of a third-party insurance product, guaranteed asset protection ("GAP") waivers. It also includes an insignificant amount of revenues resulting from the sale of warranty service contracts by dealerships with which Lendbuzz is a partner. Collectively, these revenue streams are referred to as "ancillary products".

The Company sells GPS units to its customers. Most Lendbuzz customers are required to purchase a GPS, which are installed by the dealerships at the time of purchase. This device allows the vehicle to be tracked via GPS systems. The price of the GPS unit is incorporated into the loan amount at the time of loan origination. As the Company acts as a principal in the transaction, without any future performance obligations, it recognizes revenue and expense, on a gross basis, at the point in time of the installation of the GPS unit and control of the GPS unit transfers to the customer.

GAP waivers are an insurance product which provides the customer protection, by paying the difference between the loan balance and the amount covered by the customer's primary insurance policy, in the event of a total loss of the vehicle due to severe damage or theft. The Company acts as an agent for this transaction and arranges for the customer at the time of loan origination to enter into a contract with a third-party for the GAP waiver contract. The Company completes its performance obligation under this arrangement at the point in time it facilitates the contract between the customer and the third-party insurer and records revenue, on a net basis, at that time.

**Transfers of Financial Assets** – We account for loan sales in accordance with ASC 860, Transfers and Servicing ("ASC 860") which states that a transfer of financial assets, a group of financial assets, or a participating interest in a financial asset is accounted for as a sale if all of the following conditions are met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The financial assets are isolated from the transferor and its consolidated affiliates as well as its creditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The transferee or beneficial interest holders have the right to pledge or exchange the transferred financial
assets; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The transferor does not maintain effective control of the transferred assets.

For the years ended December 31, 2023 and 2024, all loan sales met the requirements for sale treatment in accordance with ASC 860. The Company recognizes a gain or loss on sale of such loans as the difference between the proceeds received, adjusted for initial recognition of servicing assets and liabilities obtained at the date of sale, and the carrying value of the loan. The gain or loss on sale of such loans is presented in Total revenue, net on the consolidated statements of operations.

Upon the sale of a loan to a third-party loan buyer or unconsolidated securitization in which we retain servicing rights, we may recognize a servicing asset or liability. Receiving more than adequate compensation, as defined by ASC 860, for servicing those loans, results in recognition of a servicing asset. Receiving less than adequate compensation results in a servicing liability. Servicing assets and liabilities are recorded at fair value and are presented as servicing assets, net on the consolidated balance sheets. The recognition of a servicing assets results in a corresponding increase to the gain on sales of loans, net. The recognition of a servicing liability results in a corresponding decrease to gain on sales of loans, net. The servicing assets are marked to fair value each period, with the subsequent adjustment recognized in servicing income. The subsequent measurement includes changes in inputs or assumptions used in the valuation model.

The Company records debt securities related to the residual certificates retained as a result of the Company's transfer of financial assets. These investment securities are recorded as available-for-sale and

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**LENDBUZZ INC.** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

reflected within other assets on the Company's consolidated balance sheets. Available-for-sale debt securities are reflected in the consolidated balance sheets at fair value and any unrealized changes to the fair value are recorded within accumulated other comprehensive income on the consolidated balance sheets. Accrued interest on available-for-sale debt securities is recorded within other assets on the consolidated balance sheets. As of December 31, 2023 and 2024, the Company recorded $7.5 million and $7.6 million of available-for-sale debt securities, respectively, and $1.4 million and $35 thousand of accrued interest related to the available-for-sale debt securities, respectively.

Available-for-sale debt securities are considered impaired if the fair value of the investment is less than its amortized cost. If it is more likely than not that the Company will have to sell the security before recovery of its amortized cost basis, the security is written down to its fair value and the difference is recognized in operating income.

Realized gains and losses on available-for sale debt securities are recorded within gain on sale of loans, net on the consolidated statements of operations.

**Equity-Method Investments** - The Company's equity-method investments include equity investments related to dealerships in which the Company holds a minority share. These investments are included within other assets on the Consolidated Balance Sheet.

**Servicing Income, Net** – Servicing income, net includes contractual fees specified in the Company's servicing agreements with third-party loan owners and unconsolidated securitizations that are earned from providing professional services to manage loan portfolios on their behalf. The servicing income is calculated on a daily basis by multiplying a set fee percentage (as outlined in the executed agreements with third-party loan owners) by the outstanding loan principal balance. Servicing income, net also includes changes in fair value to servicing assets recognized as part of loan sales. The Company recognizes this revenue over its performance period.

**Product Development, Technology and Data Science Costs** – Product development, technology and data science costs consist of compensation, employee benefits and stock-based compensation of personnel. Additionally, product development, technology and data science costs represent those expenses related to maintaining and updating the technological infrastructure of Lendbuzz, including costs related to cloud-based technology.

**Selling and Marketing Costs** – Selling and marketing costs consist of compensation, employee benefits and stock-based compensation of sales and marketing employees, as well as commissions, travel, trade show sponsorships and events, conferences, and Internet advertising costs. Fees and bonuses paid to third parties, merchants and dealerships that are not directly attributable to loan origination for new customer referrals are included in sales and marketing.

**Processing and Servicing Costs** – Processing and servicing expenses are costs which relate to the processing and servicing of the loan and its underlying documentation. These costs include compensation, employee benefits, stock-based compensation and fees paid to third parties for processing of borrower and automobile documentation during the loan origination process, expenses incurred for collections of overdue loans, repossession of automobiles as required, and any related legal expense incurred. These costs also include GPS units purchased by the company, sold to the customer and installed by the dealership.

**Segment Reporting** – The Company identifies operating segments in accordance with ASC Topic 280, "Segment Reporting", as components of a business for which discrete financial information is available and is

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**LENDBUZZ INC.** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

regularly reviewed by the chief operating decision maker ("CODM"), or decision-making group, in making decisions regarding resource allocation and evaluating financial performance.

The Company defines the term CODM to collectively be its chief executive officer. The Company is a financial technology company with subsidiaries engaging in the business of auto lending and activities closely related to auto lending. The Company's auto lending business contributes to substantially all of its total revenue and pre-tax income. The CODM reviews financial information presented only on a consolidated basis for purposes of allocating resources and evaluating financial performance. As such, the Company has determined that it operates in a single operating segment and, therefore, one reportable segment. Refer to Note 15 - "Segment Information" for additional information.

The company's total revenue is attributed to the United States for the years ended December 31, 2022, 2023 and 2024. Substantially all of the Company's total assets, including long-lived assets were located in the United States as of December 31, 2023 and 2024.

**Income Taxes** – Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is recorded for deferred tax assets if it is more likely than not that some portion or all of the deferred tax assets will not be realized. As of December 31, 2023 and 2024, respectively the company did not report a valuation allowance.

The Company recognizes the effect of income tax positions only if those positions are more likely than not to be sustained. Recognized income tax positions are measured at the largest amount that has a greater than 50%chance of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company accrues tax penalties and interest, if any, as incurred and recognizes them within provision for (benefit from) income taxes on the consolidated statements of income.

**Contingent Liabilities** – The Company accounts for its contingent liabilities in accordance with ASC Topic 450, "Contingencies". A provision is recorded when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated.

With respect to legal matters, when applicable, provisions are reviewed and adjusted to reflect the impact of negotiations, estimated settlements, legal rulings, advice of legal counsel and other information and events pertaining to a particular matter.

**Concentrations of Credit Risk** – Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash, cash equivalents and revolving secured lines of credit. Lendbuzz holds cash and cash equivalents in accounts at regulated domestic financial institutions in amounts that exceed or may exceed FDIC insured amounts. Lendbuzz believes these institutions to be of acceptable credit quality and has not experienced any related losses to date. The revolving secured lines of credit received by Lendbuzz are from large money center banks.

Lendbuzz is exposed to credit risk on the loans originated by the Company. Lendbuzz performs an evaluation of each customer's financial condition at the time of loan underwriting, in order to mitigate the risk of loan loss. The ultimate collectability of a substantial portion of the loan portfolio is susceptible to changes in economic and market conditions.

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**LENDBUZZ INC.** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**Accounting for Stock-Based Compensation** – The Company accounts for stock-based compensation in accordance with ASC 718, Compensation-Stock Compensation ("ASC 718"). ASC 718 requires companies to estimate the fair value of equity-based payment awards on the date of grant. The Company has issued two types of equity-based payment awards to date, stock-options and restricted stock units ("RSUs"). The value of the portion of the award that is ultimately expected to vest is recognized as an expense over the requisite service periods in the Company's statements of operations. The Company recognizes compensation expenses for the value of its awards granted based on the straight-line method over the requisite service period of each of the awards.

Under ASC 718, the fair value of the Company's stock-options is required to be determined using an option-pricing model. The Company selected the Black-Scholes-Merton option-pricing model as the most appropriate fair value method for its stock-option compensation. Additionally, the Company applies ASC 505-50, Equity-Based Payments to Non-Employees ("ASC 505-50"), with respect to stock-options issued to non-employees. The fair value of these options is calculated using the Black-Scholes-Merton option pricing model as of the earlier of the date at which a commitment for performance by the non-employee to earn the equity instruments is reached, or the date at which the non-employee's performance is complete.

Below are the assumptions included in the fair market value of options:

*Expected term* – Based on the "Simplified Method", as allowed for companies that lack sufficient history in accordance with Staff Accounting Bulletin ("SAB") No. 107 and SAB No. 110, Share-based Payments, which is the mid-point between the vesting date and the end of the option's contractual term.

*Expected volatility* – Based on historical and implied volatility of other comparable publicly-traded companies whose stock or option prices are publicly available. Comparability is determined after considering the industry, stage of life cycle, size, market capitalization, and financial leverage of the other companies.

*Dividend yield* – Assumed to be 0% as the Company has not historically paid dividends and has no foreseeable plans to issue dividends.

*Risk-free interest rate* – Based on observed U.S. Treasury yield curve interest rates in effect at the time of grant appropriate for the expected term of the stock options granted.

The fair value of each of the Company's RSU awards is determined based on the current 409A valuation at the time of grant. The 409A is performed by external fair value specialists.

Stock-based compensation expense for both employees and nonemployees were $0.9 million, $5.0 million and $5.3 million for the years ended December 31, 2022, 2023 and 2024, respectively.

**Fair Value** – Fair value, also referred to as an exit price, is defined as the price that would be received for an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. Refer to Note 6 - "Fair Value Measurement" for additional information.

**Leases** – The Company's real estate leases are accounted for using a right-of-use model, which recognizes that at the date of commencement, a lessee has a financial obligation to make lease payments to the lessor for the right to use the underlying asset during the lease term and recognizes a corresponding right-of-use asset related to this right. Some of the Company's leases may include options to extend the term of the lease. When it is reasonably certain that the Company will exercise the option, the impact of the option will be included in the lease term for purposes of determining future lease payments. The Company made an accounting policy election

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**LENDBUZZ INC.** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

to not recognize assets or liabilities for leases with a term of less than twelve months. Short-term lease payments are recognized on a straight-line basis. Certain of the Company's lease agreements include variable rent payments, consisting primarily of rental payments adjusted periodically for inflation and amounts paid to the lessor based on cost or consumption, such as maintenance and utilities. These costs are recognized in the period in which the obligation is incurred. As the Company's leases do not specify an implicit rate, the Company uses an incremental borrowing rate based on information available at the lease commencement date to determine the present value of the lease payments.

The Company evaluates right-of-use assets for impairment when events or changes in circumstances indicate that the carrying value of the asset may not be recoverable. Additionally, the Company may choose to exit a lease prior to the end of the lease term. In circumstances when the Company has made the decision to exit the lease and does not have the ability and intent to sublease such exited facility, the Company adjusts the estimated useful life of the right-of-use asset so that it ends on the cease use date. The accelerated lease expense is recognized on a straight-line basis through the end of the useful life.

**Accounting Pronouncements Not Yet Adopted by the Company** 

**Income Taxes –** In December 2023, the FASB issued ASU 2023-09, *Income Taxes (Topic 740)*: *Improvements to Income Tax Disclosures*. Updates income tax disclosures related to the rate reconciliation and requires disclosure of income taxes paid by jurisdiction. The amendments are effective for annual periods beginning after December 31, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The amendments should be applied on a prospective basis, however, retrospective application is permitted. The Company is currently evaluating this ASU to determine its impact on the Company's disclosures. The adoption of this ASU is not expected to have a material effect on the Company's consolidated financial position, results of operations or cash flows.

**Expense Disaggregation Disclosures –** In November 2024, the FASB issued ASU 2024-03, Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The amendments in this ASU require a footnote disclosure that contains, in tabular presentation, a disaggregation of certain relevant expense captions on the face of the income statement. The amendments are effective for annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The amendments should be applied on a prospective basis, however, retrospective application is permitted. The Company is currently evaluating this ASU to determine its impact on the Company's disclosures. The adoption of this ASU is not expected to have a material effect on the Company's consolidated financial position, results of operations or cash flows.

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**LENDBUZZ INC.** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**NOTE 3 - REVENUE** 

The table below displays the components of Total revenue, net for the periods presented:

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *(In thousands)* | **2022** | **2023** | **2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer interest income and fees | $62607 | $113882 | $190365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loan origination fees | 14228 | 28379 | 40501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Direct origination costs | (2447) | (5282) | (9869) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Floorplan interest income and fees | 4252 | 3718 | 4294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other interest income and fees | 217 | 1527 | 978 |
|  **Interest and fee income, net:** | $**78857** | $**142224** | $**226269** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GAP sales, net | $10528 | $10476 | $11251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GPS sales | 3773 | 5114 | 6228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other ancillary product revenue | $— | $— | $52 |
|  **Ancillary product revenue, net** | $**14301** | $**15590** | $**17531** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on sale | $3806 | $4438 | $4530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on sale due to servicing | 3613 | 9925 | 26772 |
|  **Gain on sale of loans** | $**7419** | $**14363** | $**31302** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Servicing income earned | $1341 | $6467 | $13860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Servicing rights fair value change | (658) | (3291) | (7438) |
|  **Servicing income, net** | $**683** | $**3176** | $**6422** |
|  **Total revenue, net** | $**101260** | $**175353** | $**281524** |

---

**NOTE 4 - LOANS RECEIVABLE AND ALLOWANCE FOR EXPECTED CREDIT LOSSES** 

Loans receivable consisted of the following for the periods presented:

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| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *(In thousands)* | **2023** | **2024** |
|  Consumer auto loans | $1050601 | $1429807 |
|  Floorplan loans | 19362 | 23837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total loans receivable, net** | $**1069963** | $**1453644** |

---

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**LENDBUZZ INC.** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

<u>Consumer Auto Loans</u> 

Lendbuzz's consumer auto loans have a variety of lending terms and maturities. The table below displays the breakout of the consumer auto loans receivable by annual percentage rate ("APR") and original loan term:

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| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *(In thousands)* | **2023** | **2024** |
|  **APR range** |  |  |
|  Less than 9% | $87762 | $70385 |
|  9.0% - 11.9% | 154312 | 156239 |
|  12.0% - 13.9% | 108761 | 150316 |
|  14.0% - 15.9% | 171022 | 140761 |
|  16.0% - 17.9% | 374034 | 449674 |
|  18.0% - 19.9% | 181437 | 469157 |
|  20.0%+ | 4963 | 38485 |
|  **Original loan term** |  |  |
|  24 months | 937 | 758 |
|  36 months | 22746 | 21925 |
|  48 months | 58324 | 58511 |
|  60 months | 549316 | 590861 |
|  66 months | 10664 | 14821 |
|  72 months | 440304 | 788141 |

---

Consumer auto loans receivable consisted of the following for the periods presented:

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| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *(In thousands)* | **2023** | **2024** |
|  Unpaid principal balance | $1098330 | $1486506 |
|  Accrued interest receivable | 9803 | 14910 |
|  Deferred acquisition costs | 5464 | 9165 |
|  Deferred loan origination fees | (31306) | (35564) |
|  Allowance for expected credit losses | (31690) | (45210) |
|  **Total consumer auto loans receivable, net** | $**1050601** | $**1429807** |

---

*Consumer Auto Loan Credit Quality* **–** The Company closely monitors the credit quality of its loan receivables portfolio. The Company relies on AI Risk Analysis ("AIRA®"), a proprietary model utilizing custom developed artificial intelligence and machine learning algorithms, to evaluate credit risk. A consumer's AIRA® score is based on a number of data points, including bank account information, credit bureau information, education information, employment information, and vehicle information and the Company uses this to determine the credit risk of a consumer and an application. The Company's credit performance is driven by the effectiveness and accuracy of AIRA®, our underwriting processes, monitoring and collection efforts, the financial condition of our consumers and dealerships, asset values, our risk appetite, and various macroeconomic considerations.

While a consumer's AIRA® score is based on a number of data points beyond just credit bureau data, it is ultimately a credit score that the Company uses in its underwriting and risk based pricing schema similarly to how traditional lenders use traditional credit bureau scores. Consumers who have the lowest AIRA® scores have the highest credit risk and consumers who have the highest scores have the lowest credit risk. AIRA® ranges

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**LENDBUZZ INC.** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

from 300 - 850, similar to traditional credit bureau scores, but the credit risk profile of a consumer with any particular AIRA® score is not the same as the credit risk profile of a consumer with the same numerical traditional credit bureau score. In addition to utilizing a consumer's AIRA® score as part of the underwriting process and in the Company's risk based pricing schema, AIRA® is also used for portfolio performance monitoring. The Company closely tracks the distribution of AIRA® at the portfolio level, as well as AIRA® at the individual loan level to monitor for signs of a changing credit profile within the portfolio. The table below displays the consumer auto loans receivable by AIRA® score band as of December 31, 2024 by year of loan origination (in thousands):

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **AIRA® Score Range** | **Prior** | **2021** | **2022** | **2023** | **2024** | **Total** |
|  300 to 385 | $17 | $1669 | $3584 | $8112 | $17983 | $31365 |
|  386 to 450 | 156 | 4376 | 15318 | 38903 | 96105 | 154858 |
|  451 to 575 | 637 | 12319 | 44598 | 120423 | 247242 | 425219 |
|  576 to 699 | 805 | 12579 | 48056 | 124396 | 236357 | 422193 |
|  700+ | 1008 | 14000 | 57450 | 141112 | 227812 | 441382 |
|  **Total consumer auto loans receivable** | $**2623** | $**44943** | $**169006** | $**432946** | $**825499** | $**1475017** |

---

Consumer auto loan receivables are charged-off if they reach 120 days past due ("DPD"). Lendbuzz typically begins repossession proceedings between 45 and 60 days past due. Charge-off amounts on loans that have the underlying vehicle repossessed and dispositioned prior to 120 days past due are net of the disposition amount, as repossession does not trigger a charge-off under Lendbuzz's charge-off policy. The Company closely monitors economic conditions and loan performance trends to assess and manage the Company's exposure to credit risk.

The table below displays the consumer auto loans receivable by delinquency status for the periods presented:

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| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
| *(In thousands)* | **2023** | **2024** |
|  Current | $1046728 | $1412963 |
|  31-60 DPD | 23924 | 44349 |
|  61-90 DPD | 4849 | 7174 |
|  91+ DPD | 6790 | 10531 |
|  **Total consumer auto loans receivable** | $**1082291** | $**1475017** |

---

The table below displays the net charge-off amount for the year ended December 31, 2024, by origination vintage:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(In thousands)* | **Prior** | **2021** | **2022** | **2023** | **2024** | **Total** |
|  Gross charge-offs | $419 | $5630 | $15322 | $29582 | $11952 | $62905 |
|  Recoveries | 422 | 3518 | 9062 | 13145 | 2945 | 29092 |
|  **Net charge-offs** | $**(3)** | $**2112** | $**6260** | $**16437** | $**9007** | $**33813** |

---

<u>Floorplan Loans</u>

Lendbuzz provides working capital lines of credit collateralized by vehicles owned by the dealerships. Typically, dealerships can borrow the lesser of their line of credit or the collateral value of the vehicles they

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**LENDBUZZ INC.** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

currently own. However, from time to time, on an exception basis to foster relationships with our dealerships, Lendbuzz will allow dealerships to borrow an amount greater than their approved line of credit. The working capital lines of credit and the dealership loans are collectively referred to as "floorplan" loans. Floorplan loans consisted of the following for the periods presented:

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| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
| *(In thousands)* | **2023** | **2024** |
|  Aggregate floorplan credit lines | $34384 | $36499 |
|  Unpaid principal balance | 19686 | 24093 |
|  Accrued interest floorplan receivable | 655 | 768 |
|  Allowance for expected credit losses | (979) | (1024) |
|  **Total floorplan loans receivable, net** | $**19362** | $**23837** |

---

*Floorplan Loan Credit Quality* – Lendbuzz closely monitors the credit performance of its floorplan loans. Floorplan loans typically have durations that are less than 120 days. After 60 or 90 days, according to the dealer contract, dealers are periodically required to make curtailments as the loan ages. Due to the short-term nature of the loans in the portfolio, the Company monitors credit performance primarily by reviewing the age of the receivables in the floorplan portfolio. The table below displays these balances for the periods presented:

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| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
| *(In thousands)* | **2023** | **2024** |
|  Less than 60 Days | $10107 | $16250 |
|  60 – 89 Days | 4012 | 3080 |
|  90 – 119 Days | 3062 | 2147 |
|  120+ Days | 3160 | 3384 |
|  **Floorplan loans receivable** | $**20341** | $**24861** |

---

As of December 31, 2023 and December 31, 2024, the Company had $0.7 million and $1.8 million of floorplan loans receivable outstanding past scheduled maturity that were authorized by management in accordance with the Company's credit policy.

<u>Allowance for Expected Credit Losses</u>

The following table details activity in the allowance for expected credit losses for both consumer auto loans and floorplan loans (in thousands):

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| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2023** | **2024** |
|  Balance at beginning of period | $18622 | $32669 |
|  Provision for credit losses | 30358 | 51505 |
|  VSI utilization | (57) | (3053) |
|  Charge-offs | (33654) | (64189) |
|  Recoveries of charged-off receivables | 17400 | 29302 |
|  **Balance at end of period** | $**32669** | $**46234** |

---

<u>Dealership Agreements</u>

As part of the loan origination process, Lendbuzz has negotiated recourse relationships with certain dealerships. Under a recourse relationship, the dealership agrees to pay a fixed reserve amount for each loan

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**LENDBUZZ INC.** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

originated, which Lendbuzz holds to reserve against future credit losses. When a loan defaults and the repossession and disposition of the vehicle is insufficient to cover the outstanding balance, Lendbuzz draws against the reserve to cover the remaining shortfall. Lendbuzz retains the reserve amount until the dealership agreement has been terminated and all loans originated under the dealership agreement have been paid in full. As of December 31, 2023 and 2024, Lendbuzz had dealership reserves of $15.7 million and $24.5 million, respectively on the consolidated balance sheet. The reserve amount is recorded within other liabilities on the consolidated balance sheet.

**NOTE 5 - DEBT FINANCING** 

In the normal course of business, the Company enters into various types of transactions with entities that are considered to be VIEs. See Note 2 - "Summary of Significant Accounting Policies" for further information.

<u>Secured Financing, Net</u>

Warehouse Credit Facilities

Through bankruptcy remote SPVs, Lendbuzz entered into warehouse credit facilities with certain lenders to finance the origination of the Company's loans. Each SPV entered into a credit and loan security agreement with a national banking association. Borrowings under these agreements are referred to as secured financing and the proceeds from the borrowings may only be used for the purposes of facilitating loan funding and origination, with advance rates generally ranging from 85% to 87% of the total collateralized balance. Borrowings under these facilities, unless terminated earlier, mature through September 2026. As these structures are bankruptcy remote SPVs, the creditors do not have recourse against the general credit of Lendbuzz. These facilities have a revolving borrowing period, followed by an amortization period. During the revolving borrowing period, the ability to continue to revolve is based on covenant compliance. During the amortization period, the facilities enter into rapid amortization, where all cash proceeds, after payment of debt service, are used to pay down the outstanding debt. As the facilities amortize under their rapid amortization features, Lendbuzz's effective advance rate declines. To minimize the effect of the rapid amortization, once a facility has entered into its amortization period, Lendbuzz actively tries to incorporate the collateral within the facility into a new facility or new securitization in order to prepay the facility.

Borrowings under these warehouse credit facilities bear interest at an annual benchmark rate of SOFR or commercial paper, plus a spread. Interest is payable monthly. In addition, these agreements require payment of a monthly unused commitment fee on the undrawn portion available.

These agreements contain certain customary negative covenants and financial covenants including maintaining certain levels of liquidity, leverage, and tangible net worth. As of December 31, 2023 and 2024, Lendbuzz was in compliance with all applicable covenants in the agreements.

Corporate Financing

On March 31, 2023, the Company entered into a $20.0 million committed line of credit with a national banking association intended to be used for working capital and general corporate purposes. On June 3, 2024 the Company amended its corporate financing committed line of credit to increase its borrowing capacity from $20.0 million to $50.0 million and to extend its maturity date to May of 2026. The facility is secured by the assets of the Company's standalone parent entity and its licensed loan originating entity Lendbuzz Funding, LLC. The facility has a revolving period of 24 months, and bears interest at a rate of the Secured Overnight Financing Rate ("SOFR") + 4%. The facility also requires payments of an unused commitment fee on the undrawn portion

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**LENDBUZZ INC.** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

available. The agreement contains certain customary negative covenants and financial covenants including maintaining certain levels of liquidity and interest coverage. As of December 31, 2024, Lendbuzz was in compliance with all applicable covenants in the agreements.

Repurchase Agreements

On April 8, 2024, Lendbuzz entered into a Master Repurchase Agreement (the "Repo Agreement") with one of its existing lenders, allowing it to borrow against certain of its retained bonds from its securitizations that have been pledged to the lender. The Company sold $47.2 million of its retained bonds from its securitizations for a purchase price of $32.0 million under the Repo Agreement. The agreement required repurchase of the bonds on July 17, 2024. The purchase price has been accounted for as debt and included within the Secured Financing, net financial statement line item due to the agreement's mandatory repurchase obligation. Under the Repo Agreement, since the Company's counterparty has purchased the collateral, they have the right to sell or repledge the collateral. The Repo Agreement allows for the simultaneous repurchase and resale of the bonds as of the maturity date, often referred to as "rolling the maturity." On July 17, 2024, the Company rolled the maturity of the outstanding bonds to October 17, 2024. On October 17, 2024, the Company rolled the maturity of the outstanding bonds to January 17, 2025, and sold an additional $11.1 million of its retained bonds from its securitizations for a purchase price of $9.0 million. As of December 31, 2024, there had been a total of $58.3 million of bonds sold and $41.0 million borrowed under the Repo Agreement.

On January 7, 2025, the Company rolled the maturity of the bonds outstanding on December 31, 2024 to April 16, 2025. Subsequently, on February 13, 2025, the Company sold an additional $10.5 million of its retained bonds from its securitizations for a purchase price of $7.1 million, resulting in a total of $68.9 million of bonds sold and $48.1 million borrowed under the Repo Agreement. The bonds sold after December 31, 2024 require repurchase on May 13, 2025.

The table below displays the change in secured financing, net for the periods presented (in thousands):

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| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2023** | **2024** |
|  Aggregate revolving commitment amount | $852500 | $1095000 |
|  Bonds sold in mandatory repurchase agreement |  | 58299 |
|  Total aggregate revolving commitment amount and bonds sold in mandatory repurchase agreement | $852500 | $1153299 |
|  Principal opening balance | $270376 | $424900 |
|  Repayments | (796963) | (1451137) |
|  Borrowings | 951487 | 1514471 |
|  Change in fair value |  |  |
|  Principal closing balance | $424900 | $488234 |
|  Accrued interest opening balance | $1679 | $3114 |
|  Interest payments | (24102) | (32023) |
|  Interest expense | 25537 | 32242 |
|  Accrued interest closing balance | $3114 | $3333 |
|  Deferred financing fees opening balance | $(2720) | $(4587) |
|  Capitalizations | (3549) | (4649) |
|  Amortizations | 1682 | 2539 |
|  Deferred financing fees closing balance | $(4587) | $(6697) |

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**LENDBUZZ INC.** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

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| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2023** | **2024** |
|  Secured financing, net opening balance | $269335 | $423427 |
|  Secured financing, net closing balance | 423427 | 484870 |

---

<u>Term Credit Facility</u>

During 2022, through an SPV, the Company entered into a term credit facility through a credit and loan security agreement with a national banking association. Borrowings under this facility are referred to as term financing and the proceeds from the borrowings may only be used to fund loans originated by the Company's platform. The final maturity date of this facility will occur in April 2031. The initial advance rate on the facility is 87.5% of the total collateralized balance. The creditor does not have recourse against the general credit of Lendbuzz and the underlying collateral of the SPV may only be used to settle the obligations of the SPV. As the underlying collateral amortizes, the facility amortizes pro-rata, until the amount of over collateralization reaches a minimum amount. After reaching the minimum over collateralization, the facility amortizes sequentially, maintaining the minimum over collateralization. The facility includes customary collateral covenants, which would cause the facility to enter rapid amortization.

Borrowings under the term credit facility bear interest at commercial paper plus a spread. Interest is payable monthly. During the year ended December 31, 2024, the Company transferred $101.8 million of collateral into the facility and borrowed $86.0 million. During the year ended December 31, 2023, the Company paid down $43.4 million of the term credit facility. During the year ended December 31, 2024, the Company paid down $63.5 million.

The below table displays the change in the term credit facility for the periods presented (in thousands):

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| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2023** | **2024** |
|  Principal opening balance | $139017 | $95633 |
|  Repayments | (43384) | (63489) |
|  Borrowings |  | 85986 |
|  Principal closing balance | $95633 | $118130 |
|  Accrued interest opening balance | $845 | $659 |
|  Interest payments | (9198) | (9371) |
|  Interest expense | 9012 | 9434 |
|  Accrued interest closing balance | $659 | $722 |
|  Deferred financing fees opening balance | $(775) | $(155) |
|  Capitalizations |  | (300) |
|  Amortizations | 620 | 244 |
|  Deferred financing fees closing balance | $(155) | $(211) |
|  Term credit facility, net opening balance | $139087 | $96137 |
|  Term credit facility, net closing balance | 96137 | 118641 |

---

<u>Asset-Backed Term Debt, net ("Asset-Backed Securitizations" or "ABS")</u>

During 2021, Lendbuzz launched an asset-backed securitization program, where the Company sponsors and establishes trusts, deemed to be VIEs, to ultimately purchase loans originated by the Lendbuzz platform.

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**LENDBUZZ INC.** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

Securities issued from Lendbuzz ABS are senior or subordinated, based on the waterfall criteria of loan payments to each security class. The subordinated residual interests issued from these transactions are first to absorb loan losses in accordance with the waterfall criteria. The maturity of the notes issued by these ABS various trusts occurs upon either the prepayment of the notes under permitted rights of the certificate holders or full payment of the loan collateral held in the trusts. For these VIEs, the creditors have no recourse to the general credit of Lendbuzz and the liabilities of the VIEs can only be settled by the respective VIEs' assets. Additionally, the assets of the VIEs can be used only to settle obligations of the VIEs.

Lendbuzz is required to maintain a portion of the ABS securities issued in each transaction to meet the Dodd-Frank risk retention rules. Beyond the minimum required under the risk retention rules, Lendbuzz may retain or sell some or all of the securities to third-party investors. As discussed in Note 2 – "Summary of Significant Accounting Policies: Variable Interest Entities", Lendbuzz consolidates ABS VIEs when it is deemed to be the primary beneficiary and therefore has the power to direct the activities that most significantly affect the VIEs' economic performance and retain a variable interest that could potentially be significant to the VIE.

The table below displays the ABS transactions that Lendbuzz consolidated at December 31, 2023:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Transactions**<br> **conducted during**<br> **the year ended**<br> **December 31,** | **Number of<br>Transactions** | **Aggregate<br>Loans<br>Contributed<br>at the closing<br>of the<br>transaction** | **Aggregate<br>Outstanding Principal<br>Balance of Loans<br>Contributed at<br>December 31, 2023** | **Aggregate Outstanding**<br>**Principal Balance of<br>Debt Sold to Third Party Investors<br>at December 31, 2023** |
| 2021 | 1 | $211.7 | $45.6 | $45.6 |
| 2022 | 1 | 207.2 | 90.2 | 88.1 |
| 2023 | 2 | 441.0 | 364.9 | 323.0 |

---

The table below displays the ABS transactions that Lendbuzz consolidated at December 31, 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Transactions**<br> **conducted during**<br> **the year ended**<br> **December 31,** | **Number of<br>Transactions** | **Aggregate<br>Loans<br>Contributed<br>at the closing<br>of the<br>transaction** | **Aggregate<br>Outstanding Principal<br>Balance of Loans<br>Contributed at<br>December 31, 2024** | **Aggregate Outstanding<br>Principal Balance of Debt<br>Sold to Third Party Investors<br>at December 31, 2024** |
| 2022 | 1 | $207.2 | $47.3 | $46.7 |
| 2023 | 2 | 441.0 | 234.5 | 204.6 |
| 2024 | 3 | 728.9 | 585.1 | 528.9 |

---

Management designs certain ABS transactions to transfer credit risk associated with the loans incorporated in the transaction through the deconsolidation of the ABS. When the Company conducts such a transaction, it retains a variable interest in the nonconsolidated loan trusts, as it owns collateralized notes and residual certificates in the loan trusts that absorb variability. Lendbuzz also has continuing, non-controlling involvement with the trusts as the servicer. The maximum exposure to loss, as a result of Lendbuzz's involvement with the nonconsolidated VIEs, is limited to its investment. The investments are recorded within available for sale securities within other assets off the consolidated balance sheet. As of December 31, 2023 and December 31, 2024, Lendbuzz had investments in 1 and 2 nonconsolidated VIEs, reflecting $7.5 million and $7.6 million, respectively.

As of December 31, 2023 and December 31, 2024, respectively, Lendbuzz had debt issuance costs, net of amortization, from securitizations of $3.8 million and $7.3 million.

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##### [**Table of Contents**](#toc)
**LENDBUZZ INC.** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**NOTE 6 - FAIR VALUE MEASUREMENT** 

Fair value is defined as the price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Company uses a three-level fair value hierarchy to classify and disclose all assets and liabilities measured at fair value on a recurring basis in periods subsequent to their initial measurement. The hierarchy requires us to use observable inputs when available and to minimize the use of unobservable inputs when determining fair value. The three levels are defined as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 **–** Quoted prices in active markets for identical assets or liabilities, accessible by us
at the measurement date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 **–** Quoted prices for similar assets or liabilities in active markets, or quoted prices
for identical or similar assets or liabilities in markets that are not active, or observable inputs other than quoted prices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 **–** Unobservable inputs for assets or liabilities for which there is little or no market
data, which requires us to develop our own assumptions. These unobservable assumptions reflect estimates of inputs that market participants would use in pricing the asset or liability. Valuation techniques include the use of option pricing models,
discounted cash flow models, or similar techniques, which incorporate management's own estimates of assumptions that market participants would use in pricing the asset or liability.

A financial instrument's categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Instruments are categorized in Level 3 of the fair value hierarchy based on the significance of unobservable factors in the overall fair value measurement.

**Assets and Liabilities Measured at Fair Value on a Recurring Basis** 

On a recurring basis, the carrying amounts of cash, cash equivalents, and restricted cash as of December 31, 2023 and 2024 are considered representative of their fair values because of their short-term nature.

Financial assets and liabilities subject to fair value measurements are evaluated on a recurring basis to determine the appropriate level at which to classify them during each reporting period.

The fair value measurement of assets carried at fair value, and their level under the hierarchy as of December 31, 2023, was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **Fair Value** | **Fair Value** | **Fair Value** | **Fair Value** |
| *(In thousands)* | **Carrying<br>Amount** | **Level 1** | **Level 2** | **Level 3** | **Balance at<br>Fair Value** |
|  **Assets** |  |  |  |  |  |
|  Money market funds | $22983 | $22983 | $— | $— | $22983 |
|  Servicing assets, net | 9590 |  |  | 9590 | 9590 |
|  Available-for-sale debt securities | 7541 |  | 7541 |  | 7541 |
|  **Total assets** | $**40113** | $**22983** | $**7541** | $**9590** | $**40113** |

---

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##### [**Table of Contents**](#toc)
**LENDBUZZ INC.** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

The fair value measurement of assets carried at fair value, and their level under the hierarchy as of December 31, 2024, was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **Fair Value** | **Fair Value** | **Fair Value** | **Fair Value** |
| *(In thousands)* | **Carrying<br>Amount** | **Level 1** | **Level 2** | **Level 3** | **Balance at<br>Fair Value** |
|  **Assets** |  |  |  |  |  |
|  Money market funds | $27770 | $27770 | $— | $— | $27770 |
|  Servicing assets, net | 28924 |  |  | 28924 | 28924 |
|  Available-for-sale debt securities | 7593 |  | 7593 |  | 7593 |
|  Interest rate swaps | 70 |  | 70 |  | 70 |
|  **Total assets** | $**64357** | $**27770** | $**7663** | $**28924** | $**64357** |

---

The Company has investments in money market accounts, which are included in cash and cash equivalents on the consolidated balance sheets. Fair value inputs for these investments are considered Level 1 measurements within the Fair Value Hierarchy as money market account fair values are known and observable through daily published floating net asset values.

The Company has investments in available-for-sale debt securities related to bonds and residual certificates retained as a result of the Company's transfer of financial assets. Additionally, the Company holds interest rate swap instruments related to its debt. Fair value inputs for these investments are considered Level 2 measurements within the Fair Value Hierarchy as these instruments are not actively traded.

The Company has determined that its servicing assets, net are Level 3 because they do not trade in an active market with readily observable prices. Significant unobservable inputs, requiring significant judgments, are used to measure its fair value.

*Servicing Assets, net* 

Upon the sale of a loan to a third-party loan buyer or unconsolidated securitization in which the Company retain servicing rights, the Company may recognize a servicing assets or liability. For the years ended December 31, 2023 and 2024, respectively, the total outstanding unpaid principal balance at the time of sale was $422.2 million and $648.5 million, for which the Company retained servicing rights. As of December 31, 2023 and 2024, the remaining unpaid principal balance loans of the serviced loan portfolio was $449.1 million and $859.4 million respectively.

The Company utilizes discounted cash flow models to arrive at an estimate of fair value. Significant assumptions used in the valuation of our servicing rights are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Adequate Compensation -* The rate a willing market participant would require for servicing loans with
similar characteristics as those in the serviced portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Discount Rate -* Estimated future payments to be received under servicing agreements are discounted as a
part of determining the fair value of the servicing rights. For servicing rights on loans, the discount rate reflects the time value of money and a risk premium intended to reflect the amount of compensation market participants would require.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Net Charge-off Rate -* The annualized rate of net charge-offs
within the total serviced loan balance, thus affecting the projected unpaid principal balance and expected term of the loan, which are used to project future servicing revenue and expenses.

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##### [**Table of Contents**](#toc)
**LENDBUZZ INC.** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Conditional Prepayment Rate -* The monthly proportion of the principal of a pool of loans that is
voluntarily assumed to be paid off prematurely in each period, thus affecting the projected unpaid principal balance and expected term of the loan, which are used to project future servicing revenue and expenses.

The Company earned $3.2 million and $6.4 million, of servicing income, net for the years ended December 31, 2023 and 2024, respectively.

As of December 31, 2023 and 2024, the aggregate fair value of the servicing assets was measured at $9.6 million and $28.9 million, respectively, and presented as servicing assets, net in the consolidated balance sheet.

The following table summarizes the activity related to the aggregate fair value of our servicing assets as of the periods presented:

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
| *(In thousands)* | **2023** | **2024** |
|  Fair value at the beginning of the period | $2956 | $9590 |
|  Initial transfer of financial assets | 9925 | 26772 |
|  Subsequent changes in fair value | (3291) | (7438) |
|  Fair value at the end of the period | $9590 | $28924 |

---

The following table presents quantitative information about the significant unobservable inputs used for our Level 3 fair value measurement of servicing assets as of December 31, 2023:

---

| | | | |
|:---|:---|:---|:---|
| **Unobservable Input** | **Minimum** | **Maximum** | **Weighted<br>Average** |
|  Adequate compensation | 0.6% | 0.6% | 0.6% |
|  Discount rate | 12.0% | 12.0% | 12.0% |
|  Net default rate | 3.7% | 7.8% | 5.7% |
|  Conditional prepayment rate | 1.3% | 2.0% | 1.6% |

---

The following table presents quantitative information about the significant unobservable inputs used for our Level 3 fair value measurement of servicing assets as of December 31, 2024:

---

| | | | |
|:---|:---|:---|:---|
| **Unobservable Input** | **Minimum** | **Maximum** | **Weighted<br>Average** |
|  Adequate compensation | 0.6% | 0.6% | 0.6% |
|  Discount rate | 12.0% | 12.0% | 12.0% |
|  Net default rate | 4.3% | 15.5% | 7.8% |
|  Conditional prepayment rate | 1.0% | 1.8% | 1.3% |

---

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##### [**Table of Contents**](#toc)
**LENDBUZZ INC.** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

The following table summarizes the effect that adverse changes in estimates would have on the fair value of the servicing assets and liabilities given hypothetical changes in significant unobservable inputs:

---

| | |
|:---|:---|
| *(In thousands)* | **December 31, 2024** |
|  Net adequate compensation assumption: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase of 25% | $(1757) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase of 50% | (3514) |
|  Net discount rate assumption: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase of 100bps | (332) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase of 200bps | (657) |
|  Net default rate assumption: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase of 25% | (685) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase of 50% | (1353) |
|  Conditional prepayment rate assumption: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase of 25% | (1206) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase of 50% | (2322) |

---

**Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis** 

The carrying value and estimated fair values of financial assets and liabilities disclosed but not carried at fair value and their level within the fair value hierarchy as of December 31, 2023 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **Fair Value** | **Fair Value** | **Fair Value** | **Fair Value** |
| *(In thousands)* | **Carrying<br>Amount** | **Level 1** | **Level 2** | **Level 3** | **Balance at**<br>**Fair Value** |
|  **Assets** |  |  |  |  |  |
|  Loan receivables, net | $1069963 | $— | $1130329 | $— | $1130329 |
| **Total assets** | $**1069963** | $**—** | $**1130329** | $**—** | $**1130329** |
|  **Liabilities** |  |  |  |  |  |
|  Secured financing, net | $423427 | $— | $425943 | $— | $425943 |
|  Term credit facilities, net | 96137 |  | 96349 |  | 96349 |
|  Asset backed term debt, net | 454076 |  | 448031 |  | 448031 |
| **Total liabilities** | $**973640** | $**—** | $**970323** | $**—** | $**970323** |

---

The following table presents the carrying value and estimated fair values of financial assets and liabilities disclosed but not carried at fair value and their level within the fair value hierarchy as of December 31, 2024:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **Fair Value** | **Fair Value** | **Fair Value** | **Fair Value** |
| *(In thousands)* | **Carrying<br>Amount** | **Level 1** | **Level 2** | **Level 3** | **Balance at<br>Fair Value** |
|  **Assets** |  |  |  |  |  |
|  Loan receivables, net | $1453644 | $— | $1584917 | $— | $1584917 |
|  **Total assets** | $**1453644** | $**—** | $**1584917** | $**—** | $**1584917** |
|  **Liabilities** |  |  |  |  |  |
|  Secured financing, net | $484870 | $— | $479295 | $— | $479295 |
|  Term credit facilities, net | 118641 |  | 118800 |  | 118800 |
|  Asset backed term debt, net | 774863 |  | 783499 |  | 783499 |
| **Total liabilities** | $**1378374** | $**—** | $**1381594** | $**—** | $**1381594** |

---

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##### [**Table of Contents**](#toc)
**LENDBUZZ INC.** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**NOTE 7 - PROPERTY, EQUIPMENT AND SOFTWARE, NET** 

Property, equipment and software, net consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
| *(In thousands)* | **2023** | **2024** |
|  Internally developed software | $12589 | $20543 |
|  Computers | 707 | 1150 |
|  Furniture and fixtures | 264 | 1229 |
|  Leasehold improvements | 3 | 328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total property, equipment, and software | 13563 | 23250 |
|  Accumulated depreciation and amortization | (6214) | (11402) |
|  Total property, equipment, and software, net | $7349 | $11848 |

---

For the years ended December 31, 2022, 2023 and 2024, depreciation and amortization expense on property, equipment, and software was $1.8 million, $3.2 million and $5.2 million, respectively.

There were no material losses on disposals during the years ended December 31, 2023 and 2024.

**NOTE 8 - ACCRUED EXPENSES, ACCOUNTS PAYABLE, AND OTHER LIABILITIES** 

Accrued expenses and other liabilities consisted of the following (in thousands):

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2023** | **2024** |
| Accrued payroll costs | $3498 | $4283 |
| Dealership reserve | 15746 | 24474 |
| Tax liabilities | 3023 | 9819 |
| Lease liabilities | 394 | 7792 |
| Other accrued expenses | 9084 | 14720 |
| Total accrued expenses and other liabilities | $31745 | $61088 |

---

**NOTE 9 - COMMITMENTS AND CONTINGENCIES** 

**Leases** – The Company's operating lease portfolio was primarily comprised of office space, and had remaining lease terms of approximately 1 month to 5 years. Lease expense is presented within general, administrative, and other in the condensed consolidated statements of operations.

The Company issues letters of credit to the landlord of certain operating leases. As a result, as of December 31, 2023 and 2024, the Company has a restricted cash balance related to leases of $0.2 million and $0.9 million respectively.

Lease expense for operating leases for the years ended December 31, 2023, and 2024 was and $1.3 million, and $2.2 million, respectively.

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##### [**Table of Contents**](#toc)
**LENDBUZZ INC.** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

Supplemental balance sheet information related to leases is as follows:

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
| *(In thousands)* | **2023** | **2024** |
|  **Operating leases** |  |  |
|  Total lease right-of-use assets, net of amortization | $375 | $6796 |
|  Lease liabilities - current portion | (121) | (1489) |
|  Lease liabilities - long-term portion | (273) | (6303) |
| Total lease liabilities | $(394) | $(7792) |
|  Weighted-average remaining lease term |  |  |
|  Operating leases | 3.0 years | 4.8 years |
|  Weighted-average discount rate |  |  |
|  Operating leases | 7.7% | 6.8% |

---

Future minimum lease payments under non-cancelable operating leases as of December 31, 2024, are as follows (in thousands):

---

| | |
|:---|:---|
| **Years Ending** | **Operating leases** |
| 2024 | $1960 |
| 2025 | 1906 |
| 2026 | 1770 |
| 2027 | 1640 |
| 2028 | 1634 |
| Thereafter | 215 |
| Total minimum future lease payments | $9125 |
| Less amounts representing imputed interest | $(1333) |
|  Present value of lease obligations | $7792 |

---

**Litigation** – From time to time, the Company is party to legal proceedings arising in the ordinary course of business. Based on information currently available, and based on its evaluation of such information, the Company believes the legal proceedings in which it is currently involved are not material or are not likely to result in a material adverse effect on the Company's business, financial condition or results of operations, or cannot currently be estimated. As of December 31, 2023 the Company had a legal accrual of $0.2 million to address potential litigation. As of December 31, 2024, the Company did not have potential litigation that warranted an accrual.

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**LENDBUZZ INC.** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**NOTE 10 - CONVERTIBLE PREFERRED STOCK** 

Convertible preferred stock as of December 31, 2024, consisted of the following (the number of warrants represents ordinary shares exercisable in respect thereof, the table is in whole numbers):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Authorized** | **Issued** | **Issue Date** | **Unexercised<br>Warrants** | **Issue Price<br>per Share** | **Liquidation<br>Preference** |
|  Series A | 6318220 | 6318220 | 6/30/2017 | 0 | $0.6635 | $4192265 |
|  Series A-1 | 4567840 | 4567840 | 6/30/2017 | 0 | $0.2524 | $1152740 |
|  Series A-2 | 371850 | 371850 | 6/30/2017 | 0 | $0.4153 | $154422 |
|  Series A-3 | 578280 | 578280 | 6/30/2017 | 0 | $0.5308 | $306957 |
|  Series B | 12158410 | 11274110 | 12/23/2018 | 884300 | $1.2234 | $13793084 |
|  Series B-1 | 2968920 | 2968920 | 12/23/2018 | 0 | $0.8421 | $2500009 |
|  Series C | 7221750 | 7221750 | 1/15/2020 | 0 | $3.4655 | $25026975 |
|  Series C-2 | 5970010 | 5970010 | 6/15/2021 | 0 | $8.3260 | $49706482 |
|  Series C-2A | 605240 | 605240 | 6/15/2021 | 0 | $8.3260 | $5039246 |
|  Series D | 3004900 | 3004900 | 7/25/2022 | 0 | $14.2419 | $42795515 |
|  Series D-A | 369820 | 369820 | 7/25/2022 | 0 | $14.2419 | $5266943 |
|  Series D-1 | 1530310 | 1530310 | 7/11/2023 | 0 | $16.6514 | $25481819 |
|  Series D-1A | 103800 | 103800 | 8/15/2023 | 0 | $16.6514 | $1728416 |

---

The Company's certificate of incorporation, as amended, designates and authorizes the Company to issue 45,769,350 shares of preferred stock, of which 11,836,190 shares are designated as Series A convertible preferred stock, 15,127,330 shares are designated as Series B convertible preferred stock, 13,797,000 shares as designated as Series C convertible preferred stock, and 5,008,830 shares as designated as Series D convertible preferred stock.

The holders of Series A, Series B, Series C, and Series D convertible preferred stock have various rights and preferences as follows:

*Voting* – Each share of convertible preferred stock has voting rights equal to an equivalent number of shares of common stock into which it is convertible and votes together as one class with the common stock, except as below:

Holders of a majority of the Series A, B, C, and D preferred stock are entitled to elect, voting as a separate class, one member to the Company's board of directors (the "Board of Directors"). Holders of a majority of the common stock are entitled to elect, i) two members to the Board of Directors, and ii) one additional independent director.

*Dividends* – The holders of Series A, Series B, Series C, and Series D preferred stock shall be entitled to receive, out of any funds legally available, noncumulative dividends prior and in preference to any dividends paid on the common stock. After payment of such dividends on the Series A, Series B, Series C, and Series D preferred stock, any additional dividends or distributions shall be distributed among all holders of Common Stock in proportion to the number of shares of Common Stock that would be held by each such holder if all shares of preferred stock were converted to Common Stock at the then-effective conversion rate. Such dividends are not cumulative. No dividends have been declared or paid on the Company's preferred stock.

*Liquidation Preference* – In the event of any liquidation, dissolution, or winding-up of the Company, the holders of preferred stock shall be entitled to receive, ratably, prior and in preference to any distribution of the assets or funds of the Company to the holders of the common stock, an amount equal to their respective issuance

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**LENDBUZZ INC.** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

price per share, as adjusted for stock splits, stock dividends, combinations, recapitalizations, and similar transactions, plus any accrued and unpaid dividends and any other declared but unpaid dividends (the "Liquidation Preference"). The liquidation preference mechanism is "non-participating," in which the distributable proceeds are calculated as the higher of (i) the original issue price per share plus declared but unpaid dividends, or (ii) such amounts per share as if all shares of preferred stock were converted into common stock, as further described in the Company's certificate of incorporation, as amended.

If the Company has insufficient assets to permit payment of the Liquidation Preference in full to all holders of preferred stock, then the assets of the Company shall be distributed ratably to the holders of preferred stock in proportion to the Liquidation Preference such holders would otherwise be entitled to receive. If the Company has insufficient assets to permit payment of the Liquidation Preference in full to all holders of preferred stock, then the assets of the Company shall be distributed ratably to the holders of Series D-1 and D-1A preferred stock. If any assets remain after distribution to holders of Series D-1 and D-1A preferred stock, then the assets would be distributed ratably to the holders of D and D-A preferred stock. If any assets remain after distribution to holders of Series D and D-A preferred stock, then the assets would be distributed ratably to the holders of C-2 and C-2A preferred stock. If any assets remain after distribution to holders of Series C-2 and C-2A preferred stock, then the assets would be distributed ratably to the holders of Series C preferred stock. If any assets remain after distribution to holders of Series C-2, C-2A, and C preferred stock, then the assets would be distributed ratably to the holders of Series B and B-1 preferred stock. If any assets remain after distribution to holders of Series C-2, C-2A, C, B, and B-1 preferred stock, then the assets would be distributed ratably to the holders of Series A, A-1, A-2, and A-3 preferred stock.

After payment of the Liquidation Preference to the holders of preferred stock, the remaining assets of the Company shall be distributed ratably to the holders of common stock on a fully converted basis.

*Redemption* – Series A, Series B, Series C, and Series D of convertible preferred stock are only redeemable in a deemed liquidation, as defined, where proceeds are not distributed to shareholders.

*Conversion* – Each share of preferred stock is convertible at the option of the holder, at any time after the date of issuance of such share, into shares of common stock as is determined by dividing the original purchase price of preferred stock by the conversion price in effect at the time of conversion for such series of preferred stock. The conversion price is equal to the original purchase price as of December 31, 2023 and 2024. The articles of incorporation include protection for issuance of any common stock at a price that is below the applicable conversion price for any series of preferred shares.

Each share of preferred stock will automatically be converted into shares of common stock at the then-effective conversion rate of such shares upon the earlier of (i) the closing of a public offering pursuant to an effective registration statement under the Securities Act of 1933, as amended, covering the offer and sale of common stock of the Company to the public with offering proceeds to the Company in excess of $50 million (net of underwriters' discounts, concessions, commissions, and expenses) or (ii) the consent of holders of at least a majority of the then-outstanding shares of preferred stock, voting together as a single class on an as-converted basis.

*Preferred Stock Warrants –* As part of the Preferred B Stock financing round which occurred on December 23, 2018, the Company issued to a revolving secured line of credit lender 1,532,580 warrants for Preferred B Stock, in which the exercise price was set at $0.979 per warrant. The warrants will expire on the earlier of (i) nine years from the issuance of the warrants, and (ii) the consummation of a change in control, as defined. The Preferred Stock Warrants have been accounted for as equity as of December 31, 2023 and 2024. During the year ended December 31, 2023, 420 thousand preferred stock warrants were exercised. During the year ended December 31, 2024, no warrants were exercised.

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##### [**Table of Contents**](#toc)
**LENDBUZZ INC.** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**NOTE 11 - COMMON STOCK** 

As of December 31, 2023 and 2024, respectively, the Company had 11,353,580 and 13,683,080 shares of common stock outstanding. At each of December 31, 2023 and 2024, the Company had 66,634,050 shares of common stock authorized and available to issue for purposes of satisfying conversion of preferred stock, the exercise of warrants, the exercise and future grant of common stock options, and for purposes of any future business acquisitions and transactions.

*Common Stock Warrants –* On May 18, 2017, and on December 23, 2018, the Company issued 2,056,680 and 419,660 warrants for common stock, respectively, in which the exercise price was set at $0.0001 per warrant. The warrants were issued in conjunction with raising of debt to finance loan originations and would expire on the earlier of a change of company control or the initial public offering of the Company's shares. The common stock warrants were accounted for as equity as of December 31, 2023. As of December 31, 2024, all common stock warrants had been exercised.

**NOTE 12 - STOCK-BASED COMPENSATION PLANS** 

In November 2019, the Company's Board of Directors approved an equity incentive plan (the "Plan"), pursuant to which directors, officers, employees and service providers may be granted stock options and RSUs, if certain conditions are met. As of December 31, 2024, the Plan allowed for 8,114,250 shares of common stock to be issued under the Plan, of which 745,560 stock options and RSUs are available for future grants. Stock options must be granted with an exercise price equal to the stock's fair market value at the date of grant. Stock options generally have 10-year terms, and both stock options and RSUs typically vest over a four-year period starting from the date specified in each agreement.

A summary of the status of the employee and non-employee stock option activity is presented below (the number of options represents ordinary shares exercisable in respect thereof, table is in whole numbers):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Number of<br>Shares/<br>Options** | **Weighted<br>Average<br>Exercise<br>Price** | **Weighted<br>Average<br>Remaining<br>Term**<br>**(years)** | **Weighted<br>Average<br>Intrinsic<br>Value** | **Aggregate<br>Intrinsic<br>Value** |
|  **Balance as of December 31, 2023** | 5095110 | $4.75 | 1.41 | $2.87 | $14594951 |
|  Option grants | 278000 | $10.48 | 2.86 | $8.80 | $2446287 |
|  Options exercised | (303160) | $1.86 |  | $1.07 | $(325291) |
|  Options cancelled/forfeited | (133000) | $4.83 |  | $1.58 | $(210406) |
|  **Balance as of December 31, 2024** | 4936950 | $5.33 | 0.90 | $3.34 | $16505541 |
|  Exercisable | 3687230 | $4.73 | 0.44 | $2.81 | $10351184 |
|  Unvested | 1249720 | $7.09 | 2.27 | $4.92 | $6154357 |

---

Additionally, during the year ended December 31, 2024, the Company granted 870,000 RSUs under the Plan. Under the Plan, the Company has the right to grant RSUs, a right to receive a specific number of shares of the Company's common stock at a specified date. The Company determines to whom an offer will be made, the number of shares that may be purchased, the purchase price (which is typically zero), the restrictions under which the shares will be subject and all other terms and conditions of the Restricted Stock Award, subject to the Plan. Upon a termination of employment, unless otherwise set forth in the applicable award agreement, any vesting ceases as of the Plan participant's termination date. The fair value of the RSUs is the fair market value of our common stock at the date of grant.

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##### [**Table of Contents**](#toc)
**LENDBUZZ INC.** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

A summary of the status of the employee and non-employee RSU activity is presented below (the number of RSUs represents ordinary shares exercisable in respect thereof, table is in whole numbers):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Number of<br>Shares/<br>RSUs** | **Weighted<br>Average<br>Exercise<br>Price** | **Weighted<br>Average<br>Remaining<br>Term<br>(years)** | **Weighted<br>Average<br>Intrinsic<br>Value** | **Aggregate<br>Intrinsic<br>Value** |
|  **Balance as of December 31, 2023** |  | $— |  | $— | $— |
|  RSU grants | 870000 | $12.89 | 2.92 | $12.89 | $11218110 |
|  RSUs vested | (45000) | $12.06 |  | $12.06 | $(542610) |
|  **Balance as of December 31, 2024** | 825000 | $12.94 | 3.08 | $12.94 | $10675500 |

---

The Company records compensation expense on a straight-line basis over the vesting period. As of December 31, 2024, total compensation cost not yet recognized related to unvested stock options and RSUs was $16.3 million, which is expected to be recognized over a weighted-average period of 2.93 years.

*Stock-based compensation expense* – Stock-based compensation expense for both employees and nonemployees was $0.9 million, $5.0 million and $5.3 million for the years ended December 31, 2022, 2023 and 2024, respectively. Stock-based compensation broken out by categories of expenses were as follows (in thousands):

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2023** | **2024** |
|  General, administrative, and other | $275 | $1878 | $1940 |
|  Product development, technology and data science | 297 | 2069 | 2117 |
|  Processing and servicing | 8 | 7 | 6 |
|  Selling and marketing | 306 | 1035 | 1227 |
|  Total stock-based compensation expense | $886 | $4990 | $5290 |

---

*Employee Stock Options Valuation* – The Company estimates the fair value of stock options on the date of grant using the Black-Scholes-Merton option-pricing model. The Black-Scholes-Merton option-pricing model requires estimates of highly subjective assumptions, which affect the fair value of each stock option. The assumptions used to estimate the fair value of stock options granted during the years ended December 31, 2022, 2023 and 2024, are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2023** | **2024** |
|  Fair value of common stock | $5.66 | $5.66 - $8.96 | $8.96 - $12.06 |
|  Expected volatility | 65% | 65% | 65% - 121.7% |
|  Expected term (years) | 6 | 5 - 6.24 | 6.24 |
|  Risk-free interest rate | 3.3% | 3.3% - 4.72% | 4.59% - 4.72% |
|  Expected dividend yield | — % | — % | — % |

---

The Company's stock is not publicly traded, and as such the expected volatility is based on the historical and implied volatility of similar companies whose stock or option prices are publicly available, after considering the industry, stage of life cycle, size, market capitalization, and financial leverage of the other companies. The risk-free interest rate assumption is based on observed U.S. Treasury yield curve interest rates in effect at the time of grant appropriate for the expected term of the stock options granted. As permitted under authoritative

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##### [**Table of Contents**](#toc)
**LENDBUZZ INC.** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

guidance, due to the limited amount of option exercises, the Company used the simplified method to compute the expected term for options granted to non-executive employees in the years ended December 31, 2022, 2023 and 2024.

**NOTE 13 - INCOME TAXES** 

Income before income taxes for the years ended December 31, 2022, 2023 and 2024 was $18.9 million, $17.3 million and $33.9 million, respectively.

Provision for income taxes for the years ended December 31, 2022, 2023 and 2024, consisted of the following (in thousands):

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2023** | **2024** |
|  **Current tax provision** |  |  |  |
|  Federal | $6290 | 7926 | 7647 |
|  Foreign | $— | 187 | 77 |
|  State and local | $3082 | 3334 | 2962 |
|  **Total current tax provision** | $9372 | $11447 | $10686 |
|  **Deferred tax provision** |  |  |  |
|  Federal | (4272) | (4202) | (16) |
|  Foreign |  |  | (84) |
|  State and local | (1217) | (1088) | 478 |
|  **Total deferred tax provision** | (5489) | (5290) | 378 |
|  **Provision for income taxes** | $3883 | $6157 | $11064 |

---

All foreign related tax impacts are due to transfer pricing between the Company's US and Israel locations.

Significant components of the Company's deferred taxes as of December 31, 2023 and 2024, are as follows (in thousands):

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2023** | **2024** |
|  **Deferred tax assets** |  |  |
|  Deferred revenue | 8676 | 9571 |
|  Allowance for credit losses | 9054 | 12443 |
|  Property and equipment | 313 | 599 |
|  Other | 1329 | 3599 |
|  Total deferred tax assets | 19371 | 26212 |
|  **Deferred tax liabilities** |  |  |
|  Servicing asset | (2658) | (7784) |
|  Other |  | (2093) |
|  Total deferred tax liabilities | (2658) | (9877) |
|  **Total net deferred tax assets** | $16713 | $16335 |

---

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##### [**Table of Contents**](#toc)
**LENDBUZZ INC.** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

The following is a reconciliation of the U.S. statutory federal income tax rate to our effective tax rate:

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2023** | **2024** |
|  U.S. statutory federal income tax rate | 21% | 21% | 21% |
|  State and local income taxes, net of federal benefit | 8 | 9 | 7 |
|  Non U.S. earnings, net of credits |  | 2 | 1 |
|  Deferred tax adjustments | (3) |  |  |
|  Non-deductible expenses | 1 | 6 | 4 |
|  Other | (6) | (2) |  |
|  **Effective income tax rate** | 21% | 36% | 33% |

---

As of December 31, 2022, 2023 and 2024, the Company has no unrecognized tax benefits which would affect income tax expense, if recognized, before consideration of any valuation allowance. The Company does not expect to report any significant unrecognized tax benefits over the next 12 months.

The Company is subject to income taxes in the U.S. federal jurisdiction, various state jurisdictions as well as Israel. Tax regulations within each jurisdiction are subject to the interpretation of the related tax laws and regulations and require significant judgment to apply. The Company's federal income tax return is open and subject to examination from the 2021 tax return year and forward. The Company's state and local income tax returns are generally open from the 2020 and later tax return years based on individual state statutes of limitations.

**NOTE 14 - NET INCOME PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS** 

Basic and diluted net loss per share attributable to Lendbuzz's common stockholders for the years ended December 31, 2022, 2023 and 2024 (in thousands, except share and per share data):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2022** | **2023** | **2023** | **2024** | **2024** |
|  | Basic | Diluted | Basic | Diluted | Basic | Diluted |
|  **Numerator:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income attributable to common stockholders | $15046 | $15046 | $11158 | $11158 | $22811 | $22811 |
|  **Denominator:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Weighted average common and participating preferred shares outstanding, and participating warrants | 53220620 | 55904480 | 56788900 | 59643210 | 58610479 | 61955101 |
|  **Net income per share attributable to common stockholders** | $0.28 | $0.27 | $0.20 | $0.19 | $0.39 | $0.37 |

---

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##### [**Table of Contents**](#toc)
**LENDBUZZ INC.** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**NOTE 15 - SEGMENT INFORMATION** 

The Company identifies operating segments in accordance with ASC Topic 280, "Segment Reporting", as components of a business for which discrete financial information is available and is regularly reviewed by the chief operating decision maker ("CODM"), or decision-making group, in making decisions regarding resource allocation and evaluating financial performance.

The CEO has been identified as our CODM. The Company is a financial technology company with subsidiaries engaging in the business of auto lending and activities closely related to auto lending. The Company's auto lending business contributes to substantially all of its total revenue and pre-tax income, and all revenue earned is attributable to loans originated in the United States. Substantially all of the Company's total assets, including long-lived assets are located in the United States, and the measure of segment assets is reported on the balance sheet as total consolidated assets. The CODM reviews financial information presented only on a consolidated basis for purposes of allocating resources and evaluating financial performance. As such, the Company has determined that it operates in a single operating segment and, therefore, one reportable segment.

Net Income is the primary profit measure that the CODM reviews in order to make resource allocation decisions and evaluate financial performance. The CODM uses this profit measure predominantly in the annual budget and forecasting process, and considers budget-to-actual variances on a monthly basis. The CODM also uses net income, along with other financial and non-financial data points, in determining the compensation of certain employees.

The table below provides the significant expenses of Net income regularly provided to the CODM (in thousands):

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2023** | **2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest and fee income, net | $78857 | $142224 | $226269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ancillary product revenue, net | 14301 | 15590 | 17531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on sale of loans | 7419 | 14363 | 31302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Servicing income, net | 683 | 3176 | 6422 |
|  **Total revenue, net** | $101260 | $175353 | $281524 |
|  Less: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provision for expected credit losses | 16512 | 30358 | 51505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Funding costs | 23871 | 59029 | 93780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ancillary product costs | 3210 | 4758 | 7126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales and marketing | 10027 | 16150 | 20205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Processing & servicing – compensation and benefits costs | 4112 | 6314 | 9461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Processing & servicing – other costs | 2682 | 6748 | 18752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Research & development – compensation and benefits costs | 3913 | 5293 | 7602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General & administrative – compensation and benefits costs | 3721 | 6071 | 9244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General & administrative – other costs | 4938 | 7463 | 8259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 4762 | 4188 | 5346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology expenses | 1947 | 3523 | 5874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other segment items<sup>(a)</sup> | 6519 | 14300 | 21559 |
|  Consolidated net income | $15046 | $11158 | $22811 |

---

(a) Other segment items included in Consolidated net income includes depreciation and amortization, stock-based
compensation, and income tax expense.

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##### [**Table of Contents**](#toc)
**LENDBUZZ INC.** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**NOTE 16 - SUBSEQUENT EVENTS** 

The Company evaluated subsequent events from December 31, 2024, the date of these consolidated financial statements, through March 5, 2025, which represents the date the financial statements were available for issuance, for events requiring recording or disclosure in the financial statements for the year ended December 31, 2024. The Company concluded that the following events have occurred that would require recognition or disclosure in the consolidated financial statements, except as described below:

*<u>Securitization Transaction</u>*

On January 23, 2025, the Company closed an ABS transaction, Lendbuzz Securitization Trust 2025-1, or 2025-1. At the closing of 2025-1, Lendbuzz contributed loans, facilitated through its technology platform with an aggregate outstanding principal balance of $250.0 million, with the ability to contribute $25.0 million more within 30 days of closing. At the time of closing, the trust issued bonds in a total amount of $261.9 million, of which $23.8 million of bond proceeds were held within restricted cash on the consolidated balance sheet, as mandated by the agreement. On February 21, 2025, the Company contributed the additional loans with an aggregate outstanding principal balance of $25.0 million, and the $23.8 million in cash held in reserve was released for use.

Additionally, on March 3, 2025, the Company closed an ABS transaction, Lendbuzz Series Structure Trust 2025-A, or SST 2025-A. At the closing of SST 2025-A, Lendbuzz contributed loans facilitated through its technology platform with an aggregate outstanding principal balance of $52.5 million, and the trust issued bonds in a total amount of $39.4 million. At the time of closing, the Company sold 95% of the residual certificates (which represent the right to receive all the residual cash collected on the loans held by the securitization trust after paying off the senior notes for the SST 2025-A securitization) and deconsolidated SST 2025-A. As part of the deconsolidation, the Company recorded the retained components as available for sale securities within other assets off the consolidated balance sheet.

See Note 5 - "Debt Financing" for a discussion of the Company's asset-backed securitization program.

*<u>Term Credit Facility</u>*

On January 23, 2025, the Company transferred $53.5 million of collateral into its term credit facility and borrowed $43.9 million.

*<u>Forward Flow</u>*

On February 19, 2025, Lendbuzz renewed a Forward Flow agreement with an existing partner. The renewal commits Lendbuzz to sell and the credit investor to purchase $415.0 million of loans over 12 months.

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##### [**Table of Contents**](#toc)
**LENDBUZZ INC** 

**CONDENSED CONSOLIDATED BALANCE SHEET** 

(In thousands, except share amounts) (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **June 30,** |
|  | **2024** | **2025** |
|  **Assets** |  |  |
|  Cash and cash equivalents | $39350 | $30824 |
|  Restricted cash | 86365 | 130979 |
|  Loans receivable |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans held-for-investment | 1499878 | 1490389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans held-for-sale |  | 34736 |
|  Total loans receivable | 1499878 | 1525125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allowance for expected credit losses | (46234) | (60400) |
|  Loans receivable, net | 1453644 | 1464725 |
|  Servicing assets, net | 28924 | 49253 |
|  Property, equipment, and software, net | 11848 | 14220 |
|  Deferred tax asset | 26212 | 28520 |
|  Other assets | 25480 | 248236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total assets** | $1671823 | $1966757 |
|  **Liabilities** |  |  |
|  Secured financing, net | 484870 | 324640 |
|  Term credit facility, net | 118641 | 207635 |
|  Asset-backed term debt, net | 774863 | 1067954 |
|  Other debt carried at fair value |  | 33688 |
|  Accrued expenses, accounts payable, and other liabilities | 61088 | 87161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total liabilities** | $1439462 | $1721078 |
|  Commitments and contingencies (Note 8) |  |  |
|  **Stockholders' equity** |  |  |
|  Convertible preferred stock, $0.001 par value: 45,769,350 shares authorized and 44,885,050 shares outstanding at December 31, 2024 and June 30, 2025 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A aggregate liquidation value of $4,192 | $6 | $6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-1 aggregate liquidation value of $1,153 | 5 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-2 aggregate liquidation value of $154 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-3 aggregate liquidation value of $307 | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B convertible aggregate liquidation value of $13,793 | 11 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B-1 aggregate liquidation value of $2,500 | 3 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C aggregate liquidation value of $25,027 | 7 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C-2 aggregate liquidation value of $49,706 | 6 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C-2A aggregate liquidation value of $5,039 | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D aggregate liquidation value of $42,796 | 3 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D-A aggregate liquidation value of $5,267 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D-1 aggregate liquidation value of $25,482 | 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D-1A aggregate liquidation value of $1,728 |  |  |
|  Common stock, $0.001 par value: 66,634,050 shares authorized as of December 31, 2024 and June 30, 2025 and 13,683,080 and 13,787,643 outstanding at December 31, 2024 and June 30, 2025, respectively | 14 | 14 |
|  Additional paid-in-capital | 189219 | 191894 |
|  Retained earnings | 41581 | 52682 |
|  Accumulated other comprehensive income | 1502 | 1044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total stockholders' equity** | $232361 | $245679 |
|  **Total liabilities and stockholders' equity** | $1671823 | $1966757 |

---

See accompanying notes to the consolidated financial statements

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##### [**Table of Contents**](#toc)
**LENDBUZZ INC** 

**CONDENSED CONSOLIDATED BALANCE SHEET, CONT.** 

(In thousands, except share amounts) (Unaudited)

The following table presents the assets and liabilities of consolidated variable interest entities ("VIEs"), which are included in the consolidated balance sheets above. The assets in the table below may only be used to settle obligations of consolidated VIEs and are in excess of those obligations. The liabilities in the table below include liabilities for which creditors do not have recourse to the general credit of the Company. Additionally, the assets and liabilities in the table below exclude intercompany balances that eliminate upon consolidation.

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **June 30,** |
|  | **2024** | **2025** |
|  **Assets of consolidated VIEs, included in total assets above** |  |  |
|  Restricted cash | $79971 | $116402 |
|  Loans receivable |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans held-for-investment | 1508134 | 1476913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans held-for-sale |  | 33062 |
|  Total loans receivable | 1508134 | 1509975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allowance for expected credit losses | (42599) | (47040) |
|  Loans receivable, net | 1465535 | 1462935 |
|  Other Assets | 70 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total assets of consolidated VIEs** | $1545576 | $1579354 |
|  **Liabilities of consolidated VIEs, included in total liabilities above** |  |  |
|  Secured financing, net | 393356 | $231377 |
|  Term credit facility, net | 118641 | 207635 |
|  Asset-backed term debt, net | 774863 | 1067954 |
|  Accrued expenses, accounts payable, and other liabilities | 67 | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total liabilities of consolidated VIEs** | $1286927 | $1507050 |
|  **Total net assets of consolidated VIEs** | $258649 | $72304 |

---

See accompanying notes to the consolidated financial statements

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##### [**Table of Contents**](#toc)
**LENDBUZZ INC** 

**CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS** 

**AND COMPREHENSIVE INCOME** 

(In thousands, except share and per share amounts) (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2024** | **2025** |
|  **Revenue:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest and fee income, net | $103160 | $139278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ancillary product revenue, net | 8674 | 7081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on sale of loans, net | 10855 | 26047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Servicing income, net | 2748 | 497 |
|  Total revenue, net | $125437 | $172903 |
|  Operating expenses: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provision for expected credit losses | 22543 | 37744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Funding costs | 43523 | 52518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Processing and servicing | 17119 | 26212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Product development, technology and data science | 7893 | 10037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Selling and marketing costs | 11017 | 12259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General, administrative, and other | 14984 | 18042 |
|  Total operating expenses | 117079 | 156812 |
|  Net income before taxes | 8358 | 16091 |
|  Provision for income taxes | 2728 | 4990 |
|  Net income | $5630 | $11101 |
|  Unrealized securities holding gains (losses) | 476 | (547) |
|  Foreign currency translation adjustments | (8) | 89 |
|  Other comprehensive income (loss) | 468 | (458) |
|  **Comprehensive income** | $**6098** | $**10643** |
|  **Per share data** |  |  |
|  **Net income per share attributable to common stockholders** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic | $0.10 | $0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted | $0.09 | $0.18 |
|  **Weighted average common and participating preferred shares outstanding, and participating warrants** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic | 58372590 | 58605934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted | 61207780 | 62645383 |

---

See accompanying notes to consolidated financial statements

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##### [**Table of Contents**](#toc)
**LENDBUZZ INC** 

**CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY** 

(In thousands, except share amounts) (Unaudited)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** |
|  | **Common Shares** | **Redeemable<br>Convertible**<br>**Preferred Shares** | **Redeemable<br>Convertible**<br>**Preferred Shares** | **Additional<br>Paid-in-**<br>**Capital** | **(Accumulated<br>Deficit)**<br>**Retained<br>Earnings** | **Accumulated<br>Other**<br>**Comprehensive<br>Income** | **Total<br>Stockholders'<br>Equity** |
|  | **Shares** | $**Shares** | **Shares** | **Additional<br>Paid-in-**<br>**Capital** | **(Accumulated<br>Deficit)**<br>**Retained<br>Earnings** | **Accumulated<br>Other**<br>**Comprehensive<br>Income** | **Total<br>Stockholders'<br>Equity** |
|  Balance at January 1, 2024 | 11353580 |  | 44885050 | $183368 | $18770 | $26 | $202220 |
|  Stock-based compensation |  |  |  | 3669 |  |  | 3669 |
|  Exercise of common warrant shares | 1981340 |  |  |  |  |  | 2 |
|  Exercise of employee stock options | 247240 |  |  | 402 |  |  | 403 |
|  Foreign currency translation adjustments |  |  |  |  |  | (8) | (8) |
|  Unrealized securities holding gains (losses) |  |  |  |  |  | 476 | 476 |
|  Net income |  |  |  |  | 5630 |  | 5630 |
|  **Balance at June 30, 2024** | **13582160** |  | **44885050** | $**187439** | $**24400** | $**494** | $**212392** |
|  Balance at January 1, 2025 | 13683080 |  | 44885050 | $189219 | $41581 | $1502 | $232361 |
|  Stock-based compensation |  |  |  | 3054 |  |  | 3054 |
|  Exercise of employee stock options | 23205 |  |  | 44 |  |  | 44 |
|  Issuance of restricted stock units | 81358 |  |  |  |  |  |  |
|  Payroll taxes on vested RSUs |  |  |  | (423) |  |  | (423) |
|  Foreign currency translation adjustments |  |  |  |  |  | 89 | 89 |
|  Unrealized securities holding gains (losses) |  |  |  |  |  | (547) | (547) |
|  Net income |  |  |  |  | 11101 |  | 11101 |
|  **Balance at June 30, 2025** | **13787643** |  | **44885050** | $**191894** | $**52682** | $**1044** | $**245679** |

---

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##### [**Table of Contents**](#toc)
**LENDBUZZ INC** 

**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS** 

(In thousands) (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2024** | **2025** |
|  **Net income** | $5630 | $11101 |
|  Adjustments to reconcile net income to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Origination of held-for-sale consumer loan receivables |  | (157137) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal collected on held-for-sale consumer loan receivables |  | 1866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from the sale of loans originated as held-for-sale |  | 67823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provision for expected credit losses | 22543 | 37744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization | 2295 | 3535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stock-based compensation | 3669 | 3054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred tax provision, net | (787) | 3576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of debt issuance costs | 3339 | 5067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest receivable | (2127) | (264) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred commission expense | (2018) | (153) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Servicing assets | (8748) | (20329) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred origination fees | 4481 | (5274) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets | (5548) | (4896) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses, accounts payable and other liabilities | 7008 | 17281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net cash (used in) provided by operating activities** | 29737 | (37006) |
|  Cash flows from investing activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Origination of held-for-investment consumer loan receivables | (717329) | (937179) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Origination of floorplan receivables | (53092) | (48528) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal collected on held-for-investment consumer loan receivables | 209959 | 289599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal collected on floorplan receivables | 50419 | 52409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from the sale of loans originated as held-for-investment | 274949 | 471273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal collections on debt securities | 1427 | 1869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital expenditures and capitalized software | (4758) | (5907) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net cash used in investing activities** | (238425) | (176464) |
|  Cash flows from financing activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from secured financing | 653100 | 880577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repayment of secured financing | (759000) | (1041012) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from term debt facility | 85986 | 283850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repayment of term debt facility | (29332) | (195514) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from asset-backed term debt | 412726 | 501588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repayment of asset-backed term debt | (145492) | (206059) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from other debt carried at fair value |  | 33775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments of financing issuance costs | (7537) | (7357) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase of share-based awards to satisfy tax withholdings |  | (423) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercise of options and warrants | 405 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net cash provided by financing activities** | 210856 | 249469 |
|  **Effect of exchange rate changes on cash, cash equivalents, and restricted cash** | (10) | 89 |
|  **Net increase (decrease) in cash, cash equivalents, and restricted cash** | 2158 | 36088 |
|  Cash, cash equivalents, and restricted cash at the beginning of the period | 87266 | 125715 |
|  Cash, cash equivalents, and restricted cash at the end of the period | $89424 | $161803 |
|  **Reconciliation of cash, cash equivalents, and restricted cash** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents | $19743 | $30824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restricted cash | 69681 | 130979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total cash, cash equivalents, and restricted cash** | $89424 | $161803 |
|  **Supplemental cash flow information:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash paid during the period for interest | 39281 | 47114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash paid during the period for taxes | 8875 | 5899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Right of use assets obtained in exchange for operating lease liabilities | 7323 | 3191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debt securities retained in loan sales |  | 12536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net transfers from loans held-for-investment to loans-held-for-sale |  | 40646 |

---

See accompanying notes to the consolidated financial statements

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##### [**Table of Contents**](#toc)
**LENDBUZZ INC.** 

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)** 

**NOTE 1 - BASIS OF PRESENTATION** 

The accompanying unaudited condensed consolidated financial statements which include accounts of Lendbuzz Inc., and its wholly-owned subsidiaries (the "Company" or "Lendbuzz"), have been prepared pursuant to the rules and regulations of the United States Securities and Exchange Commission (the "SEC"). Certain information and footnote disclosures normally included in the annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been omitted pursuant to those rules and regulations, but the Company believes that the disclosures included herein are adequate to make the information presented not misleading.

The interim condensed consolidated financial statements are presented herein and, in the opinion of management, include all adjustments consisting of only normal recurring adjustments, necessary for the fair statement. Interim results are not necessarily indicative of results for a full year.

The condensed consolidated financial statements and notes thereto, which are included herein, should be read in conjunction with the consolidated financial statements and notes thereto for the years ended December 31, 2022, 2023 and 2024 included elsewhere in this prospectus.

**NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** 

There were no material changes to our significant accounting policies as disclosed in Note 2 - "Summary of Significant Accounting Policies" of the Company's annual financial statements for the years ended December 31, 2022, 2023 and 2024 included elsewhere in this prospectus.

**Accounting Pronouncements Not Yet Adopted by the Company** 

**Income Taxes –** In December 2023, the FASB issued ASU 2023-09, *Income Taxes (Topic 740)*: *Improvements to Income Tax Disclosures*. The amendments in this ASU update income tax disclosures related to the rate reconciliation and requires disclosure of income taxes paid by jurisdiction. The amendments are effective for annual periods beginning after December 31, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The amendments should be applied on a prospective basis, however, retrospective application is permitted. The Company is currently evaluating this ASU to determine its impact on the Company's disclosures. The adoption of this ASU is not expected to have a material effect on the Company's consolidated financial position, results of operations or cash flows.

**Expense Disaggregation Disclosures –** In November 2024, the FASB issued ASU 2024-03, Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The amendments in this ASU require a footnote disclosure that contains, in tabular presentation, a disaggregation of certain relevant expense captions on the face of the income statement. Additionally, the FASB issued ASU 2025-01, Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date. The amendments are effective for annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The amendments should be applied on a prospective basis, however, retrospective application is permitted. The Company is currently evaluating this ASU to determine its impact on the Company's disclosures. The adoption of this ASU is not expected to have a material effect on the Company's consolidated financial position, results of operations or cash flows.

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##### [**Table of Contents**](#toc)
**LENDBUZZ INC.** 

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)** 

**NOTE 3 - REVENUE** 

The table below displays the components of Total revenue, net for the periods presented. Note prior year information has been conformed to the current year presentation:

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| *(in thousands)* | **2024** | **2025** |
|  Consumer interest income and fees | $85387 | $119289 |
|  Loan origination fees | 19334 | 27063 |
|  Direct origination costs | (4171) | (10123) |
|  Floorplan interest income and fees | 2015 | 2076 |
|  Other interest income and fees | 595 | 973 |
|  **Interest and fee income, net:** | $**103160** | $**139278** |
|  GAP sales, net | $5679 | $6457 |
|  Other ancillary product revenue | 2995 | 624 |
|  **Ancillary product revenue, net** | $**8674** | $**7081** |
|  Gain on sale | $(401) | $(6371) |
|  Gain on sale due to servicing | 11256 | 32418 |
|  **Gain on sale of loans, net** | $**10855** | $**26047** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Servicing income earned | $5257 | $12586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Servicing rights fair value change | (2509) | (12089) |
|  **Servicing income, net** | $**2748** | $**497** |
|  **Total revenue, net** | $**125437** | $**172903** |

---

**NOTE 4 - LOANS RECEIVABLE AND ALLOWANCE FOR EXPECTED CREDIT LOSSES** 

Loans receivable, which is inclusive of both loans held-for-investment and loans held-for-sale, consisted of the following for the periods presented:

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **June 30,** |
| *(In thousands)* | **2024** | **2025** |
|  Consumer auto loans | $1429807 | $1445466 |
|  Floorplan loans | 23837 | 19259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total loans receivable, net** | $**1453644** | $**1464725** |

---

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##### [**Table of Contents**](#toc)
**LENDBUZZ INC.** 

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)** 

<u>Consumer Auto Loans</u> 

Lendbuzz's consumer auto loans have a variety of lending terms and maturities. The table below displays the breakout of the consumer auto loans receivable by annual percentage rate ("APR") and original loan term, and is inclusive of both loans held-for-investment and loans held-for-sale:

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **June 30,** |
| *(In thousands)* | **2024** | **2025** |
|  **APR range** |  |  |
|  Less than 9% | $70385 | $62751 |
|  9.0% - 11.9% | 156239 | 159089 |
|  12.0% - 13.9% | 150316 | 155414 |
|  14.0% - 15.9% | 140761 | 127167 |
|  16.0% - 17.9% | 449674 | 413057 |
|  18.0% - 19.9% | 469157 | 516535 |
|  20.0%+ | 38485 | 71817 |
|  **Original loan term** |  |  |
|  24 months | 758 | 436 |
|  36 months | 21925 | 20481 |
|  48 months | 58511 | 53246 |
|  60 months | 590861 | 570653 |
|  66 months | 14821 | 14627 |
|  72 months | 788141 | 846387 |

---

Consumer auto loans receivable consisted of the following for the periods presented:

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **June 30,** |
| *(In thousands)* | **2024** | **2025** |
|  Unpaid principal balance of loans held-for-investment | $1486506 | $1475603 |
|  Unpaid principal balance of loans held-for-sale |  | 35867 |
|  Accrued interest receivable | 14910 | 15332 |
|  Deferred acquisition costs | 9165 | 9318 |
|  Deferred loan origination fees | (35564) | (30290) |
|  Allowance for expected credit losses | (45210) | (59501) |
|  Valuation allowance on loans held-for-sale | $— | $(863) |
|  **Total consumer auto loans receivable, net** | $**1429807** | $**1445466** |

---

From time to time, the Company enters into agreements, or intends to enter into agreements, in which it sells consumer auto loans to investors. These loans are classified as held-for-sale in accordance with the Company's policy (refer to Note 2 - "Summary of Significant Accounting Policies" in the Company's annual financial statements for the years ended December 31, 2022, 2023, and 2024 included elsewhere in this prospectus for further information on the Company's accounting policies for loans receivable). The Company includes its loans held-for-sale in Total loan receivables and carries these assets at the lower of amortized cost or fair value. The estimated fair value of loans held-for-sale is determined on an individual loan basis. Any adjustments to recognize the held-for-sale loans at a fair value lower than their amortized cost are reflected on the balance sheet within the Loans held-for-sale line item, and on the income statement within the Processing and servicing line item. An allowance for credit losses is not maintained for loans held-for-sale. The valuation

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##### [**Table of Contents**](#toc)
**LENDBUZZ INC.** 

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)** 

allowance on loans held for sale was nil and $0.9 million at December 31, 2024 and June 30, 2025, respectively. Interest income on loans held-for-sale continues to accrue and is recognized in income based on the contractual rate of interest. As with the Company's loans held-for-investment, accrued interest on loans held-for-sale is recorded within its respective loans receivable line in the Company's condensed consolidated balance sheet.

*Consumer Auto Loan Credit Quality* **–** The Company closely monitors the credit quality of its loan receivables portfolio. The Company relies on AI Risk Analysis ("AIRA<sup>®</sup>"), a proprietary model utilizing custom developed artificial intelligence and machine learning algorithms, to evaluate credit risk. A consumer's AIRA<sup>®</sup> score is based on a number of data points, including bank account information, credit bureau information, education information, employment information, and vehicle information and the Company uses this to determine the credit risk of a consumer and an application. The Company's credit performance is driven by the effectiveness and accuracy of AIRA<sup>®</sup>, our underwriting processes, monitoring and collection efforts, the financial condition of our consumers and dealerships, asset values, our risk appetite, and various macroeconomic considerations.

While a consumer's AIRA<sup>®</sup> score is based on a number of data points beyond just credit bureau data, it is ultimately a credit score that the Company uses in its underwriting and risk based pricing schema similarly to how traditional lenders use traditional credit bureau scores. Consumers who have the lowest AIRA<sup>®</sup> scores have the highest credit risk and consumers who have the highest scores have the lowest credit risk. AIRA<sup>®</sup> ranges from 300 - 850, similar to traditional credit bureau scores, but the credit risk profile of a consumer with any particular AIRA<sup>®</sup> score is not the same as the credit risk profile of a consumer with the same numerical traditional credit bureau score. In addition to utilizing a consumer's AIRA<sup>®</sup> score as part of the underwriting process and in the Company's risk based pricing schema, AIRA<sup>®</sup> is also used for portfolio performance monitoring. The Company closely tracks the distribution of AIRA<sup>®</sup> at the portfolio level, as well as AIRA<sup>®</sup> at the individual loan level to monitor for signs of a changing credit profile within the portfolio.

Credit quality disclosures do not apply to loans carried at the lower of amortized cost or fair value. Therefore, loans held-for-sale are excluded from these disclosures.

The table below displays the consumer auto loans receivable, less loans held-for-sale, by AIRA<sup>®</sup> score band as of June 30, 2025 by year of loan origination (in thousands):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **AIRA<sup>®</sup> Score Range** | **Prior** | **2022** | **2023** | **2024** | **2025** | **Total** |
|  300 to 385 | $562 | $1793 | $5336 | $5484 | $9689 | $22864 |
|  386 to 450 | 2550 | 10681 | 29482 | 38858 | 63281 | 144852 |
|  451 to 575 | 8101 | 35292 | 95032 | 145562 | 130193 | 414180 |
|  576 to 699 | 8502 | 35801 | 99803 | 174526 | 127757 | 446389 |
|  700+ | 8856 | 40639 | 104734 | 178120 | 109598 | 441947 |
|  **Total consumer auto loans receivable, less loans held-for-sale** | $**28571** | $**124206** | $**334387** | $**542550** | $**440518** | $**1470232** |

---

Consumer auto loan receivables are charged-off if they reach 120 days past due ("DPD"). Lendbuzz typically begins repossession proceedings at approximately 60 days past due. Charge-off amounts on loans that have the underlying vehicle repossessed and dispositioned prior to 120 days past due are net of the disposition amount, as repossession does not trigger a charge-off under Lendbuzz's charge-off policy. The Company closely monitors economic conditions and loan performance trends to assess and manage the Company's exposure to credit risk.

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##### [**Table of Contents**](#toc)
**LENDBUZZ INC.** 

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)** 

The table below displays the consumer auto loans receivable by delinquency status for the periods presented, and excludes loans held-for-sale:

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **June 30,** |
| *(In thousands)* | **2024** | **2025** |
|  Current | $1412963 | $1388820 |
|  31-60 DPD | 44349 | 59144 |
|  61-90 DPD | 7174 | 17972 |
|  91+ DPD | 10531 | 4296 |
|  Total consumer auto loans receivable, less loans held-for-sale | $**1475017** | $**1470232** |

---

The table below displays the net charge-off amount for the six months ended June 30, 2025, by origination vintage<sup>(1)</sup>:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(in thousands)* | **Prior** | **2022** | **2023** | **2024** | **2025** | **Total** |
| Gross charge-offs | $1526 | $5554 | $14404 | $17933 | $548 | $39965 |
|  Recoveries | 1341 | 2931 | 7375 | 8253 | 13 | 19913 |
| Net charge-offs | $**185** | $**2623** | $**7029** | $**9680** | $**535** | $**20052** |

---

(1) Amounts presented in the table include charge-offs related to loans up through the point at which they are
classified as held-for-sale.

<u>Floorplan Loans</u>

Lendbuzz provides working capital lines of credit collateralized by vehicles owned by the dealerships. Typically, dealerships can borrow the lesser of their line of credit or the collateral value of the vehicles they currently own. However, from time to time, on an exception basis to foster relationships with our dealerships, Lendbuzz will allow dealerships to borrow an amount greater than their approved line of credit. The working capital lines of credit and the dealership loans are collectively referred to as "floorplan" loans. Floorplan loans consisted of the following for the periods presented:

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **June 30,** |
| *(In thousands)* | **2024** | **2025** |
|  Aggregate floorplan credit lines | $36499 | $43943 |
|  Unpaid principal balance of loans held-for-investment | 24093 | 19605 |
|  Accrued interest floorplan receivable | 768 | 553 |
|  Allowance for expected credit losses | (1024) | (899) |
|  **Total floorplan loans receivable, net** | $**23837** | $**19259** |

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##### [**Table of Contents**](#toc)
**LENDBUZZ INC.** 

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)** 

*Floorplan Loan Credit Quality* – Lendbuzz closely monitors the credit performance of its floorplan loans. Floorplan loans typically have durations that are less than 120 days. After 60 or 90 days, according to the dealer contract, dealers are periodically required to make curtailments as the loan ages. Due to the short-term nature of the loans in the portfolio, the Company monitors credit performance primarily by reviewing the age of the receivables in the floorplan portfolio. The table below displays these balances for the periods presented:

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **June 30,** |
| *(In thousands)* | **2024** | **2025** |
|  Less than 60 Days | $16250 | $12123 |
|  60 – 89 Days | 3080 | 4246 |
|  90 – 119 Days | 2147 | 1997 |
|  120+ Days | 3384 | 1792 |
|  **Floorplan loans receivable** | $**24861** | $**20158** |

---

As of December 31, 2024 and June 30, 2025, the Company had $1.8 million and $1.1 million of floorplan loans receivable outstanding past scheduled maturity that were authorized by management in accordance with the Company's credit policy.

<u>Allowance for Expected Credit Losses</u>

The following table details activity in the allowance for expected credit losses for both consumer auto loans and floorplan loans (in thousands):

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **June 30,** |
|  | **2024** | **2025** |
|  Balance at beginning of period | $32669 | $46234 |
|  Provision for credit losses<sup>(1)</sup> | 51505 | 37744 |
|  VSI utilization | (3053) | (2942) |
|  Charge-offs | (64189) | (40629) |
|  Recoveries of charged-off receivables | 29302 | 19993 |
|  **Balance at end of period** | $**46234** | $**60400** |

---

(1) Includes the adjustment to eliminate the allowance for credit losses upon reclassifying loans from held-for-investment to held-for-sale.

<u>Dealership Agreements</u>

As part of the loan origination process, Lendbuzz has negotiated recourse relationships with certain dealerships. Under a recourse relationship, the dealership agrees to pay a fixed reserve amount for each loan originated, which Lendbuzz holds to reserve against future credit losses. When a loan defaults and the repossession and disposition of the vehicle is insufficient to cover the outstanding balance, Lendbuzz draws against the reserve to cover the remaining shortfall. Lendbuzz retains the reserve amount until the dealership agreement has been terminated and all loans originated under the dealership agreement have been paid in full. As of December 31, 2024 and June 30, 2025, Lendbuzz had dealership reserves of $24.5 million and $35.2 million, respectively on the consolidated balance sheet. The reserve amount is recorded within other liabilities on the consolidated balance sheet.

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##### [**Table of Contents**](#toc)
**LENDBUZZ INC.** 

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)** 

**NOTE 5 - DEBT FINANCING** 

In the normal course of business, the Company enters into various types of financing transactions with entities, for which some of these entities are considered to be VIEs. See Note 2 - "Summary of Significant Accounting Policies" in the Company's annual financial statements for the years ended December 31, 2022, 2023, and 2024 included elsewhere in this prospectus for further information.

<u>Secured Financing, Net</u>

Warehouse Credit Facilities

Through bankruptcy remote SPVs, which Lendbuzz considers VIEs, Lendbuzz entered into warehouse credit facilities with certain lenders to finance the origination of the Company's loans. Each SPV entered into a credit and loan security agreement with a national banking association. Borrowings under these agreements are referred to as secured financing and the proceeds from the borrowings may only be used for the purposes of facilitating loan funding and origination, with advance rates generally ranging from 85% to 87% of the total collateralized balance. Borrowings under these facilities, unless terminated earlier, mature through June 2027. As these structures are bankruptcy remote SPVs, the creditors do not have recourse against the general credit of Lendbuzz. These facilities have a revolving borrowing period, followed by an amortization period. During the revolving borrowing period, the ability to continue to revolve is based on covenant compliance. During the amortization period, the facilities enter into rapid amortization, where all cash proceeds, after payment of debt service, are used to pay down the outstanding debt. As the facilities amortize under their rapid amortization features, Lendbuzz's effective advance rate declines. To minimize the effect of the rapid amortization, once a facility has entered into its amortization period, Lendbuzz actively tries to incorporate the collateral within the facility into a new facility or new securitization in order to prepay the facility.

Borrowings under these warehouse credit facilities bear interest at an annual benchmark rate of SOFR or commercial paper, plus a spread. Interest is payable monthly. In addition, these agreements require payment of a monthly unused commitment fee on the undrawn portion available.

These agreements contain certain customary negative covenants and financial covenants including maintaining certain levels of liquidity, leverage, and tangible net worth. As of June 30, 2025, Lendbuzz was in compliance with all applicable covenants in the agreements.

Corporate Financing

The Company maintains a $75.0 million committed line of credit with a national banking association intended to be used for working capital and general corporate purposes, for which the maturity date is March 2027. The facility is secured by the assets of the Company's standalone parent entity and its licensed loan originating entity Lendbuzz Funding, LLC. The facility has a revolving period of 24 months, and bears interest at a rate of the Secured Overnight Financing Rate ("SOFR") + 4%. The facility also requires payments of an unused commitment fee on the undrawn portion available. The agreement contains certain customary negative covenants and financial covenants including maintaining certain levels of liquidity and interest coverage. As of June 30, 2025, Lendbuzz was in compliance with all applicable covenants in the agreements.

Repurchase Agreements

The Company periodically enters into repurchase agreements ("Repo Agreements") with its existing lenders, allowing it to borrow against certain of its retained bonds from its consolidated and unconsolidated securitizations that have been pledged to the lender. The purchase price of each of the agreements are accounted

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**LENDBUZZ INC.** 

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)** 

for as debt and included within the Secured Financing, net financial statement line item due to the agreements' mandatory repurchase obligation. Under the Repo Agreements, since the Company's counterparties have purchased the collateral, they have the right to sell or repledge the collateral. The Repo Agreements allow for the simultaneous repurchase and resale of the bonds as of the maturity date, often referred to as "rolling the maturity." As of December 31, 2024 and June 30, 2025, the assets sold under repurchase agreements consisted of $52.6 million and $67.4 million, respectively, of retained bonds from the Company's securitizations. The repurchase agreements are generally set to mature within 90 days.

The table below displays the change in secured financing, net for the periods presented (in thousands):

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>December 31,** | **Six Months<br>Ended June 30,** |
|  | **2024** | **2025** |
|  Aggregate revolving commitment amount | $1095000 | $1120000 |
|  Proceeds received net of paydowns under mandatory repurchase agreement | 41000 | 6968 |
|  Principal opening balance | $424900 | $488234 |
|  Repayments | (1451137) | (1041012) |
|  Borrowings | 1514471 | 880577 |
|  Principal closing balance | $488234 | $327799 |
|  Accrued interest opening balance | $3114 | $3333 |
|  Interest payments | (32023) | (14798) |
|  Interest expense | 32242 | 13941 |
|  Accrued interest closing balance | $3333 | $2476 |
|  Deferred financing fees opening balance | $(4587) | $(6697) |
|  Capitalizations | (4649) | (495) |
|  Amortizations | 2539 | 1557 |
|  Deferred financing fees closing balance | $(6697) | $(5635) |
|  Secured financing, net opening balance | $423427 | $484870 |
|  Secured financing, net closing balance | 484870 | 324640 |
|  Weighted average interest rate<sup>(a)</sup> | 6.84% | 6.95% |

---

(a) Based on the debt outstanding and the interest rate as of the end of each respective period.

<u>Term Credit Facility</u>

During 2022, through an SPV which the Company considers a VIE, the Company entered into a term credit facility through a credit and loan security agreement with a national banking association. Borrowings under this facility are referred to as term financing and the proceeds from the borrowings may only be used to fund loans originated by the Company's platform. The final maturity date of this facility will occur in June 2031. The advance rates on the facility at the dates of funding range from 80.0% - 87.5% of the total collateralized balance. The creditor does not have recourse against the general credit of Lendbuzz and the underlying collateral of the SPV may only be used to settle the obligations of the SPV. As the underlying collateral amortizes, the facility amortizes pro-rata, until the amount of over collateralization reaches a minimum amount. After reaching the minimum over collateralization, the facility amortizes sequentially, maintaining the minimum over collateralization. The facility includes customary collateral covenants, which would cause the facility to enter rapid amortization.

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**LENDBUZZ INC.** 

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)** 

Borrowings under the term credit facility bear interest at commercial paper plus a spread. Interest is payable monthly. During the year ended December 31, 2024, the Company transferred $101.8 million of collateral into the facility, borrowed $86.0 million, and paid down $63.5 million. During the six months ended June 30, 2025, the Company transferred $353.6 million of collateral into the facility, borrowed $283.8 million, and paid down $195.5 million.

The below table displays the change in the term credit facility for the periods presented (in thousands):

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>December 31,** | **Six Months<br>Ended June 30,** |
|  | **2024** | **2025** |
|  Principal opening balance | $95633 | $118130 |
|  Repayments | (63489) | (195514) |
|  Borrowings | 85986 | 283850 |
|  Principal closing balance | $118130 | $206466 |
|  Accrued interest opening balance | $659 | $722 |
|  Interest payments | (9371) | (5675) |
|  Interest expense | 9434 | 6378 |
|  Accrued interest closing balance | $722 | $1425 |
|  Deferred financing fees opening balance | $(155) | $(211) |
|  Capitalizations | (300) | (321) |
|  Amortizations | 244 | 276 |
|  Deferred financing fees closing balance | $(211) | $(256) |
|  Term credit facility, net opening balance | $96137 | $118641 |
|  Term credit facility, net closing balance | 118641 | 207635 |
|  Weighted average interest rate<sup>(a)</sup> | 6.82% | 6.26% |

---

(a) Based on the debt outstanding and the interest rate as of the end of each respective period.

<u>Asset-Backed Term Debt, net ("Asset-Backed Securitizations" or "ABS")</u>

During 2021, Lendbuzz launched an asset-backed securitization program, where the Company sponsors and establishes trusts, deemed to be VIEs, to ultimately purchase loans originated by the Lendbuzz platform. Securities issued from Lendbuzz ABS are senior or subordinated, based on the waterfall criteria of loan payments to each security class. The subordinated residual interests issued from these transactions are first to absorb loan losses in accordance with the waterfall criteria. The maturity of the notes issued by these ABS various trusts occurs upon either the prepayment of the notes under permitted rights of the certificate holders or full payment of the loan collateral held in the trusts. For these VIEs, the creditors have no recourse to the general credit of Lendbuzz and the liabilities of the VIEs can only be settled by the respective VIEs' assets. Additionally, the assets of the VIEs can be used only to settle obligations of the VIEs.

Lendbuzz is required to maintain a portion of the ABS securities issued in each transaction to meet the Dodd-Frank risk retention rules. Beyond the minimum required under the risk retention rules, Lendbuzz may retain or sell some or all of the securities to third-party investors. As discussed in Note 2 – "Summary of Significant Accounting Policies: Variable Interest Entities" in the Company's annual financial statements for the years ended December 31, 2022, 2023, and 2024 included elsewhere in this prospectus, Lendbuzz consolidates ABS VIEs when it is deemed to be the primary beneficiary and therefore has the power to direct the activities that most significantly affect the VIEs' economic performance and retain a variable interest that could potentially be significant to the VIE.

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**LENDBUZZ INC.** 

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)** 

The table below displays the ABS transactions that Lendbuzz consolidated as of December 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Transactions<br> conducted during<br> the respective<br> period: | Number of<br>Transactions | Aggregate<br>Loans<br>Contributed at<br>the closing of<br>the<br>transaction | Aggregate Outstanding<br>Principal Balance of<br>Loans Contributed at<br>December 31, 2024 | Aggregate Outstanding<br>Principal Balance of Debt<br>Sold to Third Party Investors<br>at December 31, 2024 |
|  Fiscal year 2022 | 1 | $207.2 | $47.3 | $46.7 |
|  Fiscal year 2023 | 2 | 441.0 | 234.5 | 204.6 |
|  Fiscal year 2024 | 3 | 728.9 | 585.1 | 528.9 |

---

The table below displays the ABS transactions that Lendbuzz consolidated as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Transactions<br> conducted during<br> the respective<br> period: | Number of<br>Transactions | Aggregate<br>Loans<br>Contributed<br>at the closing<br>of the<br>transaction | Aggregate<br>Outstanding Principal<br>Balance of Loans<br>Contributed at<br>June 30, 2025 | Aggregate Outstanding<br>Principal Balance of Debt<br>Sold to Third Party Investors<br>at June 30, 2025 |
|  Fiscal year 2022 | 1 | $207.2 | $31.7 | $32.0 |
|  Fiscal year 2023 | 2 | $441.0 | $179.9 | $155.4 |
|  Fiscal year 2024 | 3 | 728.9 | 467.0 | $423.0 |
|  Six Months Ended June 30, 2025 | 2 | 525.8 | 481.1 | 465.7 |

---

Management designs certain ABS transactions to transfer credit risk associated with the loans incorporated in the transaction through the deconsolidation of the ABS. When the Company conducts such a transaction, it retains a variable interest in the nonconsolidated loan trusts, as it owns collateralized notes and residual certificates in the loan trusts that absorb variability. Lendbuzz also has continuing, non-controlling involvement with the trusts as the servicer. The maximum exposure to loss, as a result of Lendbuzz's involvement with the nonconsolidated VIEs, is limited to its investment. The investments are recorded within available for sale securities within other assets off the consolidated balance sheet. As of December 31, 2024 and June 30, 2025, Lendbuzz had investments in 2 and 5 nonconsolidated VIEs, reflecting $7.6 million and $18.1 million, respectively.

As of December 31, 2024 and June 30, 2025, respectively, Lendbuzz had debt issuance costs, net of amortization, from securitizations of $7.3 million and $10.4 million. In addition, the weighted average interest rates for the Company's ABS transactions, based on the debt outstanding and the interest rate as of the end of each respective period, were 6.14% as of December 31, 2024 and 5.75% as of June 30, 2025.

**NOTE 6 - FAIR VALUE MEASUREMENT** 

Fair value is defined as the price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Company uses a three-level fair value hierarchy to classify and disclose all assets and liabilities measured at fair value on a recurring basis in periods subsequent to their initial measurement. The hierarchy requires us to use observable inputs when available and to minimize the use of unobservable inputs when determining fair value. The three levels are defined as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 **–** Quoted prices in active markets for identical assets or liabilities, accessible by us
at the measurement date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 **–** Quoted prices for similar assets or liabilities in active markets, or quoted prices
for identical or similar assets or liabilities in markets that are not active, or observable inputs other than quoted prices.

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**LENDBUZZ INC.** 

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 **–** Unobservable inputs for assets or liabilities for which there is little or no market
data, which requires us to develop our own assumptions. These unobservable assumptions reflect estimates of inputs that market participants would use in pricing the asset or liability. Valuation techniques include the use of option pricing models,
discounted cash flow models, or similar techniques, which incorporate management's own estimates of assumptions that market participants would use in pricing the asset or liability.

A financial instrument's categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Instruments are categorized in Level 3 of the fair value hierarchy based on the significance of unobservable factors in the overall fair value measurement.

**Assets and Liabilities Measured at Fair Value on a Recurring Basis** 

On a recurring basis, the carrying amounts of cash, cash equivalents, and restricted cash as of December 31, 2024 and June 30, 2025 are considered representative of their fair values because of their short-term nature.

Financial assets and liabilities subject to fair value measurements are evaluated on a recurring basis to determine the appropriate level at which to classify them during each reporting period. The fair value measurement of assets and liabilities carried at fair value, and their level under the hierarchy as of December 31, 2024, was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **Fair Value** | **Fair Value** | **Fair Value** | **Fair Value** |
| *(In thousands)* | **Carrying<br>Amount** | **Level 1** | **Level 2** | **Level 3** | **Balance at<br>Fair Value** |
|  **Assets** |  |  |  |  |  |
| Money market funds | $27770 | $27770 | $— | $— | $27770 |
| Servicing assets, net | 28924 |  |  | 28924 | 28924 |
|  Available-for-sale debt securities | 7593 |  | 7593 |  | 7593 |
|  Interest rate swaps | 70 |  | 70 |  | 70 |
|  **Total assets** | $**64357** | $**27770** | $**7663** | $**28924** | $**64357** |

---

The fair value measurement of assets carried at fair value, and their level under the hierarchy as of June 30, 2025, was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **Fair Value** | **Fair Value** | **Fair Value** | **Fair Value** |
| *(In thousands)* | **Carrying<br>Amount** | **Level 1** | **Level 2** | **Level 3** | **Balance at<br>Fair Value** |
|  **Assets** |  |  |  |  |  |
| Money market funds | $20175 | $20175 | $— | $— | $20175 |
| Servicing assets, net | 49253 |  |  | 49253 | 49253 |
|  Available-for-sale debt securities | 18057 |  | 18057 |  | 18057 |
|  Interest rate swaps | 17 |  | 17 |  | 17 |
|  **Total assets** | $**87502** | $**20175** | $**18074** | $**49253** | $**87502** |
|  **Liabilities** |  |  |  |  |  |
|  SAFEs | $16928 |  |  | $16928 | $16928 |
|  Convertible debt | 16760 |  |  | 16760 | 16760 |
|  **Total liabilities** | $**33688** | $**—** | $**—** | $**33688** | $**33688** |

---

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**LENDBUZZ INC.** 

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)** 

The Company has investments in money market accounts, which are included in cash and cash equivalents on the consolidated balance sheets. Fair value inputs for these investments are considered Level 1 measurements within the Fair Value Hierarchy as money market account fair values are known and observable through daily published floating net asset values.

The Company has investments in available-for-sale debt securities related to bonds and residual certificates retained as a result of the Company's transfer of financial assets. Additionally, the Company holds interest rate swap instruments related to its debt. Fair value inputs for these investments are considered Level 2 measurements within the Fair Value Hierarchy as these instruments are not actively traded.

The Company has determined that its servicing assets, net, SAFEs and convertible debt are Level 3 because they do not trade in an active market with readily observable prices. Significant unobservable inputs, requiring significant judgments, are used to measure its fair value. As of June 30, 2025, the aggregate fair values of the SAFEs and convertible debt were measured at $16.9 million and $16.8 million, respectively, and are presented within the Other debt carried at fair value financial statement line item within the consolidated balance sheet.

*Servicing Assets, net* 

Upon the sale of a loan to a third-party loan buyer or unconsolidated securitization in which the Company retain servicing rights, the Company may recognize a servicing assets or liability. For the year ended December 31, 2024 and the six months ended June 30, 2025, respectively, the total outstanding unpaid principal balance at the time of sale was $648.5 million and $755.0 million, for which the Company retained servicing rights. As of December 31, 2024 and June 30, 2025, the remaining unpaid principal balance loans of the serviced loan portfolio was $859.4 million and $1,406.4 million, respectively.

The Company utilizes discounted cash flow models to arrive at an estimate of fair value. Significant assumptions used in the valuation of our servicing rights are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Adequate Compensation -* The rate a willing market participant would require for servicing loans with
similar characteristics as those in the serviced portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Discount Rate -* Estimated future payments to be received under servicing agreements are discounted as a
part of determining the fair value of the servicing rights. For servicing rights on loans, the discount rate reflects the time value of money and a risk premium intended to reflect the amount of compensation market participants would require.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Net Charge-off Rate -* The annualized rate of net charge-offs
within the total serviced loan balance, thus affecting the projected unpaid principal balance and expected term of the loan, which are used to project future servicing revenue and expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Conditional Prepayment Rate -* The monthly proportion of the principal of a pool of loans that is
voluntarily assumed to be paid off prematurely in each period, thus affecting the projected unpaid principal balance and expected term of the loan, which are used to project future servicing revenue and expenses.

The Company earned $2.7 million and $0.5 million, of servicing income, net for the six months ended June 30, 2024 and June 30, 2025, respectively.

As of December 31, 2024 and June 30, 2025, the aggregate fair value of the servicing assets was measured at $28.9 million and $49.3 million, respectively, and presented as servicing assets, net in the consolidated balance sheet.

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**LENDBUZZ INC.** 

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)** 

The following table summarizes the activity related to the aggregate fair value of our servicing assets as of the periods presented:

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **June 30,** |
| *(In thousands)* | **2024** | **2025** |
| Fair value at the beginning of the period | $9590 | $28924 |
| Initial transfer of financial assets | 26772 | 32418 |
| Subsequent changes in fair value | (7438) | (12089) |
|  Fair value at the end of the period | $28924 | $49253 |

---

The following table presents quantitative information about the significant unobservable inputs used for our Level 3 fair value measurement of servicing assets as of December 31, 2024:

---

| | | | |
|:---|:---|:---|:---|
| **Unobservable Input** | **Minimum** | **Maximum** | **Weighted<br>Average** |
|  Adequate compensation | 0.6% | 0.6% | 0.6% |
|  Discount rate | 12.0% | 12.0% | 12.0% |
|  Net default rate | 4.3% | 15.5% | 7.8% |
|  Conditional prepayment rate | 1.0% | 1.8% | 1.3% |

---

The following table presents quantitative information about the significant unobservable inputs used for our Level 3 fair value measurement of servicing assets as of June 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Unobservable Input** | **Minimum** | **Maximum** | **Weighted<br>Average** |
|  Adequate compensation | 0.6% | 0.6% | 0.6% |
|  Discount rate | 12.0% | 12.0% | 12.0% |
|  Net default rate | 4.3% | 15.0% | 10.4% |
|  Conditional prepayment rate | 0.7% | 1.8% | 1.1% |

---

The following table summarizes the effect that adverse changes in estimates would have on the fair value of the servicing assets and liabilities given hypothetical changes in significant unobservable inputs:

---

| | |
|:---|:---|
| *(In thousands)* | **June 30, 2025** |
|  Net adequate compensation assumption: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase of 25% | $(3056) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase of 50% | (6112) |
|  Net discount rate assumption: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase of 100bps | (645) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase of 200bps | (1276) |
|  Net default rate assumption: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase of 25% | (2046) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase of 50% | (4105) |
|  Conditional prepayment rate assumption: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase of 25% | (2377) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase of 50% | (4681) |

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**LENDBUZZ INC.** 

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)** 

**Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis** 

The following table presents the carrying value and estimated fair values of financial assets and liabilities disclosed but not carried at fair value and their level within the fair value hierarchy as of December 31, 2024:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **Fair Value** | **Fair Value** | **Fair Value** | **Fair Value** |
| *(In thousands)* | **Carrying<br>Amount** | **Level 1** | **Level 2** | **Level 3** | **Balance at<br>Fair Value** |
|  **Assets** |  |  |  |  |  |
|  Loan receivables, net | $1453644 | $— | $1584917 | $— | $1584917 |
|  **Total assets** | $**1453644** | $**—** | $**1584917** | $**—** | $**1584917** |
|  **Liabilities** |  |  |  |  |  |
|  Secured financing, net | $484870 | $— | $479295 | $— | $479295 |
|  Term credit facilities, net | 118641 |  | 118800 |  | 118800 |
|  Asset backed term debt, net | 774863 |  | 783499 |  | 783499 |
|  **Total liabilities** | $**1378374** | $**—** | $**1381594** | $**—** | $**1381594** |

---

The carrying value and estimated fair values of financial assets and liabilities disclosed but not carried at fair value and their level within the fair value hierarchy as of June 30, 2025 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **Fair Value** | **Fair Value** | **Fair Value** | **Fair Value** |
| *(In thousands)* | **Carrying<br>Amount** | **Level 1** | **Level 2** | **Level 3** | **Balance at<br>Fair Value** |
|  **Assets** |  |  |  |  |  |
|  Loan receivables, net<sup>(1)</sup> | $1464725 | $— | $1607169 | $— | $1607169 |
|  **Total assets** | $**1464725** | $**—** | $**1607169** | $**—** | $**1607169** |
|  **Liabilities** |  |  |  |  |  |
|  Secured financing, net | $324640 | $— | $327436 | $— | $327436 |
|  Term credit facilities, net | 207635 |  | 206864 |  | 206864 |
|  Asset backed term debt, net | 1067954 |  | 1077559 |  | 1077559 |
|  **Total liabilities** | $**1600229** | $**—** | $**1611859** | $**—** | $**1611859** |

---

(1) The carrying amount includes $34.7 million in consumer loans held-for-sale. The carrying value for loans held-for-sale represents the lower of amortized cost or fair value while the
carrying value for the loan portfolio is amortized cost, net of the allowance for credit losses.

**NOTE 7 - ACCRUED EXPENSES, ACCOUNTS PAYABLE, AND OTHER LIABILITIES** 

Accrued expenses and other liabilities consisted of the following (in thousands):

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **June 30,** |
|  | **2024** | **2025** |
|  Accrued payroll costs | $4283 | $3372 |
|  Dealership reserve | 24474 | 35242 |
|  Tax liabilities | 9819 | 15761 |
|  Lease liabilities | 7792 | 10171 |
|  Other accrued expenses | 14720 | 22615 |
|  Total accrued expenses and other liabilities | $61088 | $87161 |

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##### [**Table of Contents**](#toc)
**LENDBUZZ INC.** 

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)** 

**NOTE 8 - COMMITMENTS AND CONTINGENCIES** 

**Leases** – The Company's operating lease portfolio was primarily comprised of office space, and had remaining lease terms of approximately 5 months to 5 years. Lease expense is presented within general, administrative, and other in the consolidated statements of operations.

The Company issues letters of credit to the landlord of certain operating leases. As a result, as of December 31, 2024 and June 30, 2025, the Company has a restricted cash balance related to leases of $0.9 and $0.8 million respectively.

Lease expense for operating leases for the six months ended June 30, 2024 and 2025, was $1.0 million, and $1.4 million, respectively.

Supplemental balance sheet information related to leases is as follows:

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **June 30,** |
| *(In thousands)* | **2024** | **2025** |
|  **Operating leases** |  |  |
|  Total lease right-of-use assets, net of amortization | $6796 | $9311 |
|  Lease liabilities - current portion | (1489) | (2325) |
|  Lease liabilities - long-term portion | (6303) | (7846) |
| **Total lease liabilities** | $(7792) | $(10171) |
|  Weighted-average remaining lease term |  |  |
|  Operating leases | 4.8 years | 4.2 years |
|  Weighted-average discount rate |  |  |
|  Operating leases | 6.8% | 6.6% |

---

Future minimum lease payments under non-cancelable operating leases as of June 30, 2025, are as follows (in thousands):

---

| | |
|:---|:---|
| **Years Ending** | **Operating leases** |
| 2025 | $1469 |
| 2026 | 2888 |
| 2027 | 2752 |
| 2028 | 2647 |
| 2029 | 1634 |
|  Thereafter | 215 |
|  Total minimum future lease payments | $11605 |
|  Less amounts representing imputed interest | (1434) |
|  Present value of lease obligations | $10171 |

---

**Litigation** – From time to time, the Company is party to legal proceedings arising in the ordinary course of business. Based on information currently available, and based on its evaluation of such information, the Company believes the legal proceedings in which it is currently involved are not material or are not likely to result in a material adverse effect on the Company's business, financial condition or results of operations, or cannot currently be estimated. As of December 31, 2024 and June 30, 2025, the Company did not have potential litigation that warranted an accrual.

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**LENDBUZZ INC.** 

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)** 

**NOTE 9 - CONVERTIBLE PREFERRED STOCK** 

Convertible preferred stock as of June 30, 2025, consisted of the following (the number of warrants represents ordinary shares exercisable in respect thereof, the table is in whole numbers):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Authorized** | **Issued** | **Issue Date** | **Unexercised<br>Warrants** | **Issue Price<br>per Share** | **Liquidation<br>Preference** |
|  Series A | 6318220 | 6318220 | 6/30/2017 | 0 | $0.6635 | $4192265 |
|  Series A-1 | 4567840 | 4567840 | 6/30/2017 | 0 | $0.2524 | $1152740 |
|  Series A-2 | 371850 | 371850 | 6/30/2017 | 0 | $0.4153 | $154422 |
|  Series A-3 | 578280 | 578280 | 6/30/2017 | 0 | $0.5308 | $306957 |
|  Series B | 12158410 | 11274110 | 12/23/2018 | 884300 | $1.2234 | $13793084 |
|  Series B-1 | 2968920 | 2968920 | 12/23/2018 | 0 | $0.8421 | $2500009 |
|  Series C | 7221750 | 7221750 | 1/15/2020 | 0 | $3.4655 | $25026975 |
|  Series C-2 | 5970010 | 5970010 | 6/15/2021 | 0 | $8.3260 | $49706482 |
|  Series C-2A | 605240 | 605240 | 6/15/2021 | 0 | $8.3260 | $5039246 |
|  Series D | 3004900 | 3004900 | 7/25/2022 | 0 | $14.2419 | $42795515 |
|  Series D-A | 369820 | 369820 | 7/25/2022 | 0 | $14.2419 | $5266943 |
|  Series D-1 | 1530310 | 1530310 | 7/11/2023 | 0 | $16.6514 | $25481819 |
|  Series D-1A | 103800 | 103800 | 8/15/2023 | 0 | $16.6514 | $1728416 |

---

The Company's certificate of incorporation, as amended, designates and authorizes the Company to issue 45,769,350 shares of preferred stock, of which 11,836,190 shares are designated as Series A convertible preferred stock, 15,127,330 shares are designated as Series B convertible preferred stock, 13,797,000 shares as designated as Series C convertible preferred stock, and 5,008,830 shares as designated as Series D convertible preferred stock.

The holders of Series A, Series B, Series C, and Series D convertible preferred stock have various rights and preferences as follows:

*Voting* – Each share of convertible preferred stock has voting rights equal to an equivalent number of shares of common stock into which it is convertible and votes together as one class with the common stock, except as below:

Holders of a majority of the Series A, B, C, and D preferred stock are entitled to elect, voting as a separate class, one member to the Company's board of directors (the "Board of Directors"). Holders of a majority of the common stock are entitled to elect, i) two members to the Board of Directors, and ii) one additional independent director.

*Dividends* – The holders of Series A, Series B, Series C, and Series D preferred stock shall be entitled to receive, out of any funds legally available, noncumulative dividends prior and in preference to any dividends paid on the common stock. After payment of such dividends on the Series A, Series B, Series C, and Series D preferred stock, any additional dividends or distributions shall be distributed among all holders of Common Stock in proportion to the number of shares of Common Stock that would be held by each such holder if all shares of preferred stock were converted to Common Stock at the then-effective conversion rate. Such dividends are not cumulative. No dividends have been declared or paid on the Company's preferred stock.

*Liquidation Preference* – In the event of any liquidation, dissolution, or winding-up of the Company, the holders of preferred stock shall be entitled to receive, ratably, prior and in preference to any distribution of the assets or funds of the Company to the holders of the common stock, an amount equal to their respective issuance

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##### [**Table of Contents**](#toc)
**LENDBUZZ INC.** 

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)** 

price per share, as adjusted for stock splits, stock dividends, combinations, recapitalizations, and similar transactions, plus any accrued and unpaid dividends and any other declared but unpaid dividends (the "Liquidation Preference"). The liquidation preference mechanism is "non-participating," in which the distributable proceeds are calculated as the higher of (i) the original issue price per share plus declared but unpaid dividends, or (ii) such amounts per share as if all shares of preferred stock were converted into common stock, as further described in the Company's certificate of incorporation, as amended.

If the Company has insufficient assets to permit payment of the Liquidation Preference in full to all holders of preferred stock, then the assets of the Company shall be distributed ratably to the holders of preferred stock in proportion to the Liquidation Preference such holders would otherwise be entitled to receive. If the Company has insufficient assets to permit payment of the Liquidation Preference in full to all holders of preferred stock, then the assets of the Company shall be distributed ratably to the holders of Series D-1 and D-1A preferred stock. If any assets remain after distribution to holders of Series D-1 and D-1A preferred stock, then the assets would be distributed ratably to the holders of D and D-A preferred stock. If any assets remain after distribution to holders of Series D and D-A preferred stock, then the assets would be distributed ratably to the holders of C-2 and C-2A preferred stock. If any assets remain after distribution to holders of Series C-2 and C-2A preferred stock, then the assets would be distributed ratably to the holders of Series C preferred stock. If any assets remain after distribution to holders of Series C-2, C-2A, and C preferred stock, then the assets would be distributed ratably to the holders of Series B and B-1 preferred stock. If any assets remain after distribution to holders of Series C-2, C-2A, C, B, and B-1 preferred stock, then the assets would be distributed ratably to the holders of Series A, A-1, A-2, and A-3 preferred stock.

After payment of the Liquidation Preference to the holders of preferred stock, the remaining assets of the Company shall be distributed ratably to the holders of common stock on a fully converted basis.

*Redemption* – Series A, Series B, Series C, and Series D of convertible preferred stock are only redeemable in a deemed liquidation, as defined, where proceeds are not distributed to shareholders.

*Conversion* – Each share of preferred stock is convertible at the option of the holder, at any time after the date of issuance of such share, into shares of common stock as is determined by dividing the original purchase price of preferred stock by the conversion price in effect at the time of conversion for such series of preferred stock. The conversion price is equal to the original purchase price as of December 31, 2024 and June 30, 2025. The articles of incorporation include protection for issuance of any common stock at a price that is below the applicable conversion price for any series of preferred shares.

Each share of preferred stock will automatically be converted into shares of common stock at the then-effective conversion rate of such shares upon the earlier of (i) the closing of a public offering pursuant to an effective registration statement under the Securities Act of 1933, as amended, covering the offer and sale of common stock of the Company to the public with offering proceeds to the Company in excess of $50 million (net of underwriters' discounts, concessions, commissions, and expenses) or (ii) the consent of holders of at least a majority of the then-outstanding shares of preferred stock, voting together as a single class on an as-converted basis.

*Preferred Stock Warrants –* As part of the Preferred B Stock financing round which occurred on December 23, 2018, the Company issued to a revolving secured line of credit lender 1,532,580 warrants for Preferred B Stock, in which the exercise price was set at $0.979 per warrant. The warrants will expire on the earlier of (i) nine years from the issuance of the warrants, and (ii) the consummation of a change in control, as defined. The Preferred Stock Warrants have been accounted for as equity as of December 31, 2024 and June 30, 2025. During the year ended December 31, 2024 and the six months ended June 30, 2025, no warrants were exercised.

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##### [**Table of Contents**](#toc)
**LENDBUZZ INC.** 

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)** 

**NOTE 10 - COMMON STOCK** 

As of December 31, 2024 and June 30, 2025, respectively, the Company had 13,683,080 and 13,787,643 shares of common stock outstanding. At each of December 31, 2024 and June 30, 2025, the Company had 66,634,050 shares of common stock authorized and available to issue for purposes of satisfying conversion of preferred stock, the exercise of warrants, the exercise and future grant of common stock options, and for purposes of any future business acquisitions and transactions.

**NOTE 11 - STOCK-BASED COMPENSATION PLANS** 

In November 2019, the Company's Board of Directors approved an equity incentive plan (the "Plan"), pursuant to which directors, officers, employees and service providers may be granted stock options and RSUs, if certain conditions are met (the Plan is further defined in Note 12 to the Consolidated Financial Statements included in the Company's annual financial statements for the years ended December 31, 2022, 2023, and 2024 included elsewhere in this prospectus). Stock-based compensation expense for both employees and nonemployees was $3.7 million and $3.1 million for the six months ended June 30, 2024 and 2025 respectively.

During the six months ended June 30, 2024 and 2025, the Company granted 109,000 and 25,000 stock options under the Plan, respectively. Additionally, no RSUs were granted under the Plan during the six months ended June 30, 2024. During the six months ended June 30, 2025, the Company granted 328,950 RSUs under the Plan.

**NOTE 12 - NET INCOME PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS** 

Basic and diluted net loss per share attributable to Lendbuzz's common stockholders for the six months ended June 30, 2024 and 2025 (in thousands, except share and per share data):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2024** | **2024** | **2025** | **2025** |
|  | Basic | Diluted | Basic | Diluted |
|  **Numerator:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income attributable to common stockholders | $5630 | $5630 | $11101 | $11101 |
|  **Denominator:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Weighted average common, participating preferred shares outstanding, SAFEs, and participating warrants | 58372590 | 61207780 | 58605934 | 62645383 |
|  **Net income per share attributable to common stockholders** | $0.10 | $0.09 | $0.19 | $0.18 |

---

Securities are excluded from the diluted earnings per share calculation when their inclusion would have an antidilutive effect. Accordingly, 348,429 shares associated with convertible debt were excluded from the diluted earnings per share for the six months ended June 30, 2025 because their inclusion would be antidilutive as determined under the if-converted method. Refer to Note 14 - "Other Debt Carried at Fair Value" for additional details, including the terms and conditions, of the convertible debt.

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##### [**Table of Contents**](#toc)
**LENDBUZZ INC.** 

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)** 

**NOTE 13 - SEGMENT INFORMATION** 

The Company identifies operating segments in accordance with ASC Topic 280, "Segment Reporting", as components of a business for which discrete financial information is available and is regularly reviewed by the chief operating decision maker ("CODM"), or decision-making group, in making decisions regarding resource allocation and evaluating financial performance.

The CEO has been identified as our CODM. The Company is a financial technology company with subsidiaries engaging in the business of auto lending and activities closely related to auto lending. The Company's auto lending business contributes to substantially all of its total revenue and pre-tax income, and all revenue earned is attributable to loans originated in the United States. Substantially all of the Company's total assets, including long-lived assets are located in the United States, and the measure of segment assets is reported on the balance sheet as total consolidated assets. The CODM reviews financial information presented only on a consolidated basis for purposes of allocating resources and evaluating financial performance. As such, the Company has determined that it operates in a single operating segment and, therefore, one reportable segment.

Net Income is the primary profit measure that the CODM reviews in order to make resource allocation decisions and evaluate financial performance. The CODM uses this profit measure predominantly in the annual budget and forecasting process, and considers budget-to-actual variances on a monthly basis. The CODM also uses net income, along with other financial and non-financial data points, in determining the compensation of certain employees.

The table below provides the significant expenses of Net income regularly provided to the CODM (in thousands):

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
|  | **2024** | **2025** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest and fee income, net | $103160 | $139278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ancillary product revenue, net | 8674 | 7081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on sale of loans | 10855 | 26047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Servicing income, net | 2748 | 497 |
|  **Total revenue, net** | $125437 | $172903 |
|  Less: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provision for expected credit losses | 22543 | 37744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Funding costs | 43523 | 52518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ancillary product costs | 4637 | 3520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales and marketing | 10323 | 11773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Processing & servicing – compensation and benefits costs | 4469 | 5580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Processing & servicing – other costs | 8011 | 17037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Research & development – compensation and benefits costs | 3539 | 5097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General & administrative – compensation and benefits costs | 4182 | 5632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General & administrative – other costs | 4117 | 4655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 2977 | 3040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology expenses | 2786 | 3626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other segment items<sup>(a)</sup> | 8700 | 11580 |
|  Consolidated net income | $5630 | $11101 |

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**LENDBUZZ INC.** 

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)** 

(a) Other segment items included in Consolidated net income includes depreciation and amortization, stock-based
compensation, and income tax expense.

**NOTE 14 - OTHER DEBT CARRIED AT FAIR VALUE** 

During 2025, the Company entered in various convertible debt agreements and simple agreements for future equity ("SAFEs") with certain existing investors. Both are included on the balance sheet within the Other debt carried at fair value line item. Further information on these transactions is included below.

<u>Convertible Debt</u>

During the second quarter of 2025, the Company issued convertible debt agreements ("convertible debt") in exchange for aggregate proceeds of $16.7 million. The convertible debt bears interest at a rate of 10% per annum, and grants the investors the right, but not the obligation, to elect to convert any or all of the outstanding debt balance, into shares of common stock of the Company at the time of an Initial Public Offering ("IPO"). The debt will convert at the lesser of (a) the price per share of common stock sold to the public in the IPO as set forth in the final prospectus filed with the U.S. Securities and Exchange Commission pursuant to Rule 424(b) under the Securities Act; or (b) the price per share equal to $2 billion divided by the Company's aggregate amount of capital stock issued and outstanding, converting securities, issued and outstanding options, and unissued option pool. Alternatively, if the holder does not elect to convert all of the outstanding debt in an IPO, the holder may elect to have any or all of the outstanding debt a) repaid or b) transferred into a loan that bears interest at a rate of 10% per annum and a maturity date of May 2030 without any conversion features. If the Company completes an Equity Financing (wherein additional capital is raised via the issuance and sale of preferred stock) or a Deemed Liquidity Event, as defined by the agreements, prior to the completion of an IPO, the holder has the option to convert any or all of the outstanding debt balance to the securities being issued in such transaction.

The convertible debt are accounted for pursuant to ASC 470 *Debt*, and the Company has elected the fair value option under ASC 825, *Financial Instruments*. Under the fair value option, subsequent changes in fair value will be recognized in the Consolidated Statement of Operations. The value of the convertible debt as of June 30, 2025 was $16.8 million. During the six months ended June 30, 2025, the Company recorded $0.2 of interest expense. As of June 30, 2025, the weighted average interest rates for the Company's convertible debt, based on the debt outstanding and the interest rate as at the end of the period, was 10.00%.

<u>SAFEs</u>

During the second quarter of 2025, the Company entered into Simple Agreements for Future Equity ("SAFE") arrangements pursuant to which the Company received aggregate proceeds in the amount of $17.1 million. In the event of a Qualified IPO, as defined by the agreements, the SAFEs will automatically convert into shares of the Company's common stock, at a discount to the price per share of common stock sold to the public in the Qualified IPO as set forth in the final prospectus filed with the U.S. Securities and Exchange Commission pursuant to Rule 424(b) under the Securities Act. If the company completes an Equity Financing, a Deemed Liquidation Event, or a Non-Qualified IPO, each as defined by the agreements, prior to the completion of a Qualified IPO, the holder has the option, but not the obligation, to convert into the security then being issued at a discount of between 15% and 30% of the price per share in such transaction, dependent upon the timing of such an event. If not otherwise converted the invested amount by each investor shall automatically convert on April 30, 2035 (the "SAFE Maturity Date") into the most senior class of capital stock then outstanding, at a discount of 20% to 30%, dependent upon the timing of such an event.

The SAFEs are accounted for as a liability pursuant to ASC 480, *Distinguishing Liabilities from Equity*, and the Company has elected the fair value option under ASC 825, *Financial Instruments*. Under the fair value

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##### [**Table of Contents**](#toc)
**LENDBUZZ INC.** 

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)** 

option, subsequent changes in fair value will be recognized in the Consolidated Statement of Operations. The value of the SAFEs as of June 30, 2025 was $16.9 million.

**NOTE 15 - SUBSEQUENT EVENTS** 

The Company evaluated subsequent events from June 30, 2025, the date of these consolidated financial statements, through September 12, 2025 which represents the date the financial statements were available for issuance, for events requiring recording or disclosure in the financial statements for the period ended June 30, 2025. The Company concluded that the following events have occurred that would require recognition or disclosure in the consolidated financial statements, except as described below:

*<u>Securitization Transaction</u>* 

On July 25, 2025, the Company contributed loans in the amount of $25.0 million to Lendbuzz Securitization Trust 2025-2, and $24.1 million of the bond proceeds originally presented within restricted cash on the consolidated balance sheet were released.

See "Note 5 - "Debt Financing" for a discussion of the Company's asset-backed securitization program.

*<u>Term Credit Facility</u>* 

From June 30, 2025, the date of these consolidated financial statements, through September 12, 2025, which represents the date the financial statements were available for issuance, the Company transferred $151.4 million of collateral out of its term credit facility and paid down $130.7 million of related debt.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** 

**Common Stock** 

## Lendbuzz Inc.
![LOGO](g715014g00a02.jpg)

**PRELIMINARY PROSPECTUS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**, 2025** 

**Goldman Sachs & Co. LLC** 

**J.P. Morgan** 

**RBC Capital Markets** 

**Mizuho** 

**TD Securities** 

**Citizens Capital Markets** 

**Keefe, Bruyette & Woods** 

*A Stifel Company* 

**Needham & Company** 

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##### [**Table of Contents**](#toc)
**PART II** 

**INFORMATION NOT REQUIRED IN PROSPECTUS** 

**Item 13. Other Expenses of Issuance and Distribution** 

---

| | |
|:---|:---|
|  SEC registration fee | $\* |
|  FINRA filing fee | \* |
|  Listing fee | \* |
|  Transfer agent's fees | \* |
|  Printing and engraving expenses | \* |
|  Legal fees and expenses | \* |
|  Accounting fees and expenses | \* |
|  Blue sky fees and expenses | \* |
|  Miscellaneous | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $\* |

---

\* To be completed by amendment.

Each of the amounts set forth above, other than the registration fee and the FINRA filing fee, is an estimate.

**Item 14. Indemnification of Directors and Officers** 

Section 145 of the Delaware General Corporation Law provides that a corporation may indemnify directors and officers as well as other employees and individuals against expenses (including attorneys' fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by such person in connection with any threatened, pending or completed actions, suits or proceedings in which such person is made a party by reason of such person being or having been a director, officer, employee or agent to the registrant. The Delaware General Corporation Law provides that Section 145 is not exclusive of other rights to which those seeking indemnification may be entitled under any bylaw, agreement, vote of stockholders or disinterested directors or otherwise. The registrant's amended and restated certificate of incorporation and amended and restated bylaws provide for indemnification by the registrant of its directors, and officers and to the fullest extent permitted by the Delaware General Corporation Law. The registrant has entered into indemnification agreements with each of its current directors and executive officers to provide these directors and executive officers additional contractual assurances regarding the scope of the indemnification set forth in the registrant's amended and restated certificate of incorporation and amended and restated bylaws and to provide additional procedural protections. There is no pending litigation or proceeding involving a director or executive officer of the registrant for which indemnification is sought.

Section 102(b)(7) of the Delaware General Corporation Law permits a corporation to provide in its certificate of incorporation that a director or officer of the corporation shall not be personally liable to the corporation or its stockholders for monetary damages for breach of fiduciary duty as a director or officer, except for liability (i) for any breach of the director's or officer's duty of loyalty to the corporation or its stockholders, (ii) for acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law, (iii) for a director for unlawful payments of dividends or unlawful stock repurchases, redemptions or other distributions, (iv) for any transaction from which the director or officer derived an improper personal benefit or (v) for an officer in any action by or in the right of the corporation. The registrant's amended and restated certificate of incorporation and amended and restated bylaws provides for such limitation of liability.

The registrant maintains standard policies of insurance under which coverage is provided (a) to its directors and officers against loss rising from claims made by reason of breach of duty or other wrongful act, and (b) to the

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##### [**Table of Contents**](#toc)
registrant with respect to payments which may be made by the registrant to such officers and directors pursuant to the above indemnification provision or otherwise as a matter of law.

The proposed form of underwriting agreement filed as Exhibit 1 to this registration statement provides for indemnification of directors and officers of the registrant by the underwriters against certain liabilities.

**Item 15. Recent Sales of Unregistered Securities** 

Since March 1, 2022 through the date of the prospectus that is a part of this registration statement, the registrant has sold the following securities without registration under the Securities Act of 1933:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) We have granted, under our 2019 Equity Incentive Plan, options to purchase an aggregate of 3,698,820 shares of
our voting common stock to our employees, consultants, and directors, having exercise prices ranging from $3.63 to $12.94 per share, and 1,100,950 restricted stock units to be settled in shares of our voting common stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) We have issued and sold to our employees, consultants, and directors an aggregate of 1,244,530 shares of our
voting common stock upon the exercise of stock options under our 2019 Equity Incentive Plan, at exercise prices ranging from $0.40 to $8.96 per share, for an approximate weighted-average exercise price of $0.92 per share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) In July and August 2022 we issued and sold an aggregate of 3,004,900 shares of our Series D voting convertible
preferred stock at a purchase price of $14.24191 per share for an aggregate amount of $42.8 million in a private placement to five accredited investors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) In July 2022 we issued and sold an aggregate of 369,820 shares of our Series D-A non-voting convertible preferred stock at a purchase price of $14.24191 per share for an aggregate amount of $5.3 million in a private placement to one
accredited investor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) In July and August 2023 we issued and sold an aggregate of 1,530,310 shares of our Series D-1 voting convertible preferred stock at a purchase price of $16.65141 per share for an aggregate amount of $25.5 million in a private placement to five accredited investors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) In August 2023 we issued and sold an aggregate of 103,800 shares of our Series D-1A non-voting convertible preferred stock at a purchase price of $16.65141 per share for an aggregate amount of $1.7 million in a private placement to one
accredited investor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) In April, May and June 2025, we entered into SAFEs with certain investors in the total amount of
$17,050,000. See "Management's Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Convertible Financings" for more information on the terms of the SAFEs.

The foregoing share and per share amounts have been retroactively adjusted to give effect to our ten-for-one stock split for all classes of stock, which was effected on August 12, 2024. None of the foregoing transactions involved any underwriters, underwriting discounts or commissions, or any public offering. Unless otherwise specified above, we believe these transactions were exempt from registration under the Securities Act in reliance on Section 4(a)(2) of the Securities Act (and Regulation D or Regulation S promulgated thereunder) or Rule 701 promulgated under Section 3(b) of the Securities Act as transactions by an issuer not involving any public offering or under benefit plans and contracts relating to compensation as provided under Rule 701. The recipients of the securities in each of these transactions represented their intentions to acquire the securities for investment only and not with a view to or for sale in connection with any distribution thereof, and appropriate legends were placed on the share certificates issued in these transactions. All recipients had adequate access, through their relationships with us, to information about us. The sales of these securities were made without any general solicitation or advertising.

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**Item 16. Exhibits and Financial Statement Schedules** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Exhibits.

The following exhibits are filed as part of this registration statement:

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| | |
|:---|:---|
| **Exhibit<br>Number** | **Description** |
| 1.1 | [Form of Underwriting Agreement](d715014dex11.htm) |
| 3.1 | [Amended and Restated Certificate of Incorporation, as currently in effect](d715014dex31.htm) |
| 3.2 | [Form of Amended and Restated Certificate of Incorporation of the Registrant, to be effective immediately prior to the closing of this offering](d715014dex32.htm) |
| 3.3 | [Bylaws of Lendbuzz Inc., as currently in effect](d715014dex33.htm) |
| 3.4 | [Form of Amended and Restated By-Laws of the Registrant, to be effective prior to the closing of this offering](d715014dex34.htm) |
| 4.1 | [Amended and Restated Investors' Right Agreement, dated July 11, 2023, by and among the Registrant and certain of its stockholders](d715014dex41.htm) |
| 4.2 | [Amendment to the Amended and Restated Investors' Rights Agreement, dated August 15, 2023, by and among the Registrant and certain of its Stockholders](d715014dex42.htm) |
| 4.3 | [Amended and Restated warrant to purchase stock of Lendbuzz Inc., dated as of July 11, 2023, by and between the Registrant and Viola Credit Alternative Lending SPV, Limited Partnership](d715014dex43.htm) |
| 5.1\* | Form of Opinion of Davis Polk & Wardwell LLP |
| 10.1 | [Form of Indemnification Agreement, by and between the Registrant and its directors, officers and key employees](d715014dex101.htm) |
| 10.2 | [Lendbuzz Inc. 2019 Equity Incentive Plan](d715014dex102.htm) |
| 10.3 | [Lendbuzz Inc. 2019 Equity Incentive Plan Sub-Plan for Participants in Israel](d715014dex103.htm) |
| 10.4 | [Form of Notice of Stock Option Grant under the Lendbuzz Inc. 2019 Equity Incentive Plan (U.S. Form)](d715014dex104.htm) |
| 10.5 | [Form of Notice of Stock Option Grant under the Lendbuzz Inc. 2019 Equity Incentive Plan (Israel Form)](d715014dex105.htm) |
| 10.6 | [Lendbuzz Inc. 2025 Omnibus Incentive Plan](d715014dex106.htm) |
| 10.7 | [Lendbuzz Inc. 2025 Employee Stock Purchase Plan](d715014dex107.htm) |
| 10.8 | [Lendbuzz Inc. 2025 Cash Incentive Compensation Plan](d715014dex108.htm) |
| 10.9† | [Offer Letter, dated May 12, 2017, by and between Lendbuzz Inc. and Amitay Kalmar](d715014dex109.htm) |
| 10.10† | [Employment Agreement, dated June 1, 2021, by and between Lendbuzz Inc. and Dan Raviv](d715014dex1010.htm) |
| 10.11† | [Offer Letter, dated May 20, 2021, by and between Lendbuzz Inc. and George Sclavos](d715014dex1011.htm) |
| 10.12† | [Lease, by and between Lendbuzz Inc. and 100 Summer Owner LLC](d715014dex1012.htm) |
| 10.13 | [Lease, by and between Lendbuzz Ltd. and Cotserv Commercial Technical Services Ltd.](d715014dex1013.htm) |
| 10.14# | [Line of Credit Agreement, dated March 31, 2023, by and among Lendbuzz Inc, Lendbuzz Funding LLC and Bank Hapoalim B.M.](d715014dex1014.htm) |
| 10.15 | [Amendment, dated June 3, 2024, to Line of Credit Agreement, dated March 31, 2023, by and among Lendbuzz Inc, Lendbuzz Funding LLC and Bank Hapoalim B.M.](d715014dex1015.htm) |
| 10.16 | [Amendment, dated March 31, 2025, to Line of Credit Agreement, dated March 31, 2023, by and among Lendbuzz Inc, Lendbuzz Funding LLC and Bank Hapoalim B.M.](d715014dex1016.htm) |

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##### [**Table of Contents**](#toc)

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| | |
|:---|:---|
| **Exhibit<br>Number** | **Description** |
| 10.17 | [Amended and Restated Line of Credit Note (Committed) issued by Lendbuzz Inc. and Lendbuzz Funding LLC in favor of Bank Hapoalim B.M., dated March 31, 2025.](d715014dex1017.htm) |
| 10.18#† | [Amendment No. 9, dated June 20, 2025, to the Amended and Restated Revolving Credit Agreement and Security Agreement, dated April 20, 2021, by and among Lendbuzz SPV IV, LLC, Lendbuzz Funding LLC, the lenders from time-to-time party to, Goldman Sachs Bank USA.](d715014dex1018.htm) |
| 10.19#† | [Fourth Amended and Restated Loan Agreement, dated August 30, 2022, by and among Lendbuzz Floorplan SPV I, LLC, Lendbuzz Floorplan LLC, the lenders from time to time thereto and Regions Bank](d715014dex1019.htm) |
| 10.20#† | [Fourth Amended and Restated Loan Agreement, date April 16, 2025, by and among Lendbuzz SPV VII, LLC, Lendbuzz Funding LLC, the lender from time to time thereto and JPMorgan Chase Bank, N.A.](d715014dex1020.htm) |
| 10.21#† | [Seventh Amendment, dated March 25, 2025, to the Amended and Restated Loan Agreement, dated October 28, 2022, by and among Lendbuzz SPV VIII, LLC, Lendbuzz Funding LLC, the lenders from time to time thereto and Regions Bank](d715014dex1021.htm) |
| 10.22#† | [Eighth Amendment to the Amended and Restated Loan Agreement, dated October 28, 2022, by and among Lendbuzz SPV VIII, LLC, Lendbuzz Funding LLC, the lenders from time to time thereto and Regions Bank](d715014dex1022.htm) |
| 10.23#† | [Amendment No. 10, dated February 14, 2025, to the Loan Agreement, dated January 18, 2022, by and among Lendbuzz SPV V, LLC, Lendbuzz Funding LLC, the lenders from time-to-time parties thereto and JPMorgan Chase Bank, N.A.](d715014dex1023.htm) |
| 10.24#† | [Loan Agreement, dated January 24, 2024, by and among Lendbuzz SPV IX, LLC, Lendbuzz Funding LLC, the lenders from time to time thereto and Mizuho Bank, Ltd.](d715014dex1024.htm) |
| 10.25 | [Form of Subordinated Unsecured Convertible Loan Agreement, by and between the Registrant and certain of its investors](d715014dex1025.htm) |
| 10.26 | [Form of Simple Agreement for Future Equity, by and between the Registrant and certain of its investors](d715014dex1026.htm) |
| 10.27 | [Lendbuzz Inc. Non-Employee Director Compensation Policy](d715014dex1027.htm) |
| 10.28 | [Form of Lendbuzz Inc. 2025 Omnibus Incentive Plan Restricted Stock Unit Agreement for Employees](d715014dex1028.htm) |
| 10.29 | [Form of Lendbuzz Inc. 2025 Omnibus Incentive Plan Restricted Stock Unit Agreement for Directors](d715014dex1029.htm) |
| 10.30 | [Form of Lendbuzz Inc. 2025 Omnibus Incentive Plan Performance-Based Restricted Stock Unit Agreement](d715014dex1030.htm) |
| 10.31 | [Employment Agreement by and between Lendbuzz Inc. and Amitay Kalmar](d715014dex1031.htm) |
| 10.32 | [Employment Agreement by and between Lendbuzz Inc. and George Sclavos](d715014dex1032.htm) |
| 10.33 | [Employment Agreement by and between Lendbuzz Inc. and Dan Raviv](d715014dex1033.htm) |
| 10.34 | [Lendbuzz Inc. Executive Change in Control Severance Plan](d715014dex1034.htm) |
| 21.1 | [Subsidiaries of the Registrant](d715014dex211.htm) |
| 23.1 | [Consent of Deloitte & Touche LLP, Independent Registered Public Accounting Firm](d715014dex231.htm) |
| 23.2\* | Consent of Davis Polk & Wardwell LLP (included in Exhibit 5.1) |
| 24.1 | [Power of Attorney (included on signature page)](d715014ds1.htm#sig) |
| 107 | [Filing Fee Table](d715014dexfilingfees.htm) |

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##### [**Table of Contents**](#toc)
\* To be submitted by amendment.

# Portions of this exhibit (indicated by asterisks) have been omitted because the registrant has determined that the information is not material and is of the type that the registrant treats as private or confidential.

† Certain schedules have been omitted pursuant to Item 601(a)(5) of Regulation S-K. The registrant hereby
undertakes to furnish supplementally a copy of any omitted exhibit or schedule upon request by the Securities and Exchange Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Financial Statement Schedules.

All financial statement Schedules are omitted because they are not required or because the information is provided elsewhere in the financial statements included in this registration statement.

**Item 17. Undertakings** 

The undersigned registrant hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The undersigned registrant hereby undertakes to provide to the underwriter at the closing specified in the
underwriting agreement certificates in such denominations and registered in such names as required by the underwriter to permit prompt delivery to each purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to
directors, officers and controlling persons of the registrant pursuant to the provisions referenced in Item 14 of this registration statement, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange
Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred
or paid by a director, officer, or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered
hereunder, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question of whether such indemnification by it is against public policy as
expressed in the Act and will be governed by the final adjudication of such issue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The undersigned registrant hereby undertakes that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) For purposes of determining any liability under the Securities Act of 1933, the information omitted from the
form of prospectus filed as part of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by the registrant pursuant to Rule 424(b)(1) or (4) or 497(h) under the Securities Act shall be deemed to be
part of this registration statement as of the time it was declared effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) For the purpose of determining any liability under the Securities Act of 1933, each post-effective amendment
that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

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##### [**Table of Contents**](#toc)
**SIGNATURES** 

Pursuant to the requirements of the Securities Act of 1933, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Boston, State of Massachusetts, on the 12th day of September, 2025.

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| | | |
|:---|:---|:---|
|  Lendbuzz Inc. | Lendbuzz Inc. | Lendbuzz Inc. |
| By: | /s/ Amitay Kalmar | /s/ Amitay Kalmar |
|  | Name:  | Amitay Kalmar |
|  | Title:  | Chief Executive Officer, Co-Founder, and Director |

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##### [**Table of Contents**](#toc)
KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Amitay Kalmar, George Sclavos, and each of them, his or her true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for him or her and in his or her name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this registration statement and any and all additional registration statements pursuant to Rule 462(b) of the Securities Act of 1933, and to file the same, with all exhibits thereto, and all other documents in connection therewith, with the Securities and Exchange Commission, granting unto each said attorney-in-fact and agents full power and authority to do and perform each and every act in person, hereby ratifying and confirming all that said attorneys-in-fact and agents or either of them or their or his or her substitute or substitutes may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities and on the dates indicated.

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| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| /s/ Amitay Kalmar<br> Amitay Kalmar | Chief Executive Officer, Co-Founder, and Director<br> (*Principal Executive Officer*) | September 12, 2025 |
| /s/ George Sclavos<br> George Sclavos | Chief Financial Officer<br>(*Principal Financial Officer*) | September 12, 2025 |
| /s/ Dan Raviv<br> Dan Raviv | Chief Technology Officer, Co-Founder, and Director | September 12, 2025 |
| /s/ Laurel Bowden<br> Laurel Bowden | Director | September 12, 2025 |
| /s/ Ziv Kop<br> Ziv Kop | Director | September 12, 2025 |
| /s/ David Krell<br> David Krell | Director | September 12, 2025 |
| /s/ Stephen Linehan<br> Stephen Linehan | Director | September 12, 2025 |
| /s/ Diane Offereins<br> Diane Offereins | Director | September 12, 2025 |

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## Exhibit 1.1

**Exhibit 1.1** 

**Lendbuzz Inc.** 

**Common Stock** 

**<u>Underwriting Agreement</u>**

[•], 2025

Goldman Sachs & Co. LLC

J.P. Morgan Securities LLC

As representatives (the "<u>Representatives</u>") of the several Underwriters

named in Schedule I hereto,

c/o Goldman Sachs & Co. LLC

200 West Street

New York, New York 10282

c/o J.P. Morgan Securities LLC

383 Madison Avenue

New York, New York 10179

Ladies and Gentlemen:

Lendbuzz Inc., a Delaware corporation (the "<u>Company</u>"), proposes, subject to the terms and conditions stated in this agreement (this "<u>Agreement</u>"), to issue and sell to the Underwriters named in Schedule I hereto (the "<u>Underwriters</u>") an aggregate of [•] shares of common stock, par value $0.001 per share ("<u>Stock</u>") of the Company and the stockholders of the Company named in Schedule II hereto (the "<u>Selling Stockholders</u>") propose, subject to the terms and conditions stated in this Agreement, to sell to the Underwriters an aggregate of [•] shares of Stock. The aggregate of [•] shares of Stock to be sold by the Company and the Selling Stockholders is herein called the "<u>Firm Shares</u>." At the election of the Underwriters, the Selling Stockholders propose, subject to the terms and conditions stated in this Agreement, to sell to the Underwriters up to [•] additional shares of Stock (the "<u>Optional Shares</u>"). The Firm Shares and the Optional Shares that the Underwriters elect to purchase pursuant to Section 2 hereof are herein collectively called the "<u>Shares</u>."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. (a) The Company represents and warrants to, and agrees with, each of the Underwriters that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) A registration statement on Form S-1 (File No. 333-[•]) (the "<u>Initial Registration Statement</u>") in respect of the Shares has been filed with the Securities and Exchange Commission (the "<u>Commission</u>"); the Initial Registration Statement and any post-effective amendment thereto, each in the form heretofore delivered to the Representatives, have been declared effective by the Commission in such form; other than a registration statement, if any, increasing the size of the offering (a "<u>Rule 462(b) Registration Statement</u>"), filed pursuant to Rule 462(b) under the Securities Act of 1933, as amended (the "<u>Act</u>"), which became effective upon filing, no other document with respect to the Initial Registration Statement has been filed

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with the Commission; and no stop order suspending the effectiveness of the Initial Registration Statement, any post-effective amendment thereto or the Rule 462(b) Registration Statement, if any, has been issued and no proceeding for that purpose or pursuant to Section 8A of the Act has been initiated or, to the knowledge of the Company, threatened by the Commission (any preliminary prospectus included in the Initial Registration Statement or filed with the Commission pursuant to Rule 424(a) under the Act is hereinafter called a "<u>Preliminary Prospectus</u>"; the various parts of the Initial Registration Statement and the Rule 462(b) Registration Statement, if any, including all exhibits thereto and including the information contained in the form of final prospectus filed with the Commission pursuant to Rule 424(b) under the Act in accordance with Section 5(a) hereof and deemed by virtue of Rule 430A under the Act to be part of the Initial Registration Statement at the time it was declared effective, each as amended at the time such part of the Initial Registration Statement became effective or such part of the Rule 462(b) Registration Statement, if any, became or hereafter becomes effective, are hereinafter collectively called the "<u>Registration Statement</u>"; the Preliminary Prospectus relating to the Shares that was included in the Registration Statement immediately prior to the Applicable Time (as defined in Section 1(a)(iii) hereof) is hereinafter called the "<u>Pricing Prospectus</u>"; such final prospectus, in the form first filed pursuant to Rule 424(b) under the Act, is hereinafter called the "<u>Prospectus</u>"; any oral or written communication with potential investors undertaken in reliance on Section 5(d) of the Act or Rule 163B under the Act is hereinafter called a "<u>Testing-the-Waters Communication</u>"; and any Testing-the-Waters Communication that is a written communication within the meaning of Rule 405 under the Act is hereinafter called a "<u>Written Testing-the-Waters Communication</u>"; and any "issuer free writing prospectus" as defined in Rule 433 under the Act relating to the Shares is hereinafter called an "<u>Issuer Free Writing Prospectus</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) (A) No order preventing or suspending the use of any Preliminary Prospectus or any Issuer Free Writing Prospectus has been issued by the Commission, and (B) each Preliminary Prospectus, at the time of filing thereof, conformed in all material respects to the requirements of the Act and the rules and regulations of the Commission thereunder, and did not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided, however, that this representation and warranty shall not apply to any statements or omissions made in reliance upon and in conformity with the Underwriter Information (as defined in Section 9(c) of this Agreement)**;**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) For the purposes of this Agreement, the "<u>Applicable Time</u>" is [•] [a.m.]/[p.m.] (Eastern time) on the date of this Agreement; the Pricing Prospectus, as supplemented by the information listed on Schedule III(c) hereto, taken together (collectively, the "<u>Pricing Disclosure Package</u>"), as of the Applicable Time, did not, and as of each Time of Delivery (as defined in Section 4(a) of this Agreement) will not, include any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; and each Issuer Free Writing Prospectus and each Written Testing-the-Waters Communication does not conflict with the information contained in the Registration Statement, the Pricing Prospectus or the Prospectus, and each Issuer Free Writing Prospectus and each Written Testing-the-Waters Communication, as supplemented by and taken together with the Pricing Disclosure Package, as of the Applicable Time, did not, and as of each Time of Delivery, will not, include any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided, however, that this representation and warranty shall not apply to statements or omissions made in reliance upon and in conformity with the Underwriter Information;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) No documents were filed with the Commission since the Commission's close of business on the business day immediately prior to the date of this Agreement and prior to the execution of this Agreement, except as set forth on Schedule III(b) hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The Registration Statement conforms, and the Prospectus and any further amendments or supplements to the Registration Statement and the Prospectus will conform, in all material respects to the requirements of the Act and the rules and regulations of the Commission thereunder and do not and will not, as of the applicable effective date as to each part of the Registration Statement, as of the applicable filing date as to the Prospectus and any amendment or supplement thereto, and as of each Time of Delivery, contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein (in the case of the Prospectus and any amendment or supplement thereto, in light of the circumstances under which they were made) not misleading; provided, however, that this representation and warranty shall not apply to any statements or omissions made in reliance upon and in conformity with the Underwriter Information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Neither the Company nor any of its subsidiaries has, since the date of the latest audited financial statements included in the Pricing Prospectus, (i) sustained any material loss or interference with its business from fire, explosion, flood or other calamity, whether or not covered by insurance, or from any labor dispute or court or governmental action, order or decree or (ii) entered into any transaction or agreement (whether or not in the ordinary course of business) that is material to the Company and its subsidiaries taken as a whole or incurred any liability or obligation, direct or contingent, that is material to the Company and its subsidiaries taken as a whole, in each case other than as set forth or contemplated in the Pricing Prospectus; and, since the respective dates as of which information is given in the Registration Statement and the Pricing Prospectus, there has not been (x) any change in the capital stock (other than as a result of (i) the exercise, if any, of stock options or the award, if any, of stock options or restricted stock in the ordinary course of business pursuant to the Company's equity plans that are described in the Pricing Prospectus and the Prospectus, (ii) the repurchase of shares of stock upon termination of the holder's employment or service with the Company pursuant to agreements providing for an option to repurchase or (iii) the issuance, if any, of stock upon conversion of Company securities as described in the Pricing Prospectus and the Prospectus) or long-term debt of the Company or any of its subsidiaries or (y) any Material Adverse Effect (as defined below); as used in this Agreement, "<u>Material Adverse Effect</u>" shall mean any material adverse change or effect, or any development involving a prospective material adverse change or effect, in or affecting (i) the business, properties, general affairs, management, financial position, stockholders' equity or results of operations of the Company and its subsidiaries, taken as a whole, except as set forth or contemplated in the Pricing Prospectus, or (ii) the ability of the Company to perform its obligations under this Agreement, including the issuance and sale of the Shares, or to consummate the transactions contemplated in the Pricing Prospectus and the Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) The Company and its subsidiaries do not own any real property and have good and marketable title to all personal property owned by them (other than with respect to Intellectual Property Rights (as defined below), which are addressed in subsection (xxvi) of this Section 1(a)), in each case free and clear of all liens, encumbrances and defects except such as do not materially affect the value of such property and do not interfere with the use made and proposed

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to be made of such property by the Company and its subsidiaries; and any real property and buildings held under lease by the Company and its subsidiaries are held by them under valid, subsisting and enforceable leases (subject to the effects of (i) bankruptcy, insolvency, fraudulent conveyance, fraudulent transfer, reorganization, moratorium or other similar laws relating to or affecting the rights or remedies of creditors generally; (ii) the application of general principles of equity (including without limitation, concept of materiality, reasonableness, good faith and fair dealing, regardless of whether enforcement is considered in proceedings at law or in equity); and (iii) applicable law and public policy with respect to indemnity and contribution) with such exceptions as are not material and do not materially interfere with the use made and proposed to be made of such property and buildings by the Company and its subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Each of the Company and each of its subsidiaries has been (i) duly incorporated or organized and is validly existing and in good standing under the laws of its jurisdiction of incorporation or organization, with power and authority (corporate and other) to own its properties and conduct its business as described in the Pricing Prospectus, and (ii) duly qualified as a foreign corporation for the transaction of business and is in good standing (where such concept exists) under the laws of each other jurisdiction in which it owns or leases properties or conducts any business so as to require such qualification, except, in the case of this clause (ii), where the failure to be so qualified or in good standing would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect; and each subsidiary of the Company has been listed in the Registration Statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) The Company has an authorized capitalization as set forth in the Pricing Prospectus and all of the issued and outstanding shares of capital stock of the Company, including the Shares to be sold by the Selling Stockholders, have been duly and validly authorized and issued and are fully paid and non-assessable and conform to the description of the Stock contained in the Pricing Disclosure Package and the Prospectus; and all of the issued and outstanding shares of capital stock of each subsidiary of the Company have been duly and validly authorized and issued, are fully paid and non-assessable and (except, in the case of any foreign subsidiary, for directors' qualifying shares) are owned directly or indirectly by the Company, free and clear of all liens, encumbrances, equities or claims;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) The Shares to be issued and sold by the Company have been duly and validly authorized and, when issued and delivered against payment therefor as provided herein, will be duly and validly issued and fully paid and non-assessable and will conform in all material respects to the description of the Stock contained in the Pricing Disclosure Package and the Prospectus; and the issuance of the Shares is not subject to any preemptive or similar rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) The issue and sale of the Shares to be sold by the Company and the compliance by the Company with this Agreement and the consummation of the transactions contemplated in this Agreement and the Pricing Prospectus will not conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, (A) any indenture, mortgage, deed of trust, loan agreement, lease or other agreement or instrument to which the Company or any of its subsidiaries is a party or by which the Company or any of its subsidiaries is bound or to which any of the property or assets of the Company or any of its subsidiaries is subject, (B) the certificate of incorporation or by-laws (or other applicable organizational document) of the Company or any of its subsidiaries, or (C) any statute or any judgment, order, rule or regulation of any court or governmental agency or body having jurisdiction over the Company or any of its subsidiaries or any of their properties, except, in the case of this clauses (A) and (C) for such defaults, breaches, or violations that would not, individually or in the aggregate, reasonably be

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expected to have a Material Adverse Effect; and no consent, approval, authorization, order, registration or qualification of or with any such court or governmental agency or body is required for the issue of the Shares to be sold by the Company and the sale of the Shares by the Company or the consummation by the Company of the transactions contemplated by this Agreement, except such as have been obtained under the Act, the approval by the Financial Industry Regulatory Authority ("<u>FINRA</u>") of the underwriting terms and arrangements and such consents, approvals, authorizations, orders, registrations or qualifications as may be required under state securities or Blue Sky laws in connection with the purchase and distribution of the Shares by the Underwriters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) Neither the Company nor any of its subsidiaries is (i) in violation of its certificate of incorporation or by-laws (or other applicable organizational document), (ii) in violation of any statute or any judgment, order, rule or regulation of any court or governmental agency or body having jurisdiction over the Company or any of its subsidiaries or any of their properties, or (iii) in default in the performance or observance of any obligation, agreement, covenant or condition contained in any indenture, mortgage, deed of trust, loan agreement, lease or other agreement or instrument to which it is a party or by which it or any of its properties may be bound, except, in the case of the foregoing clauses (ii) and (iii), for such defaults as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) The statements set forth in the Pricing Prospectus and the Prospectus under the caption "Description of Capital Stock;" insofar as they purport to constitute a summary of the terms of the Stock, under the caption "Material U.S. Federal Tax Considerations for Non-U.S. Holders;" and under the caption "Underwriting;" insofar as they purport to describe the provisions of the laws and documents referred to therein, are accurate, complete and fair in all material respects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) Other than as set forth in the Pricing Prospectus, there are no legal, governmental or regulatory investigations, actions, demands, claims, suits, arbitrations, inquiries or proceedings ("<u>Actions</u>") pending to which the Company or any of its subsidiaries or, to the Company's knowledge, any officer or director of the Company is a party or of which any property or assets of the Company or any of its subsidiaries or, to the Company's knowledge, any officer or director of the Company is the subject which, if determined adversely to the Company or any of its subsidiaries (or such officer or director), would individually or in the aggregate reasonably be expected to have a Material Adverse Effect; and, to the Company's knowledge, no such proceedings are threatened or contemplated by governmental authorities or others; there are no current or pending Actions that are required under the Act to be described in the Registration Statement or the Pricing Prospectus that are not so described therein; and there are no statutes, regulations or contracts or other documents that are required under the Act to be filed as exhibits to the Registration Statement or described in the Registration Statement, the Pricing Prospectus that are not so filed as exhibits to the Registration Statement or described in the Registration Statement and the Pricing Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) The Company is not and, immediately after giving effect to the offering and sale of the Shares and the application of the proceeds thereof, will not be an "investment company," as such term is defined in the Investment Company Act of 1940, as amended (the "<u>Investment Company Act</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) At the time of filing the Initial Registration Statement and any post-effective amendment thereto, at the earliest time thereafter that the Company or any offering participant made a bona fide offer (within the meaning of Rule 164(h)(2) under the Act) of the Shares, and at the date hereof, the Company was not and is not an "ineligible issuer," as defined in Rule 405 under the Act;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) Deloitte & Touche LLP, who have certified certain financial statements of the Company and its subsidiaries, are independent public accountants as required by the Act and the rules and regulations of the Commission thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) The Company maintains a system of internal control over financial reporting (as such term is defined in Rule 13a-15(f) under the Securities Exchange Act of 1934, as amended (the "<u>Exchange Act</u>")) that (i) complies with the requirements of the Exchange Act applicable to the Company, (ii) has been designed by the Company's principal executive officer and principal financial officer, or under their supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles and (iii) is designed to provide reasonable assurance that (A) transactions are executed in accordance with management's general or specific authorization, (B) transactions are recorded as necessary to permit preparation of financial statements in conformity with generally accepted accounting principles and to maintain accountability for assets, (C) access to assets is permitted only in accordance with management's general or specific authorization and (D) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences; and the Company's internal control over financial reporting is effective and the Company is not aware of any material weaknesses in its internal control over financial reporting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) Since the date of the latest audited financial statements included in the Pricing Prospectus, there has been no change in the Company's internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting (it being understood that this subsection shall not require the Company to comply with Section 404 of the Sarbanes-Oxley Act of 2002, as amended, and the rules and regulations promulgated in connection therewith (the "Sarbanes-Oxley Act") as of an earlier date than it would otherwise be required to so comply under applicable law);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) The Company maintains disclosure controls and procedures (as such term is defined in Rule 13a-15(e) under the Exchange Act) that comply with the requirements of the Exchange Act; such disclosure controls and procedures have been designed to ensure that material information relating to the Company and its subsidiaries is made known to the Company's principal executive officer and principal financial officer by others within those entities; and such disclosure controls and procedures are effective;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi) This Agreement has been duly authorized, executed and delivered by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxii) Neither the Company nor any of its subsidiaries, nor any director or officer of the Company or any of its subsidiaries nor, to the knowledge of the Company, any agent, affiliate, employee or other person acting on behalf of the Company or any of its subsidiaries has (i) made, offered, promised or authorized any unlawful contribution, gift, entertainment or other unlawful expense (or taken any act in furtherance thereof); (ii) made, offered, promised or authorized any direct or indirect unlawful payment; or (iii) violated or is in violation of any provision of the Foreign Corrupt Practices Act of 1977, as amended, or the rules and regulations thereunder, the Bribery Act 2010 of the United Kingdom or any other applicable anti-corruption, anti-bribery or related law, statute or regulation (collectively, "<u>Anti-Corruption Laws</u>"); the Company and its subsidiaries have conducted their businesses in compliance with Anti-Corruption

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Laws and have instituted and maintained and will continue to maintain policies and procedures reasonably designed to promote and achieve compliance with such laws and with the representations and warranties contained herein; neither the Company nor any of its subsidiaries will use, directly or indirectly, the proceeds of the offering in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any person in violation of Anti-Corruption Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiii) The operations of the Company and its subsidiaries are and have been conducted at all times in compliance with the requirements of applicable anti-money laundering laws, including, but not limited to, the Bank Secrecy Act of 1970, as amended by the USA PATRIOT ACT of 2001, and the rules and regulations promulgated thereunder, and the anti-money laundering laws of the various jurisdictions in which the Company and its subsidiaries conduct business, the rules and regulations thereunder and any related or similar rules, regulation or guidelines issued, administered or enforced by any governmental agency (collectively, the "<u>Money Laundering Laws</u>") and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company or any of its subsidiaries with respect to the Money Laundering Laws is pending or, to the knowledge of the Company, threatened;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiv) Neither the Company nor any of its subsidiaries, nor any director or officer of the Company or any of its subsidiaries nor, to the knowledge of the Company, any agent, affiliate, employee or other person while acting on behalf of the Company or any of its subsidiaries is (i) currently the subject or the target of any sanctions administered or enforced by the U.S. Government, including, without limitation, the Office of Foreign Assets Control of the U.S. Department of the Treasury (<u>"OFAC</u>"), or the U.S. Department of State and including, without limitation, the designation as a "specially designated national" or "blocked person," the European Union, His Majesty's Treasury, the United Nations Security Council, or other relevant sanctions authority (collectively, "<u>Sanctions</u>"), (ii) located, organized, or resident in a country or territory that is the subject or target of Sanctions (a "<u>Sanctioned Jurisdiction</u>"), and the Company will not directly or indirectly use the proceeds of the offering of the Shares hereunder, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other person or entity (i) to fund or facilitate any activities of or business with any person, or in any country or territory, that, at the time of such funding, is the subject or the target of Sanctions or (ii) in any other manner that will result in a violation by any person (including any person participating in the transaction, whether as underwriter, advisor, investor or otherwise) of Sanctions; neither the Company nor any of its subsidiaries is engaged in, or has, at any time in the past ten years (to the extent not time-barred by Section 3111 of H.R. 815, 118th Cong. (2023)), engaged in, any dealings or transactions with or involving any individual or entity that was or is, as applicable, at the time of such dealing or transaction, the subject or target of Sanctions or with any Sanctioned Jurisdiction; the Company and its subsidiaries have instituted, and maintain, policies and procedures reasonably designed to promote and achieve continued compliance with Sanctions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxv) The financial statements included in the Registration Statement, the Pricing Prospectus and the Prospectus, together with the related schedules and notes, present fairly the financial position of the Company and its subsidiaries at the dates indicated and the statement of operations, stockholders' equity and cash flows of the Company and its subsidiaries for the periods specified; said financial statements have been prepared in

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conformity with U.S. generally accepted accounting principles ("<u>GAAP</u>") applied on a consistent basis throughout the periods involved. The supporting schedules, if any, present fairly in all material respects in accordance with GAAP the information required to be stated therein. The selected financial data and the summary financial information included in the Registration Statement, the Pricing Prospectus and the Prospectus present fairly in all material respects the information shown therein and have been compiled on a basis consistent with that of the audited financial statements included therein. Except as included therein, no historical or pro forma financial statements or supporting schedules are required to be included in the Registration Statement, the Pricing Prospectus or the Prospectus under the Act or the rules and regulations promulgated thereunder. All disclosures contained in the Registration Statement, the Pricing Prospectus and the Prospectus regarding "non-GAAP financial measures" (as such term is defined by the rules and regulations of the Commission) comply in all material respects with Regulation G of the Exchange Act and Item 10 of Regulation S-K of the Act, to the extent applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxvi) Except as disclosed in the Registration Statement, the Pricing Disclosure Package and the Prospectus or as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, the Company and each of its subsidiaries (i) own or otherwise possess adequate rights to use all patents, patent applications, trademarks, service marks, trade names, domain names, copyrights and registrations and applications thereof, know-how, software, systems and technology (including trade secrets and other unpatented and/or unpatentable proprietary or confidential information, systems or procedures and other intellectual property) (collectively, "<u>Intellectual Property Rights</u>") necessary for the conduct of their respective businesses, (ii) to the knowledge of the Company, do not, through the conduct of their respective businesses, infringe, violate or conflict with any Intellectual Property Rights of others, and (iii) have not received any notice of any claim of infringement, violation or conflict with, any Intellectual Property Rights of others;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxvii) Except as disclosed in the Registration Statement, the Pricing Disclosure Package and the Prospectus or as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, (i) the Company and its subsidiaries' information technology assets and equipment, computers, systems, networks, hardware, software, websites, applications, and databases (collectively, "<u>IT Systems</u>") are adequate for, and operate and perform as required in connection with the operation of the business of the Company and its subsidiaries as currently conducted, free and clear of all bugs, errors, defects, Trojan horses, time bombs, malware and other corruptants, (ii) the Company and its subsidiaries have implemented and maintained commercially reasonable controls, policies, procedures, and safeguards to maintain and protect their confidential information and the integrity, continuous operation, redundancy and security of all IT Systems and data (including all personal, personally identifiable, sensitive, confidential or regulated data ("<u>Personal Data</u>")) used in connection with their businesses, and, to the knowledge of the Company, there have been no breaches, violations, outages or unauthorized uses of or accesses to same, except for those that have been remedied without cost or liability or the duty to notify any other person, nor any incidents under internal review or investigations relating to the same and (iii) the Company and its subsidiaries are presently in compliance with all applicable laws or statutes and all judgments, orders, rules and regulations of any court or arbitrator or governmental or regulatory authority, the Company's and its subsidiaries' (as applicable) external policies and contractual obligations relating to the privacy and security of IT Systems and Personal Data and to the protection of such IT Systems and Personal Data from unauthorized use, access, misappropriation or modification;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxviii) No forward-looking statement (within the meaning of Section 27A of the Act and Section 21E of the Exchange Act) included in any of the Registration Statement, the Pricing Prospectus or the Prospectus has been made or reaffirmed without a reasonable basis or has been disclosed other than in good faith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxix) Nothing has come to the attention of the Company that has caused the Company to believe that the statistical and market-related data included in each of the Registration Statement, the Pricing Prospectus and the Prospectus is not based on or derived from sources that are reliable and accurate in all material respects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxx) There is and has been no failure on the part of the Company or any of the Company's directors or officers, in their capacities as such, to comply with any applicable provision of the Sarbanes-Oxley Act, including Section 402 related to loans (it being understood that this subsection shall not require the Company to comply with the Sarbanes-Oxley Act as of an earlier date than it would otherwise be required to so comply under applicable law);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxi) Neither the Company nor any of its affiliates has taken or will take, directly or indirectly, any action designed to or that could reasonably be expected to cause or result in the stabilization or manipulation of the price of any security of the Company or any of its subsidiaries in connection with the offering of the Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxii) The Company and each of its subsidiaries have such permits, licenses, approvals, consents, franchises, certificates of need and other approvals or authorizations of governmental or regulatory authorities ("<u>Permits</u>") as are necessary under applicable law to conduct their respective businesses in the manner described in the Registration Statement, the Pricing Prospectus and the Prospectus, except for any of the foregoing that would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. Neither the Company nor any of its subsidiaries has received notice of any proceedings related to the revocation or modification of any such Permits that, individually or in the aggregate, if the subject of an unfavorable decision, ruling or finding, would reasonably be expected to have a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxiii) No labor disturbance by or dispute with employees of the Company or any of its subsidiaries exists or, to the knowledge of the Company, is contemplated or threatened, and the Company is not aware of any existing or imminent labor disturbance by, or dispute with, the employees of any of its or its subsidiaries' principal suppliers, contractors or customers, except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxiv) The Company and its subsidiaries have filed all federal, state, local and foreign tax returns required to be filed through the date hereof or have requested extensions thereof and have paid all taxes required to be paid (except for cases in which the failure to file or pay would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect or, except as currently being contested in good faith and for which reserves required by U.S GAAP have been created in the financial statements of the Company). There is no tax deficiency that has been determined adversely to the Company or any of its subsidiaries (nor has the Company or any of its subsidiaries received written notice of any tax deficiency that will be assessed or that, to the Company's knowledge, has been proposed by any taxing authority, which could reasonably be expected to be determined adversely to the Company or its subsidiaries), except for cases where a tax deficiency would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxv) The Company and its subsidiaries, taken as a whole, are insured against such losses and risks and in such amounts as are, in the reasonable judgment of the Company, prudent and customary in the businesses in which they are engaged and as required by applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xl) The Company and its subsidiaries are in compliance with any and all applicable federal, state, and local laws, rules, regulations, ordinances, regulatory capital requirements or court decrees relating to the business of money-lending, servicing, consumer finance, auto finance, consumer protection (including, but not limited to, as applicable, the Equal Credit Opportunity Act, the Truth in Lending Act, the Electronic Fund Transfer Act, the Fair Debt Collection Practices Act, the Fair Credit Reporting Act, the Consumer Protection Act, the Servicemembers Civil Relief Act, the Federal Trade Commission Act, the Electronic Signatures in Global and National Commerce Act, the Uniform Electronic Transactions Act, the Gramm-Leach-Bliley Act and the Dodd-Frank Wall Street Reform Act), loan disclosures and terms, credit discrimination, credit reporting, money transmission, recordkeeping, debt servicing and collection, unfair, deceptive, and abusive acts and practices, and other areas that may be applicable to the Company's business (such laws, rules and regulations, the "<u>Regulatory Laws</u>"), except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xli) None of the Company or its subsidiaries is subject to any order or action, and to the Company's knowledge, none has been threatened with any action, by any federal or state regulatory authority concerning its compliance with applicable Regulatory Laws, except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each of the Selling Stockholders, severally and not jointly, represents and warrants to, and agrees with, each of the Underwriters and the Company that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) All consents, approvals, authorizations and orders necessary for the execution and delivery by such Selling Stockholder of this Agreement and the Power of Attorney and the Custody Agreement referred to below, and for the sale and delivery of the Shares to be sold by such Selling Stockholder hereunder, have been obtained except for the registration under the Act of the Shares and such consents, approvals, authorizations and orders as may be required under state or non-US securities or blue sky laws, the rules and regulations of FINRA or the approval for listing on the Exchange or such other approvals as have been or will be made or obtained on or prior to the First Time of Delivery; and such Selling Stockholder has full right, power and authority to enter into this Agreement, the Power-of-Attorney and the Custody Agreement and to sell, assign, transfer and deliver the Shares to be sold by such Selling Stockholder hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The sale of the Shares to be sold by such Selling Stockholder hereunder and the compliance by such Selling Stockholder with this Agreement, the Power of Attorney and the Custody Agreement and the consummation of the transactions herein and therein contemplated will not conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a material default under, any statute, indenture, mortgage, deed of trust, loan agreement, lease or other agreement or instrument to which such Selling Stockholder is a party or by which such Selling Stockholder is bound or to which any of the property or assets of such

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Selling Stockholder is subject, nor will such action result in any violation of the provisions of the Certificate of Incorporation or By-laws of such Selling Stockholder if such Selling Stockholder is a corporation, the Partnership Agreement of such Selling Stockholder if such Selling Stockholder is a partnership (or similar applicable organizational document) or any material violation of any statute or any judgment, order, rule or regulation of any court or governmental agency or body having jurisdiction over such Selling Stockholder or any of its subsidiaries or any property or assets of such Selling Stockholder; and no consent, approval, authorization, order, registration or qualification of or with any such court or governmental body or agency is required for the performance by such Selling Stockholder of its obligations under this Agreement, the Power of Attorney and the Custody Agreement and the consummation by such Selling Stockholder of the transactions contemplated by this Agreement, the Power of Attorney and the Custody Agreement in connection with the Shares to be sold by such Selling Stockholder hereunder, except the registration under the Act of the Shares and such consents, approvals, authorizations, orders, registrations or qualifications as may be required under state securities or Blue Sky or non-US laws, the rules and regulations of FINRA or the listing on the Exchange in connection with the purchase and distribution of the Shares by the Underwriters and such consents, approvals, authorizations, orders, registrations or qualifications that have already been obtained, made or waived prior to the purchase and distribution of the Shares by the Underwriters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Such Selling Stockholder has, and immediately prior to each Time of Delivery (as defined in Section 4 hereof) such Selling Stockholder will have, good and valid title to, or a valid "security entitlement" within the meaning of Section 8-501 of the New York Uniform Commercial Code in respect of, the Shares to be sold by such Selling Stockholder hereunder at such Time of Delivery, free and clear of all liens, encumbrances, equities or claims; and, upon delivery of such Shares and payment therefor pursuant hereto, good and valid title to such Shares, free and clear of all liens, encumbrances, equities or claims, will pass to the several Underwriters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) On or prior to the date of the Pricing Prospectus, such Selling Stockholder has executed and delivered to the Underwriters an agreement substantially in the form of Annex II hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Such Selling Stockholder has not taken and will not take, directly or indirectly, any action that is designed to or that has constituted or might reasonably be expected to cause or result in stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of the Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) To the extent that any statements or omissions made in the Registration Statement, any Preliminary Prospectus, the Prospectus or any amendment or supplement thereto are made in reliance upon and in conformity with written information furnished to the Company by such Selling Stockholder pursuant to Items 7 and 11(m) of Form S–1 expressly for use therein, such Registration Statement and Preliminary Prospectus did, and the Prospectus and any further amendments or supplements to the Registration Statement and the Prospectus will, when they become effective or are filed with the Commission, as the case may be, not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading; provided that this representation and warranty shall be limited to statements or omissions made in reliance upon and in conformity with information relating to such Selling Stockholder furnished to the Company in writing by such Selling Stockholder expressly for use in the Registration Statement, the Preliminary Prospectus, the Prospectus or any amendments or supplements thereto, it being understood and agreed

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that the only information furnished by such Selling Stockholder consists of the name of such Selling Stockholder, the number of offered shares and the address and other information of such Selling Stockholder which appear in the Registration Statement, the Preliminary Prospectus or any Prospectus in the table (and corresponding footnotes) under the caption "Principal and Selling Stockholders" (with respect to each Selling Stockholder, the "Selling Stockholder Information");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) In order to document the Underwriters' compliance with the reporting and withholding provisions of the Tax Equity and Fiscal Responsibility Act of 1982 with respect to the transactions herein contemplated, such Selling Stockholder will deliver to the Representatives prior to or at the First Time of Delivery a properly completed and executed United States Treasury Department Form W-9 or Form W-8 (or other applicable form or statement specified by Treasury Department regulations in lieu thereof);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Certificates in negotiable form or book-entry securities entitlements representing all of the Shares to be sold by such Selling Stockholder hereunder have been placed in custody under a Custody Agreement, in the form heretofore furnished to the Representatives (the "<u>Custody Agreement</u>"), duly executed and delivered by such Selling Stockholder to Computershare Inc., as custodian (the "<u>Custodian</u>"), and such Selling Stockholder has duly executed and delivered a Power of Attorney, in the form heretofore furnished to the Representatives (the "<u>Power of Attorney</u>"), appointing the persons indicated in Schedule II hereto, and each of them, as such Selling Stockholder's attorneys-in-fact (the "<u>Attorneys</u><u>-in</u><u>-Fact</u>") with authority to execute and deliver this Agreement on behalf of such Selling Stockholder, to determine the purchase price to be paid by the Underwriters to the Selling Stockholders as provided in Section 2 hereof, to authorize the delivery of the Shares to be sold by such Selling Stockholder hereunder and otherwise to act on behalf of such Selling Stockholder in connection with the transactions contemplated by this Agreement and the Custody Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) The Shares held in custody for such Selling Stockholder under the Custody Agreement are subject to the interests of the Underwriters hereunder; the arrangements made by such Selling Stockholder for such custody, and the appointment by such Selling Stockholder of the Attorneys-in-Fact by the Power of Attorney, are to that extent irrevocable; the obligations of the Selling Stockholders hereunder shall not be terminated by operation of law, whether by the death or incapacity of any individual Selling Stockholder or, in the case of an estate or trust, by the death or incapacity of any executor or trustee or the termination of such estate or trust, or in the case of a partnership or corporation, by the dissolution of such partnership, limited liability company or corporation, or by the occurrence of any other event; if any individual Selling Stockholder or any such executor or trustee should die or become incapacitated, or if any such estate or trust should be terminated, or if any such partnership, limited liability company or corporation should be dissolved, or if any other such event should occur, before the delivery of the Shares to be sold by such Selling Stockholder hereunder, certificates representing the Shares to be sold by such Selling Stockholder hereunder shall be delivered by or on behalf of the Selling Stockholders in accordance with the terms and conditions of this Agreement and of the Custody Agreements; and actions taken by the Attorneys-in-Fact pursuant to the Powers of Attorney shall be as valid as if such death, incapacity, termination, dissolution or other event had not occurred, regardless of whether or not the Custodian, the Attorneys-in-Fact, or any of them, shall have received notice of such death, incapacity, termination, dissolution or other event;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) Such Selling Stockholder will not directly or indirectly use the proceeds of the offering of the Shares hereunder, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other person or entity, (i) to fund or facilitate any activities of or business with any person, or in any country or territory, that, at the time of such funding, is the subject or the target of Sanctions, or in any other manner that will result in a violation by any person (including any person participating in the transaction, whether as underwriter, advisor, investor or otherwise) of Sanctions, or (ii) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any person in violation of any Money Laundering Laws or any Anti-Corruption Laws; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) Such Selling Stockholder is not prompted by any material information concerning the Company or any of its subsidiaries that is not disclosed in the Pricing Prospectus to sell its Shares pursuant to this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Subject to the terms and conditions herein set forth, (a) the Company and each of the Selling Stockholders agree, severally and not jointly, to sell to each of the Underwriters, and each of the Underwriters agrees, severally and not jointly, to purchase from the Company and each of the Selling Stockholders, at a purchase price per share of $[•], the number of Firm Shares (to be adjusted by the Representatives so as to eliminate fractional shares) determined by multiplying the aggregate number of Firm Shares to be sold by the Company and each of the Selling Stockholders as set forth opposite their respective names in Schedule II hereto by a fraction, the numerator of which is the aggregate number of Firm Shares to be purchased by such Underwriter as set forth opposite the name of such Underwriter in Schedule I hereto and the denominator of which is the aggregate number of Firm Shares to be purchased by all of the Underwriters from the Company and all of the Selling Stockholders hereunder and (b) in the event and to the extent that the Underwriters shall exercise the election to purchase Optional Shares as provided below, the Selling Stockholders, as and to the extent indicated in Schedule II hereto, agree, severally and not jointly, to sell to each of the Underwriters, and each of the Underwriters agrees, severally and not jointly, to purchase from each of the Selling Stockholders, at the purchase price per share set forth in clause (a) of this Section 2 (provided that the purchase price per Optional Share shall be reduced by an amount per share equal to any dividends or distributions declared by the Company and payable on the Firm Shares but not payable on the Optional Shares), that portion of the number of Optional Shares as to which such election shall have been exercised (to be adjusted by the Representatives so as to eliminate fractional shares) determined by multiplying such number of Optional Shares by a fraction, the numerator of which is the maximum number of Optional Shares which such Underwriter is entitled to purchase as set forth opposite the name of such Underwriter in Schedule I hereto and the denominator of which is the maximum number of Optional Shares that all of the Underwriters are entitled to purchase hereunder.

The Selling Stockholders, as and to the extent indicated in Schedule II hereto, hereby grant, severally and not jointly, to the Underwriters the right to purchase at their election up to [•] Optional Shares, at the purchase price per share set forth in the paragraph above, provided that the purchase price per Optional Share shall be reduced by an amount per share equal to any dividends or distributions declared by the Company and payable on the Firm Shares but not payable on the Optional Shares. Any such election to purchase Optional Shares shall be made in proportion to the maximum number of Optional Shares to be sold by each Selling Stockholders as set forth in Schedule II hereto. Any such election to purchase Optional Shares may be exercised only by written notice from the Representatives to the Attorneys-in-Fact, given within a period of 30 calendar days after the date of this Agreement and setting forth the aggregate number of Optional Shares to be purchased and the date on which such Optional Shares are to be delivered, as determined by the Representatives but in no event earlier than the First Time of Delivery (as defined in Section 4 hereof) or, unless the Representatives and the Attorneys-in-Fact otherwise agree in writing, earlier than two or later than ten business days after the date of such notice.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Upon the authorization by the Representatives of the release of the Shares, the several Underwriters propose to offer the Shares for sale upon the terms and conditions set forth in the Pricing Disclosure Package and the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. (a) The Shares to be purchased by each Underwriter hereunder, in book-entry form, and in such authorized denominations and registered in such names as the Representatives may request upon at least twenty-four hours' prior notice to the Company and the Selling Stockholders shall be delivered by or on behalf of the Company and the Selling Stockholders to the Representatives, through the facilities of the Depository Trust Company ("<u>DTC</u>"), for the account of such Underwriter, against payment by or on behalf of such Underwriter of the purchase price therefor by wire transfer of Federal (same-day) funds to the accounts specified by the Company and the Custodian to the Representatives at least twenty-four hours in advance. The Company and the Selling Stockholders will cause the certificates, if any, representing the Shares to be made available for checking and packaging at least twenty-four hours prior to the Time of Delivery (as defined below) with respect thereto at the office of DTC or its designated custodian (the "<u>Designated Office</u>"). The time and date of such delivery and payment shall be, with respect to the Firm Shares, 9:30 a.m., New York time, on [•], 2025 or such other time and date as the Representatives, the Company and the Attorneys-in-Fact may agree upon in writing, and, with respect to the Optional Shares, 9:30 a.m., New York time, on the date specified by the Representatives in each written notice given by the Representatives of the Underwriters' election to purchase such Optional Shares, or such other time and date as the Representatives and the Attorneys-in-Fact may agree upon in writing. Such time and date for delivery of the Firm Shares is herein called the "<u>First Time of Delivery</u>," each such time and date for delivery of the Optional Shares, if not the First Time of Delivery, is herein called the "<u>Second Time of Delivery,</u>" and each such time and date for delivery is herein called a "<u>Time of Delivery</u>."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The documents to be delivered at each Time of Delivery by or on behalf of the parties hereto pursuant to Section 8 hereof, including the cross receipt for the Shares and any additional documents requested by the Underwriters pursuant to Section 8(l) hereof will be delivered at the offices of Skadden, Arps, Slate, Meagher & Flom LLP, One Manhattan West, New York, NY 10001 (the "<u>Closing Location</u>"), and the Shares will be delivered at the Designated Office, all at such Time of Delivery. A meeting will be held at the Closing Location at [•] p.m., New York City time, on the New York Business Day next preceding such Time of Delivery, at which meeting the final drafts of the documents to be delivered pursuant to the preceding sentence will be available for review by the parties hereto. For the purposes of this Section 4, "<u>New York Business Day</u>" shall mean each Monday, Tuesday, Wednesday, Thursday and Friday which is not a day on which banking institutions in New York are generally authorized or obligated by law or executive order to close.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Company agrees with each of the Underwriters:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To prepare the Prospectus in a form approved by the Representatives and to file such Prospectus pursuant to Rule 424(b) under the Act prior to the earlier of (i) the First Time of Delivery and (ii) the Commission's close of business on the second business day following the execution and delivery of this Agreement, or, if applicable, such earlier time as may be required by Rule 430A(a)(3) under the Act; to make no further amendment or any supplement to the Registration Statement or the Prospectus prior to the last Time of Delivery which shall be disapproved by the Representatives promptly after reasonable notice thereof; to advise the Representatives, promptly after it receives notice thereof, of the time when any amendment to the Registration Statement has been filed or becomes effective or

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any amendment or supplement to the Prospectus has been filed and to furnish the Representatives with copies thereof; to file promptly all material required to be filed by the Company with the Commission pursuant to Rule 433(d) under the Act; to advise the Representatives, promptly after it receives notice thereof, of the issuance by the Commission of any stop order or of any order preventing or suspending the use of the Registration Statement or any Preliminary Prospectus or other prospectus in respect of the Shares, of the suspension of the qualification of the Shares for offering or sale in any jurisdiction, of the initiation or threatening of any proceeding for any such purpose or pursuant to Section 8A of the Act, or of any request by the Commission for the amending or supplementing of the Registration Statement or the Prospectus or for additional information; and, in the event of the issuance of any stop order or of any order preventing or suspending the use of any Registration Statement or Preliminary Prospectus or other prospectus or suspending any such qualification, to promptly use its best efforts to obtain the withdrawal of such order;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Promptly from time to time to take such action as the Representatives may reasonably request to qualify the Shares for offering and sale under the securities laws of such jurisdictions as the Representatives may reasonably request and to comply with such laws so as to permit the continuance of sales and dealings therein in such jurisdictions for as long as may be necessary to complete the distribution of the Shares, provided that in connection therewith the Company shall not be required to qualify as a foreign corporation (where not otherwise required) or to file a general consent to service of process in any jurisdiction (where not otherwise required);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Prior to 10:00 a.m., New York City time, on the New York Business Day next succeeding the date of this Agreement (or such later time as may be agreed by the Company and the Representatives) and from time to time, to furnish the Underwriters with written and electronic copies of the Prospectus or the Pricing Disclosure Package if the Prospectus is not yet available, in New York City in such quantities as the Representatives may reasonably request, and, if the delivery of a prospectus (or in lieu thereof, the notice referred to in Rule 173(a) under the Act) is required at any time prior to the expiration of nine months after the time of issue of the Prospectus in connection with the offering or sale of the Shares and if at such time any event shall have occurred as a result of which the Prospectus as then amended or supplemented, or the Pricing Disclosure Package if the Prospectus is not yet available, would include an untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made when such prospectus (or in lieu thereof, the notice referred to in Rule 173(a) under the Act) is delivered, not misleading, or, if for any other reason it shall be necessary during such same period to amend or supplement the Prospectus, or the Pricing Disclosure Package if the Prospectus is not yet available, in order to comply with the Act, to notify the Representatives and upon the Representatives' request to prepare and furnish without charge to each Underwriter and to any dealer in securities as many written and electronic copies as the Representatives may from time to time reasonably request of an amended Prospectus or Pricing Disclosure Package or a supplement to the Prospectus or Pricing Disclosure Package which will correct such statement or omission or effect such compliance; and in case any Underwriter is required to deliver a prospectus (or in lieu thereof, the notice referred to in Rule 173(a) under the Act) in connection with sales of any of the Shares at any time nine months or more after the time of issue of the Prospectus upon the Representatives' request but at the expense of such Underwriter, to prepare and deliver to such Underwriter as many written and electronic copies as the Representatives may request of an amended or supplemented Prospectus complying with Section 10(a)(3) of the Act;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To make generally available to its securityholders as soon as practicable (which may be satisfied by filing with the Commission's Electronic Data Gathering Analysis and Retrieval system ("EDGAR")), but in any event not later than sixteen months after the effective date of the Registration Statement (as defined in Rule 158(c) under the Act), an earnings statement of the Company and its subsidiaries (which need not be audited) complying with Section 11(a) of the Act and the rules and regulations of the Commission thereunder (including, at the option of the Company, Rule 158);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) (i) During the period beginning from the date hereof and continuing to and including the date 180 days after the date of the Prospectus (the "<u>Company Lock-Up Period</u>"), not to (i) offer, sell, lend, contract to sell, pledge, grant any option to purchase, make any short sale or otherwise transfer or dispose of, directly or indirectly, or file with or confidentially submit to the Commission a registration statement under the Act relating to, any securities of the Company that are substantially similar to the Shares, including, but not limited to, any options or warrants to purchase shares of Stock or any securities that are convertible into or exchangeable for, or that represent the right to receive, Stock or any such substantially similar securities, or publicly disclose the intention to make any offer, sale, loan, pledge, disposition or filing or (ii) enter into any swap or other agreement that transfers, in whole or in part, any of the economic consequences of ownership of the Stock or any such other securities, whether any such transaction described in clause (i) or (ii) above is to be settled by delivery of Stock or such other securities, in cash or otherwise, in each case without the prior written consent of the Representatives; provided, however, that the forgoing restrictions shall not apply to (i) the Shares to be sold hereunder, (ii) the issuance by the Company of common stock upon exercise of options or vesting of restricted stock units pursuant to employee equity plans existing on, or upon the conversion or exchange of convertible or exchangeable securities outstanding as of, the date of this Agreement and described in the Pricing Prospectus and the Prospectus, (iii) the issuance by the Company of common stock upon exercise of the warrants described in the Pricing Prospectus and the Prospectus, (iv) the grant of stock options, restricted stock units or other equity awards pursuant to the Company's equity plans described in the Pricing Prospectus and the Prospectus, (v) the issuance, offer or entry into an agreement providing for the issuance of Shares or any security convertible into or exercisable for Shares in connection with an acquisition by the Company of the securities, business, technology, property or other assets of another person or entity or pursuant to an employee benefit plan assumed by the Company in connection with such acquisition, and the issuance any such securities pursuant to such agreement, (vi) the issuance, offer or entry into any agreement providing for the issuance of Shares or any security convertible into or exercisable for Shares in connection with joint ventures, commercial relationships or other strategic transactions, and the issuance of any such securities pursuant to any such agreement, (vii) the filing of any registration statement on Form S-8 relating to the securities granted or to be granted pursuant to (A) the Company's equity plans that are described in the Pricing Prospectus and the Prospectus or (B) any assumed employee benefit plan contemplated by clause (v); provided, that the aggregate number of shares of Stock that the Company may sell or issue or agree to sell or issue pursuant to clauses (v) and (vi) shall not exceed 5% of the total number of shares of common stock of the Company outstanding immediately following the issuance of the Shares contemplated by this Agreement; and provided further, that in the case of clauses (ii), (iii), (iv), (v), and (vi), the Company shall cause each recipient of such securities to execute and deliver to the Representatives on or prior to the issuance of such securities, a lock-up letter in substantially the form attached as Annex II hereto for the remainder of the Lock-Up Period (as defined therein), unless such recipient is already bound by a lock-up letter with the Representatives, and enter stop transfer instructions with the Company's transfer agent and registrar on such securities, which the Company agrees it will not waive or amend without the prior written consent of the Representatives;

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In addition, during the Company Lock-Up Period, the Company agrees to (A) enforce all existing agreements between the Company and any of its shareholders that prohibit the sale, transfer, assignment, pledge or hypothecation of any of the Company's securities; (B) direct the transfer agent and/or equity plan administrator to place stop transfer restrictions upon any such securities of the Company that are bound by such existing "lock-up", "market stand-off", "holdback" or similar provisions of such agreements for the duration of the Lock-Up Period; and (C) not release or otherwise grant any waiver of such provisions in such agreements without the prior written consent of the Representatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If the Representatives, in their sole discretion, agree to release or waive the restrictions in lock-up letters pursuant to Section 1(b)(iv) or Section 8(j) hereof, in each case for an officer or director of the Company, and provides the Company with notice of the impending release or waiver at least three business days before the effective date of the release or waiver, the Company agrees to announce the impending release or waiver by a press release substantially in the form of Annex I hereto through a major news service at least two business days before the effective date of the release or waiver;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) During a period of three years from the effective date of the Registration Statement, so long as the Company is subject to the reporting requirements of either Section 13 or Section 15(d) of the Exchange Act, to furnish to its stockholders as soon as practicable after the end of each fiscal year an annual report (including a balance sheet and statements of income, stockholders ' equity and cash flows of the Company and its consolidated subsidiaries certified by independent public accountants) and, as soon as practicable after the end of each of the first three quarters of each fiscal year (beginning with the fiscal quarter ending after the effective date of the Registration Statement), to make available to its stockholders consolidated summary financial information of the Company and its subsidiaries for such quarter in reasonable detail, provided that no reports, documents or other information need to be furnished pursuant to this Section 5(f) to the extent that they are available on EDGAR or the provision of which would require disclosure by the Company under Regulation FD;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) During a period of three years from the effective date of the Registration Statement, so long as the Company is subject to the reporting requirements of either Section 13 or Section 15(d) of the Exchange Act, to furnish to the Representatives copies of all reports or other communications (financial or other) furnished to stockholders, and to deliver to the Representatives (i) as soon as they are available, copies of any reports and financial statements furnished to or filed with the Commission or any national securities exchange on which any class of securities of the Company is listed; and (ii) such additional information concerning the business and financial condition of the Company as the Representatives may from time to time reasonably request and are prepared by the Company in the normal course of business (such financial statements to be on a consolidated basis to the extent the accounts of the Company and its subsidiaries are consolidated in reports furnished to its stockholders generally or to the Commission), provided that no reports, documents or other information need to be furnished pursuant to this Section 5(g) to the extent that they are available on EDGAR;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) To use the net proceeds received by it from the sale of the Shares pursuant to this Agreement in the manner specified in the Pricing Prospectus under the caption "Use of Proceeds";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To use its best efforts to list for trading, subject to official notice of issuance, the Shares on the Nasdaq Global Select Market (the "<u>Exchange</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) To file with the Commission such information on Form 10-Q or Form 10-K as may be required by Rule 463 under the Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) If the Company elects to rely upon Rule 462(b), the Company shall file a Rule 462(b) Registration Statement with the Commission in compliance with Rule 462(b) by 10:00 p.m., Washington, D.C. time, on the date of this Agreement, and the Company shall at the time of filing either pay to the Commission the filing fee for the Rule 462(b) Registration Statement or give irrevocable instructions for the payment of such fee pursuant to Rule 3a(c) of the Commission's Informal and Other Procedures (16 CFR 202.3a); and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Upon request of any Underwriter, to furnish, or cause to be furnished, to such Underwriter an electronic version of the Company's trademarks, servicemarks and corporate logo for use on the website, if any, operated by such Underwriter for the purpose of facilitating the on-line offering of the Shares (the "<u>License</u>"); provided, however, that the License shall be used solely for the purpose described above, is granted without any fee and may not be assigned or transferred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. (a)The Company represents and agrees that, without the prior consent of the Representatives, it has not made and will not make any offer relating to the Shares that would constitute a "free writing prospectus" as defined in Rule 405 under the Act; each Selling Stockholder represents and agrees that, without the prior consent of the Company and the Representatives, it has not made and will not make any offer relating to the Shares that would constitute a free writing prospectus; and each Underwriter represents and agrees that, without the prior consent of the Company and the Representatives, it has not made and will not make any offer relating to the Shares that would constitute a free writing prospectus required to be filed with the Commission; any such free writing prospectus the use of which has been consented to by the Company and the Representatives is listed on Schedule III(a) hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company has complied and will comply with the requirements of Rule 433 under the Act applicable to any Issuer Free Writing Prospectus, including timely filing with the Commission or retention where required and legending; and the Company represents that it has satisfied and agrees that it will satisfy the conditions under Rule 433 under the Act to avoid a requirement to file with the Commission any electronic road show;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company agrees that if at any time following issuance of an Issuer Free Writing Prospectus or Written Testing-the-Waters Communication any event occurred or occurs as a result of which such Issuer Free Writing Prospectus or Written Testing-the-Waters Communication would conflict with the information in the Registration Statement, the Pricing Prospectus or the Prospectus or would include an untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances then prevailing, not misleading, the Company will give prompt notice thereof to the Representatives and, if requested by the Representatives, will prepare and furnish without charge to each Underwriter an Issuer Free Writing Prospectus, Written Testing-the-Waters Communication or other document which will correct such conflict, statement or omission, *provided, however*, that this covenant shall not apply to any statements or omissions in any Issuer Free Writing Prospectus or Written Testing-the-Waters Communication made in reliance upon and in conformity with any Underwriter Information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Company represents and agrees that (i) it has not engaged in, or authorized any other person to engage in, any Testing-the-Waters Communications, other than Testing-the-Waters Communications with the prior consent of the Representatives with entities that the Company reasonably believes are qualified institutional buyers as defined in Rule 144A under the Act or institutions that are accredited investors as defined in Rule 501(a)(1), (a)(2), (a)(3), (a)(7), (a)(8), (a)(9), (a)(12) or (a)(13) under the Act; and (ii) it has not distributed, or authorized any other person to distribute, any Written Testing-the-Waters Communication, other than those distributed with the prior consent of the Representatives that are listed on Schedule III(d) hereto; and the Company reconfirms that the Underwriters have been authorized to act on its behalf in engaging in Testing-the-Waters Communications; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Each of Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, RBC Capital Markets, LLC and Mizuho Securities USA LLC (collectively, the <u>Authorized Underwriters</u>), represents and agrees that any Testing-the-Waters Communications undertaken by it were with entities that such Authorized Underwriter reasonably believes are qualified institutional buyers as defined in Rule 144A under the Act or institutions that are accredited investors as defined in Rule 501(a)(1), (a)(2), (a)(3), (a)(7) or (a)(8) under the Act.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The Company covenants and agrees with one another and with the several Underwriters that (a) the Company will pay or cause to be paid of the following: (i) the fees, disbursements and expenses of the Company's counsel and accountants in connection with the registration of the Shares under the Act and all other expenses in connection with the preparation, printing, reproduction and filing of the Registration Statement, any Preliminary Prospectus, any Written Testing-the-Waters Communication, any Issuer Free Writing Prospectus and the Prospectus and amendments and supplements thereto and the mailing and delivering of copies thereof to the Underwriters and dealers; (ii) the cost of printing or producing any Agreement among Underwriters, this Agreement, the Blue Sky Memorandum, closing documents (including any compilations thereof) and any other documents in connection with the offering, purchase, sale and delivery of the Shares; (iii) all expenses in connection with the qualification of the Shares for offering and sale under state securities laws as provided in Section 5(b) hereof, including the reasonable and documented fees and disbursements of counsel for the Underwriters in connection with such qualification and in connection with the Blue Sky survey; (iv) all fees and expenses in connection with listing the Shares on the Exchange; and (v) the filing fees incident to, and the reasonable and documented fees and disbursements of counsel for the Underwriters in connection with, any required review by FINRA of the terms of the sale of the Shares, *provided, however*, that the fees and disbursements of counsel for the Underwriters pursuant to clauses (iii) and (v) above shall not exceed $50,000 in the aggregate; and (b) the Company will pay or cause to be paid: (i) the cost of preparing stock certificates; if applicable (ii) the cost and charges of any transfer agent or registrar, and (iii) all other costs and expenses incident to the performance of its obligations hereunder which are not otherwise specifically provided for in this Section. Each Selling Stockholder, severally and not jointly, will pay or cause to be paid all costs and expenses incident to the performance of such Selling Stockholder's obligations hereunder with respect to (i) any fees and expenses of counsel for such Selling Stockholder (other than Whalen LLP, which will be paid by the Company), and (ii) all expenses and taxes incident to the sale and delivery of the Shares to be sold by such Selling Stockholder to the Underwriters hereunder. In connection with clause (ii) of the preceding sentence, the Representatives agree to pay New York State stock transfer tax, and each Selling Stockholder agrees to reimburse the Representatives for associated carrying costs if such tax payment is not rebated on the day of payment and for any portion of such tax payment not rebated. It is understood, however, that the Company shall bear, and such Selling Stockholder shall not be required to pay or to reimburse the Company for, the cost of any other matters not directly relating to the sale and purchase of the Shares pursuant to this Agreement, and that, except as provided in this Section, and Sections 9 and 12 hereof, (A) the Underwriters will pay all of their own costs and expenses, including the fees of their counsel, stock transfer taxes on resale of any of the Shares by them, and any advertising expenses connected with any offers they may make, (B) the Company will bear all of the Company's (but not the Underwriters') travel and lodging expenses and the Underwriters will bear all of the Underwriters' (but not the Company's) travel and lodging expenses, in each case, in connection with any "road show" as defined in Rule 433(h) under the Act (a "<u>road show</u>") undertaken in connection with the marketing of the offering of the Shares and (C) notwithstanding clause (B), the Company, on the one hand, and the Underwriters, on the other hand, shall each pay 50% of the cost of any chartered plane, chartered jet or other chartered aircraft used in connection with any "roadshow" presentation to investors (it being understood that the use of any chartered plane, jet or private aircraft shall expressly be approved by the Company and the Representatives).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. The obligations of the Underwriters hereunder, as to the Shares to be delivered at each Time of Delivery, shall be subject, in their discretion, to the condition that all representations and warranties and other statements of the Company and the Selling Stockholders herein are, at and as of the Applicable Time and such Time of Delivery, true and correct, the condition that the Company and the Selling Stockholders shall have performed all of its and their obligations hereunder theretofore to be performed, and the following additional conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Prospectus shall have been filed with the Commission pursuant to Rule 424(b) under the Act within the applicable time period prescribed for such filing by the rules and regulations under the Act and in accordance with Section 5(a) hereof; all materials required to be filed by the Company pursuant to Rule 433(d) under the Act shall have been filed with the Commission within the applicable time period prescribed for such filing by Rule 433; if the Company has elected to rely upon Rule 462(b) under the Act, the Rule 462(b) Registration Statement shall have become effective by 10:00 p.m., Washington, D.C. time, on the date of this Agreement; no stop order suspending the effectiveness of the Registration Statement or any part thereof shall have been issued and no proceeding for that purpose or pursuant to Section 8A of the Act shall have been initiated or threatened by the Commission no stop order suspending or preventing the use of the Pricing Prospectus, Prospectus or any Issuer Free Writing Prospectus shall have been initiated or threatened by the Commission; and all requests for additional information on the part of the Commission shall have been complied with to the Representatives' reasonable satisfaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Skadden, Arps, Slate, Meagher & Flom LLP, counsel for the Underwriters, shall have furnished the Representatives such written opinion and negative assurance letter, dated such Time of Delivery, in form and substance satisfactory to the Representatives, and such counsel shall have received such papers and information as they may reasonably request to enable them to pass upon such matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Davis Polk & Wardwell LLP, counsel for the Company, shall have furnished to the Representatives their written opinion and negative assurance letter, dated such Time of Delivery, in form and substance satisfactory to the Representatives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The respective counsel for each of the Selling Stockholders, as indicated in Schedule II hereto, each shall have furnished to the Representatives their written opinion with respect to each of the Selling Stockholders for whom they are acting as counsel, dated such Time of Delivery, in form and substance satisfactory to the Representatives:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) On the date of the Prospectus at a time prior to the execution of this Agreement, at 9:30 a.m., New York City time, on the effective date of any post-effective amendment to the Registration Statement filed subsequent to the date of this Agreement and also at each Time of Delivery, Deloitte & Touche LLP shall have furnished to the Representatives a letter or letters, dated the respective dates of delivery thereof, in form and substance satisfactory to the Representatives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) (i) Neither the Company nor any of its subsidiaries shall have sustained since the date of the latest audited financial statements included in the Pricing Prospectus any loss or interference with its business from fire, explosion, flood or other calamity, whether or not covered by insurance, or from any labor dispute or court or governmental action, order or decree, otherwise than as set forth or contemplated in the Pricing Prospectus, and (ii) since the respective dates as of which information is given in the Pricing Prospectus there shall not have been any change in the capital stock (other than as a result of (A) the exercise or settlement, if any, of stock options (including any "net" or "cashless" exercises or settlements), or the award, if any, of stock options or other awards, in each case pursuant to the Company's equity plans that are described in the Pricing Prospectus and the Prospectus, (B) the repurchase of shares of capital stock upon termination of a holders' employment or service with the Company pursuant to agreements providing for an option to repurchase, or (C) the

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issuance, if any, of stock upon conversion, exercise, or vesting of Company securities as described in the Pricing Prospectus and the Prospectus) or long-term debt of the Company or any of its subsidiaries or any change or effect, or any development involving a prospective change or effect, in or affecting (x) the business, properties, general affairs, management, financial position, stockholders' equity or results of operations of the Company and its subsidiaries, taken as a whole, except as set forth or contemplated in the Pricing Prospectus, or (y) the ability of the Company to perform its obligations under this Agreement, including the issuance and sale of the Shares, or to consummate the transactions contemplated in the Pricing Prospectus and the Prospectus, the effect of which, in any such case described in clause (i) or (ii), is in the Representatives' judgment so material and adverse as to make it impracticable or inadvisable to proceed with the public offering or the delivery of the Shares being delivered at such Time of Delivery on the terms and in the manner contemplated in the Pricing Prospectus and the Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) On or after the Applicable Time (i) no downgrading shall have occurred in the rating accorded the Company's debt securities by any "nationally recognized statistical rating organization", as defined in Section 3(a)(62) of the Exchange Act, and (ii) no such organization shall have publicly announced that it has under surveillance or review, with possible negative implications, its rating of any of the Company's debt securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) On or after the Applicable Time there shall not have occurred any of the following: (i) a suspension or material limitation in trading in securities generally on the New York Stock Exchange or the Nasdaq Global Select Market; (ii) a suspension or material limitation in trading in the Company's securities on the Exchange; (iii) a general moratorium on commercial banking activities declared by either Federal or New York State authorities or a material disruption in commercial banking or securities settlement or clearance services in the United States; (iv) the outbreak or escalation of hostilities involving the United States or the declaration by the United States of a national emergency or war or (v) the occurrence of any other calamity or crisis or any change in financial, political or economic conditions in the United States or elsewhere, if the effect of any such event specified in clause (iv) or (v) in the Representatives' judgment makes it impracticable or inadvisable to proceed with the public offering or the delivery of the Shares being delivered at such Time of Delivery on the terms and in the manner contemplated in the Pricing Prospectus and the Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Shares to be sold at such Time of Delivery shall have been duly listed, subject to official notice of issuance, on the Exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The Company shall have obtained and delivered to the Underwriters executed copies of an agreement from each officer, director, and certain stockholders of the Company which represent substantially all of the shares of capital stock of the Company, in each case, substantially in the form set forth in Annex II hereto and in form and substance satisfactory to the Representatives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The Company shall have complied with the provisions of Section 5(c) hereof with respect to the furnishing of prospectuses on the New York Business Day next succeeding the date of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The Company and the Selling Stockholders shall have furnished or caused to be furnished to the Representatives at such Time of Delivery certificates of officers of the Company and of the Selling Stockholders, respectively, satisfactory to the Representatives as to the accuracy of the representations and warranties of the Company and the Selling Stockholders, respectively, herein at and as of such Time of Delivery, as to the performance by the Company and the Selling Stockholders of all of their respective obligations hereunder to be performed at or prior to such Time of Delivery, as to such other matters as the Representatives may reasonably request, and the Company shall have furnished or caused to be furnished certificates as to the matters set forth in subsections (a) and (f) of this Section 8; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) On the date of the Prospectus following to the execution of this Agreement, on the effective date of any post-effective amendment to the Registration Statement filed subsequent to the date of this Agreement and also at each Time of Delivery, the Company shall have furnished or caused to be furnished to the Representatives a certificate of the Chief Financial Officer of the Company, dated the respective dates of delivery thereof, as to the accuracy of certain financial and other information included in the Registration Statement, the Pricing Prospectus and the Prospectus, in form and substance satisfactory to the Representatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. (a) The Company will indemnify and hold harmless each Underwriter and each Selling Stockholder against any losses, claims, damages or liabilities, joint or several, to which such Underwriter may become subject, under the Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon an untrue statement or alleged untrue statement of a material fact contained in the Registration Statement, any Preliminary Prospectus, the Pricing Prospectus or the Prospectus, or any amendment or supplement thereto, any Issuer Free Writing Prospectus, any road show, any "issuer information" filed or required to be filed pursuant to Rule 433(d) under the Act or any Testing-the-Waters Communication prepared or authorized by the Company, or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, and will reimburse each Underwriter and each Selling Stockholder for any reasonable and documented legal or other expenses incurred by such Underwriter or Selling Stockholder in connection with investigating or defending any such action or claim as such expenses are incurred; provided, however, that the Company shall not be liable in any such case to the extent that any such loss, claim, damage or liability arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission made in the Registration Statement, any Preliminary Prospectus, the Pricing Prospectus or the Prospectus, or any amendment or supplement thereto, or any Issuer Free Writing Prospectus or any Testing-the-Waters Communication, in reliance upon and in conformity with the Underwriter Information and Selling Stockholder Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each of the Selling Stockholders, severally and not jointly, will indemnify and hold harmless each Underwriter against any losses, claims, damages or liabilities, joint or several, to which such Underwriter may become subject, under the Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon an untrue statement or alleged untrue statement of a material fact contained in the Registration Statement, any Preliminary Prospectus, the Pricing Prospectus or the Prospectus, or any amendment or supplement thereto, any Issuer Free Writing Prospectus, any roadshow or any Testing-the-Waters Communication, or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, in each case to the extent, but only to the extent, that such untrue statement or alleged untrue statement or omission or alleged omission was made in the Registration Statement, any Preliminary Prospectus, the Pricing Prospectus or the Prospectus, or any amendment or supplement thereto or any Issuer Free Writing Prospectus, or any roadshow or any Testing-the-Waters Communication, in reliance upon and in conformity with written information furnished to the Company by such Selling Stockholder expressly for use therein; and will reimburse each Underwriter for any legal or other expenses reasonably incurred by such Underwriter in connection with investigating or defending any such action or claim as such expenses are incurred; provided, however, that such Selling Stockholder shall only be liable in any such case to the extent that any such loss, claim, damage or liability arises out of or is based upon an untrue statement or alleged

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untrue statement or omission or alleged omission made in the Registration Statement, any Preliminary Prospectus, the Pricing Prospectus or the Prospectus or any amendment or supplement thereto, or any Issuer Free Writing Prospectus or any roadshow in reliance upon and in conformity with its Selling Stockholder Information, and provided further, that the liability of such Selling Stockholder pursuant to this Section 9(b) shall not exceed the net proceeds (net of any underwriting discounts and commissions, but before deducting expenses) from the sale of the Shares sold by such Selling Stockholder (including any Optional Shares) hereunder (the "<u>Selling Stockholder Proceeds</u>") less any amounts that such Selling Stockholder is obligated to contribute pursuant to Sections 9(e) and 9(f) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each Underwriter, severally and not jointly, will indemnify and hold harmless the Company and each Selling Stockholder against any losses, claims, damages or liabilities to which the Company or such Selling Stockholder may become subject, under the Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon an untrue statement or alleged untrue statement of a material fact contained in the Registration Statement, any Preliminary Prospectus, the Pricing Prospectus or the Prospectus, or any amendment or supplement thereto, or any Issuer Free Writing Prospectus, or any roadshow, or any Testing-the-Waters Communication, or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, in each case to the extent, but only to the extent, that such untrue statement or alleged untrue statement or omission or alleged omission was made in the Registration Statement, any Preliminary Prospectus, the Pricing Prospectus or the Prospectus, or any amendment or supplement thereto, or any Issuer Free Writing Prospectus, or any roadshow, or any Testing-the-Waters Communication, in reliance upon and in conformity with the Underwriter Information; and will reimburse the Company and each Selling Stockholder for any legal or other expenses reasonably incurred by the Company or such Selling Stockholder in connection with investigating or defending any such action or claim as such expenses are incurred. As used in this Agreement with respect to an Underwriter and an applicable document, "<u>Underwriter Information</u>" shall mean the written information furnished to the Company by such Underwriter through the Representatives expressly for use therein; it being understood and agreed upon that the only such information furnished by any Underwriter consists of the following information in the Prospectus furnished on behalf of each Underwriter: the concession and reallowance figures appearing in the fifth paragraph under the caption "Underwriting," and the information contained in the eleventh, twelfth and thirteenth paragraph under the caption "Underwriting."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Promptly after receipt by an indemnified party under subsection (a), (b), or (c) of this Section 9 of notice of the commencement of any action, such indemnified party shall, if a claim in respect thereof is to be made against the indemnifying party under such subsection, notify the indemnifying party in writing of the commencement thereof; provided that the failure to notify the indemnifying party shall not relieve it from any liability that it may have under the preceding paragraphs of this Section 9 except to the extent that it has been materially prejudiced (through the forfeiture of substantive rights or defenses) by such failure; and provided further that the failure to notify the indemnifying party shall not relieve it from any liability that it may have to an indemnified party otherwise than under the preceding paragraphs of this Section 9. In case any such action shall be brought against any indemnified party and it shall notify the indemnifying party of the commencement thereof, the indemnifying party shall be entitled to participate therein and, to the extent that it shall wish, jointly with any other indemnifying party similarly notified, to assume the defense thereof, with counsel reasonably satisfactory to such indemnified party (who shall not, except with the consent of the indemnified party, be counsel to the indemnifying party), and, after notice from the indemnifying party to such indemnified party of its election so to assume the defense thereof, the indemnifying party shall not be liable to such indemnified party under such subsection for any legal expenses of other counsel or any other expenses,

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in each case subsequently incurred by such indemnified party, in connection with the defense thereof other than reasonable and documented costs of investigation. In any such proceeding, any indemnified party shall have the right to retain its own counsel, but the fees and expenses of such counsel shall be at the expense of such indemnified party unless (i) the indemnifying party and the indemnified party shall have mutually agreed to the contrary, (ii) the indemnifying party has failed within a reasonable time to retain counsel reasonably satisfactory to the indemnified party, (iii) the indemnified party shall have reasonably concluded that there may be legal defenses available to it that are different from or in addition to those available to the indemnifying party or (iv) the named parties in any such proceeding (including any impleaded parties) include both the indemnifying party and the indemnified party and representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests between them. No indemnifying party shall, without the written consent of the indemnified party, effect the settlement or compromise of, or consent to the entry of any judgment with respect to, any pending or threatened action or claim in respect of which indemnification or contribution may be sought hereunder (whether or not the indemnified party is an actual or potential party to such action or claim) unless such settlement, compromise or judgment (i) includes an unconditional release of the indemnified party from all liability arising out of such action or claim and (ii) does not include a statement as to or an admission of fault, culpability or a failure to act, by or on behalf of any indemnified party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If the indemnification provided for in this Section 9 is unavailable to or insufficient to hold harmless an indemnified party under subsection (a), (b) or (c) above in respect of any losses, claims, damages or liabilities (or actions in respect thereof) referred to therein, then each indemnifying party shall contribute to the amount paid or payable by such indemnified party as a result of such losses, claims, damages or liabilities (or actions in respect thereof) in such proportion as is appropriate to reflect the relative benefits received by the Company and the Selling Stockholders on the one hand and the Underwriters on the other from the offering of the Shares. If, however, the allocation provided by the immediately preceding sentence is not permitted by applicable law, then each indemnifying party shall contribute to such amount paid or payable by such indemnified party in such proportion as is appropriate to reflect not only such relative benefits but also the relative fault of the Company and the Selling Stockholders on the one hand and the Underwriters on the other in connection with the statements or omissions which resulted in such losses, claims, damages or liabilities (or actions in respect thereof), as well as any other relevant equitable considerations. The relative benefits received by the Company and the Selling Stockholders on the one hand and the Underwriters on the other shall be deemed to be in the same proportion as the total net proceeds from the offering (after deducting underwriting discounts and commissions but before deducting expenses) received by the Company and the Selling Stockholders bear to the total underwriting discounts and commissions received by the Underwriters, in each case as set forth in the table on the cover page of the Prospectus. The relative fault shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Company or the Selling Stockholders on the one hand (provided that, with respect to each of the Selling Stockholders, such determination shall be limited by reference only to such Selling Stockholder's Selling Stockholder Information) or the Underwriters on the other and the parties' relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The Company, each of the Selling Stockholders and the Underwriters agree that it would not be just and equitable if contribution pursuant to this subsection (e) were determined by pro rata allocation (even if the Underwriters were treated as one entity for such purpose) or by any other method of allocation which does not take account of the equitable considerations referred to above in this subsection (e). The amount paid or payable by an indemnified party as a result of the losses, claims, damages or

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liabilities (or actions in respect thereof) referred to above in this subsection (e) shall be deemed to include any legal or other reasonable and documented expenses incurred by such indemnified party in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this subsection (e), no Underwriter shall be required to contribute any amount in excess of the amount by which the total price at which the Shares underwritten by it and distributed to the public were offered to the public exceeds the amount of any damages which such Underwriter has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. The Underwriters' obligations in this subsection (e) to contribute are several in proportion to their respective underwriting obligations and not joint. The liability of each Selling Stockholder under this Section 9(e) is several and not joint and shall be limited to an amount equal to its Selling Stockholder Proceeds less any amounts such Selling Stockholder is obligated to pay under the indemnity in subsection 9(b) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The obligations of the Company and the Selling Stockholders under this Section 9 shall be in addition to any liability which the Company and the Selling Stockholders may otherwise have and shall extend, upon the same terms and conditions, to each employee, officer and director of each Underwriter and each person, if any, who controls any Underwriter within the meaning of the Act and each broker-dealer or other affiliate of any Underwriter; and the obligations of the Underwriters under this Section 9 shall be in addition to any liability which the respective Underwriters may otherwise have and shall extend, upon the same terms and conditions, to each officer and director of the Company (including any person who, with his or her consent, is named in the Registration Statement as about to become a director of the Company) and to each person, if any, who controls the Company or any Selling Stockholder within the meaning of the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. (a) If any Underwriter shall default in its obligation to purchase the Shares that it has agreed to purchase hereunder at a Time of Delivery, the Representatives may in the Representatives' discretion arrange for the Representatives or another party or other parties to purchase such Shares on the terms contained herein. If within thirty-six hours after such default by any Underwriter the Representatives do not arrange for the purchase of such Shares, then the Company and the Selling Stockholders shall be entitled to a further period of thirty-six hours within which to procure another party or other parties satisfactory to the Representatives to purchase such Shares on such terms. In the event that, within the respective prescribed periods, you notify the Company and the Selling Stockholders that the Representatives have so arranged for the purchase of such Shares, or the Company or a Selling Stockholder notifies you that it has so arranged for the purchase of such Shares, the Representatives or the Company or the Selling Stockholders shall have the right to postpone such Time of Delivery for a period of not more than seven days, in order to effect whatever changes may thereby be made necessary in the Registration Statement or the Prospectus, or in any other documents or arrangements, and the Company agrees to file promptly any amendments or supplements to the Registration Statement or the Prospectus which in the Representatives' opinion may thereby be made necessary. The term "<u>Underwriter</u>" as used in this Agreement shall include any person substituted under this Section with like effect as if such person had originally been a party to this Agreement with respect to such Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If, after giving effect to any arrangements for the purchase of the Shares of a defaulting Underwriter or Underwriters by the Representatives, the Company and the Selling Stockholders as provided in subsection (a) above, the aggregate number of such Shares which remains unpurchased does not exceed one-eleventh of the aggregate number of all the Shares to be purchased at such Time of Delivery, then the Company and the Selling Stockholders shall have the right to require each

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non-defaulting Underwriter to purchase the number of Shares which such Underwriter agreed to purchase hereunder at such Time of Delivery and, in addition, to require each non-defaulting Underwriter to purchase its pro rata share (based on the number of Shares which such Underwriter agreed to purchase hereunder) of the Shares of such defaulting Underwriter or Underwriters for which such arrangements have not been made; but nothing herein shall relieve a defaulting Underwriter from liability for its default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If, after giving effect to any arrangements for the purchase of the Shares of a defaulting Underwriter or Underwriters by the Representatives, the Company and the Selling Stockholders as provided in subsection (a) above, the aggregate number of such Shares which remains unpurchased exceeds one-eleventh of the aggregate number of all of the Shares to be purchased at such Time of Delivery, or if the Company and the Selling Stockholders shall not exercise the right described in subsection (b) above to require non-defaulting Underwriters to purchase Shares of a defaulting Underwriter or Underwriters, then this Agreement (or, with respect to a Second Time of Delivery, the obligations of the Underwriters to purchase and of the Selling Stockholders to sell the Optional Shares) shall thereupon terminate, without liability on the part of any non-defaulting Underwriter, the Company or the Selling Stockholders, except for the expenses to be borne by the Company, the Selling Stockholders and the Underwriters as provided in Section 7 hereof and the indemnity and contribution agreements in Section 9 hereof; but nothing herein shall relieve a defaulting Underwriter from liability for its default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. The respective indemnities, rights of contribution, agreements, representations, warranties and other statements of the Company, the Selling Stockholders and the several Underwriters, as set forth in this Agreement or made by or on behalf of them, respectively, pursuant to this Agreement, shall remain in full force and effect, regardless of any investigation (or any statement as to the results thereof) made by or on behalf of any Underwriter or any director, officer, employee, affiliate or controlling person of any Underwriter, or the Company, or any of the Selling Stockholders, or any officer or director or controlling person of the Company, or any controlling person of any Selling Stockholder, and shall survive delivery of and payment for the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. If this Agreement shall be terminated pursuant to Section 10 hereof, neither the Company nor the Selling Stockholders shall then be under any liability to any Underwriter except as provided in Sections 7 and 9 hereof; but, if for any other reason any Shares are not delivered by or on behalf of the Company and the Selling Stockholders as provided herein, or the Underwriters decline to purchase the Shares for any reason permitted under this Agreement, the Company will reimburse the Underwriters through the Representatives for all out-of-pocket expenses approved in writing by the Representatives, including fees and disbursements of counsel, reasonably incurred by the Underwriters in making preparations for the purchase, sale and delivery of the Shares not so delivered, but the Company and the Selling Stockholders shall then be under no further liability to any Underwriter except as provided in Sections 7 and 9 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. In all dealings hereunder, the Representatives shall act on behalf of each of the Underwriters, and the parties hereto shall be entitled to act and rely upon any statement, request, notice or agreement on behalf of any Underwriter made or given by the Representatives jointly; and in all dealings with any Selling Stockholder hereunder, the Representatives and the Company shall be entitled to act and rely upon any statement, request, notice or agreement on behalf of such Selling Stockholder made or given by any or all of the Attorneys-in-Fact for such Selling Stockholder.

In accordance with the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)), the Underwriters are required to obtain, verify and record information that identifies their respective clients, including the Company and the Selling Stockholders, which information may include the name and address of their respective clients, as well as other information that will allow the Underwriters to properly identify their respective clients.

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All statements, requests, notices and agreements hereunder shall be in writing, and if to the Underwriters shall be delivered or sent by mail, telex or facsimile transmission to (i) Goldman Sachs & Co. LLC**,** 200 West Street, New York, New York 10282, Attention: Registration Department and (ii) J.P. Morgan Securities LLC, 383 Madison Avenue, New York, New York 10179, Attention: Equity Syndicate Desk; if to any Selling Stockholder shall be delivered or sent by mail, telex or facsimile transmission to each of the Attorneys-in-Fact named in the Power of Attorney, c/o the Company at the address set forth on the cover of the Registration Statement, Attention: General Counsel, with a copy, which shall not constitute notice, to Whalen LLP, 4701 Von Karman Av, Suite 325, Newport Beach, CA 92660; and if to the Company shall be delivered or sent by mail, telex or facsimile transmission to the address of the Company set forth on the cover of the Registration Statement, Attention: Chief Financial Officer; and if to any stockholder that has delivered a lock-up letter described in Section 8(j) hereof shall be delivered or sent by mail to his or her respective address as such stockholder provides in writing to the Company; provided, however, that any notice to an Underwriter pursuant to Section 9(d) hereof shall be delivered or sent by mail, telex or facsimile transmission to such Underwriter at its address set forth in its Underwriters' Questionnaire or telex constituting such Questionnaire, which address will be supplied to the Company or the Selling Stockholders by the Representatives on request; provided further that notices under subsection 5(e) shall be in writing, and if to the Underwriters shall be delivered or sent by mail, telex or facsimile transmission to (i) Goldman Sachs & Co. LLC, 200 West Street, New York, New York 10282, Attention: Control Room and (ii) J.P. Morgan Securities LLC, 383 Madison Avenue, New York, New York 10179, Attention: Equity Syndicate Desk. Any such statements, requests, notices or agreements shall take effect upon receipt thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. This Agreement shall be binding upon, and inure solely to the benefit of, the Underwriters, the Company and the Selling Stockholders and, to the extent provided in Sections 9 and 11 hereof, the officers and directors of the Company and each person who controls the Company, any Selling Stockholder or any Underwriter, or any director, officer, employee, or affiliate of any Underwriter, and their respective heirs, executors, administrators, successors and assigns, and no other person shall acquire or have any right under or by virtue of this Agreement. No purchaser of any of the Shares from any Underwriter shall be deemed a successor or assign by reason merely of such purchase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. Time shall be of the essence of this Agreement. As used herein, the term "<u>business day</u>" shall mean any day when the Commission's office in Washington, D.C. is open for business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. The Company and the Selling Stockholders acknowledge and agree that (i) the purchase and sale of the Shares pursuant to this Agreement is an arm's-length commercial transaction between the Company and the Selling Stockholders, on the one hand, and the several Underwriters, on the other, (ii) in connection therewith and with the process leading to such transaction each Underwriter is acting solely as a principal and not the agent or fiduciary of the Company or any Selling stockholder, (iii) no Underwriter has assumed an advisory or fiduciary responsibility in favor of the Company or any Selling Stockholder with respect to the offering contemplated hereby or the process leading thereto (irrespective of whether such Underwriter has advised or is currently advising the Company or any Selling Stockholder on other matters) or any other obligation to the Company or any Selling Stockholder except the obligations expressly set forth in this Agreement, (iv) the Company and each Selling Stockholder has consulted its own legal and financial advisors to the extent it deemed appropriate, and (v) although the Representatives may be required or choose to provide certain Selling Stockholders with certain Regulation Best Interest and Form CRS disclosures in connection with the offering, none of the activities of the Underwriters in connection with the transactions contemplated herein constitutes

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a recommendation, investment advice, or solicitation of any action by the Underwriters with respect to any entity or natural person. The Company and each Selling Stockholder agrees that it will not claim that the Underwriters, or any of them, has rendered advisory services of any nature or respect, or owes a fiduciary or similar duty to the Company or any Selling Stockholder, in connection with such transaction or the process leading thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. This Agreement supersedes all prior agreements and understandings (whether written or oral) between the Company, the Selling Stockholders and the Underwriters, or any of them, with respect to the subject matter hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. This Agreement and any transaction contemplated by this Agreement and any claim, controversy or dispute arising under or related thereto shall be governed by and construed in accordance with the laws of the State of New York without regard to principles of conflict of laws that would result in the application of any other law than the laws of the State of New York. The Company and each Selling Stockholder agree that any suit or proceeding arising in respect of this Agreement or any transaction contemplated by this Agreement will be tried exclusively in the U.S. District Court for the Southern District of New York or, if that court does not have subject matter jurisdiction, in any state court located in The City and County of New York and the Company and each Selling Stockholder agree to submit to the jurisdiction of, and to venue in, such courts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. The Company, each Selling Stockholder and each of the Underwriters hereby irrevocably waives, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to this Agreement or the transactions contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. This Agreement may be executed by any one or more of the parties hereto in any number of counterparts, each of which shall be deemed to be an original, but all such counterparts shall together constitute one and the same instrument. Counterparts may be delivered via facsimile, electronic mail (including any electronic signature covered by the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act, the Electronic Signatures and Records Act or other applicable law, e.g., www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. Notwithstanding anything herein to the contrary, the Company and the Selling Stockholders are authorized to disclose to any persons the U.S. federal and state income tax treatment and tax structure of the potential transaction and all materials of any kind (including tax opinions and other tax analyses) provided to the Company and the Selling Stockholders relating to that treatment and structure, without the Underwriters imposing any limitation of any kind. However, any information relating to the tax treatment and tax structure shall remain confidential (and the foregoing sentence shall not apply) to the extent necessary to enable any person to comply with securities laws. For this purpose, "tax structure" is limited to any facts that may be relevant to that treatment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. Recognition of the U.S. Special Resolution Regimes.<sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the event that any Underwriter that is a Covered Entity becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer from such Underwriter of this Agreement, and any interest and obligation in or under this Agreement, will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if this Agreement, and any such interest and obligation, were governed by the laws of the United States or a state of the United States.

<sup>1</sup> NTD: To be confirmed if Company is a Covered Entity.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event that any Underwriter that is a Covered Entity or a BHC Act Affiliate of such Underwriter becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under this Agreement that may be exercised against such Underwriter are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if this Agreement were governed by the laws of the United States or a state of the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) As used in this section:

"<u>BHC Act Affiliate</u>" has the meaning assigned to the term "affiliate" in, and shall be interpreted in accordance with, 12 U.S.C. § 1841(k).

"<u>Covered Entity</u>" means any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a "covered entity" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a "covered bank" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a "covered FSI" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b).

"<u>Default Right</u>" has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.

"<u>U.S. Special Resolution Regime</u>" means each of (i) the Federal Deposit Insurance Act and the regulations promulgated thereunder and (ii) Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder.

If the foregoing is in accordance with the Representatives' understanding, please sign and return to us one for the Company and each of the Representatives plus one for each counsel and the Custodian counterparts hereof, and upon the acceptance hereof by the Representatives, on behalf of each of the Underwriters, this letter and such acceptance hereof shall constitute a binding agreement among each of the Underwriters, the Company and each of the Selling Stockholders. It is understood that the Representatives' acceptance of this letter on behalf of each of the Underwriters is pursuant to the authority set forth in a form of Agreement among Underwriters, the form of which shall be submitted to the Company and the Selling Stockholders for examination, upon request, but without warranty on the Representatives' part as to the authority of the signers thereof.

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Any person executing and delivering this Agreement as Attorney-in-Fact for a Selling Stockholder represents by so doing that he has been duly appointed as Attorney-in-Fact by such Selling Stockholder pursuant to a validly existing and binding Power-of-Attorney that authorizes such Attorney-in-Fact to take such action.

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| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| Lendbuzz Inc. | Lendbuzz Inc. |
| By: |  |
|  | Name: |
|  | Title: |
| Selling Stockholders, acting severally | Selling Stockholders, acting severally |
| By: |  |
|  | Name: |
|  | Title: |
|  | As Attorney-in-Fact acting on behalf of each of the Selling Stockholders named in Schedule II to this Agreement. |

---

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| | |
|:---|:---|
| Accepted as of the date hereof | Accepted as of the date hereof |
| Goldman Sachs & Co. LLC | Goldman Sachs & Co. LLC |
| J.P. Morgan Securities LLC | J.P. Morgan Securities LLC |
| By: | Goldman Sachs & Co. LLC |
| By: |  |
|  | Name: |
|  | Title: |
| By: | J.P. Morgan Securities LLC |
| By: |  |
|  | Name: |
|  | Title: |

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On behalf of each of the Underwriters

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**SCHEDULE I** 

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| | | |
|:---|:---|:---|
| **Underwriter** | **Total Number of<br>Firm Shares**<br>**to be Purchased** | **Number of<br>Optional Shares<br>to be Purchased<br>if Maximum<br>Option<br>Exercised** |
|  Goldman Sachs & Co. LLC | [•] | [•] |
|  J.P. Morgan Securities LLC | [•] | [•] |
|  RBC Capital Markets, LLC | [•] | [•] |
|  Mizuho Securities USA LLC | [•] | [•] |
|  TD Securities (USA) LLC | [•] | [•] |
|  Citizens JMP Securities, LLC | [•] | [•] |
|  Keefe, Bruyette & Woods, Inc. | [•] | [•] |
|  Needham & Company, LLC | [•] | [•] |
|  Total |  | [•] |

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**SCHEDULE II** 

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| | | |
|:---|:---|:---|
|  | **Total Number of**<br>**Firm Shares**<br>**to be Sold** | **Number of**<br>**Optional**<br>**Shares to be**<br>**Sold if**<br>**Maximum Option**<br>**Exercised** |
|  The Company. | **[•]** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Selling Stockholder(s): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Name of Selling Stockholder]**(a) | **[•]** | **[•]** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Name of Selling Stockholder]**(b) | **[•]** | **[•]** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Name of Selling Stockholder]**(c) | **[•]** | **[•]** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Name of Selling Stockholder]**(d) | **[•]** | **[•]** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Name of Selling Stockholder]**(e) | **[•]** | **[•]** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | [•] | [•] |

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(a) This Selling Stockholder is represented by [Name and Address of Counsel] and has appointed [Names of Attorneys-in-Fact (not less than two)], and each of them, as the Attorneys-in-Fact for such
Selling Stockholder.

(b) This Selling Stockholder is represented by [Name and Address of Counsel] and has appointed [Names of Attorneys-in-Fact (not less than two)], and each of them, as the Attorneys-in-Fact for such
Selling Stockholder.

(c) This Selling Stockholder is represented by [Name and Address of Counsel] and has appointed [Names of Attorneys-in-Fact (not less than two)], and each of them, as the Attorneys-in-Fact for such
Selling Stockholder.

------

(d) This Selling Stockholder is represented by [Name and Address of Counsel] and has appointed [Names of Attorneys-in-Fact (not less than two)], and each of them, as the Attorneys-in-Fact for such
Selling Stockholder.

(e) This Selling Stockholder is represented by [Name and Address of Counsel] and has appointed [Names of Attorneys-in-Fact (not less than two)], and each of them, as the Attorneys-in-Fact for such
Selling Stockholder.

------

**SCHEDULE III** 

(a) Issuer Free Writing Prospectuses not included in the Pricing Disclosure Package

Electronic Roadshow dated [•]

(b) Additional documents incorporated by reference

[None]

(c) Information other than the Pricing Prospectus that comprise the Pricing Disclosure Package

The initial public offering price per share for the Shares is $[•]

The number of Shares purchased by the Underwriters is [•].

(d) Written Testing-the-Waters Communications [•]

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**ANNEX I** 

**[FORM OF PRESS RELEASE]** 

**Lendbuzz Inc.** 

**[Date]** 

Lendbuzz Inc. (the "<u>Company</u>") announced today that Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC, lead book-running managers in the recent public sale of [•] shares of the Company's common stock, are [waiving] [releasing] a lock-up restriction with respect to [•] shares of the Company's common stock held by [certain officers or directors] [an officer or director] of the Company. The [waiver] [release] will take effect on [•], 2025, and the shares may be sold on or after such date.

**This press release is not an offer for sale of the securities in the United States or in any other jurisdiction where such offer is prohibited, and such securities may not be offered or sold in the United States absent registration or an exemption from registration under the United States Securities Act of 1933, as amended.** 

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**ANNEX II** 

**FORM OF LOCK-UP AGREEMENT** 

**Lendbuzz Inc.** 

**Lock-Up Agreement** 

**[Date]** 

Goldman Sachs & Co. LLC

J.P. Morgan Securities LLC

As Representatives of the several Underwriters

named in Schedule I to the Underwriting Agreement

c/o Goldman Sachs & Co. LLC

200 West Street

New York, NY 10282-2198

c/o J.P. Morgan Securities LLC

383 Madison Avenue

New York, New York 10179

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Re: <u>Lendbuzz Inc. - Lock-Up Agreement</u>

Ladies and Gentlemen:

The undersigned understands that you, as representatives (the "<u>Representatives</u>"), propose to enter into an underwriting agreement (the "<u>Underwriting Agreement</u>") on behalf of the several Underwriters named in Schedule I to such agreement (collectively, the "<u>Underwriters</u>"), with Lendbuzz Inc., a Delaware corporation (the "<u>Company</u>") and the selling stockholders named in Schedule II to the Underwriting Agreement, providing for a public offering (the "<u>Public Offering</u>") of shares (the "<u>Shares</u>") of the common stock, par value $0.001 per share, of the Company (the "<u>Common Stock</u>") pursuant to a Registration Statement on Form S-1 (the "<u>Registration Statement</u>") to be filed with the Securities and Exchange Commission (the "<u>SEC</u>").

In consideration of the agreement by the Underwriters to offer and sell the Shares, and of other good and valuable consideration the receipt and sufficiency of which is hereby acknowledged, the undersigned agrees that, during the period beginning from the date of this Lock-Up Agreement and continuing to and including the date 180 days after the date of the final prospectus relating to the Public Offering (the "<u>Prospectus</u>") (such period, the "<u>Lock-Up Period</u>"), the undersigned shall not, and shall not cause or direct any of its affiliates to, (i) offer, sell, contract to sell, pledge, grant any option, right or warrant to purchase, purchase any option or contract to sell, lend or otherwise transfer or dispose of any shares of Common Stock, or any options or warrants to purchase any shares of Common Stock, or any securities convertible into, exchangeable for or that represent the right to receive shares of Common Stock (such shares of Common Stock, options, rights, warrants or other securities, collectively, "<u>Lock-Up Securities</u>"), including without limitation any such Lock-Up Securities now owned or hereafter acquired by the undersigned, (ii) engage in any hedging or other transaction or arrangement (including, without limitation, any short sale or the purchase or sale of, or entry into, any put or call option, or combination thereof, forward, swap or any other derivative transaction or instrument, however described or defined) which is designed to or which reasonably could be expected to lead to or result in a sale, loan, pledge or other disposition (whether by the undersigned or someone other than the undersigned), or transfer of any of the economic

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consequences of ownership, in whole or in part, directly or indirectly, of any Lock-Up Securities, whether any such transaction or arrangement (or instrument provided for thereunder) would be settled by delivery of Common Stock or other securities, in cash or otherwise (any such sale, loan, pledge or other disposition, or transfer of economic consequences, a "<u>Transfer</u>"), (iii) make any demand for or exercise any right with respect to the registration of any Lock-Up Securities or (iv) otherwise publicly announce any intention to engage in or cause any action, activity, transaction or arrangement described in clause (i), (ii) or (iii) above. The undersigned represents and warrants that the undersigned is not, and has not caused or directed any of its affiliates to be or become, currently a party to any agreement or arrangement that provides for, is designed to or reasonably could be expected to lead to or result in any Transfer during the Lock-Up Period.

[In the event the Representatives release, in full or in part, any stockholder who beneficially owns (as such term is defined in Rule 13d-3 under the Exchange Act) at least 1% of the Company's outstanding equity securities on a fully diluted basis as of immediately prior to the consummation of the Public Offering who is party to a lock-up agreement with the Representatives with respect to the Public Offering from its obligations under such lock-up agreement, the same percentage of the total number of outstanding shares of Common Stock held by the undersigned on the date of such release or waiver as the percentage of the total number of outstanding shares of Common Stock held by such stockholder on the date of such release or waiver that are the subject of such waiver shall be immediately and fully released on the same terms from any remaining lock-up restrictions set forth herein (the "<u>Pro-rata Release</u>"). The provisions of this paragraph will not apply (i)(a) if the release or waiver is effected solely to permit a transfer not for consideration and (b) the transferee has agreed in writing to be bound by the same terms described in this lock-up agreement to the extent and for the duration that such terms remain in effect at the time of the transfer, (ii) in the case of any secondary underwritten public offering of Common Stock (including a secondary underwritten public offering with a primary component) (a "<u>Follow-on Offering</u>"), provided that the undersigned shall be offered the opportunity to participate on a pro rata basis in such Follow-on Offering and on pricing terms that are no less favorable than the terms of the Follow-on Offering, (iii) if the aggregate number of shares of Common Stock and other securities affected by such releases or waivers (whether in one or multiple releases or waivers) is less than or equal to 1.0% of the total number of shares of Common Stock outstanding on a fully diluted basis immediately following the closing of the Public Offering or (iv) if the release or waiver is granted due to circumstances of an emergency or hardship as determined by the Representatives in their sole judgment. The Representatives shall use commercially reasonable efforts to promptly notify the Company of each such release which shall notify the undersigned within two (2) business days of receipt of such notice from the Representatives, provided that the failure to provide such notice shall not give rise to any claim or liability against the Representatives or the Company. The undersigned further acknowledges that the Representatives are under no obligation to inquire into whether, or to ensure that, the Company notifies the undersigned of the delivery by the Representatives of any such notice, which is a matter between the undersigned and the Company.]<sup>1</sup>

Notwithstanding the foregoing, the undersigned may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) transfer the undersigned's Lock-Up Securities (i) as one or more *bona fide* gifts or
charitable contributions, or for *bona fide* estate planning purposes, (ii) upon death by will, testamentary document or intestate succession, (iii) if the undersigned is a natural person, to any member of the undersigned's
immediate family (for purposes of this Lock- Up Agreement, "immediate family" shall mean any relationship by blood, current or former marriage, domestic partnership or adoption, not more remote than first cousin)

<sup>1</sup> NTD: For parties to the IRA.

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or to any trust for the direct or indirect benefit of the undersigned or the immediate family of the undersigned or, if the undersigned is a trust, to a trustor or beneficiary of the trust or the estate of a beneficiary of such trust, (iv) to a partnership, limited liability company or other entity of which the undersigned and/or the immediate family of the undersigned are the legal and beneficial owner of all of the outstanding equity securities or similar interests, (v) to a nominee or custodian of a person or entity to whom a disposition or transfer would be permissible under clauses (a)(i) through (iv) above, (vi) if the undersigned is a corporation, partnership, limited liability company, investment fund or other business entity, (A) to another corporation, partnership, limited liability company or other business entity that is an affiliate (as defined in Rule 405 under the Securities Act of 1933, as amended) of the undersigned, or to any investment fund or other entity which fund or entity is controlling, controlled by, managing or managed by or under common control with the undersigned or affiliates of the undersigned (including, for the avoidance of doubt, where the undersigned is a partnership, to its general partner or a successor partnership or fund, or any other funds managed by such partnership), or (B) as part of a distribution by the undersigned to its stockholders, partners, members or other equityholders or to the estate of any such stockholders, partners, members or other equityholders, (vii) by operation of law, such as pursuant to a qualified domestic order, divorce settlement, divorce decree or separation agreement, (viii) to the Company from an employee of the Company upon death, disability or termination of employment, in each case, of such employee, (ix) if the undersigned is not an officer or director of the Company, in connection with a sale of the undersigned's shares of Common Stock acquired (A) from the Underwriters in the Public Offering or (B) in open market transactions after the pricing date of the Public Offering, (x) to the Company in connection with the vesting, settlement or exercise of restricted stock units, options, warrants or other rights to purchase shares of Common Stock (including, in each case, by way of "net" or "cashless" exercise) that are scheduled to expire or automatically vest during the Lock-Up Period, including any transfer to the Company for the payment of tax withholdings or remittance payments due as a result of the vesting, settlement or exercise of such restricted stock units, options, warrants or other rights, or in connection with the conversion of convertible securities, in all such cases pursuant to equity awards granted under a stock incentive plan or other equity award plan, or pursuant to the terms of convertible securities, each as described in the Registration Statement, the preliminary prospectus relating to the Shares included in the Registration Statement immediately prior to the time the Underwriting Agreement is executed and the Prospectus, provided that any securities received upon such vesting, settlement, exercise or conversion shall be subject to the terms of this Lock-Up Agreement, (xi) with the prior written consent of the Representatives on behalf of the Underwriters or (xiii) the conversion and reclassification of shares of the Company's convertible preferred stock, warrants or non-voting and voting common stock into Common Stock as disclosed in the Registration Statement, Pricing Disclosure Package and Prospectus, provided that such shares shall continue to be subject to the restrictions on transfer set forth in this agreement; provided that (A) in the case of clauses (a)(i), (ii), (iii), (iv), (v) and (vi) above, such transfer or distribution shall not involve a disposition for value, (B) in the case of clauses (a)(i), (ii), (iii), (iv), (v), (vi) and (vii) above, it shall be a condition to the transfer or distribution that the donee, devisee, transferee or distributee, as the case may be, shall sign and deliver a lock-up agreement in the form of this Lock-Up Agreement, (C) in the case of clauses (a)(iii), (iv), (v) and (vi) above, no filing by any party (including, without limitation, any donor, donee, devisee, transferor, transferee, distributor or distributee) under the Securities Exchange Act of 1934, as amended (the "<u>Exchange</u> <u>Act</u>"), or other public filing, report or announcement reporting a reduction in beneficial

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ownership of Lock-Up Securities shall be required or shall be voluntarily made during the Lock-Up Period in connection with such transfer or distribution, and (D) in the case of clauses (a)(i), (ii), (vii), (viii), (ix) and (x) above, no filing under the Exchange Act or other public filing, report or announcement shall be voluntarily made, and if any such filing, report or announcement shall be legally required during the Lock-Up Period, such filing, report or announcement shall clearly indicate in the footnotes thereto (A) the circumstances of such transfer or distribution and (B) in the case of a transfer or distribution pursuant to clauses (a)(i), (ii) and (vii) above, that the donee, devisee, transferee or distributee has agreed to be bound by a lock-up agreement in the form of this Lock-Up Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) exercise outstanding options, settle restricted stock units or other equity awards pursuant to plans described
in Registration Statement, the Pricing Disclosure Package (as defined in the Underwriting Agreement) and the Prospectus or exercise warrants described in the Registration Statement, the Pricing Disclosure Package and the Prospectus; provided that
(i) Lock-Up Securities received upon such exercise, vesting or settlement shall be subject to the terms of this Lock-Up Agreement, and (ii) no filing under the Exchange Act or other public filing, report or announcement shall be
voluntarily made, and if any such filing, report or announcement shall be legally required during the Lock-Up Period, such filing, report or announcement shall clearly indicate in the footnotes thereto (A) the circumstances of such distribution
and (B) that the distributee has agreed to be bound by a lock-up agreement in the form of this Lock-Up Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) enter into a written plan meeting the requirements of Rule 10b5-1 under the Exchange Act relating to the
transfer, sale or other disposition of the undersigned's Lock-Up Securities, if then permitted by the Company, provided that none of the securities subject to such plan may be transferred, sold or otherwise disposed of until after the
expiration of the Lock-Up Period and no public announcement, report or filing under the Exchange Act, or any other public filing, report or announcement, shall be voluntarily made (whether by or on behalf of the undersigned, the Company or any other
party) regarding, or that otherwise discloses, the establishment of such plan during the Lock-Up Period, and if any such filing, report or announcement shall be legally required during the Lock- Up Period,
such filing, report or announcement shall clearly indicate that none of the securities subject to such plan may be transferred, sold or otherwise disposed of pursuant to such plan until after the expiration of the Lock-Up Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) transfer the undersigned's Lock-Up Securities pursuant to a bona fide third-party tender offer, merger, consolidation or other similar transaction that is approved by the Board of Directors of the Company and made to all holders of the Company's capital stock involving a
Change of Control of the Company (for purposes hereof, " <u>Change of Control</u> " shall mean the transfer (whether by tender offer, merger, consolidation or other similar transaction), in one transaction or a series of related
transactions, to a person or group of affiliated persons, of shares of capital stock if, after such transfer, such person or group of affiliated persons would hold at least a majority of the outstanding voting securities of the Company (or the
surviving entity)); provided that in the event that such tender offer, merger, consolidation or other similar transaction is not completed, the undersigned's Lock-Up Securities shall remain subject to the provisions of this Lock-Up Agreement;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) sell shares of Common Stock pursuant to the terms of the Underwriting Agreement.

------

If the undersigned is an officer or director of the Company, the undersigned further agrees that the foregoing provisions shall be equally applicable to any issuer-directed or other Shares the undersigned may purchase in the Public Offering.

If the undersigned is not a natural person, the undersigned represents and warrants that no single natural person, entity or "group" (within the meaning of Section 13(d)(3) of the Exchange Act), other than a natural person, entity or "group" (as described above) that has executed a Lock-Up Agreement in substantially the same form as this Lock-Up Agreement, beneficially owns, directly or indirectly, 50% or more of the common equity interests, or 50% or more of the voting power, in the undersigned.

If the undersigned is an officer or director of the Company, (i) the Representatives agree that, at least three business days before the effective date of any release or waiver of the foregoing restrictions in connection with a transfer of shares of Common Stock, the Representatives will notify the Company of the impending release or waiver, and (ii) the Company has agreed in the Underwriting Agreement to announce the impending release or waiver by press release through a major news service (or such other method approved by the Representatives that satisfies the requirements of FINRA Rule 5131(d)(2)) at least two business days before the effective date of the release or waiver. Any release or waiver granted by the Representatives hereunder to any such officer or director shall only be effective two business days after the publication date of such press release. The provisions of this paragraph will not apply if (i) the release or waiver is effected solely to permit a transfer not for consideration or that is to an immediate family member as defined in FINRA Rule 5130(i)(5) and (ii) the transferee has agreed in writing to be bound by the same terms described in this Lock-Up Agreement to the extent and for the duration that such terms remain in effect at the time of the transfer.

The undersigned now has, and, except as contemplated by clauses (a) and (c) of the third paragraph of this Lock-Up Agreement, for the duration of this Lock-Up Agreement will have, good and marketable title to the undersigned's Lock-Up Securities, free and clear of all liens, encumbrances and claims whatsoever. The undersigned also agrees and consents to the entry of stop transfer instructions with the Company's transfer agent and registrar against the transfer of the undersigned's Lock-Up Securities except in compliance with the foregoing restrictions.

The undersigned acknowledges and agrees that none of the Underwriters has made any recommendation or provided any investment or other advice to the undersigned with respect to this Lock-Up Agreement or the subject matter hereof, and the undersigned has consulted its own legal, accounting, financial, regulatory, tax and other advisors with respect to this Lock-Up Agreement and the subject matter hereof to the extent the undersigned has deemed appropriate. The undersigned further acknowledges and agrees that, although the Underwriters may have provided or hereafter provide to the undersigned in connection with the Public Offering a Form CRS and/or certain other disclosures as contemplated by Regulation Best Interest, the Underwriters have not made and are not making a recommendation to the undersigned to enter into this Lock-Up Agreement or to transfer, sell or dispose of, or to refrain from transferring, selling or disposing of, any shares of Common Stock, and nothing set forth in such disclosures or herein is intended to suggest that any Underwriter is making such a recommendation.

This Lock-Up Agreement shall automatically terminate and the undersigned shall be released from all of his, her or its obligations hereunder upon the earlier of (i) the date on which the Registration Statement filed with the SEC with respect to the Public Offering is withdrawn, (ii) the date on which for any reason the Underwriting Agreement is terminated (other than the provisions thereof that survive termination) prior to payment for and delivery of the Shares to be sold

------

thereunder (other than pursuant to the Underwriters' option thereunder to purchase additional Shares), (iii) the date on which the Company notifies the Representatives, in writing and prior to the execution of the Underwriting Agreement, that it does not intend to proceed with the Public Offering and (iv) September 30, 2025, in the event that the Underwriting Agreement has not been executed by such date (provided, however, that the Company may, by written notice to the undersigned prior to such date, extend such date for a period of up to three additional months).

[Notwithstanding anything herein to the contrary, Goldman Sachs & Co. LLC and its affiliates, other than the undersigned, may engage in brokerage, investment advisory, financial advisory, anti-raid advisory, merger advisory, financing, asset management, trading, market making, arbitrage, principal investing and other similar activities conducted in the ordinary course of their affiliates' business.]<sup>2</sup>

The undersigned understands that the Company and the Underwriters are relying upon this Lock-Up Agreement in proceeding toward consummation of the Public Offering. The undersigned further understands that this Lock-Up Agreement is irrevocable and shall be binding upon the undersigned's heirs, legal representatives, successors and assigns. The undersigned hereby represents and warrants that the undersigned has full power and authority to enter into this Lock- Up Agreement. This Lock-Up Agreement shall be governed by and construed in accordance with the laws of the State of New York without regard to principles of conflict of laws that would result in the application of any other law than the laws of the State of New York. This Lock-Up Agreement may be delivered via facsimile, electronic mail (including pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, e.g., www.docusign.com or www.echosign.com) or other transmission method, and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.

<sup>2</sup> NTD: To be included in Goldman's lock-up only.

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Very truly yours,

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| | | | |
|:---|:---|:---|:---|
| **IF AN INDIVIDUAL:** | **IF AN INDIVIDUAL:** | **IF AN ENTITY:** | **IF AN ENTITY:** |
| By: |  |  |  |
|  | *(duly authorized signature)* |  | *(please print complete name of entity)* |
| Name: |  | By: |  |
|  | *(please print full name)* |  | *(duly authorized signature)* |
|  |  | Name: |  |
|  |  |  | *(please print full name)* |
|  |  | Title: |  |
|  |  |  | *(please print full title)* |

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*[Signature Page to Lock-Up Agreement]*

## Exhibit 3.1

**Exhibit 3.1** 

AMENDED AND RESTATED

CERTIFICATE OF INCORPORATION

OF

LENDBUZZ INC.

(Pursuant to Sections 242 and 245 of the

General Corporation Law of the State of Delaware)

Lendbuzz Inc., a corporation organized and existing under and by virtue of the provisions of the General Corporation Law of the State of Delaware (the "***General Corporation Law***"),

**DOES HEREBY CERTIFY:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** That the name of this corporation is Lendbuzz Inc., and that this corporation was originally incorporated pursuant to the General Corporation Law on the 9<sup>th</sup> day of September, 2015 under the name Lendbuzz Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** That the Board of Directors duly adopted resolutions proposing to amend and restate the Certificate of Incorporation of this corporation, declaring said amendment and restatement to be advisable and in the best interests of this corporation and its stockholders, and authorizing the appropriate officers of this corporation to solicit the consent of the stockholders therefor, which resolution setting forth the proposed amendment and restatement is as follows:

**RESOLVED**, that the Certificate of Incorporation of this corporation be amended and restated in its entirety to read as follows:

**FIRST:** The name of this corporation is Lendbuzz Inc. (the "***Corporation***").

**SECOND:** The registered office of the Corporation in the State of Delaware, New Castle County, shall be 1000 N West Street, Suite 1400, Wilmington, Delaware 19801. The registered agent at such address shall be MWE Corporate Services, LLC.

**THIRD:** The nature of the business or purposes to be conducted or promoted is to engage in any lawful act or activity for which corporations may be organized under the General Corporation Law.

**FOURTH:** Upon the filing of this Amended and Restated Certificate of Incorporation with the Delaware Secretary of State, (i) each one (1) share of Voting Common Stock (as defined below) then outstanding shall be divided into ten (10) shares of Voting Common Stock, (ii) each one (1) share of Nonvoting Common Stock (as defined below) then outstanding shall be divided into ten (10) shares of Nonvoting Common Stock, (iii) each one (1) share of Voting Preferred Stock (as defined below) then outstanding shall be divided into ten (10) shares of Voting Preferred Stock, and (iv) each one (1) share of Nonvoting Preferred Stock (as defined below) then outstanding shall be divided into ten (10) shares of Nonvoting Preferred Stock Preferred Stock. The total number of shares of all classes of stock which the Corporation shall have authority to issue is (i) 65,555,190 shares of voting Common Stock, $0.001 par value per share ("***Voting Common Stock***"), (ii) 1,078,860 shares of nonvoting Common Stock, $0.001 par value per share ("***Nonvoting Common Stock***", and, together with the Voting Common Stock, "***Common Stock***"), (iii) 44,690,490 shares of voting Preferred Stock, $0.001 par value per share ("***Voting Preferred Stock***") and (iv) 1,078,860 shares of nonvoting Preferred Stock, $0.001 par value per share ("***Nonvoting Preferred Stock***", and, together with the Voting Preferred Stock, "***Preferred Stock***").

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The following is a statement of the designations and the powers, privileges and rights, and the qualifications, limitations or restrictions thereof in respect of each class of capital stock of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. **COMMON STOCK** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>General</u>. The voting, dividend and liquidation rights of the holders of the Common Stock are subject to and qualified by the rights, powers and preferences of the holders of the Preferred Stock set forth herein. The terms of the Voting Common Stock and of the Nonvoting Common Stock shall be the same in all respects except as otherwise provided herein, and shall not be amended, repealed or modified independently of one another (other than with respect to voting rights).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Voting Common Stock</u>. The holders of the Voting Common Stock are entitled to one vote for each share of Voting Common Stock held at all meetings of stockholders (and written actions in lieu of meetings). There shall be no cumulative voting. The number of authorized shares of Voting Common Stock may be increased or decreased (but not below the number of shares thereof then outstanding) by (in addition to any vote of the holders of one or more series of Preferred Stock that may be required by the terms of this Amended and Restated Certificate of Incorporation) (this "***Certificate of Incorporation***") the affirmative vote of the holders of shares of capital stock of the Corporation representing a majority of the votes represented by all outstanding shares of capital stock of the Corporation entitled to vote, irrespective of the provisions of Section 242(b)(2) of the General Corporation Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Nonvoting Common Stock</u>. Except as provided by law or explicitly by the other provisions of this Certificate of Incorporation, the holders of the Nonvoting Common Stock are not entitled to vote on any matter provided under this Certificate of Incorporation, and shall be "nonvoting" for purposes of the Bank Holding Company Act of 1956, as amended (the "***BHCA***") and the Federal Reserve Board's implementing Regulation Y thereunder ("***Regulation Y***"). The number of authorized shares of Nonvoting Common Stock may be increased or decreased (but not below the number of shares thereof then outstanding) by (in addition to any vote of the holders of one or more series of Preferred Stock that may be required by the terms of this Certificate of Incorporation) the affirmative vote of the holders of shares of capital stock of the Corporation representing a majority of the votes represented by all outstanding shares of capital stock of the Corporation entitled to vote, irrespective of the provisions of Section 242(b)(2) of the General Corporation Law.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. **PREFERRED STOCK** 

The authorized shares of Preferred Stock of the Corporation shall hereby be divided as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Preferred A Stock</u>. (i) 6,318,220 shares of the authorized Voting Preferred Stock of the Corporation are hereby designated "***Preferred A Stock***", (ii) 4,567,840 of the authorized Voting Preferred Stock of the Corporation are hereby designated "***Preferred A-1 Stock***", (iii) 371,850 of the authorized Voting Preferred Stock of the Corporation are hereby designated "***Preferred A-2 Stock***", and (iv) 578,280 of the authorized Voting Preferred Stock of the Corporation are hereby designated "***Preferred A-3 Stock***" (the series of Preferred Stock listed in clauses (ii) through (iv) hereinabove are referred to hereinafter as "***Preferred A-1/2/3 Stock***"). The Preferred A Stock together with the Preferred A-1/2/3 Stock are referred to hereinafter as "***Series A Preferred Stock***". The Series A Preferred Stock shall rank superior to the Common Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Preferred B Stock</u>. (i) 12,158,410 shares of the authorized Voting Preferred Stock of the Corporation are hereby designated "***Preferred B Stock***", (ii) 2,968,920 of the authorized Voting Preferred Stock of the Corporation are hereby designated "***Preferred B-1 Stock***". The Preferred B Stock together with the Preferred B-1 Stock are referred to hereinafter as "***Series B Preferred Stock***". The Series B Preferred Stock shall rank superior to the Series A Preferred Stock, the Common Stock and any other class or series of capital stock of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Preferred C Stock</u>. 7,221,750 shares of the authorized Voting Preferred Stock of the Corporation are hereby designated "***Preferred C Stock****"*. The Preferred C Stock shall rank superior to the Series B Preferred Stock, the Series A Preferred Stock, the Common Stock and any other class or series of capital stock of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Preferred C-2 Stock</u>. 5,970,010 shares of the authorized Voting Preferred Stock of the Corporation are hereby designated "***Preferred C-2 Stock***". The Preferred C-2 Stock shall rank superior to the Preferred C Stock, Series B Preferred Stock, the Series A Preferred Stock, the Common Stock and any other class or series of capital stock of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Preferred C-2A Stock</u>. 605,240 shares of the authorized Nonvoting Preferred Stock of the Corporation are hereby designated "***Preferred C-2A Stock***". The Preferred C-2A Stock shall rank *pari passu* to the Preferred C-2 Stock, and shall rank superior to the Preferred C Stock, Series B Preferred Stock, the Series A Preferred Stock, the Common Stock and any other class or series of capital stock of the Corporation. Except as provided by law or explicitly by the other provisions of this Certificate of Incorporation, the holders of the Preferred C-2A Stock are not entitled to vote on any other matter provided under this Certificate of Incorporation, and shall be "nonvoting" for purposes of the BHCA and the Regulation Y.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Preferred D Stock</u>. 3,004,900 shares of the authorized Voting Preferred Stock of the Corporation are hereby designated "***Preferred D Stock***". The Preferred D Stock shall rank superior to Preferred C-2A Stock, Preferred C-2 Stock, the Preferred C Stock, Series B Preferred Stock, the Series A Preferred Stock, the Common Stock and any other class or series of capital stock of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Preferred D-A Stock</u>. 369,820 shares of the authorized Nonvoting Preferred Stock of the Corporation are hereby designated "**Preferred D-A Stock**". The Preferred D-A Stock shall rank pari passu to the Preferred D Stock, and shall rank superior to the Preferred C-2A Stock, Preferred C-2 Stock, Preferred C Stock, Series B Preferred Stock, the Series A Preferred Stock,

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the Common Stock and any other class or series of capital stock of the Corporation. Except as provided by law or explicitly by the other provisions of this Certificate of Incorporation, the holders of the Preferred D-A Stock are not entitled to vote on any other matter provided under this Certificate of Incorporation, and shall be "nonvoting" for purposes of the BHCA and the Regulation Y.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Preferred D-1 Stock</u>. 1,530,310 shares of the authorized Voting Preferred Stock of the Corporation are hereby designated "**Preferred D-1 Stock**". The Preferred D-1 Stock shall rank pari passu to the Preferred D Stock and Preferred D-A Stock, and shall rank superior to Preferred C-2A Stock, Preferred C-2 Stock, the Preferred C Stock, Series B Preferred Stock, the Series A Preferred Stock, the Common Stock and any other class or series of capital stock of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Preferred D-1A Stock</u>. 103,800 shares of the authorized Nonvoting Preferred Stock of the Corporation are hereby designated "**Preferred D-1A Stock**". The Preferred D-1A Stock shall rank pari passu to the Preferred D-1 Stock, Preferred D Stock and Preferred D-A Stock, and shall rank superior to the Preferred C-2A Stock, Preferred C-2 Stock, Preferred C Stock, Series B Preferred Stock, the Series A Preferred Stock, the Common Stock and any other class or series of capital stock of the Corporation. Except as provided by law or explicitly by the other provisions of this Certificate of Incorporation, the holders of the Preferred D-1A Stock are not entitled to vote on any other matter provided under this Certificate of Incorporation, and shall be "nonvoting" for purposes of the BHCA and the Regulation Y.

The Preferred Stock shall have the following rights, preferences, powers, privileges and restrictions, qualifications and limitations. Unless otherwise indicated, references to "sections" or "subsections" in this Part B of this Article Fourth refer to sections and subsections of Part B of this Article Fourth.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Dividends</u>.

The Corporation shall not declare, pay or set aside any dividends on shares of any other class or series of capital stock of the Corporation (other than dividends on shares of Common Stock payable in shares of Common Stock) unless (in addition to the obtaining of any consents required elsewhere in this Certificate of Incorporation) the holders of the Preferred Stock then outstanding shall first receive, or simultaneously receive, a dividend on each outstanding share of Preferred Stock (as applicable) in an amount at least equal to (i) in the case of a dividend on Common Stock or any class or series that is convertible into Common Stock, that dividend per share of applicable Preferred Stock as would equal the product of (A) the dividend payable on each share of such class or series determined, if applicable, as if all shares of such class or series had been converted into Common Stock and (B) the number of shares of Common Stock issuable upon conversion of a share of such Preferred Stock, in each case calculated on the record date for determination of holders entitled to receive such dividend or (ii) in the case of a dividend on any class or series that is not convertible into Common Stock, at a rate per share of the applicable Preferred Stock determined by (A) dividing the amount of the dividend payable on each share of such class or series of capital stock by the original issuance price of such class or series of capital stock (subject to appropriate adjustment in the event of any stock dividend, stock split, combination or other similar recapitalization with respect to such class or series) and (B) multiplying such fraction by an amount equal to the applicable Original Issue Price (as defined

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below); *<u>provided</u>*, that if the Corporation declares, pays or sets aside, on the same date, a dividend on shares of more than one class or series of capital stock of the Corporation, the dividend payable to the holders of Preferred Stock pursuant to this <u>Section</u> <u>1</u> shall be calculated based upon the dividend on the class or series of capital stock that would result in the highest Preferred D-1 Stock and Preferred D-1A Stock dividend. The "***Original Issue Price***" shall mean respectively as follows: (1) $16.65141 per share with respect to shares of Preferred D-1A Stock "***Series D-1A Original Issue Price***"; (2) $16.65141 per share with respect to shares of Preferred D-1 Stock "***Series D-1 Original Issue Price***"; (3) $14.24191 per share with respect to shares of Preferred D Stock "***Series D Original Issue Price***"; (4) $14.24191 per share with respect to shares of Preferred D-A Stock "***Series D-A Original Issue Price***"; (5) $8.32603 per share with respect to shares of Preferred C-2A Stock "***Series C-2A Original Issue Price***"; (6) $8.32603 per share with respect to shares of Preferred C-2 Stock "***Series C-2 Original Issue Price***"; (7) $3.46550 per share with respect to shares of Preferred C Stock "***Series C Original Issue Price***"; (8) $1.22343 per share with respect to shares of Preferred B Stock "***Series B Original Issue Price***"; (9) $0.84206 per share with respect to shares of Preferred B-1 Stock "***Series B-1 Original Issue Price***"; (10) $0.66352 per share with respect to shares of Preferred A Stock "***Series A Original Issue Price***"; (11) $0.25236 per share with respect to shares of Preferred A-1 Stock "***Series A-1 Original Issue Price***"; (12) $0.41528 per share with respect to shares of Preferred A-2 Stock "***Series A-2 Original Issue Price***"; and (13) $0.53081 per share with respect to shares of Preferred A-3 Stock "***Series A-3 Original Issue Price***", all, subject to appropriate adjustment in the event of any stock dividend, stock split, combination or other similar recapitalization with respect to the applicable Preferred Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Liquidation, Dissolution or Winding Up; Certain Mergers, Consolidations and Asset Sales</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 <u>Preferential Payments to Holders of Preferred Stock</u>. In the event of any voluntary or involuntary liquidation, dissolution or winding up of the Corporation or Deemed Liquidation Event, all the assets and funds of the Corporation available for distribution among the stockholders shall be distributed to them, notwithstanding anything herein to the contrary, either by way of dividend or pursuant to the sale of the Corporation's stock, in the following order and preference:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) First, the holders of shares of Preferred D-1A Stock, the holders of shares of Preferred D-1 Stock, the holders of shares of Preferred D Stock and the holders of shares of Preferred D-A Stock, in each case, then outstanding, shall be entitled to be paid out of the assets of the Corporation available for distribution to its stockholders before any payment shall be made to the holders of Preferred C-2A Stock, Preferred C-2 Stock, Preferred C Stock, Series B Preferred Stock, Series A Preferred Stock and Common Stock by reason of their ownership thereof, an amount per share equal to the greater of (A) (i) the Series D-1A Original Issue Price or Series D-1 Original Issue Price or the Series D Original Issue Price or the Series D-A Original Issue Price, as the case may be, plus (ii) declared but unpaid dividends on each such share of Preferred D-1A Stock, Preferred D-1 Stock, Preferred D Stock or Preferred D-A Stock, or (B) such amount per share as would have been payable had all shares of Preferred D-1A Stock, or Preferred D-1 Stock, or Preferred D Stock or Preferred D-A Stock, as the case may be, been converted into Common Stock pursuant to <u>Section</u> <u>4</u> immediately prior to such liquidation, dissolution, winding up or Deemed Liquidation Event (the amount payable pursuant to this sentence is hereinafter referred to as the "***Series D-1A, Series D-1, Series D and Series D-A***

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 ***Liquidation Amount***"). If upon any such liquidation, dissolution or winding up of the Corporation or Deemed Liquidation Event, the assets of the Corporation available for distribution to its stockholders shall be insufficient to pay the holders of shares of Preferred D-1A Stock, Preferred D-1 Stock, Preferred D Stock and Preferred D-A Stock the full amount to which they shall be entitled under this <u>Subsection 2.1(a)</u>, as applicable, the holders of shares of Preferred D-1A Stock, Preferred D-1 Stock, Preferred D Stock and Preferred D-A Stock shall share ratably in any distribution of the assets available for distribution in proportion to the respective amounts which would otherwise be payable in respect of the shares held by them upon such distribution if all amounts payable on or with respect to such shares were paid in full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Second, after payment in full of the Series D-1A, Series D-1*,* ****Series D and Series D-A Liquidation Amount, the holders of shares of Preferred C-2A Stock and holders of shares of Preferred C-2 Stock, in each case, then outstanding, shall be entitled to be paid out of the assets of the Corporation available for distribution to its stockholders before any payment shall be made to the holders of Preferred C Stock, Series B Preferred Stock, Series A Preferred Stock and Common Stock by reason of their ownership thereof, an amount per share equal to the greater of (A) (i) the Series C-2A Original Issue Price or Series C-2 Original Issue Price, as the case may be, plus (ii) declared but unpaid dividends on each such share of Preferred C-2A Stock or Preferred C-2 Stock, or (B) such amount per share as would have been payable had all shares of Preferred C-2A Stock or Preferred C-2 Stock, as the case may be, been converted into Common Stock pursuant to <u>Section</u> <u>4</u> immediately prior to such liquidation, dissolution, winding up or Deemed Liquidation Event (the amount payable pursuant to this sentence is hereinafter referred to as the "***Series C-2A and C-2 Liquidation Amount***"). If upon any such liquidation, dissolution or winding up of the Corporation or Deemed Liquidation Event, the assets of the Corporation available for distribution to its stockholders shall be insufficient to pay the holders of shares of Preferred C-2A Stock and the holders of shares of Preferred C-2 Stock the full amount to which they shall be entitled under this <u>Subsection</u> <u>2.1(b)</u>, as applicable, the holders of shares of Preferred C-2A Stock and the holders of shares of Preferred C-2 Stock shall share ratably in any distribution of the assets available for distribution in proportion to the respective amounts which would otherwise be payable in respect of the shares held by them upon such distribution if all amounts payable on or with respect to such shares were paid in full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Third, after payment in full of the Series D-1A, Series D-1, ****Series D and Series D-A Liquidation Amount and the Series C-2A and C-2 Liquidation Amount, the holders of shares of Preferred C Stock then outstanding shall be entitled to be paid out of the assets of the Corporation available for distribution to its stockholders before any payment shall be made to the holders of Series B Preferred Stock, Series A Preferred Stock and Common Stock by reason of their ownership thereof, an amount per share equal to the greater of (A) (i) the Series C Original Issue Price, plus (ii) declared but unpaid dividends on each such share of Preferred C Stock, or (B) such amount per share as would have been payable had all shares of Preferred C Stock been converted into Common Stock pursuant to <u>Section</u> <u>4</u> immediately prior to such liquidation, dissolution, winding up or Deemed Liquidation Event (the amount payable pursuant to this sentence is hereinafter referred to as the "***Series C Liquidation Amount***"). If upon any such liquidation, dissolution or winding up of the Corporation or Deemed Liquidation Event, the assets of the Corporation available for distribution to its stockholders shall be insufficient to pay the holders of shares of Preferred C Stock the full amount to which they shall be entitled under this <u>Subsection</u> <u>2.1(c)</u>, the holders of shares of Preferred C Stock shall share ratably in any distribution of the assets available for distribution in proportion to the respective amounts which would otherwise be payable in respect of the shares held by them upon such distribution if all amounts payable on or with respect to such shares were paid in full.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Fourth, after payment in full of the Series D-1A, Series D-1, ****Series D and Series D-A Liquidation Amount, the Series C-2A and C-2 Liquidation Amount and the Series C Liquidation Amount, the holders of shares of Series B Preferred Stock then outstanding shall be entitled to be paid out of the assets of the Corporation available for distribution to its stockholders before any payment shall be made to the holders of Series A Preferred Stock and Common Stock by reason of their ownership thereof, an amount per share equal to the greater of (A) (i) the Series B Original Issue Price or Series B-1 Original Issue Price, as applicable, plus (ii) declared but unpaid dividends on each such share of Series B Preferred Stock, or (B) such amount per share as would have been payable had all shares of Series B Preferred Stock been converted into Common Stock pursuant to <u>Section</u> <u>4</u> immediately prior to such liquidation, dissolution, winding up or Deemed Liquidation Event (the amount payable pursuant to this sentence is hereinafter referred to as the "***Series B Liquidation Amount***"). If upon any such liquidation, dissolution or winding up of the Corporation or Deemed Liquidation Event, the assets of the Corporation available for distribution to its stockholders shall be insufficient to pay the holders of shares of Series B Preferred Stock the full amount to which they shall be entitled under this <u>Subsection</u> <u>2.1(d)</u>, as applicable, the holders of shares of Series B Preferred Stock shall share ratably in any distribution of the assets available for distribution in proportion to the respective amounts which would otherwise be payable in respect of the shares held by them upon such distribution if all amounts payable on or with respect to such shares were paid in full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Fifth, after payment in full of the Series D-1A, Series D-1, ****Series D and Series D-A Liquidation Amount, the Series C-2A and C-2 Liquidation Amount, the Series C Liquidation Amount and the Series B Liquidation Amount, the holders of shares of Series A Preferred Stock then outstanding shall be entitled to be paid out of the assets of the Corporation available for distribution to its stockholders before any payment shall be made to the holders of Common Stock by reason of their ownership thereof, an amount per share equal to the greater of (A) (i) the applicable Original Issue Price plus (ii) declared but unpaid dividends on each such share of Series A Preferred Stock, or (B) such amount per share as would have been payable had all shares of Series A Preferred Stock been converted into Common Stock pursuant to <u>Section</u> <u>4</u> immediately prior to such liquidation, dissolution, winding up or Deemed Liquidation Event (the amount payable pursuant to this sentence is hereinafter referred to as the "***Series A Liquidation Amount***" and together with the "***Series B Liquidation Amount***", the "***Series C Liquidation Amount***", the "***Series C-2A and C-2 Liquidation Amount***" and the ***Series D-1A, Series D-1*, *Series D and Series D-A Liquidation Amount***, *the* "***Liquidation Amounts***"). If upon any such liquidation, dissolution or winding up of the Corporation or Deemed Liquidation Event, the assets of the Corporation available for distribution to its stockholders shall be insufficient to pay the holders of shares of Series A Preferred Stock the full amount to which they shall be entitled under this <u>Subsection</u> <u>2.1(e)</u>, as applicable, the holders of shares of Series A Preferred Stock shall share ratably in any distribution of the assets available for distribution in proportion to the respective amounts which would otherwise be payable in respect of the shares held by them upon such distribution if all amounts payable on or with respect to such shares were paid in full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 <u>Payments to Holders of Common Stock</u>. In the event of any voluntary or involuntary liquidation, dissolution or winding up of the Corporation or Deemed Liquidation Event, after the payment in full of all Liquidation Amounts required to be paid to the

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holders of shares of Preferred Stock, the remaining assets of the Corporation available for distribution to its stockholders or, in the case of a Deemed Liquidation Event, the consideration not payable to the holders of shares of Preferred Stock pursuant to <u>Section</u> <u>2.1</u> or the remaining Available Proceeds, as the case may be, shall be distributed among the holders of shares of Common Stock, pro rata based on the number of shares held by each such holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 <u>Deemed Liquidation Events</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3.1 <u>Definition</u>. Each of the following events shall be considered a "***Deemed Liquidation Event***" unless the holders of at least 50% of the outstanding shares of Preferred Stock voting together as a single class on an as-converted basis (the "***Preferred Majority***"), elect otherwise by written notice sent to the Corporation at least 30 days prior to the effective date of any such event:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a merger, consolidation or reorganization in which

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Corporation is a constituent party or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a subsidiary of the Corporation is a constituent party and the Corporation issues shares of its capital stock
pursuant to such merger or consolidation,

except any such merger, consolidation or reorganization involving the Corporation or a subsidiary in which the shares of capital stock of the Corporation outstanding immediately prior to such merger or consolidation continue to represent, or are converted into or exchanged for shares of capital stock that represent, immediately following such merger or consolidation, at least a majority, by voting power, of the capital stock of (1) the surviving or resulting corporation; or (2) if the surviving or resulting corporation is a wholly owned subsidiary of another corporation immediately following such merger or consolidation, the parent corporation of such surviving or resulting corporation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (1) the sale, lease, transfer, exclusive license or other disposition, outside of the ordinary course of business, in a single transaction or series of related transactions, by the Corporation or any subsidiary of the Corporation of all or substantially all of the assets of the Corporation and its subsidiaries taken as a whole, or (2) the sale or disposition (whether by merger, consolidation or otherwise) of one or more subsidiaries of the Corporation if substantially all of the assets of the Corporation and its subsidiaries taken as a whole are held by such subsidiary or subsidiaries, except where such sale, lease, transfer, exclusive license or other disposition is to a wholly owned subsidiary of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3.2 <u>Effecting a Deemed Liquidation Event</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Corporation shall not have the power to effect a Deemed Liquidation Event referred to in <u>Subsection 2.3.1(a)(i)</u> unless the agreement or plan of merger or consolidation for such transaction (the "***Merger Agreement***") provides that the consideration payable to the stockholders of the Corporation in such Deemed Liquidation Event shall be allocated among the holders of capital stock of the Corporation in accordance with <u>Subsections 2.1</u> and 2.2.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event of a Deemed Liquidation Event referred to in <u>Subsection 2.3.1(a)(ii)</u> or <u>2.3.1(b)</u>, if the Corporation does not effect a dissolution of the Corporation under the General Corporation Law within ninety (90) days after such Deemed Liquidation Event, then (i) the Corporation shall send a written notice to each holder of Preferred Stock no later than the ninetieth (90<sup>th</sup>) day after the Deemed Liquidation Event advising such holders of their right (and the requirements to be met to secure such right) pursuant to the terms of the following clause, (ii) to require the redemption of such shares of Preferred Stock, and (iii) if the Preferred Majority so requests in a written instrument delivered to the Corporation not later than one hundred twenty (120) days after such Deemed Liquidation Event, the Corporation shall use the consideration received by the Corporation for such Deemed Liquidation Event (net of any retained liabilities associated with the assets sold or technology licensed, as determined in good faith by the Board of Directors of the Corporation)**,** together with any other assets of the Corporation available for distribution to its stockholders, all to the extent permitted by Delaware law governing distributions to stockholders (the "***Available Proceeds***"), on the one hundred fiftieth (150<sup>th</sup>) day after such Deemed Liquidation Event, to redeem all outstanding shares of Series A Preferred Stock (if so requested by the holders of at least a majority of the then outstanding shares of Series A Preferred Stock), the Series B Preferred Stock (if so requested by the holders of at least a majority of the then outstanding shares of Series B Preferred Stock), the Preferred C Stock (if so requested by the holders of at least a majority of the then outstanding shares of Preferred C Stock), the Preferred C-2 Stock and Preferred C-2A Stock (if so requested by the holders of at least a majority of the then outstanding shares of Preferred C-2 Stock and the Preferred C-2A Stock, voting together as a single class), and the Preferred D-1A, the Preferred D-1 Stock, the Preferred D Stock and Preferred D-A Stock (if so requested by the holders of at least a majority of the then outstanding shares of Preferred D-1A Stock, Preferred D-1 Stock, Preferred D Stock and the Preferred D-A Stock, voting together as a single class), in all cases at a price per share equal to the applicable Liquidation Amount. Notwithstanding the foregoing, in the event of a redemption pursuant to the preceding sentence, if the Available Proceeds are not sufficient to redeem all outstanding shares of Preferred Stock (requested to be redeemed), the Corporation shall ratably redeem each holder's shares of such Preferred Stock to the fullest extent of such Available Proceeds, and shall redeem the remaining shares as soon as it may lawfully do so under Delaware law governing distributions to stockholders. The provisions of <u>Section</u> <u>7</u> shall apply, with such necessary changes in the details thereof as are necessitated by the context, to the redemption of the Preferred Stock (as applicable) pursuant to this <u>Subsection 2.3.2(b)</u>. Prior to the distribution or redemption provided for in this <u>Subsection 2.3.2(b)</u>, the Corporation shall not expend or dissipate the consideration received for such Deemed Liquidation Event, except to discharge expenses incurred in connection with such Deemed Liquidation Event or in the ordinary course of business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3.3 <u>Redemption Notice</u>. If a redemption is requested pursuant to <u>Section</u> <u>2.3.2(b)</u>, the Corporation shall send written notice of the redemption (the "***Redemption Notice***") to each holder of record of Preferred Stock not less than 10 days prior to the proposed date of such redemption pursuant to <u>Section</u> <u>2.3.2</u> (the "***Redemption Date***"). Each Redemption Notice shall state:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the number of shares of each series of Preferred Stock held by the holder that the Corporation shall redeem on the Redemption Date specified in the Redemption Notice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Redemption Date and the applicable Liquidation Amount; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) that the holder is to surrender to the Corporation, in the manner and at the place designated, his, her or its certificate or certificates representing all of his, her or its shares of Preferred Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3.4 <u>Surrender of Certificates; Payment</u>. On the applicable Redemption Date, the Corporation shall pay the applicable Liquidation Amount, for such shares being redeemed hereunder to the order of the person whose name appears on (a) the stock register of the Corporation, or (b) if such shares are certificated, the certificate or certificates as the owner thereof; *<u>provided</u>*, that in the case of certificated shares, on or before the applicable Redemption Date, each of the preferred stockholders on such Redemption Date, shall surrender the certificate or certificates representing such shares (or, if such registered holder alleges that such certificate has been lost, stolen or destroyed, a lost certificate affidavit and agreement reasonably acceptable to the Corporation to indemnify the Corporation against any claim that may be made against the Corporation on account of the alleged loss, theft or destruction of such certificate) to the Corporation, in the manner and at the place designated in the Redemption Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3.5 <u>Rights Subsequent to Redemption</u>. If the Redemption Notice shall have been duly given, and if on the applicable Redemption Date, the applicable Liquidation Amount payable upon redemption of the shares of Preferred Stock to be redeemed on such Redemption Date is paid or tendered for payment or deposited with an independent payment agent so as to be available therefor in a timely manner, then notwithstanding that the certificates evidencing any of the shares of Preferred Stock subject to the redemption shall not have been surrendered, any dividends with respect to such shares of Preferred Stock shall cease to accrue after the Redemption Date and all rights with respect to such shares shall forthwith after the Redemption Date terminate, except only the right of the holders to receive the applicable Liquidation Amount without interest upon surrender of their certificate or certificates therefor. Prior to the distribution or redemption provided for in this <u>Subsection 2.3.5</u>, the Corporation shall not expend or dissipate the consideration received from such Deemed Liquidation Event, except to discharge expenses incurred in connection with such Deemed Liquidation Event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3.6 <u>Amount Deemed Paid or Distributed</u>. The amount deemed paid or distributed to the holders of capital stock of the Corporation upon any such merger, consolidation, sale, transfer, exclusive license, other disposition or redemption shall be the cash or the fair market value of the property, rights or securities paid or distributed to such holders by the Corporation or the acquiring person, firm or other entity pursuant to such Deemed Liquidation Event. The fair market value of such property, rights or securities shall be determined in good faith by the Board of Directors of the Corporation, including the affirmative consent of at least two (2) of the Preferred Directors (as defined below) (a "**Special Vote**").

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3.7 <u>Allocation of Escrow and Contingent Consideration</u>. In the event of a Deemed Liquidation Event pursuant to <u>Subsection 2.3.1(a)(i)</u>, if any portion of the consideration payable to the stockholders of the Corporation is payable only upon satisfaction of contingencies (the "***Additional Consideration***"), the Merger Agreement shall provide that (a) the portion of such consideration that is not Additional Consideration (such portion, the "***Initial Consideration***") shall be allocated among the holders of capital stock of the Corporation in accordance with <u>Subsections 2.1</u> and 2.2 as if the Initial Consideration were the only consideration payable in connection with such Deemed Liquidation Event; and (b) any Additional Consideration which becomes payable to the stockholders of the Corporation upon satisfaction of such contingencies shall be allocated among the holders of capital stock of the Corporation in accordance with <u>Subsections 2.1</u> and 2.2 after taking into account the previous payment of the Initial Consideration as part of the same transaction. For the purposes of this <u>Subsection 2.3.7</u>, consideration placed into escrow or retained as holdback to be available for satisfaction of indemnification or similar obligations in connection with such Deemed Liquidation Event shall be deemed to be Additional Consideration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Voting</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 <u>General</u>. On any matter presented to the stockholders of the Corporation for their action or consideration at any meeting of stockholders of the Corporation (or by written consent of stockholders in lieu of meeting), each holder of outstanding shares of Voting Preferred Stock shall be entitled to cast the number of votes equal to the number of whole shares of Voting Common Stock into which the shares of Voting Preferred Stock held by such holder are convertible as of the record date for determining stockholders entitled to vote on such matter; *<u>provided</u>*, that if a Regulated Holder (defined under <u>Section</u> <u>6</u> of this Certificate of Incorporation) would have more than 4.99% of the voting rights of the then-outstanding Voting Preferred Stock, then such Regulated Holder shall, in the aggregate, be limited to no more than 4.99% of the voting rights in such vote. Except as provided by law or by the other provisions of this Certificate of Incorporation, holders of Voting Preferred Stock shall vote together with the holders of Voting Common Stock as a single class on an as-converted basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 <u>Election of Directors</u>. The Board of Directors of the Corporation (the "***Board***") shall consist of up to eight (8) directors. In addition, the holders of the shares of the class or series of capital stock entitled to elect a director or directors of the Corporation as set forth below shall also be entitled to appoint such director or directors of any subsidiary of the Corporation (subject to any legal or regulatory constrains applicable to each subsidiary). The holders of record of the shares of Preferred C Stock, exclusively and as a separate class, shall be entitled to elect one (1) director of the Corporation (the "***Preferred C Director***"), the holders of record of the shares of Series B Preferred Stock, exclusively and as a separate class, shall be entitled to elect one (1) director of the Corporation (the "***Preferred B Director***"), the holders of record of the shares of Preferred A Stock, exclusively and as a separate class, shall be entitled to elect one (1) director of the Corporation (the "***Preferred A Director***", and together with the Preferred B Director and the Preferred C Director, the "***Preferred Directors***"), and the holders of record of the shares of Voting Common Stock, exclusively and as a separate class, shall be entitled to elect (i) two (2) directors of the Corporation, and (ii) three (3) additional directors who are industry experts whose appointment shall be made in accordance with the terms of the Voting Agreement, as amended from time to time (the "***Common Stock Director(s)***"). Any director elected as provided in the preceding sentence may be removed without cause by, and only by, the affirmative vote of the holders of the shares of the class or series of capital stock entitled to elect such director or directors, given either at a special meeting of such stockholders duly called for

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that purpose or pursuant to a written consent of stockholders. If the holders of shares of Preferred C Stock, Preferred B Stock, Preferred A Stock or Voting Common Stock, as the case may be, fail to elect a sufficient number of directors to fill all directorships for which they are entitled to elect directors, voting exclusively and as a separate class, pursuant to the first sentence of this <u>Subsection</u> <u>3.2</u>, then any directorship not so filled shall remain vacant until such time as the holders of the Preferred C Stock, Preferred B Stock, Preferred A Stock or Voting Common Stock, as the case may be, elect a person to fill such directorship by vote or written consent in lieu of a meeting; and no such directorship may be filled by stockholders of the Corporation other than by the stockholders of the Corporation that are entitled to elect a person to fill such directorship, voting exclusively and as a separate class. The holders of record of the shares of Voting Common Stock and of any other class or series of voting stock (including the Preferred Stock), exclusively and voting together as a single class on an as-converted basis, shall be entitled to elect the balance of the total number of directors of the Corporation. At any meeting held for the purpose of electing a director, the presence in person or by proxy of the holders of a majority of the outstanding shares of the class or series entitled to elect such director shall constitute a quorum for the purpose of electing such director. Except as otherwise provided in this <u>Subsection</u> <u>3.2</u>, a vacancy in any directorship filled by the holders of any class or series shall be filled only by vote or written consent in lieu of a meeting of the holders of such class or series or by any remaining director or directors elected by the holders of such class or series pursuant to this <u>Subsection</u> <u>3.2</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 <u>Series D-1A Preferred Stock and Series D-1 Preferred Stock Protective Provisions</u>. At any time until an IPO or a Qualified Listing Transaction (as defined below), so long as at least 841,080 shares of Preferred D-1 Stock (subject to appropriate adjustment in the event of any stock dividend, stock split, combination or other similar recapitalization with respect to the Preferred D-1 Stock) remain outstanding, the Corporation shall not, either directly or indirectly by amendment, merger, consolidation or otherwise, do any of the following without the written consent or affirmative vote of the holders of at least the majority of the then outstanding shares of Preferred D-1 Stock (or, solely for votes on events described in (a) of this Subsection 3.3 that would significantly and adversely and disproportionally affect the powers, preferences or privileges of the Preferred D-1A Stock, the written consent or affirmative vote of the holders of at least the majority of the then outstanding shares of Preferred D-1A Stock and Preferred D-1 Stock, voting together as a single class), given in writing or by vote at a meeting; provided, that other than for votes on events described in (a) of this Subsection 3.3 that would significantly and adversely affect the powers, preferences or privileges of the Preferred D-1A Stock, if a Regulated Holder would have more than 4.99% of the voting rights of any vote on events described in this Subsection 3.3, then such Regulated Holder shall, in the aggregate, be limited to no more than 4.99% of the voting rights in such vote:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any amendment to or waiver of any provision of this Certificate of Incorporation or the Bylaws of the Corporation in a manner that adversely and disproportionally affects the powers, preferences or privileges of the Preferred D-1A Stock or Preferred D-1 Stock (for the avoidance of doubt, the authorization or issuance of a new class or series of capital stock (or any security convertible into or exercisable for any class or series of capital stock) that has been approved by the Board or by the Preferred Majority (if required) will not, in and of itself, be deemed to adversely and disproportionally affect the powers, preference or privileges of the Preferred D-1A Stock or Preferred D-1 Stock, even if such new class or series has powers, preferences or privileges that are senior to or on parity with the Preferred D-1A Stock or the Preferred D-1 Stock); or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) issuance of additional shares of Preferred D-1 Stock.

Moreover, the terms of the Preferred D-1 Stock and of the Preferred D-1A Stock shall be the same in all respects except as otherwise provided herein, and shall not be amended, repealed or modified independently of one another (other than with respect to voting rights).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 <u>Series D Preferred Stock and Series D-A Preferred Stock Protective Provisions</u>. At any time until an IPO or a Qualified Listing Transaction (as defined below), so long as shares of Preferred D Stock and Preferred D-A Stock, collectively represent at least 5% of the issued and outstanding share capital of the Corporation on an as-converted basis, the Corporation shall not do any of the following without the written consent or affirmative vote of the holders of at least the majority of the then outstanding shares of Preferred D Stock (or solely for votes on events described in (a) of this <u>Subsection</u> <u>3.4</u> that would significantly and adversely affect the powers, preferences or privileges of the Preferred D-A Stock, the written consent or affirmative vote of the holders of at least the majority of the then outstanding shares of Preferred D Stock and the Preferred D-A Stock, voting together as a single class), given in writing or by vote at a meeting; *<u>provided</u>*, that other than for votes on events described in (a) of this <u>Subsection 3.4</u> that would significantly and adversely affect the powers, preferences or privileges of the Preferred D-A Stock, if a Regulated Holder would have more than 4.99% of the voting rights of any vote on events described in this <u>Subsection 3.4</u>, then such Regulated Holder shall, in the aggregate, be limited to no more than 4.99% of the voting rights in such vote:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any amendment to any provision of this Certificate of Incorporation or the Bylaws of the Corporation in a manner that adversely and disproportionally affects the powers, preferences or privileges of the Preferred D Stock or Preferred D-A Stock (for the avoidance of doubt, the authorization or issuance of a new class or series of capital stock (or any security convertible into or exercisable for any class or series of capital stock) that has been approved by the Board or by the Preferred Majority (if required) will not, in and of itself, be deemed to adversely and disproportionally affect the powers, preference or privileges of the Preferred D Stock or Preferred D-A Stock, even if such new class or series has powers, preferences or privileges that are senior to or on parity with the Preferred D Stock or the Preferred D-A Stock); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) issuance of additional shares of Preferred D Stock.

Moreover, the terms of the Preferred D Stock and of the Preferred D-A Stock shall be the same in all respects except as otherwise provided herein, and shall not be amended, repealed or modified independently of one another (other than with respect to voting rights).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 <u>Series C-2 Preferred Stock and Series C-2A Preferred Stock Protective Provisions</u>. At any time until an IPO or a Qualified Listing Transaction (as defined below), so long as at least 3,302,880 shares of Preferred C-2A Stock and Preferred Series C-2 Stock (subject to appropriate adjustment in the event of any stock dividend, stock split, combination or other similar recapitalization with respect to the Preferred C-2 Stock) remain outstanding, the Corporation shall not, either directly or indirectly by amendment, merger, consolidation or otherwise, do any of the following without the written consent or affirmative vote of the holders of at least the majority of the then outstanding shares of Preferred C-2 Stock (or, solely for votes on events described in (a) or (c) of this <u>Subsection</u> <u>3.5</u> that would significantly and

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adversely and disproportionally affect the powers, preferences or privileges of the Preferred C-2A Stock, the written consent or affirmative vote of the holders of at least the majority of the then outstanding shares of Preferred C-2A Stock and Preferred C-2 Stock, voting together as a single class), given in writing or by vote at a meeting; *<u>provided</u>*, that other than for votes on events described in (a) or (c) of this <u>Subsection</u> <u>3.5</u> that would significantly and adversely and disproportionally affect the powers, preferences or privileges of the Preferred C-2A Stock, if a Regulated Holder would have more than 4.99% of the voting rights of any vote on events described in this <u>Subsection 3.5</u>, then such Regulated Holder shall, in the aggregate, be limited to no more than 4.99% of the voting rights in such vote:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) amend any provision of this Certificate of Incorporation or the Bylaws of the Corporation in a manner that adversely and disproportionally affects the powers, preferences or privileges of the Preferred C-2A Stock or the Preferred C-2 Stock (for the avoidance of doubt, the authorization or issuance of a new class or series of capital stock (or any security convertible into or exercisable for any class or series of capital stock) that has been approved by the Board or by the Preferred Majority (if required) will not, in and of itself, be deemed to adversely and disproportionally affect the powers, preference or privileges of the Preferred C-2A Stock or the Preferred C-2 Stock, even if such new class or series has powers, preferences or privileges that are senior to or on parity with the Preferred C-2A Stock or the Preferred C-2 Stock); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) issue additional shares of Preferred C-2 Stock, except with respect to any issuance of shares according to that certain Series C-2 Preferred Stock Purchase Agreement dated as of May 13, 2021;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) amend, restate or waive the definition of the "Requisite C-2A and C-2 Holders", the Series C-2A and C-2 Liquidation Amount, the Series C-2 Original Issue Price or the Conversion Price with respect to the Preferred C-2 Stock or amend, restate or waive any provision that requires the vote, consent or approval of the Requisite C-2A and C-2 Holders to remove such requirement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) take any of the forgoing actions at or through any direct or indirect subsidiary.

Moreover, the terms of the Preferred C-2 Stock and of the Preferred C-2A Stock shall be the same in all respects except as otherwise provided herein, and shall not be amended, repealed or modified independently of one another (other than with respect to voting rights).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6 <u>Series C Preferred Stock Protective Provisions</u>. At any time until an IPO or a Qualified Listing Transaction (as defined below), so long as shares of Preferred C Stock represent at least 5% of the issued and outstanding share capital of the Corporation on an as-converted basis, the Corporation shall not do any of the following without the written consent or affirmative vote of the holders of at least the majority of the then outstanding shares of Preferred C Stock, given in writing or by vote at a meeting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any amendment to any provision of this Certificate of Incorporation or the Bylaws of the Corporation in a manner that adversely and disproportionally affects the powers, preferences or privileges of the Preferred C Stock (for the avoidance of doubt,

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the authorization or issuance of a new class or series of capital stock (or any security convertible into or exercisable for any class or series of capital stock) that has been approved by the Board or by the Preferred Majority (if required) will not, in and of itself, be deemed to adversely and disproportionally affect the powers, preference or privileges of the Preferred C Stock, even if such new class or series has powers, preferences or privileges that are senior to or on parity with the Preferred C Stock); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) issuance of additional shares of Preferred C Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7 <u>Series B Preferred Stock Protective Provisions</u>. At any time until an IPO or a Qualified Listing Transaction, so long as shares of Series B Preferred Stock represent at least 5% of the issued and outstanding share capital of the Corporation on an as-converted basis, the Corporation shall not do any of the following without the written consent or affirmative vote of the holders of at least 50% of the then outstanding shares of Series B Preferred Stock, given in writing or by vote at a meeting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any amendment to any provision of this Certificate of Incorporation or the Bylaws of the Corporation in a manner that adversely and disproportionally affects the powers, preferences or privileges of the Series B Preferred Stock (for the avoidance of doubt, the authorization or issuance of a new class or series of capital stock (or any security convertible into or exercisable for any class or series of capital stock) that has been approved by the Board or by the Preferred Majority (if required) will not, in and of itself, be deemed to adversely and disproportionally affect the powers, preference or privileges of the Series B Preferred Stock, even if such new class or series has powers, preferences or privileges that are senior to or on parity with the Series B Preferred Stock); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) issuance of additional shares of Series B Preferred Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8 <u>Series A Preferred Stock Protective Provisions</u>. At any time until an IPO or a Qualified Listing Transaction, so long as shares of Series A Preferred Stock represent at least 5% of the issued and outstanding share capital of the Corporation on an as-converted basis, the Corporation shall not do any of the following without the written consent or affirmative vote of the holders of at least 50% of the then outstanding shares of Series A Preferred Stock, given in writing or by vote at a meeting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any amendment to any provision of this Certificate of Incorporation or the Bylaws of the Corporation in a manner that adversely and disproportionally affects the powers, preferences or privileges of the Series A Preferred Stock (for the avoidance of doubt, the authorization or issuance of a new class or series of capital stock (or any security convertible into or exercisable for any class or series of capital stock) that has been approved by the Board or by the Preferred Majority (if required) will not, in and of itself, be deemed to adversely and disproportionally affect the powers, preference or privileges of the Series A Preferred Stock, even if such new class or series has powers, preferences or privileges that are senior to or on parity with the Series A Preferred Stock); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) issuance of additional shares of Series A Preferred Stock.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9 <u>Preferred Stock Protective Provisions</u>. Additionally, at any time until an IPO or a Qualified Listing Transaction, the Corporation and any subsidiary controlled by it (if applicable), shall not, either directly or indirectly by amendment, merger, consolidation or otherwise, do any of the following without the written consent or affirmative vote of at least the Preferred Majority (excluding any Nonvoting Preferred Stock other than for votes on events described in (a), (f) or (g) of this <u>Subsection</u> <u>3.9</u> that would significantly and adversely affect the powers, preferences or privileges of the Nonvoting Preferred Stock) and any such act or transaction entered into without such consent or vote shall be null and void *ab initio*, and of no force or effect *<u>provided</u>*, that other than for votes on events described in (a), (f) or (g) of this <u>Subsection</u> <u>3.9</u> that would significantly and adversely affect the powers, preferences or privileges of any Preferred Stock held by a Regulated Holder, if a Regulated Holder would have more than 4.99% of the voting rights of the Preferred Majority, then such Regulated Holder shall, in the aggregate, be limited to no more than 4.99% of the voting rights in such vote:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any amendment to any provision of this Certificate of Incorporation or the Bylaws of the Corporation in a manner that adversely and disproportionally affects the powers, preferences or privileges of the Preferred Stock (for the avoidance of doubt, the authorization or issuance of a new class or series of capital stock which are senior to, or in parity, with the existing Preferred Stock shall not, in and of itself, be deemed to adversely and disproportionally affect the powers, preference or privileges of the Preferred Stock); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Declaration or payment of any dividends or other distributions of cash, securities, or other assets or redemption or repurchase of any securities of the Corporation (other than pursuant to employee benefits plans approved by the Corporation's Board of Directors or any other purchases at a nominal price not in excess of the Corporation's par value $0.001 per share upon termination of services, or the exercise by the Corporation of contractual rights of first refusal over such shares);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any increase or decrease in the number of authorized Preferred Stock or the issuance thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any increase of the number of shares reserved for issuance to employees, consultants and directors of the Corporation under the Corporation's stock option plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) without derogating from the provisions of the Voting Agreement (as defined below), any increase or decrease in the size of the Board of Directors of the Corporation, or change in the rights to designate the Corporation's Board of Directors (other than as part of a financing round of the Corporation);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any dissolution, liquidation, Deemed Liquidation Event or other winding up of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any transaction with any founder, stockholder, director, officer or any Affiliate thereof, other than loans from stockholders which are engaged in the provision of loans in the ordinary course of the Corporation's business, other than grant of options to Corporation's employees and service providers (other than the founders and their Affiliates) out of Corporation's option pool;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) provision of debt, guarantees or creation of pledges other in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any material change in the business of the Corporation as currently conducted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) creating or holding capital stock in any subsidiary which is not wholly-owned, or disposing of any subsidiary stock or all or substantially all of any subsidiary assets, unless approved by the Board of Directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) effecting an initial public offering and listing of the Common Stock on the New York Stock Exchange, NASDAQ or other nationally or internationally recognized exchange in a bona fide underwriting, as determined by the Board of Directors of the Corporation (an "***IPO***") <u>unless</u> (i) it is an IPO which yields at least US$50,000,000 net proceeds to the Corporation at a price per share at least equal to the Series D-1 Original Issue Price, (ii) it is a business combination, merger, reorganization or similar transaction, or share exchange or purchase, in which the stockholders of the Corporation receive securities (A) the class of which is registered or (B) convertible into securities the class of which is registered, under Section 12(b) of the Securities Exchange Act of 1934 (the "***Exchange Act***") constituting, or upon conversion would constitute (assuming conversion on such date), more than 50% of the outstanding capital stock of a publicly-traded company which is listed on a "national securities exchange" registered with the Securities and Exchange Commission under Section 6 of the Exchange Act (a "***SPAC Transaction***"), pursuant to which the per share equity value of the Corporation is at least equal to the Series D-1 Original Issue Price, or (iii) it is either an IPO or a SPAC Transaction which the per share equity value of the Corporation is less than the Series D-1 Original Issue Price, in each case, which is approved by the Preferred Majority (each of (i), (ii) or (iii), *provided*, that if a Regulated Holder would have more than 4.99% of the voting rights of the Preferred Majority, then such Regulated Holder shall, in the aggregate, be limited to no more than 4.99% of the voting rights in such vote, a "***Qualified Listing Transaction***"); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) take any of the forgoing actions at or through any direct or indirect subsidiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Optional</u> <u>Conversion</u>.

The holders of Preferred Stock shall have conversion rights as follows (the "***Conversion Rights***"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 <u>Right to Convert</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.1 <u>Conversion Ratio</u>. Each share of Voting Preferred Stock shall be convertible, at the option of the holder thereof, at any time and from time to time, and without the payment of additional consideration by the holder thereof, into such number of fully paid and non-assessable shares of Voting Common Stock as is determined by dividing the applicable Original Issue Price by the applicable Conversion Price (as defined below) in effect at

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the time of conversion (the "***Conversion Ratio***") and multiplying each share of applicable Voting Preferred Stock so converted by the Conversion Ratio. Each share of Nonvoting Preferred Stock shall be convertible, at the option of the holder thereof, at any time and from time to time, and without the payment of additional consideration by the holder thereof, into such number of fully paid and non-assessable shares of Nonvoting Common Stock as is determined by multiplying each share of applicable Nonvoting Preferred Stock so converted by the Conversion Ratio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.2 The "***Conversion Price***" as of the date hereof shall mean: (i) with respect to Preferred D-1A Stock, $16.65141; (ii) with respect to Preferred D-1 Stock, $16.65141; (iii) with respect to Preferred D Stock, $14.24191; (iv) with respect to Preferred D-A Stock, $14.24191; (v) with respect to Preferred C-2A Stock, $8.32603; (vi) with respect to Preferred C-2 Stock, $8.32603; (vii) with respect to Preferred C Stock, $3.46550; (viii) with respect to Preferred B Stock, $1.22343; (ix) with respect to Preferred B-1 Stock, $0.84206; (x) with respect to Preferred A Stock, $0.64400; (xi) with respect to Preferred A-1 Stock, $0.25169; (xii) with respect to Preferred A-2 Stock, $0.40367; and (xiii) with respect to Preferred A-3 Stock, $0.51520. Such Conversion Price, and the rate at which shares of Preferred Stock may be converted into shares of Common Stock, shall be subject to further adjustment as provided below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.3 <u>Termination of Conversion Rights</u>. In the event of a liquidation, dissolution or winding up of the Corporation or a Deemed Liquidation Event, the Conversion Rights shall terminate at the close of business on the last full day preceding the date fixed for the payment of any such amounts distributable on such event to the holders of Preferred Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 <u>Fractional Shares</u>. No fractional shares of Common Stock shall be issued upon conversion of the Preferred Stock. In lieu of any fractional shares to which the holder would otherwise be entitled, the Corporation shall pay cash equal to such fraction multiplied by the fair market value of a share of Common Stock as determined in good faith by the Board of Directors of the Corporation. Whether or not fractional shares would be issuable upon such conversion shall be determined on the basis of the total number of shares of Preferred Stock the holder is at the time converting into Common Stock and the aggregate number of shares of Common Stock issuable upon such conversion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 <u>Mechanics of Conversion</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3.1 <u>Notice of Conversion</u>. In order for a holder of Preferred Stock to voluntarily convert shares of Preferred Stock into shares of Common Stock, such holder shall (a) provide written notice to the Corporation's transfer agent at the office of the transfer agent for the Preferred Stock (or at the principal office of the Corporation if the Corporation serves as its own transfer agent) that such holder elects to convert all or any number of such holder's shares of Preferred Stock and, if applicable, any event on which such conversion is contingent and (b), if such holder's shares are certificated, surrender the certificate or certificates for such shares of Preferred Stock (or, if such registered holder alleges that such certificate has been lost, stolen or destroyed, a lost certificate affidavit and agreement reasonably acceptable to the Corporation to indemnify the Corporation against any claim that may be made against the Corporation on account of the alleged loss, theft or destruction of such certificate), at the office of the transfer agent for the Preferred Stock (or at the principal office of the Corporation if the Corporation serves as its own transfer agent). Such notice shall state such holder's name or the names of the nominees in

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which such holder wishes the shares of Common Stock to be issued. If required by the Corporation, any certificates surrendered for conversion shall be endorsed or accompanied by a written instrument or instruments of transfer, in form satisfactory to the Corporation, duly executed by the registered holder or his, her or its attorney duly authorized in writing. The close of business on the date of receipt by the transfer agent (or by the Corporation if the Corporation serves as its own transfer agent) of such notice and, if applicable, certificates (or lost certificate affidavit and agreement) (or such later date, which may be contingent upon an event, as may be specified in such notice) shall be the time of conversion (the "***Conversion Time***"), and the shares of Common Stock issuable upon conversion of the specified shares shall be deemed to be outstanding of record as of such date. The Corporation shall, as soon as practicable after the Conversion Time (i) issue and deliver to such holder of Preferred Stock, or to his, her or its nominees, a certificate or certificates for the number of full shares of Common Stock issuable upon such conversion in accordance with the provisions hereof and a certificate for the number (if any) of the shares of Preferred Stock represented by the surrendered certificate that were not converted into Common Stock, (ii) pay in cash such amount as provided in <u>Subsection</u> <u>4.2</u> in lieu of any fraction of a share of Common Stock otherwise issuable upon such conversion and (iii) pay all declared but unpaid dividends on the shares of Preferred Stock so converted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3.2 <u>Reservation of Shares</u>. The Corporation shall at all times when the Preferred Stock shall be outstanding, reserve and keep available out of its authorized but unissued capital stock, for the purpose of effecting the conversion of the Preferred Stock, such number of its duly authorized shares of Common Stock as shall from time to time be sufficient to effect the conversion of all outstanding Preferred Stock; and if at any time the number of authorized but unissued shares of Common Stock shall not be sufficient to effect the conversion of all then outstanding shares of the Preferred Stock, the Corporation shall take such corporate action as may be necessary to increase its authorized but unissued shares of Common Stock to such number of shares as shall be sufficient for such purposes, including, without limitation, engaging in best efforts to obtain the requisite stockholder approval of any necessary amendment to this Certificate of Incorporation. Before taking any action which would cause an adjustment reducing the Conversion Price below the then par value of the shares of Common Stock issuable upon conversion of the Preferred Stock, the Corporation will take any corporate action which may, in the opinion of its counsel, be necessary in order that the Corporation may validly and legally issue fully paid and non-assessable shares of Common Stock at such adjusted Conversion Price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3.3 <u>Effect of Conversion</u>. All shares of Preferred Stock which shall have been surrendered for conversion as herein provided shall no longer be deemed to be outstanding and all rights with respect to such shares shall immediately cease and terminate at the Conversion Time, except only the right of the holders thereof to receive shares of Common Stock in exchange therefor, to receive payment in lieu of any fraction of a share otherwise issuable upon such conversion as provided in <u>Subsection</u> <u>4.2</u> and to receive payment of any dividends declared but unpaid thereon. Any shares of Preferred Stock so converted shall be retired and cancelled and may not be reissued as shares of such series, and the Corporation may thereafter take such appropriate action (without the need for stockholder action) as may be necessary to reduce the authorized number of shares of Preferred Stock accordingly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3.4 <u>No Further Adjustment</u>. Upon any such conversion, no adjustment to the applicable Conversion Price shall be made for any declared but unpaid dividends on the Preferred Stock surrendered for conversion or on the Common Stock delivered upon conversion.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3.5 <u>Taxes</u>. The Corporation shall pay any and all issue and other similar taxes that may be payable in respect of any issuance or delivery of shares of Common Stock upon conversion of shares of Preferred Stock pursuant to this <u>Section</u> <u>4</u>. The Corporation shall not, however, be required to pay any tax which may be payable in respect of any transfer involved in the issuance and delivery of shares of Common Stock in a name other than that in which the shares of Preferred Stock so converted were registered, and no such issuance or delivery shall be made unless and until the person or entity requesting such issuance has paid to the Corporation the amount of any such tax or has established, to the satisfaction of the Corporation, that such tax has been paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 <u>Adjustments</u> <u>to Conversion Price for Diluting Issues</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4.1 <u>Special Definitions</u>. For purposes of this Article Fourth, the following definitions shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "***Option***" shall mean rights, options or warrants to subscribe for, purchase or otherwise acquire Common Stock or Convertible Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "***Series D-1 Original Issue Date***" shall mean the date on which the first share of Preferred D-1 Stock was issued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "***Convertible Securities***" shall mean any evidence of indebtedness, shares or other securities directly or indirectly convertible into or exchangeable for Common Stock, but excluding Options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "***Additional Shares of Common Stock***" shall mean all shares of Common Stock issued (or, pursuant to <u>Subsection</u> <u>4.4.3</u> below, deemed to be issued) by the Corporation after the Series D-1 Original Issue Date, other than (1) the following shares of Common Stock and (2) shares of Common Stock deemed issued pursuant to the following Options and Convertible Securities (clauses (1) and (2), collectively, "***Exempted Securities***"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) shares of Common Stock, Options or Convertible Securities issued as a dividend or distribution on Preferred
Stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) shares of Common Stock, Options or Convertible Securities issued by reason of a dividend, stock split, split-up or other distribution on shares of Common Stock that is covered by <u>Subsection 4.5</u>, 4.6, <u>4.7</u> or 4.8;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) shares of Common Stock or Options issued to employees or directors of, or consultants or advisors to, the
Corporation or any of its subsidiaries pursuant to a plan, agreement or arrangement, in all cases provided such issuance was approved by the Board of Directors of the Corporation, by a Special Vote;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) shares of Common Stock or Convertible Securities actually issued upon the exercise of Options or shares of
Common Stock actually issued upon the conversion or exchange of Convertible Securities, in each case provided such issuance is pursuant to the terms of such Option or Convertible Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) shares of Common Stock, Options or Convertible Securities issued to banks, equipment lessors or other financial
institutions, or to real property lessors, pursuant to a debt financing, equipment leasing or real property leasing transaction, in all cases provided such issuance was approved by the Board of Directors of the Corporation, by a Special Vote;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) shares of Common Stock, Options or Convertible Securities issued to suppliers or third party service providers
in connection with the provision of goods or services pursuant to transactions approved by the Board of Directors of the Corporation, by a Special Vote;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) shares of Common Stock, Options or Convertible Securities issued pursuant to the bona fide acquisition of
another corporation by the Corporation by merger, purchase of substantially all of the assets or other reorganization or to a joint venture agreement, <u>provided</u> that such issuances are approved by the Board of Directors of the Corporation, by
a Special Vote;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) shares of Common Stock, Options or Convertible Securities approved by the Board of Directors of the
Corporation, by a Special Vote;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) shares of Common Stock, Options or Convertible Securities issuance upon conversion of Preferred Stock into
Common Stock;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) shares of Common Stock, Options or Convertible Securities issued in connection with sponsored research,
collaboration, technology license, development, OEM, marketing or other similar agreements or strategic partnerships approved by the Board of Directors of the Corporation, by a Special Vote; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) Preferred D-1A Stock and Preferred D-1 Stock issued pursuant to that certain Series D-1 Preferred Stock Purchase Agreement dated as of July 11, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4.2 <u>No Adjustment of Conversion Price</u>. No adjustment in the Conversion Price shall be made as the result of the issuance or deemed issuance of Additional Shares of Common Stock if the Corporation receives written notice from the Preferred Majority (the "***Preferred Majority Notice***") agreeing that no such adjustment shall be made as the result of the issuance or deemed issuance of such Additional Shares of Common Stock. Any waiver by the Preferred Majority would apply with respect to all Preferred Stock (as applicable); *<u>provided</u>*, *<u>however</u>*, that (i) no such waiver shall apply to the Conversion Price of the Preferred D-1A Stock or the Preferred D-1 Stock in the event that the consideration per share for Additional Shares of Common Stock is less than the Conversion Price of the Preferred D-1A Stock or the Preferred D-1 Stock but higher than the Conversion Price of the Preferred D Stock, unless the Preferred Majority Notice includes the written consent of the holders of at least a majority of the Preferred D-1A and the Preferred D-1 Stock, voting together as a single class; (ii) no such waiver shall apply to the Conversion Price of the Preferred D-1A Stock, Preferred D-1 Stock, the Preferred D Stock or to the Preferred D-A Stock unless the Preferred Majority Notice includes the written consent of the holders of at least a majority of the Preferred D-1A Stock, the Preferred D-1 Stock, the Preferred D Stock and the Preferred D-A Stock, voting together as a single class (the "**Requisite D-1A, D-1, D-A and D Holders**"); (iii) no such waiver shall apply to the Conversion Price of the Preferred C-2A Stock or the Preferred C-2 Stock unless the Preferred Majority Notice includes the written consent of the holders of at least the majority of the Preferred C-2A Stock and Series C-2 Stock, voting together as a single class (the "**Requisite C-2A and C-2 Holders**"); (iv) no such waiver shall apply to the Conversion Price of the Preferred C Stock unless the Preferred Majority Notice includes the written consent of the holders of at least a majority of the Preferred C Stock; and (v) no such waiver to the Series B Conversion Price shall apply to the Conversion Price of the Preferred B Stock unless the Preferred Majority Notice the written consent of the holders of at least a majority of the Series B Preferred Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4.3 <u>Deemed Issue of Additional Shares of Common Stock</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the Corporation at any time or from time to time after the Series D-1 Original Issue Date shall issue any Options or Convertible Securities (excluding Options or Convertible Securities which are themselves Exempted Securities) or shall

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fix a record date for the determination of holders of any class of securities entitled to receive any such Options or Convertible Securities, then the maximum number of shares of Common Stock (as set forth in the instrument relating thereto, assuming the satisfaction of any conditions to exercisability, convertibility or exchangeability but without regard to any provision contained therein for a subsequent adjustment of such number) issuable upon the exercise of such Options or, in the case of Convertible Securities and Options therefor, the conversion or exchange of such Convertible Securities, shall be deemed to be Additional Shares of Common Stock issued as of the time of such issue or, in case such a record date shall have been fixed, as of the close of business on such record date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the terms of any Option or Convertible Security, the issuance of which resulted in an adjustment to the applicable Conversion Price pursuant to the terms of <u>Subsection 4.4.4</u>, are revised as a result of an amendment to such terms or any other adjustment pursuant to the provisions of such Option or Convertible Security (but excluding automatic adjustments to such terms pursuant to anti-dilution or similar provisions of such Option or Convertible Security) to provide for either (1) any increase or decrease in the number of shares of Common Stock issuable upon the exercise, conversion and/or exchange of any such Option or Convertible Security or (2) any increase or decrease in the consideration payable to the Corporation upon such exercise, conversion and/or exchange, then, effective upon such increase or decrease becoming effective, the applicable Conversion Price computed upon the original issue of such Option or Convertible Security (or upon the occurrence of a record date with respect thereto) shall be readjusted to such Conversion Price as would have obtained had such revised terms been in effect upon the original date of issuance of such Option or Convertible Security. Notwithstanding the foregoing, no readjustment pursuant to this clause (b) shall have the effect of increasing the applicable Conversion Price for a series of Preferred Stock to an amount which exceeds the lower of (i) the applicable Conversion Price for such series of Preferred Stock in effect immediately prior to the original adjustment made as a result of the issuance of such Option or Convertible Security, or (ii) the applicable Conversion Price for such series of Preferred Stock that would have resulted from any issuances of Additional Shares of Common Stock (other than deemed issuances of Additional Shares of Common Stock as a result of the issuance of such Option or Convertible Security) between the original adjustment date and such readjustment date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the terms of any Option or Convertible Security (excluding Options or Convertible Securities which are themselves Exempted Securities), the issuance of which did not result in an adjustment to the applicable Conversion Price for a series of Preferred Stock pursuant to the terms of <u>Subsection 4.4.4</u> (either because the consideration per share (determined pursuant to <u>Subsection 4.4.5</u>) of the Additional Shares of Common Stock subject thereto was equal to or greater than the applicable Conversion Price for such series of Preferred Stock then in effect, or because such Option or Convertible Security was issued before the Series D-1 Original Issue Date), are revised after the Series D-1 Original Issue Date as a result of an amendment to such terms or any other adjustment pursuant to the provisions of such Option or Convertible Security (but excluding automatic adjustments to such terms pursuant to anti-dilution or similar provisions of such Option or Convertible Security) to provide for either (1) any increase in the number of shares of Common Stock issuable upon the exercise, conversion or exchange of any such Option or Convertible Security or (2) any decrease in the consideration payable to the Corporation upon such exercise, conversion or exchange, then such Option or Convertible Security, as so amended or adjusted, and the Additional Shares of Common Stock subject thereto (determined in the manner provided in <u>Subsection 4.4.3(a))</u> shall be deemed to have been issued effective upon such increase or decrease becoming effective.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Upon the expiration or termination of any unexercised Option or unconverted or unexchanged Convertible Security (or portion thereof) which resulted (either upon its original issuance or upon a revision of its terms) in an adjustment to the applicable Conversion Price for a series of Preferred Stock pursuant to the terms of <u>Subsection</u> <u>4.4.4</u>, the applicable Conversion Price for such series of Preferred Stock shall be readjusted to such Conversion Price as would have obtained had such Option or Convertible Security (or portion thereof) never been issued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If the number of shares of Common Stock issuable upon the exercise, conversion and/or exchange of any Option or Convertible Security, or the consideration payable to the Corporation upon such exercise, conversion and/or exchange, is calculable at the time such Option or Convertible Security is issued or amended but is subject to adjustment based upon subsequent events, any adjustment to the applicable Conversion Price for a series of Preferred Stock provided for in this <u>Subsection</u> <u>4.4.3</u> shall be effected at the time of such issuance or amendment based on such number of shares or amount of consideration without regard to any provisions for subsequent adjustments (and any subsequent adjustments shall be treated as provided in clauses (b) and (c) of this <u>Subsection</u> <u>4.4.3</u>). If the number of shares of Common Stock issuable upon the exercise, conversion and/or exchange of any Option or Convertible Security, or the consideration payable to the Corporation upon such exercise, conversion and/or exchange, cannot be calculated at all at the time such Option or Convertible Security is issued or amended, any adjustment to the applicable Conversion Price for a series of Preferred Stock that would result under the terms of this <u>Subsection</u> <u>4.4.3</u> at the time of such issuance or amendment shall instead be effected at the time such number of shares and/or amount of consideration is first calculable (even if subject to subsequent adjustments), assuming for purposes of calculating such adjustment to the Conversion Price that such issuance or amendment took place at the time such calculation can first be made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4.4 <u>Adjustment of Conversion Price Upon Issuance of Additional Shares of Common Stock</u>. In the event the Corporation shall at any time after the Series D-1 Original Issue Date issue Additional Shares of Common Stock (including Additional Shares of Common Stock deemed to be issued pursuant to <u>Subsection</u> <u>4.4.3</u>), without consideration or for a consideration per share less than the applicable Conversion Price for a series of Preferred Stock in effect immediately prior to such issue, then the applicable Conversion Price shall be reduced, concurrently with such issue, to a price (calculated to the nearest one-hundredth of a cent) determined in accordance with the following formula:

CP<sub>2</sub> = CP<sub>1</sub>\* (A + B) ÷ (A + C).

For purposes of the foregoing formula, the following definitions shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "***CP<sub>2</sub>***" shall mean the applicable Conversion Price for a series of Preferred Stock in effect immediately after such issue of Additional Shares of Common Stock

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "***CP<sub>1</sub>***" shall mean the applicable Conversion Price for a series of Preferred Stock in effect immediately prior to such issue of Additional Shares of Common Stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "***A***" shall mean the number of shares of Common Stock outstanding immediately prior to such issue of Additional Shares of Common Stock on a fully diluted basis (treating for this purpose as outstanding all shares of Common Stock issuable upon exercise of Options outstanding immediately prior to such issue or upon conversion or exchange of Convertible Securities (including the Preferred Stock) outstanding (assuming exercise of any outstanding Options therefor) immediately prior to such issue);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "***B***" shall mean the number of shares of Common Stock that would have been issued if such Additional Shares of Common Stock had been issued at a price per share equal to CP<sub>1</sub> (determined by dividing the aggregate consideration received by the Corporation in respect of such issue by CP<sub>1</sub>); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "***C***" shall mean the number of such Additional Shares of Common Stock issued in such transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4.5 <u>Determination of Consideration</u>. For purposes of this <u>Subsection 4.4</u>, the consideration received by the Corporation for the issue of any Additional Shares of Common Stock shall be computed as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Cash and Property</u>: Such consideration shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) insofar as it consists of cash, be computed at the aggregate amount of cash received by the Corporation,
excluding amounts paid or payable for accrued interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) insofar as it consists of property other than cash, be computed at the fair market value thereof at the time of
such issue, as determined in good faith by the Board of Directors of the Corporation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in the event Additional Shares of Common Stock are issued together with other shares or securities or other
assets of the Corporation for consideration which covers both, be the proportion of such consideration so received, computed as provided in clauses (i) and (ii) above, as determined in good faith by the Board of Directors of the Corporation.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Options and Convertible Securities</u>. The consideration per share received by the Corporation for Additional Shares of Common Stock deemed to have been issued pursuant to <u>Subsection</u> <u>4.4.3</u>, relating to Options and Convertible Securities, shall be determined by dividing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The total amount, if any, received or receivable by the Corporation as consideration for the issue of such
Options or Convertible Securities, plus the minimum aggregate amount of additional consideration (as set forth in the instruments relating thereto, without regard to any provision contained therein for a subsequent adjustment of such consideration)
payable to the Corporation upon the exercise of such Options or the conversion or exchange of such Convertible Securities, or in the case of Options for Convertible Securities, the exercise of such Options for Convertible Securities and the
conversion or exchange of such Convertible Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the maximum number of shares of Common Stock (as set forth in the instruments relating thereto, without regard
to any provision contained therein for a subsequent adjustment of such number) issuable upon the exercise of such Options or the conversion or exchange of such Convertible Securities, or in the case of Options for Convertible Securities, the
exercise of such Options for Convertible Securities and the conversion or exchange of such Convertible Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4.6 <u>Multiple Closing Dates</u>. In the event the Corporation shall issue on more than one date Additional Shares of Common Stock that are a part of one transaction or a series of related transactions and that would result in an adjustment to the applicable Conversion Price for a series of Preferred Stock pursuant to the terms of <u>Subsection 4.4.4</u>, and such issuance dates occur within a period of no more than ninety (90) days from the first such issuance to the final such issuance, then, upon the final such issuance, the applicable Conversion Price for a series of Preferred Stock shall be readjusted to give effect to all such issuances as if they occurred on the date of the first such issuance (and without giving effect to any additional adjustments as a result of any such subsequent issuances within such period).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5 <u>Adjustment for Stock Splits and Combinations</u>. If the Corporation shall at any time or from time to time after the Series D-1 Original Issue Date effect a subdivision of the outstanding Common Stock, the applicable Conversion Price for each series of Preferred Stock in effect immediately before that subdivision shall be proportionately decreased so that the number of shares of Common Stock issuable on conversion of each share of such series of

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Preferred Stock shall be increased in proportion to such increase in the aggregate number of shares of Common Stock outstanding. If the Corporation shall at any time or from time to time after the Series D-1 Original Issue Date combine the outstanding shares of Common Stock, the applicable Conversion Price for each series of Preferred Stock in effect immediately before the combination shall be proportionately increased so that the number of shares of Common Stock issuable on conversion of each share of such series of Preferred Stock shall be decreased in proportion to such decrease in the aggregate number of shares of Common Stock outstanding. Any adjustment under this subsection shall become effective at the close of business on the date the subdivision or combination becomes effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6 <u>Adjustment for Certain Dividends and Distributions</u>. In the event the Corporation at any time or from time to time after the Series D-1 Original Issue Date shall make or issue, or fix a record date for the determination of holders of Common Stock entitled to receive, a dividend or other distribution payable on the Common Stock in additional shares of Common Stock, then and in each such event the applicable Conversion Price for each series of Preferred Stock in effect immediately before such event shall be decreased as of the time of such issuance or, in the event such a record date shall have been fixed, as of the close of business on such record date, by multiplying the applicable Conversion Price for each series of Preferred Stock then in effect by a fraction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the numerator of which shall be the total number of shares of Common Stock issued and outstanding immediately prior to the time of such issuance or the close of business on such record date, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the denominator of which shall be the total number of shares of Common Stock issued and outstanding immediately prior to the time of such issuance or the close of business on such record date plus the number of shares of Common Stock issuable in payment of such dividend or distribution.

Notwithstanding the foregoing (a) if such record date shall have been fixed and such dividend is not fully paid or if such distribution is not fully made on the date fixed therefor, the applicable Conversion Price for each series of Preferred Stock shall be recomputed accordingly as of the close of business on such record date and thereafter the applicable Conversion Price shall be adjusted pursuant to this subsection as of the time of actual payment of such dividends or distributions; and (b) that no such adjustment shall be made if the holders of such series of Preferred Stock simultaneously receive a dividend or other distribution of shares of Common Stock in a number equal to the number of shares of Common Stock as they would have received if all outstanding shares of Preferred Stock had been converted into Common Stock on the date of such event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7 <u>Adjustments for Other Dividends and Distributions</u>. In the event the Corporation at any time or from time to time after the Series D-1 Original Issue Date shall make or issue, or fix a record date for the determination of holders of Common Stock entitled to receive, a dividend or other distribution payable in securities of the Corporation (other than a distribution of shares of Common Stock in respect of outstanding shares of Common Stock) or in other property and the provisions of <u>Section</u> <u>4.6</u> do not apply to such dividend or distribution, then and in each such event the holders of Preferred Stock shall receive, simultaneously with the distribution to the holders of Common Stock, a dividend or other distribution of such securities or other property in an amount equal to the amount of such securities or other property as they would have received if all outstanding shares of Preferred Stock had been converted into Common Stock on the date of such event.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.8 <u>Adjustment for Merger or Reorganization, etc</u>. Subject to the provisions of <u>Subsection 2.3</u>, if there shall occur any reorganization, recapitalization, reclassification, consolidation or merger involving the Corporation in which the Common Stock (but not the Preferred Stock) is converted into or exchanged for securities, cash or other property (other than a transaction covered by <u>Subsections 4.4</u>, <u>4.6</u> or <u>4.7</u>), then, following any such reorganization, recapitalization, reclassification, consolidation or merger, each share of Preferred Stock shall thereafter be convertible in lieu of the Common Stock into which it was convertible prior to such event into the kind and amount of securities, cash or other property which a holder of the number of shares of Common Stock of the Corporation issuable upon conversion of one such share of Preferred Stock immediately prior to such reorganization, recapitalization, reclassification, consolidation or merger would have been entitled to receive pursuant to such transaction; and, in such case, appropriate adjustment (as determined in good faith by the Board of Directors of the Corporation) shall be made in the application of the provisions in this <u>Section</u> <u>4</u> with respect to the rights and interests thereafter of the holders of the Preferred Stock, to the end that the provisions set forth in this <u>Section</u> <u>4</u> (including provisions with respect to changes in and other adjustments of the applicable Conversion Price for each series of Preferred Stock) shall thereafter be applicable, as nearly as reasonably may be, in relation to any securities or other property thereafter deliverable upon the conversion of the Preferred Stock. For the avoidance of doubt, nothing in this <u>Subsection 4.8</u> shall be construed as preventing the holders of Preferred Stock from seeking any appraisal rights to which they are otherwise entitled under the DGCL in connection with a merger triggering an adjustment hereunder, nor shall this <u>Subsection 4.8</u> be deemed conclusive evidence of the fair value of the shares of Preferred Stock in any such appraisal proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.9 <u>Adjustment for Reclassification, Exchange and Substitution</u>. If at any time or from time to time after Series D-1 Original Issue Date the Common Stock issuable upon the conversion of each series of Preferred Stock is changed into the same or a different number of shares of any class or classes of stock of the Corporation, whether by recapitalization, reclassification, or otherwise (other than by a stock split or combination, dividend, distribution, merger or consolidation covered by Sections 4.4, 4.5, 4.6, 4.7, or 4.8 or by Section 2.3 regarding a Deemed Liquidation Event), then in any such event each holder of such series of Preferred Stock shall have the right thereafter to convert such stock into the kind and amount of stock and other securities and property receivable upon such recapitalization, reclassification or other change by holders of the number of shares of Common Stock into which such shares of Preferred Stock could have been converted immediately prior to such recapitalization, reclassification or change.<u> </u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10 <u>Certificate as to Adjustments</u>. Upon the occurrence of each adjustment or readjustment of the applicable Conversion Price for a series of Preferred Stock pursuant to this <u>Section</u> <u>4</u>, the Corporation at its expense shall, as promptly as reasonably practicable but in any event not later than twenty (20) days thereafter, compute such adjustment or readjustment in accordance with the terms hereof and furnish to each affected holder of such series of Preferred Stock a certificate setting forth such adjustment or readjustment (including the kind and amount of securities, cash or other property into which such series of Preferred Stock is convertible) and showing in detail the facts upon which such adjustment or readjustment is based. The Corporation shall, as promptly as reasonably practicable after the written request at any time

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of any holder of a series of Preferred Stock (but in any event not later than twenty (20) days thereafter), furnish or cause to be furnished to such holder a certificate setting forth (i) the applicable Conversion Price for such series of Preferred Stock then in effect, and (ii) the number of shares of Common Stock and the amount, if any, of other securities, cash or property which then would be received upon the conversion of such series of Preferred Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.11 <u>Notice of Record Date</u>. In the event:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Corporation shall set a record of the holders of its Common Stock (or other capital stock or securities at the time issuable upon conversion of the Preferred Stock) for the purpose of entitling or enabling them to receive any dividend or other distribution, or to receive any right to subscribe for or purchase any shares of capital stock of any class or any other securities, or to receive any other security; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) of any capital reorganization of the Corporation, any reclassification of the Common Stock of the Corporation, or any Deemed Liquidation Event; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) of the voluntary or involuntary dissolution, liquidation or winding-up of the Corporation,

then, and in each such case, the Corporation will send or cause to be sent to the holders of the Preferred Stock a notice specifying, as the case may be, (i) the record date for such dividend, distribution or right, and the amount and character of such dividend, distribution or right, or (ii) the effective date on which such reorganization, reclassification, consolidation, merger, transfer, dissolution, liquidation or winding-up is proposed to take place, and the time, if any is to be fixed, as of which the holders of record of Common Stock (or such other capital stock or securities at the time issuable upon the conversion of the Preferred Stock) shall be entitled to exchange their shares of Common Stock (or such other capital stock or securities) for securities or other property deliverable upon such reorganization, reclassification, consolidation, merger, transfer, dissolution, liquidation or winding-up, and the amount per share and character of such exchange applicable to the Preferred Stock and the Common Stock. Such notice shall be sent at least ten (10) days prior to the record date or effective date for the event specified in such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Mandatory Conversion</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 <u>Trigger Events</u>. Upon either (a) a Qualified Listing Transaction; or (b) (1) with respect to each share of Series A Preferred Stock, the date and time, or the occurrence of an event, specified by vote or written consent of the holders of at least a majority of the then outstanding shares of Series A Preferred Stock; (2) with respect to each share of Series B Preferred Stock, the date and time, or the occurrence of an event, specified by vote or written consent of the holders of at least a majority of the then outstanding shares of Series B Preferred Stock; and (3) with respect to each share of Preferred C Stock, the date and time, or the occurrence of an event, specified by vote or written consent of the holders of at least a majority of the then outstanding shares of Preferred C Stock; (4) with respect to each share of Preferred C-2A Stock and Preferred Series C-2 Stock, the date and time, or the occurrence of an event, specified by vote or written consent of the Requisite C-2A and C-2 Holders and/or (5) with respect to each share of Preferred D-1A Stock, Preferred D-1 Stock, Preferred D Stock and Preferred D-A Stock, the date and time, or the occurrence of an event, specified by vote or written consent of the Requisite D-1A, D-1,

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D-A and D Holders, (the time immediately prior to such closing or the date and time specified or the time of the event specified in such vote or written consent is referred to herein as the "***Mandatory Conversion Time***"), then (i) all outstanding shares of Series A Preferred Stock, Series B Preferred Stock, Preferred C Stock, Preferred C-2 Stock, Preferred C-2A Stock, Preferred D Stock, Preferred D-A Stock, Preferred D-1 Stock, and/or Preferred D-1A Stock, as applicable, shall automatically be converted into shares of Voting Common Stock or Nonvoting Common Stock, as the case may be, at the then effective conversion rate as calculated pursuant to <u>Subsection 4.1.1</u> and (ii) such shares may not be reissued by the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 <u>Procedural Requirements</u>. All holders of record of shares of the applicable series of Preferred Stock shall be sent written notice of the Mandatory Conversion Time and the place designated for mandatory conversion of all such shares of the applicable series of Preferred Stock pursuant to this <u>Section</u> <u>5</u>. Such notice need not be sent in advance of the occurrence of the Mandatory Conversion Time. Upon receipt of such notice, each holder of shares of the applicable series of Preferred Stock in certificated form shall surrender his, her or its certificate or certificates for all such shares (or, if such holder alleges that such certificate has been lost, stolen or destroyed, a lost certificate affidavit and agreement reasonably acceptable to the Corporation to indemnify the Corporation against any claim that may be made against the Corporation on account of the alleged loss, theft or destruction of such certificate) to the Corporation at the place designated in such notice. If so required by the Corporation, any certificates surrendered for conversion shall be endorsed or accompanied by written instrument or instruments of transfer, in form satisfactory to the Corporation, duly executed by the registered holder or by his, her or its attorney duly authorized in writing. All rights with respect to the applicable series of Preferred Stock converted pursuant to <u>Subsection 5.1</u>, including the rights, if any, to receive notices and vote (other than as a holder of Common Stock), will terminate at the Mandatory Conversion Time (notwithstanding the failure of the holder or holders thereof to surrender any certificates at or prior to such time), except only the rights of the holders thereof, upon surrender of any certificate or certificates of such holders (or lost certificate affidavit and agreement) therefor, to receive the items provided for in the next sentence of this <u>Subsection 5.2</u>. As soon as practicable after the Mandatory Conversion Time and, if applicable, the surrender of any certificate or certificates (or lost certificate affidavit and agreement) for the applicable series of Preferred Stock, the Corporation shall (a) issue and deliver to such holder, or to his, her or its nominees, a certificate or certificates for the number of full shares of Common Stock issuable on such conversion in accordance with the provisions hereof and (b) pay cash as provided in <u>Subsection</u> <u>4.2</u> in lieu of any fraction of a share of Common Stock otherwise issuable upon such conversion and the payment of any declared but unpaid dividends on the shares of Preferred Stock converted. Such converted Preferred Stock shall be retired and cancelled and may not be reissued as shares of such series, and the Corporation may thereafter take such appropriate action (without the need for stockholder action) as may be necessary to reduce the authorized number of shares of Preferred Stock accordingly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Regulated</u> <u>Holders.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 <u>Restriction on Transfer</u>. If any bank holding company subject to the provisions of the BHCA, or any of its "***Affiliates***" (as defined in § 225.2(a) of Regulation Y) (a "***Regulated Holder***") owns, controls or has power to vote "***Voting Securities***" (as defined in § 225.2(q)(1) of Regulation Y) of the Corporation that, but for the limitations on the voting rights of Regulated Holders provided herein, would constitute more than 4.99% of the voting rights of a

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"***Class of Voting Shares***" (as defined in § 225.2(q)(3) of Regulation Y), then a Regulated Holder may only transfer such securities held by it (a) to the Corporation or an Affiliate of the Corporation, (b) as part of a widespread public distribution, including to an underwriter who is conducting a widespread public distribution, (c) as part of a bona fide transfer in which no single person acquires the right to purchase in excess of 2% of any Voting Securities of the Corporation that constitute a Class of Voting Shares or (d) to a party who would control more than 50% of the Voting Securities of the Corporation without giving effect to the shares of the capital stock of the Corporation transferred by such Regulated Holder (each, a "***Widely Dispersed Offering***"); <u>provided</u>, <u>however</u>, the foregoing shall not restrict a Regulated Holder from otherwise transferring any (i) Voting Common Stock or Voting Preferred Stock held by such Regulated Holder that, in connection with such transfer, remains subject to the restrictions applicable to such Regulated Holder (notwithstanding whether the recipient of any Voting Common Stock or Voting Preferred Stock so transferred is also a Regulated Holder) or (ii) Nonvoting Common Stock or Nonvoting Preferred Stock that, in connection with such transfer, remains Nonvoting Common Stock or Nonvoting Preferred Stock, as applicable, following such transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 <u>Conversion upon Widely Dispersed Offering</u>. Upon transfer of any shares of Preferred C-2A Stock, Preferred D-A Stock, Preferred D-1A Stock and/or Nonvoting Common Stock as part of a Widely Dispersed Offering, then such shares of Preferred C-2A Stock, Preferred D-A Stock, Preferred D-1A Stock and/or Nonvoting Common Stock, as applicable, shall automatically and immediately after the consummation of such transfer convert as follows: (a) all shares of Preferred C-2A Stock or Preferred D-A Stock or Preferred D-1A Stock so transferred shall convert into an equivalent number of shares of Preferred C-2 Stock or Preferred D Stock or Preferred D-1A Stock, as applicable (i.e., on a one-to-one basis); and (b) all shares of Nonvoting Common Stock so transferred shall convert into an equivalent number of shares of Voting Common Stock (i.e., on a one-to-one basis), in each case, without payment of additional consideration by such holder or the need for further action thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 <u>Automatic Conversion</u>. If all outstanding shares of a series of Voting Preferred Stock other than any shares held by Regulated Holders are converted into shares of Voting Common Stock, then all remaining shares of such series of Voting Preferred Stock shall automatically convert into shares of Voting Common Stock at the then effective conversion rate as calculated pursuant to <u>Subsection 4.1.1</u> without any action by the Regulated Holder(s) holding such shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 <u>Total Equity Limitation</u>. To the extent that a Regulated Holder would be entitled to greater than 33.33% of the Corporation's "***Total Equity***" (as defined in, and calculated pursuant to, § 225.34 of Regulation Y) upon the acquisition of control over equity instruments of the Corporation (including, but not limited to, the Preferred Stock and Common Stock) by such Regulated Holder, notwithstanding anything to the contrary, in lieu of such amount of the Corporation's Total Equity in excess of 33.33%, the Regulated Holder shall receive from the Corporation a cash payment equal to the equivalent to the par value per share of such amount in excess of 33.33% of the Corporation's Total Equity. As used in this <u>Subsection</u> <u>6.4</u>, an "acquisition of control over equity instruments" means any transaction, conversion or other acquisition event that would fall within the scope of 12 CFR § 225.34(e).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Redeemed or Otherwise Acquired Shares</u>. Any shares of Preferred Stock that are redeemed or otherwise acquired by the Corporation or any of its subsidiaries shall be automatically and immediately cancelled and retired and shall not be reissued, sold or transferred. Neither the Corporation nor any of its subsidiaries may exercise any voting or other rights granted to the holders of Preferred Stock following redemption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Waiver</u>. Without derogating from the provisions of <u>Sections</u> <u>3.3</u> – <u>3.8</u> above, and except as may otherwise be set forth herein, any of the rights, powers, preferences and other terms of a series of Preferred Stock set forth herein may be waived on behalf of all holders of such series of Preferred Stock by the affirmative written consent or vote of the holders of at least a majority of the then outstanding shares of such series of Preferred Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Notices</u>. Any notice required or permitted by the provisions of this Article Fourth to be given to a holder of shares of Preferred Stock shall be mailed, postage prepaid, to the post office address last shown on the records of the Corporation, or given by electronic communication in compliance with the provisions of the General Corporation Law, and shall be deemed sent upon such mailing or electronic transmission.

**FIFTH:** Subject to any additional vote or consent required by this Certificate of Incorporation or the Bylaws of the Corporation and provided it had received the consent of the Preferred Majority, *provided*, that if a Regulated Holder would have more than 4.99% of the voting rights of the Preferred Majority, then such Regulated Holder shall, in the aggregate, be limited to no more than 4.99% of the voting rights in such vote, in furtherance and not in limitation of the powers conferred by statute, the Board of Directors is expressly authorized to make, repeal, alter, amend and rescind any or all of the Bylaws of the Corporation.

**SIXTH:** Subject to any additional vote or consent required by this Certificate of Incorporation, the number of directors of the Corporation shall be determined in the manner set forth in the Bylaws of the Corporation.

**SEVENTH:** Elections of directors need not be by written ballot unless the Bylaws of the Corporation shall so provide.

**EIGHTH:** Meetings of stockholders may be held within or without the State of Delaware, as the Bylaws of the Corporation may provide. The books of the Corporation may be kept outside the State of Delaware at such place or places as may be designated from time to time by the Board of Directors or in the Bylaws of the Corporation.

**NINTH:** To the fullest extent permitted by law, a director of the Corporation shall not be personally liable to the Corporation or its stockholders for monetary damages for breach of fiduciary duty as a director. If the General Corporation Law or any other law of the State of Delaware is amended after approval by the stockholders of this Article Ninth to authorize corporate action further eliminating or limiting the personal liability of directors, then the liability of a director of the Corporation shall be eliminated or limited to the fullest extent permitted by the General Corporation Law as so amended.

Any repeal or modification of the foregoing provisions of this Article Ninth by the stockholders of the Corporation shall not adversely affect any right or protection of a director of the Corporation existing at the time of, or increase the liability of any director of the Corporation with respect to any acts or omissions of such director occurring prior to, such repeal or modification.

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**TENTH:** To the fullest extent permitted by applicable law, the Corporation is authorized to provide indemnification of (and advancement of expenses to) directors, officers and agents of the Corporation (and any other persons to which General Corporation Law permits the Corporation to provide indemnification) through Bylaw provisions, agreements with such agents or other persons, vote of stockholders or disinterested directors or otherwise, in excess of the indemnification and advancement otherwise permitted by <u>Section</u> <u>145</u> of the General Corporation Law.

Any amendment, repeal or modification of the foregoing provisions of this Article Tenth shall not (a) adversely affect any right or protection of any director, officer or other agent of the Corporation existing at the time of such amendment, repeal or modification or (b) increase the liability of any director of the Corporation with respect to any acts or omissions of such director, officer or agent occurring prior to, such amendment, repeal or modification.

<u>Insurance</u>. The Board of Directors may, to the full extent permitted by applicable law as it presently exists, or may hereafter be amended from time to time, authorize an appropriate officer or officers to purchase and maintain at the Corporation's expense insurance: (a) to indemnify the Corporation for any obligation which it incurs as a result of the indemnification of directors, officers, employees, and any other persons to which General Corporation Law permits the Corporation to provide indemnification under the provisions of this Article Tenth; and (b) to indemnify or insure directors, officers, employees, and any other persons to which General Corporation Law permits the Corporation to provide indemnification against liability, including, but not limited to instances in which they may not otherwise be indemnified by the Corporation under the provisions of this Article Tenth.

**ELEVENTH:** Unless the Corporation consents in writing to the selection of an alternative forum, the Court of Chancery in the State of Delaware shall be the sole and exclusive forum for any stockholder (including a beneficial owner) to bring (i) any derivative action or proceeding brought on behalf of the Corporation, (ii) any action asserting a claim of breach of fiduciary duty owed by any director, officer or other employee of the Corporation to the Corporation or the Corporation's stockholders, (iii) any action asserting a claim against the Corporation, its directors, officers or employees arising pursuant to any provision of the Delaware General Corporation Law or the Corporation's Certificate Of Incorporation or Bylaws or (iv) any action asserting a claim against the Corporation, its directors, officers or employees governed by the internal affairs doctrine, except for, as to each of (i) through (iv) above, any claim as to which the Court of Chancery determines that there is an indispensable party not subject to the jurisdiction of the Court of Chancery (and the indispensable party does not consent to the personal jurisdiction of the Court of Chancery within ten (10) days following such determination), which is vested in the exclusive jurisdiction of a court or forum other than the Court of Chancery, or for which the Court of Chancery does not have subject matter jurisdiction. If any provision or provisions of this Article Eleventh shall be held to be invalid, illegal or unenforceable as applied to any person or entity or circumstance for any reason whatsoever, then, to the fullest extent permitted by law, the validity, legality and enforceability of such provisions in any other circumstance and of the remaining provisions of this Article Eleventh (including, without limitation, each portion of any sentence of this Article Eleventh containing any such provision held to be invalid, illegal or unenforceable that is not itself held to be invalid, illegal or unenforceable) and the application of such provision to other persons or entities and circumstances shall not in any way be affected or impaired thereby.

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**TWELFTH:** The Corporation renounces any interest or expectancy of the Corporation in, or in being offered an opportunity to participate in, or in being informed about, an Excluded Opportunity. An "***Excluded Opportunity***" is any matter, transaction or interest that is presented to, or acquired, created or developed by, or which otherwise comes into the possession of, (i) any director of the Corporation who is not an employee of the Corporation or any of its subsidiaries, or (ii) any holder of Preferred Stock or any Affiliate, partner, member, director, stockholder, employee, agent or other related person of any such holder, other than someone who is an employee of the Corporation or any of its subsidiaries (collectively, "***Covered Persons***"), unless such matter, transaction or interest is presented to, or acquired, created or developed by, or otherwise comes into the possession of, a Covered Person expressly and solely in such Covered Person's capacity as a director of the Corporation.

[*Remainder of Page Intentionally Left Blank*]

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That the foregoing amendment and restatement was approved by the holders of the requisite number of shares of this Corporation in accordance with Section 228 of the General Corporation Law.

That this Amended and Restated Certificate of Incorporation, which restates and integrates and further amends the provisions of this Corporation's Certificate of Incorporation, has been duly adopted in accordance with Sections 242 and 245 of the General Corporation Law.

**IN WITNESS WHEREOF**, this Amended and Restated Certificate of Incorporation has been executed by a duly authorized officer of this Corporation on this 1 day of August, 2024.

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| | |
|:---|:---|
| By: | /s/ Amitay Kalmar |
|  | Amitay Kalmar |
|  | Chief Executive Officer |

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## Exhibit 3.2

**Exhibit 3.2** 

**AMENDED AND RESTATED** 

**CERTIFICATE OF INCORPORATION** 

**OF** 

**LENDBUZZ INC.** 

(Pursuant to Sections 242 and 245 of the

General Corporation Law of the State of Delaware)

Lendbuzz Inc., a corporation organized and existing under and by virtue of the provisions of the General Corporation Law of the State of Delaware,

**DOES HEREBY CERTIFY:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** That the name of this corporation is Lendbuzz Inc., and that this corporation was originally incorporated pursuant to the General Corporation Law on the 9<sup>th</sup> day of September, 2015 under the name Lendbuzz Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** This Amended and Restated Certificate of Incorporation was duly adopted in accordance with Sections 242 and 245 of the General Corporation Law of the State of Delaware and has been duly approved by the written consent of the stockholders of the corporation in accordance with Section 228 of the General Corporation Law of the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** The Amended and Restated Certificate of Incorporation of the corporation is hereby amended and restated in its entirety to read as follows:

**ARTICLE 1** 

**NAME** 

The name of the corporation is Lendbuzz Inc. (the "**Corporation**").

**ARTICLE 2** 

**REGISTERED OFFICE AND AGENT** 

The address of its registered office in the State of Delaware is 1000 N West Street, Suite 1400, Wilmington, Delaware 19801. The name of its registered agent at such address is MWE Corporate Services, LLC.

**ARTICLE 3** 

**PURPOSE AND POWERS** 

The purpose of the Corporation is to engage in any lawful act or activity for which corporations may be organized under the General Corporation Law of the State of Delaware as the same exists or may hereafter be amended ("**Delaware Law**").

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**ARTICLE 4** 

**CAPITAL STOCK** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) **Authorized Shares** 

**Classes of Stock.** The total number of shares of stock that the Corporation shall have authority to issue is 700,000,000, consisting of 690,000,000 shares of Common Stock, par value $0.001 per share (the "**Common Stock**"), and 10,000,000 shares of Preferred Stock, par value $0.001 per share (the "**Preferred Stock**"). Immediately upon the filing and effectiveness of this Amended and Restated Certificate of Incorporation with the Secretary of State of the State of Delaware (the **"Effective Time**"), each share of the Corporation's voting common stock, par value $0.001 per share (the "**Voting Common Stock**") and each share of the Corporation's non-voting common stock, par value $0.001 per share (the "**Non-Voting Common Stock**" and, together with the Voting Common Stock, the "**Existing Common Stock**"), that is issued and outstanding or held as treasury stock immediately prior to the Effective Time shall, automatically and without any further action by any stockholder, be reclassified as, and shall become, one (1) share of common stock, par value $0.001 per share, of the Corporation (the "**Common Stock**"). Each certificate that immediately prior to the Effective Time represented shares of the Existing Common Stock (an "**Old Certificate**") shall thereafter from and after the Effective Time, automatically and without the necessity of presenting the same for exchange, represent that number of shares of Common Stock, into which the shares of Existing Common Stock represented by the Old Certificate shall have been reclassified; provided, however, that from and after the Effective Time, the shares of Common Stock shall be uncertificated and no new certificates representing shares of Common Stock shall be issued to a holder of an Old Certificate upon surrender thereof following the Effective Time and any Old Certificate shall be cancelled.

**Preferred Stock.** The Board of Directors is hereby empowered, without any action or vote by the Corporation's stockholders (except as may otherwise be provided by the terms of any class or series of Preferred Stock then outstanding), to authorize by resolution or resolutions from time to time the issuance of one or more classes or series of Preferred Stock and to fix the designations, powers, preferences and relative, participating, optional or other rights, if any, and the qualifications, limitations or restrictions thereof, if any, with respect to each such class or series of Preferred Stock and the number of shares constituting each such class or series, and to increase or decrease the number of shares of any such class or series to the extent permitted by Delaware Law.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) **Voting Rights** 

Each holder of Common Stock, as such, shall be entitled to one vote for each share of Common Stock held of record by such holder on all matters on which stockholders generally are entitled to vote; *provided, however,* that, except as otherwise required by law, holders of Common Stock, as such, shall not be entitled to vote on any amendment to this Amended and Restated Certificate of Incorporation (including any certificate of designations relating to any class or series of Preferred Stock) that relates solely to the terms of one or more outstanding classes or series of Preferred Stock if the holders of such affected class or series of Preferred Stock are entitled, either separately or together with the holders of one or more other such affected classes or series of Preferred Stock, to vote thereon pursuant to this Amended and Restated Certificate of Incorporation (including any certificate of designations relating to any class or series of Preferred Stock) or pursuant to Delaware Law.

**ARTICLE 5** 

**BYLAWS** 

The Board of Directors shall have the power to adopt, amend or repeal, in whole or in part, the Amended and Restated Bylaws of the Corporation (as in effect from time to time, the "**Bylaws**") without the assent or vote of the stockholders in any manner not inconsistent with Delaware Law or this Amended and Restated Certificate of Incorporation.

The stockholders may adopt, amend or repeal the Amended and Restated Bylaws only with the affirmative vote of the holders of not less than 66 <sup>2</sup><sup>/3</sup>% of the voting power of all outstanding securities of the Corporation generally entitled to vote in the election of directors, voting together as a single class.

**ARTICLE 6** 

**BOARD OF DIRECTORS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) **Power of the Board of Directors**. The business and affairs of the Corporation shall be managed by or under the direction of a Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) **Number of Directors**. Subject to the rights of the holders of any series of Preferred Stock to elect additional directors under specified circumstances, the number of directors which shall constitute the Board of Directors shall be fixed exclusively by one or more resolutions adopted from time to time solely by the affirmative vote of a majority of the Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) **Election of Directors**. Subject to the rights of the holders of any series of Preferred Stock to elect additional directors under specified circumstances from and after the Effective Time, the directors shall be divided into three classes, designated Class I, Class II and Class III. Each class shall consist, as nearly as may be practicable, of one-third of the total number of directors constituting the entire Board of Directors. Each director shall serve for a term ending on the date of the third annual meeting of stockholders next following the annual meeting at which such director was elected; *provided* that the term of office of the initial Class I directors shall expire at the first regularly-scheduled annual meeting of stockholders following the Effective Time, the term of office of the initial Class II directors shall expire at the second annual meeting of stockholders following the Effective Time and the term of office of the initial Class III directors shall expire at the third annual meeting of stockholders following the Effective Time. Notwithstanding the foregoing, each director shall hold office until the annual meeting at which his or her term expires and until his or her

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successor shall have been duly elected and qualified, or until his or her earlier death, resignation, retirement, disqualification or removal from office. The Board of Directors is authorized to assign members of the Board of Directors already in office to their respective class at the time such classification becomes effective. In the event of any change in the number of directors, the Board of Directors shall apportion any newly created directorships among, or reduce the number of directorships in, such class or classes as shall equalize, as nearly as possible, the number of directors in each class. In no event will a decrease in the number of directors shorten the term of any incumbent director.

There shall be no cumulative voting in the election of directors. Election of directors need not be by written ballot unless the Amended and Restated Bylaws so provide.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) **Vacancies**. Vacancies on the Board of Directors resulting from death, resignation, retirement, disqualification, removal or otherwise and newly created directorships resulting from any increase in the number of directors shall, except as otherwise required by law, be filled solely by a majority of the directors then in office (although less than a quorum) or by the sole remaining director, and each director so elected shall hold office for a term that shall coincide with the term of the Class to which such director shall have been elected, or until his or her earlier death, resignation, retirement, disqualification or removal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) **Removal**. No director may be removed from office by the stockholders except for cause with the affirmative vote of the holders of at least 66 <sup>2</sup><sup>/</sup><sup>3</sup>% of the total voting power of all outstanding securities of the Corporation generally entitled to vote in the election of directors, voting together as a single class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) **Preferred Stock Directors**. Notwithstanding anything else contained herein, whenever the holders of one or more classes or series of Preferred Stock shall have the right, voting separately as a class or series, to elect directors, the election, term of office, filling of vacancies, removal and other features of such directorships shall be governed by the terms of such class or series of Preferred Stock adopted by resolution or resolutions adopted by the Board of Directors pursuant to Article 4(A) hereto, and such directors so elected shall not be subject to the provisions of this Article 6 unless otherwise provided therein.

**ARTICLE 7** 

**MEETINGS OF STOCKHOLDERS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) **Annual Meetings**. An annual meeting of stockholders for the election of directors to succeed those whose terms expire and for the transaction of such other business as may properly come before the meeting shall be held at such place if any, on such date, and at such time as the Board of Directors shall determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) **Special Meetings**. Special meetings of the stockholders may be called only by the Board of Directors acting pursuant to a resolution adopted by a majority of the Board of Directors or by the Chair of the Board of Directors. Notwithstanding the foregoing, whenever holders of one or more classes or series of Preferred Stock shall have the right, voting separately as a class or series, to elect directors, such holders may call, pursuant to the terms of such class or series of Preferred Stock adopted by resolution or resolutions of the Board of Directors pursuant to Article 4(A) hereto, special meetings of holders of such Preferred Stock.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) **No Action by Consent**. Subject to the rights of the holders of any class or series of Preferred Stock then outstanding, as may be set forth in the resolution or resolutions adopted by the Board of Directors pursuant to Article 4(A) hereto for such class or series of Preferred Stock, any action required or permitted to be taken at any annual or special meeting of stockholders may be taken only upon the vote of stockholders at an annual or special meeting duly noticed and called in accordance with Delaware Law, as amended from time to time, and this Article 7 and may not be taken by consent of stockholders without a meeting.

**ARTICLE 8** 

**INDEMNIFICATION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) **Limited Liability**. To the fullest extent permitted by Delaware Law, no director or officer of the Corporation shall be personally liable to the Corporation or its stockholders for monetary damages for breach of fiduciary duty as a director or officer. Any amendment, repeal or elimination of this Article 8, or the adoption of any provision of the Amended and Restated Certificate of Incorporation inconsistent with this Article 8, shall not affect its application with respect to an act or omission by a director or officer occurring before such amendment, adoption, repeal or elimination. Solely for purposes of this paragraph, "officer" shall have the meaning provided in Section 102(b)(7) of the Delaware Law as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) **Right to Indemnification**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Each person (and the heirs, executors or administrators of such person) who was or is a party or is threatened to be made a party to, or is involved in any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative, by reason of the fact that such person is or was a director or officer of the Corporation or is or was serving at the request of the Corporation as a director or officer of another corporation, partnership, joint venture, trust or other enterprise, shall be indemnified and held harmless by the Corporation to the fullest extent permitted by Delaware Law. The right to indemnification conferred in this Article 8 shall also include the right to be paid by the Corporation the expenses incurred in connection with any such proceeding in advance of its final disposition to the fullest extent authorized by Delaware Law. The right to indemnification conferred in this Article 8 shall be a contract right.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Corporation may, by action of its Board of Directors, provide indemnification to such of the employees and agents of the Corporation to such extent and to such effect as the Board of Directors shall determine to be appropriate and authorized by Delaware Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) **Insurance**. The Corporation shall have power to purchase and maintain insurance on behalf of any person who is or was a director, officer, employee or agent of the Corporation, or is or was serving at the request of the Corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise against any expense, liability or loss incurred by such person in any such capacity or arising out of such person's status as such, whether or not the Corporation would have the power to indemnify such person against such liability under Delaware Law.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) **Nonexclusivity of Rights**. The rights and authority conferred in this Article 8 shall not be exclusive of any other right that any person may otherwise have or hereafter acquire.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) **Preservation of Rights**. Neither the amendment nor repeal of this Article 8, nor the adoption of any provision of this Amended and Restated Certificate of Incorporation or the Amended and Restated Bylaws, nor, to the fullest extent permitted by Delaware Law, any modification of law, shall adversely affect any right or protection of any person granted pursuant hereto existing at, or arising out of or related to any event, act or omission that occurred prior to, the time of such amendment, repeal, adoption or modification (regardless of when any proceeding (or part thereof) relating to such event, act or omission arises or is first threatened, commenced or completed).

**ARTICLE 9** 

**FORUM SELECTION** 

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**ARTICLE 10** 

**AMENDMENTS** 

The Corporation reserves the right to amend this Amended and Restated Certificate of Incorporation in any manner permitted by Delaware Law and all rights and powers conferred upon stockholders, directors and officers herein are granted subject to this reservation. Notwithstanding the foregoing, the provisions set forth in Articles 4(B), 5, 6, 7, 9 and this Article 10 may not be repealed or amended in any respect, and no other provision may be adopted, amended or repealed which would have the effect of modifying or permitting the circumvention of the provisions set forth in any of Articles 4(B), 5, 6, 7, 9 or this Article 10, unless, in addition to any vote required by Delaware Law, such action is approved by the affirmative vote of the holders of not less than 66 <sup>2/3</sup>% of the total voting power of all outstanding securities of the Corporation generally entitled to vote in the election of directors, voting together as a single class.

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IN WITNESS WHEREOF, the undersigned has executed this Amended and Restated Certificate of Incorporation this _____ day of __________, 2025.

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| |
|:---|
| Amitay Kalmar |
| Chief Executive Officer |

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## Exhibit 3.3

**Exhibit 3.3** 

**BY-LAWS** 

**OF** 

**LENDBUZZ INC.** 

1. OFFICES:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1. The Corporation may have an office or offices at such places as the Board of Directors may from time to time designate.

2. MEETING OF STOCKHOLDERS:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1. The annual meeting of stockholders for the election of directors shall be held at such time and date as may be fixed by the Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2. Special meetings of the stockholders may be called at any time by the president, and shall be called by the president or secretary on the request in writing, or by vote, of a majority of the directors, or at the request in writing of stockholders of record owning a majority in amount of the capital stock outstanding and entitled to vote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3. All meetings of the stockholders may be held at such place or places, within or without the State of Delaware, as may from time to time be fixed by the Board of Directors or as shall be specified and fixed in the respective notices or waiver of notice thereof.

3. DIRECTORS:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1. The property and business of the Corporation shall be managed by, or under the direction of, its Board of Directors, consisting of one or more directors as determined from time to time by resolution of the Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2. Each director shall hold office until the next annual election, and until such director's successor is elected and qualified, or until such director's earlier resignation or removal. Directors shall be elected by the stockholders, except that vacancies in the Board of Directors by reason of death, resignation or otherwise and newly created directorships may be filled for the unexpired term by the remaining directors, though less than a quorum, by a majority vote.

4. POWER OF DIRECTORS:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1. The Board of Directors shall have such general and specific powers as are conferred upon corporations by the General Corporation Law of the State of Delaware, as amended from time to time, subject only to the provisions of the statutes, Certificate of Incorporation, and these By-Laws, which may restrict or deny such powers.

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5. MEETING OF DIRECTORS:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1. After each annual election of directors, the newly elected directors may meet for the purpose of organization, the election of officers, and the transaction of other business, at such place and time as may be fixed by the stockholders at the annual meeting, and if a majority of the directors be present at such place and time, no prior notice of such meeting shall be required to be given to the directors. The place and time of such meeting may also be fixed by written consent of the directors. Regular meetings of the Board of Directors may be held without notice at such time and at such place as shall from time to time be determined by the Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2. Special meetings of the Board of Directors may be called by the president, and shall be called by the president or the secretary at the written request of two directors, by notice to each director given five (5) days prior to the meeting if by mail, or two (2) days prior to the meeting if by telephone, facsimile telecommunication or electronic transmission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3. Special meetings of the Board of Directors may be held within or without the State of Delaware at such place as is indicated in the notice or waiver of notice thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4. A majority of the directors shall constitute a quorum, but a smaller number may adjourn from time to time, without further notice, until a quorum is secured.

6. EXECUTIVE AND OTHER COMMITTEES:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1. The Board of Directors may designate an executive committee and one or more other committees each to consist of one or more of the directors of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2. Any such committee shall have and may exercise all the powers and authority of the Board of Directors in the management of the business and affairs of the Corporation to the extent provided in the resolution of the Board of Directors, subject to applicable laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3. The executive committee and such other committees shall meet at stated times or on notice to all by any of their own number. They shall fix their own rules of procedure. A majority shall constitute a quorum, but unless otherwise determined by the Board of Directors, the affirmative vote of a majority of the whole committee shall be necessary in every case.

7. OFFICERS OF THE CORPORATION:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1. The officers of the Corporation may be a President, one or more Vice-Presidents, Secretary, Treasurer, and such other officers as may from time to time be chosen by the Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2. Each officer shall hold office until such officer's successor is elected and qualified or until such officer's earlier resignation or removal. Any officer may resign at any time upon written notice to the corporation. Any officer may be removed either with or without cause at any time by the Board of Directors. If the office of any officer or officers becomes vacant for any reason, the vacancy shall be filled by the Board of Directors.

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8. DUTIES OF THE PRESIDENT: Unless otherwise determined by the Board of Directors,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1. The President shall be the chief executive officer of the Corporation unless otherwise determined by the Board of Directors. It shall be the President's duty to preside at all meetings of the stockholders; to have general and active management of the business and the Corporation; to see that all orders and resolutions of the Board of Directors are carried into effect; to execute all contracts, agreements, deeds, bonds, mortgages and other obligations and instruments, in the name of the Corporation, and to affix the corporate seal thereto when authorized by the Board of Directors or the executive committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2. The President shall have the general supervision and direction of the other officers of the Corporation and shall see that their duties are properly performed and shall have the general duties and powers of supervision and management usually vested in the office of the President of a Corporation.

9. VICE PRESIDENT: Unless otherwise determined by the Board of Directors,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1. The Vice-Presidents, in the order designated by the Board of Directors, shall be vested with all powers and required to perform all the duties of the President in the President's absence or disability and shall perform such other duties as may be prescribed by the Board of Directors.

10. PRESIDENT PRO TEM:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1. In the absence or disability of the President and the Vice-President, the Board of Directors may appoint from their own number a president pro tem.

11. SECRETARY: Unless otherwise determined by the Board of Directors,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1. The Secretary shall attend all meetings of the Corporation, the Board of Directors, the executive committee and standing committees. The Secretary shall act as clerk thereof and shall record all of the proceedings of such meetings in a book kept for that purpose. The Secretary shall give proper notice of meetings of stockholders and Board of Directors and shall perform such other duties as shall be assigned by the President or the Board of Directors.

12. TREASURER: Unless otherwise determined by the Board of Directors,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1. The Treasurer shall have custody of the funds and securities of the Corporation and shall keep full and accurate accounts of receipts and disbursements in books belonging to the Corporation and shall deposit all moneys and other valuable effects in the name and to the credit of the Corporation in such depositories as may be designated by the Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2. The Treasurer shall disburse the funds of the Corporation as may be ordered by the Board of Directors, executive committee or President, taking proper vouchers for such disbursements, and shall render to the President and Board of Directors, whenever they may require it, an account of all his transactions as treasurer, and of the financial condition of the Corporation, and at the regular meeting of the Board of Directors next preceding the annual stockholders' meeting, a like report for the preceding year.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3. The Treasurer shall keep an account of stock registered and transferred in such manner and subject to such regulations as the Board of Directors may prescribe.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.4. The Treasurer shall give the Corporation a bond, if required by the Board of Directors, in such sum and in form and with security satisfactory to the Board of Directors for the faithful performance of the duties of his office and the restoration to the Corporation, in case of his death, resignation or removal from office, of all books, papers, vouchers, money and other property of whatever kind in his possession, belonging to the Corporation. The Treasurer shall perform such other duties as the Board of Directors or executive committee may from time to time prescribe or require.

13. DUTIES OF OFFICERS MAY BE DELEGATED:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1. In case of the absence or disability of any officer of the Corporation or for any other reason deemed sufficient by a majority of the Board of Directors, the Board of Directors may delegate his powers or duties to any other officer or to any director for the time being.

14. CERTIFICATES OF STOCK:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1. Certificates of stock shall be signed by the Chairman, the Vice Chairman, the President or a Vice-President, and either by the Treasurer, Assistant Treasurer, Secretary or Assistant Secretary. If a certificate of stock be lost or destroyed, another may be issued in its stead upon proof of loss or destruction and the giving of a satisfactory bond of indemnity in an amount sufficient to indemnify the Corporation against any claim. A new certificate may be issued without requiring bond when, in the judgment of the Board of Directors, it is proper to do so.

15. TRANSFER OF STOCK:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1. Upon surrender to the Corporation or the transfer agent of the Corporation of a certificate for shares duly endorsed or accompanied by proper evidence of succession, assignation or authority to transfer, it shall be the duty of the Corporation to issue a new certificate to the person entitled thereto, cancel the old certificate and record the transaction on its books.

16. STOCKHOLDERS OF RECORD:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.1. The Corporation shall be entitled to treat the holder of record of any share or shares of stock as the holder in fact thereof and accordingly shall not be bound to recognize any equitable or other claim to or interest in such share on the part of any other person whether or not it shall have express or other notice thereof, save as expressly provided by the laws of Delaware.

17. FISCAL YEAR:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1. The fiscal year of the Corporation shall be determined by the Board of Directors.

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18. DIVIDENDS:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.1. Dividends upon the capital stock may be declared by the Board of Directors at any regular or special meeting and may be paid in cash or property or in shares of the capital stock. The Board of Directors may set apart out of any of the funds of the Corporation available for dividends a reserve or reserves for any proper purposes and may alter or abolish any such reserve or reserves.

19. CHECKS FOR MONEY:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.1. All checks, drafts or orders for the payment of money shall be signed by the Treasurer or by such other officer or officers as the Board of Directors may from time to time designate. No check shall be signed in blank.

20. BOOKS AND RECORDS:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.1. The books, records and accounts of the Corporation except as otherwise required by the laws of the State of Delaware, may be kept within or without the State of Delaware, at such place or places as may from time to time be designated by the By-Laws or by resolution of the Board of Directors.

21. NOTICES:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.1. Except as otherwise specifically provided herein or required by law, all notices required to be given to any stockholder, director, officer, employee or agent shall be in writing and may in every instance be effectively given by hand delivery to the recipient thereof, by depositing such notice in the mails, postage paid, or by sending such notice by facsimile telecommunication or electronic transmission. Any such notice shall be addressed to such stockholder, director, officer, employee or agent at his or her last known address as the same appears on the books of the Corporation. The time when such notice is received, if hand delivered, or when such notice is dispatched, if delivered through the mail, by facsimile telecommunication or electronic transmission, shall be the time of the giving of the notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.2. A written waiver of any notice, signed by a stockholder, director, officer, employee or agent, whether before or after the time of the event for which notice is to be given, shall be deemed equivalent to the notice required to be given to such stockholder, director, officer, employee or agent. Neither the business nor the purpose of any meeting need be specified in such a waiver.

22. AMENDMENT:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.1. These By-Laws may be amended, altered, repealed or supplemented at any regular meeting of the stockholders or of the Board of Directors or at any special meeting called for that purpose, by affirmative vote of a majority of the stock issued and outstanding and entitled to vote or of a majority of the whole board of directors, as the case may be.

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23. INDEMNIFICATION:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.1. Right to Indemnification:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.1.1. Each person who was or is a party to, or is threatened to be made a party to, or is involved in, any action, suit or proceeding, whether civil, criminal, administrative or investigative ("Proceeding"), including without limitation Proceedings by or in the right of the Corporation to procure a judgment in its favor, by reason of the fact that he or she or a person for whom he or she is the legal representative is or was a director or officer of the corporation, or is or was serving at the request of the corporation as a director or officer, employee or agent of another corporation, or of a partnership, joint venture, trust or other enterprise, including service with respect to employee benefit plans, whether the basis of such Proceeding is alleged action in an official capacity as a director, officer, employee or agent or in any other capacity while serving as a director, officer, employee or agent, shall be indemnified and held harmless by the corporation to the fullest extent authorized by the General Corporation Law of the State of Delaware, as the same exists or may hereafter be amended (but, in the case of any such amendment, only to the extent such amendment permits the corporation to provide broader indemnification rights than said law permitted the corporation to provide prior to such amendment) against all expenses, liability and loss (including attorneys' fees, judgments, fines, ERISA excise taxes or penalties and amounts paid or to be paid in settlement) reasonably incurred or suffered by such person in connection therewith. Such right shall be a contract right and shall include the right to be paid by the corporation for expenses incurred in defending any such Proceeding in advance of its final disposition; provided, however, that the payment of such expenses incurred by a director or officer of the corporation in his or her capacity as a director or officer (and not in any other capacity in which service was or is rendered by such person while a director or officer, including, without limitation, service to an employee benefit plan) in advance of the final disposition of such Proceeding, shall be made only upon delivery to the corporation of an undertaking, by or on behalf of such director or officer, to repay all amounts so advanced if it should be determined ultimately that such director or officer is not entitled to be indemnified under this section or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.2. Right of Claimant to Bring Suit:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.2.1. If a claim under Section 23.1 is not paid in full by the Corporation within sixty (60) days after a written claim has been received by the Corporation, the claimant may at any time thereafter bring suit against the Corporation to recover the unpaid amount of the claim, and if successful in whole or in part, the claimant shall be entitled to be paid also the expense of prosecuting such claim. It shall be a defense to any such action (other than an action brought to enforce a claim for expenses incurred in defending any Proceeding in advance of its final disposition where the required undertaking has been tendered to the Corporation) that the claimant has not met the standards of conduct which make it permissible under the General Corporation Law of the State of Delaware for the corporation to indemnify the claimant for the amount claimed, but the burden of proving such defense shall be on the Corporation. Neither the failure of the Corporation (including its Board of Directors, independent legal counsel, or its stockholders) to have made a determination prior to the commencement of such action that indemnification of the claimant is proper in the circumstances because he or she has met the applicable standard of conduct set forth in the General Corporation Law of the State of Delaware, nor an actual determination by the Corporation (including its Board of Directors, independent legal counsel, or its stockholders) that the claimant had not met such applicable standard of conduct, shall create a presumption that claimant had not met the applicable standard of conduct.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.3. Non-Exclusivity of Rights:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.3.1. The rights conferred by Sections 23.1 and 23.2 shall not be exclusive of any other right which such person may have or hereafter acquire under any statute, provision of the Certificate of Incorporation, by-law, agreement, vote of stockholders or disinterested directors or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.4. Insurance:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.4.1. The corporation may maintain insurance, at its expense, to protect itself and any such director, officer, employee or agent of the corporation or another corporation, partnership, joint venture, trust or other enterprise against any such expense, liability or loss, whether or not the Corporation would have the power to indemnify such person against such expense, liability or loss under the General Corporation Law of the State of Delaware.

DATED: September 9, 2015

## Exhibit 3.4

**Exhibit 3.4** 

**AMENDED AND RESTATED BYLAWS** 

**OF** 

**LENDBUZZ INC.** 

<sup>\* \* \* \* \*</sup>

ARTICLE 1

OFFICES

Section 1.01. *Registered Office.* The registered office of Lendbuzz Inc. (the "**Corporation**") shall be in the City of Wilmington, County of New Castle State of Delaware.

Section 1.02. *Other Offices.* The Corporation may also have offices at such other places both within and without the State of Delaware as the board of directors of the Corporation (the "**Board of Directors**") may from time to time determine or the business of the Corporation may require.

Section 1.03. *Books.* The books of the Corporation may be kept within or without the State of Delaware as the Board of Directors may from time to time determine or the business of the Corporation may require.

ARTICLE 2

MEETINGS OF STOCKHOLDERS

Section 2.01. *Time and Place of Meetings.* All meetings of stockholders shall be held at such place, if any, either within or without the State of Delaware, on such date and at such time as may be determined from time to time by the Board of Directors (or the Chairperson of the Board of Directors in the absence of a designation by the Board of Directors). The Board of Directors may, in its sole discretion, determine that a meeting of stockholders shall not be held at any place, but may instead be held solely by means of remote communication as authorized under Delaware Law. If no determination is made by the Board of Directors, the place of meeting shall be the principal office of the Corporation.

Section 2.02. *Annual Meetings.* An annual meeting of stockholders shall be held for the election of directors and to transact such other business as may properly be brought before the meeting.

Section 2.03. Special Meetings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Special meetings of stockholders may be called by the Board of Directors acting pursuant to a resolution adopted by a majority of the Board of Directors or by the or the Chairperson of the Board of Directors.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Business conducted at a special meeting shall be limited to the matters described in the applicable request for such special meeting and any other matters as the Board of Directors shall determine.

Section 2.04. *Notice of Meetings and Adjourned Meetings; Waivers of Notice.* (a) Whenever stockholders are required or permitted to take any action at a meeting, a written notice of the meeting shall be given which shall state the place, if any, date and hour of the meeting, the means of remote communications, if any, by which stockholders and proxy holders may be deemed to be present in person and vote at such meeting, and, in the case of a special meeting, the purpose or purposes for which the meeting is called. Unless otherwise provided by the General Corporation Law of the State of Delaware as the same exists or may hereafter be amended ("**Delaware Law**"), the Amended and Restated Certificate of Incorporation of the Corporation, as amended from time to time (the "**Certificate of Incorporation**") or these Bylaws, such notice shall be given not less than 10 nor more than 60 days before the date of the meeting to each stockholder of record entitled to vote at such meeting. The Board of Directors or the Chairperson of the meeting may adjourn the meeting to another time or place (whether or not a quorum is present), and notice need not be given of the adjourned meeting if the time, place, if any, and the means of remote communications, if any, by which stockholders and proxy holders may be deemed to be present in person and vote at such meeting, are announced at the meeting at which such adjournment is made or provided in any other manner permitted by Delaware Law. At the adjourned meeting, the Corporation may transact any business which might have been transacted at the original meeting. If the adjournment is for more than 30 days, or after the adjournment a new record date is fixed for the adjourned meeting, a notice of the adjourned meeting shall be given to each stockholder of record entitled to vote at the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A written waiver of any such notice signed by the person entitled thereto, or a waiver by electronic transmission by the person entitled to notice, whether before or after the time stated therein, shall be deemed equivalent to notice. Attendance of a person at a meeting shall constitute a waiver of notice of such meeting, except when the person attends the meeting for the express purpose of objecting, at the beginning of the meeting, to the transaction of any business because the meeting is not lawfully called or convened. Business transacted at any special meeting of stockholders shall be limited to the purposes stated in the notice.

Section 2.05. *Quorum.* Unless otherwise provided under the Certificate of Incorporation or these Bylaws and subject to Delaware Law, the presence, in person or by proxy, of the holders of a majority of the total voting power of all outstanding securities of the Corporation generally entitled to vote at a meeting of stockholders shall constitute a quorum for the transaction of business. If, however, such quorum shall not be present or represented at any meeting of the stockholders, the Chairperson of the meeting or a majority in voting interest of the stockholders present in person or represented by proxy may adjourn the meeting, without notice other than announcement at the meeting, until a quorum shall be present or represented. At such adjourned meeting at which a quorum shall be present or represented any business may be transacted that might have been transacted at the meeting as originally notified.

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Section 2.06. *Voting.* (a) Unless otherwise provided in the Certificate of Incorporation and subject to Delaware Law, each stockholder shall be entitled to one vote for each outstanding share of capital stock of the Corporation held by such stockholder. Any share of capital stock of the Corporation held by the Corporation shall have no voting rights. Except as otherwise required by law, the Certificate of Incorporation or these Bylaws, in all matters other than the election of directors, the affirmative vote of the holders of a majority of the votes cast at the meeting on the subject matter shall be the act of the stockholders. Abstentions and broker non-votes shall not be counted as votes cast. Subject to the rights of the holders of any class or series of preferred stock to elect additional directors under specific circumstances, as may be set forth in the certificate of designations for such class or series of preferred stock, directors shall be elected by a plurality of the votes cast in respect of the shares present in person or represented by proxy at the meeting and entitled to vote on the election of directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each stockholder entitled to vote at a meeting of stockholders or to express consent or dissent to a corporate action in writing without a meeting may authorize another person or persons to act for such stockholder by proxy, appointed by an instrument in writing, subscribed by such stockholder or by their attorney thereunto authorized, or by proxy sent by any means of electronic communication permitted by law, which results in a writing from such stockholder or by their attorney, and delivered to the secretary of the meeting. No proxy shall be voted after three (3) years from its date, unless said proxy provides for a longer period.

Section 2.07. *Action by Consent.* Subject to the rights of the holders of any class or series of preferred stock then outstanding, as may be set forth in the certificate of designations for such class or series of preferred stock, any action required or permitted to be taken at any annual or special meeting of stockholders may be taken only upon the vote of stockholders at an annual or special meeting duly noticed and called in accordance with Delaware Law and may not be taken by consent of stockholders without a meeting.

Section 2.08. *Organization.* At each meeting of stockholders, the Chairperson of the Board of Directors, if one shall have been elected, or in the Chairperson's absence or if one shall not have been elected, the director designated by the vote of the majority of the directors present at such meeting, shall act as Chairperson of the meeting. The Secretary (or in the Secretary's absence or inability to act, the person whom the Chairperson of the meeting shall appoint secretary of the meeting) shall act as secretary of the meeting and keep the minutes thereof.

Section 2.09. *Order of Business.* The order of business at all meetings of stockholders shall be as determined by the Chairperson of the meeting.

Section 2.10. Nomination of Directors and Proposal of Other Business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Annual Meetings of Stockholders*. (i) Nominations of persons for election to the Board of Directors or the proposal of other business to be transacted by the stockholders at an annual meeting of stockholders may be made only (A) pursuant to the Corporation's notice of meeting (or any supplement thereto), (B) by or at the direction of the Board of Directors or any committee thereof, (C) as may be provided in the certificate of designations for any class or series of preferred stock or (D) by any stockholder of the Corporation who is a stockholder of record at the time of giving of notice provided for in (ii) of this Section 2.10(a) and at the time of the annual meeting, who shall be entitled to vote at the meeting and who

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complies with the procedures set forth in this Section 2.10(a), and, except as otherwise required by law, any failure to comply with these procedures shall result in the nullification of such nomination or proposal. For the avoidance of doubt, the foregoing clause (D) shall be the exclusive means for a stockholder to make nominations or propose other business at an annual meeting of stockholders (other than a proposal included in the Corporation's proxy statement pursuant to and in compliance with Rule 14a-8 under the Exchange Act).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) For nominations or other business to be properly brought before an annual meeting of stockholders by a stockholder pursuant to clause (D) of paragraph (i) of this Section 2.10(a), the stockholder must have given timely notice thereof in writing to the Secretary of the Corporation and any such proposed business (other than the nominations of persons for election to the Board of Directors) must constitute a proper matter for stockholder action. To be timely, a stockholder's notice shall be delivered to, or mailed and received by, the Secretary of the Corporation at the principal executive offices of the Corporation not less than 90 days nor more than 120 days prior to the first anniversary of the preceding year's annual meeting of stockholders; *provided, however*, that in the event that the date of the annual meeting is advanced more than 30 days prior to such anniversary date or delayed more than 70 days after such anniversary date then to be timely such notice must be received by the Corporation no earlier than 120 days prior to such annual meeting and no later than the later of 90 days prior to the date of the meeting or the 10<sup>th</sup> day following the day on which public announcement of the date of the meeting was first made by the Corporation. In no event shall the adjournment or postponement of any meeting, or any announcement thereof, commence a new time period (or extend any time period) for the giving of a stockholder's notice as described above. The number of nominees a stockholder may nominate for election at the annual meeting (or in the case of a stockholder giving the notice on behalf of a beneficial owner, the number of nominees a stockholder may nominate for election at the annual meeting on behalf of such beneficial owner) shall not exceed the number of directors to be elected as such annual meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) A stockholder's notice to the Secretary shall set forth (A) as to each person whom the stockholder proposes to nominate for election or reelection as a director: (1) all information relating to such person that is required to be disclosed in solicitations of proxies for election of directors, or is otherwise required, in each case pursuant to Regulation 14A under the Securities Exchange Act of 1934 (as amended (together with the rules and regulations promulgated thereunder), the "**Exchange Act**") including such person's written consent to being named in the proxy statement and form of proxy as a nominee and to serving as a director if elected; and (2) a reasonably detailed description of any compensatory, payment or other financial agreement, arrangement or understanding that such person has with any other person or entity other than the Corporation including the amount of any payment or payments received or receivable thereunder, in each case in connection with candidacy or service as a director of the Corporation (a "**Third-Party Compensation Arrangement**"), (B) as to any other business that the stockholder proposes to bring before the meeting, a brief description of the business desired to be brought before the meeting, the text of the proposal or business (including the text of any resolutions proposed for consideration and in the event that such business includes a proposal to amend these Bylaws, the text of the proposed amendment), the reasons for

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conducting such business and any material interest in such business of such stockholder and the beneficial owner, if any, on whose behalf the proposal is made and (C) as to the stockholder giving the notice and the beneficial owner, if any, on whose behalf the proposal is made:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the name and address of such stockholder (as they appear on the Corporation's books) and any such beneficial owner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) for each class or series, the number of shares of capital stock of the Corporation that are held of record or are beneficially owned by such stockholder and by any such beneficial owner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) a description of any agreement, arrangement, relationship or understanding (whether written or oral) between or among such stockholder and any such beneficial owner, any of their respective affiliates or associates, and any other person or persons (including their names) in connection with the proposal of such nomination or other business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) a description of any agreement, arrangement or understanding (including, regardless of the form of settlement, any derivative, long or short positions, profit interests, forwards, futures, swaps, options, warrants, convertible securities, stock appreciation or similar rights, hedging transactions and borrowed or loaned shares) that has been entered into by or on behalf of, or any other agreement, arrangement or understanding that has been made, the effect or intent of which is to create or mitigate loss to, manage risk or benefit of share price changes for, or increase or decrease the voting power of, such stockholder or any such beneficial owner or any such nominee with respect to the Corporation's securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) a representation that the stockholder is a holder of record of stock of the Corporation entitled to vote at such meeting and intends to appear in person or by proxy at the meeting to bring such nomination or other business before the meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) a representation as to whether such stockholder or any such beneficial owner intends or is part of a group that intends to (i) deliver a proxy statement and/or form of proxy to holders of at least the percentage of the voting power of the Corporation's outstanding capital stock required to approve or adopt the proposal or to elect each such nominee, (ii) otherwise to solicit proxies from stockholders in support of such proposal or nomination and/or (iii) solicit the holders of shares representing at least 67% of the voting power of shares entitled to vote on the election of directors in support of director nominees other than the Corporation's nominees pursuant to Rule 14a-19 under the Exchange Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) a representation as to whether such stockholder or such beneficial owner has complied with all applicable legal requirements in connection with its acquisition of shares or other securities of the Corporation, and any other information reasonably requested by the Corporation, including with respect to determining whether such person has complied with this Section 2.10(a);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) any other information relating to such stockholder, beneficial owner, if any, or director nominee or proposed business that would be required to be disclosed in a proxy statement or other filing required to be made in connection with the solicitation of proxies in support of such nominee or proposal pursuant to Section 14 of the Exchange Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) such other information relating to any proposed item of business as the Corporation may reasonably require to determine whether such proposed item of business is a proper matter for stockholder action.

If requested by the Corporation, the information required under clauses 2.10(a)(iii)(C)(2), (3) and (4) of the preceding sentence of this Section 2.10 shall be supplemented by such stockholder and any such beneficial owner not later than 10 days after the record date for the meeting to disclose such information as of the record date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Special Meetings of Stockholders*. If the election of directors is included as business to be brought before a special meeting in the Corporation's notice of meeting, then nominations of persons for election to the Board of Directors at a special meeting of stockholders may be made by any stockholder who is a stockholder of record at the time of giving of notice provided for in this Section 2.10(b) and at the time of the special meeting, who shall be entitled to vote at the meeting and who complies with the procedures set forth in this Section 2.10(b); provided, however that the number of nominees a stockholder may nominate for election at the special meeting (or in the case of a stockholder giving the notice on behalf of a beneficial owner, the number of nominees a stockholder may nominate for election at the special meeting on behalf of such beneficial owner) shall not exceed the number of directors to be elected as such special meeting. For nominations to be properly brought by a stockholder before a special meeting of stockholders pursuant to this Section 2.10(b), the stockholder must have given timely notice thereof in writing to the Secretary of the Corporation. To be timely, a stockholder's notice shall be delivered to or mailed and received at the principal executive offices of the Corporation (A) not earlier than 150 days prior to the date of the special meeting nor (B) later than the later of 120 days prior to the date of the special meeting and the 10<sup>th</sup> day following the day on which public announcement of the date of the special meeting was first made. A stockholder's notice to the Secretary shall comply with the notice requirements of Section 2.10(a)(iii).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *General*. (i) To be eligible to be a nominee for election as a director, the proposed nominee must provide to the Secretary of the Corporation in accordance with the applicable time periods prescribed for delivery of notice under Section 2.10(a)(ii) or Section 2.10(b): (1) a completed D&O questionnaire (in the form provided by the Secretary of the Corporation at the request of the nominating stockholder) containing information regarding the nominee's background and qualifications and such other information as may reasonably be required by the Corporation to determine the eligibility of such proposed nominee to serve as a director of the Corporation or to serve as an independent director of the Corporation, (2) a written representation that, unless previously disclosed to the Corporation, the nominee is not and will not become a party to any voting agreement, arrangement or understanding with

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any person or entity as to how such nominee, if elected as a director, will vote on any issue or that could interfere with such person's ability to comply, if elected as a director, with their fiduciary duties under applicable law, (3) a written representation and agreement that, unless previously disclosed to the Corporation pursuant to Section 2.10(a)(iii)(A)(2), the nominee is not and will not become a party to any Third-Party Compensation Arrangement and (4) a written representation that, if elected as a director, such nominee would be in compliance and will continue to comply with the Corporation's corporate governance guidelines as disclosed on the Corporation's website, as amended from time to time. At the request of the Board of Directors, any person nominated by the Board of Directors for election as a director shall furnish to the Secretary of the Corporation the information that is required to be set forth in a stockholder's notice of nomination that pertains to the nominee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) No person shall be eligible to be nominated by a stockholder to serve as a director of the Corporation unless nominated in accordance with the procedures set forth in this Section 2.10. No business proposed by a stockholder shall be conducted at a stockholder meeting except in accordance with this Section 2.10.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Chairperson of the meeting shall, if the facts warrant, determine and declare to the meeting that a nomination was not made in accordance with the procedures prescribed by these Bylaws or that business was not properly brought before the meeting, and if he/she should so determine, he/she shall so declare to the meeting and the defective nomination shall be disregarded or such business shall not be transacted, as the case may be. Notwithstanding the foregoing provisions of this Section 2.10, unless otherwise required by law, if the stockholder (or a qualified representative of the stockholder) does not appear at the annual or special meeting of stockholders of the Corporation to present a nomination or other proposed business, such nomination shall be disregarded or such proposed business shall not be transacted, as the case may be, notwithstanding that proxies in respect of such vote may have been received by the Corporation and counted for purposes of determining a quorum. For purposes of this Section 2.10, to be considered a qualified representative of the stockholder, a person must be a duly authorized officer, manager or partner of such stockholder or must be authorized by a writing executed by such stockholder or an electronic transmission delivered by such stockholder to act for such stockholder as proxy at the meeting of stockholders and such person must produce such writing or electronic transmission, or a reliable reproduction of the writing or electronic transmission, at the meeting of stockholders. Notwithstanding anything to the contrary in these Bylaws, unless otherwise required by law, if any stockholder or stockholder associated person (i) provides notice pursuant to Rule 14a-19(b) promulgated under the Exchange Act (or has previously filed a preliminary or definitive proxy statement with the information required by Rule 14a-19(b)) with respect to any proposed nominee and (ii) subsequently fails to comply with the requirements of Rule 14a-19(a)(2) or Rule 14a-19(a)(3) promulgated under the Exchange Act (or fails to timely provide reasonable evidence sufficient to satisfy the Corporation that such stockholder or stockholder associated person has met the requirements of Rule 14a-19(a)(3) promulgated under the Exchange Act in accordance with the following sentence), then the nomination of each such proposed nominee shall be disregarded, notwithstanding that the nominee is included as a nominee in the Corporation's proxy statement, notice of meeting or other proxy materials for any meeting (or any supplement thereto) and notwithstanding that

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proxies or votes in respect of the election of such proposed nominees may have been received by the Corporation (which proxies and votes shall be disregarded). Upon request by the Corporation, if any stockholder or stockholder associated person provides notice pursuant to Rule 14a-19(b) promulgated under the Exchange Act (or has previously filed a preliminary or definitive proxy statement with the information required by Rule 14a-19(b)), such stockholder or stockholder associated person shall deliver to the Corporation, no later than five (5) business days prior to the applicable meeting, reasonable evidence that it has met the requirements of Rule 14a-19(a)(3) promulgated under the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Without limiting the foregoing provisions of this Section 2.10, a stockholder shall also comply with all applicable requirements of the Exchange Act with respect to the matters set forth in this Section 2.10; provided, however, that any references in these Bylaws to the Exchange Act are not intended to and shall not limit any requirements applicable to nominations or proposals as to any other business to be considered pursuant to this Section 2.10, and compliance with paragraphs (a)(i)(C) and (b) of this Section 2.10 shall be the exclusive means for a stockholder to make nominations or submit other business (other than as provided in Section 2.10(c)(v)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Notwithstanding anything to the contrary, the notice requirements set forth herein with respect to the proposal of any business pursuant to this Section 2.10(a) shall be deemed satisfied by a stockholder if such stockholder has submitted a proposal to the Corporation in compliance with Rule 14a-8 under the Exchange Act, and such stockholder's proposal has been included in a proxy statement that has been prepared by the Corporation to solicit proxies for the meeting of stockholders.

ARTICLE 3

DIRECTORS

Section 3.01. *General Powers.* Except as otherwise provided in Delaware Law or the Certificate of Incorporation, the business and affairs of the Corporation shall be managed by or under the direction of the Board of Directors.

Section 3.02. *Number, Election and Term of Office.* Subject to the Certificate of Incorporation, the number of directors shall be fixed from time to time solely by resolution adopted by the affirmative vote of a majority of the Board. The term of each director shall be as set forth in the Certificate of Incorporation. Directors need not be stockholders.

Section 3.03. *Quorum and Manner of Acting.* Unless the Certificate of Incorporation or these Bylaws require a greater number, a majority of the Board of Directors shall constitute a quorum for the transaction of business at any meeting of the Board of Directors and, except as otherwise expressly required by law or by the Certificate of Incorporation, the act of a majority of the directors present at a meeting at which a quorum is present shall be the act of the Board of Directors. When a meeting is adjourned to another time or place (whether or not a quorum is present), notice need not be given of the adjourned meeting if the time and place thereof are announced at the meeting at which the adjournment is taken. At the adjourned meeting, the Board of Directors may transact any business which might have been transacted at the original meeting. If a quorum shall not be present at any meeting of the Board of Directors, the directors present thereat shall adjourn the meeting, from time to time, without notice other than announcement at the meeting, until a quorum shall be present.

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Section 3.04. *Time and Place of Meetings.* The Board of Directors shall hold its meetings at such place, either within or without the State of Delaware, and at such time as may be determined from time to time by the Board of Directors (or the Chairperson of the Board of Directors in the absence of a determination by the Board of Directors).

Section 3.05. *Annual Meeting.* The Board of Directors shall meet for the purpose of organization, the election of officers and the transaction of other business, as soon as practicable after each annual meeting of stockholders, on the same day and at the same place where such annual meeting shall be held. Notice of such meeting need not be given. In the event such annual meeting is not so held, the annual meeting of the Board of Directors may be held at such place either within or without the State of Delaware, on such date and at such time as shall be specified in a notice thereof given as hereinafter provided in Section 3.07 herein or in a waiver of notice thereof signed by any director who chooses to waive the requirement of notice.

Section 3.06. *Regular Meetings.* After the place and time of regular meetings of the Board of Directors shall have been determined and notice thereof shall have been once given to each member of the Board of Directors, regular meetings may be held without further notice being given.

Section 3.07. *Special Meetings.* Special meetings of the Board of Directors may be called by the Chairperson of the Board of Directors or the President and shall be called by the Chairperson of the Board of Directors, President or the Secretary, on the written request of at least three directors. Notice of special meetings of the Board of Directors shall be given to each director at least 24 hours before the date of the meeting in such manner as is determined by the Board of Directors.

Section 3.08. *Committees.* The Board of Directors may designate one or more committees, each committee to consist of one or more of the directors of the Corporation. The Board of Directors may designate one or more directors as alternate members of any committee, who may replace any absent or disqualified member at any meeting of the committee. In the absence or disqualification of a member of a committee, the member or members present at any meeting and not disqualified from voting, whether or not such member or members constitute a quorum, may unanimously appoint another member of the Board of Directors to act at the meeting in the place of any such absent or disqualified member. Any such committee, to the extent provided in the resolution of the Board of Directors, shall have and may exercise all the powers and authority of the Board of Directors in the management of the business and affairs of the Corporation, and may authorize the seal of the Corporation to be affixed to all papers which may require it; but no such committee shall have the power or authority in reference to the following matters: (a) approving or adopting, or recommending to the stockholders, any action or matter expressly required by Delaware Law to be submitted to the stockholders for approval or (b) adopting, amending or repealing any Bylaw of the Corporation. Each committee shall keep regular minutes of its meetings and report the same to the Board of Directors when required.

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Section 3.09. *Action by Consent.* Unless otherwise restricted by the Certificate of Incorporation or these Bylaws, any action required or permitted to be taken at any meeting of the Board of Directors or of any committee thereof may be taken without a meeting, if all members of the Board of Directors or committee, as the case may be, consent thereto in writing or by electronic transmission and any consent may be documented, signed and delivered in any manner permitted by Delaware Law. After an action is taken, the consent or consents relating thereto shall be filed with the minutes of proceedings of the Board of Directors or committee in the same paper or electronic form as the minutes are maintained.

Section 3.10. *Telephonic Meetings.* Unless otherwise restricted by the Certificate of Incorporation or these Bylaws, members of the Board of Directors, or any committee designated by the Board of Directors, may participate in a meeting of the Board of Directors, or such committee, as the case may be, by means of conference telephone or other communications equipment by means of which all persons participating in the meeting can hear each other, and such participation in a meeting shall constitute presence in person at the meeting.

Section 3.11. *Resignation.* Any director may resign from the Board of Directors at any time by giving notice to the Board of Directors or to the Secretary of the Corporation. Any such notice must be in writing or by electronic transmission to the Board of Directors or to the Secretary of the Corporation. The resignation of any director shall take effect upon receipt of notice thereof or at such later time as shall be specified in such notice; and unless otherwise specified therein, the acceptance of such resignation shall not be necessary to make it effective.

Section 3.12. *Vacancies.* Unless otherwise provided in the Certificate of Incorporation, vacancies on the Board of Directors resulting from death, resignation, removal or otherwise and newly created directorships resulting from any increase in the number of directors shall, except as otherwise required by law, be filled solely by a majority of the directors then in office (although less than a quorum) or by the sole remaining director, and each director so elected shall hold office for a term that shall coincide with the term of the Class to which such director shall have been elected. If there are no directors in office, then an election of directors may be held in accordance with Delaware Law. Unless otherwise provided in the Certificate of Incorporation, when one or more directors shall resign from the Board of Directors, effective at a future date, a majority of the directors then in office, including those who have so resigned, shall have the power to fill such vacancy or vacancies, the vote thereon to take effect when such resignation or resignations shall become effective, and each director so chosen shall hold office as provided in the filling of the other vacancies.

Section 3.13. *Removal.* No director may be removed from office by the stockholders except for cause with the affirmative vote of the holders of at least 66 <sup>2</sup><sup>/</sup><sup>3</sup>% of the total voting power of all outstanding securities of the corporation generally entitled to vote in the election of directors, voting together as a single class.

Section 3.14. *Compensation.* Unless otherwise restricted by the Certificate of Incorporation or these Bylaws, the Board of Directors shall have authority to fix the compensation of directors, including fees and reimbursement of expenses.

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Section 3.15. *Preferred Stock Directors.* Notwithstanding anything else contained herein, whenever the holders of one or more classes or series of preferred stock shall have the right, voting separately as a class or series, to elect directors, the election, term of office, filling of vacancies, removal and other features of such directorships shall be governed by the terms of the resolutions applicable thereto adopted by the Board of Directors pursuant to the Certificate of Incorporation, and such directors so elected shall not be subject to the provisions of Sections 3.02, 3.12 and 3.13 of this Article 3 unless otherwise provided therein.

ARTICLE 4

OFFICERS

Section 4.01. *Principal Officers.* The principal officers of the Corporation shall be appointed by the Board of Directors and may consist of a Chief Executive Officer, President, a Chief Technology Officer, a Chief Financial Officer, one or more Vice Presidents, a Treasurer and a Secretary who shall have the duty, among other things, to record the proceedings of the meetings of stockholders and directors in a book kept for that purpose. The Corporation may also have such other principal officers, including one or more Controllers, as the Board of Directors may in its discretion appoint. One person may hold the offices and perform the duties of any two or more of said offices, except that no one person shall hold the offices and perform the duties of President and Secretary.

Section 4.02. *Appointment, Term of Office and Remuneration.* The principal officers of the Corporation shall be appointed by the Board of Directors in the manner determined by the Board of Directors. Each such officer shall hold office for such period as the Board of Directors may from time to time determine and until their successor is appointed, or until their earlier death, resignation, retirement, disqualification or removal. The remuneration of all officers of the Corporation shall be fixed by the Board of Directors. Any vacancy in any office shall be filled in such manner as the Board of Directors shall determine.

Section 4.03. *Subordinate Officers.* In addition to the principal officers enumerated in Section 4.01 herein, the Corporation may have one or more Assistant Treasurers, Assistant Secretaries and Assistant Controllers and such other subordinate officers, agents and employees as the Board of Directors may deem necessary, each of whom shall hold office for such period as the Board of Directors may from time to time determine. The Board of Directors may delegate to any principal officer the power to appoint and to remove any such subordinate officers, agents or employees.

Section 4.04. *Removal.* Except as otherwise permitted with respect to subordinate officers, any officer may be removed, with or without cause, at any time, by resolution adopted by the Board of Directors.

Section 4.05. *Resignations.* Any officer may resign at any time by giving notice to the Board of Directors (or to a principal officer if the Board of Directors has delegated to such principal officer the power to appoint and to remove such officer). Any such notice must be in writing. The resignation of any officer shall take effect upon receipt of notice thereof or at such later time as shall be specified in such notice; and unless otherwise specified therein, the acceptance of such resignation shall not be necessary to make it effective.

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Section 4.06. *Powers and Duties.* The officers of the Corporation shall have such powers and perform such duties incident to each of their respective offices and such other duties as may from time to time be conferred upon or assigned to them by the Board of Directors.

ARTICLE 5

CAPITAL STOCK

Section 5.01. *Certificates for Stock; Uncertificated Shares.* The shares of the Corporation shall be represented by certificates, provided that the Board of Directors may provide by resolution or resolutions that some or all of any or all classes or series of its stock shall be uncertificated shares or a combination of certificated and uncertificated shares. Any such resolution that shares of a class or series will only be uncertificated shall not apply to shares represented by a certificate until such certificate is surrendered to the Corporation. Except as otherwise required by law, the rights and obligations of the holders of uncertificated shares and the rights and obligations of the holders of shares represented by certificates of the same class and series shall be identical. Every holder of stock represented by certificates shall be entitled to have a certificate signed by, or in the name of the Corporation by the Chairperson or Vice Chairperson of the Board of Directors, or the Chief Executive Officer, President or Vice President, and by the Treasurer or an Assistant Treasurer, or the Secretary or an Assistant Secretary of the Corporation representing the number of shares registered in certificate form. Any or all of the signatures on the certificate may be a facsimile. In case any officer, transfer agent or registrar who has signed or whose facsimile signature has been placed upon a certificate shall have ceased to be such officer, transfer agent or registrar before such certificate is issued, it may be issued by the Corporation with the same effect as if such person were such officer, transfer agent or registrar at the date of issue. The Corporation shall not have power to issue a certificate in bearer form.

Section 5.02. *Lost Certificates.* The Corporation may issue a new certificate of stock or uncertificated shares in the place of any certificate theretofore issued by it that is alleged to have been lost, stolen or destroyed, and the Corporation may require the owner of the lost, stolen or destroyed certificate, or such owner's legal representative, to give the Corporation a bond sufficient to indemnify it against any claim that may be made against it on account of the alleged loss, theft or destruction of any such certificate or the issuance of such new certificate or uncertificated shares.

Section 5.03. *Shares Without Certificates.* The Corporation may adopt a system of issuance, recordation and transfer of its shares of stock by electronic or other means not involving the issuance of certificates, provided the use of such system by the Corporation is permitted in accordance with Delaware Law.

Section 5.04. *Transfer of Shares.* Shares of the stock of the Corporation may be transferred on the record of stockholders of the Corporation by the holder thereof or by such holder's duly authorized attorney upon surrender of a certificate therefor properly endorsed or upon receipt of proper transfer instructions from the registered holder of uncertificated shares or by such holder's duly authorized attorney and upon compliance with appropriate procedures for transferring shares in uncertificated form, unless waived by the Corporation.

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Section 5.05. *Authority for Additional Rules Regarding Transfer.* The Board of Directors shall have the power and authority to make all such rules and regulations as they may deem expedient concerning the issue, transfer and registration of certificated or uncertificated shares of the stock of the Corporation, as well as for the issuance of new certificates in lieu of those which may be lost or destroyed, and may require of any stockholder requesting replacement of lost or destroyed certificates, bond in such amount and in such form as they may deem expedient to indemnify the Corporation, and/or the transfer agents, and/or the registrars of its stock against any claims arising in connection therewith.

ARTICLE 6

INDEMNIFICATION

Section 6.01. *Limited Liability*. A director or officer of the Corporation shall not be liable to the Corporation or its stockholders for monetary damages for breach of fiduciary duty as a director to the fullest extent permitted by applicable law.

Section 6.02. *Right to Indemnification*. (a) Each person (and the heirs, executors or administrators of such person) who was or is a party or is threatened to be made a party to, or is involved in any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative, by reason of the fact that such person is or was a director or officer of the Corporation or while an officer or director of the Corporation is or was serving at the request of the Corporation as a director or officer of another corporation, partnership, joint venture, trust or other enterprise, shall be indemnified and held harmless by the Corporation to the fullest extent permitted by applicable law. The right to indemnification conferred in this Article 6 shall also include the right to be paid by the Corporation the expenses incurred in connection with any such proceeding in advance of its final disposition to the fullest extent authorized by applicable law. The right to indemnification conferred in this Article 6 shall be a contract right, provided, however, that, except with respect to proceedings to enforce rights to indemnification or advancement of expenses or with respect to any compulsory counterclaim brought by such indemnitee, the Corporation shall indemnify any such indemnitee in connection with a proceeding (or part thereof) initiated by such indemnitee only if such proceeding (or part thereof) was authorized by the Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Corporation may, by action of its Board of Directors, provide indemnification to such of the employees and agents of the Corporation to such extent and to such effect as the Board of Directors shall determine to be appropriate and authorized by applicable law.

Section 6.03. *Insurance*. The Corporation shall have power to purchase and maintain insurance on behalf of any person who is or was a director, officer, employee or agent of the Corporation, or is or was serving at the request of the Corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise against any expense, liability or loss incurred by such person in any such capacity or arising out of such person's status as such, whether or not the Corporation would have the power to indemnify such person against such liability under applicable law.

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Section 6.04. *Nonexclusivity of Rights*. The rights and authority conferred in this Article 6 shall not be exclusive of any other right that any person may otherwise have or hereafter acquire.

Section 6.05. *Preservation of Rights*. Neither the amendment nor repeal of this Article 6, nor the adoption of any provision of the Certificate of Incorporation or these Bylaws, nor, to the fullest extent permitted by applicable law, any modification of law, shall adversely affect any right or protection of any person granted pursuant hereto existing at, or arising out of or related to any event, act or omission that occurred prior to, the time of such amendment, repeal, adoption or modification (regardless of when any proceeding (or part thereof) relating to such event, act or omission arises or is first threatened, commenced or completed).

ARTICLE 7

GENERAL PROVISIONS

Section 7.01. *Fixing the Record Date.* (a) In order that the Corporation may determine the stockholders entitled to notice of any meeting of stockholders or any adjournment thereof, the Board of Directors may fix a record date, which record date shall not precede the date upon which the resolution fixing such record date is adopted by the Board of Directors, and which record date shall not be more than 60 nor less than 10 days before the date of such meeting. If the Board of Directors so fixes a date, such date shall also be the record date for determining the stockholders entitled to vote at such meeting unless the Board of Directors determines, at the time it fixes such record date, that a later date on or before the date of the meeting shall be the date for making such determination. If no record date is fixed by the Board of Directors, the record date for determining stockholders entitled to notice of or to vote at a meeting of stockholders shall be at the close of business on the day next preceding the day on which notice is given, or, if notice is waived, at the close of business on the day next preceding the day on which the meeting is held. A determination of stockholders of record entitled to notice of or to vote at a meeting of stockholders shall apply to any adjournment of the meeting; provided, however, that the Board of Directors may in its discretion or as required by law fix a new record date for determination of stockholders entitled to vote at the adjourned meeting, and in such case shall fix the same date or an earlier date as the record date for stockholders entitled to notice of such adjourned meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In order that the Corporation may determine the stockholders entitled to receive payment of any dividend or other distribution or allotment of any rights or the stockholders entitled to exercise any rights in respect of any change, conversion or exchange of stock, or for the purpose of any other lawful action, the Board of Directors may fix a record date, which record date shall not precede the date upon which the resolution fixing the record date is adopted, and which record date shall be not more than 60 days prior to such action. If no record date is fixed, the record date for determining stockholders for any such purpose shall be at the close of business on the day on which the Board of Directors adopts the resolution relating thereto.

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Section 7.02. *Dividends.* Subject to limitations contained in Delaware Law and the Certificate of Incorporation, the Board of Directors may declare and pay dividends upon the shares of capital stock of the Corporation, which dividends may be paid either in cash, in property or in shares of the capital stock of the Corporation.

Section 7.03. *Year.* The fiscal year of the Corporation shall commence on January 1 and end on December 31 of each year.

Section 7.04. *Corporate Seal.* The corporate seal shall have inscribed thereon the name of the Corporation, the year of its organization and the words "Corporate Seal, Delaware". The seal may be used by causing it or a facsimile thereof to be impressed, affixed or otherwise reproduced.

Section 7.05. *Voting of Stock Owned by the Corporation.* The Board of Directors may authorize any person, on behalf of the Corporation, to attend, vote at and grant proxies to be used at any meeting of stockholders of any corporation (except this Corporation) in which the Corporation may hold stock.

Section 7.06. *Amendments.* These Bylaws or any of them, may be altered, amended or repealed, or new Bylaws may be made, by the stockholders entitled to vote thereon at any annual or special meeting thereof or by the Board of Directors as provided in the Certificate of Incorporation. Unless a higher percentage is required by the Certificate of Incorporation as to any matter that is the subject of these Bylaws, all such amendments must be approved by the affirmative vote of the holders of not less than 662/3% of the total voting power of all outstanding securities of the Corporation, generally entitled to vote in the election of directors, voting together as a single class, or by a majority of the Board of Directors.

xv

## Exhibit 4.1

**Exhibit 4.1** 

**AMENDED AND RESTATED INVESTORS' RIGHTS AGREEMENT** 

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<u>**TABLE OF CONTENTS**</u> 

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| | | |
|:---|:---|:---|
|  |  | Page |
| 1. | Definitions | 1 |
| 2. | Registration Rights | 7 |
| 2.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Demand Registration | 7 |
| 2.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Company Registration | 8 |
| 2.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Underwriting Requirements | 8 |
| 2.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Obligations of the Company | 10 |
| 2.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Furnish Information | 11 |
| 2.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses of Registration | 11 |
| 2.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delay of Registration | 12 |
| 2.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indemnification | 12 |
| 2.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reports Under Exchange Act | 14 |
| 2.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Limitations on Subsequent Registration Rights | 15 |
| 2.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Market Stand-off Agreement | 15 |
| 2.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restrictions on Transfer | 16 |
| 2.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Termination of Registration Rights | 17 |
| 3. | Information and Observer Rights | 17 |
| 3.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delivery of Financial Statements | 17 |
| 3.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inspection | 19 |
| 3.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commulative Rights | 19 |
| 3.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Termination of Information Rights | 19 |
| 3.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Confidentiality | 19 |
| 4. | Rights to Future Stock Issuances | 20 |
| 4.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Right of First Offer | 20 |
| 4.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; No-Sale | 22 |
| 4.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Termination | 23 |
| 5. | Additional Covenants | 23 |
| 5.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance | 23 |
| 5.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Employee Agreements | 23 |
| 5.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Employee Stock | 23 |
| 5.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Matters Requiring Investor Director Approval | 23 |
| 5.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Successors and Assignees | 24 |
| 5.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FCPA | 24 |
| 5.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Termination of Covenants | 24 |
| 6. | Miscellaneous | 25 |
| 6.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Successors and Assigns | 25 |
| 6.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Governing Law | 25 |
| 6.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Counterparts | 26 |

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6.4 Titles and Subtitles 26

6.5 Notices 26

6.6 Amendments and Waivers 27

6.7 Severability 27

6.8 Aggregation of Stock 28

6.9 GCP Group Aggregation of Stock 28

6.10 Additional Investors 28

6.11 Entire Agreement 28

6.12 Dispute Resolution 29

6.13 Delays or Omissions 29

6.14 Acknowledgment 29

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| | |
|:---|:---|
| <u>Schedule A</u> | Schedule of Investors |
| <u>Schedule B</u> | Schedule of Key Holders |
| <u>Schedule C</u> | GCP Group |

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**AMENDED AND RESTATED INVESTORS' RIGHTS AGREEMENT** 

THIS AMENDED AND RESTATED INVESTORS' RIGHTS AGREEMENT (this "**Agreement**"), is made as of the 11 day of July, 2023, by and among Lendbuzz Inc., a Delaware corporation (the "**Company**"), each of the investors listed on <u>Schedule A</u> hereto, each of which is referred to in this Agreement as an "**Investor**", and each of the stockholders listed on <u>Schedule B</u> hereto, each of whom is referred to herein as a "**Key Holder**", and any Additional<u> </u>Purchaser (as defined in the Purchase Agreement) that becomes a party to this Agreement in accordance with <u>Section</u> <u>6.9</u> hereof.

**<u>RECITALS</u>**

**WHEREAS**, the Company and certain of the Investors (the "***Existing Investors***") are parties to that certain Amended and Restated Investors' Rights Agreement entered into as of July 25, 2022 (the "**Prior Agreement**"), which governs the rights of the Investors to cause the Company to register shares of Common Stock (as defined herein below) issuable to the Investors, to receive certain information from the Company, and to participate in future equity offerings by the Company and certain other matters as set forth in this Prior Agreement;

**WHEREAS**, the Company and certain Investors are parties to that certain Series D-1 Preferred Stock Purchase Agreement of even date herewith (the "**Purchase Agreement**"), providing for the sale by the Company and the purchase by such Investors of shares of the Company's Series D-1 Preferred Stock;

**WHEREAS**, in connection with the sale and purchase of the Series D-1 Preferred Stock pursuant to the Purchase Agreement, the Existing Investors hereto desire to amend and restate the Prior Agreement in its entirety to provide the parties with the rights and privileges set forth herein; and

**WHEREAS**, pursuant to Section 6.6 of the Prior Agreement, the Prior Agreement may be amended and the observance of any term thereof may be waived, only with the written consent of the Company and the holders of at least a majority of the outstanding shares of Preferred Stock, voting together as a single class (the "**Requisite Parties Majority**"), which requirement is satisfied by the execution of this Agreement by the parties hereto, constituting the Requisite Parties Majority.

**NOW, THEREFORE**, the Existing Investors each hereby agree to amend and restate the Prior Agreement in its entirety by this Agreement, and the parties to this Agreement further agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Definitions</u>. For purposes of this Agreement:

"**Affiliate**" means, (A) with respect to any specified Person, any other Person who, directly or indirectly, controls, is controlled by, or is under common control with such Person, including without limitation any general partner, managing member, officer or director of such Person or any venture capital fund or other investment fund now or hereafter existing that is controlled by one or more general partners or managing members of, or shares the same management company,

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investment advisor or advisory company with, such Person, (B) with respect to 83North (as defined below) and Viola Credit Alternative Lending II (LB) SPV, Limited Partnership (each, a "**VC Fund**"), shall also include each of the following: (i) any of VC Fund's partners, limited partners, retired partners, members or retired members; (ii) stockholders, partners or members (or retired stockholders, partners or members) of the general partner of VC Fund; (iii) any other entity in which the members, partners and/or managers of VC Fund, whether direct or indirect (i.e. through an unbroken chain of entities), are also members, partners and/or managers, whether direct or indirect, of such entity's general partner or managing entity; and (iv) any other entity which is controlled (directly or indirectly) by one or more general partners or managing members of, or shares the same management company (C) with respect to OG (as defined below) shall also include each of its shareholders and its affiliates; (D) with respect to Nir Arkin shall also include Arkin Communication Ltd; (E) with respect to Gatewood Capital Investors LLC and/or its affiliates, any other Investor who is a member of the GCP Group and such member's respective affiliates; and (F) with respect to the Wellington Investors, in addition to (A), each Wellington Investor shall be deemed to be an "Affiliate" of each other Wellington Investor, and (ii) an entity that is an "Affiliate" of a Wellington Investor shall not be deemed to be an "Affiliate" of any other Wellington Investor unless such entity is a Wellington Investor (and, for the avoidance of doubt, an "Affiliate" of such entity shall not be deemed an "Affiliate" of any Wellington Investor solely by virtue of being an "Affiliate" of such entity).

**"Board of Directors**" means the board of directors of the Company.

"**Certificate of Incorporation**" means the Company's Amended and Restated Certificate of Incorporation, as amended and/or restated from time to time.

"**Common Stock**" means shares of the Company's common stock, par value $0.001 per share.

"**Competitor**" means a Person engaged, directly or indirectly (including through any partnership, limited liability company, corporation, joint venture or similar arrangement (whether now existing or formed hereafter)), in originating consumer retail automobile loans, but shall not include any financial investment firm or collective investment vehicle that, together with its Affiliates, holds less than twenty five percent (25)% of the outstanding equity of any Competitor and does not, nor do any of its Affiliates, have a right to designate any members of the board of directors of any Competitor; provided, however that in no circumstance shall any Wellington Investor be deemed a Competitor.

"**Damages**" means any loss, damage, claim or liability (joint or several) to which a party hereto may become subject under the Securities Act, the Exchange Act, or other federal or state law, insofar as such loss, damage, claim or liability (or any action in respect thereof) arises out of or is based upon: (i) any untrue statement or alleged untrue statement of a material fact contained in any registration statement of the Company, including any preliminary prospectus or final prospectus contained therein or any amendments or supplements thereto; (ii) an omission or alleged omission to state therein a material fact required to be stated therein, or necessary to make the statements therein not misleading; or (iii) any violation or alleged violation by the indemnifying party (or any of its agents or Affiliates) of the Securities Act, the Exchange Act, any state securities law, or any rule or regulation promulgated under the Securities Act, the Exchange Act, or any state securities law.

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"**Derivative Securities**" means any securities or rights convertible into, or exercisable or exchangeable for (in each case, directly or indirectly), Common Stock, including options and warrants; except for the Amended and Restated Warrant to Purchase Stock of Viola Credit Alternative Lending SPV, Limited Partnership dated September 15, 2022.

"**Exchange Act**" means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

"**Excluded Registration**" means (i) a registration relating to the sale or grant of securities to employees of the Company or a subsidiary pursuant to a stock option, stock purchase, equity incentive or similar plan; (ii) a registration relating to an SEC Rule 145 transaction; (iii) a registration on any form that does not include substantially the same information as would be required to be included in a registration statement covering the sale of the Registrable Securities; or (iv) a registration in which the only Common Stock being registered is Common Stock issuable upon conversion of debt securities that are also being registered.

"**FOIA Party**" means a Person that, in the reasonable determination of the Board of Directors, may be subject to, and thereby required to disclose non-public information furnished by or relating to the Company under, the Freedom of Information Act, 5 U.S.C. 552 ("**FOIA**"), any state public records access law, any state or other jurisdiction's laws similar in intent or effect to FOIA, or any other similar statutory or regulatory requirement.

"**Form S-1**" means such form under the Securities Act as in effect on the date hereof or any successor registration form under the Securities Act subsequently adopted by the SEC.

"**Form S-3**" means such form under the Securities Act as in effect on the date hereof or any registration form under the Securities Act subsequently adopted by the SEC that permits forward incorporation of substantial information by reference to other documents filed by the Company with the SEC.

"**GAAP**" means generally accepted accounting principles in the United States as in effect from time to time.

"**GCP Group**" means the group of Investors listed in **<u>Schedule C</u>**, attached hereto and/or their respective Affiliates.

"**HighSage Ventures LLC**" means HighSage Ventures LLC, acting as the Manager of Highline Investments LLC and the Investment Manager of Kwidnet Investments LLC, respectively.

"**Holder**" means any holder of Registrable Securities who is a party to this Agreement.

"**Immediate Family Member**" means a child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, including adoptive relationships, of a natural person referred to herein.

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"**Initiating Holders**" means, collectively, Holders who properly initiate a registration request under this Agreement.

"**Investors**" means the Investors listed in <u>Schedule A</u>.

"**IPO**" means the Company's first underwritten public offering of its Common Stock under the Securities Act.

"**Key Employee**" means any executive-level employee (including division director and vice president-level positions) as well as any employee who, either alone or in concert with others, develops, invents, programs, or designs any Company Intellectual Property (as defined in the Purchase Agreement).

"**Key Holder Registrable Securities**" means (i) the shares of Common Stock held by the Key Holders, and (ii) any Common Stock issued as (or issuable upon the conversion or exercise of any warrant, right, or other security that is issued as) a dividend or other distribution with respect to, or in exchange for or in replacement of such shares of Common Stock held by the Key Holders.

"**Major Investor**" means any Investor that, individually or together with such Investor's Affiliates, holds shares of Registrable Securities (as adjusted for any stock split, stock dividend, combination, or other recapitalization or reclassification effected after the date hereof) representing at least three percent (3%) of the Company's issued and outstanding share capital on an as-converted basis, provided that (i) all shares of Registrable Securities held or acquired by OG, Highline Investments LLC and/or Kwidnet Investments LLC, shall be aggregated together for the purposes of calculating the holding percentage hereunder; (ii) all shares of Registrable Securities held or acquired by Viola Credit Alternative Lending II (LB) SPV, Limited Partnership and Viola Credit Alternative Lending SPV, Limited Partnership shall be aggregated together for the purposes of calculating the holding percentage hereunder; (iii) subject to the foregoing, each of the Investors constituting the GCP Group (and/or other than for the purpose of Section 3 ()"**Information Rights**") below, any of their respective Affiliates) shall be deemed Major Investor if GCP Group, in the aggregate, qualifies as a Major Investor, and (iv) the Wellington Investors shall be considered a Major Investor for so long as it holds at least 50% of the Series C-2 Preferred Stock (or shares of Common Stock issued upon the conversion thereof) held by the Wellington Investors immediately after the closing of the Series C-2 Preferred Stock Purchase Agreement, dated May 13, 2021.

"**MUFG**" means MUFG Innovation Partners No. 1 Investment Partnership and MUFG Innovation Partners No. 2 Investment Partnership.

"**New Securities**" means, collectively, equity securities of the Company, whether or not currently authorized, as well as rights, options, or warrants to purchase such equity securities, or securities of any type whatsoever that are, or may become, convertible or exchangeable into or exercisable for such equity securities.

"**OG**" means OG Tech Ventures International Ltd.

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"**Person**" means any individual, corporation, partnership, trust, limited liability company, association or other entity.

"**Preferred A Stock**" means the Company's Preferred A Stock, par value $0.001 per share.

"**Preferred A-1 Stock**" means the Company's Preferred A-1 Stock, par value $0.001 per share.

"**Preferred A-2 Stock**" means the Company's Preferred A-2 Stock, par value $0.001 per share.

"**Preferred A-3 Stock**" means the Company's Preferred A-3 Stock, par value $0.001 per share.

"**Preferred B Stock**" means the Company's Preferred B Stock, par value $0.001 per share.

"**Preferred B-1 Stock**" means the Company's Preferred B-1 Stock, par value $0.001 per share.

"**Preferred C Stock**" means the Company's Preferred C Stock, par value $0.001 per share.

"**Preferred C-2 Stock**" means the Company's Preferred C-2 Stock, par value $0.001 per share.

"**Preferred C-2A Stock**" means the Company's Preferred C-2A Stock, par value $0.001 per share.

"**Preferred D Stock**" means the Company's Preferred D Stock, par value $0.001 per share.

"**Preferred D-A Stock**" means the Company's Preferred D-A Stock, par value $0.001 per share.

"**Preferred Majority**" means holders of at least a majority of the shares of Common Stock then issued or issuable, in each case, upon conversion of Preferred Stock, voting together as a single class on an as-converted basis.

"**Preferred Stock**" means, collectively, shares of the Company's Series A Preferred Stock, Series B Preferred Stock, Series C Preferred Stock, Series C-2 Preferred Stock, Series C-2A Preferred Stock, Series D-A Preferred Stock, Series D Preferred Stock and Series D-1 Preferred Stock.

"**Registrable Securities**" means (i) the Common Stock issuable or issued upon conversion of the Preferred Stock; (ii) any Common Stock, or any Common Stock issued or issuable (directly or indirectly) upon conversion and/or exercise of any other securities of the Company, acquired by the Investors after the date hereof; (iii) any Common Stock of the Company that holders of Preferred Stock may purchase pursuant to their pre- emptive rights, rights of first refusal or otherwise or any Common Stock of the Company that holders of Preferred Stock may purchase pursuant to a transfer from the Key Holders or otherwise; and (iv) the Common Stock issuable or issued upon conversion or exercise by the Investors of any warrant, right, or other instrument.

"**Registrable Securities then outstanding**" means the number of shares determined by adding the number of shares of outstanding Common Stock that are Registrable Securities and the number of shares of Common Stock issuable (directly or indirectly) pursuant to then exercisable and/or convertible securities that are Registrable Securities.

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"**Restricted Securities**" means the securities of the Company required to be notated with the legend set forth in <u>Subsection 2.12(b)</u> hereof.

"**SEC**" means the Securities and Exchange Commission.

"**SEC Rule 144**" means Rule 144 promulgated by the SEC under the Securities Act.

"**SEC Rule 145**" means Rule 145 promulgated by the SEC under the Securities Act.

"**Securities Act**" means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

"**Selling Expenses**" means all underwriting discounts, selling commissions, and stock transfer taxes applicable to the sale of Registrable Securities, and fees and disbursements of counsel for any Holder, except for the fees and disbursements of the Selling Holder Counsel borne and paid by the Company as provided in <u>Subsection 2.6</u>.

"**Series A Preferred Stock**" means all of the Preferred A Stock, the Preferred A-1 Stock, the Preferred A-2 Stock, and the Preferred A-3 Stock, par value $0.001 per share.

"**Series B Preferred Stock**" means all of the Preferred B Stock and the Preferred B-1 Stock par value $0.001 per share.

"**Series C Preferred Stock**" means all of the Preferred C Stock par value $0.001 per share.

"**Series C-2 Preferred Stock**" means all of the Preferred C-2 Stock par value $0.001 per share.

"**Series C-2A Preferred Stock**" means Preferred C-2A Stock par value $0.001 per share.

"**Series D Preferred Stock**" means Preferred D Stock par value $0.001 per share.

"**Series D-1 Preferred Stock**" means Preferred D-1 Stock par value $0.001 per share.

"**Series D-A Preferred Stock**" means Preferred D-A Stock par value $0.001 per share.

"**Wellington Investors**" means Investors, or permitted transferees of Registrable Securities held by Investors, that are advisory or subadvisory clients of Wellington Management Company LLP, including, without limitation Ithan Creek Master Investors (Cayman) L.P..

"**83North**" means 83North IV Limited Partnership, and 83North FXV IV Limited Partnership.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Registration Rights</u>. The Company covenants and agrees as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 <u>Demand Registration</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Form S-1 Demand</u>. If at any time after one hundred eighty (180) days after the effective date of the registration statement for the IPO, the Company receives a request from Holders of a majority of the Registrable Securities then outstanding that the Company file a Form S-1 registration statement with respect to at least forty percent (40%) of the Registrable Securities then outstanding (or a lesser percent if the anticipated aggregate offering price, net of Selling Expenses, would equal or exceed $10 million), then the Company shall (x) within ten (10) days after the date such request is given, give notice thereof (the "**Demand Notice**") to all Holders other than the Initiating Holders; and (y) as soon as practicable, and in any event within sixty (60) days after the date such request is given by the Initiating Holders, file a Form S-1 registration statement under the Securities Act covering all Registrable Securities that the Initiating Holders requested to be registered and any additional Registrable Securities requested to be included in such registration by any other Holders, as specified by notice given by each such Holder to the Company within twenty (20) days of the date the Demand Notice is given, and in each case, subject to the limitations of <u>Subsections 2.1(c)</u> and <u>2.3.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Form S-3 Demand</u>. If at any time when it is eligible to use a Form S-3 registration statement, the Company receives a request from Holders of at least twenty percent (20%) of the Registrable Securities then outstanding that the Company file a Form S-3 registration statement with respect to outstanding Registrable Securities of such Holders having an anticipated aggregate offering price, net of Selling Expenses, of at least $3 million, then the Company shall (i) within ten (10) days after the date such request is given, give a Demand Notice to all Holders other than the Initiating Holders; and (ii) as soon as practicable, and in any event within forty-five (45) days after the date such request is given by the Initiating Holders, file a Form S-3 registration statement under the Securities Act covering all Registrable Securities requested to be included in such registration by any other Holders, as specified by notice given by each such Holder to the Company within twenty (20) days of the date the Demand Notice is given, and in each case, subject to the limitations of <u>Subsections 2.1(c)</u> and <u>2.3</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding the foregoing obligations, if the Company furnishes to Holders requesting a registration pursuant to this <u>Subsection 2.1</u> a certificate signed by the Company's chief executive officer stating that in the good faith judgment of the Company's Board of Directors it would be materially detrimental to the Company and its stockholders for such registration statement to either become effective, or remain effective for as long as such registration statement otherwise would be required to remain effective, because such action would (i) materially interfere with a significant acquisition, corporate reorganization, or other similar transaction involving the Company; (ii) require premature disclosure of material information that the Company has a bona fide business purpose for preserving as confidential; or (iii) render the Company unable to comply with requirements under the Securities Act or Exchange Act, then the Company shall have the right to defer taking action with respect to such filing, and any time periods with respect to filing or effectiveness thereof shall be tolled correspondingly, for a period of not more than sixty (60) days after the request of the Initiating Holders is given; <u>provided</u>, <u>however</u>, that the Company may not invoke this right more than twice in any twelve (12) month period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Company shall not be obligated to effect, or to take any action to effect, any registration pursuant to <u>Subsection 2.1(a)</u> (i) during the period that is sixty (60) days before the Company's good faith estimate of the date of filing of, and ending on a date that is one hundred eighty (180) days after the effective date of, a Company-initiated registration, <u>provided</u> that the Company is actively employing in good faith commercially reasonable efforts to cause such registration statement to become effective; (ii) after the Company has effected two

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registrations pursuant to <u>Subsection 2.1(a)</u>; or (iii) if the Initiating Holders propose to dispose of shares of Registrable Securities that may be immediately registered on Form S-3 pursuant to a request made pursuant to <u>Subsection 2.1(b)</u>. The Company shall not be obligated to effect, or to take any action to effect, any registration pursuant to <u>Subsection 2.1(b)</u> (i) during the period that is thirty (30) days before the Company's good faith estimate of the date of filing of, and ending on a date that is ninety (90) days after the effective date of, a Company-initiated registration, <u>provided</u> that the Company is actively employing in good faith commercially reasonable efforts to cause such registration statement to become effective; or (ii) if the Company has effected two registrations pursuant to <u>Subsection 2.1(b)</u> within the twelve (12) month period immediately preceding the date of such request. A registration shall not be counted as "effected" for purposes of this <u>Subsection 2.1(d)</u> until such time as the applicable registration statement has been declared effective by the SEC, unless the Initiating Holders withdraw their request for such registration, elect not to pay the registration expenses therefor, and forfeit their right to one demand registration statement pursuant to <u>Subsection 2.6</u>, in which case such withdrawn registration statement shall be counted as "effected" for purposes of this <u>Subsection 2.1(d)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 <u>Company Registration</u>. If the Company proposes to register (including, for this purpose, a registration effected by the Company for stockholders other than the Holders) any of its Common Stock under the Securities Act in connection with the public offering of such securities solely for cash (other than in an Excluded Registration), the Company shall, at such time, promptly give each Holder notice of such registration. Upon the request of each Holder given within twenty (20) days after such notice is given by the Company, the Company shall, subject to the provisions of <u>Subsection 2.3</u>, cause to be registered all of the Registrable Securities that each such Holder has requested to be included in such registration. The Company shall have the right to terminate or withdraw any registration initiated by it under this <u>Subsection 2.2</u> before the effective date of such registration, whether or not any Holder has elected to include Registrable Securities in such registration. The expenses (other than Selling Expenses) of such withdrawn registration shall be borne by the Company in accordance with <u>Subsection 2.6</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 <u>Underwriting Requirements</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If, pursuant to <u>Subsection 2.1</u>, the Initiating Holders intend to distribute the Registrable Securities covered by their request by means of an underwriting, they shall so advise the Company as a part of their request made pursuant to <u>Subsection 2.1</u>, and the Company shall include such information in the Demand Notice. The underwriter(s) will be selected by the Company and shall be reasonably acceptable to a majority in interest of the Initiating Holders. In such event, the right of any Holder to include such Holder's Registrable Securities in such registration shall be conditioned upon such Holder's participation in such underwriting and the inclusion of such Holder's Registrable Securities in the underwriting to the extent provided herein. All Holders proposing to distribute their securities through such underwriting shall (together with the Company as provided in <u>Subsection 2.4(e)</u>) enter into an underwriting agreement in customary form with the underwriter(s) selected for such underwriting. Notwithstanding any other provision of this <u>Subsection 2.3</u>, if the managing underwriter(s) advise(s) the Initiating Holders in writing that marketing factors require a limitation on the number of shares to be underwritten, then the Initiating Holders shall so advise all Holders of Registrable Securities that otherwise would be underwritten pursuant hereto, and the number of Registrable

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Securities that may be included in the underwriting shall be allocated among such Holders of Registrable Securities, including the Initiating Holders, in proportion (as nearly as practicable) to the number of Registrable Securities owned by each Holder or in such other proportion as shall mutually be agreed to by all such selling Holders; <u>provided</u>, <u>however</u>, that the number of Registrable Securities held by the Holders to be included in such underwriting shall not be reduced unless all other securities are first entirely excluded from the underwriting. To facilitate the allocation of shares in accordance with the above provisions, the Company or the underwriters may round the number of shares allocated to any Holder to the nearest one hundred (100) shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In connection with any offering involving an underwriting of shares of the Company's capital stock pursuant to <u>Subsection 2.2</u>, the Company shall not be required to include any of the Holders' Registrable Securities in such underwriting unless the Holders accept the terms of the underwriting as agreed upon between the Company and its underwriters, and then only in such quantity as the underwriters in their sole discretion determine will not jeopardize the success of the offering by the Company. If the total number of securities, including Registrable Securities, requested by stockholders to be included in such offering exceeds the number of securities to be sold (other than by the Company) that the underwriters in their reasonable discretion determine is compatible with the success of the offering, then the Company shall be required to include in the offering only that number of such securities, including Registrable Securities, which the underwriters and the Company in their sole discretion determine will not jeopardize the success of the offering. If the underwriters determine that less than all of the Registrable Securities requested to be registered can be included in such offering, then the Registrable Securities that are included in such offering shall be allocated among the selling Holders in proportion (as nearly as practicable to) the number of Registrable Securities owned by each selling Holder or in such other proportions as shall mutually be agreed to by all such selling Holders. To facilitate the allocation of shares in accordance with the above provisions, the Company or the underwriters may round the number of shares allocated to any Holder to the nearest one hundred (100) shares. Notwithstanding the foregoing, in no event shall (i) the number of Registrable Securities included in the offering be reduced unless all other securities (other than securities to be sold by the Company) are first entirely excluded from the offering, or (ii) the number of Registrable Securities included in the offering be reduced below twenty-five percent (25%) of the total number of securities included in such offering, unless such offering is the IPO, in which case the selling Holders may be excluded further if the underwriters make the determination described above and no other stockholder's securities are included in such offering or (iii) notwithstanding (ii) above, any Registrable Securities which are not Key Holder Registrable Securities be excluded from such underwriting unless all Key Holder Registrable Securities are first excluded from such offering. For purposes of the provision in this <u>Subsection 2.3(b)</u> concerning apportionment, for any selling Holder that is a partnership, limited liability company, or corporation, the partners, members, retired partners, retired members, stockholders, and Affiliates of such Holder, or the estates and Immediate Family Members of any such partners, retired partners, members, and retired members and any trusts for the benefit of any of the foregoing Persons, shall be deemed to be a single "selling Holder," and any pro rata reduction with respect to such "selling Holder" shall be based upon the aggregate number of Registrable Securities owned by all Persons included in such "selling Holder," as defined in this sentence.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 <u>Obligations of the Company</u>. Whenever required under this <u>Section</u> <u>2</u> to effect the registration of any Registrable Securities, the Company shall, as expeditiously as reasonably possible:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) prepare and file with the SEC a registration statement with respect to such Registrable Securities and use its commercially reasonable efforts to cause such registration statement to become effective and, upon the request of the Holders of a majority of the Registrable Securities registered thereunder, keep such registration statement effective for a period of up to one hundred twenty (120) days or, if earlier, until the distribution contemplated in the registration statement has been completed; <u>provided</u>, <u>however</u>, that (i) such one hundred twenty (120) day period shall be extended for a period of time equal to the period the Holder refrains, at the request of an underwriter of Common Stock (or other securities) of the Company, from selling any securities included in such registration, and (ii) in the case of any registration of Registrable Securities on Form S-3 that are intended to be offered on a continuous or delayed basis, subject to compliance with applicable SEC rules, such one hundred twenty (120) day period shall be extended for up to one hundred eighty (180) days, if necessary, to keep the registration statement effective until all such Registrable Securities are sold;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) prepare and file with the SEC such amendments and supplements to such registration statement, and the prospectus used in connection with such registration statement, as may be necessary to comply with the Securities Act in order to enable the disposition of all securities covered by such registration statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) furnish to the selling Holders such numbers of copies of a prospectus, including a preliminary prospectus, as required by the Securities Act, and such other documents as the Holders may reasonably request in order to facilitate their disposition of their Registrable Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) use its commercially reasonable efforts to register and qualify the securities covered by such registration statement under such other securities or blue-sky laws of such jurisdictions as shall be reasonably requested by the selling Holders; <u>provided</u> that the Company shall not be required to qualify to do business or to file a general consent to service of process in any such states or jurisdictions, unless the Company is already subject to service in such jurisdiction and except as may be required by the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) in the event of any underwritten public offering, enter into and perform its obligations under an underwriting agreement, in usual and customary form, with the underwriter(s) of such offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) use its commercially reasonable efforts to cause all such Registrable Securities covered by such registration statement to be listed on a national securities exchange or trading system and each securities exchange and trading system (if any) on which similar securities issued by the Company are then listed;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) provide a transfer agent and registrar for all Registrable Securities registered pursuant to this Agreement and provide a CUSIP number for all such Registrable Securities, in each case not later than the effective date of such registration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) promptly make available for inspection by the selling Holders, any managing underwriter(s) participating in any disposition pursuant to such registration statement, and any attorney or accountant or other agent retained by any such underwriter or selected by the selling Holders, all financial and other records, pertinent corporate documents, and properties of the Company, and cause the Company's officers, directors, employees, and independent accountants to supply all information reasonably requested by any such seller, underwriter, attorney, accountant, or agent, in each case, as necessary or advisable to verify the accuracy of the information in such registration statement and to conduct appropriate due diligence in connection therewith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) notify each selling Holder, promptly after the Company receives notice thereof, of the time when such registration statement has been declared effective or a supplement to any prospectus forming a part of such registration statement has been filed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) after such registration statement becomes effective, notify each selling Holder of any request by the SEC that the Company amend or supplement such registration statement or prospectus.

In addition, the Company shall ensure that, at all times after any registration statement covering a public offering of securities of the Company under the Securities Act shall have become effective, its insider trading policy shall provide that the Company's directors may implement a trading program under Rule 10b5-1 of the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 <u>Furnish Information</u>. It shall be a condition precedent to the obligations of the Company to take any action pursuant to this <u>Section</u> <u>2</u> with respect to the Registrable Securities of any selling Holder that such Holder shall furnish to the Company such information regarding itself, the Registrable Securities held by it, and the intended method of disposition of such securities as is reasonably required to effect the registration of such Holder's Registrable Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 <u>Expenses of Registration</u>. All expenses (other than Selling Expenses) incurred in connection with registrations, filings, or qualifications pursuant to <u>Section</u> <u>2</u>, including all registration, filing, and qualification fees; printers' and accounting fees; fees and disbursements of counsel for the Company; and the reasonable fees and disbursements, not to exceed $30,000, of one counsel for the selling Holders ("**Selling Holder Counsel**"), shall be borne and paid by the Company; <u>provided</u>, <u>however</u>, that (a) the Company shall not be required to pay for any expenses of any registration proceeding begun pursuant to <u>Subsection 2.1</u> if the registration request is subsequently withdrawn at the request of the Holders of a majority of the Registrable Securities to be registered (in which case all selling Holders shall bear such expenses pro rata based upon the number of Registrable Securities that were to be included in the withdrawn registration), unless the Holders of a majority of the Registrable Securities agree to forfeit their right to one registration pursuant to <u>Subsections 2.1(a)</u> or <u>2.1(b)</u>, as the case may be, and (b) if, at the time of such

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withdrawal, the Holders shall have learned of a material adverse change in the condition, business, or prospects of the Company not known to the Holders at the time of their request and have withdrawn the request with reasonable promptness after learning of such information, then the Holders shall not be required to pay any of such expenses and shall not forfeit their right to one registration pursuant to <u>Subsections 2.1(a)</u> or <u>2.1(b)</u>. All Selling Expenses relating to Registrable Securities registered pursuant to this <u>Section</u> <u>2</u> shall be borne and paid by the Holders pro rata on the basis of the number of Registrable Securities registered on their behalf.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 <u>Delay of Registration</u>. No Holder shall have any right to obtain or seek an injunction restraining or otherwise delaying any registration pursuant to this Agreement as the result of any controversy that might arise with respect to the interpretation or implementation of this <u>Section</u> <u>2</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8 <u>Indemnification</u>. If any Registrable Securities are included in a registration statement under this <u>Section</u> <u>2</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To the extent permitted by law, the Company will indemnify and hold harmless each selling Holder, and the partners, members, officers, directors, and stockholders of each such Holder; legal counsel and accountants for each such Holder; any underwriter (as defined in the Securities Act) for each such Holder; and each Person, if any, who controls such Holder or underwriter within the meaning of the Securities Act or the Exchange Act, against any Damages, and the Company will pay to each such Holder, underwriter, controlling Person, or other aforementioned Person any legal or other expenses reasonably incurred thereby in connection with investigating or defending any claim or proceeding from which Damages may result, as such expenses are incurred; <u>provided</u>, <u>however</u>, that the indemnity agreement contained in this <u>Subsection 2.8(a)</u> shall not apply to amounts paid in settlement of any such claim or proceeding if<u> </u>such settlement is effected without the consent of the Company, which consent shall not be unreasonably withheld, nor shall the Company be liable for any Damages to the extent that they arise out of or are based upon actions or omissions made in reliance upon and in conformity with written information furnished by or on behalf of any such Holder, underwriter, controlling Person, or other aforementioned Person expressly for use in connection with such registration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To the extent permitted by law, each selling Holder, severally and not jointly, will indemnify and hold harmless the Company, and each of its directors, each of its officers who has signed the registration statement, each Person (if any), who controls the Company within the meaning of the Securities Act, legal counsel and accountants for the Company, any underwriter (as defined in the Securities Act), any other Holder selling securities in such registration statement, and any controlling Person of any such underwriter or other Holder, against any Damages, in each case only to the extent that such Damages arise out of or are based upon actions or omissions made in reliance upon and in conformity with written information furnished by or on behalf of such selling Holder expressly for use in connection with such registration; and each such selling Holder will pay to the Company and each other aforementioned Person any legal or other expenses reasonably incurred thereby in connection with investigating or defending any claim or proceeding from which Damages may result, as such expenses are incurred; <u>provided</u>, <u>however</u>, that the indemnity agreement contained in this <u>Subsection 2.8(b)</u> shall not apply to<u> </u>amounts paid in settlement of any such claim or proceeding if such settlement is effected without

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the consent of the Holder, which consent shall not be unreasonably withheld; and <u>provided further</u> that in no event shall the aggregate amounts payable by any Holder by way of indemnity or contribution under <u>Subsections 2.8(b)</u> and <u>2.8(d)</u> exceed the proceeds from the offering received by such Holder (net of any Selling Expenses paid by such Holder), except in the case of fraud or willful misconduct by such Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Promptly after receipt by an indemnified party under this <u>Subsection 2.8</u> of notice of the commencement of any action (including any governmental action) for which<u> </u>a party may be entitled to indemnification hereunder, such indemnified party will, if a claim in respect thereof is to be made against any indemnifying party under this <u>Subsection 2.8</u>, give the indemnifying party notice of the commencement thereof. The indemnifying party shall have the right to participate in such action and, to the extent the indemnifying party so desires, participate jointly with any other indemnifying party to which notice has been given, and to assume the defense thereof with counsel mutually satisfactory to the parties; <u>provided</u>, <u>however</u>, that an indemnified party (together with all other indemnified parties that may be represented without conflict by one counsel) shall have the right to retain one separate counsel, with the fees and expenses to be paid by the indemnifying party, if representation of such indemnified party by the counsel retained by the indemnifying party would be inappropriate due to actual or potential differing interests between such indemnified party and any other party represented by such counsel in such action. The failure to give notice to the indemnifying party within a reasonable time of the commencement of any such action shall relieve such indemnifying party of any liability to the indemnified party under this <u>Subsection 2.8</u>, to the extent that such failure materially prejudices the indemnifying party's ability to defend such action. The failure to give notice to the indemnifying party will not relieve it of any liability that it may have to any indemnified party otherwise than under this <u>Subsection 2.8</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To provide for just and equitable contribution to joint liability under the Securities Act in any case in which either: (i) any party otherwise entitled to indemnification hereunder makes a claim for indemnification pursuant to this <u>Subsection 2.8</u> but it is judicially determined (by the entry of a final judgment or decree by a court of competent jurisdiction and the expiration of time to appeal or the denial of the last right of appeal) that such indemnification may not be enforced in such case, notwithstanding the fact that this <u>Subsection 2.8</u> provides for indemnification in such case, or (ii) contribution under the Securities Act may be required on the part of any party hereto for which indemnification is provided under this <u>Subsection 2.8</u>, then, and in each such case, such parties will contribute to the aggregate losses, claims, damages, liabilities, or expenses to which they may be subject (after contribution from others) in such proportion as is appropriate to reflect the relative fault of each of the indemnifying party and the indemnified party in connection with the statements, omissions, or other actions that resulted in such loss, claim, damage, liability, or expense, as well as to reflect any other relevant equitable considerations. The relative fault of the indemnifying party and of the indemnified party shall be determined by reference to, among other things, whether the untrue or allegedly untrue statement of a material fact, or the omission or alleged omission of a material fact, relates to information supplied by the indemnifying party or by the indemnified party and the parties' relative intent, knowledge, access to information, and opportunity to correct or prevent such statement or omission; <u>provided</u>, <u>however</u>, that, in any such case (x) no Holder will be required to contribute any amount in excess<u> </u>of the public offering price of all such Registrable Securities offered and sold by such Holder

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pursuant to such registration statement, and (y) no Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) will be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation; and <u>provided further</u> that in no event shall a Holder's liability pursuant to this <u>Subsection 2.8(d)</u>, when combined with the amounts paid or payable by such Holder pursuant to <u>Subsection 2.8(b)</u>, exceed the proceeds from the offering received by such Holder (net of any Selling Expenses paid by such Holder), except in the case of willful misconduct or fraud by such Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Notwithstanding the foregoing, to the extent that the provisions on indemnification and contribution contained in the underwriting agreement entered into in connection with the underwritten public offering are in conflict with the foregoing provisions, the provisions in the underwriting agreement shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Unless otherwise superseded by an underwriting agreement entered into in connection with the underwritten public offering, the obligations of the Company and Holders under this <u>Subsection 2.8</u> shall survive the completion of any offering of Registrable Securities in a registration under this <u>Section</u> <u>2</u>, and otherwise shall survive the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9 <u>Reports Under Exchange Act</u>. With a view to making available to the Holders the benefits of SEC Rule 144 and any other rule or regulation of the SEC that may at any time permit a Holder to sell securities of the Company to the public without registration or pursuant to a registration on Form S-3, the Company shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) make and keep available adequate current public information, as those terms are understood and defined in SEC Rule 144, at all times after the effective date of the registration statement filed by the Company for the IPO;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) use commercially reasonable efforts to file with the SEC in a timely manner all reports and other documents required of the Company under the Securities Act and the Exchange Act (at any time after the Company has become subject to such reporting requirements); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) furnish to any Holder, so long as the Holder owns any Registrable Securities, forthwith upon request (i) to the extent accurate, a written statement by the Company that it has complied with the reporting requirements of SEC Rule 144 (at any time after ninety (90) days after the effective date of the registration statement filed by the Company for the IPO), the Securities Act, and the Exchange Act (at any time after the Company has become subject to such reporting requirements), or that it qualifies as a registrant whose securities may be resold pursuant to Form S-3 (at any time after the Company so qualifies); and (ii) such other information as may be reasonably requested in availing any Holder of any rule or regulation of the SEC that permits the selling of any such securities without registration (at any time after the Company has become subject to the reporting requirements under the Exchange Act) or pursuant to Form S-3 (at any time after the Company so qualifies to use such form).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10 <u>Limitations on Subsequent Registration Rights</u>. From and after the date of this Agreement, the Company shall not, without the prior written consent of the Holders of a majority of the Registrable Securities then outstanding, enter into any agreement with any holder or prospective holder of any securities of the Company that would allow such holder or prospective holder: (i) to include such securities in any registration unless, under the terms of such agreement, such holder or prospective holder may include such securities in any such registration only to the extent that the inclusion of such securities will not reduce the number of the Registrable Securities of the Holders that are included, or (ii) to initiate a demand for registration of any securities held by such holder or prospective holder; <u>provided</u> that this limitation shall not apply to Registrable Securities acquired by any additional Investor that becomes a party to this Agreement in accordance with <u>Subsection 6.9</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11 <u>Market Stand-off Agreement</u>. Each Holder hereby agrees that it will not, without the prior written consent of the managing underwriter, during the period commencing on the date of the final prospectus relating to the registration by the Company for its own behalf of shares of its Common Stock or any other equity securities under the Securities Act on a registration statement on Form S-1 or Form S-3, and ending on the date specified by the Company and the managing underwriter (such period not to exceed one hundred eighty (180) days in the case of the IPO, or such other period as may be requested by the Company or an underwriter to accommodate regulatory restrictions on (1) the publication or other distribution of research reports and (2) analyst recommendations and opinions, including, but not limited to, the restrictions contained in FINRA Rule 2711(f)(4) or NYSE Rule 472(f)(4), or any successor provisions or amendments thereto, or ninety (90) days in the case of any registration other than the IPO, or such other period as may be requested by the Company or an underwriter to accommodate regulatory restrictions on (a) the publication or other distribution of research reports and (b) analyst recommendations and opinions, including, but not limited to, the restrictions contained in FINRA Rule 2711(f)(4) or NYSE Rule 472(f)(4), or any successor provisions or amendments thereto), (i) lend; offer; pledge; sell; contract to sell; sell any option or contract to purchase; purchase any option or contract to sell; grant any option, right, or warrant to purchase; or otherwise transfer or dispose of, directly or indirectly, any shares of Common Stock or any securities convertible into or exercisable or exchangeable (directly or indirectly) for Common Stock (whether such shares or any such securities are then owned by the Holder or are thereafter acquired) or (ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of such securities, whether any such transaction described in clause (i) or (ii) above is to be settled by delivery of Common Stock or other securities, in cash, or otherwise. The foregoing provisions of this <u>Subsection 2.11</u> shall not apply to the sale of any shares to an underwriter pursuant to an<u> </u>underwriting agreement or any shares purchased in the IPO (or any private investment in public equity in connection with any SPAC Transaction (as defined in the Certificate of Incorporation), and shall be applicable to the Holders only if such officers, directors and stockholders individually, and together with their Affiliates, in each case, owning more than one percent (1.0%) of the Company's outstanding Common Stock (after giving effect to conversion into Common Stock of all outstanding Preferred Stock) are subject to the substantially the same restrictions. The underwriters in connection with such registration are intended third-party beneficiaries of this <u>Subsection 2.11</u> and shall have the right, power and authority to enforce the provisions hereof as<u> </u>though they were a party hereto. Each Holder further agrees to execute such agreements as may

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be reasonably requested by the underwriters in connection with such registration that are consistent with this <u>Subsection 2.11</u> or that are necessary to give further effect thereto. Any discretionary waiver or termination of the restrictions of any or all of such agreements by the Company or the underwriters shall apply pro rata to all Holders subject to such agreements, based on the number of shares subject to such agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12 <u>Restrictions on Transfer</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Preferred Stock and the Registrable Securities shall not be sold, pledged, or otherwise transferred, and the Company shall not recognize and shall issue stop-transfer instructions to its transfer agent with respect to any such sale, pledge, or transfer, except upon the conditions specified in this Agreement, which conditions are intended to ensure compliance with the provisions of the Securities Act. A transferring Holder will cause any proposed purchaser, pledgee, or transferee of the Preferred Stock and the Registrable Securities held by such Holder to agree to take and hold such securities subject to the provisions and upon the conditions specified in this Agreement. Notwithstanding the foregoing, the Company shall not require any transferee of shares pursuant to an effective registration statement or, following the IPO, SEC Rule 144, in each case, to be bound by the terms of this Section 2.12.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each certificate, instrument, or book entry representing (i) the Preferred Stock, (ii) the Registrable Securities, and (iii) any other securities issued in respect of the securities referenced in clauses (i) and (ii), upon any stock split, stock dividend, recapitalization, merger, consolidation, or similar event, shall (unless otherwise permitted by the provisions of <u>Subsection 2.12(c)</u>) be notated with a legend substantially in the following form:

THE SECURITIES REPRESENTED HEREBY HAVE BEEN ACQUIRED FOR INVESTMENT AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933. SUCH SHARES MAY NOT BE SOLD, PLEDGED, OR TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR A VALID EXEMPTION FROM THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS OF SAID ACT.

THE SECURITIES REPRESENTED HEREBY MAY BE TRANSFERRED ONLY IN ACCORDANCE WITH THE TERMS OF AN AGREEMENT BETWEEN THE COMPANY AND THE STOCKHOLDER, A COPY OF WHICH IS ON FILE WITH THE SECRETARY OF THE COMPANY.

The Holders consent to the Company making a notation in its records and giving instructions to any transfer agent of the Restricted Securities in order to implement the restrictions on transfer set forth in this <u>Subsection 2.12</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The holder of such Restricted Securities, by acceptance of ownership thereof, agrees to comply in all respects with the provisions of this <u>Section</u> <u>2</u>. Before any proposed sale, pledge, or transfer of any Restricted Securities, unless there is in effect a registration statement under the Securities Act covering the proposed transaction or following the IPO, the transfer is made pursuant to SEC Rule 144, the Holder thereof shall give notice to the

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Company of such Holder's intention to effect such sale, pledge, or transfer; <u>provided</u>, that no such notice shall be required in connection if the intended sale, pledge or transfer complies with SEC Rule 144. Each such notice shall describe the manner and circumstances of the proposed sale, pledge, or transfer in sufficient detail and, if reasonably requested by the Company, shall be accompanied at such Holder's expense by either (i) a written opinion of legal counsel who shall, and whose legal opinion shall, be reasonably satisfactory to the Company, addressed to the Company, to the effect that the proposed transaction may be effected without registration under the Securities Act; (ii) a "no action" letter from the SEC to the effect that the proposed sale, pledge, or transfer of such Restricted Securities without registration will not result in a recommendation by the staff of the SEC that action be taken with respect thereto; or (iii) any other evidence reasonably satisfactory to counsel to the Company to the effect that the proposed sale, pledge, or transfer of the Restricted Securities may be effected without registration under the Securities Act, whereupon the Holder of such Restricted Securities shall be entitled to sell, pledge, or transfer such Restricted Securities in accordance with the terms of the notice given by the Holder to the Company. The Company will not require such a notice, legal opinion or "no action" letter (x) in any transaction in compliance with SEC Rule 144; or (y) in any transaction in which such Holder distributes Restricted Securities to an Affiliate of such Holder for no consideration; <u>provided</u> that with respect to transfers under the foregoing <u>clause (y)</u>, each transferee agrees in writing to be subject to the terms of this <u>Subsection 2.12</u>. Each certificate, instrument, or book entry representing the Restricted Securities transferred as above provided shall be notated with, except if such transfer is made pursuant to SEC Rule 144, the appropriate restrictive legend set forth in <u>Subsection 2.12(b)</u>, except that such certificate instrument, or book entry shall not be notated with such<u> </u>restrictive legend if, in the opinion of counsel for such Holder and the Company, such legend is not required in order to establish compliance with any provisions of the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13 <u>Termination of Registration Rights</u>. The right of any Holder to request registration or inclusion of Registrable Securities in any registration pursuant to <u>Subsections 2.1</u> or <u>2.2</u> shall terminate upon the earliest to occur of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the closing of a Deemed Liquidation Event, as such term is defined in the Company's Certificate of Incorporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) such time after consummation of the IPO as SEC Rule 144 or another similar exemption under the Securities Act is available for the sale of all of such Holder's shares without limitation during a three-month period without registration; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the fifth anniversary of the IPO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Information Rights</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 <u>Delivery of Financial Statements</u>. The Company shall deliver to each Major Investor, <u>provided</u> that the Board of Directors has not reasonably determined that such Major Investor is a Competitor of the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) as soon as practicable, but in any event within ninety (90) days after the end of each fiscal year of the Company (i) a balance sheet as of the end of such year, (ii) statements of income and of cash flows for such year, and (iii) a statement of stockholders' equity as of the end of such year, all such financial statements audited and certified by an accounting firm associated with one of the "big four" US accounting firms ("**CPA**");

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) as soon as practicable, but in any event within forty-five (45) days after the end of each of the first three (3) quarters of each fiscal year of the Company, unaudited (but, if requested by the Preferred Majority, reviewed by the CPA) statements of income and cash flows for such fiscal quarter, and an unaudited (but, if requested by the Preferred Majority, reviewed by the CPA) balance sheet as of the end of such fiscal quarter, all prepared in accordance with GAAP (except that such financial statements may (i) be subject to normal year-end audit adjustments; and (ii) not contain all notes thereto that may be required in accordance with GAAP);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) as soon as practicable, but in any event within fourteen (14) days of the end of each month, monthly management reports and business summary of the Company's status;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) as soon as practicable, but in any event thirty (30) days before the end of each fiscal year, a budget and business plan for the next fiscal year (collectively, the "**Budget**"), approved by the Board of Directors and prepared on a monthly basis, including balance sheets, income statements, and statements of cash flow for such months and, promptly after prepared, any other budgets or revised budgets prepared by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) such other information relating to the financial condition, business, prospects, or corporate affairs of the Company as any Major Investor may from time to time reasonably request; <u>provided</u>, <u>however</u>, that the Company shall not be obligated under this <u>Subsection 3.1</u> to provide information (i) that the Board of Directors reasonably determines in<u> </u>good faith upon advice of outside counsel to be a trade secret or confidential information (unless covered by an enforceable confidentiality agreement, in a form acceptable to the Company); or (ii) the disclosure of which would adversely affect the attorney-client privilege between the Company and its counsel, as determined by the Board of Directors in good faith upon advice of outside counsel.

If, for any period, the Company has any subsidiary whose accounts are consolidated with those of the Company, then in respect of such period the financial statements delivered pursuant to the foregoing sections shall be the consolidated and consolidating financial statements of the Company and all such consolidated subsidiaries.

Notwithstanding anything else in this <u>Subsection 3.1</u> to the contrary, the Company may cease providing the information set forth in this <u>Subsection 3.1</u> during the period starting with the date forty five (45) days before the Company's good-faith estimate of the date of filing of a registration statement if it reasonably concludes it must do so to comply with the SEC rules applicable to such registration statement and related offering; <u>provided</u> that the Company's covenants under this <u>Subsection 3.1</u> shall be reinstated at such time as the Company is no longer actively employing its commercially reasonable efforts to cause such registration statement to become effective.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 <u>Inspection</u>. The Company shall permit each Major Investor (<u>provided</u> that the Board of Directors has not reasonably determined that such Major Investor is a Competitor of the Company), at such Major Investor's expense, to visit and inspect the Company's properties; examine its books of account and records; and discuss the Company's affairs, finances, and accounts with its officers, during normal business hours of the Company as may be reasonably requested by the Major Investor.

Notwithstanding the above, the Company shall not be obligated to provide information or access to any information pursuant to Subsections 3.1 and 3.2 above if the Board of Directors reasonably and in good faith upon advice of outside counsel determines that (i) such information is a Company trade secret (ii) the disclosure of which would adversely affect the attorney-client privilege between the Company and its counsel; or (iii) the disclosure of such information would be reasonably expected to create a conflict of interests or potential conflict of interests between the Company and such Major Investor or any Affiliate (as defined below) thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 <u>Cumulative Rights</u>. Any of the rights and the covenants set forth in Subsections 3.1 and 3.2 is in addition to any other such or similar right or covenant granted to the Investors under this Agreement, the Purchase Agreement, and/or any other agreement, to which the Investors and the Company are parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 <u>Termination of Information Rights</u>. The covenants set forth in <u>Subsection 3.1</u> and <u>Subsection 3.2</u> shall terminate and be of no further force or effect (i) immediately before<u> </u>the consummation of the IPO, (ii) when the Company first becomes subject to the periodic reporting requirements of Section 12(g) or 15(d) of the Exchange Act, or (iii) upon the closing of a Deemed Liquidation Event, as such term is defined in the Company's Certificate of Incorporation, whichever event occurs first.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 <u>Confidentiality</u>. Each Investor agrees that such Investor will keep confidential and will not disclose, divulge, or use for any purpose (other than to monitor its investment in the Company or make decisions with respect to its investment in the Company, or as part of such Investor's normal reporting or review procedure, or in connection with such Investor's or its Affiliate's normal fundraising, marketing informational or reporting activities) any confidential information obtained from the Company pursuant to the terms of this Agreement (including notice of the Company's intention to file a registration statement), unless such confidential information (a) is known or becomes known to the public in general (other than as a result of a breach of this <u>Subsection 3.5</u> by such Investor), (b) is or has been independently developed or conceived by such Investor without use of the Company's confidential information, or (c) is or has been made known or disclosed to the Investor by a third party without a breach of any obligation of confidentiality such third party may have to the Company; <u>provided</u>, <u>however</u>, that an Investor may disclose confidential information (i) to its attorneys, accountants, consultants, and other professionals (collectively, "**Representatives**") to the extent necessary to obtain their services in connection with monitoring its investment in the Company or make decisions with respect to its investment in the Company, or as part of such Investor's normal reporting or review procedure, or in connection with such Investor's or its Affiliate's normal fundraising, marketing informational or reporting activities; (ii) to any prospective purchaser of any Registrable Securities

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from such Investor, if such prospective purchaser is informed of the provisions of this <u>Subsection 3.5</u> and such Investor directs such prospective purchaser to maintain the confidentiality of such<u> </u>information; (iii) to any existing or prospective Affiliate, partner, partner of partner, prospective partner of the partnership or any subsequent partnership under common investment management, member, stockholder, or wholly owned subsidiary of such Investor in the ordinary course of business, <u>provided</u> that such Investor informs such Person that such information is confidential and directs such Person to maintain the confidentiality of such information; or (iv) as may otherwise be required by law, regulation, rule, court order or subpoena, <u>provided</u> that such Investor promptly notifies the Company of such disclosure and takes reasonable steps to minimize the extent of any such required disclosure. Notwithstanding the foregoing, (A) the Company acknowledges that each Investor and its Representatives currently may be invested in, may invest in or may consider investments in public and private companies some of which may compete either directly or indirectly with the Company, and that the execution of this Agreement, the terms hereof and the access to confidential information hereunder shall in no way be construed to prohibit or restrict an Investor or its Representatives from maintaining, making or considering such investments or from otherwise operating in the ordinary course of business and (B) in the case of any Investor that is (i) a registered investment company within the meaning of the Investment Company Act of 1940, as amended, or (ii) is advised by a registered investment adviser or Affiliates thereof, such Investor may identify the Company and the value of such Investor's security holdings in the Company in accordance with applicable investment reporting and disclosure regulations or internal policies and respond to routine examinations, demands, requests or reporting requirements of a regulator without prior notice to or consent from the Company. Further, the Company understands and acknowledges that the confidential information may be used by an Investor and its Representatives in connection with evaluating investment opportunities, trading securities in the public markets and participating in private investment transactions, but specifically excluding disclosing or otherwise providing confidential information (or any derivatives, extracts or summaries thereof) to anyone other than such Investor and its Representatives in violation of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Rights to Future Stock Issuances</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 <u>Right of First Offer</u>. Subject to the terms and conditions of this <u>Subsection 4.1</u> and applicable securities laws, until an IPO, if the Company proposes to offer or sell any New<u> </u>Securities, the Company shall first offer such New Securities to each Major Investor. A Major Investor shall be entitled to apportion the right of first offer hereby granted to it in such proportions as it deems appropriate, among (i) itself, (ii) its Affiliates and (iii) its beneficial interest holders, such as limited partners, members or any other Person having "beneficial ownership," as such term is defined in Rule 13d-3 promulgated under the Exchange Act, of such Major Investor ("**Investor Beneficial Owners**"); <u>provided</u> that each such Affiliate or Investor Beneficial Owner (x) is not a Competitor or FOIA Party, unless such party's purchase of New Securities is otherwise consented to by the Board of Directors, (y) agrees to enter into this Agreement and each of the Amended and Restated Voting Agreement and Amended and Restated Right of First Refusal and Co-Sale Agreement of even date herewith among the Company, the Investors and the other parties named therein, as an "**Investor**" under each such agreement (<u>provided</u> that any Competitor or FOIA Party shall not be entitled to any rights as a Major Investor under <u>Subsections 3.1</u>, <u>3.2</u> and <u>4.1</u> hereof), and (z) agrees to purchase at least such number of New Securities as are allocable hereunder to the

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Major Investor holding the fewest number of Preferred Stock and any other Derivative Securities. Notwithstanding the foregoing, a Major Investor shall not be entitled to apportion the right of first offer hereby granted without a prior written consent of the Company, if, as a result of such apportioning, the Company shall be obliged to register, unless otherwise exempt, as a reporting issuer under Section 12(g) of the Exchange Act by virtue of the equity class of the New Securities being held of record by either (i) 2,000 persons, or (ii) 500 persons who are not accredited investors, and on the last day of the Company's fiscal year its total assets shall exceed $10 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company shall give notice (the "**Offer Notice**") to each Major Investor, stating (i) its bona fide intention to offer such New Securities, (ii) the number of such New Securities to be offered, and (iii) the price and terms upon which it proposes to offer such New Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) By notification to the Company within fourteen (14) days after the Offer Notice is given, each Major Investor may elect to purchase or otherwise acquire, at the price and on the terms specified in the Offer Notice, up to that portion of such New Securities which equals the proportion that the Common Stock then held by such Major Investor (including all shares of Common Stock then issuable (directly or indirectly) upon conversion and/or exercise, as applicable, of the Preferred Stock and any other Derivative Securities then held by such Major Investor) bears to the total Common Stock of the Company then outstanding (assuming full conversion and/or exercise, as applicable, of all Preferred Stock and any other Derivative Securities then outstanding). The closing of any sale pursuant to this Subsection 4.1(b) shall occur within the later of ninety (90) days of the date that the Offer Notice is given and the date of initial sale of New Securities pursuant to <u>Subsection 4.1(b)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If all New Securities referred to in the Offer Notice are not elected to be purchased or acquired as provided in <u>Subsection 4.1(b)</u>, the Company may, during the ninety (90) day period following the expiration of the periods provided in <u>Subsection 4.1(b)</u>, offer and sell the remaining unsubscribed portion of such New Securities to any Person or Persons at a price not less than, and upon terms no more favorable to the offeree than, those specified in the Offer Notice. If the Company does not enter into an agreement for the sale of the New Securities within such period, or if such agreement is not consummated within thirty (30) days of the execution thereof, the right provided hereunder shall be deemed to be revived and such New Securities shall not be offered unless first reoffered to the Major Investors in accordance with this <u>Subsection 4.1</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The right of first offer in this <u>Subsection 4.1</u> shall not be applicable to (i) Exempted Securities (as defined in the Company's Certificate of Incorporation); (ii) shares of Common Stock issued in the IPO; and (iii) the issuance of shares of Series D-1 Preferred Stock to the Additional Purchasers pursuant to Section 1.1(c) of the Purchase Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Notwithstanding any provision hereof to the contrary, in lieu of complying with the provisions of this Subsection 4.1, the Company may elect to give notice to the Major Investors within thirty (30) days after the issuance of New Securities. Such notice shall describe the type, price, and terms of the New Securities and the identities of the Persons to whom the New Securities were sold. Each Major Investor shall have fourteen (14) days from the date notice is given to elect to purchase up to the number of New Securities that such Major Investor

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would otherwise have the right to purchase pursuant to this Subsection 4.1 had the Company complied with the provisions of this Subsection 4.1 in connection with the issuance of such New Securities under the terms and conditions set forth in the Company's notice pursuant to this Subsection 4.1(e). The closing of such sale shall occur within sixty (60) days of the date notice is given to the Major Investors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 <u>No-Sale</u>. Until the earlier to occur of: (i) an IPO or (ii) a Deemed Liquidation Event, each Key Holder shall be subject to an absolute prohibition on transfers, pledges and other dispositions of any of his shares in the Company as of December 2018 (the "**Founding Shares**") <u>other than</u> (i) to a Permitted Transferee, which shall be subject to the same limitation with respect to such Founding Shares upon such transfer, (ii) transfers, pledges and other dispositions of up to 10% of the Founding Shares, for each twelve (12) months period commencing as of December 2018, and for greater certainty not more than 25% in the aggregate, or (iii) if so approved by the Preferred Majority (but not including MUFG) (each a "**Sale Allowance**"). Any Founding Shares not transferred during any such permitted twelve (12) month period shall be accrued or otherwise rolledover from one time period to the next.

"**Permitted Transferee**" shall mean:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) With respect to an individual: (i) a parent, spouse, brother, sister, or child of the transferor (each, a "**Family Member**"); (ii) a company or entity wholly owned by such individual or by such individual and a Family Member; (iii) such individual's beneficiary (in the event the individual holds the shares as a trustee), or such individual's trustee (including the trustee of a voting trust) and the beneficiary of such a trustee; and <u>provided</u>, in each case specified in this clause (a) above, that both the transferor and the transferee shall undertake in writing towards the Company and its stockholders to be bound, jointly and severally, by the undertakings and obligations of the transferor hereunder and under all agreements among the transferor and the Company and/or the Investors in connection with their holdings in the Company and binding upon the transferor immediately prior to such transfer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) With respect to an incorporated entity (whether a company or partnership) which is not a company to which shares have been transferred as a Permitted Transferee under subsection (a) above: (i) in the case of a transferor who is a limited partnership – its limited and general partners, the limited or general partners of such limited or general partners, any Affiliate of any of the above (including their limited or general partners), or any shareholder, partner or member of such Affiliate, provided, however, that in no event shall the total number of transferees under this item (i) shall exceed twenty (20); and provided further that Company may reject such transfer if such proposed transfer will cause the Company to violate any applicable law (including any applicable securities law), to lose any exemption under applicable securities law to which it is entitled prior to such proposed transfer or to become subject to any reporting requirements under applicable securities laws which were not applicable to the Company prior to such transfer; (ii) any other entity in which the general partner of such entity serves as general partner; or any other entity in which the members, partners and/or managers of such general partner, whether directly or indirectly (i.e., through an unbroken chain of entities), are also members, partners and/or managers, whether directly or indirectly, of such entity's general partner or managing entity; (iii) any legal entity which controls, is controlled by, or is under common control with the transferor or with any of the entities listed in (i) above; (iv) any of its Affiliates; or (v) any successor of such entity by merger or consolidation, or any person to which, at the same time, substantially all the business and assets of such entity are being sold.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 <u>Termination</u>. The covenants set forth in this <u>Section</u> <u>4</u> shall terminate and be of no further force or effect (i) immediately before the consummation of the IPO, (ii) when the Company first becomes subject to the periodic reporting requirements of Section 12(g) or 15(d) of the Exchange Act, or (iii) upon a Deemed Liquidation Event, as such term is defined in the Company's Certificate of Incorporation, whichever event occurs first.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Additional Covenants</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 <u>Insurance</u>. The Company shall maintain, from financially sound and reputable insurers, Directors and Officers liability insurance in an amount of US$5,000,000 or such other amounts determined by the Board of Directors, and will cause such insurance policies to be maintained until such time as the Board of Directors determines that such insurance should be discontinued. The Company will also maintain a liability insurance including cyber liability, product liability and fire and casualty, in a form and amount satisfactory to the Preferred Majority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 <u>Employee Agreements</u>. The Company will cause (i) each person now or hereafter employed by it or by any subsidiary (or engaged by the Company or any subsidiary as a consultant/independent contractor) with access to confidential information and/or trade secrets to enter into a nondisclosure and proprietary rights assignment agreement; and (ii) each Key Employee to enter into a one (1) year noncompetition and nonsolicitation agreement, substantially in the form attached hereto as <u>Exhibit A</u>. In addition, the Company shall not amend, modify, terminate, waive, or otherwise alter, in whole or in part, any of the above-referenced agreements or any restricted stock agreement between the Company and any employee, without the consents of the Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 <u>Employee Stock</u>. Unless otherwise approved by the Board of Directors, all future employees and consultants of the Company who purchase, receive options to purchase, or receive awards of shares of the Company's capital stock after the date hereof shall be required to execute restricted stock or option agreements, as applicable, providing for (i) vesting of shares over a four (4) year period, with the first twenty-five percent (25%) of such shares vesting following twelve (12) months of continued employment or service, and the remaining shares vesting in equal monthly installments over the following thirty-six (36) months, and (ii) a market stand-off provision substantially similar to that in Subsection 2.11. In addition, unless otherwise approved by the Board of Directors, the Company shall retain a "right of first refusal" on employee transfers until the Company's IPO and shall have the right to repurchase unvested shares at cost upon termination of employment of a holder of restricted stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 <u>Successors and Assignees</u>. If the Company or any of its successors or assignees consolidates with or merges into any other Person and is not the continuing or surviving corporation or entity of such consolidation or merger, then to the extent necessary, proper provision shall be made so that the successors and assignees of the Company assume the obligations of the Company with respect to indemnification of members of the Board of Directors as in effect immediately before such transaction, whether such obligations are contained in the Company's Bylaws, its Certificate of Incorporation, or elsewhere, as the case may be.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 <u>FCPA</u>. The Company represents that it shall not (and shall not permit any of its subsidiaries or affiliates or any of its or their respective directors, officers, managers, employees, independent contractors, representatives or agents to) promise, authorize or make any payment to, or otherwise contribute any item of value to, directly or indirectly, to any third party, including any Non-U.S. Official (as such term is defined in the U.S. Foreign Corrupt Practices Act of 1977, as amended (the "**FCPA**")), in each case, in violation of the FCPA, the U.K. Bribery Act, or any other applicable anti-bribery or anti-corruption law. The Company further represents that it shall (and shall cause each of its subsidiaries and affiliates to) cease all of its or their respective activities, as well as remediate any actions taken by the Company, its subsidiaries or affiliates, or any of their respective directors, officers, managers, employees, independent contractors, representatives or agents in violation of the FCPA, the U.K. Bribery Act, or any other applicable anti-bribery or anti-corruption law. The Company further represents that it shall (and shall cause each of its subsidiaries and affiliates to) maintain systems of internal controls (including, but not limited to, accounting systems, purchasing systems and billing systems) to ensure compliance with the FCPA, the U.K. Bribery Act, or any other applicable anti-bribery or anti-corruption law. Upon request, the Company agrees to provide responsive information and/or certifications concerning its compliance with applicable anti-corruption laws. The Company shall promptly notify each Investor if the Company becomes aware of any Enforcement Action (as defined in the Purchase Agreement). The Company shall, and shall cause any direct or indirect subsidiary or entity controlled by it, whether now in existence or formed in the future, to comply with the FCPA. The Company shall use its best efforts to cause any direct or indirect subsidiary, whether now in existence or formed in the future, to comply in all material respects with all applicable laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6 <u>Matters Requiring Special Vote</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company hereby covenants and agrees that it shall not, without approval of the Board of Directors, which approval must include the affirmative vote of all of the Preferred Directors (as defined in the Company's Certificate of Incorporation) appoint or dismiss the Company's CEO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company hereby covenants and agrees that it shall not, without approval the Board of Directors, which approval must include the affirmative vote of at least 66% of the Preferred Directors issue any securities by a subsidiary of the Company to any person or entity, other than to the Company itself or to any other subsidiary thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7 <u>Right to Conduct Activities</u>. The Company hereby agrees and acknowledges that each Wellington Investor (together with its Affiliates) is a professional investment organization, and as such reviews the business plans and related proprietary information of many enterprises, some of which may compete directly or indirectly with the Company's business (as currently conducted or as currently propose to be conducted). The Company hereby agrees that, to the extent permitted under applicable law, each Wellington Investor (and its Affiliates) shall not be liable to the Company for any claim arising out of, or based upon, (i) the investment by any Wellington Investor (or its Affiliates) in any entity competitive

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with the Company, or (ii) actions taken by any partner, officer, employee or other representative of any Wellington Investor (or its Affiliates) to assist any such competitive company, whether or not such action was taken as a member of the board of directors of such competitive company or otherwise, and whether or not such action has a detrimental effect on the Company; provided, however, that the foregoing shall not relieve (x) any of the Investors from liability associated with the unauthorized disclosure of the Company's confidential information obtained pursuant to this Agreement, or (y) any director or officer of the Company from any liability associated with his or her fiduciary duties to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.8 <u>Termination of Covenants</u>. The covenants set forth in this Section 5, except for Subsection 5.4, shall terminate and be of no further force or effect (i) immediately before the consummation of the IPO or (ii) when the Company first becomes subject to the periodic reporting requirements of Section 12(g) or 15(d) of the Exchange Act, or (iii) upon a Deemed Liquidation Event, as such term is defined in the Company's Certificate of Incorporation, whichever event occurs first.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 <u>Successors and Assigns</u>. The rights under this Agreement may be assigned (but only with all related obligations) by a Holder to a transferee of Registrable Securities that (i) is an Affiliate of a Holder; (ii) is a Holder's Immediate Family Member or trust for the benefit of an individual Holder or one or more of such Holder's Immediate Family Members; or (iii) after such transfer, holds at least three percent (3%) of the shares of Registrable Securities then outstanding (subject to appropriate adjustment for stock splits, stock dividends, combinations, and other recapitalizations) (for the purpose of this section 6.1(iii), GCP Group and transferees of any shares held by the Investors constituting the GCP Group shall be aggregated together for the purpose of determining the above 3% threshold); <u>provided</u>, <u>however</u>, that (x) the Company is, within a reasonable time after such transfer, furnished with written notice of the name and address of such transferee and the Registrable Securities with respect to which such rights are being transferred; and (y) such transferee agrees in a written instrument delivered to the Company to be bound by and subject to the terms and conditions of this Agreement, including the provisions of <u>Subsection 2.11</u>. For the purposes of determining the number of shares of Registrable Securities<u> </u>held by a transferee, the holdings of a transferee (1) that is an Affiliate or stockholder of a Holder; (2) who is a Holder's Immediate Family Member; or (3) that is a trust for the benefit of an individual Holder or such Holder's Immediate Family Member shall be aggregated together and with those of the transferring Holder; <u>provided further</u> that all transferees who would not qualify individually for assignment of rights shall, as a condition to the applicable transfer, establish a single attorney-in-fact for the purpose of exercising any rights, receiving notices, or taking any action under this Agreement. The terms and conditions of this Agreement inure to the benefit of and are binding upon the respective successors and permitted assignees of the parties. Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective successors and permitted assignees any rights, remedies, obligations or liabilities under or by reason of this Agreement, except as expressly provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 <u>Governing Law</u>. This Agreement shall be governed by the internal law of the State of Delaware without giving effect to its conflict of laws principles.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 <u>Counterparts</u>. This Agreement may be executed in two (2) or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Counterparts may be delivered via electronic mail (including pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, e.g., www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes**.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 <u>Titles and Subtitles</u>. The titles and subtitles used in this Agreement are for convenience only and are not to be considered in construing or interpreting this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5 <u>Notices</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed effectively given upon the earlier of actual receipt or (i) personal delivery to the party to be notified; (ii) when sent, if sent by electronic mail during the recipient's normal business hours, and if not sent during normal business hours, then on the recipient's next business day; (iii) five (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid; or (iv) one (1) business day after the business day of deposit with a nationally recognized overnight courier, freight prepaid, specifying next-day delivery, with written verification of receipt. All communications shall be sent to the respective parties at their addresses as set forth on <u>Schedule A</u> or <u>Schedule B</u> (as applicable) hereto, or to the principal office of the Company and to the attention of the Chief Executive Officer, in the case of the Company, or to such email address or address as subsequently modified by written notice given in accordance with this <u>Subsection 6.5</u>. Notwithstanding the foregoing, any notice to a Wellington Investor may **<u>only</u>** be sent to the address set forth on <u>Schedule A</u>, or to such other email address, facsimile number, or address as subsequently modified by written notice given by such Wellington Investor in accordance with this <u>Subsection 6.5</u>. If notice is given to the Company, a copy shall also be sent to Amir Raz, Adv. Goldfarb Gross Seligman & Co., One Azrieli Center, Round Building, Tel Aviv 6701101, Israel, email: <u>amir.raz@gkh-law.com</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Consent to Electronic Notice</u>. Each Investor and Key Holder consents to the delivery of any stockholder notice pursuant to the Delaware General Corporation Law (the "**DGCL**"), as amended or superseded from time to time, by electronic transmission pursuant to Section 232 of the DGCL (or any successor thereto) at the electronic mail address set forth opposite such Investor's or Key Holder's name on the Schedules hereto, as updated from time to time by notice to the Company, or as on the books of the Company. To the extent that any notice given by means of electronic transmission is returned or undeliverable for any reason, the foregoing consent shall be deemed to have been revoked until a new or corrected electronic mail address has been provided, and such attempted electronic notice shall be ineffective and deemed to not have been given. Each Investor and Key Holder agrees to promptly notify the Company of any change in its electronic mail address, and that failure to do so shall not affect the foregoing.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6 <u>Amendments and Waivers</u>. Any term of this Agreement may be amended or terminated (except as otherwise set forth herein) and the observance of any term of this Agreement may be waived (either generally or in a particular instance, and either retroactively or prospectively) only with the written consent of the Company and the Preferred Majority; <u>provided</u> <u>that</u> the Company may in its sole discretion waive compliance with <u>Subsection 2.12(c)</u> (and the Company's failure to object promptly in writing after notification of a proposed assignment allegedly in violation of <u>Subsection 2.12(c)</u> shall be deemed to be a waiver); and <u>provided</u> <u>further</u> that any provision hereof may be waived by any waiving party on such party's own behalf, without the consent of any other party. Notwithstanding the foregoing, this Agreement may not be amended or terminated and the observance of any term hereof may not be waived with respect to any Investor without the written consent of such Investor, unless such amendment, termination, or waiver applies to all Investors in the same fashion (it being agreed that a waiver of the provisions of <u>Section</u> <u>4</u> with respect to a particular transaction shall be deemed to apply to all Investors in the same fashion if such waiver does so by its terms, notwithstanding the fact that certain Investors may nonetheless, by agreement with the Company, purchase securities in such transaction); <u>provided</u>, <u>however</u>, that if a Major Investor, directly or indirectly, including by amending or waiving the definition of "New Securities" or "Exempted Securities" set forth in the Certificate of Incorporation or Section 4.1(d) of this Agreement, consents to a waiver of the right of first offer in Section 4.1 in connection with a financing transaction and thereafter purchases any New Securities in such financing transaction, then each other Major Investor shall also be permitted to purchase New Securities in such financing transaction (based on the level of participation of the Major Investor purchasing the largest portion of such Major Investor's pro rata share, provided that such participation shall not exceed the pro rata portion of such Major Investor), in accordance with the other provisions (including notice and election periods) set forth in Section 4.1 (it being understood that this proviso may not be amended, modified or waived without the prior written consent of each Major Investor). Notwithstanding the forgoing, the definition of "Competitor" (as it pertains to the Wellington Investors), clause (iv) of the definition of "Major Investor", the definition of "Wellington Investors", Section 5.7 (as it pertains to the Wellington Investors) and this sentence may only be amended, modified, terminated or waived with the prior written consent of Wellington. Further, this Agreement may not be amended, and no provision hereof may be waived, in each case, in any way which would adversely affect the rights of the Key Holders hereunder in a manner disproportionate to any adverse effect such amendment or waiver would have on the rights of the Investors hereunder, without also the written consent of the holders of at least a majority of the Registrable Securities held by the Key Holders who are then providing services to the Company as officers, employees or consultants. The Company shall give prompt notice of any amendment or termination hereof or waiver hereunder to any party hereto that did not consent in writing to such amendment, termination, or waiver. Any amendment, termination, or waiver effected in accordance with this <u>Subsection 6.6</u> shall be binding on all parties hereto, regardless of whether any such party has consented thereto. No waivers of or exceptions to any term, condition, or provision of this Agreement, in any one or more instances, shall be deemed to be or construed as a further or continuing waiver of any such term, condition, or provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7 <u>Severability</u>. In case any one or more of the provisions contained in this Agreement is for any reason held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality, or unenforceability shall not affect any other provision of this Agreement, and such invalid, illegal, or unenforceable provision shall be reformed and construed so that it will be valid, legal, and enforceable to the maximum extent permitted by law.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8 <u>Aggregation of Stock</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All shares of Registrable Securities held or acquired by Affiliates shall be aggregated together for the purpose of determining the availability of any rights under this Agreement and such Affiliated persons may apportion such rights as among themselves in any manner they deem appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All shares of Registrable Securities held or acquired by the Investors constituting the GCP Group (or any transferees of shares held by such Investors as of the date hereof) shall be aggregated together for the purpose of determining the availability of any rights under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.9 <u>Additional Investors</u>. Notwithstanding anything to the contrary contained herein, if the Company issues additional shares of the Company's Preferred Stock after the date hereof, whether pursuant to the Purchase Agreement or otherwise, any purchaser of such shares of Preferred Stock may become a party to this Agreement by executing and delivering an additional counterpart signature page to this Agreement, and thereafter shall be deemed an "Investor" for all purposes hereunder. No action or consent by the Investors shall be required for such joinder to this Agreement by such additional Investor, so long as such additional Investor has agreed in writing to be bound by all of the obligations as an "Investor" hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10 <u>Entire Agreement</u>. This Agreement (including any Schedules and Exhibits hereto) constitutes the full and entire understanding and agreement among the parties with respect to the subject matter hereof, and any other written or oral agreement relating to the subject matter hereof existing between the parties is expressly canceled. Upon the effectiveness of this Agreement, the Prior Agreement shall be deemed amended and restated and superseded and replaced in its entirety by this Agreement, and shall be of no further force or effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.11 <u>Dispute Resolution</u>. The parties (a) hereby irrevocably and unconditionally submit to the exclusive jurisdiction of the appropriate State or Federal Court in the State of Delaware for the purpose of any suit, action or other proceeding arising out of or based upon this Agreement, (b) agree not to commence any suit, action or other proceeding arising out of or based upon this Agreement except in the appropriate State or Federal Court in the State of Delaware, and (c) hereby waive, and agree not to assert, by way of motion, as a defense, or otherwise, in any such suit, action or proceeding, any claim that it is not subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune from attachment or execution, that the suit, action or proceeding is brought in an inconvenient forum, that the venue of the suit, action or proceeding is improper or that this Agreement or the subject matter hereof may not be enforced in or by such court.

WAIVER OF JURY TRIAL: EACH PARTY HEREBY WAIVES ITS RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT, THE OTHER TRANSACTION DOCUMENTS, THE SECURITIES OR THE SUBJECT MATTER HEREOF OR THEREOF. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL-ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS TRANSACTION, INCLUDING, WITHOUT LIMITATION, CONTRACT CLAIMS, TORT CLAIMS (INCLUDING NEGLIGENCE), BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. THIS SECTION HAS BEEN FULLY

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DISCUSSED BY EACH OF THE PARTIES HERETO AND THESE PROVISIONS WILL NOT BE SUBJECT TO ANY EXCEPTIONS. EACH PARTY HERETO HEREBY FURTHER WARRANTS AND REPRESENTS THAT SUCH PARTY HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL, AND THAT SUCH PARTY KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.12 <u>Delays or Omissions</u>. No delay or omission to exercise any right, power, or remedy accruing to any party under this Agreement, upon any breach or default of any other party under this Agreement, shall impair any such right, power, or remedy of such nonbreaching or nondefaulting party, nor shall it be construed to be a waiver of or acquiescence to any such breach or default, or to any similar breach or default thereafter occurring, nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default theretofore or thereafter occurring. All remedies, whether under this Agreement or by law or otherwise afforded to any party, shall be cumulative and not alternative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13 <u>Acknowledgment</u>. The Company acknowledges that the Investors are in the business of venture capital investing and therefore review the business plans and related proprietary information of many enterprises, including enterprises which may have products or services which compete directly or indirectly with those of the Company. Nothing in this Agreement shall preclude or in any way restrict the Investors from investing or participating in any particular enterprise whether or not such enterprise has products or services which compete with those of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.14 <u>Limitations on Enforcement of this Agreement by MUFG</u>. Notwithstanding anything to the contrary in this Agreement, it is agreed and understood that MUFG shall have no right to enforce the following sections of this Agreement against any Investor or Key Holder: Section 2.12 (Restrictions on Transfer) and Section 4.2 (No-Sale).

[Remainder of Page Intentionally Left Blank]

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IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.

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| | |
|:---|:---|
| **LENDBUZZ INC.** | **LENDBUZZ INC.** |
| By: | /s/ Amitay Kalmar |
| Name: Amitay Kalmar | Name: Amitay Kalmar |
| Title: CEO | Title: CEO |

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| | |
|:---|:---|
| **KEY HOLDERS:** | **KEY HOLDERS:** |
| Signature: | /s/ Amitay Kalmar |
| Name: Amitay Kalmar | Name: Amitay Kalmar |
| Signature: | /s/ Dan Raviv |
| Name: Dan Raviv | Name: Dan Raviv |

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**SIGNATURE PAGE TO AMENDED AND RESTATED INVESTORS' RIGHTS AGREEMENT** 

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IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.

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| | |
|:---|:---|
| **INVESTORS:**<br>**Delaware Life Insurance Company** | **INVESTORS:**<br>**Delaware Life Insurance Company** |
| By: | /s/ James F. Alban |
| Name: James F. Alban | Name: James F. Alban |
| Title: Authorized Signer | Title: Authorized Signer |

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**SIGNATURE PAGE TO AMENDED AND RESTATED INVESTORS' RIGHTS AGREEMENT** 

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IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.

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| | | |
|:---|:---|:---|
| **INVESTORS:** | **INVESTORS:** | **INVESTORS:** |
| **83NORTH IV LIMITED PARTNERSHIP** | **83NORTH IV LIMITED PARTNERSHIP** | **83NORTH IV LIMITED PARTNERSHIP** |
| By: 83 North IV G.P. L.P, its general partner | By: 83 North IV G.P. L.P, its general partner | By: 83 North IV G.P. L.P, its general partner |
| By: 83 North Manager IV, Ltd., its ultimate general partner | By: 83 North Manager IV, Ltd., its ultimate general partner | By: 83 North Manager IV, Ltd., its ultimate general partner |
| By: 83 North 2017 Ltd. | By: 83 North 2017 Ltd. | By: 83 North 2017 Ltd. |
| By: | /s/ Laurel Bowden | /s/ Simona Cohen |
| Name: | Laurel Bowden | Simona Cohen |
| Title: | Partner | CFO |
| **83NORTH FXV IV LIMITED PARTNERSHIP** | **83NORTH FXV IV LIMITED PARTNERSHIP** | **83NORTH FXV IV LIMITED PARTNERSHIP** |
| By: 83North FXV III G.P. L.P, its general partner | By: 83North FXV III G.P. L.P, its general partner | By: 83North FXV III G.P. L.P, its general partner |
| By: 83North FXV Manager, Ltd., its ultimate general partner | By: 83North FXV Manager, Ltd., its ultimate general partner | By: 83North FXV Manager, Ltd., its ultimate general partner |
| By: | /s/ Laurel Bowden | /s/ Simona Cohen |
| Name: | Laurel Bowden | Simona Cohen |
| Title: | Partner | CFO |
| **83NORTH VII LIMITED PARTNERSHIP** | **83NORTH VII LIMITED PARTNERSHIP** | **83NORTH VII LIMITED PARTNERSHIP** |
| By: 83North FXV III GP. L.P, its general partner | By: 83North FXV III GP. L.P, its general partner | By: 83North FXV III GP. L.P, its general partner |
| By: 83North FXV Manager, Ltd., its ultimate general partner | By: 83North FXV Manager, Ltd., its ultimate general partner | By: 83North FXV Manager, Ltd., its ultimate general partner |
| By: | /s/ Laurel Bowden | /s/ Simona Cohen |
| Name: | Laurel Bowden | Simona Cohen |
| Title: | Partner | CFO |

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**SIGNATURE PAGE TO AMENDED AND RESTATED INVESTORS' RIGHTS AGREEMENT** 

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IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.

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| | |
|:---|:---|
| **INVESTORS:** | **INVESTORS:** |
| **OG TECH VENTURES INTERNATIONAL LTD.** | **OG TECH VENTURES INTERNATIONAL LTD.** |
| By: | /s/ Andreas Georgiou |
| Name: | ANDREAS GEORGIOU |
| Title: | DIRECTOR |

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**SIGNATURE PAGE TO AMENDED AND RESTATED INVESTORS' RIGHTS AGREEMENT** 

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IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.

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| | |
|:---|:---|
| **INVESTORS:** | **INVESTORS:** |
| **LARDAN CONSULTANTS (2001) LTD.** | **LARDAN CONSULTANTS (2001) LTD.** |
| By: | /s/ Eyal Hayardeny |
| Name: | Eyal Hayardeny |
| Title: | Owner |

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**SIGNATURE PAGE TO AMENDED AND RESTATED INVESTORS' RIGHTS AGREEMENT** 

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IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.

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| | |
|:---|:---|
| **INVESTORS:** | **INVESTORS:** |
| **LENDBUZZ GCP HOLDINGS LLC**<br> (Signing by means of power of attorney by and on behalf of the Gatewood Group stockholders listed below) | **LENDBUZZ GCP HOLDINGS LLC**<br> (Signing by means of power of attorney by and on behalf of the Gatewood Group stockholders listed below) |
| By: | /s/ Oren Monhite Yahav |
| Name: | Oren Monhite Yahav |
| Title: | Managing Member-Gatewood MM LLC |

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<u>Gatewood Group Stockholders</u>:

Gatewood Capital Investors LLC

Asterias Resources Ltd.

Elmo Capital US LLC

Adi Livnat

Waverly Abby Gate Partners

Itshak Shaked Assets Ltd.

Shmuel Gal Dymant

Mol Ventures Ltd.

HWK21 LLC

Doron Livnat

Aguri Holdings & Investments Ltd.

Yair Seroussi

Ofer Dar

Amir Aviv

Lardan Consultants (2001) Ltd.

**SIGNATURE PAGE TO AMENDED AND RESTATED INVESTORS' RIGHTS AGREEMENT** 

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IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.

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| | |
|:---|:---|
| **INVESTORS:** | **INVESTORS:** |
| **ARKIN COMMUNICATIONS LTD.** | **ARKIN COMMUNICATIONS LTD.** |
| By: | /s/ NirArkin |
| Name: | NirArkin, |
| Title: | CEO |
| /s/ Nir Arkin | /s/ Nir Arkin |
| **NIR ARKIN** | **NIR ARKIN** |

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**SIGNATURE PAGE TO AMENDED AND RESTATED INVESTORS' RIGHTS AGREEMENT** 

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IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.

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| | |
|:---|:---|
| **INVESTORS:**<br>**KRELL PORTFOLIO ENTERPRISE L.P** | **INVESTORS:**<br>**KRELL PORTFOLIO ENTERPRISE L.P** |
| By: | /s/ David Krell |
| Name: | David Krell |
| Title: | General Partner |
| /s/ David Krell | /s/ David Krell |
| **DAVID KRELL** | **DAVID KRELL** |

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**SIGNATURE PAGE TO AMENDED AND RESTATED INVESTORS' RIGHTS AGREEMENT** 

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IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.

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| |
|:---|
| **INVESTORS:** |
| **VIOLA CREDIT ALTERNATIVE LENDING II (LB) SPV, LIMITED PARTNERSHIP** |

---

---

| | |
|:---|:---|
| By: | /s/ Ruthi Furman /s/ Ido Vigdor |
| Name: | Ruthi Furman Ido Vigdor |
| Title: | Founder & General Partner General Partner |

---

**VIOLA CREDIT ALF II, L.P. (Formerly Viola Credit VI, L.P.)**

---

| | |
|:---|:---|
| By: | /s/ Ruthi Furman /s/ Ido Vigdor |
| Name: | Ruthi Furman Ido Vigdor |
| Title: | Founder & General Partner General Partner |

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**SIGNATURE PAGE TO AMENDED AND RESTATED INVESTORS' RIGHTS AGREEMENT** 

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IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.

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| |
|:---|
| **INVESTORS:** |
| **ITHAN CREEK MASTER INVESTORS (CAYMAN) L.P.** |
| **By: Wellington Management Company LLP, as investment adviser** |

---

---

| | |
|:---|:---|
| By: | /s/ Peter N. McIsaac |
| Name: | PNMcIsaac@wellington.com |
| Title: | Managing Director & Counsel |

---

**SIGNATURE PAGE TO AMENDED AND RESTATED INVESTORS' RIGHTS AGREEMENT** 

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IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.

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| |
|:---|
| **INVESTORS:** |
| /s/ Nachshon Akiva |
| **Nachshon Akiva** |
| **(By power of attorney to the Company's CEO)** |

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**SIGNATURE PAGE TO AMENDED AND RESTATED INVESTORS' RIGHTS AGREEMENT** 

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**SCHEDULE A** 

**Investors** 

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| | | | |
|:---|:---|:---|:---|
| **Investor's Name** | **Address** | **Phone**<br> **Number** | **Email** |
| For GCP Group, see <u>Schedule C</u> below. |  |  |  |
| Nir Arkin |  |  |  |
| Arkin<br> Communications Ltd. |  |  |  |
| Krell Portfolio<br> Enterprise L.P. |  |  |  |
| David Krell |  |  |  |
| Nachshon Akiva |  |  |  |
| Cabili Holdings Ltd. |  |  |  |
| Sky Investments Ltd. |  |  |  |
| Shani Investments Ltd. |  |  |  |
| Amir Raz |  |  |  |
| The Douglas M<br> Weiss Living Trust |  |  |  |
| Czar Ventures, LLC |  |  |  |
| Oz Halabi |  |  |  |
| Simon Blank |  |  |  |
| Mivtach Shamir<br> Technologies (2000) Ltd. |  |  |  |
| 83North IV L.P. | [\*\*\*]  | [\*\*\*] | E-mail:<br> [\*\*\*] |
|  | [\*\*\*] |  |  |

---

**SIGNATURE PAGE TO AMENDED AND RESTATED INVESTORS' RIGHTS AGREEMENT** 

------

---

| | | |
|:---|:---|:---|
| 83 North FXV IV LP | [\*\*\*] <br>[\*\*\*]  | E-mail: [\*\*\*] |
| 83 North VII L.P. | [\*\*\*] <br>[\*\*\*]  | E-mail: [\*\*\*] |
| Alon Bloch |  |  |
| OG Tech Ventures International Ltd. | [\*\*\*] <br>[\*\*\*] <br>[\*\*\*]  |  |
| Highline Investments LLC (by its Manager, HighSage Ventures LLC) |  |  |
| Kwidnet Investments LLC (by its Investment Manager, HighSage Ventures LLC) |  |  |
| Yahal Zilka |  |  |

---

**SIGNATURE PAGE TO AMENDED AND RESTATED INVESTORS' RIGHTS AGREEMENT** 

------

---

| | | |
|:---|:---|:---|
| Viola Credit Alternative Lending II (LB) SPV, Limited Partnership |  |  |
| Viola Credit VI, L.P. |  |  |
| Ithan Creek Master Investors (Cayman) L.P. |  |  |
| Yaniv Cohen | [\*\*\*] |  |
| Menora Mivtachim Insurance Ltd. |  |  |
| Menora Mivtachim Pensions and Gemel Ltd. |  |  |
| Migdal Insurance Company Ltd. |  |  |
| Migdal Makefet<br> Pension and<br> Provident Funds Ltd. |  |  |
| MUFG Innovation<br> Partners No. 1 Investment Partnership |  |  |
| MUFG Innovation<br> Partners No. 2 Investment<br> Partnership |  |  |
| Goldman Sachs Lending Partners LLC |  |  |
| Poalim Equity Ltd. |  |  |
| Delaware Life<br> Insurance Company | [\*\*\*] <br>[\*\*\*]  | Email:<br> [\*\*\*] <br>Email:<br> [\*\*\*] |

---

**SIGNATURE PAGE TO AMENDED AND RESTATED INVESTORS' RIGHTS AGREEMENT** 

------

**SCHEDULE B** 

**Key Holders** 

---

| | | | |
|:---|:---|:---|:---|
| **Key Holder's Name** | **Address** | **Phone Number** | **Email** |
| Amitay Kalmar | [\*\*\*] | [\*\*\*] | [\*\*\*] |
| Dan Raviv | [\*\*\*] | [\*\*\*] | [\*\*\*] |

---

**SIGNATURE PAGE TO AMENDED AND RESTATED INVESTORS' RIGHTS AGREEMENT** 

------

**SCHEDULE C** 

**GCP Group** 

---

| | |
|:---|:---|
| **Investor's Name** | **Address** |
| Asterias Resources Ltd. | Asterias Resources Ltd.<br> [\*\*\*] |
| Gatewood Capital Investors LLC | Gatewood Capital Investors LLC<br> [\*\*\*] |
| Lendbuzz GCP Holdings | Gatewood Capital Investors LLC<br> [\*\*\*] |
| Elmo Capital US LLC | Elmo Capital US LLC<br> [\*\*\*] |
| Waverly Abby Gate Partners | Waverly Abby Gate Partners<br> [\*\*\*] |
| Doron Livnat | Doron Livnat<br> [\*\*\*] |
| Adi Livnat | [\*\*\*] |
| Itshak Shaked Assets Ltd. | Itshak Shaked Assets Ltd.<br> [\*\*\*] |
| HWK21 LLC | HWK21 LLC<br> [\*\*\*] |
| Aguri Holdings & Investments Ltd. | Aguri Holdings & Investments Ltd.<br> [\*\*\*] |
| Shmuel Gal Dymant | Shmuel Gal Dymant<br> [\*\*\*] |
| Yair Seroussi | Yair Seroussi<br> [\*\*\*] |
| Lardan Consultants (2001) Ltd. | Lardan Consultants (2001) Ltd.<br> [\*\*\*] |
| Ofer Dar | [\*\*\*] |
| Mol Ventures Ltd. | [\*\*\*] |
| Amir Aviv | [\*\*\*] |

---

**SIGNATURE PAGE TO AMENDED AND RESTATED INVESTORS' RIGHTS AGREEMENT**

## Exhibit 4.2

**Exhibit 4.2** 

AMENDMENT TO THE AMENDED AND RESTATED INVESTORS' RIGHTS AGREEMENT

This Amendment (this "***Amendment***") to that Amended and Restated Investors' Rights Agreement dated July 11, 2023 (the "***IRA***") made by and among Lendbuzz Inc., a Delaware corporation (the "***Company***"), the investors listed on <u>Schedule A</u> attached hereto (the "***Investors***") and the stockholders listed on <u>Schedule B</u> attached hereto (the "**Key Holders**", and together with the Company and the Investors, the "***Parties***"), is entered into as of August 15, 2023 (the "***Effective Date***") by and among the Parties to the IRA.

<u>W I T N E S S E T H</u> 

**WHEREAS**, certain Parties to the IRA have entered into the IRA on July 11, 2023; and

**WHEREAS**, the Company and certain of the Investors are parties to the Series D-1 Preferred Stock Purchase Agreement, as amended on the date hereof (the "***Purchase Agreement***"), pursuant to which certain of the Investors have agreed to purchase shares of the Series D-1 Preferred Stock, par value $0.001 per share (the "***Series D-1 Preferred Stock***") and of the Series D-1A Preferred Stock, par value $0.001 per share (the "***Series D-1A Preferred Stock***"); and

**WHEREAS**, the Key Holders and the Company desire to further induce certain of the Investors to purchase the Series D-1 Preferred Stock and Series D-1A Preferred Stock under the Purchase Agreement; and

**WHEREAS**, the Company and the Parties to the IRA constituting the Preferred Majority wish to further amend, and modify certain terms of the IRA in accordance with Section 6.6 to the IRA;

**NOW THEREFORE**, in consideration of the mutual promises and undertakings as stipulated herein and therein the Parties to the IRA have agreed as follows:

1. <u>Interpretation</u>. Capitalized terms contained herein shall have the same meaning ascribed to them in the
IRA unless a different meaning is expressly ascribed to such term herein.

2. <u>Section</u> <u>1</u> of the IRA shall be amended as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1. The definition of *"Preferred Stock"* shall be replaced in its entirety to read as follows:

"***Preferred Stock***" means, collectively, shares of the Company's Series A Preferred Stock, Series B Preferred Stock, Series C Preferred Stock, Series C-2 Preferred Stock, Series C-2A Preferred Stock, Series D-A Preferred Stock, Series D Preferred Stock, <u>and</u>Series D-1 Preferred Stock <u>and Series D-1A Preferred Stock</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2. The following definition shall be added:

"***Series D-1A Preferred Stock***" means Preferred D-1A Stock par value $0.001 per share.

------

3. Section 4.1(d) of the IRA shall be replaced in its entirety, to read as follows:

---

| | |
|:---|:---|
| "(d) | The right of first offer in this <u>Subsection 4.1</u> shall not be applicable to (i) Exempted Securities (as defined in the Company's Certificate of Incorporation); (ii) shares of Common Stock issued in the IPO; and (iii) the issuance of shares of Series D-1 Preferred Stock <u>and Series D-1A Preferred Stock</u> to Additional Purchasers pursuant to Section 1.1(c) of the Purchase Agreement."  |

---

4. Except as amended herein, all other provisions of the IRA shall remain in full force and effect.

5. This Amendment shall enter into effect immediately following the Effective Date and shall be deemed an integral
and inseparable part of the IRA and the IRA shall be qualified by, and read together with, this Amendment.

6. This Amendment may be executed in any number of counterparts, each of which shall be deemed an original and
enforceable against the parties actually executing such counterpart, and all of which together shall constitute one and the same instrument.

[*Remainder of Page was Intentionally Left Blank; Signature Pages Follow*]

------

[*Lendbuzz – Amendment to Amended and Restated Investors' Rights Agreement*]

IN WITNESS WHEREOF, the parties have executed this Amendment as of the date first above written.

---

| | |
|:---|:---|
| COMPANY: | COMPANY: |
| LENDBUZZ INC. | LENDBUZZ INC. |
| By: | /s/ Amitay Kalmar |
|  | Amitay Kalmar |
| Name: |  |
|  | (print) |
| Title: | CEO |
| Address: |  |

---

------

IN WITNESS WHEREOF, the parties have executed this Amendment as of the date first written above.

---

| | |
|:---|:---|
| **INVESTORS:** | **INVESTORS:** |
| **Delaware Life Insurance Company** | **Delaware Life Insurance Company** |
| By: | /s/ James F. Alban |
| Name: | James F. Alban |
| Title: | Authorized Signer |

---

**SIGNATURE PAGE TO AMENDMENT TO AMENDED AND RESTATED INVESTORS' RIGHTS AGREEMENT** 

------

[*Lendbuzz – Amendment to Amended and Restated Investors' Rights Agreement*]

IN WITNESS WHEREOF, the parties have executed this Amendment as of the date first above written.

**INVESTORS:** 

**MUFG INNOVATION PARTNERS NO. 1 INVESTMENT PARTNERSHIP** 

Acting through its General Partner

MUFG Innovation Partners Co., Ltd.

---

| | |
|:---|:---|
| By: | /s/ Nobutake Suzuki |
| Name: | Nobutake Suzuki |
| Title: | President and CEO, MUFG Innovation Part |

---

**MUFG INNOVATION PARTNERS NO. 2 INVESTMENT PARTNERSHIP** 

Acting through its General Partner

MUFG Innovation Partners Co., Ltd.

---

| | |
|:---|:---|
| By: | /s/ Nobutake Suzuki |
| Name: | Nobutake Suzuki |
| Title: | President and CEO, MUFG Innovation Part |

---

------

IN WITNESS WHEREOF, the parties have executed this Amendment as of the date first written above.

**INVESTORS:** 

**ITHAN CREEK MASTER INVESTORS (CAYMAN) L.P.** 

**By: Wellington Management Company LLP, as investment adviser** 

---

| | |
|:---|:---|
| By: | /s/ Peter N. McIsaac |
| Name: | Peter N. McIsaac |
| Title: | Managing Director & Counsel |

---

**SIGNATURE PAGE TO AMENDMENT TO AMENDED AND RESTATED INVESTORS' RIGHTS AGREEMENT** 

------

IN WITNESS WHEREOF, the parties have executed this Amendment as of the date first written above.

---

| | |
|:---|:---|
| **INVESTORS:** | **INVESTORS:** |
| **OG TECH VENTURES INTERNATIONAL LTD.** | **OG TECH VENTURES INTERNATIONAL LTD.** |
| By: | /s/ Lorraine Davidson |
| Name: | LORRAINE DAVIDSON |
| Title: | DIRECTOR |

---

SIGNATURE PAGE TO AMENDMENT TO AMENDED AND RESTATED INVESTORS' RIGHTS AGREEMENT

------

[*Lendbuzz – Amendment to Amended and Restated Investors' Rights Agreement*] 

IN WITNESS WHEREOF, the parties have executed this Amendment as of the date first above written.

---

| | |
|:---|:---|
| **INVESTORS:** | **INVESTORS:** |
| **83NORTH IV LIMITED PARTNERSHIP** | **83NORTH IV LIMITED PARTNERSHIP** |
| By: | 83 North IV G.P. L.P, its general partner |
| By: | 83 North Manager IV, Ltd., its ultimate general partner |
| By: | 83 North 2017 Ltd. |
| By: | /s/ Simona Cohen /s/ Laurel Bowden |
| Name: | Simona Cohen Laurel Bowden |
| Title: | CFO Partner |
| **83NORTH FXV IV LIMITED PARTNERSHIP** | **83NORTH FXV IV LIMITED PARTNERSHIP** |
| By: | 83North FXV III G.P. L.P, its general partner |
| By: | 83North FXV Manager, Ltd., its ultimate general partner |
| By: | /s/ Simona Cohen /s/ Laurel Bowden |
| Name: | Simona Cohen Laurel Bowden |
| Title: | CFO Partner |
| **83NORTH VII LIMITED PARTNERSHIP** | **83NORTH VII LIMITED PARTNERSHIP** |
| By: | 83North FXV III GP. L.P, its general partner |
| By: | 83North FXV Manager, Ltd., its ultimate general partner |
| By: | /s/ Simona Cohen /s/ Laurel Bowden |
| Name: | Simona Cohen Laurel Bowden |
| Title: | CFO Partner |

---

------

IN WITNESS WHEREOF, the parties have executed this Amendment as of the date first written above.

---

| | |
|:---|:---|
| **INVESTORS:** | **INVESTORS:** |
| **ARKIN COMMUNICATIONS LTD.** | **ARKIN COMMUNICATIONS LTD.** |
| By: | /s/ Nir Arkin  |
| Name: | Nir Arkin |
| Title: | Ceo |
| /s/ Nir Arkin | /s/ Nir Arkin |
| **NIR ARKIN** | **NIR ARKIN** |

---

**SIGNATURE PAGE TO AMENDMENT TO AMENDED AND RESTATED INVESTORS' RIGHTS AGREEMENT** 

------

IN WITNESS WHEREOF, the parties have executed this Amendment as of the date first written above.

**INVESTORS:** 

---

| | |
|:---|:---|
| **KRELL PORTFOLIO ENTERPRISE L.P** | **KRELL PORTFOLIO ENTERPRISE L.P** |
| By: | /s/ David Krell |
| Name: | David Krell |
| Title: | General Partner |
| /s/ David Krell | /s/ David Krell |
| **DAVID KRELL** | **DAVID KRELL** |

---

**SIGNATURE PAGE TO AMENDMENT TO AMENDED AND RESTATED INVESTORS' RIGHTS AGREEMENT** 

------

IN WITNESS WHEREOF, the parties have executed this Amendment as of the date first written above.

**INVESTORS:** 

---

| |
|:---|
| /s/ Nachshon Akiva |
| **Nachshon Akiva** |
| **(By power of attorney to the Company's CEO)** |

---

**SIGNATURE PAGE TO AMENDMENT TO AMENDED AND RESTATED INVESTORS' RIGHTS AGREEMENT** 

------

IN WITNESS WHEREOF, the parties have executed this Amendment as of the date first written above.

---

| |
|:---|
| **INVESTORS:** |
| **VIOLA CREDIT ALTERNATIVE LENDING II (LB) SPV, LIMITED PARTNERSHIP** |

---

---

| | |
|:---|:---|
| By: | /s/ Ruthi Furman /s/ Ido Vigdor |
| Name: | Ruthi Furman Ido Vigdor |
| Title: | Founder & General Partner General Partner |
| **VIOLA CREDIT ALF II, L.P. (Formerly Viola Credit VI, L.P)** | **VIOLA CREDIT ALF II, L.P. (Formerly Viola Credit VI, L.P)** |
| By: | /s/ Ruthi Furman /s/ Ido Vigdor |
| Name: | Ruthi Furman Ido Vigdor |
| Title: | Founder & General Partner General Partner |

---

**SIGNATURE PAGE TO AMENDMENT TO AMENDED AND RESTATED INVESTORS' RIGHTS AGREEMENT** 

------

IN WITNESS WHEREOF, the parties have executed this Amendment as of the date first written above.

**INVESTORS:** 

**LENDBUZZ GCP HOLDINGS LLC** 

---

| | |
|:---|:---|
| (Signing by means of power of attorney by and on behalf of the Gatewood Group stockholders listed below) | (Signing by means of power of attorney by and on behalf of the Gatewood Group stockholders listed below) |
| By: | /s/ Oren Monhite Yahav |
| Name: | Oren Monhite Yahav |
| Title: | Managing Member-Gatewood MM LLC |

---

<u>Gatewood Group Stockholders</u>:

Gatewood Capital Investors LLC

Asterias Resources Ltd.

Elmo Capital US LLC

Adi Livnat

Waverly Abby Gate Partners

Itshak Shaked Assets Ltd.

Shmuel Gal Dymant

Mol Ventures Ltd.

HWK21 LLC

Doron Livnat

Aguri Holdings & Investments Ltd.

Yair Seroussi

Ofer Dar

Amir Aviv

Lardan Consultants (2001) Ltd.

**SIGNATURE PAGE TO AMENDMENT TO AMENDED AND RESTATED INVESTORS' RIGHTS AGREEMENT**

## Exhibit 4.3

**Exhibit 4.3** 

**THIS WARRANT AND THE SECURITIES REPRESENTED BY THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), OR ANY APPLICABLE STATE SECURITIES LAWS, AND MAY NOT BE SOLD OFFERED FOR SALE, PLEDGED OR HYPOTHECATED UNLESS THERE IS AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT COVERING THIS WARRANT AND/OR SUCH SECURITIES, OR SUCH SALE, OFFER, PLEDGE OR HYPOTHECATION IS EXEMPT FROM THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS OF THE ACT AND OF THE QUALIFICATION REQUIREMENTS UNDER APPLICABLE STATE OR FOREIGN LAW.** 

**AMENDED AND RESTATED WARRANT TO PURCHASE STOCK OF** 

Lendbuzz Inc. (the "**Company**")

Date: July 11, 2023

11/7/2023 \| 09:47 PDT

**THIS CERTIFIES THAT**, for value received, the Holder is entitled to purchase Warrant Shares from the Company, at any time and from time to time during the Exercise Period, at the Exercise Price per each Warrant Share, for an aggregate purchase price equal to the Exercise Amount, all in accordance with the provisions contained herein.

This Warrant amends and restates in its entirety that certain Amended and Restated Warrant to purchase certain amount of Series B Preferred Stock issued by the Company to the Holder on September 15, 2022 (the "**Original Warrant**"). Upon the execution and delivery of this Warrant by the Company and the Holder, this Warrant shall supersede and replace the Original Warrant in all respects and the Original Warrant shall be cancelled, be null and void and have no force and effect.

1. **<u>Definitions</u>**.

As used herein the following defined terms shall have the meaning ascribed to them in this Section as follows:

"**Closing Date**" shall mean May 15, 2018.

"**Financing Agreement**" shall mean that certain Credit Agreement, dated May 15, 2018, by and between the Company and Viola Credit, as amended from time to time.

"**Exercise Amount**" shall mean US$865,500.

"**Holder"** shall mean Viola Credit and any such other third party to which this Warrant is assigned or transferred pursuant to its terms.

"**Interest Election Option**" means the election by the Holder, pursuant to the Financing Agreement, to increase the Interest Rate (as defined in the Financing Agreement).

"**IPO**" shall mean an initial public offering on the New York Stock Exchange, Nasdaq or other similarly recognized public exchange of the Company's securities.

"**M&A Transaction"** means (i) the consolidation of the Company with, or a merger with or into, any third party, following which the Company's stockholders immediately prior to such transaction, will own less than 50.1% of the surviving entity or the Company, as applicable, immediately following such transaction, or (ii) an acquisition, transfer or other disposition of all or substantially all of the Company's securities or assets.

------

"**Qualified Financing**" means the first bona fide equity transaction (consummated in one transaction or series of transactions involving the issuance of substantially the same class of shares) following the Closing Date with the principal purpose of raising capital, in which the aggregate gross amount of equity funds raised by the Company exceeds US$5,000,000 (excluding any amounts received upon the exercise of this Warrant or conversion of convertible securities outstanding at the Closing Date) (the "**Threshold"**). Such Threshold may be waived by the Holder, in its sole discretion, with respect to any equity transaction other than the currently contemplated SAFE transaction, provided that such transaction is consummated within four (4) months from the Closing Date and provided that an aggregate amount of up to US$2,500,000 is raised and transferred to the Company.

"**Warrant Shares**" means the most senior class or type of securities issued to the investors participating in the Qualified Financing, together with any applicable number warrants or other securities issued or granted to participants in the Qualified Financing. For the avoidance of doubt, the Warrant Shares shall have all rights, preferences, privileges and obligations that are attached to or that will be attached to the most senior class or type of securities issued to investors in the Qualified Financing, including liquidation preferences, registration rights, anti-dilution, pre-emptive rights and similar rights and protections, subject to any applicable holding thresholds and other conditions.

"**Viola Credit**" Viola Credit Alternative Lending SPV, Limited Partnership.

Capitalized terms not otherwise defined herein shall have the respective meaning ascribed to them in the Financing Agreement.

2. **<u>Number and Class</u> <u>of Warrant Shares; Exercise Price; Exercise Period</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Number of Warrant Shares</u>. The Holder shall be entitled to purchase, at the Exercise Price, up to such number of Warrant Shares as determined by dividing the Exercise Amount by the Exercise Price (as such term is defined below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Exercise Price</u>. The Exercise Price for each Warrant Share shall be a price per share reflecting a 20% discount to the lowest price per share paid for the most senior class of securities issued in the Qualified Financing (except for shares issued pursuant to the conversion of bridge loans, SAFEs or similar securities) (the "**Exercise Price**"), subject to adjustments as set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Exercise Period</u>. The Holder may exercise all or part of the Warrant on any Business Day, following the closing of the Qualified Financing and until the earlier of (i) nine years following the Closing Date, (ii) the consummation of an M&A Transaction, and (iii) the consummation of an IPO (the "**Exercise Period**"). This Warrant shall automatically expire and be of no further force and effect without any action by Holder immediately upon the expiration of the Exercise Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>No Lock-Up</u>. The Warrant Shares shall not be subject to any lock-up restrictions under any contract, plan or other arrangement.

3. **<u>Method</u> <u>of</u><u> </u><u>Exercise;</u><u> </u><u>Payment</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Mechanism of Exercise</u>. The Warrant may be exercised by the Holder, in whole or in part, at any time and from time to time during the Exercise Period, by surrendering this Warrant accompanied by a duly executed Notice of Exercise in the form attached hereto as **<u>Exhibit A</u>** (the "**Notice of Exercise**"), at the principal office of the Company. Subject to the provisions of Section 3(b) below, concurrently with the delivery of the Notice of Exercise, the Holder shall pay the Company the Exercise Price due with respect to each Warrant Share underlying the exercised portion of the Warrant, in cash, by wire transfer or certified, cashier's or other check or any other method approved in advance by the Company.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Cashless Exercise</u>. In lieu of payment of the Exercise Price to the Company, as set forth in Section 3(a) above, the Holder may exercise the Warrant, in whole or in part, into the number of Warrant Shares calculated pursuant to the following formula:

**X = <u>Y(A-B)</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **A** 

Where

**X** = the number of Warrant Shares to be issued to the Holder

**Y** = the number of Warrant Shares obtainable upon a cash payment of the amount for which the Holder desires to exercise the Warrant.

**A** = the Fair Market Value (as defined below) of one Warrant Share.

**B** = the then applicable Exercise Price

"**Fair Market Value**" of a Warrant Share shall be equal to (i) if this Warrant is exercised in connection with an M&A Transaction, the price per Warrant Share paid in such M&A Transaction, and (ii) if this Warrant is exercised in connection with the IPO, then the initial "Price to Public" specified in the final prospectus with respect to such offering, and (iii) and if the Fair Market Value of the Warrant Share cannot be determined in the manner set forth above in (i) or (ii) above, then such Fair Market Value shall be determined in good faith by the Company and the Holder or, if the Company and the Holder fail to reach an agreement, by the Company's board of directors, acting in good faith.

In the event that Holder determines to exercise the Warrant pursuant to this Section 3(b), Holder shall surrender this Warrant and deliver the Notice of Cashless Exercise in the form attached hereto as **<u>Exhibit B</u>** (the "**Notice of Cashless Exercise**"), duly completed and executed and indicating the gross number of Warrant Shares (i.e., the number of Warrant Shares that would have been delivered to the Holder had such exercise not been on a cashless basis) with respect to which the Warrant is being exercised, at the principal office of the Company (a "**Cashless Exercise**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Warrant Shares; Share Certificates; Partial Exercise</u>. By no later than five (5) Business Days following the delivery of the Notice of Exercise, or Notice of Cashless Exercise, as applicable, the surrender of the Warrant and, if not exercised on a net exercise basis, payment of the Exercise Price per each Warrant Share underlying the exercised portion of the Warrant, the Company shall issue and cause to be delivered to the Holder or to its assignee (a) an updated capitalization table of the Company reflecting the exercise of the Warrant and issuance of the Warrant Shares, (b) a certificate (the "**Warrant Share Certificate**") of the number of full Warrant Shares so purchased upon the exercise of the Warrant, together with cash in respect of any fractional Warrant Shares otherwise issuable upon such surrender. Such Warrant Share Certificate shall be deemed to have been issued to the Holder or its assignee as aforesaid and such person shall be deemed to have become a holder of record of the Warrant Shares as of the date of surrender of the Warrant being exercised and payment to the Company of the applicable Exercise Price per Warrant Share being exercised, notwithstanding that the Warrant Share Certificate representing such securities shall not actually have been delivered or that the stock transfer books of the Company shall then be closed.

Furthermore, unless this Warrant has been fully exercised, a new Warrant representing the unexercised portion of the Warrant shall also be issued to the Holder within such time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Conditional Exercise</u>. In the event that the Holder notifies the Company of its intention to exercise this Warrant (or any portion thereof) upon an M&A Transaction or an IPO, then the Holder shall be deemed to have conditioned such exercise upon the consummation of such M&A Transaction or IPO, as applicable.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Automatic Exercise</u>. Unless otherwise provided by the Holder in writing, this Warrant shall automatically be deemed to be exercised in full pursuant to the provisions of Section 3(b), without any further action on behalf of Holder, immediately prior to the expiration of the Exercise Period.

4. **<u>Taxes;</u><u> </u><u>Warrant</u> <u>Shares</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company undertakes to pay all fees and expenses of the Company, if any, attributable to the issuance of the Warrant Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Warrant is and the Warrant Shares issuable upon the exercise of the Warrant will, upon issuance in accordance with the provisions contained herein, be fully paid and non-assessable, and free from all taxes, liens and charges or any third party rights (including, but not limited to preemptive rights or similar rights of any stockholder of the Company and including taxes imposed on the Company in connection with the issuance thereof) and such issuance will not trigger any anti-dilution protection adjustments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) All tax consequences arising from the grant of this Warrant, including the exercise of the Warrant, or from the subsequent disposition of Warrant Shares covered by this Warrant (which are customarily borne by a holder of warrant or the shares underlying the warrant) shall be borne solely by the Holder, and the Holder will indemnify the Company and hold the Company harmless against and from any and all liability for any such tax or interest or penalty thereon.

5. **<u>Adjustments</u>**. The number of Warrant Shares purchasable upon the exercise of this Warrant and the Exercise Price set forth above shall be subject to adjustment, from time to time, upon the occurrence of certain events, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the event that the Company shall consolidate with or merge with or into another corporation (in which the Company is not the surviving company) or convey all or substantially all of its assets to another corporation or other entity, then, in each such case, the Holder, upon exercise of this Warrant, at any time after the consummation of such consolidation, merger, or conveyance, shall be entitled to receive, in lieu of the Warrant Shares, the shares or other securities or property to which the Holder would have been entitled upon the consummation of such consolidation, merger or conveyance if the Holder had effected the exercise of this Warrant, immediately prior thereto and received the Warrant Shares based on the conversion ratio determined in connection with such transaction, all subject to further adjustment as provided in this Section 5; and in each such case, the terms of this Section 5 shall be applicable to the shares or other securities or property receivable upon the exercise of this Warrant after the consummation of such consolidation, merger or conveyance. The arrangement set out in this Section 5(a) shall apply, mutatis mutandis, in the event of a split, combination, recapitalization or reclassification of Warrant Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If at any time after the Holder becomes a stockholder of the Company, if the Company pays a dividend payable in kind, or in additional securities or rights convertible into, or entitling a shareholder of the Company to receive directly or indirectly, additional securities (hereinafter referred to as the "**Non Cash Dividends**"), then the Holder, upon the exercise of this Warrant, at any time after the date the Company shall fix as the record date for the purpose of receiving such Non Cash Dividends, shall be entitled to receive, in addition to the Warrant Shares, the Non Cash Dividend to which the Holder would have been entitled upon the distribution of such Non Cash Dividends if the Holder had effected the exercise of this Warrant immediately prior to the date that the Company had fixed as the record date for the purpose of receiving such Non Cash Dividends and had held such Warrant Shares as of such date, all subject to further adjustments as provided in this Section.

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Without derogating from any provision of the Financing Agreement, if at any time following the Date of Grant and prior to the exercise of this Warrant the Company shall distribute any amount by way of (i) dividends, whether payable out of earnings or surplus legally available for dividends or as a dividend in liquidation or partial liquidation, or (ii) repurchase of any of its stockholders' equity, or (iii) repayment of any of its stockholders' convertible loans; in each such case, the Exercise Price shall be reduced (1) in the case of dividend distribution - by an amount equal to the cash amount of the per-share distribution on the record date fixed for the purpose of such distribution or repayment (or if no such record date is fixed, then on the date of such payment), and (2) in the case of repurchase of any of its stockholders' equity or repayment of any stockholders' loan—by the total amount paid or repaid, as applicable, to the stockholders in connection with such repurchase or on account of such loans, as applicable, divided by the total number of the Company's stock held by such stockholders immediately prior to such payment.

If the Company subdivides the outstanding Warrant Shares by reclassification or otherwise into a greater number of shares, the number of Warrant Shares purchasable hereunder shall be proportionately increased and the Exercise Price shall be proportionately decreased. If the outstanding Warrant Shares are combined or consolidated, by reclassification or otherwise, into a lesser number of stock, the Exercise Price shall be proportionately increased and the number of Warrant Shares shall be proportionately decreased.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon the occurrence of each adjustment or readjustment of the Exercise Price or class of Warrant Shares pursuant to the provisions contained herein, the Company, at its expense, shall promptly compute such adjustment or readjustment in accordance with the terms hereof and prepare and furnish to the Holder a certificate setting forth each adjustment or readjustment and showing in detail the facts upon which such adjustment or readjustment is based.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event of (i) any taking by the Company of a record of the holders of any class of securities for the purpose of determining the holders thereof who are entitled to receive any dividend (including a cash dividend) or other distribution, any right to subscribe for, purchase or otherwise acquire any shares of any class or any other securities or property, or to receive any other right or who are entitled to have their securities repurchased by the Company, (ii) effecting any reclassification or recapitalization of any of its securities, (iii) merging or consolidating with or into any other corporation, or selling, leasing, licensing, or conveying all or substantially all of its assets, or liquidating, dissolving or winding up the Company, (iv) effecting an M&A Event or an IPO, (v) offering holders of registration rights the opportunity to participate in an underwritten public offering of the Company's securities, or (vi) the voluntary or involuntary dissolution, liquidation or winding up of the Company, then, in connection with each such event, the Company shall give the Holder at least 20 Business Days prior written notice, specifying the date on which any such record is to be taken for the purpose of such dividend, repurchase, distribution or right, and the amount and character of such dividend, or the date for determining rights to vote, if any, in respect of the matters referred to in (ii) and (iii) above, or the date for participating in the registration or the date such event will take place, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) No fractional shares shall be issued upon the exercise of this Warrant, and the number of Warrant Shares to be issued shall be rounded to the nearest whole share (with cash being paid by the Company to the Holder for any unissued fractional shares).

6. **<u>Representations</u><u> </u><u>and</u><u> </u><u>Covenants</u><u> </u><u>of</u> <u>the</u><u> </u><u>Company</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company represents and covenants to the Holder that all corporate actions on the part of the Company, its officers, directors and shareholders necessary for the grant of the Warrant, the issuance of the Warrant Shares following the exercise of the Warrant pursuant and subject to the provisions herein or shares of Common Stock issuable following the conversion of the Warrant Shares, the execution of the Joinders (as defined below) by the Company and the Holder upon exercise of the Warrant, and the performance of the Company's obligations hereunder have been taken and are effective as of the date of the execution of this Warrant. The Company undertakes that all additional corporate actions on the part of the Company, its officers, directors and stockholders as may be required in connection with this Warrant and an adjustment pursuant hereto and/or the creation, sale and issuance of the stock following the exercise of the Warrant, will be taken as promptly as practicable.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company will not, by amendment of its organizational documents or through reorganization, recapitalization, consolidation, merger, dissolution, transfer of assets, issue or sale of securities or any other voluntary act, avoid or seek to avoid the observance or performance of any of the covenants, stipulations, conditions or terms to be observed or performed hereunder, but will at all times in good faith assist in the carrying out of all the provisions hereof and in taking of all such actions and making all such adjustments as may be necessary or appropriate in order to fulfill the provisions hereof.

7. **<u>Representations and Warranties of the Holder</u>**. The Holder represents and warrants to the Company as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Warrant and the Warrant Shares to be acquired upon exercise of this Warrant by Holder are being acquired for investment for Holder's account, not as a nominee or agent, and not with a view to the public resale or distribution within the meaning of the Act. Holder also represents that it has not been formed for the specific purpose of acquiring this Warrant or the Warrant Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Holder understands that the purchase of this Warrant and its underlying securities involves substantial risk. Holder has experience as an investor in securities of companies in the development stage and acknowledges that Holder can bear the economic risk of such Holder's investment in this Warrant and its underlying securities and has such knowledge and experience in financial or business matters that Holder is capable of evaluating the merits and risks of its investment in this Warrant and its underlying securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Holder's limited and general partners are all "accredited investors" within the meaning of Regulation D promulgated under the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Holder understands that this Warrant and the Warrant Shares issuable upon exercise hereof have not been registered under the Act in reliance upon a specific exemption therefrom, which exemption depends upon, among other things, the bona fide nature of the Holder's investment intent as expressed herein. Holder understands that this Warrant and the Warrant Shares issued upon any exercise hereof must be held indefinitely unless subsequently registered under the Act and qualified under applicable state securities laws, or unless exemption from such registration and qualification are otherwise available.

8. **<u>Appointment</u><u> </u><u>of</u><u> </u><u>Board</u><u> </u><u>Observer</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Holder shall have the right to appoint an observer to the Board of Directors of the Company and each of its subsidiaries, including any committees thereof, so long as any Obligations are outstanding under the Financing Agreement. For the avoidance of doubt, this provision shall survive the termination or expiration of this Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding the above, the Company shall have the right to exclude the Observer from portions of meetings of the Board of Directors or omit to provide the Observer with certain information or analysis if the Board reasonably determines in good faith that (a) the information or meeting involves competitors of the Holder, or would pose a conflict of interest between the Holder and the Company (it being clarified that discussions relating to adverse developments in the Company's business or financials shall not be deemed, in itself, a conflict of interest), or would reasonably be expected and determined to have an adverse effect on the Company or its business (including to jeopardize any potential transaction); (b) upon advice of counsel, such exclusion or omission is necessary to preserve an attorney-client privilege; or (c) such exclusion or omission is reasonably necessary to

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protect confidential proprietary information or trade secrets of the Company, or to fulfill the Company's obligations with respect to confidential or proprietary information of third parties. The foregoing exclusion and restriction on information that is otherwise required to be provided to the Observer pursuant to this Section shall also permit the Company to redact from minutes of the Company's board, shareholders or committee meetings and withhold from notices of meetings any reference and details to matters and documents, notices, deliberations and resolutions reasonably relating to any such matters or information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Holder shall treat all information it learns through its Observer as confidential. The Observer shall execute confidentiality undertakings in a form reasonably satisfactory to the Company, including without limitation the right of the Observer to share confidential information with the Holder.

9. **<u>Limited</u><u> </u><u>Rights</u><u> </u><u>as</u> <u>Stockholder.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Without derogating from any provision of Section 5 hereunder, the Holder shall not be entitled, as a Warrant holder, to vote or receive dividends or be deemed the holder of the Warrant Shares or any other securities of the Company which may at any time be issuable on the exercise of this Warrant for any purpose. Furthermore, other than expressly set forth in this Warrant, the Joinder or in the Company's incorporation or organizational documents, nothing contained herein shall be construed to confer upon the Holder, as such, any of the rights of a stockholder of the Company. Without limiting the Holder's rights hereunder, upon the exercise of this Warrant the Holder shall be entitled to all of the rights and privileges to which a holder of such class of Warrant Shares is entitled (including anti-dilution protection effected prior to the exercise, if any).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding the foregoing and without derogating from the provisions of the Financing Agreement and the Joinder, until the expiration of this Warrant the Holder shall be entitled to receive from the Company all information and documents (including financial statements) (if any) delivered by the Company to all of its stockholders at the same time as the Company distributes such information to such stockholders. In addition, upon written request from the Holder, the Company shall deliver to the Holder copies of its then current capitalization table (on a fully diluted basis) and organizational documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon the first exercise of the Warrant, the Holder shall execute a joinder to the Amended and Restated Investors' Rights Agreement, Amended and Restated Right of First Refusal, Amended and Restated Co-Sale Agreement, and Amended and Restated Voting Agreement, as may be amended and/or restated from time to time (the "**Joinders**"), and any other agreements or instruments as reasonably requested by the Company at such time and reasonably acceptable to the Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) As a condition to such issuance and delivery of the Warrant Shares, the Holder hereby provides to the Company's CEO with an executed irrevocable voting proxy to vote any Warrant Shares held by the Holder (the "**Proxy**"), provided that such proxy shall expire automatically once the Warrant Shares are no longer held by the Holder.

10. **<u>Loss, Theft, Destruction or Mutilation of Warrant</u>**. Upon receipt by the Company of evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation of any Warrant certificate, and in the case of loss, theft or destruction, of indemnity, or security reasonably satisfactory to it, and upon surrender and cancellation of such Warrant certificate, if mutilated, the Company will make and deliver a new Warrant certificate of like tenor and dated as of such cancellation, in lieu of such Warrant certificate.

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11. **<u>Notices</u>**. All notices and other communications required or permitted hereunder shall be in writing and shall be mailed by registered mail, postage prepaid, faxed or electronically mailed or delivered by hand to the following addresses:

If to the Company:

Lendbuzz Inc.

100 Summer St. Boston, MA 02110

Attn: Amitay Kalmar

Email: [\*\*\*]

copies to (which shall not constitute notice):

Shaked Cohen, Adv.

Email: ShakedC@gkh-law.com

If to the Holder:

c/o Viola Credit Five Management 2015 Ltd.

12 Abba Eben Blvd., Herzliya Israel

Attn: Ido Vigdor

Copies to (which shall not constitute notice):

Fischer (FBC& Co.)

146 Menachem Begin Rd., Tel Aviv, Israel

Attn: Adv. Liat Halperin (lhalperin@fbclawyers.com)

or to such other address with respect to a party as such party shall notify the other party in writing as above provided. Any notice sent in accordance with this Section shall be effective (i) if mailed by registered mail, three (3) Business Days after mailing, (ii) if sent via fax or electronic mail, upon transmission and electronic confirmation of receipt or—if transmitted and received on a non-business day—on the first business day following transmission and electronic confirmation of receipt, and (iii) if delivered by hand, upon delivery.

12. **<u>Governing Law; Forum for Dispute Resolution</u>**. Other than with respect to matters of corporate law, which shall be governed by Delaware law, this Warrant shall be governed by, and construed in accordance with, the laws of the internal law of the State of New York, without regard to the conflict of laws provisions thereof. Any dispute arising under or with respect to this Warrant shall be resolved exclusively in the appropriate State or Federal Court in the County of New York, State of New York for the purpose of any suit, action or other proceeding arising out of or based upon this Agreement. The parties hereto (a) agree not to commence any suit, action or other proceeding arising out of or based upon this Agreement except in the appropriate State or Federal Court in the County of New York, State of New York, and (b) hereby waive, and agree not to assert, by way of motion, as a defense, or otherwise, in any such suit, action or proceeding, any claim that it is not subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune from attachment or execution, that the suit, action or proceeding is brought in an inconvenient forum, that the venue of the suit, action or proceeding is improper or that this Agreement or the subject matter hereof may not be enforced in or by such court.

WAIVER OF JURY TRIAL: EACH PARTY HEREBY WAIVES ITS RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT, THE OTHER TRANSACTION DOCUMENTS, THE SECURITIES OR THE SUBJECT MATTER HEREOF OR THEREOF. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL-ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS TRANSACTION, INCLUDING, WITHOUT LIMITATION, CONTRACT CLAIMS, TORT CLAIMS (INCLUDING NEGLIGENCE), BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. THIS SECTION HAS BEEN FULLY DISCUSSED BY EACH OF THE PARTIES HERETO AND THESE PROVISIONS WILL NOT BE SUBJECT TO ANY EXCEPTIONS. EACH PARTY HERETO HEREBY FURTHER WARRANTS AND REPRESENTS THAT SUCH PARTY HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL, AND THAT SUCH PARTY KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL.

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13. **<u>Severability</u>**<u>.</u> If any provision of this Warrant is held by a court of competent jurisdiction to be unenforceable under applicable law, then such provision shall be excluded from this Warrant and the remainder of this Warrant shall be interpreted as if such provision were so excluded and shall be enforceable in accordance with its terms; provided, however, that in such event this Warrant shall be interpreted so as to give effect, to the greatest extent consistent with and permitted by applicable law, to the meaning and intention of the excluded provision as determined by such court of competent jurisdiction.

14. **<u>Counterparts</u>**. This Warrant may be executed in any number of counterparts, each of which shall be deemed an original and enforceable against the parties actually executing such counterpart, and all of which together shall constitute one and the same instrument.

15. **<u>Manner of Payment</u>**<u>.</u> Without derogating from the provisions of Section 3(b) above, all payments that are to be made pursuant to this Warrant shall be paid in US$.

16. **<u>Assignment; Successors</u>**. All the covenants and provisions of this Warrant by or for the benefit of the Company or the Holder shall bind and inure to the benefit of their respective successors and assigns. Each of the Company and the Holder shall not assign or transfer any of its rights or obligations hereunder absent the prior written consent of the other party, which consent shall not be unreasonably withheld. Anything herein to the contrary notwithstanding, the Holder may assign or transfer all of its rights and obligations under this Warrant, without the consent of the Company, (a) to any of its affiliates, (b) to any partners (including limited partners) of Holder, (c) to any partnership (including a limited partnership) managed by the same management partnership as the Holder, or an affiliate of the general partner of the management partnership of the Holder, or the managing general partner of the general or limited partnership in question (e.g. managed by general partners which are under similar control as the general partner of the Holder), (d) in connection with a secondary sale by the Holder of its holdings in more than one of its portfolio companies, and (e) to any assignee of Viola Credit's rights under the Financing Agreement and related documents.

17. **<u>Benefits of this Warrant</u>**. Nothing in this Warrant shall be construed to give to any person or corporation other than the Company and the Holder (and their respective successors and assignees) any legal or equitable right, remedy or claim under this Warrant. This Warrant shall be for the sole and exclusive benefit of the Company and the Holder.

18. **<u>Entire Agreement; Amendment and Waiver</u>**. This Warrant and the Exhibits and Schedules hereto (together with the Financing Agreement, to the extent applicable) constitute the full and entire understanding and agreement between the parties with regard to the subject matters hereof. All prior understandings and agreements among the parties are void and of no further effect, including, without limitation, the Original Warrant, as aforesaid in the preamble of this Warrant. Any term of this Warrant may be amended, waived, or discharged (either prospectively or retroactively, and either generally or in a particular instance), by a written instrument signed by the Company and the Holder.

[*Signature Page Follows*]

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WHEREAS, this Warrant Certificate is issued as of the date first written above.

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| | |
|:---|:---|
| /s/ Amitay Kalmar | /s/ Amitay Kalmar |
| **Lendbuzz Inc.** | **Lendbuzz Inc.** |
| By: Amitay Kalmar | By: Amitay Kalmar |
| Title: President and CEO | Title: President and CEO |
| **<u>Agreed and accepted</u>:** | **<u>Agreed and accepted</u>:** |
| **Viola Credit Alternative Lending SPV, Limited Partnership** | **Viola Credit Alternative Lending SPV, Limited Partnership** |
| **By: Viola Credit Five Management 2015, Ltd.,** as management Company | **By: Viola Credit Five Management 2015, Ltd.,** as management Company |
| By: | /s/ Ruthi Simha |
| Name: Ruthi Simha | Name: Ruthi Simha |
| Title: Founder & General Partner | Title: Founder & General Partner |
| By: | /s/ Ido Vigdor |
| Name: Ido Vigdor | Name: Ido Vigdor |
| Title: General Partner | Title: General Partner |

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**EXHIBIT A<u> </u>**

**<u>NOTICE OF EXERCISE</u>** 

**Lendbuzz Inc.** 

**<u>_</u>** 

**<u>_</u>** 

Attn:<u> </u>,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **[ ] [ ]**The undersigned hereby elects to purchase [*FILL IN NUMBER OF SHARES*] shares of [*FILL IN CLASS OF SHARES*] of Lendbuzz Inc., pursuant to the terms of the attached Warrant (the "**Warrant**"), and tenders herewith payment in full for the aggregate Exercise Price for such shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Please issue a certificate or certificates representing said Warrant Shares in the name of the below list of entities, and record same in the Company's internal share registry, as follows:<u> </u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. If the Warrant is not exercised in full, a new Warrant shall be registered for the balance of the Warrant Shares in the name of the undersigned Holder or its/his assignee as below indicated and delivered to the address stated below.

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| |
|:---|
| Very truly yours, |
| By: |
| Title: |

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**EXHIBIT B** 

**<u>NOTICE OF CASHLESS EXERCISE</u>**

**Lendbuzz Inc.** 

**_** 

**<u>_</u>** 

Attn: ,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The undersigned hereby elects to exercise its Cashless Exercise rights, with respect to [*FILL IN NUMBER OF SHARES*] shares of [*FILL IN CLASS OF SHARES*] of Lendbuzz Inc., pursuant to the terms of the attached Warrant (the "**Warrant**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Please issue a certificate or certificates representing said Warrant Shares in the name of the below list of entities, and record same in the Company's internal share registry, as follows:<u> </u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. If the Warrant is not exercised in full, a new Warrant shall be registered for the balance of the Warrant Shares in the name of the undersigned Holder or its/his assignee as below indicated and delivered to the address stated below.

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| |
|:---|
| Very truly yours, |
| By: |
| Title: |

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## Exhibit 10.1

**Exhibit 10.1** 

**LENDBUZZ INC.** 

**INDEMNIFICATION AGREEMENT** 

This Indemnification Agreement (this "**Agreement**"), made and entered into as of the ____ day of ______, 2025, by and between Lendbuzz Inc., a Delaware corporation (the "**Company**") and [•] ("**Indemnitee**").

W I T N E S S E T H:

WHEREAS, highly competent persons have become more reluctant to serve publicly-held corporations as directors, officers, or other capacities unless they are provided with adequate protection through insurance or adequate indemnification against risks of claims and actions against them arising out of their service to and activities on behalf of the corporation.

WHEREAS, the Board of Directors of the Company (the "**Board**") has determined that, in order to attract and retain qualified individuals, the Company will attempt to maintain on an ongoing basis, at its sole expense, liability insurance to protect persons serving the Company and its subsidiaries from certain liabilities. Although the furnishing of such insurance has been a customary and widespread practice among United States-based corporations and other business enterprises, the Company believes that, given current market conditions and trends, such insurance may be available to it in the future only at higher premiums and with more exclusions. At the same time, directors, officers, and other persons in service to corporations or business enterprises are being increasingly subjected to expensive and time-consuming litigation relating to, among other things, matters that traditionally would have been brought only against the Company or business enterprise itself.

WHEREAS, the Amended and Restated Certificate of Incorporation and the Amended and Restated Bylaws of the Company provide that the Company shall indemnify and advance expenses to all directors and officers of the Company in the manner set forth therein and to the fullest extent permitted by applicable law, and the Company's Amended and Restated Certificate of Incorporation provides for limitation of liability for directors and officers. In addition, Indemnitee may be entitled to indemnification pursuant to the General Corporation Law of the State of Delaware ("**DGCL**"). The Amended and Restated Certificate of Incorporation, the Amended and Restated Bylaws and the DGCL expressly provide that the indemnification provisions set forth therein are not exclusive, and thereby contemplate that contracts may be entered into between the Company and members of the board of directors, officers and other persons with respect to indemnification.

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WHEREAS, the uncertainties relating to such insurance and to indemnification have increased the difficulty of attracting and retaining such persons.

WHEREAS, the Board has determined that the increased difficulty in attracting and retaining such persons is detrimental to the best interests of the Company's stockholders and that the Company should act to assure such persons that there will be increased certainty of such protection in the future.

WHEREAS, the Board has determined that it is reasonable, prudent and necessary for the Company contractually to obligate itself to indemnify, and to advance expenses on behalf of, such persons to the fullest extent permitted by applicable law so that they will serve or continue to serve the Company free from undue concern that they will not be so indemnified.

WHEREAS, this Agreement is a supplement to and in furtherance of the Amended and Restated Certificate of Incorporation and Amended and Restated Bylaws of the Company and any resolutions adopted pursuant thereto and any liability insurance procured by the Company and shall not be deemed a substitute therefor, nor to diminish or abrogate any rights of Indemnitee thereunder.

WHEREAS, Indemnitee does not regard the protection available under the Company's Amended and Restated Certificate of Incorporation and Amended and Restated Bylaws and insurance as adequate in the present circumstances, and may not be willing to serve as an officer or director of the Company without adequate protection, and the Company desires Indemnitee to serve in such capacity. Indemnitee is willing to serve, continue to serve and to take on additional service for or on behalf of the Company on the condition that he or she be so indemnified.

NOW, THEREFORE, in consideration of the premises and the covenants contained herein, the Company and Indemnitee do hereby covenant and agree as follows:

ARTICLE 1

CERTAIN DEFINITIONS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As used in this Agreement:

"**Change of Control**" means any one of the following circumstances occurring after the date hereof: (i) there shall have occurred an event required to be reported with respect to the Company in response to Item 6(e) of Schedule 14A of Regulation 14A (or in response to any similar item or any similar schedule or form) under the Exchange Act, regardless of whether the Company is then subject to such reporting requirement; (ii) any "person" or "group" (as such terms are

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used in Sections 13(d) and 14(d) of the Exchange Act) shall have become, without prior approval of the Company's Board by approval of at least a majority of the Continuing Directors, the "beneficial owner" (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing 50% or more of the combined voting power of the Company's then issued and outstanding voting securities (provided that, for purposes of this clause (ii), the term "person" shall exclude (x) the Company, (y) any trustee or other fiduciary holding securities under an employee benefit plan of the Company, and (z) any corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of stock of the Company); (iii) there occurs a merger or consolidation of the Company with any other entity, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior to such merger or consolidation continuing to represent (either by remaining issued and outstanding or by being converted into voting securities of the surviving entity) more than 51% of the combined voting power of the voting securities of the surviving entity outstanding immediately after such merger or consolidation and with the power to elect at least a majority of the board of directors or other governing body of such surviving entity; (iv) all or substantially all the assets of the Company are sold or disposed of in a transaction or series of related transactions; (v) the approval by the stockholders of the Company of a complete liquidation of the Company; or (vi) the Continuing Directors cease for any reason to constitute at least a majority of the members of the Board.

"**Continuing Director**" means (i) each director on the Board on the date hereof or (ii) any new director whose election or nomination for election by the Company's stockholders was approved by a vote of at least a majority of the directors then still in office who were directors on the date hereof or whose election or nomination was so approved.

"**Corporate Status**" means the status of a person who is or was a director, officer, trustee, general partner, managing member, fiduciary, board of directors' committee member, employee or agent of the Company or of any other Enterprise.

"**Disinterested Director**" means a director of the Company who is not and was not a party to the Proceeding in respect of which indemnification is sought by Indemnitee.

"**Enterprise**" means the Company and any other corporation, limited liability company, partnership, joint venture, trust, employee benefit plan or other enterprise of which Indemnitee is or was serving at the request of the Company as a director, officer, trustee, general partner, managing member, fiduciary, board of directors' committee member, employee or agent.

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"**Exchange Act**" means the Securities Exchange Act of 1934, as amended.

"**Expenses**" means all direct and indirect costs (including attorneys' fees, retainers, court costs, transcripts, fees of experts, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, and all other disbursements or expenses) reasonably incurred in connection with (i) prosecuting, defending, preparing to prosecute or defend, investigating, being or preparing to be a witness in, or otherwise participating in, a Proceeding or (ii) establishing or enforcing a right to indemnification under this Agreement, the Company's Amended and Restated Certificate of Incorporation, Amended and Restated Bylaws, applicable law or otherwise. Expenses also shall include Expenses incurred in connection with any appeal resulting from any Proceeding, including the premium, security for, and other costs relating to any cost bond, supersedeas bond, or other appeal bond or its equivalent. For the avoidance of doubt, Expenses, however, shall not include any Liabilities.

"**Independent Counsel**" means a law firm, or a member of a law firm, that is experienced in matters of corporate law and neither currently is, nor in the five years previous to its selection or appointment has been, retained to represent (i) the Company or Indemnitee in any matter material to either such party (other than with respect to matters concerning Indemnitee under this Agreement or of other indemnitees under similar indemnification agreements) or (ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term "Independent Counsel" shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee's rights under this Agreement.

"**Liabilities**" means any losses or liabilities, including any judgments, fines, excise taxes and penalties, penalties and amounts paid in settlement, arising out of or in connection with any Proceeding (including all interest, assessments and other charges paid or payable in connection with or in respect of any such judgments, fines, excise taxes and penalties, penalties or amounts paid in settlement).

"**Proceeding**" means any threatened, pending or completed action, derivative action, suit, claim, counterclaim, cross claim, arbitration, alternate dispute resolution mechanism, investigation, inquiry, administrative hearing or any other actual, threatened or completed proceeding, whether civil (including intentional and unintentional tort claims), criminal, administrative or investigative, including any appeal therefrom, and whether instituted by or on behalf of the Company or any other party, or any inquiry or investigation that Indemnitee in good faith believes might lead to the institution of any such action, suit or other proceeding hereinabove listed in which Indemnitee was, is or will be involved as a party, potential party, non-party witness or otherwise by reason of any Corporate Status of Indemnitee, or by reason of any action taken (or failure to act) by him or her or of any action (or failure to act) on his or her part while serving in any Corporate Status.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For the purposes of this Agreement:

References to "Company" shall include, in addition to the resulting or surviving corporation, any constituent corporation (including any constituent of a constituent) absorbed in a consolidation or merger which, if its separate existence had continued, would have had power and authority to indemnify its directors, officers, employees or agents, so that if Indemnitee is or was a director, officer, employee, or agent of such constituent corporation or is or was serving at the request of such constituent corporation as a director, officer, employee, or agent of another corporation, partnership, joint venture, trust or other enterprise, then Indemnitee shall stand in the same position under the provisions of this Agreement with respect to the resulting or surviving corporation as Indemnitee would have with respect to such constituent corporation if its separate existence had continued.

Reference to "other enterprise" shall include employee benefit plans; references to "fines" shall include any excise tax assessed with respect to any employee benefit plan; references to "serving at the request of the Company" shall include any service as a director, officer, employee or agent of the Company which imposes duties on, or involves services by, such director, officer, employee or agent with respect to an employee benefit plan, its participants or beneficiaries; and a person who acted in good faith and in a manner he reasonably believed to be in the best interests of the participants and beneficiaries of an employee benefit plan shall be deemed to have acted in a manner "not opposed to the best interests of the Company" as referred to in this Agreement.

Reference to "including" shall mean "including, without limitation," regardless of whether the words "without limitation" actually appear, references to the words "herein," "hereof" and "hereunder" and other words of similar import shall refer to this Agreement as a whole and not to any particular paragraph, subparagraph, section, subsection or other subdivision.

ARTICLE 2

SERVICES BY INDEMNITEE

Section 2.01 *. Services By Indemnitee.* Indemnitee hereby agrees to serve or continue to serve, at the will of the Company, as a director, officer or key employee of the Company, for so long as Indemnitee is duly elected or appointed or until Indemnitee tenders his or her resignation or is removed.

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ARTICLE 3

INDEMNIFICATION

Section 3.01 *. General.* (a) The Company hereby agrees to and shall indemnify Indemnitee and hold Indemnitee harmless from and against any and all Expenses and Liabilities, in either case, actually and reasonably incurred by Indemnitee or on Indemnitee's behalf by reason of Indemnitee's Corporate Status, to the fullest extent permitted by applicable law. The Company's indemnification obligations set forth in this Section 3.01 shall apply (i) in respect of Indemnitee's past, present and future service in any Corporate Status and (ii) regardless of whether Indemnitee is serving in any Corporate Status at the time any such Expense or Liability is incurred.

For purposes of this Agreement, the meaning of the phrase "to the fullest extent permitted by applicable law" shall include, but not be limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to the fullest extent permitted by any provision of the DGCL, or the corresponding provision of any successor statute, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to the fullest extent authorized or permitted by any amendments to or replacements of the DGCL adopted after the date of this Agreement that increase the extent to which a corporation may indemnify its officers and directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Witness Expenses*. Notwithstanding any other provision of this Agreement, to the extent that Indemnitee is, by reason of his or her Corporate Status, a witness in any Proceeding to which Indemnitee is not a party, he or she shall be indemnified against all Expenses actually and reasonably incurred by Indemnitee or on his or her behalf in connection therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Expenses as a Party Where Wholly or Partly Successful*. Notwithstanding any other provisions of this Agreement, to the fullest extent permitted by applicable law, to the extent that Indemnitee is a party to (or a participant in) and is successful, on the merits or otherwise, in any Proceeding or in defense of any claim, issue or matter therein, in whole or in part, the Company shall indemnify Indemnitee against all Expenses actually and reasonably incurred by him or her in connection therewith. If Indemnitee is not wholly successful in such Proceeding, but is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, the Company shall, to the fullest extent permitted by applicable law, indemnify Indemnitee against all Expenses actually and reasonably incurred by Indemnitee or on his or her behalf in connection with each successfully resolved claim, issue or matter. For purposes of this Section and without limitation, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim, issue or matter.

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Section 3.02 *. Exclusions.* Notwithstanding any provision of this Agreement and unless Indemnitee ultimately is successful on the merits with respect to any such claim, the Company shall not be obligated under this Agreement to make any indemnity in connection with any claim made against Indemnitee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) for (i) an accounting of profits made from the purchase and sale (or sale and purchase) by Indemnitee of securities of the Company within the meaning of Section 16(b) of the Exchange Act or similar provisions of state statutory law or common law or (ii) any reimbursement of the Company by Indemnitee of any bonus or other incentive-based or equity-based compensation or of any profits realized by Indemnitee from the sale of securities of the Company, as required in each case under the Exchange Act (including any such reimbursements that arise from an accounting restatement of the Company pursuant to Section 304 of the Sarbanes-Oxley Act of 2002 (the "**Sarbanes-Oxley Act**"), or the payment to the Company of profits arising from the purchase and sale by Indemnitee of securities in violation of Section 306 of the Sarbanes-Oxley Act); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) except as otherwise provided in Sections 6.01(e), prior to a Change of Control, in connection with any Proceeding (or any part of any Proceeding) initiated by Indemnitee (other than any cross claim or counterclaim asserted by the Indemnitee), including any Proceeding (or any part of any Proceeding) initiated by Indemnitee against the Company or its directors, officers, employees or other indemnitees, unless (i) the Board authorized the Proceeding (or any part of any Proceeding) prior to its initiation or (ii) the Company provides the indemnification, in its sole discretion, pursuant to the powers vested in the Company under applicable law.

ARTICLE 4

ADVANCEMENT OF EXPENSES; DEFENSE OF CLAIMS

Section 4.01 *. Advances.* Notwithstanding any provision of this Agreement to the contrary, the Company shall advance any Expenses actually and reasonably incurred by Indemnitee in connection with any Proceeding within ten (10) days after the receipt by the Company of each statement requesting such advance from time to time, whether prior to or after final disposition of any Proceeding. Advances shall be unsecured and interest free. Advances shall be made without regard to Indemnitee's ability to repay such amounts and without regard to Indemnitee's ultimate entitlement to indemnification under the other provisions of this Agreement. Advances shall include any and all reasonable Expenses incurred pursuing an action to enforce this right of advancement, including Expenses incurred preparing and forwarding statements to the Company to support the advances claimed.

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Section 4.02 *. Repayment of Advances or Other Expenses.* Indemnitee agrees that Indemnitee shall reimburse the Company for all Expenses advanced by the Company pursuant to Section 4.01, in the event and only to the extent that it shall be determined by final judgment or other final adjudication under the provisions of any applicable law (as to which all rights of appeal therefrom have been exhausted or lapsed) that Indemnitee is not entitled to be indemnified by the Company for such Expenses.

Section 4.03 *. Defense of Claims.* The Company shall be entitled to assume the defense of any Proceeding with counsel consented to by Indemnitee (such consent not to be unreasonably withheld) upon the delivery by the Company to Indemnitee of written notice of the Company's election to do so. After delivery of such notice, consent to such counsel by Indemnitee and the retention of such counsel by the Company, the Company will not be liable to Indemnitee under this Agreement for any fees or expenses of counsel subsequently incurred by Indemnitee with respect to such Proceeding; *provided* that (i) Indemnitee shall have the right to employ separate counsel in respect of any Proceeding at Indemnitee's expense and (ii) if (A) the employment of counsel by Indemnitee has been previously authorized in writing by the Company or (B) Indemnitee shall have reasonably concluded upon the advice of counsel that there is a conflict of interest between the Company and Indemnitee in the conduct of the defense of such Proceeding, then in each such case the fees and expenses of Indemnitee's counsel shall be at the Company's expense. The Company shall not settle any action, claim or Proceeding (in whole or in part) which would impose any Expense, judgment, fine, penalty or limitation on Indemnitee without Indemnitee's prior written consent, such consent not to be unreasonably withheld. Indemnitee shall not settle any action, claim or Proceeding (in whole or in part) which would impose any Expense, judgment, fine, penalty or limitation on the Company without the Company's prior written consent, such consent not to be unreasonably withheld.

ARTICLE 5

PROCEDURES FOR NOTIFICATION OF AND DETERMINATION OF ENTITLEMENT TO

INDEMNIFICATION

Section 5.01 *. Notification; Request For Indemnification.* (a) As soon as reasonably practicable after receipt by Indemnitee of written notice that he or she is a party to or a participant (as a witness or otherwise) in any Proceeding or of any other matter in respect of which Indemnitee intends to seek indemnification or advancement of Expenses hereunder, Indemnitee shall provide to the Company written notice thereof, including the nature of and the facts underlying the Proceeding. The omission by Indemnitee to so notify the Company will not relieve the Company from any liability which it may have to Indemnitee hereunder or otherwise.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To obtain indemnification under this Agreement, Indemnitee shall deliver to the Company a written request for indemnification, including therewith such information as is reasonably available to Indemnitee and reasonably necessary to determine Indemnitee's entitlement to indemnification hereunder. Such request(s) may be delivered from time to time and at such time(s) as Indemnitee deems appropriate in his or her sole discretion. Indemnitee's entitlement to indemnification shall be determined according to Section 5.02 of this Agreement and applicable law.

Section 5.02 *. Determination of Entitlement.* (a) Where there has been a written request by Indemnitee for indemnification pursuant to Section 5.01(b), then as soon as is reasonably practicable (but in any event not later than 60 days) after final disposition of the relevant Proceeding, a determination, if required by applicable law, with respect to Indemnitee's entitlement thereto shall be made in the specific case: (i) if a Change of Control shall not have occurred, (A) by a majority vote of the Disinterested Directors, even though less than a quorum of the Board, (B) by a committee of Disinterested Directors designated by a majority vote of the Disinterested Directors, even though less than a quorum of the Board, (C) if there are no such Disinterested Directors or, if such Disinterested Directors so direct, by Independent Counsel in a written opinion to the Board, a copy of which shall be delivered to Indemnitee; or (ii) if a Change of Control shall have occurred, by Independent Counsel in a written opinion to the Board, a copy of which shall be delivered to Indemnitee. If it is so determined that Indemnitee is entitled to indemnification, payment to Indemnitee shall be made within ten (10) days after such determination. Indemnitee shall reasonably cooperate with the person, persons or entity making such determination with respect to Indemnitee's entitlement to indemnification, including providing to such person, persons or entity upon reasonable advance request any documentation or information which is not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary to such determination. Any costs or expenses (including attorneys' fees and disbursements) actually and reasonably incurred by Indemnitee in so cooperating with the person, persons or entity making such determination shall be borne by the Company (irrespective of the determination as to Indemnitee's entitlement to indemnification).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If entitlement to indemnification is to be determined by Independent Counsel pursuant to Section 5.02(a)(ii), such Independent Counsel shall be selected by Indemnitee, and Indemnitee shall give written notice to the Company advising it of the identity of the Independent Counsel so selected. If entitlement to indemnification is to be determined by Independent Counsel pursuant to Section 5.02(a)(i)(C) (or if Indemnitee requests that such selection be made by the Board), such Independent Counsel shall be selected by the Company in which

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case the Company shall give written notice to Indemnitee advising him or her of the identity of the Independent Counsel so selected. In either event, Indemnitee or the Company, as the case may be, may, within 10 days after such written notice of selection shall have been received, deliver to the Company or to Indemnitee, as the case may be, a written objection to such selection; provided, however, that such objection may be asserted only on the ground that the Independent Counsel so selected does not meet the requirements of "Independent Counsel" as defined in Section 1 of this Agreement, and the objection shall set forth with particularity the factual basis of such assertion. Absent a proper and timely objection, the person so selected shall act as Independent Counsel. If such written objection is so made and substantiated, the Independent Counsel so selected may not serve as Independent Counsel unless and until such objection is withdrawn or a court of competent jurisdiction has determined that such objection is without merit. If, within 20 days after the later of submission by Indemnitee of a written request for indemnification pursuant to Section 5.01(b) hereof and the final disposition of the Proceeding, no Independent Counsel shall have been selected and not objected to, either the Company or Indemnitee may petition a court of competent jurisdiction for resolution of any objection which shall have been made by the Company or Indemnitee to the other's selection of Independent Counsel and/or for the appointment as Independent Counsel of a person selected by the court or by such other person as the court shall designate, and the person with respect to whom all objections are so resolved or the person so appointed shall act as Independent Counsel under Section 5.02(a) hereof. Upon the due commencement of any judicial proceeding or arbitration pursuant to Section 6.01(a) of this Agreement, the Independent Counsel shall be discharged and relieved of any further responsibility in such capacity (subject to the applicable standards of professional conduct then prevailing).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company agrees to pay the reasonable fees and expenses of any Independent Counsel serving under this Agreement.

Section 5.03 *. Presumptions and Burdens of Proof; Effect of Certain Proceedings.* (a) In making any determination with respect to entitlement to indemnification hereunder, the person or persons or entity making such determination shall, to the fullest extent not prohibited by law, presume that Indemnitee is entitled to indemnification under this Agreement if Indemnitee has submitted a request for indemnification in accordance with Section 5.01(b) of this Agreement, and the Company shall, to the fullest extent not prohibited by law, have the burden of proof to overcome that presumption in connection with the making by any person, persons or entity of any determination contrary to that presumption. Neither the failure of any person, persons or entity to have made a determination prior to the commencement of any action pursuant to this Agreement that indemnification is proper in the circumstances because Indemnitee has met the applicable standard of conduct, nor an actual determination by any person, persons or entity that Indemnitee has not met such applicable standard of conduct, shall be a defense to the action or create a presumption that Indemnitee has not met the applicable standard of conduct.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the person, persons or entity empowered or selected under Section 5.02 of this Agreement to determine whether Indemnitee is entitled to indemnification shall not have made a determination within the sixty (60) day period referred to in Section 5.02(a), the requisite determination of entitlement to indemnification shall, to the fullest extent not prohibited by law, be deemed to have been made and Indemnitee shall be entitled to such indemnification, absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee's statement not materially misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification under applicable law; *provided*, however, that such 60-day period may be extended for a reasonable time, not to exceed an additional thirty (30) days, if the person, persons or entity making the determination with respect to entitlement to indemnification in good faith requires such additional time for the obtaining or evaluating of documentation and/or information relating thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction, or upon a plea of nolo contendere or its equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself adversely affect the right of Indemnitee to indemnification or create a presumption that Indemnitee did not act in good faith and in a manner which he reasonably believed to be in or not opposed to the best interests of the Company or, with respect to any criminal Proceeding, that Indemnitee had reasonable cause to believe that his or her conduct was unlawful.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) For purposes of any determination of good faith, Indemnitee shall be deemed to have acted in good faith if Indemnitee's action is in good faith reliance on the records or books of account of any Enterprise, including financial statements, or on information supplied to Indemnitee by the officers of such Enterprise in the course of their duties, or on the advice of legal counsel for such Enterprise or on information or records given or reports made to such Enterprise by an independent certified public accountant or by an appraiser or other expert selected by such Enterprise. The provisions of this Section 5.03(d) shall not be deemed to be exclusive or to limit in any way the other circumstances in which Indemnitee may be deemed or found to have met the applicable standard of conduct set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The knowledge and/or actions, or failure to act, of any other director, trustee, partner, managing member, fiduciary, officer, agent or employee of any Enterprise shall not be imputed to Indemnitee for purposes of determining any right to indemnification under this Agreement.

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ARTICLE 6

REMEDIES OF INDEMNITEE

Section 6.01. *Adjudication or Arbitration*. (a) In the event of any dispute between Indemnitee and the Company hereunder as to entitlement to indemnification or advancement of Expenses (including where (i) a determination is made pursuant to Section 5.02 of this Agreement that Indemnitee is not entitled to indemnification under this Agreement, (ii) advancement of Expenses is not timely made pursuant to Section 4.01 of this Agreement, (iii) payment of indemnification pursuant to Section 3.01 of this Agreement is not made within ten (10) days after a determination has been made that Indemnitee is entitled to indemnification, (iv) no determination as to entitlement to indemnification is timely made pursuant to Section 5.02 of this Agreement and no payment of indemnification is made within ten (10) days after entitlement is deemed to have been determined pursuant to Section 5.03(b) or (v) a contribution payment is not made in a timely manner pursuant to Section 8.04 of this Agreement), then Indemnitee shall be entitled to an adjudication by a court of his or her entitlement to such indemnification, contribution or advancement. Alternatively, in such case, Indemnitee, at his or her option, may seek an award in arbitration to be conducted by a single arbitrator pursuant to the Commercial Arbitration Rules of the American Arbitration Association. The Company shall not oppose Indemnitee's right to seek any such adjudication or award in arbitration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event that a determination shall have been made pursuant to Section 5.02(a) of this Agreement that Indemnitee is not entitled to indemnification, any judicial proceeding or arbitration commenced pursuant to this Section 6.01 shall be conducted in all respects as a *de novo* trial, or arbitration, on the merits, and Indemnitee shall not be prejudiced by reason of that adverse determination. In any judicial proceeding or arbitration commenced pursuant to this Section 6.01 the Company shall have the burden of proving Indemnitee is not entitled to indemnification or advancement of Expenses, as the case may be, and the Company may not refer to or introduce into evidence any determination pursuant to Section 5.02(a) of this Agreement adverse to Indemnitee for any purpose. If Indemnitee commences a judicial proceeding or arbitration pursuant to this Section 6.01, Indemnitee shall not be required to reimburse the Company for any advances pursuant to Section 4.02 until a final determination is made with respect to Indemnitee's entitlement to indemnification (as to which all rights of appeal have been exhausted or lapsed).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If a determination shall have been made pursuant to Section 5.02(a) of this Agreement that Indemnitee is entitled to indemnification, the Company shall be bound by such determination in any judicial proceeding or arbitration commenced pursuant to this Section 6.01, absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee's statement not materially misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification under applicable law.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Company shall be precluded from asserting in any judicial proceeding or arbitration commenced pursuant to this Section 6.01 that the procedures and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court or before any such arbitrator that the Company is bound by all the provisions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Company shall indemnify Indemnitee to the fullest extent permitted by law against all Expenses and, if requested by Indemnitee, shall (within ten (10) days after the Company's receipt of such written request) advance such Expenses to Indemnitee, which are reasonably incurred by Indemnitee in connection with any judicial proceeding or arbitration brought by Indemnitee for (i) indemnification or advances of Expenses by the Company (or otherwise for the enforcement, interpretation or defense of his or her rights) under this Agreement or any other agreement, including any other indemnification, contribution or advancement agreement, or any provision of the Company's Amended and Restated Certificate of Incorporation or Amended and Restated Bylaws now or hereafter in effect or (ii) recovery or advances under any insurance policy or policies providing liability insurance for directors, managers, officers, employees, or agents or fiduciaries of the Company or of any other limited liability company, corporation, partnership, joint venture, trust, employee benefit plan or other enterprise that such person serves at the request of the Company, regardless of whether Indemnitee ultimately is determined to be entitled to such indemnification, contribution, advancement or insurance recovery, as the case may be.

ARTICLE 7

LIABILITY INSURANCE

Section 7.01 *. Liability Insurance.* To the extent that the Company maintains an insurance policy or policies providing liability insurance for directors, managers, officers, employees, or agents or fiduciaries of the Company or of any other limited liability company, corporation, partnership, joint venture, trust, employee benefit plan or other enterprise that such person serves at the request of the Company, Indemnitee shall be covered by such policy or policies in accordance with its or their terms to the maximum extent of the coverage available for any director, officer, employee, agent or fiduciary under such policy or policies. If, at the time of the receipt of a notice of a claim pursuant to the terms hereof, the Company has such liability insurance in effect, the Company shall give prompt notice of the commencement of such proceeding to the insurers in accordance with the procedures set forth in the respective policies. The Company shall thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of Indemnitee, all amounts payable as a result of such proceeding in accordance with the terms of such policies.

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ARTICLE 8

MISCELLANEOUS

Section 8.01 *. Nonexclusivity of Rights.* The rights of indemnification, contribution and advancement of Expenses as provided by this Agreement shall not be deemed exclusive of any other rights to which Indemnitee may at any time be entitled to under applicable law, the Company's Amended and Restated Certificate of Incorporation, the Company's Amended and Restated Bylaws, any agreement, a vote of stockholders or a resolution of directors, or otherwise. No right or remedy herein conferred is intended to be exclusive of any other right or remedy, and every other right and remedy shall be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other right or remedy.

Section 8.02 *. Insurance and Subrogation.* (a) If, at the time the Company receives notice of a claim hereunder, the Company has such liability insurance as described in Section 7.01 in effect, the Company shall give prompt notice of such Proceeding to the insurers in accordance with the procedures set forth in the respective policies. The Company shall thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of Indemnitee, all amounts payable as a result of such Proceeding in accordance with the terms of such policies. The failure or refusal of any such insurer to pay any such amount shall not affect or impair the obligations of the Company under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event of any payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee, who shall execute all papers required and take all action necessary to secure such rights, including execution of such documents as are necessary to enable the Company to bring suit to enforce such rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable (or for which advancement is provided) hereunder if and to the extent that Indemnitee has actually received such payment under any insurance policy or other indemnity provision.

Section 8.03 The Company's obligation to indemnify or advance Expenses hereunder to Indemnitee who is or was serving at the request of the Company as a director, officer, trustee, partner, managing member, fiduciary, board of directors' committee member, employee or agent of any other Enterprise shall be reduced by any amount Indemnitee has actually received as indemnification or advancement of Expenses from such Enterprise.

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Section 8.04 *. Contribution.* To the fullest extent permissible under applicable law, if the indemnification provided for in this Agreement is unavailable to Indemnitee for any reason whatsoever, the Company, in lieu of indemnifying Indemnitee, shall contribute to the amount incurred by Indemnitee, whether for judgments, fines, penalties, excise taxes, amounts paid or to be paid in settlement and/or for Expenses, in connection with any claim relating to an indemnifiable event under this Agreement, in such proportion as is deemed fair and reasonable in light of all of the circumstances of such Proceeding in order to reflect (i) the relative benefits received by the Company and Indemnitee as a result of the event(s) and/or transaction(s) giving rise to such Proceeding; and/or (ii) the relative fault of the Company (and its directors, officers, employees and agents) and Indemnitee in connection with such event(s) and/or transaction(s).

Section 8.05 *. Amendment.* This Agreement may not be modified or amended except by a written instrument executed by or on behalf of each of the parties hereto. No amendment, alteration or repeal of this Agreement or of any provision hereof shall limit, restrict or reduce any right of Indemnitee under this Agreement in respect of any act or omission, or any event occurring, prior to such amendment, alteration or repeal. To the extent that a change in applicable law, whether by statute or judicial decision, (i) permits greater indemnification, contribution or advancement of Expenses than would be afforded currently under the Company's Amended and Restated Certificate of Incorporation, Amended and Restated Bylaws and this Agreement, it is the intent of the parties hereto that Indemnitee shall enjoy by this Agreement the greater benefits so afforded by such change or (ii) limits rights with respect to indemnification, contribution or advancement of Expenses, it is the intent of the parties hereto that the rights with respect to indemnification, contribution or advancement of Expenses in effect prior to such change shall remain in full force and effect to the extent permitted by applicable law.

Section 8.06 *. Waivers.* The observance of any term of this Agreement may be waived (either generally or in a particular instance and either retroactively or prospectively) by the party entitled to enforce such term only by a writing signed by the party against which such waiver is to be asserted. Unless otherwise expressly provided herein, no delay on the part of any party hereto in exercising any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any waiver on the part of any party hereto of any right, power or privilege hereunder operate as a waiver of any other right, power or privilege hereunder nor shall any single or partial exercise of any right, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, power or privilege hereunder.

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Section 8.07 *. Entire Agreement.* This Agreement and the documents referred to herein constitute the entire agreement between the parties hereto with respect to the matters covered hereby, and any other prior or contemporaneous oral or written understandings or agreements with respect to the matters covered hereby are superseded by this Agreement, provided that this Agreement is a supplement to and in furtherance of the Amended and Restated Certificate of Incorporation and Amended and Restated Bylaws of the Company and applicable law, and shall not be deemed a substitute therefor, nor to diminish or abrogate any rights of Indemnitee thereunder.

Section 8.08 *. Severability.* If any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever: (a) the validity, legality and enforceability of the remaining provisions of this Agreement (including each portion of any Section of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby and shall remain enforceable to the fullest extent permitted by law; (b) such provision or provisions shall be deemed reformed to the extent necessary to conform to applicable law and to give the maximum effect to the intent of the parties hereto; and (c) to the fullest extent possible, the provisions of this Agreement (including each portion of any Section of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested thereby.

Section 8.09 *. Notices.* All notices, requests, demands and other communications under this Agreement shall be in writing (which may be by facsimile transmission). All such notices, requests and other communications shall be deemed received on the date of receipt by the recipient thereof if received prior to 5:00 p.m. in the place of receipt and such day is a business day in the place of receipt. Otherwise, any such notice, request or communication shall be deemed not to have been received until the next succeeding business day in the place of receipt. The address for notice to a party is as shown on the signature page of this Agreement, or such other address as any party shall have given by written notice to the other party as provided above.

Section 8.10 *. Binding Effect.* (a) The Company expressly confirms and agrees that it has entered into this Agreement and assumed the obligations imposed on it hereby in order to induce Indemnitee to serve as a director or officer of the Company, and the Company acknowledges that Indemnitee is relying upon this Agreement in serving as a director or officer of the Company.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties hereto and their respective successors, assigns, including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business and/or assets of the Company, spouses, heirs, and executors, administrators, personal and legal representatives. The Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all or substantially all, or a substantial part of the business or assets of the Company, by written agreement in form and substance satisfactory to Indemnitee, expressly to assume and agree to perform this Agreement in the manner and to the same extent that the Company would be required to perform if no such succession had taken place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The indemnification, contribution and advancement of Expenses provided by, or granted pursuant to this Agreement shall continue as to a person who has ceased to be a director or officer and shall inure to the benefit of the heirs, executors, administrators, legatees and assigns of such a person.

Section 8.11 *. Governing Law.* This Agreement and the legal relations among the parties shall be governed by, and construed and enforced in accordance with, the laws of the State of Delaware, without regard to its conflict of laws rules.

Section 8.12 *. Consent To Jurisdiction.* Except with respect to any arbitration commenced by Indemnitee pursuant to Section 6.01(a) of this Agreement, the Company and Indemnitee hereby irrevocably and unconditionally (i) agree that any action or proceeding arising out of or in connection with this Agreement shall be brought only in the Chancery Court of the State of Delaware (the "**Delaware Court**"), and not in any other state or federal court in the United States of America or any court in any other country, (ii) consent to submit to the exclusive jurisdiction of the Delaware Court for purposes of any action or proceeding arising out of or in connection with this Agreement, (iii) waive any objection to the laying of venue of any such action or proceeding in the Delaware Court, and (iv) waive, and agree not to plead or to make, any claim that any such action or proceeding brought in the Delaware Court has been brought in an improper or inconvenient forum.

Section 8.13 *. Headings.* The Article and Section headings in this Agreement are for convenience of reference only, and shall not be deemed to alter or affect the meaning or interpretation of any provisions hereof.

Section 8.14 *. Counterparts.* This Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original but all of which together shall constitute one and the same Agreement. Only one such counterpart signed by the party against whom enforceability is sought needs to be produced to evidence the existence of this Agreement.

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Section 8.15 *. Use of Certain Terms.* As used in this Agreement, the words "herein," "hereof," and "hereunder" and other words of similar import refer to this Agreement as a whole and not to any particular paragraph, subparagraph, section, subsection, or other subdivision. Whenever the context may require, any pronoun used in this Agreement shall include the corresponding masculine, feminine or neuter forms, and the singular form of nouns, pronouns and verbs shall include the plural and vice versa.

[*signature page follows*]

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IN WITNESS WHEREOF, this Agreement has been duly executed and delivered to be effective as of the date first above written.

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| | |
|:---|:---|
| LENDBUZZ INC. | LENDBUZZ INC. |
| By: |  |
|  | Name: |
|  | Title: |
| <br> Address:<br> Facsimile:<br> Attention:<br>With a copy to:<br>Address:<br> Facsimile:<br> Attention: | <br> Address:<br> Facsimile:<br> Attention:<br>With a copy to:<br>Address:<br> Facsimile:<br> Attention: |
| [INDEMNITEE NAME] | [INDEMNITEE NAME] |
| <br>Address:<br> Facsimile:<br>With a copy to:<br>Address:<br> Facsimile:<br> Attention: | <br>Address:<br> Facsimile:<br>With a copy to:<br>Address:<br> Facsimile:<br> Attention: |

---

## Exhibit 10.2

**Exhibit 10.2** 

**LENDBUZZ INC.** 

**2019 EQUITY INCENTIVE PLAN** 

**1.**  **<u>PURPOSE</u>.** 

The purpose of this Plan is to provide incentives to attract, retain and motivate eligible persons whose present and potential contributions are important to the success of the Company, and any Parents, Subsidiaries and Affiliates that exist now or in the future, by offering them an opportunity to participate in the Company's future performance through the grant of Awards. Capitalized terms not defined elsewhere in the text are defined in Section 27.

**2.**  **<u>SHARES</u> <u>SUBJECT TO THE PLAN</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 <u>Number of Shares Available</u><u>.</u><u> </u><u>Subject to Sections 2.4 and 21 and any other applicable provisions</u> hereof, the total number of Shares reserved and available for grant and issuance pursuant to this Plan is 361,201 Shares (of Common Stock). Awards issued as an Option or a SAR shall reduce the number of Shares available for issuance by the number of Shares underlying the Award, regardless of the number of Shares actually issued upon exercise of the Award. The Company may issue Shares that are authorized but unissued shares pursuant to the Awards granted under the Plan. The Company will reserve and keep available a sufficient number of Shares to satisfy the requirements of all outstanding Awards granted under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 <u>Lapsed, Returned Awards</u>. Shares subject to Awards, and Shares issued under the Plan under any Award, will again be available for grant and issuance in connection with subsequent Awards under this Plan to the extent such Shares: (a) are <u>subject</u> to issuance upon exercise of an Option or SAR granted under this Plan but which cease to be subject to the Option or SAR for any reason <u>other</u> than exercise of the Option or SAR; (b) are subject to Awards granted under this Plan that are forfeited or are repurchased by the Company at the original issue price; or (c) are subject to Awards granted under this Plan that otherwise terminate without such Shares being issued. The following Shares may not again be made available for future grant and issuance as Awards under the Plan: (i) Shares that are withheld to pay the exercise or purchase price of an Award or to satisfy any tax withholding obligations in connection with an Option or SAR, (ii) Shares not issued or delivered as a result of the net settlement of an outstanding Option or SAR or (iii) shares of the Company's Common Stock repurchased on the open market with the proceeds of an Option exercise price. To the extent that a Performance Award in the form of a cash bonus has been made, such Award will not reduce the number of <u>Shares</u> available for issuance under the Plan. For the avoidance of doubt, Shares that otherwise become available for grant and issuance because of the provisions of this Section 2.2 shall not include Shares subject to Awards that initially became available because of the substitution clause in Section 21.2 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 <u>Limitations</u>. No more than 361,201 Shares (of Common Stock) shall be issued pursuant to the exercise of ISOs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 <u>Adjustment of Shares</u>. If the number of outstanding Shares is changed by a stock dividend, recapitalization, stock split, reverse stock split, subdivision, combination, reclassification or similar change in the capital structure of the Company, without consideration, then (a) the number of Shares reserved for issuance and future grant under the Plan set forth in Sections 2.1 or 2.2, (b) <u>the</u> Exercise Prices of and number of Shares subject to outstanding Options and SARs, (c) the number of Shares subject to other outstanding Awards, (d) the maximum number of shares that may be issued as ISOs set forth in Section 2.3, and (e) the maximum number of Shares that may be issued to an individual or to a new Employee in <u>any</u> one calendar year set forth in Section 3, shall be proportionately adjusted, subject to any required action by the Board or the stockholders of the Company and in compliance with applicable securities laws; provided that fractions of a Share will not be issued.

**3. <u>ELIGIBILITY</u>**. ISOs may be granted only to Employees. All other Awards may be granted to Employees, Consultants, Directors and Non-Employee Directors; <u>provided</u> such Consultants, Directors and Non-Employee Directors render bona fide services not in connection with the offer and sale of securities in a capital-raising transaction.

**4.**  **<u>ADMINISTRATION</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 <u>Committee Composition; Authority</u>. This Plan will be administered by the Committee or by the Board acting as <u>the</u> Committee. Subject to the general purposes, terms and conditions of this Plan, and to the direction of the Board, the Committee will have full power to implement and carry out this Plan, except, however, the Board shall establish the terms for the grant of an Award to Non-Employee Directors. The Committee will have the authority to:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) construe and interpret this Plan, any Award Agreement and any other agreement or document executed pursuant to this Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) prescribe, amend and rescind rules and regulations relating to this Plan or any Award;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) select persons to receive Awards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) determine the form, terms and conditions, not inconsistent with the terms of the Plan, of any Award granted hereunder. Such terms and conditions include, but are not limited to, the exercise price, the time or times when Awards may vest and be exercised (which may be based on performance criteria) or settled, any vesting acceleration or waiver of forfeiture restrictions, the method to satisfy tax withholding obligations or any other tax or similar liability legally due and any restriction or limitation regarding any Award or the Shares relating thereto, based in each case on such factors as the Committee will determine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) determine the number of Shares or other consideration subject to Awards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) determine the Fair Market Value in good faith and interpret the applicable provisions of this Plan and the definition of Fair Market Value in connection with circumstances that impact the Fair Market Value, if necessary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) determine whether Awards will be granted singly, in combination with, in tandem with, in replacement of, or as alternatives to, other Awards under this Plan or any other incentive or compensation plan of the Company or any Parent or Subsidiary of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) grant waivers of Plan or Award conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) determine the vesting, exercisability and payment of Awards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) correct any defect, supply any omission or reconcile any inconsistency in this Plan, any Award or any Award Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) determine whether an Award has been earned;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) reduce or waive any criteria with respect to Performance Factors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) adjust Performance Factors to take into account changes in law and accounting or tax rules as the Committee deems necessary or appropriate to reflect the impact of extraordinary or unusual items, events or circumstances to avoid windfalls or hardships provided that such adjustments are consistent with the regulations promulgated under Section 162(m) of the Code with respect to persons whose compensation is subject to Section 162(m) of the Code

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) adopt rules and/or procedures (including the adoption of any subplan under this Plan) relating to the operation and administration of the Plan to accommodate requirements of local law and procedures outside of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) make all other determinations necessary or advisable for the administration of this Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) delegate any of the foregoing to a subcommittee consisting of one or more executive officers pursuant to a specific delegation as permitted by applicable law, including Section 157(c) of the Delaware General Corporation Law, in which case references to "Committee" in this Section 4.1 will refer to such delegate(s), except with respect to Insiders; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) to exercise negative discretion on Performance Awards, reducing or eliminating the amount to be paid to Participants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 <u>Committee</u> <u>Interpretation and Discretion</u>. Any determination made by the Committee with respect to any Award shall be made in its sole discretion at the time of grant of the Award or, unless in contravention of any express term of the Plan or Award, at any later time, and such determination shall be final and binding on the Company and all persons having an interest in any Award under the Plan. Any dispute regarding the interpretation of the Plan or any Award Agreement shall <u>be</u> submitted by the Participant or the Company to the Committee for review. The resolution of such a dispute by the Committee shall be final and binding on the Company and the Participant. The Committee may delegate to one or more executive officers the authority to review and resolve disputes with respect to Awards held by Participants who are not Insiders, and such resolution shall be final and binding on the Company and the Participant.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 <u>Section 162(m) of the Code and Section</u> <u>16 of the Exchange Act</u>. When necessary or desirable for an Award to qualify as "performance-based compensation" under Section 162(m) of the Code, the Committee administering the Plan in accordance with the requirements of Rule 16b-3 and Section 162(m) of the Code shall consist of at least two individuals, each of whom qualifies as (a) a Non-Employee Director under Rule 16b-3, and (b) an "outside director" pursuant to Code Section 162(m) and the regulations issued thereunder. At least two (or a majority if more than two then serve on the Committee) such "outside directors" shall approve the grant of such Award and timely determine (as applicable) the Performance Period and any Performance Factors upon which vesting or settlement of any portion of such Award is to be subject. When required by Section 162(m) of the Code, prior to settlement of any such Award at least two (or a majority if more than two then serve on the Committee) such "outside directors" then serving on the Committee shall determine and certify in writing the extent to which such Performance Factors have been timely achieved and the extent to which the Shares subject to such Award have thereby been earned. Awards granted to Participants who are subject to Section 16 of the Exchange Act <u>must</u> be approved by two or more "non-employee directors" (as defined in the regulations promulgated under Section 16 of the Exchange Act). With respect to Participants whose compensation is subject to Section 162(m) of the Code, and provided that such adjustments are consistent with the regulations promulgated under Section 162(m) of the Code, the Committee may adjust the performance goals to account for changes in law and accounting and to make such adjustments as the Committee deems necessary or appropriate to reflect the impact of extraordinary or unusual items, events or circumstances to avoid windfalls or hardships, including without limitation (a) restructurings, discontinued operations, extraordinary items, and other unusual or non-recurring charges, (b) an event either not directly related to the operations of the Company or not within the reasonable control of the Company's management, or (c) a change in accounting standards required by generally accepted accounting principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 <u>Documentation</u>. The Award Agreement for a given Award, the Plan and any other documents may be delivered to, and accepted by, a <u>Participant</u> or any other person in any manner (including electronic distribution or posting) that meets <u>applicable</u> legal requirements.<u> </u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5 Foreign Award Recipients. Notwithstanding any provision of the Plan to the contrary, in order to comply with the laws in other countries in which the Company and its Subsidiaries and Affiliates operate or have employees or other individuals eligible for Awards, the Committee, in its sole discretion, shall have the power and authority to: (a) determine which Subsidiaries and Affiliates shall be covered by the Plan; (b) determine which individuals outside the United States are eligible to participate in the Plan; (c) modify the terms and conditions of any Award granted to individuals outside the United States to comply with applicable foreign laws; (d) establish subplans and modify exercise procedures and other terms and procedures, to the extent the Committee determines such actions to be necessary or advisable (and such subplans and/or modifications shall be attached to this Plan as appendices); provided, however, that no such subplans and/or modifications shall increase the share limitations contained in Section 2.1 hereof; and (e) take any action, before or after an Award is made, that the Committee determines to be necessary or advisable to obtain approval or comply with any local governmental regulatory exemptions or approvals. Notwithstanding the foregoing, the Committee may not take any actions hereunder, and no Awards shall be granted, that would violate the Exchange Act or any other applicable United States securities law, the Code, or any other applicable United States governing statute or law.

**5. <u>OPTIONS</u>**. An Option is the right but not the obligation to purchase a Share, subject to certain conditions, if applicable. The Committee may grant Options to eligible Employees, Consultants and Directors and will determine whether such Options will be Incentive Stock Options within the meaning of the Code ("***ISOs***") or Nonqualified Stock Options ("***NQSOs***"), the number of Shares subject to the Option, the Exercise Price of the Option, the period during which the Option may vest and be exercised, and all other terms and conditions of the Option, subject to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 <u>Option Grant</u>. Each Option granted under this Plan will identify the Option as an ISO or an NQSO. An Option may be, but need not be, awarded upon satisfaction of such Performance Factors during any Performance Period as are set out in advance in the Participant's individual Award Agreement. If the Option is being earned upon the satisfaction of Performance Factors, then the Committee will: (x) determine the nature, length and starting date of any Performance Period for each Option; and (y) select from among the Performance Factors to be used to measure the performance, if any. Performance Periods may overlap and Participants may participate simultaneously with respect to Options that are subject to different performance goals and other criteria.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 <u>Date of Grant</u>. The date of grant of an Option will be the date on which the Committee makes the determination to grant such <u>Option</u>, or a specified future date. The Award Agreement will be delivered to the Participant within a reasonable time after the granting of the Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 <u>Exercise Period</u>. Options may be vested and exercisable within the times or upon the conditions as set forth in the Award Agreement governing such Option; <u>provided</u>, <u>however</u>, that no Option will be exercisable after the expiration of ten (10) years from the date the Option is granted; and <u>provided further</u> that no ISO granted to a person who, at the time the ISO is granted, directly or by attribution owns more than ten percent (10%) of the total combined voting power of all classes of

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stock of the Company or of any Parent or Subsidiary ("***Ten Percent Stockholder***") will be exercisable after the expiration of five (5) years from the date the ISO is granted. The Committee also may provide for Options to become exercisable at one time or from time to time, periodically or otherwise, in such number of Shares or percentage of Shares as the Committee determines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 <u>Exercise Price</u>. The Exercise Price of an Option will be determined by the Committee when the Option is granted; provided that: (i) the Exercise Price of an Option will be not less than one hundred percent (100%) of the Fair Market Value of the Shares on the date of grant and (ii) the Exercise Price of any ISO granted to a Ten Percent Stockholder will not be less than one hundred ten percent (110%) of the Fair Market Value of the Shares on the date of grant. Payment for the Shares purchased may be made in accordance with Section 11 and the Award Agreement and in accordance with any procedures established by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 <u>Method of Exercise</u>. Any Option granted hereunder will be exercisable according to the terms of the Plan and at such times and under such conditions as determined by the Committee and set forth in the Award Agreement. An Option may not be exercised for a fraction of a Share. An Option will be deemed exercised when the Company receives: (i) notice of exercise (in such form as the Committee may specify from time to time) from the person entitled to exercise the Option, and (ii) full payment for the Shares with respect to which the Option is exercised (together with applicable withholding taxes). Full payment may consist of any consideration and method of payment authorized by the Committee and permitted by the Award Agreement and the Plan. Shares issued upon exercise of an Option will be issued in the name of the Participant. Until the Shares are issued (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company), no right to vote or receive dividends or any other rights as a stockholder will exist with respect to the Shares, notwithstanding the exercise of the Option. The Company will issue (or cause to be issued) such Shares promptly after the Option is exercised. No adjustment will be made for a dividend or other right for which the record date is prior to the date the Shares are issued, except as provided in Section 2.4 of the Plan. Exercising an Option in any manner will decrease the number of Shares thereafter available, both for purposes of the Plan and for sale under the Option, by the number of Shares as to which the Option is exercised.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6 <u>Termination of Participant</u>. Except as may be set forth in the Participant's Award Agreement, vesting ceases on such Participant's Termination Date (unless determined otherwise by the Committee). The exercise of an Option will be subject to the following (except as may be otherwise provided in an Award Agreement):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the Participant is Terminated for any reason except for Cause or the Participant's death or Disability, then the Participant may exercise such Participant's Options only to the extent that such Options would have been exercisable by the Participant on the Termination Date no later than three (3) months after the Termination Date (or such shorter time period or longer time period as may be determined by the Committee, with any exercise beyond three (3) months after the Termination Date deemed to be the exercise of an NQSO), but in any event no later than the expiration date of the Options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the Participant is Terminated because of the Participant's death (or the Participant dies within three (3) months after a Termination other than for Cause or because of the Participant's Disability), then the Participant's Options may be exercised only to the extent that such Options would have been exercisable by the Participant on the Termination Date and must be exercised by the Participant's legal representative, or authorized assignee, no later than twelve (12) months after the Termination Date (or such shorter time period not less than six (6) months or longer time period as may be determined by the Committee), but in any event no later than the expiration date of the Options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the Participant is Terminated because of the Participant's Disability, then the Participant's Options may be exercised only to the extent that such Options would have been exercisable by the Participant on the Termination Date and must be exercised by the Participant (or the Participant's legal representative or authorized assignee) no later than twelve (12) months after the Termination Date (with any exercise beyond (a) three (3) months after the Termination Date when the Termination is for a Disability that <u>is not</u> a "permanent and total disability" as defined in Section 22(e)(3) of the Code, or (b) twelve (12) months after the Termination Date when the Termination is for a Disability that is a "permanent and total disability" as defined in Section 22(e)(3) of the Code, deemed to be exercise of an NQSO), but in any event no later than the expiration date of the Options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If the Participant is terminated for Cause, then Participant's Options shall expire on such Participant's Termination Date, or at such later time and on such conditions as are determined by the Committee, but in any no event later than the expiration date of the Options. Unless otherwise provided in the Award Agreement, Cause will have the meaning set forth in the Plan.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7 <u>Limitations on Exercise</u>. The Committee may specify a minimum number of Shares that may be purchased on any exercise of an Option, provided that such minimum number will not prevent any Participant from exercising the Option for the full number of Shares for which it is then exercisable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.8 <u>Limitations on ISOs</u>. With respect to Awards granted as ISOs, to the extent that the aggregate Fair Market Value of the Shares with respect to which such ISOs are exercisable for the first time by the Participant during any calendar year (under all plans of the Company and any Parent or Subsidiary) exceeds one hundred thousand dollars ($100,000), such Options will be treated as NQSOs. For purposes of this Section 5.8, ISOs will be taken into account in the order in which they were granted. The Fair Market Value of the Shares will be determined as of the time the Option with respect to such Shares is granted. In the event that the Code or the regulations promulgated thereunder are amended after the Effective Date to provide for a different limit on the Fair Market Value of Shares permitted to be subject to ISOs, such different limit will be automatically incorporated herein and will apply to any Options granted after the effective date of such amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.9 <u>Modification, Extension or Renewal</u>. The Committee may modify, extend or renew outstanding Options and authorize the grant of new Options in substitution therefor, provided that any such action may not, without the written consent of a Participant, impair any of such Participant's rights under any Option previously granted. Any outstanding ISO that is modified, extended, renewed or otherwise altered will be treated in accordance with Section 424(h) of the Code. Subject to Section 18 of this Plan, by written <u>notice</u> to affected Participants, the Committee may reduce the Exercise Price of outstanding Options without the consent of such Participants; <u>provided</u>, <u>however</u>, that the Exercise Price may not be reduced below the Fair Market Value on the date the action is taken to reduce the Exercise Price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10 <u>No Disqualification</u>. Notwithstanding any other provision in this Plan, no term of this Plan relating to ISOs will be interpreted, amended or altered, nor will any discretion or authority granted under this Plan be exercised, so as to disqualify this Plan under Section 422 of the Code or, without the consent of the Participant affected, to disqualify any ISO under Section 422 of the <u>Code</u>.

**6.**  **<u>RESTRICTED</u> <u>STOCK AWARDS</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 <u>Awards of Restricted Stock</u>. A Restricted Stock Award is an offer by the Company to sell to an eligible Employee, Consultant or Director Shares that are subject to restrictions ("***Restricted Stock***"). The Committee will determine to whom an offer will be made, the number of Shares the Participant may purchase, the Purchase Price, the restrictions under which the Shares will be subject and all other terms and conditions of the Restricted Stock Award, subject to the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 <u>Restricted</u> <u>Stock</u> <u>Purchase Agreement</u>. All purchases under a Restricted Stock Award will be evidenced by an Award Agreement. Except as may otherwise be provided in an Award Agreement, a Participant accepts a Restricted Stock Award by signing and delivering to the Company an Award Agreement with full payment of the Purchase Price, within thirty (30) days from the <u>date</u> the Award Agreement was delivered to the Participant. If the Participant does not accept such Award within thirty (30) days, then the offer of such Restricted Stock Award will terminate, unless the Committee determines otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 <u>Purchase</u> <u>Price.</u> The Purchase Price for a Restricted Stock Award will be determined by the Committee and may be less than Fair Market Value on the date the Restricted Stock Award is granted. Payment of the Purchase Price must be made in accordance with Section 11 of the Plan, and the Award Agreement, and in accordance with any procedures established by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 <u>Terms of Restricted Stock Awards</u>. Restricted Stock Awards will be subject to such restrictions as the Committee may impose or are required by law. These restrictions may be based on completion of a specified number of years of service with the Company or upon completion of Performance Factors, if any, during any Performance Period as set out in advance in the Participant's Award Agreement. Prior to the grant of a Restricted Stock Award, the Committee shall: (a) determine the nature, length and starting date of any Performance Period for the Restricted Stock Award; (b) select from among the Performance Factors to be used to measure performance goals, if any; and (c) determine the number of Shares that may be awarded to the Participant. Performance Periods may overlap and a Participant may participate simultaneously with respect to Restricted Stock Awards that are subject to different Performance Periods and having different performance goals and other criteria.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5 <u>Termination of Participant</u>. Except as may be set forth in the Participant's Award Agreement, vesting ceases on such Participant's Termination Date (unless determined otherwise by the Committee).

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**7.**  **<u>STOCK</u> <u>BONUS AWARDS</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 <u>Awards of Stock Bonuses</u>. A Stock Bonus Award is an award to an eligible Employee, Consultant or Director of Shares for services to be rendered or for past services already rendered to the Company or any Parent, Subsidiary, or Affiliate. All Stock Bonus Awards shall be made pursuant to an Award Agreement. No payment from the Participant will be required for Shares awarded pursuant to a Stock Bonus Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 <u>Terms of Stock Bonus Awards</u>. The Committee will determine the number of Shares to be awarded to the Participant under a Stock Bonus Award and any restrictions thereon. These restrictions may be based upon completion of a specified number of years of service with the Company or upon satisfaction of performance goals based on Performance Factors during any Performance Period as set out in advance in the Participant's Stock Bonus Agreement. Prior to the grant of any <u>Stock</u> Bonus Award the Committee shall: (a) determine the nature, length and starting date of any Performance Period for the Stock Bonus Award; (b) select from among the Performance Factors to be used to measure performance goals; and (c) determine the number of Shares that may be awarded to the Participant. Performance Periods may overlap and a Participant may participate simultaneously with respect to Stock Bonus Awards that are subject to different Performance Periods and different performance goals and other criteria.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 <u>Form of Payment to Participant</u>. Payment may be made in the form of cash, whole Shares, or a combination thereof, based on the Fair Market Value of the Shares earned under a Stock Bonus Award on the date of payment, as determined in the sole discretion of the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 <u>Termination of Service</u>. Except as may be set forth in the Participant's Award Agreement, vesting ceases on such Participant's Termination Date (unless determined otherwise by the Committee).

**8.**  **<u>STOCK</u> <u>APPRECIATION RIGHTS</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 <u>Awards of SARs</u>. A Stock Appreciation Right ("***SAR***") is an award to an eligible Employee, Consultant or Director that may be settled in cash or Shares (which may consist of Restricted Stock), having a value equal to (a) the difference between the Fair Market Value on the date of exercise over the Exercise Price multiplied by (b) the number of Shares with respect to which the SAR is being settled (subject to any maximum number of Shares that may be issuable as specified in an Award Agreement). All <u>SARs</u> shall be made pursuant to an Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 <u>Terms of SARs</u>. The Committee will determine the terms of each SAR including, without limitation: (a) the number of Shares subject to the SAR; (b) the Exercise Price and the time or times during which the SAR may be settled; (c) the consideration to be distributed on settlement of the SAR; and (d) the effect of the Participant's Termination on each SAR. The Exercise Price of the SAR will be determined by the Committee when the SAR is granted, and may not be less than Fair Market Value. A SAR <u>may</u> be awarded upon satisfaction of Performance Factors, if any, during any Performance Period as are set out in advance in the Participant's individual Award Agreement. If the SAR is being earned upon the satisfaction of Performance Factors, then the Committee will: (x) determine the nature, length and starting date of any Performance Period for each SAR; and (y) select from among the Performance Factors to be used to measure the performance, if any. Performance Periods may overlap and Participants may participate simultaneously with respect to SARs that are subject to different Performance Factors and other criteria.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 <u>Exercise Period and Expiration Date</u>. A SAR will be exercisable within the times or upon the occurrence of <u>events</u> determined by the Committee and set forth in the Award Agreement governing such SAR. The SAR Agreement shall set forth the expiration date; provided that no SAR will be exercisable after the expiration of ten (10) years from the date the SAR is granted. The Committee may also provide for SARs to become exercisable at one time or from time to time, periodically or otherwise (including, without limitation, upon the attainment during a Performance Period of performance goals based on Performance Factors), in such number of Shares or percentage of the Shares subject to the SAR as the Committee determines. Except as may be set forth in the Participant's Award Agreement, vesting ceases on such Participant's Termination Date (unless determined otherwise by the Committee). Notwithstanding the foregoing, the rules of Section 5.6 also will apply to SARs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 <u>Form of Settlement</u>. Upon exercise of a SAR, a Participant will be entitled to receive payment from the Company in an amount determined by multiplying (i) the difference between the Fair Market Value of a Share on the date of exercise over the Exercise Price; times (ii) the number of Shares with respect to which the SAR is exercised. At the discretion of the Committee, the payment from the Company for the SAR exercise may be in cash, in Shares of equivalent value, or in some combination thereof. The portion of a SAR being settled may be paid currently or on a deferred basis with such interest or dividend equivalent, if any, as the Committee determines, provided that the terms of the SAR and any deferral satisfy the requirements of Section 409A of the Code.

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**9.**  **<u>RESTRICTED</u> <u>STOCK UNITS</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 <u>Awards of Restricted Stock Units</u>. A Restricted Stock Unit ("***RSU***") is an award to an eligible Employee, Consultant or Director covering a number of Shares that may be settled in cash, or by issuance of those Shares (which may consist of Restricted Stock). All RSUs shall be made pursuant to an Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 <u>Terms of RSUs</u>. The Committee will determine the terms of an RSU including, without limitation: (a) the number of Shares subject to the RSU; (b) the time or times during which the RSU may be settled; (c) the consideration to be distributed on settlement; and (d) the effect of the Participant's Termination on each RSU. An RSU may be awarded upon satisfaction of such performance goals based on Performance Factors during any Performance Period as are set out in advance in the Participant's Award Agreement. If <u>the</u> RSU is being earned upon satisfaction of Performance Factors, then the Committee will: (x) determine the nature, length and starting date of any Performance Period for the RSU; (y) select from among the Performance Factors to be used to measure the performance, if any; and (z) determine the number of Shares deemed subject to the RSU. Performance Periods may overlap and participants may participate simultaneously with respect to RSUs that are subject to different Performance Periods and different performance goals and other criteria.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 <u>Form and Timing of Settlement</u>. Payment of earned RSUs shall be made as soon as practicable after the date(s) determined by the Committee and set forth in the Award Agreement. The Committee, in its sole discretion, may settle earned RSUs in cash, Shares, or a combination of both. The Committee may also permit a Participant to defer payment under a RSU to a date or dates after the RSU is earned provided that the terms of the RSU and any deferral satisfy the requirements of Section 409A of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4 <u>Termination of Service</u>. Except as may be set forth in the Participant's Award Agreement, vesting ceases on such Participant's Termination Date (unless determined otherwise by the Committee).

**10. <u>PERFORMANCE</u> <u>AWARDS</u>**. A Performance Award is an award to an eligible Employee, Consultant, or Director of a cash bonus or an award of Performance Shares denominated in Shares that may be settled in cash, or by issuance of those Shares (which may consist of Restricted Stock). Grants of Performance Awards shall be made pursuant to an Award Agreement that specifically references this Section 10.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 <u>Types of Performance Awards</u>. Performance Awards shall include Performance Shares, Performance Units, and cash-based Awards as set forth in Sections 10.1(a), 10.1(b), and 10.1(c) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 Performance Shares. The Committee may grant Awards of Performance Shares, designate the Participants to whom Performance Shares are to be awarded and determine the number of Performance Shares and the terms and conditions of each such Award. Performance Shares shall consist of a unit valued by reference to a designated number of shares of Common Stock, the value of which may be paid to the Participant by delivery of shares of Common Stock or, if set forth in the instrument evidencing the Award, of such property as the Committee shall determine, including, without limitation, cash, shares of Common Stock, other property, or any combination thereof, upon the attainment of performance goals, as established by the Committee, and other terms and conditions specified by the Committee. The amount to be paid under an Award of Performance Shares may be adjusted on the basis of such further consideration as the Committee shall determine in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 Performance Units. The Committee may grant Awards of Performance Units, designate the Participants to whom Performance Units are to be awarded and determine the number of Performance Units and the terms and conditions of each such Award. Performance Units shall consist of a unit valued by reference to a designated amount of property other than shares of Common Stock, which value may be paid to the Participant by delivery of such property as the Committee shall determine, including, without limitation, cash, shares of Common Stock, other property, or any combination thereof, upon the attainment of performance goals, as established by the Committee, and other terms and conditions specified by the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4 Cash-Settled Performance Awards. The Committee may also grant cash-settled Performance Awards to Participants under the terms of this Plan. Such awards will be based on the attainment of performance goals using the <u>Performance</u> <u>Factors</u> within this Plan that are established by the Committee for the relevant performance period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5 <u>Terms of Performance Awards</u>. The Committee will determine, and each Award Agreement shall set forth, the terms of each Performance Award including, without limitation: (a) the amount of any cash bonus; (b) the number of Shares deemed subject to an award of Performance Shares (if any); (c) the Performance Factors and Performance Period that shall determine the time and extent to which each Performance Award will be settled; (d) the consideration to be distributed on settlement; and (e) the effect of the Participant's Termination on each Performance Award. In establishing Performance Factors and the Performance Period the Committee will: (x) determine the nature, length and starting date of any Performance Period; (y) select from among the Performance Factors to be used and (z) determine the number of Shares deemed subject to

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the Performance Award (if any). Prior to settlement the Committee shall determine the extent to which Performance Awards have been earned. Performance Periods may overlap and Participants may participate simultaneously with respect to Performance Awards that are subject to different Performance Periods and different performance goals and other criteria. No Participant will be eligible for the grant of more than ten million dollars ($10,000,000) in Performance Awards denominated in cash in any calendar year under this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.6 <u>Value, Earning and Timing of Performance Shares</u>. Any Award of Performance Shares will have an initial value equal to the Fair Market Value of a Share on the date of grant. After the applicable Performance Period has ended, the holder of an Award of Performance Shares will be entitled to receive a payout of the number of Shares earned by the Participant over the Performance Period, to be determined as a function of the extent to which the corresponding Performance Factors or other vesting provisions have been achieved. The Committee, in its sole discretion, may pay an earned Performance Share Award in the form of cash, in Shares (which have an aggregate Fair Market Value equal to the value of the earned Performance Shares at the close of the applicable Performance Period) or in a combination thereof. Performance Shares may also be settled in Restricted Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.7 <u>Termination of Participant</u>. Except as may be set forth in the Participant's Award Agreement, vesting ceases on such Participant's Termination Date (unless determined otherwise by the Committee).

**11. <u>PAYMENT</u> <u>FOR SHARE PURCHASES</u>**. Payment from a Participant for Shares purchased pursuant to this Plan may be made in cash or by check or, where approved for the Participant by the Committee and where permitted by law (and to the extent not otherwise set forth in the applicable Award Agreement):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by cancellation of indebtedness of the Company to the Participant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by surrender of shares of capital stock of the Company held by the Participant that have a Fair Market Value on the date of surrender equal to the aggregate exercise price of the Shares as to which said Award will be exercised or settled;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) by waiver of compensation due or accrued to the Participant for services rendered or to be rendered to the Company or a Parent or Subsidiary of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) by consideration received by the Company pursuant to a broker-assisted or other form of cashless exercise program implemented by the Company in connection with the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) by any combination of the foregoing; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) by any other method of payment as is permitted by applicable law.

**12.**  **<u>GRANTS TO NON-EMPLOYEE DIRECTORS</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1 <u>Types of Awards</u>. Non-Employee Directors are eligible to receive any type of Award offered under this Plan except ISOs. Awards pursuant to this Section 12 may be automatically made pursuant to policy adopted by the Board, or made from time to time as determined in the discretion of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2 <u>Eligibility</u>. Awards pursuant to this Section 12 shall be granted only to Non-Employee Directors. A Non-Employee Director who is elected, re-elected or appointed as a member of the Board will be eligible to receive an Award under this Section 12.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3 <u>Vesting, Exercisability and Settlement</u>. Except as set forth in Section 21, Awards shall vest, become exercisable and be settled as determined by the Board. With respect to Options and SARs, the exercise price granted to Non-Employee Directors shall not be less than the Fair Market Value of the Shares at the time that such Option or SAR is granted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.4 <u>Election to receive Awards in Lieu of Cash</u>. A Non-Employee Director may elect to receive his or her annual retainer payments and/or meeting fees from the Company in the form of cash or Awards or a combination thereof, as determined by the Committee. Such Awards shall be issued under the Plan. An election under this Section 12.4 shall be filed with the Company on the form prescribed by the Company.

**13. <u>WITHHOLDING</u> <u>TAXES</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1 <u>Withholding Generally</u>. Whenever Shares are to be issued in satisfaction of Awards granted under this Plan or a tax event occurs, the Company may require the Participant to remit to the Company, or to the Parent, Subsidiary or applicable Affiliate employing the Participant, an amount sufficient to satisfy applicable U.S. federal, state, local and international withholding tax requirements or any other tax or social insurance liability legally due from the Participant prior to the delivery of Shares pursuant to exercise or settlement of any Award. Whenever payments in satisfaction of Awards

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granted under this Plan are to be made in cash, such payment will be net of an amount sufficient to satisfy applicable U.S. federal, state, local and international withholding tax or social insurance requirements or any other tax liability legally due from the Participant. The Fair Market Value of the Shares will be determined as of the date that the taxes are required to be withheld and such Shares shall be valued based on the value of the actual trade or, if there is none, the Fair Market Value of the Shares as of the previous trading day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2 <u>Stock Withholding</u>. The Committee, as permitted by applicable law, in its sole discretion and pursuant to such procedures as it may specify from time to time and to limitations of local law, may require or permit a Participant to satisfy such tax withholding obligation or any other tax liability legally due from the Participant, in whole or in part by (without limitation) (a) paying cash, (b) electing to have the Company withhold otherwise deliverable cash or Shares having a Fair Market Value equal to the minimum statutory amount required to be withheld or such greater amount that will not cause adverse accounting treatment for the Company or any Parent or Subsidiary, (c) delivering to the Company already-owned Shares having a Fair Market Value equal to the minimum statutory amount required to be withheld or such greater amount that will not cause adverse accounting treatment for the Company or any Parent or Subsidiary, or (d) withholding from proceeds of the sale of otherwise deliverable Shares acquired pursuant to an Award either through a voluntary sale or through a mandatory sale arranged by the Company for the minimum amount required to be withheld or such greater amount that will not cause adverse accounting treatment for the Company or any Parent or Subsidiary. The Fair Market Value of the Shares to be withheld or delivered will be determined as of the date that the taxes are required to be withheld.

**14. <u>TRANSFERABILITY</u>**. Unless determined otherwise by the Committee or its delegate(s) or pursuant to this Section 14, an Award may not be sold, pledged, assigned, hypothecated, transferred, or disposed of in any manner, other than by (i) a will or (ii) by the laws of descent or distribution. If the Committee makes an Award transferable, including, without limitation, by instrument to an inter vivos or testamentary trust in which the Awards are to be passed to beneficiaries upon the death of the trustor (settlor) or by gift or domestic relations order to a Permitted Transferee, such Award shall contain such additional terms and conditions as the Committee or its delegate(s) deems appropriate. All Awards will be exercisable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) during the Participant's lifetime only by (x) the Participant, or (y) the Participant's guardian or legal representative; (B) after the Participant's death, by the legal representative of the Participant's heirs or legatees; and (C) in the case of all awards except ISOs, by a Permitted Transferee (for awards made transferable by the Committee) or such person's guardian or legal representative.

**15.**  **<u>PRIVILEGES</u> <u>OF STOCK OWNERSHIP; RESTRICTIONS ON SHARES</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1 <u>Voting and Dividends</u>. No Participant will have any of the rights of a stockholder with respect to any Shares until the Shares are issued to the Participant, except for any dividend equivalent rights permitted by an applicable Award Agreement ("***Dividend Equivalent Rights***"). After Shares are issued to the Participant, the Participant will be a stockholder and have all the rights of a stockholder with respect to such Shares, including the right to vote and receive all dividends or other distributions made or paid with respect to such Shares; provided, that if such Shares are Restricted Stock, then any new, additional or different securities the Participant may become entitled to receive with respect to such Shares by virtue of a stock dividend, stock split or any other change in the corporate or capital structure of the Company will be subject to the same restrictions as the Restricted Stock; provided, further, that the Participant will have no right to retain such stock dividends or stock distributions with respect to Shares that are repurchased at the Participant's Purchase Price or Exercise Price, as the case may be, pursuant to Section 15.2. However, the Committee, in its discretion, may provide in the Award Agreement evidencing any Award that the Participant shall be entitled to Dividend Equivalent Rights with respect to the payment of cash dividends on Shares underlying an Award during the period beginning on the date the Award is granted and ending, with respect to each Share subject to the Award, on the earlier of the date on which the Award is exercised or settled or the date on which it is forfeited. Such Dividend Equivalent Rights, if any, shall be credited to the Participant in the form of additional whole Shares as of the date of payment of such cash dividends on Shares. Notwithstanding the provisions of this Section, cash dividends, stock and any other property (other than cash) distributed as a dividend or otherwise with respect to any Award that vests based on achievement of performance goals shall either (i) not be paid or credited or (ii) be accumulated, shall be subject to restrictions and risk of forfeiture to the same extent as the underlying Award and shall be paid at the time such restrictions and risk of forfeiture lapse.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.2 <u>Restrictions on Shares</u>. At the discretion of the Committee, the Company may reserve to itself and/or its assignee(s) a right to repurchase (a "***Right of Repurchase***") a portion of any or all Unvested Shares held by a Participant following such Participant's Termination at any time within ninety (90) days (or such longer or shorter time determined by the Committee) after the later of the Participant's Termination Date and the date the Participant purchases Shares under this Plan, for cash and/or cancellation of purchase money indebtedness, at the Participant's Purchase Price or Exercise Price, as the case may be.

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**16. <u>CERTIFICATES</u>**. All Shares or other securities, whether or not certificated, delivered under this Plan will be subject to such stock transfer orders, legends and other restrictions as the Committee may deem necessary or advisable, including restrictions under any applicable U.S. federal, state or foreign securities law, or any rules, regulations and other requirements of the SEC or any stock exchange or automated quotation system upon which the Shares may be listed or quoted and any non-U.S. exchange controls or securities law restrictions to which the Shares are subject.

**17. <u>ESCROW; PLEDGE OF SHARES</u>**. To enforce any restrictions on a Participant's Shares, the Committee may require the Participant to deposit all certificates representing Shares, together with stock powers or other instruments of transfer approved by the Committee, appropriately endorsed in blank, with the Company or an agent designated by the Company to hold in escrow until such restrictions have lapsed or terminated, and the Committee may cause a legend or legends referencing such restrictions to be placed on the certificates.

**18. <u>REPRICING; EXCHANGE AND BUYOUT OF AWARDS</u>**. Other than pursuant to Section 2.4, the Committee shall not without the approval of the Company's stockholders, (a) lower the exercise price per Share of an Option or SAR after it is granted, (b) cancel an Option or SAR when the exercise price per Share exceeds the Fair Market Value of one Share in exchange for cash or another Award (other than in connection with a Corporate Transaction pursuant to Section 21), or (c) take any other action with respect to an Option or SAR that would be treated as a repricing under the rules and regulations of the principal U.S. national securities exchange on which the Shares are listed.

**19. <u>SECURITIES LAW AND OTHER REGULATORY COMPLIANCE</u>**. An Award will not be effective unless such Award is in compliance with all applicable U.S. and foreign federal and state securities and exchange control laws, rules and regulations of any governmental body, and the requirements of any stock exchange or automated quotation system upon which the Shares may then be listed or quoted, as they are in effect on the date of grant of the Award and also on the date of exercise or other issuance. Notwithstanding any other provision in this Plan, the Company will have no obligation to issue or deliver certificates for Shares under this Plan prior to: (a) obtaining any approvals from governmental agencies that the Company determines are necessary or advisable; and/or (b) completion of any registration or other qualification of such Shares under any state or federal or foreign law or ruling of any governmental body that the Company determines to be necessary or advisable. The Company will be under no obligation to register the Shares with the SEC or to effect compliance with the registration, qualification or listing requirements of any foreign or state securities laws, exchange control laws, stock exchange or automated quotation system, and the Company will have no liability for any inability or failure to do so.

**20. <u>NO OBLIGATION TO EMPLOY</u>**. Nothing in this Plan or any Award granted under this Plan will confer or be deemed to confer on any Participant any right to continue in the employ of, or to continue any other relationship with, the Company or any Parent, Subsidiary or Affiliate or limit in any way the right of the Company or any Parent, Subsidiary or Affiliate to terminate Participant's employment or other relationship at any time.

**21. <u>CORPORATE</u> <u>TRANSACTIONS</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.1 <u>Assumption</u> <u>or</u> <u>Replacement</u> <u>of</u> <u>Awards</u> <u>by Successor</u>. In the event of a Corporate Transaction, all Shares acquired under the Plan and all Awards will be subject to the agreement governing such Corporate Transaction. Such agreement need not treat all Awards in an identical manner, and it may provide for one or more of the following with respect to each Award:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The continuation of the Award by the Company (if the Company is the surviving corporation).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The assumption of the Award by the surviving corporation or its parent and, with respect to an Award that is subject to Section 409A of the Code, in a manner that complies with Section 424(a) of the Code (whether or not the Award is an ISO).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The substitution by the surviving corporation or its parent of a new Award, and with respect an Award that is subject to Section 409A of the Code, in a manner that complies with Section 424(a) of the Code (whether or not the Award is an ISO).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The full or partial acceleration of exercisability or vesting and accelerated expiration of an outstanding Award and lapse of the Company's right to repurchase or re-acquire shares acquired under an Award or lapse of forfeiture rights with respect to shares acquired under an Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) A payment to the Participant equal to the excess of (i) the Fair Market Value of the Shares subject to the Award as of the effective date of such Corporate Transaction over (ii) the Exercise Price or Purchase Price of Shares, as the case may be, subject to the Award in connection with the cancellation of the Award. Such payment will be made in the form of cash, cash equivalents, or securities of the surviving corporation or its parent with a Fair Market Value equal to

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the required amount. The successor corporation may provide substantially similar consideration to Participants as was provided to stockholders (after taking into account the existing provisions of the Awards). Subject to Section 409A of the Code, such payment may be made in installments and may be deferred until the date or dates when the Award would have become exercisable or such Shares would have vested. The amount of such payment initially will be calculated without regard to whether or not the Award is then exercisable or such Shares are then vested. However, such payment may be subject to vesting based on the Participant's continuing service as an Employee, Consultant or Director. In addition, any escrow, holdback, earnout or similar provisions in the agreement for such Corporate Transaction may apply to such payment to the same extent and in the same manner as such provisions apply to the holders of Shares. If the Exercise Price of the Shares subject to an Option exceeds the Fair Market Value of such Shares, then the Option may be cancelled without making a payment to the Participant. For purposes of this subsection, the Fair Market Value of any security will be determined without regard to any vesting conditions that may apply to such security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The cancellation of outstanding Awards in exchange for no consideration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Any other treatment in accordance with the decision of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Board shall have full power and authority to assign the Company's right to repurchase or re-acquire or forfeiture rights to such successor or acquiring corporation. In addition, in the event such successor or acquiring corporation refuses to assume, convert, replace or substitute Awards, as provided above, pursuant to a Corporate Transaction, the Committee will notify the Participant in writing or electronically that such Award will be exercisable for a period of time determined by the Committee in its sole discretion, and such Award will terminate upon the expiration of such period. Awards need not be treated similarly in a Corporate Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.2 <u>Assumption of Awards by the Company</u>. The Company, from time to time, also may substitute or assume outstanding awards granted by another company, whether in connection with an acquisition of such other company or otherwise, by either; (a) granting an Award under this Plan in substitution of such other company's award; or (b) assuming such award as if it had been granted under this Plan if the terms of such assumed award could be applied to an Award granted under this Plan. Such substitution or assumption will be permissible if the holder of the substituted or assumed award would have been eligible to be granted an Award under this Plan if the other company had applied the rules of this Plan to such grant. In the event the Company assumes an award granted by another company, the terms and conditions of such award will remain unchanged (except that the Purchase Price or the Exercise Price, as the case may be, and the number and nature of Shares issuable upon exercise or settlement of any such Award will be adjusted appropriately pursuant to Section 424(a) of the Code). In the event the Company elects to grant a new Option in substitution rather than assuming an existing option, such new Option may be granted with a similarly adjusted Exercise Price. Substitute Awards will not reduce the number of Shares authorized for grant under the Plan or authorized for grant to a Participant in any calendar year.

**22. <u>ADOPTION</u> <u>AND STOCKHOLDER APPROVAL</u>**. This Plan shall be submitted for the approval of the Company's stockholders, consistent with applicable laws, within twelve (12) months before or after the date this Plan is adopted by the Board.

**23. <u>TERM OF PLAN/GOVERNING LAW</u>**. Unless earlier terminated as provided herein, this Plan will become effective on the Effective Date and will terminate ten (10) years from the date this Plan is adopted by the Board. This Plan and all Awards granted hereunder shall be governed by and construed in accordance with the laws of the State of Delaware, without regard to its conflict of laws rules.

**24. <u>AMENDMENT</u> <u>OR TERMINATION OF PLAN</u>**. The Board may at any time terminate or amend this Plan in any respect, including, without limitation, amendment of any form of Award Agreement or instrument to be executed pursuant to this Plan; provided, however, that the Board will not, without the approval of the stockholders of the Company, amend this Plan in any manner that requires such stockholder approval; provided further, that a Participant's Award shall be governed by the version of this Plan then in effect at the time such Award was granted.

**25. <u>NONEXCLUSIVITY OF THE PLAN</u>**. Neither the adoption of this Plan by the Board, the submission of this Plan to the stockholders of the Company for approval, nor any provision of this Plan will be construed as creating any limitations on the power of the Board to adopt such additional compensation arrangements as it may deem desirable, including, without limitation, the granting of stock awards and bonuses otherwise than under this Plan, and such arrangements may be either generally applicable or applicable only in specific cases.

**26. <u>INSIDER</u> <u>TRADING POLICY; CLAWBACK OR RECOUPMENT POLICY</u>**. Each Participant who receives an Award shall comply with any policy adopted by the Company from time to time covering transactions in the Company's securities by Employees, officers and/or directors of the Company. ****All Awards shall be subject to clawback or recoupment

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pursuant to any compensation clawback or recoupment policy adopted by the Board or required by law during the term of Participant's employment or other service with the Company that is applicable to executive officers, employees, directors or other service providers of the Company, and in addition to any other remedies available under such policy and applicable law, may require the cancelation of outstanding Awards and the recoupment of any gains realized with respect to Awards.

**27. <u>DEFINITIONS</u>.** As used in this Plan, and except as elsewhere defined herein, the following terms will have the following meanings:

"***Affiliate***" means any person or entity that directly or indirectly through one or more intermediaries controls, or is controlled by, or is under common control with, the Company, including any general partner, managing member, officer or director of the Company, in each case as of the date on which, or at any time during the period for which, the determination of affiliation is being made. For purposes of this definition, the term "control" (including the correlative meanings of the terms "controlled by" and "under common control with"), as used with respect to any person or entity, means the possession, directly or indirectly, of the power to direct or cause the direction of the management policies of such person or entity, whether through the ownership of voting securities or by contract or otherwise.

"***Award***" means any award under the Plan, including any Option, Restricted Stock, Stock Bonus, Stock Appreciation Right, Restricted Stock Unit or Performance Award.

"***Award Agreement***" means, with respect to each Award, the written or electronic agreement between the Company and the Participant setting forth the terms and conditions of the Award, and country-specific appendix thereto for grants to non-U.S. Participants, which shall be in substantially a form (which need not be the same for each Participant) that the Committee (or in the case of Award Agreements that are not used by Insiders, the Committee's delegate(s)) has from time to time approved, and will comply with and be subject to the terms and conditions of this Plan.

"***Board***" means the Board of Directors of the Company.

"***Cause***" means (a) the commission of an act of theft, embezzlement, fraud, dishonesty, (b) a breach of fiduciary duty to the Company or a Parent or Subsidiary of the Company, or (c) a failure to materially perform the customary duties of employee's employment, unless other provided in an individual agreement with the Award recipient.

"***Code***" means the United States Internal Revenue Code of 1986, as amended, and the regulations promulgated thereunder.

"***Committee***" means the Compensation Committee of the Board or those persons to whom administration of the Plan, or part of the Plan, has been delegated as permitted by law.

"***Common Stock***" means the common stock of the Company.

"***Company***" means Lendbuzz, Inc., or any successor corporation.

"***Consultant***" means any person, including an advisor or independent contractor, engaged by the Company or a Parent, Subsidiary or Affiliate to render services to such entity.

"***Corporate Transaction***" means the consummation of any of the following events (i) the sale of all or substantially all of the assets of the Company on a consolidated basis to an unrelated person or entity, (ii) a merger, reorganization or consolidation pursuant to which the holders of the Company's outstanding voting power immediately prior to such transaction do not own a majority of the outstanding voting power of the surviving or resulting entity (or its ultimate parent, if applicable), (iv) the acquisition of all or a majority of the outstanding voting stock of the Company in a single transaction or a series of related transactions by a person or group of persons, or (v) any other acquisition of the business of the Company, as determined by the Board.

"***Director***" means a member of the Board.

"***Disability***" means in the case of incentive stock options, total and permanent disability as defined in Section 22(e)(3) of the Code and in the case of other Awards, that the Participant is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months.

***"Dividend Equivalent Right"*** means the right of a Participant, granted at the discretion of the Committee or as otherwise provided by the Plan, to receive a credit for the account of such Participant in an amount equal to the cash dividends paid on one Share for each Share represented by an Award held by such Participant. ****

"***Effective Date***" means the date this Plan is approved by the Company's stockholders, the date of which shall be within twelve (12) months before or after the date this Plan is adopted by the Board.

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"***Employee***" means any person, including Officers and Directors, employed by the Company or any Parent, Subsidiary or Affiliate. Neither service as a Director nor payment of a director's fee by the Company will be sufficient to constitute "employment" by the Company.

"***Exchange Act***" means the United States Securities Exchange Act of 1934, as amended.

"***Exercise Price***" means, with respect to an Option, the price at which a holder may purchase the Shares issuable upon exercise of an Option and with respect to a SAR, the price at which the SAR is granted to the holder thereof.

"***Fair Market Value***" means, as of any date, the value of a share of the Company's Common Stock determined as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if such Common Stock is publicly traded and is then listed on a national securities exchange, its closing price on the date of determination on the principal national securities exchange on which the Common Stock is listed or admitted to trading as reported in *The Wall Street Journal* or such other source as the Board or the Committee deems reliable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if such Common Stock is publicly traded but is neither listed nor admitted to trading on a national securities exchange, the average of the closing bid and asked prices on the date of determination as reported in *The Wall Street Journal* or such other source as the Board or the Committee deems reliable; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if none of the foregoing is applicable, by the Board or the Committee in good faith.

"***Insider***" means an officer or director of the Company or any other person whose transactions in the Company's Common Stock are subject to Section 16 of the Exchange Act.

"***IRS***" means the United States Internal Revenue Service

"***Non-Employee Director***" means a Director who is not an Employee of the Company or any Parent, Subsidiary or Affiliate.

"***Option***" means an award of an option to purchase Shares pursuant to Section 5 or Section 12 of the Plan.

"***Parent***" has the same meaning as "parent corporation" in Section 424(e) of the Code.

"***Participant***" means a person who holds an Award under this Plan.

"***Performance Award***" means cash or stock granted pursuant to Section 10 or Section 12 of the Plan.

"***Performance Factors***" means any of the factors selected by the Committee and specified in an Award Agreement, from among the following objective measures, either individually, alternatively or in any combination, applied to the Company as a whole or any business unit or Subsidiary, either individually, alternatively, or in any combination, on a GAAP or non-GAAP basis, and measured, to the extent applicable on an absolute basis or relative to a pre-established target, index, or other companies, to determine whether the performance goals established by the Committee with respect to applicable Awards have been satisfied: Profit Before Tax; Sales; Expenses; Billings; Revenue; Net revenue; Earnings (which may include earnings before interest and taxes, earnings before taxes, net earnings, stock-based compensation expenses, depreciation and amortization); Operating income; Operating margin; Operating profit; Controllable operating profit, or net operating profit; Net Profit; Gross margin; Operating expenses or operating expenses as a percentage of revenue; Net income; Earnings per share; Total stockholder return; Market share; Return on assets or net assets; The Company's stock price; Growth in stockholder value relative to a pre-determined index; Return on equity; Return on invested capital; Cash Flow (including free cash flow or operating cash flows); Balance of cash, cash equivalents and marketable securities; Cash conversion cycle; Economic value added; Individual confidential business objectives; Contract awards or backlog; Overhead or other expense reduction; Credit rating; Completion of an identified special project; Completion of a joint venture or other corporate transaction; Strategic plan development and implementation; Succession plan development and implementation; Improvement in workforce diversity; Employee satisfaction; Employee retention; Customer indicators and satisfaction; New product invention or innovation; Research and development expenses; Attainment of research and development milestones; Improvements in productivity; Bookings; Working-capital targets and changes in working capital; and Attainment of objective operating goals and employee metrics.

The Committee may, in recognition of unusual or non-recurring items such as acquisition-related activities or changes in applicable accounting rules, provide for one or more equitable adjustments (based on objective standards) to the Performance Factors to preserve the Committee's original intent regarding the Performance Factors at the time of the initial award grant. It is within the sole discretion of the Committee to make or not make any such equitable adjustments.

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"***Performance Period***" means one or more periods of time, which may be of varying and overlapping durations, as the Committee may select, over which the attainment of one or more Performance Factors will be measured for the purpose of determining a Participant's right to, and the payment of, a Performance Award.

"***Performance Share***" means an Award granted pursuant to Section 10 or Section 12 of the Plan, the payment of which is contingent upon achieving certain performance goals established by the Committee.

"***Performance Unit"*** means a right granted to a Participant pursuant to Section 10 or Section 12, to receive Stock (or cash or a combination thereof), the payment of which is contingent upon achieving certain performance goals established by the Committee.

"***Permitted Transferee***" means any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, former spouse, sibling, niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law (including adoptive relationships) of the Employee, any person sharing the Employee's household (other than a tenant or employee), a trust in which these persons (or the Employee) have more than 50% of the beneficial interest, a foundation in which these persons (or the Employee) control the management of assets, and any other entity in which these persons (or the Employee) own more than 50% of the voting interests.

"***Plan***" means this Lendbuzz, Inc. 2019 Equity Incentive Plan.

"***Purchase Price***" means the price to be paid for Shares acquired under the Plan, other than Shares acquired upon exercise of an Option or SAR.

"***Restricted Stock Award***" means an award of Shares pursuant to Section 6 or Section 12 of the Plan, or issued pursuant to the early exercise of an Option.

"***Restricted Stock Unit***" means an Award granted pursuant to Section 9 or Section 12 of the Plan.

"***SEC***" means the United States Securities and Exchange Commission.

"***Securities Act***" means the United States Securities Act of 1933, as amended.

"***Shares***" means shares of the Company's Common Stock and the common stock of any successor security.

"***Stock Appreciation Right***" means an Award granted pursuant to Section 8 or Section 12 of the Plan.

"***Stock Bonus***" means an Award granted pursuant to Section 7 or Section 12 of the Plan.

"***Subsidiary***" has the same meaning as "subsidiary corporation" in Section 424(f) of the Code.

"***Termination***" or "***Terminated***" means, for purposes of this Plan with respect to a Participant, that the Participant has for any reason ceased to provide services as an employee, officer, director, consultant, independent contractor or advisor to the Company or a Parent or Subsidiary of the Company. The Committee will have sole discretion to determine whether a Participant has ceased to provide services for purposes of the Plan and the effective date on which the Participant ceased to provide services (the "***Termination Date***").

"***Treasury Regulations***" means regulations promulgated by the United States Treasury Department.

"***Unvested Shares***" means Shares that have not yet vested or are subject to a right of repurchase in favor of the Company (or any successor thereto).

## Exhibit 10.3

**Exhibit 10.3** 

**LENDBUZZ INC.** 

**2019 EQUITY INCENTIVE PLAN** 

**SUB-PLAN FOR PARTICIPANTS IN ISRAEL** 

1. **SPECIAL PROVISIONS FOR PARTICIPANTS IN ISRAEL** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 This Sub-Plan for Participants in Israel (the "**Sub-Plan**") to the Lendbuzz Inc. 2019 Equity Incentive Plan (the "**Plan**") is made in accordance with Section 4.5 of the Plan. This Sub-Plan was approved by Lendbuzz Inc. (the "**Company**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 The provisions specified hereunder apply only to persons who are deemed to be residents of the State of Israel for tax purposes or are otherwise subject to taxation in Israel with respect to Awards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 This Sub-Plan applies with respect to Awards granted under the Plan. The purpose of this Sub-Plan is to establish certain rules and limitations applicable to Awards that may be granted or issued under the Plan from time to time, in compliance with the tax, securities and other applicable laws currently in force in the State of Israel. Except as otherwise provided by this Sub-Plan, all grants made pursuant to this Sub-Plan shall be governed by the terms of the Plan. This Sub-Plan is applicable only to grants made after the date of its adoption. This Sub-Plan complies with, and is subject to, the ITO and Section 102.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 The Plan and this Sub-Plan shall be read together. In any case of contradiction, whether explicit or implied, between the provisions of this Sub-Plan and the Plan, the provisions of this Sub-Plan shall govern.

2. **DEFINITIONS** 

Capitalized terms not otherwise defined herein shall have the meaning assigned to them in the Plan. The following additional definitions shall apply to grants made pursuant to this Sub-Plan:

**"3(i) Award**" means an Award, which is subject to taxation pursuant to Section 3(i) of the ITO, which has been granted to any person who is not an Eligible 102 Participant.

"**102 Capital Gains Track**" means the tax alternative set forth in Section 102(b)(2) and 102(b)(3) of the ITO pursuant to which all or a part of the income resulting from the sale of Shares is taxable as a capital gain.

"**102 Capital Gains Track Grant**" means a 102 Trustee Grant qualifying for the special tax treatment under the 102 Capital Gains Track.

"**102 Ordinary Income Track**" means the tax alternative set forth in Section 102(b)(1) of the ITO pursuant to which income resulting from the sale of Shares derived from Awards is taxed as ordinary income.

"**102 Ordinary Income Track Grant**" means a 102 Trustee Grant qualifying for the ordinary income tax treatment under the 102 Ordinary Income Track.

"**102 Trustee Grant**" means an Award granted pursuant to Section 102(b) of the ITO and held in trust by a Trustee for the benefit of the Eligible 102 Participant, and includes both 102 Capital Gains Track Grants and 102 Ordinary Income Track Grants.

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"**Affiliate**" for the purpose of grants made under this Sub-Plan, means any Affiliate (as such term is defined by the Plan) that is an "employing company" within the meaning of Section 102(a) of the ITO.

"**Controlling Shareholder**" as defined in Section 32(9) of the ITO, currently defined as an individual who prior to the grant or as a result of the grant or exercise of any Award, holds or would hold, directly or indirectly, in his/her name or with a relative (as defined in the ITO) (i) 10% of the outstanding share capital of the Company, (ii) 10% of the voting power of the Company, (iii) the right to hold or purchase 10% of the outstanding equity or voting power, (iv) the right to obtain 10% of the "profits" of the Company (as defined in the ITO), or (v) the right to appoint a director of the Company.

"**Deposit Requirements**" shall mean with respect to a 102 Trustee Grant, the requirement to evidence deposit of an Award with the Trustee, in accordance with Section 102, in order to qualify as a 102 Trustee Grant. As of the time of approval of this Sub-Plan, the ITA guidelines regarding Deposit Requirements for 102 Capital Gains Track Grants require that the Trustee be provided with (a) the resolutions approving Awards intended to qualify as 102 Capital Gains Track Grants within 45 calendar days of the date of the Committee's approval of such Award, including full details of the terms of the Awards, and (b) a copy of the Award Agreement executed by the Eligible 102 Participant and/or Eligible 102 Participant's consent to the requirements of the 102 Capital Gains Track Grant within 90 calendar days of the Committee's approval of such Award.

"**Election**" means the Company's or its Affiliate's choice of the type of 102 Trustee Grants it shall make under the Plan (as between 102 Capital Gains Track Grants or 102 Ordinary Income Track Grants), as filed with the ITA.

"**Eligible 102 Participant**" means a Participant who is a person employed by the Company or its Affiliates, including an individual who is serving as a director (as defined in the ITO) or an office holder (as defined in the ITO), who is not a Controlling Shareholder.

"**Israeli Fair Market Value**" shall mean with respect to 102 Capital Gains Track Grants only, for the sole purpose of determining tax liability pursuant to Section 102(b)(3) of the ITO, if at the date of grant the Company's shares are listed on any established stock exchange or a national market system, or if the Company's shares shall be registered for trading within ninety (90) days following the date of grant, the Fair Market Value of the Shares at the date of grant shall be determined in accordance with the average value of the Company's shares on the thirty (30) trading days preceding the date of grant or on the thirty (30) trading days following the date of registration for trading, as the case may be.

"**ITA**" means the Israel Tax Authority.

"**ITO**" means the Israeli Income Tax Ordinance (New Version), 1961, and the rules, regulations, orders or procedures promulgated thereunder and any amendments thereto, including specifically the Rules, all as may be amended from time to time.

"**Non-Trustee Grant**" means an Award granted to an Eligible 102 Participant pursuant to Section 102(c) of the ITO and not held in trust by a Trustee.

"**Required Holding Period**" means the requisite period prescribed by the ITO and the Rules, or such other period as may be required by the ITA, with respect to 102 Trustee Grants, during which Awards granted by the Company must be held by the Trustee for the benefit of the person to whom it was granted. As of the date of the adoption of this Sub-Plan, the Required Holding Period for 102 Capital Gains Track Grants is 24 months from the date of grant of the Award.

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"**Rules**" means the Income Tax Rules (Tax Benefits in Share Issuance to Employees) 5763-2003.

"**Section 102**" shall mean the provisions of Section 102 of the ITO, as amended from time to time, including by the Law Amending the Income Tax Ordinance (Number 132), 2002, effective as of January 1, 2003 and by the Law Amending the Income Tax Ordinance (Number 147), 2005.

"**Trustee**" means a person or entity designated by the Committee to serve as a trustee and approved by the ITA in accordance with the provisions of Section 102(a) of the ITO.

3. **TYPES OF AWARDS AND SECTION 102 ELECTION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 Awards made as 102 Trustee Grants shall be made pursuant to either (a) Sections 102(b)(2) and 102(b)(3) of the ITO as 102 Capital Gains Track Grants or (b) Section 102(b)(1) of the ITO as 102 Ordinary Income Track Grants. The Company's Election regarding the type of 102 Trustee Grant it chooses to make shall be filed with the ITA. Once the Company (or its Affiliate) has filed such Election, it may change the type of 102 Trustee Grant that it chooses to make only after the passage of at least 12 months from the end of the calendar year in which the first grant was made in accordance with the previous Election, in accordance with Section 102. For the avoidance of doubt, such Election shall not prevent the Company from granting Non-Trustee Grants to Eligible 102 Participants at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 Eligible 102 Participants may receive only 102 Trustee Grants or Non-Trustee Grants under this Sub-Plan. Participants who are not Eligible 102 Participants may be granted only 3(i) Awards under this Sub-Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 No 102 Trustee Grants may be made effective pursuant to this Sub-Plan until 30 days after the date the requisite filings required by the ITO and the Rules, including the filing of the Plan and Sub-Plan, have been made with the ITA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 The Award Agreement shall indicate whether the grant is a 102 Trustee Grant, a Non-Trustee Grant or a 3(i) Award; and, if the grant is a 102 Trustee Grant, whether it is a 102 Capital Gains Track Grant or a 102 Ordinary Income Track Grant.

4. **TERMS AND CONDITIONS OF 102 TRUSTEE GRANTS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 Each 102 Trustee Grant shall be deemed granted on the date approved by the Committee and stated in a written or electronic notice by the Company, provided that its qualification as a 102 Trustee Grant shall be dependent upon the Company's and the Trustee's compliance with any applicable requirements set forth by the ITA with regard to such grants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 Notwithstanding anything to the contrary in the Plan, each 102 Trustee Grant granted to an Eligible 102 Participant and each Share acquired pursuant to a 102 Trustee Grant shall be deposited with a Trustee in compliance with the Deposit Requirements and held in trust by the Trustee (or be subject to a supervisory trustee arrangement if approved by the ITA). After termination of the Required Holding Period, the Trustee may release such Awards and any Shares issued with respect to such Award, provided that (i) the Trustee has received an acknowledgment from the ITA that the Eligible 102 Participant has paid any applicable tax due pursuant to the ITO or (ii) the Trustee and/or the Company or its Affiliate withholds any applicable tax due pursuant to the ITO. The Trustee shall not release any 102 Trustee Grants or shares issued with respect to the 102 Trustee Grants prior to the full payment of the Eligible 102 Participant's tax liabilities.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 Each 102 Trustee Grant shall be subject to the relevant terms of Section 102 and the ITO, which shall be deemed an integral part of the 102 Trustee Grant and shall prevail over any term contained in the Plan, this Sub-Plan or Award Agreement that is not consistent therewith. Any provision of the ITO and any approvals of the ITA not expressly specified in this Sub-Plan or any document evidencing an Award that are necessary to receive or maintain any tax benefit pursuant to the Section 102 shall be binding on the Eligible 102 Participant. The Trustee and the Eligible 102 Participant granted a 102 Trustee Grant shall comply with the ITO and the terms and conditions of the trust agreement entered into between the Company and the Trustee. For avoidance of doubt, it is reiterated that compliance with the ITO specifically includes compliance with the Rules. Further, the Eligible 102 Participant agrees to execute any and all documents which the Company or the Trustee may reasonably determine to be necessary in order to comply with the provision of any applicable law, and, particularly, Section 102. With respect to 102 Capital Gain Track Grants, to the extent that the Shares are listed on any established stock exchange or a national market system, the provisions of Section 102(b)(3) of the ITO and the Israeli Fair Market Value shall apply with respect to the Israeli tax rate applicable to such Awards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 During the Required Holding Period, the Eligible 102 Participant shall not require the Trustee to release or sell the Awards and Shares received subsequently following any realization of rights derived from Awards or Shares (including stock dividends) to the Eligible 102 Participant or to a third party, unless permitted to do so by applicable law. Notwithstanding the foregoing, the Trustee may, pursuant to a written request and subject to applicable law, release and transfer such Shares to a designated third party, provided that both of the following conditions have been fulfilled prior to such transfer: (i) all taxes required to be paid upon the release and transfer of the Shares have been withheld for transfer to the tax authorities and (ii) the Trustee has received written confirmation from the Company that all requirements for such release and transfer have been fulfilled according to the terms of the Company's corporate documents, the Plan, any applicable Award Agreement and applicable law. To avoid doubt such sale or release during the Required Holding Period shall result in different tax ramifications to the Eligible 102 Participant under Section 102 and the Rules and/or any other regulations or orders or procedures promulgated thereunder, which shall apply to and shall be borne solely by such Eligible 102 Participant (including tax and mandatory payments otherwise payable by the Company or its Affiliates, which would not apply absent a sale or release during the Required Holding Period).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5 In the event a stock dividend is declared and/or additional rights are granted with respect to Shares which derive from Awards granted as 102 Trustee Grants, such dividend and/or rights shall also be subject to the provisions of this Section 4 and the Required Holding Period for such stock dividend and/or rights shall be measured from the commencement of the Required Holding Period for the Award with respect to which the dividend was declared and/or rights granted. In the event of a cash dividend on Shares, the Trustee shall transfer the dividend proceeds to the Eligible 102 Participant in accordance with the Plan after deduction of taxes and mandatory payments in compliance with applicable withholding requirements, and subject to any other requirements imposed by the ITA.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6 If an Award granted as a 102 Trustee Grant is exercised/vests during the Required Holding Period, the Shares issued upon such exercise/vesting shall be issued in the name of the Trustee for the benefit of the Eligible 102 Participant (or be subject to a supervisory trustee arrangement if approved by the ITA). If such an Award is exercised or settled after the Required Holding Period ends, the Shares issued upon such exercise or settlement shall, at the election of the Eligible 102 Participant, either (i) be issued in the name of the Trustee (or be subject to a supervisory trustee arrangement if approved by the ITA), or (ii) be transferred to the Eligible 102 Participant directly, provided that the Eligible 102 Participant first complies with all applicable provisions of the Plan, this Sub-Plan and the applicable Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7 To avoid doubt: (i) notwithstanding anything to the contrary in the Plan, including without limitation Section 11, payment upon exercise or purchase of Awards granted as a 102 Capital Gains Track, may only be paid by cash or check, and not by surrender of Shares, reduction of Shares pursuant to a cashless exercise or other forms of payment, unless and to the extent permitted under Section 102 and as authorized by the ITA (as applicable); (ii) notwithstanding anything to the contrary in the Plan, including without limitation Sections 2.4 and 18 thereof, certain adjustments and amendments to the terms of Awards granted under the 102 Capital Gains Track, including pursuant to recapitalization events, repricings, share exchange programs, dividend adjustments and so forth, may disqualify the Awards from benefitting from the tax benefits under the 102 Capital Gains Track, unless the prior approval of the ITA is obtained (as applicable); (iii) notwithstanding anything to the contrary in the Plan, Performance Awards granted under the 102 Capital Gains Track must include objective financial milestones as the Performance Factors and must clearly define the maximum number of Shares to be issued upon vesting of the Award; (iv) notwithstanding anything to the contrary in the Plan, including without limitation Section 15.1 thereof, dividend equivalents with respect to Awards granted under the 102 Capital Gains Track must comply with ITA guidelines; (v) notwithstanding anything to the contrary in the Plan, repurchase rights with regard to Awards made as 102 Capital Gains Track Grants shall be subject to the express approval of the ITA (as applicable); (vi) notwithstanding anything to the contrary in the Plan, including without limitation Section 26 thereof, implementation of a clawback policy and/or the forfeiture of Awards with respect to Awards granted under the 102 Capital Gains Track is subject to compliance with the requirements of Section 102; (vii) notwithstanding anything to the contrary in the Plan, SARs may not be granted under the 102 Capital Gains Track unless permitted under Section 102 and as authorized by the ITA (as applicable); (viii) notwithstanding anything to the contrary in the Plan, the Company and/or the Trustee may require actual written signatures on certain documents for compliance with Section 102 requirements; and (ix) notwithstanding anything to the contrary in the Plan, Awards granted under the 102 Capital Gains Track may only be settled in Shares and not in cash.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.8 Any Award granted under the 102 Capital Gains Track is meant to comply in full with the terms and conditions of Section 102 and the requirements of the ITA, and therefore the Plan and the Sub-Plan are to be read such that they comply with the requirements of Section 102. Should any provision in the Plan and/or the Sub-Plan disqualify the Plan and/or the Sub-Plan and/or any Award granted under Section 102 Capital Gain Track granted thereunder from beneficial tax treatment pursuant to the provisions of Section 102, such provision shall not apply to such Awards and the underlying Shares unless the ITA provides approval of compliance with Section 102.

------

5. **ASSIGNABILITY** 

As long as Awards or Shares are held by the Trustee on behalf of the Eligible 102 Participant, all rights of the Eligible 102 Participant over the Shares are personal, cannot be transferred, assigned, pledged or mortgaged, other than by will or laws of descent and distribution.

6. **TAX CONSEQUENCES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 Any tax consequences arising from the grant, or vesting or exercise of any Award, from the payment for Shares or the acquisition of Shares issued upon the exercise or vesting (as applicable) of the Award, from the sale or disposition of any Shares covered by an Award, or from any other event or act (of the Company and/or its Affiliates and/or the Trustee and/or the Participant) hereunder (including without any limitation any taxes and compulsory payments, such as National Insurance Institute and health tax payments), shall be borne solely by the Participant. The Company and/or its Affiliates, and/or the Trustee shall withhold taxes according to the requirements under the applicable laws, rules, and regulations, including withholding taxes at source. Furthermore, the Participant shall agree to indemnify the Company and/or its Affiliates and/or the Trustee and hold them harmless against and from any and all liability for any such tax or interest or penalty thereon, including without limitation, liabilities relating to the necessity to withhold, or to have withheld, any such tax from any payment made to the Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 The Company or any of its Affiliates, and the Trustee may make such provisions and take such steps as it/they may deem necessary or appropriate for the withholding of all taxes required by law to be withheld with respect to Awards granted under the Plan and the exercise/vesting, sale, transfer or other disposition thereof, including, but not limited, to (i) deducting the amount so required to be withheld from any other amount (or Shares issuable) then or thereafter to be provided to the Participant, including by deducting any such amount from a Participant's salary or other amounts payable to the Participant, to the maximum extent permitted under law; and/or (ii) requiring the Participant to pay to the Company or any of its Affiliates the amount so required to be withheld; and/or (iii) withholding otherwise deliverable Shares having a Fair Market Value equal to the minimum amount statutorily required to be withheld; and/or (iv) causing the exercise and sale of any Awards or Shares held by on behalf of the Participant or selling a sufficient number of such Shares otherwise deliverable to the Participant through such means as the Company may determine in its sole discretion (whether through a broker or otherwise) equal to the amount required to be withheld either through a voluntary sale or through a mandatory sale arranged by the Company (on the Participant's behalf pursuant to the Participant's authorization as expressed by acceptance of the Award under the terms herein), to the extent permitted by applicable law or pursuant to the approval of the ITA. In addition, the Participant shall be required to pay any amount (including penalties) that exceeds the tax to be withheld and transferred to the tax authorities, pursuant to applicable tax laws, regulations and rules.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 The Company does not represent or undertake that an Award shall qualify for or comply with the requisites of any particular tax treatment (such as the 102 Capital Gains Track), nor shall the Company, its assignees or successors be required to take any action for the qualification of any Award under such tax treatment. The Company shall have no liability of any kind or nature in the event that, as a result of application of applicable law, actions by the Trustee or any position or interpretation of the ITA, or for any other reason whatsoever, an Award shall be deemed to not qualify for any particular tax treatment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 With respect to Non-Trustee Grants, if the Eligible 102 Participant ceases to be employed by the Company or any Affiliate, the Eligible 102 Participant shall extend to the Company and/or its Affiliate a security or guarantee for the payment of tax due at the time of sale of Shares to the satisfaction of the Company, all in accordance with the provisions of Section 102 and the Rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5 The Company and/or when applicable, the Trustee shall not be required to release any Share certificate to an Israeli Participant until all required payments have been fully made. In the event that the Company, or its Affiliates, or the Trustee, as applicable, is uncertain as to the sum of the full tax payment due or which is subject to withholding, the Company or the Trustee, as applicable, may refuse to release the Shares until such time as the ITA verifies the sum of the full tax payment which is due, and the Participants shall not have any claims in connection with such refusal. In addition, the Company shall not be obligated to honor the exercise or vesting of an Award by or on behalf of a Participant until all tax consequences (if any) arising from the exercise or vesting of such Award and/or sale or disposition of Shares and/or Award are resolved in a manner reasonably acceptable to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6 THE PARTICIPANT IS STRONGLY ADVISED TO CONSULT WITH A TAX ADVISOR WITH RESPECT TO THE TAX CONSEQUENCES OF RECEIVING, EXERCISING OR DISPOSING ANY AWARD IN LIGHT OF HIS OR HER PARTICULAR CIRCUMSTANCES. THE COMPANY DOES NOT ASSUME ANY RESPONSIBILITY TO ADVISE THE PARTICIPANT ON SUCH MATTERS, WHICH SHALL REMAIN THE SOLE RESPONSIBILITY OF THE PARTICIPANT.

7. **SECURITIES LAWS** 

All Awards hereunder shall be subject to compliance with the Israeli Securities Law, 1968, and the rules and regulations promulgated thereunder.

\* \* \*

## Exhibit 10.4

**Exhibit 10.4** 

**STOCK OPTION EXERCISE NOTICE** 

LENDBUZZ INC.

Attention: President

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Pursuant to the terms of the grant notice and stock option agreement between the undersigned and Lendbuzz Inc. (the "**Company**") dated [________], 2019] (the "**Agreement**") under the Lendbuzz Inc. 2019 Equity Incentive Plan, I, [Insert Name], hereby [Circle One] partially/fully exercise such option by including herein payment in the amount of US$ [________] representing the purchase price for [Fill in number of Shares] Shares. I have chosen the following form(s) of payment:

[ ] 1. Cash

[ ] 2. Certified or bank check payable to Lendbuzz Inc.

[ ] 3. Other (as referenced in the Agreement and described in the Plan (please describe))

_____________________________________________________.

In connection with my exercise of the option as set forth above, I hereby represent and warrant to the Company as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) I am purchasing the Shares for my own account for investment only, and not for resale or with a view to the distribution thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) I have had such an opportunity as I have deemed adequate to obtain from the Company such information as is necessary to permit me to evaluate the merits and risks of my investment in the Company and have consulted with my own advisers with respect to my investment in the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) I have sufficient experience in business, financial and investment matters to be able to evaluate the risks involved in the purchase of the Shares and to make an informed investment decision with respect to such purchase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) I can afford a complete loss of the value of the Shares and am able to bear the economic risk of holding such Shares for an indefinite period of time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) I understand that the Shares may not be registered under the Securities Act of 1933 (it being understood that the Shares are being issued and sold in reliance on the exemption provided in Rule 701 thereunder) or any applicable state securities or "blue sky" laws and may not be sold or otherwise transferred or disposed of in the absence of an effective registration statement under the Securities Act of 1933 and under any applicable state securities or "blue sky" laws (or exemptions from the registration requirement thereof). I further acknowledge that certificates representing Shares will bear restrictive legends reflecting the foregoing and/or that book entries for uncertificated Shares will include similar restrictive notations.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) I have read and understand the Plan and acknowledge and agree that the Shares are subject to all of the relevant terms of the Plan, including without limitation, the transfer restrictions set forth in Section 14 and Section 15 of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) I understand and agree that the Shares shall be subject to all other restrictions as may be applicable to all of the Company's shares of common stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) I understand and agree that the Company has certain Right of Repurchase, with respect to the Shares pursuant to Section 15.2 of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) I understand and agree that I may not sell or otherwise transfer or dispose of the Shares for a period of time following the effective date of a public offering by the Company in accordance to the applicable law and the Company's governing documents (as amended from time to time).

---

| |
|:---|
| Sincerely yours, |
| Name: |
| Address: |
| Date: |

---

## Exhibit 10.5

**Exhibit 10.5** 

**STOCK OPTION EXERCISE NOTICE** 

**FOR ISRAELI PARTICIPANT UNDER 102 CAPITAL GAINS TRACK** 

LENDBUZZ INC.

Attention: President

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Pursuant to the terms of the grant notice and stock option agreement between the undersigned and Lendbuzz Inc. (the "**Company**") dated [ ], 20 ] (the "**Agreement**") under the Lendbuzz Inc. 2019 Equity Incentive Plan and the Sub-Plan for Participants in Israel (the "**Sub-Plan**" and jointly with the 2019 Equity Incentive Plan, the "**Plan**") (capitalized terms used but not defined herein shall have the meanings given to them in the Plan), I, , hereby [Circle One] partially/fully exercise such option by including herein payment in the amount of US$<u> </u> representing the purchase price for [<u> </u>] Shares. I have chosen the following form(s) of payment:

[ ] 1. Cash

[ ] 2. Certified or bank check payable to Lendbuzz Inc.

[ ] 3. Other (as referenced in the Agreement and described in the Plan and subject to compliance with the terms and conditions of Section 102 and authorization by the ITA (as applicable) (please describe))

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .

In connection with my exercise of the option as set forth above, I hereby represent and warrant to the Company, an Affiliate and/or the Trustee as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) I am purchasing the Shares for my own account for investment only, and not for resale or with a view to the distribution thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) I have had such an opportunity as I have deemed adequate to obtain from the Company such information as is necessary to permit me to evaluate the merits and risks of my investment in the Company and have consulted with my own advisers with respect to my investment in the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) I have sufficient experience in business, financial and investment matters to be able to evaluate the risks involved in the purchase of the Shares and to make an informed investment decision with respect to such purchase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) I can afford a complete loss of the value of the Shares and am able to bear the economic risk of holding such Shares for an indefinite period of time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) I understand that the Shares may not be registered under the Securities Act of 1933 (it being understood that the Shares are being issued and sold in reliance on the exemption provided in Rule 701 thereunder) or any applicable state securities or "blue sky" laws and may not be sold or otherwise transferred or disposed of in the absence of an effective registration statement under the Securities Act of 1933 and

------

under any applicable state securities or "blue sky" laws (or exemptions from the registration requirement thereof). I further acknowledge that certificates representing Shares will bear restrictive legends reflecting the foregoing and/or that book entries for uncertificated Shares will include similar restrictive notations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) I have read and understand the Plan and acknowledge and agree that the Shares are subject to all of the relevant terms of the Plan, including without limitation, the transfer restrictions set forth in Section 14 and Section 15 of the Plan, Section 102(b) of the ITO and the Rules promulgated in connection therewith, the trust agreement entered into between the Trustee and the Company (the "**Trust Agreement**"), any applicable ITA rulings or guidelines, and the Company procedures in connection with the grants of Options. I agree that the Shares be issued to the Trustee to hold on my behalf pursuant to the terms of the ITO, the Rules and the Trust Agreement. I confirm that I am familiar with the terms and provisions of Section 102(b) of the ITO, particularly the 102 Capital Gains Track described therein. I further agree that I shall not require the Trustee to release the Shares to me, or to transfer or sell the Shares to a third party during the Required Holding Period, as set forth in the Sub-Plan, unless permitted to do so by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) I understand and agree that the Shares shall be subject to all other restrictions as may be applicable to all of the Company's shares of common stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) I understand and agree that the Company has certain Right of Repurchase, with respect to the Shares pursuant to Section 15.2 of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) I understand and agree that I may not sell or otherwise transfer or dispose of the Shares for a period of time following the effective date of a public offering by the Company in accordance to the applicable law and the Company's governing documents (as amended from time to time).

---

| |
|:---|
| Sincerely yours, |
| Name: |
| Address: |
| Date: |

---

## Exhibit 10.6

**Exhibit 10.6** 

**LENDBUZZ INC.** 

**2025 OMNIBUS INCENTIVE PLAN** 

**Effective**[•]

Section 1. *Purpose*. The purpose of the Lendbuzz Inc. 2025 Omnibus Incentive Plan (as amended from time to time, the "**Plan**") is to motivate and reward employees and other individuals to perform at the highest level and contribute significantly to the success of Lendbuzz Inc. (the "**Company**"), thereby furthering the best interests of the Company and its shareholders.

Section 2. *Definitions*. As used in the Plan, the following terms shall have the meanings set forth below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "**Affiliate**" means any entity that, directly or indirectly through one or more intermediaries, controls, is controlled by or is under common control with, the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "**Award**" means any Option, SAR, Restricted Stock, RSU, Performance Award, Other Cash-Based Award or Other Share-Based Award granted under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "**Award Agreement**" means any agreement, contract or other instrument or document (including in electronic form) evidencing any Award granted under the Plan, which may, but need not, be executed or acknowledged by a Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "**Beneficial Owner**" has the meaning ascribed to such term in Rule 13d-3 under the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "**Beneficiary**" means a Person entitled to receive payments or other benefits or exercise rights that are available under the Plan in the event of a Participant's death. If no such Person can be named or is named by a Participant, or if no Beneficiary designated by a Participant is eligible to receive payments or other benefits or exercise rights that are available under the Plan at a Participant's death, such Participant's Beneficiary shall be such Participant's estate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "**Board**" means the Board of Directors of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "**Cause**" is as defined in the Participant's applicable Service Agreement or Award Agreement, if applicable, or if not so defined, means the Participant's: (i) intentional wrongdoing, gross negligence or willful misconduct in the performance of the Participant's duties or otherwise in respect of the Company or its Affiliates, (ii) willful, deliberate or negligent conduct that is materially injurious to the Company or its Affiliates, (iii) commission of, conviction of, plea of guilty to, or plea of *nolo contendere* to, (x) a felony or (y) any other criminal offense involving moral turpitude, fraud or dishonesty, (iv) commission of an act of fraud, embezzlement or misappropriation, in each case, against the Company or any Affiliate, (v) material breach of any policies of the Company or its Affiliates or (vi) material breach of any applicable Service Agreement.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "**Change in Control**" means the occurrence of any one or more of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) any Person, other than (i) any employee plan established by the Company or any Subsidiary, (ii) the Company or any of its Affiliates, (iii) an underwriter temporarily holding securities pursuant to an offering of such securities or (iv) an entity owned, directly or indirectly, by shareholders of the Company in substantially the same proportions as their ownership of the Company, is (or becomes, during any 12-month period) the Beneficial Owner, directly or indirectly, of securities of the Company (not including in the securities beneficially owned by such Person any securities acquired directly from the Company or its Affiliates other than in connection with the acquisition by the Company or its Affiliates of a business) representing 50% or more of the total voting power of the stock of the Company; *provided* that the provisions of this Section 2(h) are not intended to apply to or include as a Change in Control any transaction that is specifically excepted from the definition of Change in Control under Section 2(h)(3) below;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) a change in the composition of the Board such that, during any 12-month period, the individuals who, as of the beginning of such period, constitute the Board (the "**Existing Board**") cease for any reason to constitute at least 50% of the Board; *provided*, *however*, that any individual becoming a member of the Board subsequent to the beginning of such period whose election, or nomination for election by the Company's shareholders, was approved by a vote of at least a majority of the Directors immediately prior to the date of such appointment or election shall be considered as though such individual were a member of the Existing Board; *provided, further*, that, notwithstanding the foregoing, no individual whose initial assumption of office occurs as a result of either an actual or threatened election contest (as such terms are used in Rule 14a-11 or Regulation 14A promulgated under the Exchange Act or successor statutes or rules containing analogous concepts) or other actual or threatened solicitation of proxies or consents by or on behalf of an individual, corporation, partnership, group, associate or other entity or Person other than the Board, shall in any event be considered to be a member of the Existing Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the consummation of a merger, amalgamation or consolidation of the Company with any other corporation or other entity, or the issuance of voting securities in connection with such a transaction pursuant to applicable stock exchange requirements (any such transaction, a "**Corporate Transaction**"); *provided* that immediately following such Corporate Transaction the voting securities of the Company outstanding immediately prior thereto do not continue to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity of such Corporate Transaction or parent entity thereof) 50% or more of the total voting power and total fair market value of the Company's shares (or, if the Company is not the surviving entity of such Corporate Transaction, 50% or more of the total voting power and total fair market value of the shares of such surviving entity or parent entity thereof);

------

and *provided*, *further*, that such a Corporate Transaction effected to implement a recapitalization of the Company (or similar transaction) in which no Person is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company (not including in the securities beneficially owned by such Person any securities acquired directly from the Company or its Affiliates other than in connection with the acquisition by the Company or its Affiliates of a business) representing 50% or more of either the then-outstanding Shares or the combined voting power and total fair market value of the Company's then-outstanding voting securities shall not be considered a Change in Control; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) the sale or disposition by the Company of all or substantially all of the Company's assets in which any Person acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such Person) assets from the Company that have a total gross fair market value equal to more than 50% of the total gross fair market value of all of the assets of the Company immediately prior to such acquisition or acquisitions.

Notwithstanding the foregoing, (i) no Change in Control shall be deemed to have occurred if there is consummated any transaction or series of integrated transactions immediately following which the record holders of the Shares immediately prior to such transaction or series of transactions continue to have substantially the same proportionate ownership in an entity which owns substantially all of the assets of the Company immediately prior to such transaction or series of transactions and (ii) no Change in Control shall be deemed to have occurred upon the acquisition of additional control of the Company by any Person that is considered to effectively control the Company. In no event will a Change in Control be deemed to have occurred if any Participant is part of a "group" within the meaning of Section 13(d)(3) of the Exchange Act that effects a Change in Control. Notwithstanding the foregoing or any provision of any Award Agreement to the contrary, for any Award that provides for accelerated distribution on a Change in Control of amounts that constitute "deferred compensation" (to the extent necessary to avoid imposition of taxes or penalties, pursuant to Section 409A of the Code ("**Section 409A**")), if the event that constitutes such Change in Control does not also constitute a change in the ownership or effective control of the Company, or in the ownership of a substantial portion of the Company's assets (in either case, as defined in Section 409A), such amount shall not be distributed on such Change in Control but instead shall vest as of such Change in Control and shall be distributed on the scheduled payment date specified in the applicable Award Agreement, except to the extent that earlier distribution would not result in the Participant who holds such Award incurring interest or additional tax under Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "**Code**" means the U.S. Internal Revenue Code of 1986, as amended from time to time, and the rules, regulations and guidance thereunder. Any reference to a provision in the Code shall include any successor provision thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "**Committee**" means the compensation committee of the Board unless another committee is designated by the Board. If there is no compensation committee of the Board and the Board does not designate another committee, references herein to the "Committee" shall refer to the Board.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "**Consultant**" means any individual, including an advisor, who is providing services to the Company or any Subsidiary or who has accepted an offer of service or consultancy from the Company or any Subsidiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "**Director**" means any member of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) "**Disability**" means that Executive is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months; *provided* that, for Incentive Stock Options, "Disability" shall mean total and permanent disability as defined in Section 22(e)(3) of the Code; *provided, further,* if and to the extent that the Executive's disability is a trigger for the payment of "deferred compensation" (as defined in Section 409A), "Disability" means that Executive is "disabled" as defined in Section 409A(a)(2)(C) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) "**Effective Date**" means the date on which the registration statement covering the initial public offering of the Shares is declared effective by the Securities and Exchange Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) "**Employee**" means any individual, including any officer, employed by the Company or any Subsidiary or any prospective employee or officer who has accepted an offer of employment from the Company or any Subsidiary, with the status of employment determined based upon such factors as are deemed appropriate by the Committee in its discretion, subject to any requirements of the Code or applicable laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) "**Exchange Act**" means the U.S. Securities Exchange Act of 1934, as amended from time to time, and the rules, regulations and guidance thereunder. Any reference to a provision in the Exchange Act shall include any successor provision thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) "**Fair Market Value**" means (i) with respect to Shares, the closing price of a Share on the trading day immediately preceding the date of determination (or, if there is no reported sale on such date, on the last preceding date on which any reported sale occurred), on the principal stock market or exchange on which the Shares are quoted or traded as reported in *The Wall Street Journal* or such other source as the Committee deems reliable, or if Shares are not so quoted or traded, the fair market value of a Share as determined by the Committee, and (ii) with respect to any property other than Shares, the fair market value of such property determined by such methods or procedures as shall be established from time to time by the Committee. In the case of grants made in connection with an initial public offering (the "**IPO**"), Fair Market Value means the per share price initially offered for sale to the public in connection with the IPO.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) "**Incentive Stock Option**" means an option representing the right to purchase Shares from the Company, granted pursuant to Section 6, that meets the requirements of Section 422 of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) "**Intrinsic Value**" with respect to an Option or SAR Award means (i) the excess, if any, of the price or implied price per Share in a Change in Control or other event *over* (ii) the exercise or hurdle price of such Award *multiplied by* (iii) the number of Shares covered by such Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) "**Non-Qualified Stock Option**" means an option representing the right to purchase Shares from the Company, granted pursuant to Section 6, that is not an Incentive Stock Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) "**Option**" means an Incentive Stock Option or a Non-Qualified Stock Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) "**Other Cash-Based Award**" means an Award granted pursuant to Section 11, including cash awarded as a bonus or upon the attainment of specified performance criteria or otherwise as permitted under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) "**Other Share-Based Award**" means an Award granted pursuant to Section 11 that may be denominated or payable in, valued in whole or in part by reference to, or otherwise based on, or related to, Shares or factors that may influence the value of Shares, including convertible or exchangeable debt securities, other rights convertible or exchangeable into Shares, purchase rights for Shares, dividend rights or dividend equivalent rights or Awards with value and payment contingent upon performance of the Company or business units thereof or any other factors designated by the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) "**Participant**" means the recipient of an Award granted under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) "**Performance Award**" means an Award granted pursuant to Section 10.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) "**Performance Period**" means the period established by the Committee with respect to any Performance Award during which the performance goals specified by the Committee with respect to such Award are to be measured.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) "**Person**" has the meaning ascribed to such term in Section 3(a)(9) of the Exchange Act and used in Sections 13(d) and 14(d) thereof, including a "group" as defined in Section 13(d) thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) "**Pre-IPO Award**" means an award granted prior to the Effective Date under the Pre-IPO Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) "**Pre-IPO Plan**" means the Lendbuzz Inc. 2019 Equity Incentive Plan.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) "**Restricted Stock**" means any Share subject to certain restrictions and forfeiture conditions, granted pursuant to Section 8.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) "**RSU**" means a contractual right granted pursuant to Section 9 that is denominated in Shares (also known as a restricted stock unit). Each RSU represents a right to receive the value of one Share (or a percentage of such value) in cash, Shares or a combination thereof. Awards of RSUs may include the right to receive dividend equivalents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) "**SAR**" means a right granted pursuant to Section 7 to receive upon exercise by the Participant or settlement, in cash, Shares or a combination thereof, the excess of (i) the Fair Market Value of one Share on the date of exercise or settlement over (ii) the exercise or hurdle price of the right on the date of grant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) "**Service Agreement**" means any employment, severance, consulting or similar agreement between the Company or any of its Affiliates and a Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) "**Share**" means a share of the Company's common stock, $0.001 par value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) "**Subsidiary**" means an entity of which the Company directly or indirectly holds all or a majority of the value of the outstanding equity interests of such entity or a majority of the voting power with respect to the voting securities of such entity. Whether employment by or service with a Subsidiary is included within the scope of the Plan shall be determined by the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) "**Substitute Award**" means an Award granted in assumption of, or in substitution for, an outstanding award previously granted by a company or other business acquired by the Company or with which the Company combines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) "**Termination of Service**" means, in the case of a Participant who is an Employee, cessation of the employment relationship such that the Participant is no longer an employee of the Company or any Subsidiary, or, in the case of a Participant who is a Consultant, non-employee Director or other service provider, the date the performance of services for the Company or any Subsidiary has ended; *provided*, *however*, that in the case of a Participant who is an Employee, the transfer of employment from the Company to a Subsidiary, from a Subsidiary to the Company, from one Subsidiary to another Subsidiary or, unless the Committee determines otherwise, the cessation of employee status but the continuation of the performance of services for the Company or a Subsidiary as a Director or Consultant shall not be deemed a cessation of service that would constitute a Termination of Service; *provided*, *further*, that a Termination of Service shall be deemed to occur for a Participant employed by, or performing services for, a Subsidiary when such Subsidiary ceases to be a Subsidiary unless such Participant's employment or service continues with the Company or another Subsidiary. Notwithstanding the foregoing, with respect to any Award subject to Section 409A (and not exempt therefrom), a Termination of Service occurs when a Participant experiences a "separation of service" (as such term is defined under Section 409A).

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Section 3. *Eligibility*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any Employee, non-employee Director or Consultant shall be eligible to be selected to receive an Award under the Plan, to the extent that an offer or receipt of an Award is permitted by applicable law, stock market or exchange rules and regulations or accounting or tax rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Holders of equity compensation awards granted by a company that is acquired by the Company (or whose business is acquired by the Company) or with which the Company combines are eligible for grants of Substitute Awards under the Plan to the extent permitted under applicable regulations of any stock exchange on which the Company is listed.

Section 4. *Administration*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Administration of the Plan.</u> The Plan shall be administered by the Committee. All decisions of the Committee shall be final, conclusive and binding upon all parties, including the Company, its shareholders, Participants and any Beneficiaries thereof. The Committee may issue rules and regulations for administration of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Delegation of Authority</u>. To the extent permitted by applicable law, including under Section 152(b) and Section 157(c) of the Delaware General Corporation Law, the Committee may delegate to one or more officers of the Company some or all of its authority under the Plan, including the authority to grant Options and SARs or other Awards in the form of Share rights (except that such delegation shall not apply to any Award for a Person then covered by Section 16 of the Exchange Act), and the Committee may delegate to one or more committees of the Board (which may consist of solely one Director) some or all of its authority under the Plan, including the authority to grant all types of Awards, in accordance with applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Authority of Committee</u>. Subject to the terms of the Plan and applicable law, the Committee (or its delegate) shall have full discretion and authority to: (i) designate Participants; (ii) determine the type or types of Awards (including Substitute Awards) to be granted to each Participant under the Plan; (iii) determine the number of Shares to be covered by (or with respect to which payments, rights or other matters are to be calculated in connection with) Awards; (iv) determine the terms and conditions of any Award and prescribe the form of each Award Agreement, which need not be identical for each Participant; (v) determine whether, to what extent, under what circumstances and by which methods Awards may be settled or exercised in cash, Shares, other Awards, other property, net settlement (including broker-assisted cashless exercise), or any combination thereof, or canceled, forfeited or suspended; (vi) determine whether, to what extent and under what circumstances cash, Shares, other Awards, other property and other amounts payable with respect to an Award under the Plan shall be deferred either automatically or at the election of the holder thereof or of the Committee; (vii) amend terms or conditions

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of any outstanding Awards; (viii) correct any defect, supply any omission and reconcile any inconsistency in the Plan or any Award, in the manner and to the extent it shall deem desirable to carry the Plan into effect; (ix) interpret and administer the Plan and any instrument or agreement relating to, or Award made under, the Plan; (x) establish, amend, suspend or waive such rules and regulations and appoint such agents, trustees, brokers, depositories and advisors and determine such terms of their engagement as it shall deem appropriate for the proper administration of the Plan and due compliance with applicable law, stock market or exchange rules and regulations or accounting or tax rules and regulations; and (xi) make any other determination and take any other action that the Committee deems necessary or desirable for the administration of the Plan and due compliance with applicable law, stock market or exchange rules and regulations or accounting or tax rules and regulations. Notwithstanding anything to the contrary contained herein, the Board may, in its sole discretion, at any time and from time to time, grant Awards or administer the Plan. In any such case, the Board shall have all of the authority and responsibility granted to the Committee herein.

Section 5. *Shares Available for Awards*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to adjustment as provided in Section 5(c) and except for Substitute Awards, the maximum number of Shares available for issuance under the Plan shall not exceed in the aggregate the sum of 5,700,000 Shares and the total number of Shares then available for issuance under the Pre-IPO Plan; *provided* that the total number of Shares available for issuance under the Plan shall be increased on the first day of each Company fiscal year following the Effective Date in an amount equal to the least of (i) 5,700,000 Shares, (ii) 5% of outstanding Shares on the last day of the immediately preceding fiscal year and (iii) such number of Shares as determined by the Board in its sole discretion. Shares underlying Substitute Awards and Shares remaining available for grant under a plan of an acquired company or of a company with which the Company combines (whether by way of merger, amalgamation, sale and purchase of shares or other securities or otherwise), appropriately adjusted to reflect the acquisition or combination transaction, shall not reduce the number of Shares remaining available for grant hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If any Award or Pre-IPO Award is forfeited, cancelled, expires, terminates or otherwise lapses or is settled in cash, in whole or in part, without the delivery of Shares, then the Shares covered by such forfeited, expired, terminated or lapsed Award or Pre-IPO Award shall again be available for grant under the Plan. For the avoidance of doubt, the following shall become available for issuance under the Plan: (i) any Shares withheld in respect of taxes relating to any Award or Pre-IPO Award and (ii) any Shares tendered or withheld to pay the exercise price of Options or Pre-IPO Awards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event that the Committee determines that, as a result of any dividend or other distribution (other than an ordinary dividend or distribution), recapitalization, share subdivision, share consolidation, reorganization, merger, amalgamation, consolidation, separation, rights offering, split-up, spin-off, combination, repurchase or exchange of Shares or other securities of the Company, issuance of

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warrants or other rights to acquire Shares or other securities of the Company, issuance of Shares pursuant to the anti-dilution provisions of securities of the Company, or other similar corporate transaction or event affecting the Shares, or of changes in applicable laws, regulations or accounting principles, an adjustment is necessary in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan, then the Committee shall, subject to Section 19 and applicable law, adjust equitably so as to ensure no undue enrichment or harm (including by payment of cash), any or all of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the number and type of Shares (or other securities) which thereafter may be made the subject of Awards, including the aggregate limits specified in Section 5(a) and Section 5(f);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the number and type of Shares (or other securities) subject to outstanding Awards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the grant, acquisition, exercise or hurdle price with respect to any Award or, if deemed appropriate, make provision for a cash payment to the holder of an outstanding Award; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) the terms and conditions of any outstanding Awards, including the performance criteria of any Performance Awards;

*provided*, *however*, that the number of Shares subject to any Award denominated in Shares shall always be a whole number.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any Shares delivered pursuant to an Award may consist, in whole or in part, of authorized and unissued Shares or Shares acquired by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) A Participant who is a non-employee Director may not receive compensation for any calendar year in excess of $750,000 in the aggregate, including cash payments and Awards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Subject to adjustment as provided in Section 5(c)(1), the maximum number of Shares available for issuance with respect to Incentive Stock Options shall be 5,700,000.

Section 6. *Options*. The Committee is authorized to grant Options to Participants with the following terms and conditions and with such additional terms and conditions, in either case not inconsistent with the provisions of the Plan, as the Committee shall determine:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The exercise price per Share under an Option shall be determined by the Committee at the time of grant; *provided*, *however*, that the per Share exercise price of any Share shall not be less than the par value of that Share and except in the case of Substitute Awards, such exercise price shall not be less than the Fair Market Value of a Share on the date of grant of such Option.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The term of each Option shall be fixed by the Committee but shall not exceed 10 years from the date of grant of such Option. The Committee shall determine the time or times at which an Option becomes vested and exercisable in whole or in part.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Committee shall determine the methods by which, and the forms in which payment of the exercise price with respect thereto may be made or deemed to have been made, including cash, Shares, other Awards, other property, net settlement (including broker-assisted cashless exercise) or any combination thereof, having a Fair Market Value on the exercise date equal to the relevant exercise price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To the extent an Option is not previously exercised as to all of the Shares subject thereto, and, if the Fair Market Value of one Share is greater than the exercise price then in effect, then the Option shall be deemed automatically exercised immediately before its expiration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) No grant of Options may be accompanied by a tandem award of dividend equivalents or provide for dividends, dividend equivalents or other distributions to be paid on such Options (except as provided under Section 5(c)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The terms of any Incentive Stock Option granted under the Plan shall comply in all respects with the provisions of Section 422 of the Code. Incentive Stock Options may be granted only to employees of the Company or of a parent or subsidiary corporation (as defined in Section 424 of the Code).

Section 7. *Stock Appreciation Rights*. The Committee is authorized to grant SARs to Participants with the following terms and conditions and with such additional terms and conditions, in either case not inconsistent with the provisions of the Plan, as the Committee shall determine:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) SARs may be granted under the Plan to Participants either alone ("freestanding") or in addition to other Awards granted under the Plan ("tandem") and may, but need not, relate to a specific Option granted under Section 6.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The exercise or hurdle price per Share under a SAR shall be determined by the Committee; *provided*, *however*, that the per Share exercise price of any Share shall not be less than the par value of that Share and except in the case of Substitute Awards, such exercise or hurdle price shall not be less than the Fair Market Value of a Share on the date of grant of such SAR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The term of each SAR shall be fixed by the Committee but shall not exceed 10 years from the date of grant of such SAR. The Committee shall determine the time or times at which a SAR may be exercised or settled in whole or in part.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Upon the exercise of a SAR, the Company shall pay to the Participant an amount equal to the number of Shares subject to the SAR multiplied by the excess, if any, of the Fair Market Value of one Share on the exercise date over the exercise or hurdle price of such SAR. The Company shall pay such excess in cash, in Shares valued at Fair Market Value, or any combination thereof, as determined by the Committee.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) To the extent a SAR is not previously exercised as to all of the Shares subject thereto, and, if the Fair Market Value of one Share is greater than the exercise price then in effect, then the SAR shall be deemed automatically exercised immediately before its expiration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) No grant of SARs may be accompanied by a tandem award of dividend equivalents or provide for dividends, dividend equivalents or other distributions to be paid on such SARs (except as provided under Section 5(c)).

Section 8. *Restricted Stock.* The Committee is authorized to grant Awards of Restricted Stock to Participants with the following terms and conditions and with such additional terms and conditions, in either case not inconsistent with the provisions of the Plan, as the Committee shall determine:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Award Agreement shall specify the vesting schedule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Awards of Restricted Stock shall be subject to such restrictions as the Committee may impose, which restrictions may lapse separately or in combination at such time or times, in such installments or otherwise, as the Committee may deem appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subject to the restrictions set forth in the applicable Award Agreement, a Participant generally shall have the rights and privileges of a shareholder with respect to Awards of Restricted Stock, including the right to vote such Restricted Stock and the right to receive dividends, as long as the Participant is a holder of such Awards of Restricted Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Committee may, in its discretion, specify in the applicable Award Agreement that any or all dividends or other distributions paid on Awards of Restricted Stock prior to vesting be paid either in cash or in additional Shares and either on a current or deferred basis and that such dividends or other distributions may be reinvested in additional Shares, which may be subject to the same restrictions as the underlying Awards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Any Award of Restricted Stock may be evidenced in such manner as the Committee may deem appropriate, including book-entry registration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Committee may provide in an Award Agreement that an Award of Restricted Stock is conditioned upon the Participant making or refraining from making an election with respect to the Award under Section 83(b) of the Code. If a Participant makes an election pursuant to Section 83(b) of the Code with respect to an Awards of Restricted Stock, such Participant shall be required to file promptly a copy of such election with the Company and the applicable Internal Revenue Service office.

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Section 9. *RSUs.* The Committee is authorized to grant Awards of RSUs to Participants with the following terms and conditions and with such additional terms and conditions, in either case not inconsistent with the provisions of the Plan, as the Committee shall determine:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Award Agreement shall specify the vesting schedule and the delivery schedule (which may include deferred delivery later than the vesting date).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Awards of RSUs shall be subject to such restrictions as the Committee may impose, which restrictions may lapse separately or in combination at such time or times, in such installments or otherwise, as the Committee may deem appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) An RSU shall not convey to a Participant the rights and privileges of a shareholder with respect to the Share subject to such RSU, such as the right to vote or the right to receive dividends, unless and until and to the extent a Share is issued to such Participant to settle such RSU.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Committee may, in its discretion, specify in the applicable Award Agreement that any or all dividend equivalents or other distributions paid on Awards of RSUs prior to vesting or settlement, as applicable, be paid either in cash or in additional Shares and either on a current or deferred basis and that such dividend equivalents or other distributions may be reinvested in additional Shares, which may be subject to the same restrictions as such Awards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Shares delivered upon the vesting and settlement of an Award of RSUs may be evidenced in such manner as the Committee may deem appropriate, including book-entry registration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Committee may determine the form or forms (including cash, Shares, other Awards, other property or any combination thereof) in which payment of the amount owing upon settlement of any Award of RSUs may be made.

Section 10. *Performance Awards.* The Committee is authorized to grant Performance Awards to Participants with the following terms and conditions and with such additional terms and conditions, in either case not inconsistent with the provisions of the Plan, as the Committee shall determine:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Performance Awards may be denominated as a cash amount, number of Shares or units or a combination thereof and are Awards that may be earned upon achievement or satisfaction of performance conditions specified by the Committee. In addition, the Committee may specify that any other Award shall constitute a Performance Award by conditioning the grant to a Participant or the right of a Participant to exercise the Award or have it settled, and the timing thereof, upon achievement or satisfaction of such performance conditions as may be specified by the Committee. The Committee may use such business criteria and other measures of performance as it may deem appropriate in establishing any performance conditions. Subject to the terms of the Plan, the performance goals to be achieved during any Performance Period, the length of any Performance Period, the amount of any Performance Award granted and the amount of any payment or transfer to be made pursuant to any Performance Award shall be determined by the Committee.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Performance criteria may be measured on an absolute (e.g., plan or budget) or relative basis, and may be established on a corporate-wide basis, with respect to one or more business units, divisions, Subsidiaries or business segments, or on an individual basis. If the Committee determines that a change in the business, operations, corporate structure or capital structure of the Company, or the manner in which the Company conducts its business, or other events or circumstances render the performance objectives unsuitable, the Committee may modify the performance objectives or the related minimum acceptable level of achievement, in whole or in part, as the Committee deems appropriate and equitable such that it does not provide any undue enrichment or harm. Performance measures may vary from Performance Award to Performance Award and from Participant to Participant, and may be established on a stand-alone basis, in tandem or in the alternative. The Committee shall have the power to impose such other restrictions on Awards subject to this Section 10(b) as it may deem necessary or appropriate to ensure that such Awards satisfy all requirements of any applicable law, stock market or exchange rules and regulations or accounting or tax rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Settlement of Performance Awards shall be in cash, Shares, other Awards, other property, net settlement, or any combination thereof, as determined in the discretion of the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) A Performance Award shall not convey to a Participant the rights and privileges of a shareholder with respect to the Share subject to such Performance Award, such as the right to vote (except as relates to Restricted Stock) or the right to receive dividends, unless and until and to the extent a Share is issued to such Participant to settle such Performance Award. The Committee, in its sole discretion, may provide that a Performance Award shall convey the right to receive dividend equivalents on the Shares subject to such Performance Award with respect to any dividends declared during the period that such Performance Award is outstanding, in which case, such dividend equivalent rights shall accumulate and shall be paid in cash or Shares on the settlement date of the Performance Award, subject to the Participant's earning of the Shares with respect to which such dividend equivalents are paid upon achievement or satisfaction of performance conditions specified by the Committee. Shares delivered upon the vesting and settlement of a Performance Award may be evidenced in such manner as the Committee may deem appropriate, including book-entry registration. For the avoidance of doubt, unless otherwise determined by the Committee, no dividend equivalent rights shall be provided with respect to any Shares subject to Performance Awards that are not earned or otherwise do not vest or settle pursuant to their terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Committee may, in its discretion, increase or reduce the amount of a settlement otherwise to be made in connection with a Performance Award.

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Section 11. *Other Cash-Based Awards and Other Share-Based Awards.* The Committee is authorized, subject to limitations under applicable law, to grant Other Cash-Based Awards (either independently or as an element of or supplement to any other Award under the Plan) and Other Share-Based Awards. The Committee shall determine the terms and conditions of such Awards. Shares delivered pursuant to an Award in the nature of a purchase right granted under this Section 11 shall be purchased for such consideration, and paid for at such times, by such methods and in such forms, including cash, Shares, other Awards, other property, net settlement, broker-assisted cashless exercise or any combination thereof, as the Committee shall determine; *provided* that the purchase price per Share of any Share shall not be less than the par value of that Share and the purchase price therefor shall not be less than the Fair Market Value of such Shares on the date of grant of such right.

Section 12. *Effect of Termination of Service or a Change in Control on Awards*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Committee may provide, by rule or regulation or in any applicable Award Agreement, or may determine in any individual case, the circumstances in which, and the extent to which, an Award may be exercised, settled, vested, paid or forfeited in the event of a Participant's Termination of Service prior to the end of a Performance Period or vesting, exercise or settlement of such Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to the last sentence of Section 2(kk), the Committee may determine, in its discretion, whether, and the extent to which, (i) an Award will vest during a leave of absence, (ii) a reduction in service level (for example, from full-time to part-time employment) will cause a reduction, or other change, to an Award and (iii) a leave of absence or reduction in service will be deemed a Termination of Service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event of a Change in Control, the Committee may, in its sole discretion, and on such terms and conditions as it deems appropriate, take any one or more of the following actions with respect to any outstanding Award, which need not be uniform with respect to all Participants and/or Awards:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) continuation or assumption of such Award by the Company (if it is the surviving corporation) or by the successor or surviving entity or its parent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) substitution or replacement of such Award by the successor or surviving entity or its parent with cash, securities, rights or other property to be paid or issued, as the case may be, by the successor or surviving entity (or a parent or subsidiary thereof), with substantially the same terms and value as such Award (including any applicable performance targets or criteria with respect thereto);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) acceleration of the vesting of such Award and the lapse of any restrictions thereon and, in the case of an Option or SAR Award, acceleration of the right to exercise such Award during a specified period (and the termination of such Option or SAR Award without payment of any consideration therefor to the extent such Award is not timely exercised), in each case, either (i) immediately prior to or as of the date of the Change in Control, (ii) upon a Participant's involuntary Termination of Service (including upon a termination of the Participant's employment by the Company

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(or a successor corporation or its parent) without Cause, by a Participant for "good reason" and/or due to a Participant's death or "disability," as such terms may be defined in the applicable Award Agreement and/or a Participant's Service Agreement, as the case may be) on or within a specified period following the Change in Control or (iii) upon the failure of the successor or surviving entity (or its parent) to continue or assume such Award;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) in the case of a Performance Award, determination of the level of attainment of the applicable performance condition(s); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) cancellation of such Award in consideration of a payment, with the form, amount and timing of such payment determined by the Committee in its sole discretion, subject to the following: (i) such payment shall be made in cash, securities, rights and/or other property; (ii) the amount of such payment shall equal the value of such Award, as determined by the Committee in its sole discretion; *provided* that, in the case of an Option or SAR Award, if such value equals the Intrinsic Value of such Award, such value shall be deemed to be valid; *provided, further,* that, if the Intrinsic Value of an Option or SAR Award is equal to or less than zero, the Committee may, in its sole discretion, provide for the cancellation of such Award without payment of any consideration therefor (for the avoidance of doubt, in the event of a Change in Control, the Committee may, in its sole discretion, terminate any Option or SAR Awards for which the exercise or hurdle price is equal to or exceeds the per Share value of the consideration to be paid in the Change in Control transaction without payment of consideration therefor); and (iii) such payment shall be made promptly following such Change in Control or on a specified date or dates following such Change in Control; *provided* that the timing of such payment shall comply with Section 409A.

Section 13. *General Provisions Applicable to Awards*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Awards shall be granted for such cash or other consideration, if any, as the Committee determines; *provided* that in no event shall Awards be issued for less than such minimal consideration as may be required by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Awards may, in the discretion of the Committee, be granted either alone or in addition to or in tandem with any other Award or any award granted under any other plan of the Company. Awards granted in addition to or in tandem with other Awards, or in addition to or in tandem with awards granted under any other plan of the Company, may be granted either at the same time as or at a different time from the grant of such other Awards or awards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subject to the terms of the Plan, payments or transfers to be made by the Company upon the grant, exercise or settlement of an Award may be made in the form of cash, Shares, other Awards, other property, net settlement, or any combination thereof, as determined by the Committee in its discretion at the time of grant, and may be made in a single payment or transfer, in installments or on a deferred basis, in each case in accordance with rules and procedures established by the Committee. Such rules and procedures may include provisions for the payment or crediting of reasonable interest on installment or deferred payments or the grant or crediting of dividend equivalents in respect of installment or deferred payments.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Except as may be permitted by the Committee or as specifically provided in an Award Agreement, (i) no Award and no right under any Award shall be assignable, alienable, saleable or transferable by a Participant other than (x) by will, laws of descent and distribution or pursuant to Section 13(e) or (y) pursuant to a domestic relations order issued by a court of competent jurisdiction that is not contrary to the terms and conditions of this Plan or applicable Award and (ii) during a Participant's lifetime, each Award, and each right under any Award, shall be exercisable only by such Participant or, if permissible under applicable law, by such Participant's guardian or legal representative. The provisions of this Section 13(d) shall not apply to any Award that has been fully exercised or settled, as the case may be, and shall not preclude forfeiture of an Award in accordance with the terms thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) A Participant may designate a Beneficiary or change a previous Beneficiary designation only at such times as prescribed by the Committee, in its sole discretion, and only by using forms and following procedures approved or accepted by the Committee for that purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) All certificates, if any, for Shares and/or other securities delivered under the Plan pursuant to any Award or the exercise or settlement thereof shall be subject to such stop transfer orders and other restrictions as the Committee may deem advisable under the Plan or the rules, regulations and other requirements of the Securities and Exchange Commission, any stock market or exchange upon which such Shares or other securities are then quoted, traded or listed, and any applicable securities laws, and the Committee may cause a legend or legends to be put on any such certificates to make appropriate reference to such restrictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Company will not be obligated to deliver any Shares under the Plan or remove restrictions from Shares previously delivered under the Plan until (i) all Award conditions have been met or removed to the Committee's satisfaction, (ii) as determined by the Committee, all other legal matters regarding the issuance and delivery of such Shares have been satisfied, including any applicable securities laws, stock market or exchange rules and regulations or accounting or tax rules and regulations and (iii) the Participant has executed and delivered to the Company such representations or agreements as the Committee deems necessary or appropriate to satisfy any applicable laws. The Company's inability to obtain authority from any regulatory body having jurisdiction, which the Committee determines is necessary to the lawful issuance and sale of any Shares, will relieve the Company of any liability for failing to issue or sell such Shares as to which such requisite authority has not been obtained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Committee may impose restrictions on any Award with respect to non-competition, non-solicitation, confidentiality and other restrictive covenants, or requirements to comply with minimum share ownership requirements, as it deems necessary or appropriate in its sole discretion, which such restrictions may be set forth in any applicable Award Agreement or otherwise.

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Section 14. *Amendments and Terminations*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Amendment or Termination of the Plan</u>. Except to the extent prohibited by applicable law and unless otherwise expressly provided in an Award Agreement or in the Plan, the Board may amend, alter, suspend, discontinue or terminate the Plan or any portion thereof at any time; *provided*, *however*, that no such amendment, alteration, suspension, discontinuation or termination shall be made without (i) shareholder approval if such approval is required by applicable law or the rules of the stock market or exchange, if any, on which the Shares are principally quoted or traded or (ii) subject to Section 5(c) and Section 12, the consent of the affected Participant, if such action would materially adversely affect the rights of such Participant under any outstanding Award, except (x) to the extent any such amendment, alteration, suspension, discontinuance or termination is made to cause the Plan to comply with applicable law, stock market or exchange rules and regulations or accounting or tax rules and regulations or (y) to impose any "clawback" or recoupment provisions on any Awards (including any amounts or benefits arising from such Awards) in accordance with Section 18. Notwithstanding anything to the contrary in the Plan, the Committee may amend the Plan, or create sub-plans, in such manner as may be necessary or desirable to enable the Plan to achieve its stated purposes in any jurisdiction in a tax-efficient manner and in compliance with local rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Dissolution or Liquidation</u>. In the event of the dissolution or liquidation of the Company, each Award shall terminate immediately prior to the consummation of such action, unless otherwise determined by the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Terms of Awards</u>. The Committee may waive any conditions or rights under, amend any terms of, or amend, alter, suspend, discontinue or terminate any Award theretofore granted (including by substituting another Award of the same or a different type), prospectively or retroactively, without the consent of any relevant Participant or holder or Beneficiary of an Award; *provided*, *however*, that, subject to Section 5(c) and Section 12, no such action shall materially adversely affect the rights of any affected Participant or holder or Beneficiary under any Award theretofore granted under the Plan, except (x) to the extent any such action is made to cause the Plan or Award to comply with applicable law, stock market or exchange rules and regulations or accounting or tax rules and regulations, or (y) to impose any "clawback" or recoupment provisions on any Awards (including any amounts or benefits arising from such Awards) in accordance with Section 18. The Committee shall be authorized to make adjustments in the terms and conditions of, and the criteria included in, Awards in recognition of events (including the events described in Section 5(c)) affecting the Company, or the financial statements of the Company, or of changes in applicable laws, regulations or accounting principles, whenever the Committee determines that such adjustments are appropriate in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>No Repricing</u>. Except as provided in Section 5(c), the Committee may not, without shareholder approval, seek to effect any re-pricing of any previously granted "underwater" Option, SAR or similar Award by: (i) amending or modifying the terms of the Option, SAR or similar Award to lower the exercise price; (ii) cancelling the underwater Option, SAR or similar Award and granting either (x) replacement Options, SARs or similar Awards having a lower exercise price or (y) Restricted Stock, RSUs, Performance Awards or Other Share-Based Awards in exchange; or (iii) cancelling or repurchasing the underwater Options, SARs or similar Awards for cash or other securities. An Option, SAR or similar Award will be deemed to be "underwater" at any time when the Fair Market Value of the Shares covered by such Award is less than the exercise price of the Award.

Section 15. *Miscellaneous*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No Employee, Consultant, non-employee Director, Participant, or other Person shall have any claim to be granted any Award under the Plan, and there is no obligation for uniformity of treatment of employees, Participants or holders or Beneficiaries of Awards under the Plan. The terms and conditions of Awards need not be the same with respect to each recipient. Any Award granted under the Plan shall be a one-time Award that does not constitute a promise of future grants. The Company, in its sole discretion, maintains the right to make available future grants under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The grant of an Award shall not be construed as giving a Participant the right to be retained in the employ of, or to continue to provide services to, the Company or any Affiliate. Further, the Company or any applicable Affiliate may at any time dismiss a Participant, free from any liability, or any claim under the Plan, unless otherwise expressly provided in the Plan or in any Award Agreement or in any other agreement binding on the parties. The receipt of any Award under the Plan is not intended to confer any rights on the receiving Participant except as set forth in the applicable Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No payment pursuant to the Plan shall be taken into account in determining any benefits under any severance, pension, retirement, savings, profit sharing, group insurance, welfare or other benefit plan of the Company or any Affiliate, except to the extent otherwise expressly provided in writing in such other plan or an agreement thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Nothing contained in the Plan shall prevent the Company or any Affiliate from adopting or continuing in effect other or additional compensation arrangements, including the grant of options and other share-based awards, and such arrangements may be either generally applicable or applicable only in specific cases.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Company shall be authorized to withhold from any Award granted or any payment due or transfer made under any Award or under the Plan or from any compensation or other amount owing to a Participant the amount (in cash, Shares, other Awards, other property, net settlement, or any combination thereof) of applicable withholding taxes due in respect of an Award, its exercise or settlement or any payment or transfer under such Award or under the Plan and to take such other action (including providing for elective payment of such amounts in cash or Shares by such Participant) as may be necessary to satisfy all obligations for the payment of such taxes and, unless otherwise determined by the Committee in its discretion, to the extent such withholding would not result in liability classification of such Award (or any portion thereof) pursuant to FASB ASC Subtopic 718-10.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) If any provision of the Plan or any Award Agreement is or becomes or is deemed to be invalid, illegal or unenforceable in any jurisdiction, or as to any Person or Award, or would disqualify the Plan or any Award under any law deemed applicable by the Committee, such provision shall be construed or deemed amended to conform to applicable laws, or if it cannot be so construed or deemed amended without, in the determination of the Committee, materially altering the intent of the Plan or the Award Agreement, such provision shall be stricken as to such jurisdiction, Person or Award, and the remainder of the Plan and any such Award Agreement shall remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Neither the Plan nor any Award shall create or be construed to create a trust or separate fund of any kind or a fiduciary relationship between the Company and a Participant or any other Person. To the extent that any Person acquires a right to receive payments from the Company pursuant to an Award, such right shall be no greater than the right of any unsecured general creditor of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) No fractional Shares shall be issued or delivered pursuant to the Plan or any Award, and the Committee shall determine whether cash or other securities shall be paid or transferred in lieu of any fractional Shares, or whether such fractional Shares or any rights thereto shall be canceled, terminated or otherwise eliminated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Awards may be granted to Participants who are non-United States nationals or employed or providing services outside the United States, or both, on such terms and conditions different from those applicable to Awards to Participants who are employed or providing services in the United States as may, in the judgment of the Committee, be necessary or desirable to recognize differences in local law, tax policy or custom. The Committee also may impose conditions on the exercise or vesting of Awards in order to minimize the Company's obligation with respect to tax equalization for Participants on assignments outside their home country.

Section 16. *Effective Date of the Plan.* The Plan shall be effective as of the Effective Date.

Section 17. *Term of the Plan.* No Award shall be granted under the Plan after the earliest to occur of (i) the 10-year anniversary of the Effective Date; (ii) the maximum number of Shares available for issuance under the Plan have been issued; or (iii) the Board terminates the Plan in accordance with Section 14(a). However, unless otherwise expressly provided in the Plan or in an applicable Award Agreement, any Award theretofore granted may extend beyond such date, and the authority of the Committee to amend, alter, adjust, suspend, discontinue or terminate any such Award, or to waive any conditions or rights under any such Award, and the authority of the Board to amend the Plan, shall extend beyond such date.

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Section 18. *Cancellation or "Clawback" of Awards*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Committee may specify in an Award Agreement that a Participant's rights, payments and benefits with respect to an Award shall be subject to reduction, cancellation, forfeiture or recoupment upon the occurrence of certain specified events, in addition to any otherwise applicable vesting or performance conditions of an Award. Such events may include a Termination of Service with or without Cause (and, in the case of any Cause that is resulting from an indictment or other non-final determination, the Committee may provide for such Award to be held in escrow or abeyance until a final resolution of the matters related to such event occurs, at which time the Award shall either be reduced, cancelled or forfeited (as provided in such Award Agreement) or remain in effect, depending on the outcome), violation of material policies, breach of non-competition, non-solicitation, confidentiality or other restrictive covenants, or requirements to comply with minimum share ownership requirements, that may apply to the Participant, or other conduct by the Participant that is detrimental to the business or reputation of the Company and/or its Affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Committee shall have full authority to implement any policies and procedures necessary to comply with Section 10D of the Exchange Act and any rules promulgated thereunder and any other regulatory regimes. Notwithstanding anything to the contrary contained herein, any Awards granted under the Plan (including any amounts or benefits arising from such Awards) shall be subject to any clawback or recoupment arrangements or policies the Company has in place from time to time, and the Committee may, to the extent permitted by applicable law and stock exchange rules or by any applicable Company policy or arrangement, and shall, to the extent required, cancel or require reimbursement of any Awards granted to the Participant or any Shares issued or cash received upon vesting, exercise or settlement of any such Awards or sale of Shares underlying such Awards.

Section 19. *Section 409A.* With respect to Awards subject to Section 409A, the Plan is intended to comply with the requirements of Section 409A, and the provisions of the Plan and any Award Agreement shall be interpreted in a manner that satisfies the requirements of Section 409A, and the Plan shall be operated accordingly. If any provision of the Plan or any term or condition of any Award would otherwise frustrate or conflict with this intent, the provision, term or condition shall be interpreted and deemed amended so as to avoid this conflict. Notwithstanding anything in the Plan to the contrary, if the Board considers a Participant to be a "specified employee" under Section 409A at the time of such Participant's "separation from service" (as defined in Section 409A), and any amount hereunder is "deferred compensation" subject to Section 409A, any distribution of such amount that otherwise would be made to such Participant with respect to an Award as a result of such "separation from service" shall not be made until the date that is six months after such "separation from service," except to the extent that earlier distribution would not result in such Participant's incurring interest or additional tax under Section 409A. If an Award includes a "series of installment payments" (within the meaning of Section 1.409A-2(b)(2)(iii) of the Treasury Regulations), a Participant's right to such series of installment payments shall be treated as a right to a series of separate payments and not as a right to a single payment, and if an Award includes

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"dividend equivalents" (within the meaning of Section 1.409A-3(e) of the Treasury Regulations), a Participant's right to such dividend equivalents shall be treated separately from the right to other amounts under the Award. Notwithstanding the foregoing, the tax treatment of the benefits provided under the Plan or any Award Agreement is not warranted or guaranteed, and in no event shall the Company be liable for all or any portion of any taxes, penalties, interest or other expenses that may be incurred by a Participant on account of non-compliance with Section 409A.

Section 20. *Successors and Assigns*. The terms of the Plan shall be binding upon and inure to the benefit of the Company and any successor entity, including any successor entity contemplated by Section 12(c).

Section 21. *Data Protection*. In connection with the Plan, the Company may need to process personal data provided by the Participant to the Company or its Affiliates, third-party service providers or others acting on the Company's behalf. Examples of such personal data may include, without limitation, the Participant's name, account information, social security number, tax number and contact information. The Company may process such personal data in its legitimate business interests for all purposes relating to the operation and performance of the Plan, including but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) administering and maintaining Participant records;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) providing the services described in the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) providing information to future purchasers or merger partners of the Company or any Affiliate, or the business in which such Participant works; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) responding to public authorities, court orders and legal investigations and complying with law, as applicable.

The Company may share the Participant's personal data with (i) Affiliates, (ii) trustees of any employee benefit trust, (iii) registrars, (iv) brokers, (v) third-party administrators of the Plan, (vi) third-party service providers acting on the Company's behalf to provide the services described above or (vii) regulators and others, as required by law.

If necessary, the Company may transfer the Participant's personal data to any of the parties mentioned above in a country or territory that may not provide the same protection for the information as the Participant's home country. Any transfer of the Participant's personal data to recipients in a third country will be made subject to appropriate safeguards or applicable derogations provided for under applicable law. Further information on those safeguards or derogations can be obtained through the contact set forth in the Employee Privacy Notice (the "**Employee Privacy Notice**") that previously has been provided by the Company or its applicable Affiliate to the Participant. The terms set forth in this Section 21 are supplementary to the terms set forth in the Employee Privacy Notice (which, among other things, further describes the rights of the Participant with respect to the Participant's personal data); *provided* that, in the event of any conflict between the terms of this Section 21 and the terms of the Employee Privacy Notice, the terms of this Section 21 shall govern and control in relation to the Plan and any personal data of the Participant to the extent collected in connection therewith.

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The Company will keep personal data collected in connection with the Plan for as long as necessary to operate the Plan or as necessary to comply with any legal or regulatory requirements.

A Participant has a right to (i) request access to and rectification or erasure of the personal data provided, (ii) request the restriction of the processing of his or her personal data, (iii) object to the processing of his or her personal data, (iv) receive the personal data provided to the Company and transmit such data to another party and (v) to lodge a complaint with a supervisory authority.

Section 22. *Governing Law*. The Plan and each Award Agreement shall be governed by the laws of the State of Delaware, without application of the conflicts of law principles thereof.

## Exhibit 10.7

**Exhibit 10.7** 

**LENDBUZZ INC.** 

**2025 EMPLOYEE STOCK PURCHASE PLAN** 

**Effective**[•]

Section 1. *Purpose.* This Lendbuzz Inc. 2025 Employee Stock Purchase Plan (the "**Plan**") is intended to provide employees of the Company and its Participating Subsidiaries with an opportunity to acquire a proprietary interest in the Company through the purchase of Shares. The Plan has two components: (a) one component (the "**423 Component**") is intended to qualify as an "employee stock purchase plan" under Section 423(b) of the Code, and the Plan will be interpreted in a manner that is consistent with that intent, and (b) the other component (the "**Non-423 Component**"), which is not intended to qualify as an "employee stock purchase plan" under Section 423 of the Code, authorizes the grant of Options pursuant to rules, procedures or sub-plans adopted by the Committee that are designed to achieve tax, securities laws or other objectives for Eligible Employees. Rights granted under the Non-423 Component shall be granted pursuant to separate Offerings containing such sub-plans, appendices, rules or procedures as may be adopted by the Committee and designed to achieve tax, securities laws or other objectives for Eligible Employees, the Company and Participating Subsidiaries but shall not be intended to qualify as an "employee stock purchase plan" under Section 423 of the Code. Except as otherwise provided herein or as may be determined by the Committee, the Non-423 Component will operate and be administered in the same manner as the 423 Component. Offerings intended to be made under the Non-423 Component will be designated as such by the Committee at or prior to the time of such Offering. For purposes of this Plan, the Committee may designate separate Offerings under the Plan in which Eligible Employees will participate. The terms of these Offerings need not be identical, even if the dates of the applicable Offering Period(s) in each such Offering are identical; *provided* that the terms of participation are the same within each separate Offering under the 423 Component (as determined under Section 423 of the Code). Solely by way of example and without limiting the foregoing, the Company could, but shall not be required to, provide for simultaneous Offerings under the 423 Component and the Non-423 Component of the Plan.

Section 2. *Definitions*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "**Board**" means the Board of Directors of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "**Code**" means the U.S. Internal Revenue Code of 1986, as amended from time to time, and the rules, regulations and guidance thereunder. Any reference to a provision in the Code shall include any successor provision thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "**Committee**" means the compensation committee of the Board unless another committee is designated by the Board. If there is no compensation committee of the Board and the Board does not designate another committee, references herein to the "Committee" shall refer to the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "**Company**" means Lendbuzz Inc., a Delaware corporation, including any successor thereto.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "**Compensation**" means base salary, wages, annual bonuses and commissions paid to an Eligible Employee by the Company or a Participating Subsidiary as compensation for services to the Company or Participating Subsidiary, before deduction for any salary deferral contributions made by the Eligible Employee to any tax-qualified or nonqualified deferred compensation plan, including overtime, vacation pay, holiday pay, jury duty pay and funeral leave pay, but excluding education or tuition reimbursements, imputed income arising under any group insurance or benefit program, travel expenses, business and relocation expenses and income received in connection with stock options or other equity-based awards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "**Corporate Transaction**" means a merger, consolidation, acquisition of property or stock, separation, reorganization or other corporate event described in Section 424 of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "**Designated Broker**" means the financial services firm or other agent designated by the Company to maintain ESPP Share Accounts on behalf of Participants who have purchased Shares under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "**Effective Date**" means the date on which the registration statement covering the initial public offering of the Shares is declared effective by the Securities and Exchange Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "**Eligible Employee**" means

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) With respect to the 423 Component, an Employee who (i) has been employed by the Company or a Participating Subsidiary for at least two (2) years and (ii) is customarily employed for at least twenty (20) hours per week and more than five (5) months in any calendar year. Notwithstanding the foregoing, the Committee may exclude from participation in the Plan any Employees who are "highly compensated employees" of the Company or a Participating Subsidiary (within the meaning of Section 414(q) of the Code) or a sub-set of such highly compensated employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) With respect to the Non-423 Component, such Employees as determined by the Committee; *provided* that no Employee may qualify as an Eligible Employee under the Non-423 Component if such Employee is subject to taxation in the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "**Employee**" means any person who renders services to the Company or a Participating Subsidiary as an employee pursuant to an employment relationship with such employer, and, with respect to the 423 Component, a person who is an employee within the meaning of Section 3401(c) of the Code. For purposes of the Plan, the employment relationship shall be treated as continuing intact while the individual is on military leave, sick leave or other leave of absence approved by the Company or a Participating Subsidiary that meets the requirements of Treasury Regulation Section 1.421-1(h)(2). Where the period of leave exceeds three (3) months, or such other period of time specified in Treasury Regulation Section 1.421-1(h)(2), and the individual's right to re-employment is not guaranteed by statute or contract, the employment relationship shall be deemed to have terminated on the first day immediately following such three (3)-month period, or such other period specified in Treasury Regulation Section 1.421-1(h)(2).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "**Enrollment Form**" means an agreement pursuant to which an Eligible Employee may elect to enroll in the Plan, to authorize a new level of payroll deductions, or to stop payroll deductions and withdraw from an Offering Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "**ESPP Share Account**" means an account into which Shares purchased with accumulated payroll deductions at the end of an Offering Period are held on behalf of a Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) "**Exchange Act**" means the U.S. Securities Exchange Act of 1934, as amended from time to time, and the rules, regulations and guidance thereunder. Any reference to a provision in the Exchange Act shall include any successor provision thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) "**Fair Market Value**" means, as of any date, the closing price of a Share on the trading day immediately preceding the date of determination (or, if there is no reported sale on such date, on the last preceding date on which any reported sale occurred), on the principal stock market or exchange on which Shares are quoted or traded as reported in *The Wall Street Journal* or such other source as the Committee deems reliable, or if Shares are not so quoted or traded, the fair market value of a Share as determined by the Committee and such determination shall be conclusive and binding on all persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) "**Grant Date**" means the first Trading Day of such Offering Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) "**Offering or Offering Period**" means a period of six (6) months beginning each March 1 and September 1 of each year; *provided* that, pursuant to Section 5, the Committee may change the duration of future Offering Periods (subject to a maximum Offering Period of twenty-seven (27) months) and/or the start and end dates of future Offering Periods. To the extent permitted by Treas. Reg. § 1.423-2(a)(1), the terms of each separate Offering under the 423 Component need not be identical; *provided* that the terms of the 423 Component and an Offering thereunder together satisfy Treas. Reg. § 1.423-2(a)(2) and (a)(3).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) "**Option**" means an option to purchase Shares granted under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) "**Participant**" means an Eligible Employee who is actively participating in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) "**Participating Subsidiaries**" means the Subsidiaries that have been designated as eligible to participate in the Plan, and such other Subsidiaries that may be designated by the Committee from time to time in its sole discretion. For purposes of the 423 Component, only the Subsidiaries of the Company may be Participating Subsidiaries; *provided*, *however*, that at any given time, a Subsidiary that is a Participating Subsidiary under the 423 Component will not be a Participating Subsidiary under the Non-423 Component. The Committee may so designate any Subsidiary, or revoke any such designation, at any time and from time to time, either before or after the Plan is approved by the shareholders of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) "**Plan**" means this Lendbuzz Inc. 2025 Employee Stock Purchase Plan, as set forth herein, and as amended from time to time.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) "**Purchase Date**" means one or more dates during an Offering Period, as established by the Committee, on which Options will be exercised and purchases of Shares will be carried out in accordance with the Offering; *provided* that, unless otherwise determined by the Committee, each Offering Period will have one Purchase Date on the last Trading Day of each Offering Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) "**Purchase Price**" means the purchase price designated by the Committee with respect to each Offering, which purchase price, for purposes of the 423 Component, will be equal to the lesser of (i) eighty-five percent (85%) (or such greater percentage as designated by the Committee) of the Fair Market Value of a Share on the Grant Date or (ii) eighty-five percent (85%) (or such greater percentage as designated by the Committee) of the Fair Market Value of a Share on the Purchase Date; *provided* that the Purchase Price per Share will in no event be less than the par value of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) "**Securities Act**" means the U.S. Securities Act of 1933, as amended from time to time, and the rules, regulations and guidance thereunder. Any reference to a provision in the Securities Act shall include any successor provision thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) "**Share**" means a share of the Company's common stock, $0.001 par value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) "**Subsidiary**" means any corporation, domestic or foreign, of which not less than 50% of the combined voting power is held by the Company or a Subsidiary, whether or not such corporation exists now or is hereafter organized or acquired by the Company or a Subsidiary. In all cases, the determination of whether an entity is a Subsidiary shall be made in accordance with Section 424(f) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) "**Trading Day**" means any day on which the national stock exchange upon which the Shares are listed is open for trading or, if the Shares are not listed on an established stock exchange or national market system, a business day, as determined by the Committee in good faith.

Section 3. *Administration.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Administration of the Plan</u>. The Plan shall be administered by the Committee. All decisions of the Committee shall be final, conclusive and binding upon all parties, including the Company, its shareholders, Participants and any beneficiaries thereof. All expenses of administering the Plan will be borne by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Delegation of Authority</u>. To the extent permitted by applicable law, including under Section 157(c) of the Delaware General Corporation Law, the Committee may delegate to one or more officers of the Company some or all of its authority under the Plan (except that such delegation shall not apply to any Employee then covered by Section 16 of the Exchange Act), and the Committee may delegate to one or more committees of the Board (which may consist of solely one member of the Board) some or all of its authority under the Plan in accordance with applicable law.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Authority of the Committee</u>. Subject to the terms of the Plan and applicable law, the Committee (or its delegate) shall have full discretion and authority to: (i) construe and interpret the Plan, prescribe, amend and rescind rules relating to the Plan's administration, and take any other actions necessary or desirable for the administration of the Plan, including without limitation adopting sub-plans or special rules applicable to Participants in particular Participating Subsidiaries or locations, which sub-plans or special rules may be designed to be outside the scope of Section 423 of the Code and under the Non-423 Component; (ii) correct any defect or supply any omission or reconcile any inconsistency or ambiguity in the Plan; (iii) notwithstanding anything in the Plan to the contrary and without limiting the generality of the foregoing, change the duration, frequency, start and end dates of any Offering Period pursuant to Section 5, the minimum and maximum amounts of Compensation for payroll deductions pursuant to Section 6(a), the frequency with which a Participant may elect to change his or her rate of payroll deductions pursuant to Section 6(b), the dates by which a Participant is required to submit an Enrollment Form pursuant to Section 6(b) and Section 10(a), the effective date of a Participant's withdrawal due to termination or transfer of employment or change in status pursuant to Section 11, and the withholding procedures pursuant to Section 18(l). With respect to the Non-423 Component, the rules of such sub-plans may take precedence over other provisions of this Plan, with the exception of Section 14 hereof, but unless otherwise superseded by the terms of such sub-plan, the provisions of this Plan shall govern the operation of such sub-plan.

Section 4. *Eligibility.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Eligibility Generally</u>. Unless otherwise determined by the Committee in a manner that is consistent with Section 423 of the Code, any individual who is an Eligible Employee as of the last day of the enrollment period designated by the Committee for a particular Offering Period will be eligible to participate in such Offering Period, subject to the requirements of Section 423 of the Code. For clarity, unless otherwise determined by the Committee, an individual who first becomes an Eligible Employee after the last day of the enrollment period designated by the Committee for a particular Offering Period will not be eligible to participate in such Offering Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Limitations on Eligibility</u>. Notwithstanding any provision of the Plan to the contrary, no Eligible Employee shall be granted an Option under the Plan if (a) immediately after the grant of the Option, such Eligible Employee (or any other person whose stock would be attributed to such Eligible Employee pursuant to Section 424(d) of the Code) would own capital stock of the Company or hold outstanding Options to purchase stock possessing five percent (5%) or more of the total combined voting power or value of all classes of stock of the Company or any Subsidiary or (b) such Option would permit his or her rights to purchase stock under all employee stock purchase plans (described in Section 423 of the Code) of the Company and its Subsidiaries to accrue at a rate that exceeds twenty-five thousand dollars ($25,000) of the Fair Market Value of such stock (determined at the time the Option is granted) for each calendar year in which such Option is outstanding at any time.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Newly Eligible Employees</u>. The Committee may provide that each person who, not later than ten (10) business days prior to the last Purchase Date in an Offering, first becomes an Eligible Employee will, on a date determined by the Committee that is not earlier than the date on which such person becomes an Eligible Employee, receive an Option under such Offering. Such Option will have the same terms as the Options originally granted under such Offering, except that the date on which such Option is granted will be the Grant Date of such Option for all purposes, including determination of the exercise price of such Option.

Section 5. *Offering Periods*. The Plan shall be implemented by a series of Offering Periods, each of which shall be six (6) months in duration, with new Offering Periods commencing on or about March 1 and September 1 of each year (or such other times as determined by the Committee). The Committee shall have the authority to change the duration, frequency, start and end dates of Offering Periods.

Section 6. *Participation.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Enrollment; Payroll Deductions</u>. An Eligible Employee may elect to participate in the Plan by properly completing an Enrollment Form, which may be electronic, and submitting it to the Company, in accordance with the enrollment procedures established by the Committee. Participation in the Plan is entirely voluntary. By submitting an Enrollment Form, the Eligible Employee authorizes payroll deductions from his or her paycheck in an amount equal to at least one percent (1%), but not more than ten percent (10%) of his or her Compensation on each pay day occurring during an Offering Period (or such other maximum percentage as the Committee may establish from time to time before an Offering Period begins). Payroll deductions shall commence on the first payroll date following the Grant Date and end on the last payroll date on or before the Purchase Date. The Company shall maintain records of all payroll deductions but shall have no obligation to pay interest on payroll deductions or to hold such amounts in a trust or in any segregated account. Unless expressly permitted by the Committee, a Participant may not make any separate contributions or payments to the Plan. If payroll deductions for purposes of the Plan are prohibited or otherwise problematic under applicable law (as determined by the Committee in its discretion), the Committee may permit Participants to contribute to the Plan by such other means as determined by the Committee. Any reference to "payroll deductions" in this Section 6(a) (or in any other section of the Plan) will similarly cover contributions by other means made pursuant to this Section 6(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Election Changes</u>. During an Offering Period, a Participant may decrease or increase his or her rate of payroll deductions applicable to such Offering Period once. To make such a change, the Participant must submit a new Enrollment Form authorizing the new rate of payroll deductions at least fifteen (15) days before the Purchase Date. A Participant may decrease or increase his or her rate of payroll deductions for future Offering Periods by submitting a new Enrollment Form authorizing the new rate of payroll deductions at least fifteen (15) days before the start of the next Offering Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Automatic Re-enrollment</u>. The deduction rate selected in the Enrollment Form shall remain in effect for subsequent Offering Periods unless the Participant (a) submits a new Enrollment Form authorizing a new level of payroll deductions in accordance with Section 6(b), (b) withdraws from the Plan in accordance with Section 10 or (c) terminates employment or otherwise becomes ineligible to participate in the Plan.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Non-U.S. Employees</u>. In order to facilitate participation in the Plan, the Committee may provide for such special terms applicable to Participants who are citizens or residents of a non-U.S. jurisdiction, or who are employed by a Participating Subsidiary outside of the United States, as the Committee may consider necessary or appropriate to accommodate differences in local law, tax policy or custom. Except as permitted by Section 423 of the Code, with respect to the 423 Component, such special terms may not be more favorable than the terms of rights granted under the 423 Component to Eligible Employees who are residents of the United States. Such special terms may be set forth in an addendum to the Plan in the form of an appendix or sub-plan (which appendix or sub-plan may be designed to govern Offerings under the 423 Component or the Non-423 Component, as determined by the Committee). With respect to the Non-423 Component only, to the extent that the terms and conditions set forth in an appendix or sub-plan conflict with any provisions of the Plan, the provisions of the appendix or sub-plan shall govern. Without limiting the foregoing, the Committee is specifically authorized to adopt rules and procedures, with respect to Participants who are non-U.S. nationals or employed in non-U.S. jurisdictions, regarding the exclusion of particular Subsidiaries from participation in the Plan, eligibility to participate, the definition of Compensation, handling of payroll deductions or other contributions by Participants, payment of interest, conversion of local currency, data privacy security, payroll tax, withholding procedures, establishment of bank or trust accounts to hold payroll deductions or contributions.

Section 7. *Grant of Option*. On each Grant Date, each Participant in the applicable Offering Period shall be granted an Option to purchase, on the Purchase Date, a number of Shares determined by dividing the Participant's accumulated payroll deductions by the applicable Purchase Price. In connection with each Offering, the Committee may specify (a) a maximum number of Shares that may be purchased by any Participant on any Purchase Date in such Offering, (b) a maximum aggregate number of Shares that may be purchased by all Participants in such Offering, and (c) if such Offering contains more than one Purchase Date, a maximum aggregate number of Shares that may be purchased by all Participants on any Purchase Date in such Offering; *provided*, *however*, that in no event shall any Participant purchase more than 2,500 Shares during an Offering Period (subject to adjustment in accordance with Section 17 and the limitations set forth in Section 13 of the Plan).

Section 8. *Exercise of Option/Purchase of Shares*. A Participant's Option will be exercised automatically on the Purchase Date of each Offering Period. The Participant's accumulated payroll deductions will be used to purchase the maximum number of whole Shares that can be purchased with the amounts in the Participant's notional account. No fractional Shares may be purchased but notional fractional Shares will be allocated to the Participant's ESPP Share Account to be aggregated with other notional fractional Shares on future Purchase Dates, subject to earlier withdrawal by the Participant in accordance with Section 10 or termination of employment in accordance with Section 11.

Section 9. *Transfer of Shares*. As soon as reasonably practicable after each Purchase Date, the Company will arrange for the delivery to each Participant of the Shares purchased upon exercise of his or her Option. The Committee may permit or require that the Shares be deposited directly into an ESPP Share Account established in the name of the Participant with a Designated Broker and will require that the Shares be retained with such Designated Broker for a specified time period. Participants will not have any voting, dividend or other rights of a shareholder with respect to the Shares subject to any Option granted hereunder until such Shares have been delivered pursuant to this Section 9.

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Section 10. *Withdrawal.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Withdrawal Procedure</u>. A Participant may withdraw from an Offering by submitting to the Company a revised Enrollment Form indicating his or her election to withdraw at least fifteen (15) days before the Purchase Date. The accumulated payroll deductions held on behalf of a Participant in his or her notional account (that have not been used to purchase Shares) shall be paid to the Participant promptly following receipt of the Participant's Enrollment Form indicating his or her election to withdraw and the Participant's Option shall be automatically terminated. If a Participant withdraws from an Offering Period, no payroll deductions will be made during any succeeding Offering Period, unless the Participant re-enrolls in accordance with Section 6(a) of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Effect on Succeeding Offering Periods</u>. A Participant's election to withdraw from an Offering Period will not have any effect upon his or her eligibility to participate in succeeding Offering Periods that commence following the completion of the Offering Period from which the Participant withdraws.

Section 11. *Termination of Employment; Change in Employment Status.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon termination of a Participant's employment for any reason, including death, Disability (as defined in the Company's 2025 Omnibus Incentive Plan, as amended from time to time) or retirement, or a change in the Participant's employment status following which the Participant is no longer an Eligible Employee, which in either case occurs at least thirty (30) days before the Purchase Date, the Participant will be deemed to have withdrawn from the Plan and the payroll deductions in the Participant's notional account (that have not been used to purchase Shares) shall be returned to the Participant or the Participant's beneficiaries, and the Participant's Option shall be automatically terminated. If the Participant's termination of employment or change in status occurs within thirty (30) days before a Purchase Date, the accumulated payroll deductions shall be used to purchase Shares on the Purchase Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Unless otherwise determined by the Committee, a Participant whose employment transfers or whose employment terminates with an immediate rehire (with no break in service) by or between the Company or a Participating Subsidiary will not be treated as having terminated employment for purposes of participating in the Plan or an Offering; *provided*, *however*, if a Participant transfers from an Offering under the 423 Component to an Offering under the Non-423 Component, the exercise of the Participant's Option will be qualified under the 423 Component only to the extent that such exercise complies with Section 423 of the Code. If a Participant transfers from an Offering under the Non-423 Component to an Offering under the 423 Component, the exercise of the Participant's Option will remain non-qualified under the Non-423 Component.

Section 12. *Interest*. No interest shall accrue on or be payable with respect to the payroll deductions of a Participant in the Plan.

Section 13. *Shares Reserved for Plan.*

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Number of Shares</u>. Subject to adjustment as provided in Section 17, the maximum number of Shares reserved as authorized for the grant of Options under the Plan shall not exceed in the aggregate the sum of 760,000 Shares (the "**Initial Share Pool**"). The total number of Shares available for issuance under the Plan will be increased on the first day of each Company fiscal year following the Effective Date in an amount equal to the least of (i) 760,000 Shares, (ii) 1% of the Initial Share Pool and (iii) such number of Shares as determined by the Board in its discretion. The Shares may be newly issued Shares, treasury Shares or Shares acquired on the open market. If any Option terminates for any reason without having been exercised, the Shares not purchased under such Option will again become available for issuance under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Over-subscribed Offerings</u>. The number of Shares which a Participant may purchase in an Offering under the Plan may be reduced if the Offering is oversubscribed. No Option granted under the Plan shall permit a Participant to purchase Shares which, if added together with the total number of Shares purchased by all other Participants in such Offering would exceed the total number of Shares remaining available under the Plan. If the Committee determines that, on a particular Purchase Date, the number of Shares with respect to which Options are to be exercised exceeds the number of Shares then available under the Plan, the Company shall make a pro rata allocation of the Shares remaining available for purchase in as uniform a manner as practicable and as the Committee determines to be equitable.

Section 14. *Transferability*. No payroll deductions credited to a Participant, nor any rights with respect to the exercise of an Option or any rights to receive Shares hereunder may be assigned, transferred, pledged or otherwise disposed of in any way (other than by will, the laws of descent and distribution) by the Participant. Any attempt to assign, transfer, pledge or otherwise dispose of such rights or amounts shall be without effect.

Section 15. *Application of Funds*. All payroll deductions received or held by the Company under the Plan may be used by the Company for any corporate purpose to the extent permitted by applicable law, and the Company shall not be required to segregate such payroll deductions or contributions.

Section 16. *Statements*. Participants will be provided with statements at least annually which shall set forth the contributions made by the Participant to the Plan, the Purchase Price of any Shares purchased with accumulated funds, the number of Shares purchased, and any payroll deduction amounts remaining in the Participant's notional account.

Section 17. *Adjustments Upon Changes in Capitalization; Dissolution or Liquidation; Corporate Transactions.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Adjustments</u>. In the event that any dividend or other distribution (other than an ordinary dividend or distribution), recapitalization, share subdivision, share consolidation, reorganization, merger, amalgamation, consolidation, separation, rights offering, split-up, spin-off, combination, repurchase or exchange of Shares or other securities of the Company, issuance of warrants or other rights to acquire Shares or other securities of the Company, issuance of Shares pursuant to the anti-dilution provisions of securities of the Company, or other similar corporate transaction or event affecting the Shares, or of changes in

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applicable laws, regulations or accounting principles, an adjustment is necessary in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan, the Committee will, in such manner as it deems equitable, adjust the number of Shares and class of Shares that may be delivered under the Plan, the Purchase Price per Share and the number of Shares covered by each outstanding Option under the Plan, and the numerical limits of Section 7 and Section 13.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Dissolution or Liquidation</u>. Unless otherwise determined by the Committee, in the event of a proposed dissolution or liquidation of the Company, any Offering Period then in progress will be shortened by setting a new Purchase Date and the Offering Period will end immediately prior to the proposed dissolution or liquidation. The new Purchase Date will be before the date of the Company's proposed dissolution or liquidation. Before the new Purchase Date, the Committee will provide each Participant with written notice, which may be electronic, of the new Purchase Date and that the Participant's Option will be exercised automatically on such date, unless before such time, the Participant has withdrawn from the Offering in accordance with Section 10.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Corporate Transaction</u>. In the event of a Corporate Transaction, each outstanding Option shall be cancelled and all accumulated payroll deductions shall be refunded to the Participant as soon as reasonably practicable on or following the date of the Corporate Transaction.

Section 18. *General Provisions.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Equal Rights and Privileges Under the 423 Component</u>. Notwithstanding any provision of the Plan to the contrary and in accordance with Section 423 of the Code, all Eligible Employees who are granted Options under the 423 Component of the Plan shall have the same rights and privileges.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>No Right to Continued Service</u>. Neither the Plan nor any compensation paid hereunder will confer on any Participant the right to continue as an Employee or in any other capacity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Rights as Shareholder</u>. A Participant will become a shareholder with respect to the Shares that are purchased pursuant to Options granted under the Plan when the Shares are transferred to the Participant's ESPP Share Account. A Participant will have no rights as a shareholder with respect to Shares for which an election to participate in an Offering Period has been made until such Participant becomes a shareholder as provided above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Successors and Assigns</u>. The Plan shall be binding on the Company and its successors and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Entire Plan</u>. This Plan constitutes the entire plan with respect to the subject matter hereof and supersedes all prior plans with respect to the subject matter hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Compliance with Law</u>. The obligations of the Company with respect to payments under the Plan are subject to compliance with all applicable laws and regulations. Shares shall not be issued with respect to an Option granted under the Plan unless the exercise of such Option and the issuance and delivery of the Shares pursuant thereto shall comply with all applicable provisions of law, including, without limitation, the Securities Act, the Exchange Act and the requirements of any stock exchange upon which the Shares may then be listed.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Notice of Disqualifying Dispositions</u>. Each Participant who participates in the 423 Component shall give the Company prompt written notice of any disposition or other transfer of Shares acquired pursuant to the exercise of an Option acquired under the Plan, if such disposition or transfer is made within two (2) years after the Grant Date or within one (1) year after the Purchase Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Term of Plan</u>. The Plan shall become effective on the Effective Date and, unless terminated earlier pursuant to Section 18(i), shall have a term of ten (10) years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Amendment or Termination</u>. The Committee may, in its sole discretion, amend, suspend or terminate the Plan at any time and for any reason. If the Plan is terminated, the Committee may elect to terminate all outstanding Offering Periods either immediately or once Shares have been purchased on the next Purchase Date (which may, in the discretion of the Committee, be accelerated) or permit Offering Periods to expire in accordance with their terms (and subject to any adjustment in accordance with Section 17). If any Offering Period is terminated before its scheduled expiration, all amounts that have not been used to purchase Shares will be returned to Participants (without interest, except as otherwise required by law) as soon as administratively practicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Applicable Law</u>. The laws of the State of Delaware shall govern all questions concerning the construction, validity and interpretation of the Plan, without regard to such state's conflict of law rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Shareholder Approval</u>. The Plan shall be subject to approval by the shareholders of the Company within twelve (12) months before or after the date the Plan is adopted by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Withholding</u>. To the extent required by applicable Federal, state or local law, a Participant must make arrangements satisfactory to the Company for the payment of any withholding or similar tax obligations that arise in connection with the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>Severability</u>. If any provision of the Plan shall for any reason be held to be invalid or unenforceable, such invalidity or unenforceability shall not affect any other provision hereof, and the Plan shall be construed as if such invalid or unenforceable provision were omitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>Headings</u>. The headings of sections herein are included solely for convenience and shall not affect the meaning of any of the provisions of the Plan.

## Exhibit 10.8

**Exhibit 10.8** 

**LENDBUZZ INC.** 

**2025 CASH INCENTIVE COMPENSATION PLAN** 

**Effective**[●]

Section 1. *Purpose*. Lendbuzz Inc., a Delaware corporation (the "**Company**"), hereby adopts the 2025 Cash Incentive Compensation Plan (the "**Plan**") for the purpose of enhancing the Company's ability to attract and retain highly qualified employees and to provide additional financial incentives to such employees to promote the success of the Company and its subsidiaries. The Company reserves the right to pay discretionary bonuses, or other types of compensation outside of the Plan, including under the Company's Stock Plan or otherwise.

Section 2. *Definitions*. As used herein, the following terms shall have the respective meanings indicated:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "**Board**" shall mean the Board of Directors of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "**Cause**" shall have the meaning set forth in the Stock Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "**Change in Control**" shall have the meaning set forth in the Stock Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "**Code**" shall mean the U.S. Internal Revenue Code of 1986, as amended from time to time, and the rules, regulations and guidance thereunder. Any reference to a provision in the Code shall include any successor provision thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "**Committee**" shall mean the compensation committee of the Board unless another committee is designated by the Board. If there is no compensation committee of the Board and the Board does not designate another committee, references herein to the "Committee" shall refer to the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "**Incentive Compensation**" shall mean, for each Participant, compensation to be paid in the amount determined by the Committee pursuant to Section 7 below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "**Participant**" shall mean, with respect to any fiscal year, an employee who is eligible to participate in the Plan for such fiscal year in accordance with Section 4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "**Performance Goal**" shall mean the performance goals established by the Committee pursuant to Section 5 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "**Performance Period**" shall mean any period of time established by the Committee pursuant to Section 5 of this Plan within which the Performance Goals relating to any award of Incentive Compensation are to be achieved. Any Performance Period may be subject to earlier lapse or other modification pursuant to Section 13 of this Plan in the event of a Termination of Service without Cause, Retirement, death or Disability of the Participant or a Change in Control at the discretion of the Committee.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "**Shares**" shall mean the Company's common stock, $0.001 par value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "**Stock Plan**" shall mean the Lendbuzz Inc. 2025 Omnibus Incentive Plan, as may be amended from time to time, and any successor thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "**Termination of Service**" shall have the meaning set forth in the Stock Plan.

Section 3. *Administration*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Administration of the Plan</u>. The Plan shall be administered by the Committee. All decisions of the Committee shall be final, conclusive and binding upon all parties, including the Company and Participants. The Committee may issue rules and regulations for administration of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Delegation of Authority</u>. To the extent permitted by applicable law, the Committee may delegate to one or more officers of the Company some or all of its authority under the Plan (except that such delegation shall not apply to any Incentive Compensation for a Person then covered by Section 16 of the Exchange Act), and the Committee may delegate to one or more committees of the Board (which may consist of solely one Director) some or all of its authority under the Plan in accordance with applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Authority of the Committee</u>. Subject to the terms of the Plan and applicable law, the Committee (or its delegate) shall have full discretion and authority to (i) construe, interpret and administer the Plan, (ii) designate Participants, (iii) establish, adjust, pay or decline to pay Incentive Compensation for each Participant (including the right to exercise discretion to reduce by any amount, including down to zero, the Incentive Compensation payable to any Participant), (iv) establish, adjust or amend Performance Goals for each Performance Period, (v) determine achievement of Performance Goals and (vi) correct any defect, supply any omission and reconcile any inconsistency in the Plan, in the manner and to the extent it shall deem desirable to carry the Plan into effect.

Section 4. *Eligibility*. All employees of the Company designated by the Committee are eligible to participate in the Plan and shall be Participants.

Section 5. *Awards*. The Committee shall establish Performance Goals with respect to each Performance Period. The Performance Goals established by the Committee shall be based on specified levels of or changes in any one or more performance criteria established by the Committee, which may be expressed with respect to the Company or one or more operating units or groups, as the Committee may determine in its sole discretion. Performance Goals for a Performance Period may include a minimum or threshold performance standard below which no payments of Incentive Compensation will be made, and a maximum performance standard in which any performance that exceeds

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this standard will not increase the payment of Incentive Compensation. These Performance Goals may be based on an analysis of historical performance and growth expectations for the business, financial results of other comparable businesses, and progress towards achieving the strategic plan for the business, or any other factors as determined by the Committee. The Committee shall specify how any Performance Goals shall be adjusted to the extent necessary to prevent dilution or enlargement of any award of Incentive Compensation as a result of extraordinary events or circumstances, as determined by the Committee, including, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all items of gain, loss or expense for the Performance Period determined to be extraordinary or unusual in nature or infrequent in occurrence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all items related to the disposal of a component of an entity or related to a change in accounting principles, as such are defined by generally accepted accounting principles and as identified in the Company's audited financial statements, notes to such financial statements, in management's discussion and analysis or any other filings with the Securities and Exchange Commission;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) impact from changes in accounting policies approved by the Audit Committee of the Board that were not contemplated in the initial Incentive Compensation targets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) all items of gain, loss or expense for the Performance Period related to an exit activity as defined under current generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) all items of gain, loss or expense for the Performance Period related to discontinued operations as defined under current generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any profit or loss attributable to the business operations of any entity acquired or divested by the Company during the Performance Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) write-offs, accelerated depreciation or other operating expenses at the participating subsidiary level related to the testing of a new brand concept, not included in the original Incentive Compensation targets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) impacts from unanticipated changes in legal or tax structure or unanticipated changes in jurisdictional tax rates of a participating subsidiary; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) changes in applicable tax law.

Participants may earn their target Incentive Compensation if the pre-established Performance Goals are achieved. The target Incentive Compensation percentage for each Participant will be based on the level and functional responsibility of his or her position, size of the business for which the Participant is responsible and competitive practices.

Section 6. *Committee Certification*. With respect to each Participant who is covered by Section 16 of the Exchange Act, as soon as reasonably practicable after the end of each Performance Period, the Committee shall certify, in writing, that the Performance Goals for such Performance Period were satisfied.

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Section 7. *Payment of Incentive Compensation*. The selection of Participants to whom Incentive Compensation shall actually be paid shall be conditioned upon each Participant's continued employment with the Company through the date that the payment of such Incentive Compensation is made to the Participant. The amount of the Incentive Compensation actually paid to a Participant for a Performance Period shall be such amount as determined by the Committee in its sole discretion, including zero. Subject to the last sentence of this Section 7 and to Section 13 below, Incentive Compensation shall be paid in cash at such times and on such terms as are determined by the Committee in its sole and absolute discretion, which such payment shall be made no later than March 15 of the year following the end of such Performance Period. To the extent provided by the Committee, in its sole discretion, the annual Incentive Compensation may be paid in the form of Shares or equity incentive awards under the Company's then-effective Stock Plan, or may be deferred under the Company's then-effective deferred compensation plan (if any), subject to the terms and conditions of such plans.

Section 8. *No Right to Bonus or Continued Employment.* Neither the establishment of the Plan, the provision for or payment of any amounts hereunder, nor any action of the Company, the Board or the Committee with respect to the Plan shall be held or construed to confer upon any person (a) any legal right to receive, or any interest in, any Incentive Compensation or any other benefit under the Plan or (b) any legal right to continue to serve as an officer or employee of the Company or any affiliate of the Company.

Section 9. *Clawback*. Any Incentive Compensation or other incentive awards or payments under the Plan shall be subject to clawback or recoupment arrangements or policies the Company has in place from time to time, and the Committee may, to the extent permitted by applicable law and stock exchange rules or by any applicable Company policy or arrangement, and shall, to the extent required, cancel or require reimbursement of any Incentive Compensation or other incentive awards or payments under the Plan granted to the Participant.

Section 10. *Withholding*. The Company shall be authorized to withhold from any Incentive Compensation an amount sufficient to satisfy applicable withholding taxes due in respect of such Incentive Compensation, and to take such other action (including providing for elective payment of such amounts in cash or Shares by such Participant) as may be necessary to satisfy all obligations for the payment of such taxes.

Section 11. *Nontransferability*. Except as expressly provided by the Committee, the rights and benefits under the Plan are personal to the Participant and shall not be subject to any voluntary or involuntary alienation, assignment, pledge, transfer or other disposition.

Section 12. *Unfunded Plan*. The Company shall have no obligation to reserve or otherwise fund in advance any amounts that are or may in the future become payable under the Plan. Any funds that the Company, acting in its sole and absolute discretion, determines to reserve for future payments under the Plan may be commingled with other funds of the Company and need not in any way be segregated from other assets or funds held by the Company. A Participant's rights to payment under the Plan shall be limited to those of a general unsecured creditor of the Company.

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Section 13. *Adoption, Amendment, Suspension and Termination of the Plan*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Plan shall be effective as of date it is approved by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to the limitations set forth in paragraph (c) below, the Board may at any time suspend or terminate the Plan and may amend it from time to time in such respects as the Board may deem advisable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No amendment, suspension or termination of the Plan shall, without the consent of the person affected thereby, materially, adversely alter or impair any rights or obligations of any applicable Participant with respect to any Incentive Compensation previously awarded under the Plan, except to the extent any such action is undertaken to cause the Plan to comply with applicable law, stock market or exchange rules and regulations or accounting or tax rules and regulations.

Section 14. *Governing Law*. The Plan shall be governed by the laws of the State of Delaware, without application of the conflicts of law principles thereof.

Section 15. *Section 409A*. The Plan, and all awards of Incentive Compensation hereunder, are intended to be exempt from, or otherwise comply with, Section 409A of the Internal Revenue Code of 1986, as amended (together with the Treasury Regulations and related guidance thereunder, collectively, "**Section 409A**"), and the provisions of the Plan shall be interpreted and construed in a manner consistent with this intent. If any provision of the Plan would otherwise frustrate or conflict with this intent, the provision, term or condition shall be interpreted and deemed amended so as to avoid this conflict. Notwithstanding anything in the Plan to the contrary, if the Board considers a Participant to be a "specified employee" under Section 409A at the time of such Participant's "separation from service" (as defined in Section 409A), and any amount hereunder is "deferred compensation" subject to Section 409A, any Incentive Compensation that otherwise would be made to such Participant as a result of such "separation from service" shall not be made until the date that is six months after such "separation from service," except to the extent that earlier distribution would not result in such Participant's incurring interest or additional tax under Section 409A. If any Incentive Compensation includes a "series of installment payments" (within the meaning of Section 1.409A-2(b)(2)(iii) of the Treasury Regulations), a Participant's right to such series of installment payments shall be treated as a right to a series of separate payments and not as a right to a single payment. Notwithstanding the foregoing, the tax treatment of the benefits provided under the Plan is not warranted or guaranteed, and in no event shall the Company be liable for all or any portion of any taxes, penalties, interest or other expenses that may be incurred by a Participant on account of non-compliance with Section 409A.

## Exhibit 10.9

**Exhibit 10.9** 

**LENDBUZZ INC.** 

**210 Broadway** 

**Cambridge, MA 02139** 

May 12, 2017

Amitay Kalmar

Dear Amitay:

It is my pleasure to offer you full-time employment with LendBuzz Inc., a corporation organized and existing under the laws of the State of Delaware **(*"LendBuzz"*** or ***"Company"*** or ***"Employer"*)*.*** The following sets forth the terms and conditions of our offer.

1. <u>Position</u>. Your position at the Company will be Chief Executive Officer. This is an offer for full-time
employment and, if accepted, you will be expected to devote five days each week and your best professional efforts to the performance of your duties and responsibilities for the Company and to abide by all of its policies and procedures, as in
effect from time to time. You will be expected to perform the duties of your position and such other duties as may be assigned to you from time to time. Moreover, during your employment with LendBuzz you will be expected to conduct your business
activities at all times in accordance with the highest legal, ethical and professional standards.

2. <u>Start Date; Nature of</u> <u>Relationship</u>. Your employment start date with the Company will be
May 12, 2017. Your employment will at all times remain "at-will" employment, which means that either you or the Company may terminate your employment at any time for any reason or for no reason,
with or without any prior notice. No provision of this letter, and no actions by either you or LendBuzz shall be construed to create a promise of employment for any specific period of time.

3. <u>Compensation</u>. Your compensation shall be as set forth on <u>Attachment A</u> to this letter, payable in
accordance with the Company's regular payroll practices (currently semimonthly), as in effect from time to time, after deducting any legally required deductions for Federal and State taxes and other deductions which may be required by law, or
other deductions which you may authorize from time to time. The Company may review the compensation and to adjust it from time to time in its sole discretion. This review is typically done annually, but may be done more frequently.

4. <u>Options</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 No options to be granted.

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| | |
|:---|:---|
| 5 | <u>Employee NDA</u>. Enclosed for your review is a copy of LendBuzz's Non-Disclosure, Non-Competition and Assignment of Intellectual Property Agreement **(*"NDA"*)*.*** This offer is conditioned on your signing this NDA and your continuing willingness thereafter to abide by its terms. You are required to sign the NDA when you countersign this offer letter. In making this offer, we understand that you are not under any obligation to any former employer or any person, firm or corporation which would prevent, limit, or impair in any way the performance by you of your duties as a an employee of LendBuzz.  |

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6 <u>Before You Start</u>. The Immigration Reform and Control Act requires employers to verify the employment eligibility and identity of new employees. Enclosed is a copy of the Form I-9 that

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you will be required to complete. Please bring the appropriate documents listed on that form with you when you report for work. We will not be able to employ you if you fail to comply with this requirement.

---

| | |
|:---|:---|
| 7 | <u>Miscellaneous</u>. This letter constitutes our entire offer regarding the terms and conditions of your prospective employment with LendBuzz. It supersedes any prior agreements, or other promises or statements (whether oral or written) regarding the offered terms of employment. The terms of your employment shall be governed by the laws of The Commonwealth of Massachusetts.  |

---

If the terms of this offer are acceptable to you, please sign this letter and the enclosed NDA, and return them to my attention within 72 hours. In accepting this offer, you give LendBuzz assurance that you have not relied on any agreements or representations, express or implied, with respect to your employment that are not set forth in expressly in this letter.

We are excited to offer you the opportunity to join LendBuzz and we look forward to having you on board. We are confident that you will make an important contribution to our unique and exciting enterprise.

Sincerely,

Amitay Kalmar

CEO, LendBuzz Inc.

------

---

| |
|:---|
| Accepted and agreed: |
| *Print Name* |
| <u>Amitay Kalmar</u> |
| *Signature* |
| /s/ Amitay Kalmar |
| *Date* 5/12/17 |

---

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ATTACHMENT

A

<u>Compensation</u> 

<u>Base Salary</u>: $120,000 (One hundred and twenty thousand) per year.

------

APPENDIX – EMPLOYEE NDA

**CONFIDENTIALITY/ASSIGNMENT OF INVENTIONS/NON-SOLICITATION AGREEMENT**

## Exhibit 10.10

**Exhibit 10.10** 

EMPLOYMENT AGREEMENT

THIS PERSONAL EMPLOYMENT AGREEMENT (the "**Agreement**") is made this 1<sup>st</sup> day of June 2021, by and between of **Lendbuzz Ltd.** company registration number 51-633305-1, a company having its principal place of business at 40 Tagor St., Tel Aviv, Israel (the **"Company**"), and **Dan Raviv** (I.D. No. [\*\*\*]) (the "**Employee**").

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| | |
|:---|:---|
| **WHEREAS**, | the Company wishes to employ the employee in the position of CTO, as set forth hereunder; and  |

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| | |
|:---|:---|
| **WHEREAS,** | the Employee has declared that he has the required knowledge, experience and expertise to fulfill the said position under the terms set forth herein; and  |

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| | |
|:---|:---|
| **WHEREAS,** | the Company wishes, based on the Employee's aforementioned declaration, to employ the Employee, and the Employee wishes to be employed by the Company, as of the Commencement Date (as such term is defined hereunder); and  |

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| | |
|:---|:---|
| **WHEREAS**, | the parties desire to state the entire terms and conditions of the Employee's employment by the Company, as set forth below.  |

---

**NOW, THEREFORE, in consideration of the mutual premises, covenants and other agreements** 

**contained herein, the parties hereby agree as follows:** 

1. <u>**Contents of Agreement/Definitions**</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1. The preamble and the exhibits to this Agreement constitute an integral part hereof and are hereby incorporated
by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2. The headings in this Agreement are for the purpose of convenience only and shall not be used for the purposes
of interpretation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3. This Agreement is in lieu of the notification of the terms of employment pursuant to the Notice to Employee Law
(Terms of Employment), 5762-2002, and it includes all the information which the Company is obligated by law to provide to the Employee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4. The Employee represents that no provision of any law, regulation, agreement or other document prohibits him
from entering into this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5. References to the masculine gender shall include the feminine, unless the context otherwise requires.

2. <u>**Employment and Position**</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1. Employee's employment with the Company shall commence as of the commencement date set forth in  **<u>Exhibit A</u>** hereto (the "**Commencement Date**") and shall continue for an unfixed period of time until terminated in accordance with the provisions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2. Company hereby agrees to employ Employee and Employee hereby agrees to be employed by Company in the position
as described in  **<u>Exhibit A</u>** hereto (the "**Position** "). The Company may, at its sole discretion, change the Position, the content of the position and its definitions, and/or to ask the Employee to render services
out of the scope of the Position.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3. Employee shall report regularly to the person set forth in  **<u>Exhibit A</u>** hereto, or to any
other person or position as Company, at its sole discretion, shall instruct the Employee from time to time (the "**Supervisor** ").

3.  **<u>Employee's Duties</u>** 

Employee affirms and undertakes throughout the term of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1. To devote his entire working time, know-how, expertise, talent,
experience and best efforts to the business and affairs of the Company and to the performance of his duties to the Company, to perform and discharge well and faithfully, with devotion, honesty and fidelity, his obligations pursuant to his Position,
and to comply with all the Company's disciplinary regulations, work rules, policies, procedures and objectives, as may be determined by the Company from time to time.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2. To travel abroad from time to time if and as may be required pursuant to his Position.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3. Not to receive, at any time, whether during the term of this Agreement and/or at any time thereafter, directly
or indirectly, any payment, benefit and/or other consideration, from any third party in connection with his employment with the Company, without the Company's prior written authorization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4. To immediately and without delay inform the Company of any affairs and/or matters that might constitute a
conflict of interest with Employee's Position and/or employment with Company and/or the interests of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5. Not, without the prior written consent of the Company, to undertake or accept any other paid or unpaid
employment or occupation or engage in or be associated with, directly or indirectly, any other businesses, duties or pursuits except for de minimis non-commercial or non-business activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6. To adhere to any applicable law or provision, pertaining to his employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7. To protect the good name of the Company and not to perform any act that may bring the Company into disrepute.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8. To comply with the Company's Policy for Prevention of Sexual Harassment at the Workplace, as appears on
the Company's Notice Board, and undertakes to act in accordance with said policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9. To keep the contents of this Agreement confidential and not to disclose the existence or contents of this
Agreement to any third party without the prior written consent of the Company.

4.  **<u>Working Hours and Location</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1. <u>Location</u> 

The Employee will work at the premises of the Company, wherever they shall be located from time to time, or any other reasonable location, as decided by the Company in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2. <u>Hours and Days of Work</u>: In general, work for the Company shall be performed on Sunday through Thursday,
unless determined and instructed otherwise by the Company, as set forth hereunder. A regular workday with the Company shall consist of 9.1 hours, including a 30-minute daily break which shall be taken by the
Employee, and which shall be the Employee's responsibility to take. Thursday shall be considered the Company's nominated short day which shall consist of 8.1 hours including a 30 minutes' break (the "**Short Day** "). The
Company may, at its sole discretion and according to business requirements to change the Short day, in which case employees will be notified in advance. Saturday (Shabbat) shall be the Employee's recognized and official rest day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3. Notwithstanding the above, the position the Employee is to hold within the Company is a management position
which requires a special measure of personal trust and/or of such a nature that the Company cannot supervise his hours of work. Therefore, the provisions of the Hours of Work and Rest Law - 1951 shall not apply to the Employee. The Employee may be
required, from time to time and according to the work load demanded of him, to work beyond the regular working hours and he shall not be entitled to any additional consideration for work during overtime hours and/or on days that are not regular
business days, except as may be specified in this Agreement. The Employee acknowledges and agrees that the Salary and the compensation set for him hereunder include a proper and just reward for the requirements of his position and status and the
obligation to work at irregular hours of the day.

5.  **<u>Consideration, Benefits and Payments</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1. <u>**Salary**</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.1. As payment for the fulfillment of the obligations set forth herein, the Company shall pay to Employee the
compensation set forth in  **<u>Exhibit A</u>** , including a monthly salary in the aggregate amount set forth therein ()"**Monthly Salary**") which shall be comprised of a base salary in the amount set forth in  **<u>Exhibit A</u>** hereto ()"**Base Salary** "), and the Global Overtime Pay. The Monthly Salary shall be paid to the Employee no later than the 9<sup>th</sup> day of the following month.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.2. The Monthly Salary shall be paid to the Employee no later than the 9<sup>th</sup> day of the following month. The Company shall deduct all required taxes and similar payments from the Monthly Salary and from all other payments made to the Employee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2. <u>**Pension Insurance**</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.1. The Company and the Employee will obtain and/or continue to maintain Managers Insurance and/or Pension Fund
according to the Employee's choice ()"**Pension Insurance** "). The contribution to the Pension Insurance shall be as follows: (i) the Company shall contribute an amount equal to 6.5% of the Monthly Salary payment for premium
payments (the "**Company Contribution**") and an additional 8.33% of the Monthly Salary payment for severance payments; and (ii) the Employee shall contribute 6% of the Monthly Salary payment toward the premiums payable in respect
of a Pension Insurance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.2. The Employee hereby instructs the Company to transfer to the Pension Insurance the amounts of the
Employee's and the Company's contributions from each Monthly Salary payment, on account of the Pension Insurance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.3. In the event the Employee elects to obtain Managers Insurance, the Company Contribution shall include payments
toward a Disability Insurance ()"**Ovdan Kosher Avoda** "), which may be included within the Managers Insurance Policy, for the exclusive benefit of the Employee, provided that the Company's contribution towards premium payments
shall not be less than 5%. For the removal of any doubt, it is hereby clarified that the Company Contribution together with any payments towards Disability Insurance shall not exceed 7.5% of the Employee's Monthly Salary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.4. It is hereby agreed that upon termination of employment under this Agreement, the Company shall release to the
Employee all amounts accrued in the Insurance Policy on account of both the Company's and Employee's Contributions. The Company waives any right that it may have for the repayment of any monies paid by it to the Pension Insurance, unless
the right of Employee to severance has been revoked by a judicial decision, under Section 16 or 17 of the Severance Pay Law, 1963 (to the extent of such revocation) or in the event that the Employee withdraws monies from the Pension Insurance
in circumstances other than an "Entitling Event", (i.e., death, disablement or retirement at the age of 60 or over) - the Employee shall not be entitled to any Severance Pay.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.5. It is hereby clearly agreed and understood that the amounts accrued in the Pension Insurance Policy shall be in
lieu and in full and final substitution of any severance pay the Employee shall be or become entitled to under any applicable Israeli law. This section is in accordance with Section 14 of the Severance Pay Law, and the General Approval of the
Labor Minister, dated June 30, 1998, issued in accordance to the said Section 14, a copy of which is attached hereby as  **<u>Exhibit C</u>** .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.  **<u>Advanced Study Fund - Keren Hishtalmut</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.1. The Company and the Employee shall open and maintain a Keren Hishtalmut (the "**Fund** "). Use of
these funds shall be in accordance with the by-laws of the fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.2. The Company shall contribute to the Fund an amount equal to seven and a half percent (7.5%) and the Employee
shall contribute to such Fund an amount equal to two and a half percent (2.5%) of each Monthly Salary payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.3. It is hereby clarified that the Company contribution shall not exceed the tax-exempt ceiling as shall be from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4. <u>**Travel Expenses Reimbursement**</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4.1. The Company shall reimburse Employee for expenses incurred in connection with his travel to and from work, in
the amount of up to the amount set forth in  **<u>Exhibit A</u>** hereto.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5. <u>**Annual Vacation**</u> 

Employee shall be entitled to paid vacation days during each year of Employee's employment in the amount set forth in **<u>Exhibit A</u>** hereto (the "**Annual Allowance**"). Taking of vacation days shall be coordinated in advance with the Company. Employee shall be obligated to take at least five (5) paid vacation days during each year of Employee's employment, as prescribed by law. Employee may accumulate vacation days by carrying up to 10 unused vacation days forward to the next year provided that at any given time the Employee shall not be entitled to accumulate any more than the Maximum Amount as set forth in **<u>Exhibit A</u>** hereto (including statutory vacation allowance) (the "**Maximum Amount**"). Notwithstanding, any unused vacation days exceeding the Maximum Amount shall be forfeited and are not redeemable in any event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6.  **<u>Sick Leave</u>** . Employee shall be entitled to such number of working days of paid Sick Leave during
each year of employment, as provided by Israeli Labor Law, as set forth in  **<u>Exhibit A</u>** hereto. Notwithstanding, *ex gratia*, the Company shall pay the Employee's full salary as of the first day of illness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7.  **<u>Dmey Havra'ah (Convalescence Pay).</u>** The employee shall be entitled to "**Dmey Havra'ah**" in accordance with any applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.8.  **<u>Reserve Duty.</u>** The Employee shall bring to the attention of his supervisor any call-up order for military reserve duty immediately upon receipt of the order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.9.**  **<u>Company's Laptop</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.9.1. The Employee shall receive a Company Laptop for the purpose of performing the Employee's duties under this
Agreement per the Employee's Position. Use of the Company's Laptop shall be in accordance with the Company's Computer Policy (as defined herein) and per the Company's instruction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.9.2. Employee shall return the Company Laptop (together with its equipment supplied and/or installed therein by
Company) to Company's principal office upon termination of Employee's employment with Company. Employee shall have no rights of lien or possession with respect to the Company Laptop and/or any other equipment relating thereto as above
mentioned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.9.3. The Company shall be entitled to instruct the Employee to return the Company Laptop to Company's principal
office per the Company's business needs, at the Company's sole discretion. The Company may instruct the Employee to return the Company Laptop during the Notice Period, during vacation, during unpaid leave, etc.

6. <u>**Meal Expenses**</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.1. The Employee shall be entitled to receive an allowance for lunch, in the amount set forth in  **<u>Exhibit A</u>** hereto (the "**Meal Expenses** "). The Meal Expenses shall be subject to the Company's policy and limitations and may be modified from time to time in the Company's sole discretion. The Employee shall bear and
be liable for any and all tax imposed in connection with the Meal Expenses.

7.  **<u>Confidentiality, Non-Compete and Proprietary Rights</u>** 

The Employee shall, simultaneously herewith, execute the Confidential, Non-Compete and Proprietary Rights Agreement, attached hereto as **<u>Exhibit B</u>**. For the removal of any doubt, execution of such Confidential, Non-Compete and Proprietary Rights Agreement by the Employee - is a condition precedent to this Agreement becoming effective.

8. <u>**Term and Termination of Employment**</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1. Employee's employment under this Agreement shall commence on the Commencement Date and remain in term for
an unfixed period of time. Notwithstanding, either party may terminate the Employee's employment by providing prior written notice in the number of days set forth in  **<u>Exhibit A</u>** hereto (the "**Notice Period** ").
Without derogating from the rights of the Company under this Agreement and/or any applicable law, the Company may terminate this Agreement forthwith with immediate effect, at any time, by paying to the Employee the legally required compensation in
lieu of the Notice Period.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2. Notwithstanding the aforementioned, the Company shall be entitled to terminate this Agreement forthwith with
immediate effect, at any time, by providing notice thereof to Employee, where said termination is a termination for Cause (as defined below). In such event, without derogating from the rights of the Company under this Agreement and/or any applicable
law, Employee shall not be entitled to any Notice Period or any payment in lieu of any Notice Period.

The following reasons shall be deemed Cause:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Employee commits a fundamental breach of this Agreement, including a breach of his covenants in Exhibit B
hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Employee performs any act that entitles the Company legally to dismiss him without paying him any severance
pay in connection with such dismissal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Employee breaches his duty of good faith to the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Employee's intentional gross misconduct in the performance of his obligations under this Agreement in
a manner that causes (or is likely to cause) material harm to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3. During the Notice Period, whether notice has been given by the Employee or by the Company, the Employee shall
continue to render his services to the Company unless instructed otherwise by the Company, and shall cooperate with the Company and use his best efforts to assist the integration into the Company organization of the person or persons who will assume
the Employee's responsibilities.

9. <u>**General Provisions**</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1. The Employee represents and warrants to the Company that the execution and delivery of this Agreement and the
fulfillment of the terms hereof (i) will not constitute a default under or breach of any agreement or other instrument to which he is a party or by which he is bound, including without limitation, any confidentiality or non-competition agreement, (ii) do not require the consent of any person or entity, and (iii) shall not utilize during the term of Employee's employment any proprietary information of any third party,
including prior employers of the Employee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2. Employee shall not be entitled to any additional bonus, payment or other compensation in connection with
Employee's employment with Company, other than as provided in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3. Company's failure or delay in enforcing any of the provisions of this Agreement shall not, in any way, be
construed as a waiver of any such provisions, or prevent Company thereafter from enforcing each and every other provision of this Agreement which were previously not enforced.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4. This Agreement constitutes the entire understanding and agreement between the parties hereto, supersedes any
and all prior discussions, agreements and correspondence with regard to the subject matter hereof, and may not be amended, modified or supplemented in any respect, except by a subsequent writing executed by both parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5. All notices, requests and other communications to any party hereunder shall be given or made in writing and
shall be delivered by E-Mail to the respective party as such party may hereafter specify for the purpose of notice to the other party hereto. Each such notice, request or other communication shall be effective
when delivered at the address specified herein.

Employee's email address: [\*\*\*] Employer's email address: [\*\*\*]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.6. This Agreement shall be governed by, and construed and enforced in accordance with, the laws of Israel without
giving effect to principles of conflicts of law and the courts of Israel, District of Tel Aviv, shall have exclusive jurisdiction over the parties hereto and subject matter hereof.

**IN WITNESS WHEREOF**, the parties have executed this Agreement as of the date first appearing above.

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| | |
|:---|:---|
| /s/ Dan Raviv | /s/ Dan Raviv |
| **Lendbuzz Ltd.** | **Dan Raviv** |

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**Exhibit A** 

**to the Personal Employment Agreement by and between** 

**<u>Lendbuzz Ltd. and the Employee whose name is set forth herein</u>**

IN THE EVENT THAT ANY DETAILS SET FORTH IN THIS EXHIBIT ARE NOT IN ACCORDANCE WITH THE EMPLOYMENT AGREEMENT, THE TERMS SET FORTH IN THE EXHIBIT HEREUNDER SHALL SUPERSEDE THE TERMS SET FORTH IN THE AGREEMENT, AND APPLY TO THE TERMS OF EMPLOYMENT OF THE EMPLOYEE.

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| | |
|:---|:---|
| Name of Employee: | Dan Raviv |
| ID No. of Employee: | [\*\*\*] |
| Address of Employee: | [\*\*\*] |
| Position in the Company: | CTO |
| Supervisor: | CEO |
| Commencement Date: | June 1<sup>st</sup>, 2021 |
| Scope of Employment: | 100% |
| Notice Period: | 30 days |
| Salary: | For the month of June 2021, a salary of US$20,833.<br>As of July 1<sup>st</sup>, 2021, and during the term of this Agreement, an annual salary of US$180,000 per year, payable on a monthly basis (i.e., US$15,000 per each month of employment)<br>The Salary shall be payable in NIS in accordance with the official exchange rate of Bank of Israel at the end of each calendar month for which the Salary is<br> being paid. |
| No. of overtime hours per month (in average) | 35 |
| Vacation Days Per Year: | 21 |
| Maximum Amount of accrued vacation days | Annual Allowance |
| Sick days | Per applicable law |
| Convalesce Pay | Per applicable law |
| Pension Fund: | ☒ Entitled |
| Laptop | ☒ Entitled |
| Meal Expenses | NIS 1,000 per month via "10Bis" |
| Travel Expenses | Per applicable law |

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| | |
|:---|:---|
| /s/ Dan Raviv | /s/ Dan Raviv |
| **Lendbuzz Ltd.** | **Dan Raviv** |

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**EXHIBIT B** 

**PROPRIETARY INFORMATION AND INVENTIONS ASSIGNMENT AGREEMENT**

## Exhibit 10.11

**Exhibit 10.11** 

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| | |
|:---|:---|
| ![LOGO](g715014sp089.jpg) | 100 Summer Street, Suite 3150<br> Boston, Massachusetts 02110<br> Phone 857.999.0250 Fax 866.309.5135<br> www.lendbuzz.com |

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| | |
|:---|:---|
| George Sclavos | May 20, 2021 |
| [\*\*\*] |  |

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Re: Offer of Employment

Dear George:

It is my pleasure to offer you full-time employment with Lendbuzz Inc., a corporation organized and existing under the laws of the State of Delaware ("***Lendbuzz"*** or ***"Company"*** or ***"Employer***")*.*** The following sets forth the terms and conditions of our offer.

1. <u>Position</u>. Your position at the Company will be Chief Financial Officer. This is an offer for full-time
employment and, if accepted, you will be expected to devote five days each week and your best professional efforts to the performance of your duties and responsibilities for the Company and to abide by all of its policies and procedures, as in
effect from time to time. You will be expected to perform the duties of your position and such other reasonably related duties as may be assigned to you from time to time. Moreover, during your employment with Lendbuzz you will be expected to
conduct your business activities at all times in accordance with the highest legal, ethical and professional standards.

2. <u>Start Date: Nature of Relationship</u>. Your employment start date with the Company will be June **1,** 2021 ("Start Date"). Your employment will at all times remain "at-will" employment, which means that either you or the Company may terminate your employment at any time for any
reason or for no reason, with or without any prior notice. If termination by Lendbuzz without Cause (as defined below) occurs or Employee resigns for Good Reason (as defined below), notwithstanding any language in the PIIA, Lendbuzz will give
severance pay in the amount equal to your base salary for the duration of six (6) months following your termination or resignation, subject to you signing a release of claims in the form provided by the Company. No provision of this letter, and
no actions by either you or Lendbuzz shall be construed to create a promise of employment for any specific period of time.

"Cause" means your (a) gross negligence or willful misconduct in the performance of your duties of employment, continuing for thirty (30) days after written notice thereof from the Company; (b) conviction of a felony; (c) conviction of a misdemeanor involving theft, misappropriation or embezzlement of the property of the Company; or (d) violation of the PIIA (as defined below), or a material violation of this agreement or a material violation of any of the Company' s policies and/or procedures.

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"Good Reason" means (a) the Company materially reduces, other than during any period of illness or incapacity, your base salary, authority, responsibilities, or duties, or (b) a change in the geographic location at which you must perform services to a geographic location of employment more than sixty (60) miles from your current location of employment.

3. <u>Compensation</u>. Your compensation shall be as set forth on <u>Attachment A</u> to this letter, payable in
accordance with the Company's regular payroll practices (currently semimonthly), as in effect from time to time, after deducting any legally required deductions for Federal and State taxes and other deductions which may be required by law, or
other deductions which you may authorize from time to time. The Company may review the compensation and to adjust it from time to time in its sole discretion. This review is typically done annually but may be done more frequently.

4. <u>Options</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 Pursuant to the terms and conditions of the Company's 2019 Equity Incentive Plan (the  ***"Plan*** "),  **** ** within sixty (60) days of the Start Date, the Company will grant you an option to purchase 25,000 shares of the Company's Common Stock, $0.0001 par value per share, at an exercise price equal
to the fair market value of such Common Stock, as shall be determined by the Board of Directors (the  ***"Option*** ").  **** ** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 The Option shall be subject to a four-year vesting beginning as of the Start Date, such that 25% of the shares
subject to the Option will vest and become vested shares on the first anniversary of the Start Date, and thereafter the shares shall continue to vest in 12 equal quarterly installments over the three-year period commencing on the first anniversary
of the Start Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 Vesting shall cease immediately upon termination of employment for any reason, with exception as described in
4.4, subject to the provisions of the Company's Stock Incentive Plan and the option agreement governing the issuance of the Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 Vesting shall accelerate to 100% in the event of a Corporate Transaction (as defined in the Plan).

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| | |
|:---|:---|
| 5 | <u>Employee PIIA</u>. Enclosed for your review is a copy of Lendbuzz' s Proprietary Information, Inventions Assignment, Non-Competition and Non-Solicitation Agreement ("***PIIA***"). ****This offer is conditioned on your signing this PIIA and your continuing willingness thereafter to abide by its terms. You are required to sign the PIIA when you countersign this offer letter. In making this offer, we understand that you are not under any obligation to any former employer or any person, firm or corporation which would prevent, limit, or impair in any way the performance by you of your duties as an employee of Lendbuzz.  |

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6 <u>Before You Start</u>. The Immigration Reform and Control Act requires employers to verify the employment eligibility and identity of new employees. Enclosed is a copy of the Form I-9

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that you will be required to complete. Please bring the appropriate documents listed on that form with you when you report for work. We will not be able to employ you if you fail to comply with this requirement.

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| | |
|:---|:---|
| 7 | <u>Miscellaneous</u>. This letter constitutes our entire offer regarding the terms and conditions of your prospective employment with Lendbuzz. It supersedes any prior agreements, or other promises or statements (whether oral or written) regarding the offered terms of employment. The terms of your employment shall be governed by the laws of The Commonwealth of Massachusetts.  |

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If the terms of this offer are acceptable to you, please sign this letter and the enclosed PIIA, and return them to my attention within four (4) business days. In accepting this offer, you give Lendbuzz assurance that you have not relied on any agreements or representations, express or implied, with respect to your employment that are not set forth in expressly in this letter.

We are excited to offer you the opportunity to join Lendbuzz and we look forward to having you on board. We are confident that you will make an important contribution to our unique and exciting enterprise.

Sincerely,

Amitay Kalmar

CEO, Lendbuzz Inc.

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| |
|:---|
| Accepted and agreed: |
| *Print Name* |
| <u>George Sclavos</u> |
| *Signature* |
| /s/ George Sclavos |
| *Date* 5/20/2021 |

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ATTACHMENT A

<u>Compensation</u>

<u>Base Salary</u>: $350,000 (Three hundred and fifty thousand) USD per year.

<u>Annual Bonus</u>: During the first year of the Employee's employment, commencing on the Start Date, the Employee is guaranteed a $150,000 (One Hundred and Fifty Thousand US Dollars) annual bonus, so long as Employee is employed by Company at the time of payment. The first annual bonus payment will be paid in two installments. The first installment will be pro-rated based on the number of weeks worked in 2021 from the Start Date, and said amount will be paid on January 1, 2022 (if Employee is employed by Company at such time). The second installment will be $150,000 less the amount paid on January 1, 2022, which remining bonus amount will be paid at the Employee's one year employment anniversary (if Employee is employed by Company at such time). Subsequent annual bonuses, commencing as of the first anniversary of the Start Date, will be targeted at $150,000 (One Hundred and Fifty Thousand US Dollars) and subject to performance metrics to be determined in the Company's reasonable discretion. Annual Bonuses (other than the first guaranteed annual bonus) will be paid no later than 75 days after the applicable Start Date anniversary, commencing June 1, 2023. Employee must be employed on the applicable Start Date anniversary to be eligible to receive the annual bonus for the prior year.

<u>Benefits:</u>

Employee will be entitled to enroll to Company's health insurance plan. Current employee copay rate is $103.54 per month (EE-Single). Co-pay rates may vary from time to time based on changes in health insurance rates.

Employee will be entitled to enroll to Company's dental insurance plan. Current employee copay rate is $14.31 per month (EE-Single). Rates may vary from time to time based on changes in health insurance rates.

Employee will be entitled to enroll to Company's 401(k) plan. Company will match employee monthly contribution to 40l(k) plan up to 4% of employee's monthly salary.

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**EMPLOYEE PROPRIETARY INFORMATION, INVENTIONS ASSIGNMENT, NON-COMPETITION AND NON-SOLICITATION AGREEMENT**

## Exhibit 10.12

**Exhibit 10.12** 

<u>LEASE</u>

This instrument is an indenture of lease (this "<u>Lease</u>"), by and between 100 SUMMER OWNER LLC (the "<u>Landlord</u>"), a Delaware limited liability company, and LENDBUZZ, INC. (the "<u>Tenant</u>"), a Delaware corporation.

The parties to this instrument hereby agree with each other as follows:

ARTICLE I

SUMMARY OF BASIC LEASE PROVISIONS

1.1 INTRODUCTION

As further supplemented in the balance of this Lease and its Exhibits, the following sets forth the basic terms of this Lease, and, where appropriate, constitutes definitions of certain terms used in this Lease.

1.2 BASIC DATA

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| | |
|:---|:---|
| Effective Date: | July <u>17</u> , 2023 |
| Present Mailing Address of Landlord: | 100 Summer Owner LLC<br> 500 Boylston Street, 21<sup>st</sup> Floor<br> Suite 2100<br> Boston, MA 02116<br> Attn: Joseph Goldman and Fred Borges<br>With a copy to:<br>100 Summer Owner LLC<br> Woodlawn Hall at Old Parkland<br> 3953 Maple Avenue, Suite 300<br> Dallas, TX 75219<br> Attn: General Counsel<br>With a copy to:<br>Rockhill Management, L.L.C.<br> 500 Boylston Street, 21<sup>st</sup> Floor<br> Suite 2100<br> Boston, MA 02116<br> Attn: John Stonestreet |
| Address for Payment of Rent: | 100 Summer Owner LLC<br> P.O. Box 780226<br> Philadelphia, PA 19178-0226 |

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| | |
|:---|:---|
| Present Mailing Address of Tenant: | Prior to the Commencement Date:<br> LendBuzz, Inc.<br> 100 Summer Street - Suite 3150<br> Boston, MA 02110<br> Attention: General Counsel and CEO<br>After the Commencement Date:<br>LendBuzz, Inc.<br> 100 Summer Street - 19<sup>th</sup> Floor<br> Boston, MA 02110<br> Attention: General Counsel and CEO |
| Building | The building currently known as and located at 100 Summer Street in Boston, Massachusetts |
| Premises: | Approximately 16,257 rentable square feet of space on the nineteenth (19<sup>th</sup>) floor of the Building, as shown on <u>Exhibit A</u> attached hereto. |
| Lease Term or Term: | The period of time commencing on the Commencement Date and expiring on the Expiration Date, unless earlier terminated in accordance with the provisions of this Lease. |
| Commencement Date: | The date on which Landlord tenders possession of the Premises to Tenant with Landlord's Work (as defined in Section 3.3) Substantially Complete (as defined in Section 3.3), but in no event earlier than February 1, 2024. |
| Expiration Date: | The last day of the calendar month in which the sixth (6<sup>th</sup>) anniversary of the Commencement Date occurs. |
| Rent Commencement Date: | The date which is six (6) months after the Commencement Date. |
| Base Rent: |  |

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| | | |
|:---|:---|:---|
| Lease Year | Annual Base Rent | Monthly Base Rent |
|  Lease Year 1 | $1170504.00 | $97542.00 |
|  Lease Year 2 | $1193914.08 | $99492.84 |

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| | | |
|:---|:---|:---|
|  Lease Year 3 | $1217792.36 | $101482.70 |
|  Lease Year 4 | $1242148.21 | $103512.35 |
|  Lease Year 5 | $1266991.17 | $105582.60 |
|  Lease Year 6 | $1,292,331.00\*\* | $107694.25 |

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| | |
|:---|:---|
| "<u>Lease Year</u>" shall mean a twelve (12) month period beginning on the Rent Commencement Date or any anniversary of the Rent Commencement Date, except that if the Rent Commencement Date does not fall on the first day of a calendar month, then the first Lease Year shall begin on the Rent Commencement Date and end on the last day of the month containing the first anniversary of the Rent Commencement Date, and each succeeding Lease Year shall begin on the day following the last day of the prior Lease Year; provided that the last Lease Year shall end on the Expiration Date.<br>Tenant shall have no obligation to pay Base Rent for the six (6) month period commencing as of the Commencement Date, and expiring as of the day before the Rent Commencement Date (the "<u>Rent Abatement Period</u>"). During the Rent Abatement<br> Period, only Base Rent shall be abated, and all additional rent and other costs and charges specified in the Lease shall remain as due and payable pursuant to the provisions of the Lease.<br>\*\*on an annualized basis | "<u>Lease Year</u>" shall mean a twelve (12) month period beginning on the Rent Commencement Date or any anniversary of the Rent Commencement Date, except that if the Rent Commencement Date does not fall on the first day of a calendar month, then the first Lease Year shall begin on the Rent Commencement Date and end on the last day of the month containing the first anniversary of the Rent Commencement Date, and each succeeding Lease Year shall begin on the day following the last day of the prior Lease Year; provided that the last Lease Year shall end on the Expiration Date.<br>Tenant shall have no obligation to pay Base Rent for the six (6) month period commencing as of the Commencement Date, and expiring as of the day before the Rent Commencement Date (the "<u>Rent Abatement Period</u>"). During the Rent Abatement<br> Period, only Base Rent shall be abated, and all additional rent and other costs and charges specified in the Lease shall remain as due and payable pursuant to the provisions of the Lease.<br>\*\*on an annualized basis |
| Permitted Use: | First-class business offices and uses ancillary thereto and no other purpose or purposes. |
| Tenant's Proportionate Share: | 1.46%, i.e., a ratio, the numerator of which is the rentable square footage of the Premises and the denominator of which is the total rentable square footage of the Building, expressed as a percentage. |
| Base Tax Amount: | The Taxes (as defined in Section 4.2(a)) assessed for fiscal year 2024 (i.e. July 1, 2023 through June 30, 2024). |
| Base Operating Costs: | The Operating Costs (as defined in Section 4.3) for the calendar year 2024. |
| Business Days: | All days during the Term except Saturdays, Sundays, and days observed in the Commonwealth of Massachusetts as legal holidays. |
| Building Hours: | 8:00 a.m. to 6:00 p.m. on all Business Days and 8:00 a.m. to 1:00 p.m. on Saturdays. |

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| | |
|:---|:---|
|  Landlord's Contribution: | $243,855.00. |
|  Letter of Credit Amount: | $195,084.00. |

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1.3 ENUMERATION OF EXHIBITS

EXHIBITS

A Floor Plan of Premises

B Form of Commencement Date Agreement

C Initial Fit Plan for Landlord's Work

C-1 Work Letter for Landlord's Work

D Rules and Regulations

E Minimum Insurance Requirements For Construction

F Landlord's Cleaning Specifications

SCHEDULES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.2 Contractual Rights to ROFO Space as of Effective Date

ARTICLE II

LEASE OF PREMISES AND APPURTENANT RIGHTS

2.1 LEASE OF PREMISES

Landlord hereby leases to Tenant, and Tenant hereby leases from Landlord, for the term of this Lease, the premises (the "<u>Premises</u>") located in the Building, subject to and in accordance with the terms and conditions of this Lease. The rentable area of the Premises has been conclusively agreed to by Landlord and Tenant, and is not subject to remeasurement by either party. Upon the Effective Date, the terms and provisions hereof shall be fully binding on Landlord and Tenant. The Term of this Lease shall commence on the Commencement Date and unless sooner terminated or extended as hereinafter provided, the Term shall end on the Expiration Date. Landlord shall provide Tenant at least ten (10) Business Days' prior written notice of the date that Landlord estimates that the Premises shall be vacant, broom clean and free and clear of all personal property and other tenants or occupants and available for Tenant's occupancy, with the Landlord's Work Substantially Complete (each as hereinafter defined). Landlord shall be deemed to have tendered possession of the Premises to Tenant upon on the date that the Premises are vacant, broom clean and free and clear of all personal property and other tenants or occupants, with the Landlord's Work Substantially Complete. On the

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Commencement Date, all HVAC, mechanical, electrical, lighting, plumbing and life safety systems located within, and exclusively serving, Premises shall be in good working order, condition and repair. Except to the extent expressly set forth in Section 3.3 of this Lease, no failure to tender possession of the Premises to Tenant on or before any particular date shall affect any other obligations of Tenant hereunder. There shall be no postponement of the Commencement Date (or the Rent Commencement Date) for (i) any delay in the tender of possession to Tenant which results from any Tenant Delay or (ii) any delays by Landlord in the performance of any punch list items relating to Landlord's Work. Once the Commencement Date is determined, Landlord and Tenant shall execute an agreement, in the form attached hereto as <u>Exhibit B</u>, stating the Commencement Date, Rent Commencement Date and Expiration Date, but the failure to do so will not affect the determination of such dates. Nothing in <u>Exhibit A</u> shall be treated as a representation that the Premises shall be precisely of the area, dimensions, or shapes as shown, it being the intention of the parties only to show diagrammatically, rather than precisely, on <u>Exhibit A</u> the layout and dimensions of the Premises. The parcel or parcels of land on which the Building is located is sometimes referred to herein as the "<u>Lot</u>." The Building, the Lot and all facilities and equipment located within the Building and/or on the Lot or otherwise appurtenant thereto, including, without limitation, the parking garage facility located adjacent to and serving the Building (the "<u>Garage</u>") are sometimes referred to herein collectively as the "<u>Property</u>."

2.2 APPURTENANT RIGHTS AND RESERVATIONS

Tenant shall have, as appurtenant to the Premises, rights to use in common with others entitled thereto the common facilities included in the Building, including the common walkways, lobbies, hallways, ramps, stairways, elevators, and loading docks. Such rights shall be subject to reasonable rules and regulations from time to time established by Landlord, and to the right of Landlord to designate and to change from time to time the areas and facilities so to be used, provided that such changes do not unreasonably interfere with the use by Tenant of the Premises for the Permitted Use.

Not included in the Premises are the roof or ceiling, the floor and all perimeter walls, except the inner surfaces thereof and the perimeter doors and windows. Landlord reserves the right to install, use, maintain, repair and replace in the Premises (but in such manner as to not unreasonably to interfere with Tenant's use of the Premises) utility lines, shafts, pipes, and the like, in, over and upon the Premises, provided that the same are located above the dropped ceiling (or, if there is no dropped ceiling, then within three (3) feet of the roof deck), below the floor surfaces or tight against demising walls or columns. Landlord will repair any damage to the Premises or to the personal property or fixtures of Tenant to substantially the same or better condition such Premises, personal property or fixtures were in prior to such damage, and Landlord shall promptly clean any areas of the Premises affected by such work, to the extent caused by the exercise of Landlord's rights hereunder. In connection with any such work Landlord shall use commercially reasonable efforts to minimize the disruption to the business operations of Tenant in the Premises. Such utility lines, shafts, pipes and the like shall not be deemed part of the Premises under this Lease. Landlord also reserves the right to alter or relocate any common facility; provided that such changes do not unreasonably interfere with the use by Tenant of the Premises for the Permitted Use or materially increase Tenant's costs or expenses under this Lease.

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2.3 TEMPORARY SPACE

From and after approximately November 1, 2020 through and including the Effective Date, Tenant has occupied certain space comprised of approximately 10,881 rentable square feet located on the thirty-first (31<sup>st</sup>) floor of the Building (such space, the "<u>Temporary Space</u>") pursuant to a sublease agreement between Beyond Finance, LLC and Tenant that expires on June 30, 2023. Landlord hereby grants to Tenant, subject to and in accordance with the terms and conditions of this Section 2.3, an exclusive and irrevocable (except in accordance with the terms and conditions of this Lease, including, without limitation, Article XIV hereof) license to use the Temporary Space for the Permitted Use during the period commencing on July 1, 2023 and expiring on the earlier of (a) the date that Tenant yields up and surrenders the Temporary Space in the condition required by this Section 2.3, and (b) the date that occurs thirty (30) days after the Commencement Date (" <u>Temporary Space Termination Date</u>"). The use of the Temporary Space by Tenant shall be upon and subject to all of the terms, conditions, covenants, and requirements of this Lease, except that (i) the Temporary Space shall be delivered by Landlord and accepted by Tenant in "as is" "where is" condition, and Landlord shall not be obligated to perform any alterations or improvements in connection with Tenant's use of the Temporary Space, or to provide any contributions or allowances of any kind with respect to the Temporary Space, (ii) Tenant shall pay to Landlord, in accordance with the terms and conditions of Section 4.1 of this Lease, Base Rent with respect to the Temporary Space in the amount of Sixty-Seven Thousand Five Hundred Seventy and 04/100 Dollars ($67,570.04) per month, (iii) Tenant shall not be required to pay Tenant's Proportionate Share of Tax Excess or Tenant's Proportionate Share of Operating Costs Excess for and with respect to the Temporary Space, and (iv) Tenant shall pay Electricity Additional Rent based on Tenant's consumption of electricity in the Temporary Space in accordance with the terms and conditions of the Lease. Tenant's license to use the Temporary Space shall automatically terminate and expire, and Tenant shall have no further license or rights to use the Temporary Space upon the Temporary Space Termination Date. By not later than the Temporary Space Termination Date, Tenant shall yield-up and surrender the Temporary Space, shall remove all of its furniture, equipment and personal property from the Temporary Space, and shall repair any damage resulting from such removal. Time is of the essence of the yield-up and surrender of the Temporary Space, and in the event that Tenant fails to timely surrender the Temporary Space, Tenant shall be liable for a holdover charges in accordance with the terms and conditions of Section 17.11 of this Lease.

ARTICLE III

CONDITION OF PREMISES

3.1 CONDITION

Tenant has visually inspected the Premises and agrees (a) to accept possession of the Premises in vacant condition, free of other tenants and occupants and in all other respects in the condition existing on the Commencement Date in its "as is," "where is" condition, and (b) that except for Landlord's Work and Landlord's Contribution (as hereinafter defined), Landlord has no obligation to perform any other work, supply any materials, incur any expense or make any alterations or improvements to prepare the Premises for Tenant's occupancy; provided that the foregoing shall not diminish or detract from Landlord's ongoing repair and maintenance

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obligations expressly set forth in this Lease. Tenant's commencement of Tenant's Work (as hereinafter defined) in the Premises shall be conclusive evidence, as against Tenant, that Tenant has accepted possession of the Premises in its then current condition and at the time such possession was taken, the Premises and the Building were in a good and satisfactory condition as required by this Lease, excepting only the Substantial Completion of Landlord's Work (each as hereinafter defined). Landlord hereby warrants to Tenant that Landlord's Work shall be free from defects in material and workmanship ("<u>Landlord's</u> <u>Warranty</u>"). Tenant shall be deemed to have waived any breach of Landlord's Warranty unless Tenant gives Landlord written notice of such breach on or before the date that is twelve (12) months after the Substantial Completion of Landlord's Work; provided, however, that the foregoing shall not diminish or affect any repair, maintenance and/or replacement obligations of Landlord under the Lease.

3.2 INTENTIONALLY OMITTED.

3.3 LANDLORD'S WORK

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For purposes of this Section 3.3, the following terms shall have the meanings set forth below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "<u>Approved Plans</u>" shall mean the construction set architectural and engineering plans and specifications for Landlord's Work, prepared by Landlord's Architect and approved by Tenant in accordance with the provisions of this Section 3.3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) "<u>Landlord's Change Order</u>" shall mean a change order proposed by Landlord to the Approved Plans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) "<u>Landlord's Architect</u>" shall mean Dyer Brown & Associates, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) "<u>Landlord's Work</u>" shall mean the improvements and alterations expressly and specifically shown on the Approved Plans using Building standard materials and finishes consistent with the materials and finishes currently existing in the Building.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) "<u>Substantial Completion</u>" shall mean the substantial completion of Landlord's Work in accordance with the Approved Plans, excepting only (i) punch-list items which can be completed without material interference with Tenant's use of the Premises for the Permitted Use, and (ii) any other items which because of the seasonal nature of the item (such as HVAC balancing) or in accordance with good construction practice, are not practicable to complete at such time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) "<u>Tenant Change Order</u>" shall mean a change order proposed by Tenant to the Approved Plans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) "<u>Tenant Delay</u>" shall mean any delay in the performance of Landlord's Work and/or the issuance of a building permit or certificate of occupancy arising out of or resulting from the following: (i) if Tenant fails to review and consent to the proposed Approved Plans for Landlord's Work by the expiration of the initial time period expressly set forth therefor in this Lease (time being of the essence of said dates), the period of time that elapses between the expiration of such initial time period and the earlier to occur of (x) the date that Tenant consents

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to the Approved Plans, and (y) the date that the Approved Plans are deemed approved, (ii) any Tenant Change Orders that Tenant elects to proceed with following notice from Landlord in accordance with Section 3.3(e) below, or any other special work, long lead-time items, changes, alterations or additions to Landlord's Work requested by Tenant provided that Landlord informs Tenant that such special work, long lead-time items, changes, alterations or additions will cause a delay and Tenant elects to proceed with such items, (iii) any delay and/or default on the part of Tenant's agents or contractors involved in the review, implementation and coordination of Landlord's Work, (iv) any interference with the performance of Landlord's Work by Tenant or any of its agents, engineers, architects, or contractors, or (v) any other action in violation of this Lease or inaction where Tenant is obligated to act pursuant to the terms hereof by Tenant or any of Tenant's agents, engineers, architects, or contractors. Without limiting the foregoing, with respect to any Tenant Delay that arises or results from the conditions described in clauses (iii) (v) above, the same shall not be deemed to constitute a "Tenant Delay" for purposes of this Lease unless and until Landlord has delivered written notice of the same to Tenant and Tenant has not cured or addressed the same within two (2) Business Days of Tenant's receipt of such notice. In all events, no later than five (5) Business Days following any claimed event of Tenant Delay, Landlord shall provided Tenant with written notice of the claimed Tenant Delay and the estimated length of such Tenant Delay.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) "<u>Tenant's Work</u>" shall mean the installation of a telecommunications system and all related wiring and cabling, the installation of trade fixtures, furniture, and personal property, and any other improvements and alterations necessary or desired to prepare the Premises for initial occupancy of the Premises by Tenant, excepting only Landlord's Work.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Landlord will cause Landlord's Architect to prepare and submit the proposed Approved Plans to Tenant for its approval, which approval shall not be unreasonably withheld, conditioned or delayed, unless the proposed Approved Plans (i) are materially inconsistent with the preliminary plans and specifications attached hereto as <u>Exhibit C</u> and the work letter attached hereto as <u>Exhibit C-1</u>; or (ii) would materially and adversely affect the use of the Premises by Tenant for its usual and customary business operations. Tenant shall approve or disapprove the proposed Approved Plans within seven (7) Business Days after receipt thereof. If Tenant fails to approve or disapprove the proposed Approved Plans within such seven (7) Business Day period, then the Landlord shall send Tenant a notice, which shall include a caption in bolded, capitalized, 14 point font stating "**100 SUMMER STREET – SECOND REQUEST FOR APPROVAL. FAILURE TO RESPOND WITHIN FIVE (5) BUSINESS DAYS WILL RESULT IN DEEMED APPROVAL OF PROPOSED APPROVED PLANS**" and, if Tenant fails to approve or deny the proposed Approved Plans within such five (5) Business Day period, then the proposed Approved Plans shall be considered to have been approved by Tenant. If Tenant fails to approve or disapprove the proposed Approved Plans within five (5) Business Days after receipt of the second notice, then the proposed Approved Plans shall be considered to have been approved by Tenant. If Tenant disapproves of the Approved Plans, Tenant shall specify the reason for disapproval. Subject to and in accordance with the provisions of this Section 3.3, Landlord shall provide Tenant with a turnkey construction of the Premises by performing Landlord's Work substantially in accordance with the Approved Plans. Landlord shall cause Landlord's Work to be completed in a good and workmanlike manner, utilizing Building standard materials and finishes consistent with the materials and finishes currently existing in the Building, in conformance with the Approved Plans.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Landlord will enter into a construction contract with a general contractor for the performance of Landlord's Work. The general contractor shall obtain all approvals and permits required by applicable Requirements to perform Landlord's Work. Landlord shall be responsible for performing Landlord's Work; provided, however, in no event shall Landlord be obligated to perform any work or alterations which are not shown on the Approved Plans (as the same may be amended in accordance with this Lease). Tenant shall have the right to attend regularly scheduled construction meetings held in connection with Landlord's Work and Landlord shall provide Tenant with reasonable prior notice of the same (provided that Landlord shall be deemed to have provided Tenant with reasonable prior notice of such meetings so long as Tenant's construction representative is included on the emailed calendar invitations for such meetings).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Approved Plans will not be materially modified or amended without the prior approval of Tenant, such approval not to be unreasonably withheld, conditioned or delayed. From time to time, prior to or during the performance of Landlord's Work, Landlord may elect to propose Landlord Change Orders to the Approved Plans. Landlord shall submit each proposed Landlord's Change Order to Tenant for its approval, which approval shall not be unreasonably withheld, conditioned or delayed, unless the proposed Landlord Change Order (i) is materially inconsistent with the Approved Plans; or (ii) would materially and adversely affect the use of the Premises by Tenant for its usual and customary business operations. Tenant shall approve or disapprove each proposed Landlord Change Order within five (5) Business Days after receipt thereof, and if Tenant so disapproves Tenant shall specify the reason for disapproval. If Tenant fails to approve or disapprove the proposed Landlord's Change Order within five (5) Business Days after receipt thereof, Landlord shall send Tenant a notice, which shall include a caption in bolded, capitalized, 14 point font stating "**100 SUMMER STREET – SECOND REQUEST FOR APPROVAL. FAILURE TO RESPOND WITHIN TWO (2) BUSINESS DAYS WILL RESULT IN DEEMED APPROVAL OF PROPOSED LANDLORD CHANGE ORDER**" and, if Tenant fails to approve or deny the proposed Landlord Change Order within such two (2) Business Day period, then then the proposed Landlord's Change Order shall be considered to have been approved by Tenant, and the Approved Plans shall be considered to be amended and modified thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Tenant may elect to propose Tenant Change Orders to the Approved Plans by written request to Landlord from time to time prior to Substantial Completion of the respective component of Landlord's Work. Each proposed Tenant Change Order shall be subject to Landlord's approval, which approval shall not be unreasonably withheld, conditioned or delayed, unless the proposed Tenant Change Order (i) is materially inconsistent with the Approved Plans; or (ii) impacts the Building's structure, mechanical systems, utility systems, or any other portion of the Building outside the Premises. If a proposed Tenant Change Order is determined by Landlord in its reasonable discretion to be likely to increase the cost of Landlord's Work, to delay the completion of Landlord's Work, and/or to cause an increase in other costs and expenses payable by Landlord, then Landlord shall notify Tenant and within ten (10) Business Days after receipt of such notice from Landlord, Tenant shall pay to Landlord the anticipated amount of such increased costs and expenses as estimated by Landlord in its reasonable discretion; provided, however, in lieu of such payment, Tenant may elect, within three (3) Business Days after receipt of Landlord's request, to withdraw the proposed Tenant Change Order. Without limitation, Landlord will not be obligated to commence or continue the performance of Landlord's Work (except to the extent such Landlord's Work is not materially affected by such

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proposed Tenant Change Order) unless and until Tenant delivers such amount of the increased costs and expenses. Promptly after completion of Landlord's Work, Landlord shall deliver to Tenant a statement setting forth the actual costs of Landlord's Work (together with invoices and other backup reasonably acceptable to Tenant with respect to the same), and, if as a result of a Tenant Change Order the actual costs of Landlord's Work are (i) greater than the estimated increased costs and expenses, then Tenant shall pay the difference in increased costs and expenses to Landlord within fifteen (15) Business Days of demand therefor, and (ii) are less than the estimated increased costs and expenses, then Landlord shall pay to Tenant the difference between the actual costs of Landlord's work and the estimated increased costs and expenses within fifteen (15) Business Days after demand therefor. Time is of the essence of this Section 3.3(e).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Landlord will exercise good faith reasonable efforts to perform Landlord's Work and cause the Commencement Date to occur, subject to Tenant Delays and/or Force Majeure. Landlord shall not be liable for any failure to Substantially Complete the Landlord's Work, to deliver possession of the Premises, or to cause the Commencement Date to have occurred by any particular date, and no such failure shall impair the validity of this Lease or extend the Term. Notwithstanding the foregoing, if the Commencement Date has not occurred by April 1, 2024 (as such date may be extended for Tenant Delays and/or Force Majeure, the "<u>Outside Delivery</u> <u>Date</u>"), then for and with respect to each day between the Outside Delivery Date and the date on which the Commencement Date actually occurs, as its sole and exclusive remedy on account thereof, Tenant shall receive a credit against the Base Rent next becoming payable under the Lease in an amount equal to the per diem Base Rent payable for the Premises. Notwithstanding anything to the contrary contained herein, the Outside Delivery Date shall be extended, and there shall be no credit against Base Rent for any delay in the Commencement Date or in Landlord's performance of the Landlord's Work arising out of or resulting from any Tenant Delay and/or Force Majeure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Notwithstanding the foregoing, if (i) the Delivery Date shall not have occurred on or before the date which is nine (9) months after the Outside Delivery Date (as such date may be extended for Tenant Delays and/or Force Majeure, the "<u>Outside Termination Date</u>"), and (ii) not less than fifteen (15) days prior to the delivery of a notice terminating this Lease in accordance with this Section 3.3(g) (the "<u>Termination Notice</u>"), Tenant shall have delivered an initial notice of its intent to deliver a Termination Notice to Landlord, then Tenant may elect, as its sole and exclusive remedy on account thereof, to terminate this Lease by giving Landlord a Termination Notice, which Termination Notice may be given not earlier than the Outside Termination Date and not later than thirty (30) days following the Outside Termination Date, with such termination to be effective immediately upon the giving by Tenant of such Termination Notice. If Tenant validly terminates this Lease in accordance with the foregoing provisions, this Lease shall be null and void and of no further force and effect, and except as expressly and specifically set forth herein, the parties shall have no further liabilities, responsibilities or obligations hereunder. Notwithstanding anything to the contrary contained herein, the Outside Termination Date shall be extended, for any delay in the Commencement Date or in Landlord's performance of the Landlord's Work arising out of or resulting from any Tenant Delay and/or Force Majeure. Notwithstanding any provision contained herein, if the Delivery Date occurs at any time prior to the valid termination of this Lease in accordance with the foregoing provisions, then Tenant shall have no further right to terminate this Lease pursuant to this Section 3.3(g).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) If Substantial Completion of any part of Landlord's Work is delayed as a result of or arising out of a Tenant Delay, then Landlord's Work shall be deemed to have been Substantially Completed on the date that such work would have been Substantially Completed but for such Tenant Delay. Without limiting the foregoing, if Landlord's Work is deemed Substantially Completed as aforesaid, but Landlord's Work is not in fact Substantially Completed, then Tenant shall not (except with Landlord's prior written consent) be entitled to take possession of the Premises for any purpose until Landlord's Work is in fact Substantially Completed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) On or about the date when Landlord's Work is Substantially Completed, Landlord's construction representative shall notify Tenant, and the parties' construction representatives shall meet at the Premises at a mutually convenient date and time to jointly inspect Landlord's Work and prepare and sign a written punch-list setting forth any items of Landlord's Work which are incomplete or damaged and deliver the same to Tenant and Landlord. Landlord shall complete such punch-list items as soon as reasonably practicable after such walk-through of the Premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) During the performance of Tenant's Work and/or while moving into the Premises, Tenant shall have the right to use the dedicated freight elevator and loading docks serving the Building during regular hours, subject to availability and scheduling, at no cost to Tenant.

3.4 EARLY ACCESS

After Landlord determines that Landlord's Work has sufficiently progressed to the point where permitting Tenant to enter the Premises will not adversely affect the timely completion of or the cost of completion of the remaining elements of Landlord's Work, then Landlord will permit Tenant and Tenant's contractors, employees, agents and other designees to enter the Premises and common areas and, as reasonably necessary, spaces above and below the Premises, not later than thirty (30) days prior to the Commencement Date, at no additional cost to Tenant and without the payment of Base Rent, Tenant's Proportionate Share of the Operating Costs Excess or Tenant's Proportionate Share of the Tax Excess, for the limited purpose of installing furniture, fixtures and equipment. Any such early entry shall be at Tenant's sole risk and expense and Landlord shall have no liabilities or obligations to Tenant in connection therewith, including any liability for damage or injury to persons or property in connection therewith. Prior to such entry, Tenant shall obtain and submit to Landlord all insurance coverages required pursuant to this Lease. Upon such entry, Tenant shall be bound by and shall comply with all provisions of this Lease, including, without limitation, the provisions of this Lease regarding the performance of alterations, improvements and installations in the Premises, notwithstanding that the Commencement Date may not yet have occurred. All of such work performed by Tenant in the Premises prior to the Commencement Date shall be reasonably coordinated with any work being performed by Landlord so as not to delay the completion of Landlord's Work.

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3.5 LANDLORD'S CONTRIBUTION.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Landlord shall pay to Tenant an amount not to exceed Landlord's Contribution, which amount shall be applied, at Tenant's election (in Tenant's sole discretion), (i) toward the cost of Tenant's Work, (ii) toward soft costs incurred by Tenant in connection with Tenant's Work and Tenant's relocation to the Premises, including moving costs and the costs of purchasing furniture, or (iii) as a credit towards the next installment(s) of Base Rent due and owing under this Lease with respect to the Premises, provided that as of the date on which Landlord is required to make payment thereof pursuant to Section 3.2(b): (x) this Lease is in full force and effect, and (y) no uncured monetary or material non-monetary Default of Tenant then exists. Tenant shall pay all costs of Tenant's Work and any soft costs incurred by Tenant in connection with Tenant's Work or Tenant's relocation to the Premises in excess of Landlord's Contribution. Upon the occurrence of the date which is twelve (12) months after the Commencement Date, any amount of Landlord's Contribution which has not been requisitioned or designated by Tenant to be credited towards Base Rent for the Premises shall be retained by Landlord.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Landlord shall pay and/or credit Landlord's Contribution as a single lump-sum payment within thirty (30) days next following the delivery to Landlord of a requisition therefor, signed by a duly authorized officer of Tenant, which shall be accompanied by (i) a written notice indicating the amount of Landlord's Contribution, if any, that Tenant is electing to apply toward costs and expenses paid by Tenant in connection with Tenant's Work or relocating to the Premises, and the amount of Landlord's Contribution, if any, that Tenant is electing to apply as a credit towards Base Rent; (ii) except with respect to the amount of Landlord's Contribution that Tenant elects to apply as a credit towards Base Rent, invoices and evidence of payment reasonably acceptable to Landlord; (iii) if applicable, (w) issuance of customary final lien waivers by all contractors, subcontractors and material suppliers covering all of Tenant's Work (to the extent customary), (x) proof of the satisfactory completion of all required inspections and issuance of any required approvals, permits and sign-offs for Tenant's Work by Governmental Authorities having jurisdiction thereover, (y) final "as-built" plans and specifications for Tenant's Work, and (z) a certification from Tenant's architect that the work for which the requisition is being made has been completed substantially in accordance with the plans and specifications approved by Landlord, if any; and (iv) such other documents and information as Landlord may reasonably request. The right to receive Landlord's Contribution is for the exclusive benefit of Tenant, and in no event shall such right be assigned to or be enforceable by or for the benefit of any unrelated third party, including any contractor, subcontractor, materialman, laborer, architect, engineer, attorney or other person or entity.

3.6 GENERAL PROVISIONS

Except for performance of Landlord's Work and the provision of Landlord's Contribution, Landlord has no obligation to perform any work, supply any materials, incur any expense or make any alterations, additions or improvements to the Premises in order to prepare the Premises for Tenant's use and occupancy; provided that the foregoing shall not diminish or detract from Landlord's ongoing repair and maintenance obligations expressly set forth in this Lease. Excepting only Landlord's Work and the provision of Landlord's Contribution, Tenant shall, at its own cost and expense, in accordance with and subject to the terms and provisions of this Lease, perform or cause to be performed any and all Tenant's Work, shall equip the Premises with all trade fixtures and personal property necessary or proper for the conduct of Tenant's business, and shall open for business as soon thereafter as practicable. All of Tenant's Work shall be considered to be an Alteration (as hereinafter defined). Neither the review or approval of the Approved Plans by Landlord nor the performance of Landlord's Work shall constitute a representation or warranty by Landlord that such Approved Plans either are complete or suitable for their intended purpose, or that Landlord's Work is suitable for its intended purpose, it being expressly agreed by Tenant that Landlord assumes no responsibility or liability whatsoever to Tenant or to any other person or entity for such completeness or suitability.

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3.7 CONSTRUCTION REPRESENTATIVES

Each party authorizes the other to rely upon all approvals granted and other actions taken by the respective construction representative of the respective party, or any person hereafter expressly designated in writing in substitution or addition thereof by notice to the party relying thereon. Landlord's construction representative shall be Jennifer Twombly and Tenant's construction representative shall be Amitay Kalmar.

ARTICLE IV

RENT

4.1 RENT PAYMENTS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Base Rent (at the rates specified in Section 1.2 hereof), and the additional rent and other charges payable pursuant to this Lease (collectively the "<u>Rent</u>") shall be payable by Tenant to Landlord in good funds at the Address for Payment of Rent as set forth in Section 1.2 above or such other place as Landlord may from time to time designate by written notice to Tenant, without any demand, and without any counterclaim, offset or deduction, of any kind, whatsoever (except as expressly set forth herein).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Commencing on the Commencement Date and thereafter throughout the term of this Lease, Tenant shall pay the monthly installments of Tenant's Proportionate Share of the Tax Excess (as hereinafter defined), if any, Tenant's Proportionate Share of the Operating Costs Excess (as hereinafter defined), if any, and Electricity Additional Rent (as hereinafter defined). All such payments shall be paid in advance on the first day of each and every calendar month. Commencing on the Rent Commencement Date and thereafter throughout the term of this Lease, Tenant shall pay Base Rent, together with the foregoing amounts. If the Rent Commencement Date falls on a day other than the first day of a calendar month, the first payment which Tenant shall make shall be made on the Rent Commencement Date and shall be equal to proportionate amount of a full calendar month's payment of such Base Rent and monthly installments of Tenant's Proportionate Share of the Tax Excess, Tenant's Proportionate Share of the Operating Costs Excess, and the Electricity Additional Rent for such partial month from based on the proportion that the number of days in such partial month bears to the number of days in the calendar month during which such partial month occurs. Additional rent and other charges payable pursuant to this Lease shall be payable at the times and in the manner set forth in this Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Base Rent and the monthly installments of Tenant's Proportionate Share of the Tax Excess, Tenant's Proportionate Share of the Operating Costs Excess and the Electricity Additional Rent for any partial month shall be paid by Tenant to Landlord based on the proportion that the number of days in such partial month bears to the number of days in the calendar month during which such partial month occurs. Any other charges payable by Tenant on a monthly basis, as hereinafter provided, shall likewise be prorated.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Rent not paid within five (5) days of the date due shall incur a late charge equal to the sum of: (a) five percent (5%) of the outstanding amount for administration and bookkeeping costs associated with the late payment and (b) interest on the outstanding amount from the due date through and including the date such payment or installment is received by Landlord, at a rate equal to the lesser of (i) the rate announced by Bank of America, N.A. (or its successor) from time to time as its prime or base rate (or if such rate is no longer available, a comparable rate reasonably selected by Landlord), plus two percent (2%), or (ii) the maximum applicable legal rate, if any; provided, however, no late charge will be imposed on the first two (2) such late payments in any twelve (12) month period during the Term. Such interest shall be additional rent and shall be paid by Tenant to Landlord within thirty (30) days after demand therefor.

4.2 REAL ESTATE TAXES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The term "<u>Taxes</u>" shall mean all taxes and assessments (including, without limitation, assessments for public improvements or benefits and water and sewer use charges), and other charges or fees in the nature of taxes for municipal services which at any time during or in respect of the Lease Term may be assessed, levied, confirmed or imposed on or in respect of, or be a lien upon, the Building and/or the Lot, or any part thereof, or any rent therefrom or any estate, right, or interest therein, or any occupancy, use, or possession of such property or any part thereof, and ad valorem taxes for any personal property used in connection with the Building or Lot. Without limiting the foregoing, Taxes shall also include any payments made by Landlord in lieu of taxes and all business improvement district payments. Landlord agrees that Tenant's share of any special assessment shall be determined (whether or not Landlord avails itself of the privilege so to do) as if Landlord had elected to pay the same in installments over the longest period of time permitted by applicable law and Tenant shall be responsible only for those installments (including interest accruing and payable thereon) or parts of installment that are attributable to periods within the Lease Term.

Should the Commonwealth of Massachusetts, or any political subdivision thereof, or any other governmental authority having jurisdiction over the Building, (1) impose a tax, assessment, charge or fee, which Landlord shall be required to pay, by way of substitution for or as a supplement to such Taxes, or (2) impose an income or franchise tax or a tax on rents in substitution for or as a supplement to a tax levied against the Building and/or the Lot or any part thereof and/or the personal property used in connection with the Building and/or the Lot or any part thereof, all such taxes, assessments, fees or charges ("<u>Substitute Taxes</u>") shall be deemed to constitute Taxes hereunder. Taxes shall also include, in the year paid, all fees and costs incurred by Landlord in seeking to obtain a reduction of, or a limit on the increase in, any Taxes, regardless of whether any reduction or limitation is obtained. Except as hereinabove provided with regard to Substitute Taxes, the following shall be excluded from Taxes and shall be paid solely by Landlord: inheritance, estate, succession, transfer, gift, franchise or capital stock tax, or any income taxes arising out of or related to ownership and operation of income-producing real estate, or any excise taxes imposed upon Landlord based upon gross or net rentals or other income received by it.

The term "<u>Tax Period</u>" shall mean the then-applicable period of time with respect to which Taxes are required to be paid under applicable law. Thus, under the law presently in effect in the Commonwealth of Massachusetts, "Tax Period" means the period from July 1 of a calendar year to June 30 of the subsequent calendar year. If and to the extent that any Tax Period contains less than twelve (12) complete calendar months, then the Base Tax Amount shall be reduced on a pro rata basis.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the Taxes during any Tax Period exceed the Base Tax Amount, then Tenant shall pay to Landlord, as additional rent, Tenant's Proportionate Share of such excess (the "<u>Tax</u> <u>Excess</u>"). Tenant shall pay to Landlord, together with monthly payments of Base Rent, pro rata monthly installments on account of the projected Tax Excess for each Tax Period, in amounts reasonably calculated by Landlord from time to time with an adjustment made after the close of the Tax Period to account for the actual Tax Excess for such Tax Period. Landlord will deliver an invoice setting forth the adjustment made after the close of each Tax Period to account for the actual Tax Excess for such Tax Period (the "<u>Tax Excess Statement</u>") to Tenant promptly after the expiration of the respective Tax Period, but in no event later than one hundred eighty (180) days after the expiration of the respective Tax Period. If the total monthly installments of Tax Excess paid by Tenant with respect to any Tax Period is greater than Tenant's Proportionate Share of the actual Tax Excess for such Tax Period, then Tenant shall be entitled to a credit against Tenant's future monthly installment payments of the projected Tax Excess hereunder in the amount of such difference or, if the Lease Term has expired and Tenant has no outstanding monetary obligations to Landlord, then Landlord shall, within thirty (30) days of the date of the Tax Excess Statement, pay such amount to Tenant. If the total of such monthly installments of Tax Excess actually paid by Tenant is less than Tenant's Proportionate Share of the actual Tax Excess for such Tax Period, then Tenant shall pay to Landlord, as additional rent, the amount of such difference within thirty (30) days after Tenant receives the Tax Excess Statement. Promptly following Tenant's written request, Landlord shall deliver to Tenant a copy of the real estate tax bill for the Building and/or the Lot.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If any Taxes with respect to which Tenant shall have paid Tenant's Proportionate Share of the Tax Excess shall be adjusted to take into account any abatement or refund, then Tenant shall be entitled to a credit against rental obligations hereunder, in the amount of Tenant's Proportionate Share of such abatement or refund less Tenant's Proportionate Share of Landlord's costs or expenses, including, without limitation, appraisal and attorneys' fees, of securing such abatement or refund or, if the Lease Term has expired and Tenant has no outstanding monetary obligations to Landlord, Landlord shall promptly pay such amount to Tenant. Notwithstanding the foregoing, in no event shall such credit with respect to any Tax Period exceed the amount paid by Tenant as additional rent on account of Taxes for and with respect to such Tax Period. Tenant shall not apply for any real estate tax abatement or refund without the express prior written consent of Landlord.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Tenant shall pay or cause to be paid, prior to delinquency, any and all taxes and assessments levied upon all trade fixtures, inventories and other personal property placed in and upon the Premises by Tenant.

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4.3 OPERATING COSTS

If the Operating Costs (as hereinafter defined) during any lease year exceed the Base Operating Costs, then Tenant shall pay to Landlord, as additional rent, Tenant's Proportionate Share of such excess (the "<u>Operating Costs Excess</u>"). Tenant shall pay to Landlord pro rata monthly installments on account of the projected Operating Costs Excess for each lease year in amounts reasonably calculated from time to time by Landlord, with an adjustment made after the close of the lease year to account for the actual Operating Costs Excess for such lease year in accordance with this Section 4.3. Landlord will deliver an annual operating cost statement (the "<u>Operating Costs Excess Statement</u>") to Tenant promptly after the expiration of the respective lease year, but in no event later than one hundred eighty (180) days after the expiration of the respective lease year. Each Operating Costs Excess Statement sent to Tenant shall constitute an account stated. If the total monthly installments of Operating Cost Excess paid by Tenant with respect to any lease year is greater than Tenant's Proportionate Share of the actual Operating Costs Excess for such lease year, then Tenant shall be entitled to a credit against Tenant's future monthly installments of projected Operating Costs Excess hereunder in the amount of such difference or, if the Lease Term has expired and Tenant has no outstanding monetary obligations to Landlord, then Landlord shall pay such amount to Tenant within thirty (30) days of the date of the Operating Costs Excess Statement. If the total of such monthly installments of Operating Costs Excess actually paid by Tenant is less than Tenant's Proportionate Share of the actual Operating Costs Excess for such lease year, then Tenant shall pay to Landlord the amount of such difference, as additional rent, within thirty (30) days after Tenant receives the Operating Costs Excess Statement.

As used in this Lease, the term "lease year" shall mean each calendar year (or part thereof) in which any part of the Term occurs.

As used in this Lease, the term "<u>Operating Costs</u>" shall mean all costs and expenses actually incurred by Landlord in connection with operating, insuring, repairing, equipping, maintaining, replacing, managing, cleaning and protecting (collectively, "the <u>Operation</u>") the Property, including, without limitation, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) All expenses incurred by Landlord or its agents, including without limitation, managing agents, which shall be related to employment of property management personnel, day and night supervisors, janitors, handymen, carpenters, engineers, firemen, mechanics, electricians, plumbers, guards, cleaners and other personnel (including amounts incurred for wages, salaries and other compensation for services, payroll, social security, unemployment and similar taxes, workmen's compensation insurance, disability benefits, pensions, hospitalization, retirement plans and group insurance, telecommunications equipment, uniforms and working clothes and the cleaning thereof, and expenses imposed on Landlord or its agents pursuant to any collective bargaining agreement), for services in connection with the Operation of the Property, and personnel engaged in supervision of any of the persons mentioned above; provided, however, that the costs of employing personnel who work less than full-time in connection with the Operation of the Property shall be equitably adjusted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The cost of services, materials and supplies used in the Operation of the Property, including, without limitation, the cost to perform Landlord's obligations pursuant to Section 8.2 and Article IX of this Lease, including those which may be provided pursuant to Landlord's green building initiatives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The amounts paid to managing agents and for legal and other professional fees relating to the Operation of the Property, but excluding such fees paid in connection with (x) negotiations for or the enforcement of leases; and (y) seeking abatements of Taxes; provided, however, that management fees shall not exceed prevailing market rates;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Insurance premiums;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Costs for electricity, steam, and other utilities not billed or separately charged to other tenants of the Building;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Water and sewer use charges;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) The costs of snow-plowing and removal and landscaping;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) Amounts paid to independent contractors for services, materials and supplies furnished for the Operation of the Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) The "annual amortized cost" (as hereinafter defined) of all capital improvements and equipment if such capital improvement either (i) is reasonably intended to result in a reduction in Operating Costs (as for example, a labor-saving improvement); and/or (ii) is made in order to comply with Requirements which become effective after the Effective Date (whether through adoption, promulgation, application, interpretation, or otherwise) ("<u>Permitted Capital</u> <u>Expenditures</u>"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) The costs of applying and reporting for the Building or any part thereof to seek or maintain certification under the U.S. EPA's Energy Star<sup>®</sup> rating system, the U.S. Green Building Council's Leadership in Energy and Environmental Design (LEED) rating system or a similar system or standard;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) The fair market rent (at Landlord's then-current rent rate for space located in the mid-rise portion of the Building) attributable to the space in the Building used as a management office for the Building (provided that that rentable area of such management office shall not exceed 3,500 rentable square feet); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) All other expenses incurred arising out of or in connection with the Operation of the Property, provided that such expenses are customary expenses for first class office buildings in Boston, Massachusetts.

The phrase "<u>annual amortized cost</u>" shall mean the sum of (x) the original cost of each capital improvement item, divided by (y) the number of years of useful life thereof, as reasonably determined by Landlord in accordance with generally accepted accounting principles and practices in effect at the time of acquisition of the capital improvement item, together with (z) an interest factor computed on the unamortized balance of such capital improvement item at an annual interest rate of either (a) one percentage point over the AA bond rate (Standard & Poor's corporate composite or, if unavailable, its equivalent) as reported in the Wall Street Journal at the time the capital expenditure is made, or (b) if the capital improvement item is acquired through third-party financing, then the actual interest rate paid by Landlord in financing the acquisition of such capital improvement ("<u>Capital Interest Rate</u>").

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If during all or part of any lease year during the Term of this Lease, Landlord is not performing or furnishing any item to any portion of the Building, the cost of which, if performed or furnished by Landlord to such portion of the Building would constitute a part of Operating Costs, (a) as a result of such portion of the Building not then being occupied or leased, (b) as a result of such item not being required or desired by a tenant, (c) as a result of any tenant itself obtaining or providing such item, or (d) for any other reason, whether similar or dissimilar to the foregoing; then, to the extent such costs vary based upon occupancy, Operating Costs shall be deemed to be increased by an amount equal to the additional costs and expenses which would reasonably have been incurred during such period by Landlord if it had performed or furnished such item to 95% of the rentable areas of the Building.

Operating Costs may be incurred directly or by way of reimbursement, and shall include taxes applicable thereto.

The following shall be excluded from Operating Costs:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Salaries, fringe benefits and other compensation of officers and executives of Landlord not connected with the Operation of the Property and of personnel above the grade of general manager;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Costs and expenses which are properly allocable to other properties of Landlord (e.g., where a service is provided at a single cost to both the Property and another property of Landlord), with said allocation to be determined and calculated by Landlord in its reasonable discretion to exclude the costs fairly attributable to such other property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Expenses relating to tenants' alterations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Principal and interest on indebtedness other than to the extent included in annual amortized costs as aforesaid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Expenses for which Landlord, by the terms of this Lease or any other lease, makes a separate charge;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Ad valorem real estate taxes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) The cost of electricity or other utilities furnished to other tenants of the Building, to the extent separately billed to said tenants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) Leasing fees or commissions, marketing costs, legal fees, space planners' fees, advertising and promotional expenditures and any other costs incurred in connection with negotiating or enforcing leases, subleases, lease assignments and/or other transactions with current or prospective tenants or other occupants of the Building;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) Any bad debt loss, rent loss, or reserves for bad debts or rent loss or any reserves of any kind;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) Except for Permitted Capital Expenditures, the cost of any item that, under generally accepted accounting principles, are properly classified as capital expenses;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) Fixed or percentage rent on ground leases, master leases or other underlying leases;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) Costs for which Landlord is reimbursed by any tenant or occupant of the Building or by insurance by its carrier or any tenant's carrier, or anyone else to the extent of such reimbursement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) Costs associated with the operation of the business of the partnership or entity which constitutes Landlord, as the same are distinguished from the costs of operation of the Building, including, without limitation, partnership accounting and legal matters, costs of defending any lawsuits with any mortgagee (except as the actions of Tenant may be in issue), costs of selling, syndicating, financing, mortgaging or hypothecating any of Landlord's interest in the Building, and costs incurred in connection with any disputes between Landlord and its employees, between Landlord and its property manager, or between Landlord and any other tenant or occupant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) Costs incurred to benefit (or as a result of) a specific tenant or items and services selectively supplied to any specific tenant; or costs of other benefits which are not offered to Tenant or for which Tenant is charged directly;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) Charitable, lobbying, special interest or political contributions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) Attorneys' fees, accounting fees, and expenditures incurred in connection with disputes and claims of other tenants or occupants of the Building;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) The cost of the acquisition or installation of any sculpture, paintings or other objects of art in excess of amounts typically spent for such items in comparable buildings in the vicinity of the Building;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) Costs, including permit, license and inspection costs, incurred with respect to the installation of tenants' or other occupants' improvements or incurred in renovating or otherwise improving, decorating, painting or redecorating vacant space for tenants or other occupants of the Building;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19) Any cost representing an amount paid to a person firm, corporation or other entity related to Landlord that is in excess of the amount which would have been paid in the absence of such relationship;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20) Fines or penalties incurred in connection with compliance with or contesting or settlement of any claimed violation of law or requirements of law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21) Landlord's general overhead and any other expenses not directly attributable to the operation and management of the Building and the Property (e.g. the activities of Landlord's officers and executives or professional development expenditures or preparing tax returns for shareholders or members of the Landlord), except to the extent included in the management fees permitted hereby;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22) The cost of installing, and to the extent not generally available to tenants of the Building, operating and maintaining any specialty service, such as a cafeteria, observatory, broadcasting facilities, child or daycare; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23) Costs to the extent arising directly from the gross negligence or willful misconduct of Landlord or its agents, employees, vendors, contractors or providers or materials or services.

Each Operating Costs Excess Statement shall be conclusively binding upon Tenant unless Tenant (i) pays to Landlord when due the amount set forth in such statement, without prejudice to Tenant's right to dispute such statement, and (ii) within one hundred eighty (180) days after such statement is sent, sends a written notice to Landlord objecting to such statement and specifying the reasons therefor in which event, upon request, Tenant may, at its sole cost and expense, inspect or audit the books and records pertaining to the Operating Costs for the subject lease year. Said inspection or audit shall be performed at a mutually satisfactory time at Landlord's offices in the continental United States (provided that Landlord shall also provide electronic access reasonably acceptable to Tenant to such books and records pertaining to the Operating Costs) and may be made only by a qualified employee of Tenant or a qualified independent, nationally recognized auditor or certified public accounting firm reasonably approved by Landlord. Tenant agrees that Tenant will not employ, in connection with any dispute under this Lease, any person or entity who is to be compensated in whole or in part, on a contingency fee basis. Tenant and all employees, consultants and agents of Tenant shall keep all information obtained in connection with said audit confidential, and in connection therewith, shall execute and deliver to Landlord a confidentiality agreement, in form and substance reasonably satisfactory to Landlord, whereby such parties agree not to disclose to any third party any of the information obtained in connection with such audit. If such audit or review reveals that Landlord has overcharged Tenant, then within thirty (30) days after the results of such audit are made available to Landlord, Landlord shall reimburse Tenant the amount of such overcharge. If the audit reveals that Tenant was undercharged, then within thirty (30) days after the results of the audit are made available to Tenant, Tenant shall reimburse Landlord the amount of such undercharge. Tenant shall pay the fees and expenses relating to such audit. If it is finally determined that Tenant was overcharged by more than five percent (5%), then Landlord shall pay all fees and expenses relating to the audit. If the overcharge, if any, is five percent (5%) or less, then Tenant shall pay the fees and expenses relating to such audit. Tenant shall have no right whatsoever to dispute by judicial proceeding or otherwise the accuracy of any operating cost statement.

ARTICLE V

USE OF PREMISES

5.1 PERMITTED USE

Tenant agrees that the Premises shall be used and occupied by Tenant only for the purposes specified as the Permitted Use thereof in Section 1.2 of this Lease, and for no other purpose or purposes. In no event shall Tenant use or permit the use of the Premises for (i) an employment agency or similar enterprise, (ii) offices of any governmental authority, any foreign

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government, or any agency or department of the foregoing, (iii) the manufacture, retail sale, storage of merchandise or auction of merchandise, goods or property of any kind to the general public which would reasonably be expected to create a volume of pedestrian traffic substantially in excess of that normally encountered in first-class office buildings, (iv) the rendering of medical, dental or other therapeutic or diagnostic services, or (v) any illegal purposes or any activity constituting a nuisance.

Tenant shall comply and shall cause its employees, agents, and invitees to comply with the rules and regulations attached hereto as <u>Exhibit D</u> and such additional reasonable rules and regulations as Landlord shall from time to time establish for the proper regulation of the Building and the Lot, provided that Landlord gives Tenant reasonable advance notice thereof and that such additional rules and regulations shall be of general application to all the tenants in the Building, except where different circumstances justify different treatment.

5.2 COMPLIANCE WITH LAWS

Tenant agrees that no trade or occupation shall be conducted in the Premises or use made thereof which will be unlawful, improper, or contrary to any law, ordinance, by-law, code, rule, regulation or order any governmental or quasi-governmental authority (collectively, "<u>Requirements</u>") applicable in the municipality in which the Premises are located or which will disturb the quiet enjoyment of the other tenants of the Building. Tenant shall obtain any and all approvals, permits, licenses, variances and the like from governmental or quasi-governmental authorities, including without limitation any Architectural Access Board and Board of Fire Underwriters (collectively, "<u>Approvals</u>") which are required for Tenant's use of the Premises, including, without limitation, as may be required to perform any construction work and installations, alterations, or additions made by Tenant to, in, on, or about the Premises; provided, however, that Tenant shall not seek or apply for any Approvals without first having given Landlord a reasonable opportunity to review any applications for Approvals and all materials and plans to be submitted in connection therewith and obtaining Landlord's written consent, which consent shall not be unreasonably withheld, conditioned or delayed. In any event, Tenant shall be responsible for all costs, expenses, and fees in connection with obtaining all Approvals. Without limiting the general application of the foregoing, Tenant shall be responsible for compliance of the Premises, including, without limitation, any Alterations (as hereinafter defined) it may make to the Premises, with applicable Requirements, including the requirements of the Americans with Disabilities Act (42 U.S.C. Section 12101 et seq.) and the regulations and Accessibility Guidelines for Buildings and Facilities issued pursuant thereto, as the same may be amended from time to time (collectively, the "<u>ADA</u>"). Landlord shall be responsible for the compliance of the common areas of the Building and Lot with the requirements of the ADA. Tenant's inability to obtain or delay in obtaining any such Approval shall in no event reduce, delay, or terminate Tenant's rental, payment, and performance obligations hereunder. Without limiting the generality of the foregoing, Tenant shall, at its own cost and expense, (i) make all installations, repairs, alterations, additions, or improvements to the Premises required by any Requirements; (ii) keep the Premises equipped with all required safety equipment and appliances; and (iii) comply with all Requirements and the requirements of Landlord's and Tenant's insurers applicable to the Premises, Building and Lot; provided, however, with respect to the foregoing clauses (i), (ii) and (iii), Tenant shall not be obligated to make any structural Alterations or Alterations to the Building systems or common areas, except to the extent such

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Alterations arise out of or result from (1) the specific manner and nature of Tenant's use or occupancy of the Premises, as distinguished from general office use, (2) Alterations made by Tenant, or (3) a breach by Tenant of any of the provisions of this Lease. Tenant shall not place a load upon any floor in the Premises exceeding the lesser of (a) the floor load per square foot of area which such floor was designed to carry as certified by Landlord's architect and (b) the floor load per square foot of area which is allowed by law. As of the Effective Date, the maximum floor load per square foot the Premises is fifty (50) pounds per square foot. Landlord reserves the right to reasonably prescribe the weight and position of all business machines and mechanical equipment, including safes, which shall be placed in the Premises so as to distribute the weight. As of the Commencement Date, Landlord's Work shall comply with all applicable Requirements, including the applicable provisions of the ADA.

5.3 INSURANCE RISKS

Tenant shall not permit any use of the Premises that will (i) make voidable or, unless Tenant pays the extra insurance premium attributable thereto as provided below, increase the premiums for any insurance on the Building, (ii) shall be contrary to any law or regulation from time to time established by the New England Fire Insurance Rating Association (or any successor organization), or (iii) excepting only the Landlord's Work and Alterations which Tenant is allowed to perform pursuant to the terms and conditions of this Lease, require any alteration or addition to the Building. Tenant shall, within thirty (30) days after written demand therefor, reimburse Landlord and all other tenants for the costs of all extra insurance premiums caused by Tenant's use of the Premises. Any such amounts shall be deemed to be additional rent hereunder.

5.4 ELECTRICAL EQUIPMENT

Tenant shall not, without Landlord's written consent in each instance, which consent will not be unreasonably withheld, conditioned or delayed, connect to the electrical distribution system any fixtures, appliances, or equipment which will operate individually or collectively at a wattage in excess of the capacity of the electrical system serving the Premises as the same may be reasonably determined by Landlord, and Landlord may audit Tenant's use of electric power to determine Tenant's compliance herewith. If Landlord permits such excess usage in accordance herewith, Tenant will pay, as additional rent, for the cost of power necessary to accommodate such usage, together with the cost of installing any additional risers, meters, and/or other facilities that may be required to furnish and/or measure such excess power to the Premises.

5.5 TENANT'S OPERATIONAL COVENANTS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Affirmative Covenants

In regard to the use and occupancy of the Premises, Tenant will at its expense: (1) keep the inside and outside of all glass in the doors and internal windows of the Premises reasonably clean and replace promptly any cracked or broken glass with glass of similar or like quality; (2) maintain the Premises in a clean, orderly and sanitary condition and free of insects, rodents, vermin and other pests; (3) keep any garbage, trash, rubbish or other refuse in vermin-proof containers within the interior of the Premises until removed; and (4) keep all mechanical apparatus that is Tenant's responsibility to maintain free of vibration and loud noise which may be transmitted beyond the Premises.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Negative Covenants

In regard to the use and occupancy of the Premises and common areas, Tenant will not: (1) place or maintain any trash, refuse or other articles in any vestibule or entry of the Premises, on the sidewalks or corridors adjacent thereto or elsewhere so as to obstruct any corridor, stairway, sidewalk or common area; (2) permit undue accumulations of garbage, trash, rubbish or other refuse within or without the Premises; (3) cause or permit objectionable odors to emanate or to be dispelled from the Premises; (4) commit, or suffer to be committed, any waste upon the Premises or any public or private nuisance or other act or thing which may disturb the quiet enjoyment of any other tenant or occupant of the Building, or use or permit the use of any portion of the Premises for any unlawful purpose; or (5) park trucks or other vehicles in a manner that will block access to the loading docks serving the Building, except when Tenant is actively using such loading docks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Yield Up

Tenant will yield up and surrender possession of the Premises to Landlord at the expiration of the Term or earlier termination of this Lease, free and clear of all tenants and occupants, broom- clean and in the same good order and repair in which Tenant is obliged to keep and maintain the Premises by the provisions of this Lease; surrender all keys to the Premises; to remove all Alterations required to be removed pursuant to this Section 5.5(c) and Tenant's Property from the Premises; and all Tenant's signs wherever located. At the time Landlord approves any of Tenant's Alterations, including, without limitation, any Tenant's Work, Landlord shall notify Tenant in writing which of the subject Alterations, if any, will be required to be removed by Tenant at the end of the Term, provided that Tenant shall include the following legend in capitalized and bold type displayed prominently on the top of the first page of Tenant's notice delivered concurrently with such plans and specifications: "IF LANDLORD FAILS TO NOTIFY TENANT AT THE TIME LANDLORD APPROVES THESE PLANS AND SPECIFICATIONS THAT ANY ALTERATIONS SHOWN THEREON ARE REQUIRED TO BE REMOVED AT THE END OF THE TERM OF THE LEASE, LANDLORD MAY NOT REQUIRE TENANT TO REMOVE SUCH ALTERATIONS AT THE END OF THE TERM OF THE LEASE." Notwithstanding the foregoing, Tenant shall not be required to remove (i) non-structural alterations and installations to the Premises which are of a type and character typically performed by office tenants in the Building or in comparable buildings in Boston, Massachusetts, including, without limitation, kitchens and restrooms, (ii) any telecommunications wiring and cabling, or (iii) any of the Landlord's Work. Any property not so removed shall be deemed abandoned and, if Landlord so elects, deemed to be Landlord's property, and may be retained or removed and disposed of by Landlord in such manner as Landlord shall determine. Tenant shall reimburse Landlord for all actual out-of-pocket costs and expenses incurred by Landlord in effecting such removal and disposition, and, in the event the Premises is not surrendered in the condition required by this Section 5.5(c) in making any repairs and replacements to the Premises after surrender thereof by Tenant.

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5.6 SIGNS

Tenant shall not place any signs, placards, or the like on the Building or in the Premises that will be visible from outside of the Premises (including without limitation both interior and exterior surfaces of the windows). Without limiting the foregoing, Landlord shall, at Landlord's cost and expense, install the following signage identifying Tenant as an occupant of the Building: (i) a listing in the Building directory located in the lobby of the Building; and (ii) a Building standard sign located in the elevator lobby of the floor of the Building on which the Premises are located. The initial listing of Tenant's name on such signage shall be at Landlord's cost and expense. Any changes, replacements or additions by Tenant to such signage shall be at Tenant's sole cost and expense, except to the extent the same are requested by Landlord. Tenant may, at Tenant's sole cost and expense, install a sign (including Tenant's logo) on a wall adjacent to the door to the Premises, as well as on the door to the Premises. All signs visible from outside the Premises (including the size, location, design, materials, colors and appearance thereof) shall be subject to the prior review and approval of Landlord in all respects, which approval shall be in Landlord's sole discretion with respect to signs to be located in the lobby of the Building, and which approval shall not be unreasonably withheld, conditioned or delayed with respect to signs located in the elevator lobby of the floor of the Building on which the Premises are located. In connection therewith and except as expressly set forth herein, Tenant shall, at its sole cost and expense, prepare all plans and specifications relating to such signs, and be responsible for all costs and expenses of constructing, installing, maintaining, repairing, replacing and removing such signs. Landlord shall have no obligations or liabilities with respect to the design of such signs, the obtaining of any required permits or approvals with respect thereto, or the construction, installation, maintenance, repair or replacement thereof, all of which shall be at the sole risk, and sole cost and expense of Tenant. Tenant shall maintain and repair any such signs installed by or on behalf of Tenant in first-class order, condition and repair at its sole cost and expense in accordance with all Requirements and all rules, regulations and directives of Landlord; provided, however, if Tenant fails to repair and maintain such signs and such failure continues for more than thirty (30) days after written notice from Landlord, then Landlord may elect to perform such maintenance and repairs, in which event Tenant shall, within thirty (30) days after receipt of an invoice therefor, reimburse Landlord for all reasonable costs and expenses incurred by Landlord in connection therewith. Upon the expiration or termination of the Term of the Lease, Tenant shall, at its sole cost and expense, remove all such signs and repair any damage resulting therefrom.

5.7 HAZARDOUS MATERIALS

Tenant shall not use, handle, transport, store, or dispose of any oil, hazardous or toxic substances, materials or wastes (collectively "<u>Hazardous Materials</u>") in, under, on or about the Premises, the Building and/or the Lot except for usual and customary commercially available products which contain Hazardous Materials; provided, that (i) such products are ordinarily and customarily used in the ordinary course of first-class business offices, and (ii) any such use is in strict compliance with all applicable Requirements. Without limiting the foregoing, any Hazardous Materials in the Premises, and all containers therefor, shall be used, kept, stored and disposed of with due care and in conformity with all applicable Requirements. If the transportation, storage, use, handling, or disposal of Hazardous Materials in the Premises, the Building, the Lot or anywhere on the Property arising out of or resulting from the acts or

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omissions of Tenant or its agents, employees, contractors, invitees, guests or others acting by, through or under Tenant, or Tenant's use of the Premises, results in (1) contamination of the soil, air, surface or ground water or (2) loss or damage to person(s) or property, then Tenant agrees (i) to notify Landlord immediately of any contamination, claim of contamination, loss or damage, (ii) after consultation with and approval by Landlord, to clean up all contamination in full compliance with all applicable Requirements, and (iii) to indemnify, defend and hold Landlord harmless from and against any claims, suits, causes of action, costs and fees, including, without limitation, attorneys' fees, to the extent arising from or connected with any such contamination, claim of contamination, loss or damage. On the Commencement Date Landlord's Work shall be delivered to Tenant free and clear of any Hazardous Materials. As of the Effective Date, Landlord has not received written notice that the Premises is in violation of any applicable Requirements. Landlord agrees that if Hazardous Materials subsequently are discovered to have been in the Premises as of the Commencement Date, and as of such date such substances or materials were deemed pursuant to applicable Requirements to constitute Hazardous Materials ("<u>Pre-Existing Hazardous Materials</u>"), then Landlord shall be responsible for the removal thereof in accordance with then-current industry customs and practices and if, as and to the extent required by applicable Requirements. If Landlord is required to remove or remediate any Pre-Existing Hazardous Materials, and such removal or remediation reasonably results in Tenant not being able to use all or any material portion of the Premises for the Permitted Use for a period of seven (7) consecutive days after Landlord's receipt of written notice from Tenant of such Pre-Existing Hazardous Materials, then provided that Tenant actually ceases using all or such material portion of the Premises for the Permitted Use, then, as the sole and exclusive remedy of Tenant on account thereof, the Base Rent and other Rent amounts payable hereunder shall thereafter be equitably abated until the date that Landlord has removed or remediated the Pre-Existing Hazardous Materials in accordance with all applicable Requirements. Notwithstanding the foregoing, in no event shall Landlord have any responsibilities, liabilities, or obligations, and Tenant shall not be entitled to any abatement of Rent, with respect to Hazardous Materials which may be released, used, disturbed, exposed, exacerbated or disposed of by Tenant or any of its employees, agents, contractors or subtenants. For purposes of this Section 5.7, the term "material portion of the Premises" shall mean at least 2,000 rentable square feet of the Premises. The provisions of this Section 5.7 shall survive the expiration or termination of this Lease. No consent or approval of Landlord shall in any way be construed as imposing upon Landlord any liability for the means, methods, or manner of removal, containment or other compliance with applicable law for and with respect to the foregoing. The terms of this Section 5.7 shall apply to any transportation, handling, storage, use or disposal of Hazardous Materials irrespective of whether Tenant has obtained Landlord's consent therefor.

ARTICLE VI

INSTALLATIONS, ALTERATIONS, AND ADDITIONS

6.1 (a) Tenant shall not make any alterations, additions, improvements, or other physical changes in, about or to the Premises (collectively, "<u>Alterations</u>") without Landlord's prior consent in each instance. Without limiting the foregoing, Landlord shall not unreasonably withhold, condition or delay its consent to Alterations so long as such Alterations (i) are non-structural and do not affect the Building systems, (ii) are performed only by Landlord's designated contractors or by contractors or mechanics reasonably approved by Landlord to

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perform such Alterations, (iii) affect only the Premises and are not visible from outside of the Premises, and (iv) are in compliance with all applicable Requirements. Notwithstanding the foregoing, the prior consent of Landlord shall not be required for Alterations which satisfy the conditions of clauses (i), (ii), (iii) and (iv) of the preceding sentence and cost less than $100,000.00 in the aggregate provided that Tenant provides Landlord with notice prior to undertaking such Alterations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Prior to making any Alterations, Tenant, at its expense, shall, and shall cause its contractors to (i) submit to Landlord for its written approval, which approval shall not be unreasonably withheld, conditioned or delayed, detailed plans and specifications (including layout, architectural, mechanical, electrical, plumbing, sprinkler and structural drawings) of each proposed Alteration, (ii) obtain all permits, approvals and certificates required by any governmental authorities, (iii) furnish to Landlord duplicate original policies or certificates of worker's compensation insurance (covering all persons to be employed by Tenant, and Tenant's contractors and subcontractors in connection with such Alteration), comprehensive public liability (including property damage coverage) and builder's risk insurance coverage (issued on a completed value basis) all in such form, with such companies, for such periods and in such amounts as Landlord may reasonably require, naming Landlord, Landlord's managing agent, and their respective employees and agents, any mortgagee as additional insureds, and (iv) furnish to Landlord such other evidence of Tenant's ability to complete and to fully pay for such Alterations as is reasonably satisfactory to Landlord. Upon Tenant's reasonable request, Landlord shall exercise reasonable efforts to cooperate with Tenant in obtaining any permits, approvals or certificates required to be obtained by Tenant in connection with any permitted Alteration, provided Landlord shall incur no cost, expense or liability in connection therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Within ninety (90) days following completion of any Alterations, Tenant, at its expense, shall obtain and deliver to Landlord: (i) copies of paid invoices covering all of the Alterations, (ii) customary final lien waivers by all contractors, subcontractors and material suppliers performing work or providing material that costs $5,000 or more in connection with the applicable Alterations, (iii) proof of the satisfactory completion of all required inspections and the issuance of any required approvals and, to the extent required by the Requirements, sign-offs by Governmental Authorities with respect thereto, (iv) "as-built" plans and specifications for such Alterations, (v) a written certification in the form of the AIA Document G702 (or, if such document is no longer in use, such other form as Landlord shall reasonably approve) from Tenant's architect stating that (A) the Alterations have been completed in accordance with the plans and specifications approved by Landlord, (B) such work has been paid in full by Tenant, and (C) all contractors, subcontractors and materialmen have delivered to Tenant customary waivers of lien with respect to such work (copies of which shall be included with such architect's certification), and (vi) such other documents and information as Landlord may reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) All Alterations shall be performed (a) in a good and first-class workmanlike manner and free from defects, (b) in accordance with the plans and specifications reasonably approved by Landlord, and by contractors reasonably approved by Landlord, (c) excepting only decorative Alterations, under the supervision of a licensed architect reasonably satisfactory to Landlord, and (d) in compliance with all Requirements, the terms of this Lease, all procedures and regulations then reasonably promulgated by Landlord for coordinating all work performed in

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the Building. All materials and equipment to be used in the Premises shall be of first quality and at least equal to the applicable standards for the Building then established by Landlord, and no such materials or equipment shall be subject to any lien or other encumbrance. Neither party shall take any action which would violate the other party's labor contracts or which would cause a work stoppage, picketing, labor disruption or dispute, or interfere with Landlord's, Tenant's or any other tenant's or occupant's business or with the rights and privileges of any person lawfully in the Building ("<u>Labor Disruption</u>"). The party responsible for such Labor Disruption shall take the actions necessary to resolve the Labor Disruption, and shall have pickets removed. In addition, at the request of Landlord, Tenant shall immediately pause any work in the Premises that gave rise to the Labor Disruption, until Landlord gives its written consent for the work to resume. Tenant shall have no claim for damages against Landlord, nor shall the date of the commencement of the Term be extended as a result of the above actions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) All personal property, trade fixtures and other movable equipment ("<u>Tenant's</u> <u>Property</u>") shall be and remain the property of Tenant and Tenant may remove the same at any time on or before the expiration date. Tenant shall repair and restore, in a good and workmanlike manner, any damage to the Premises or the Building resulting from or caused by Tenant's removal of any Tenant's Property and if Tenant fails to do so, Tenant shall reimburse Landlord, on demand, for Landlord's actual out-of-pocket cost of repairing and restoring such damage. The foregoing provisions shall survive the expiration or earlier termination of this Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Tenant, at its expense, shall discharge any lien or charge filed against the Premises and/or the Property (or any part thereof) arising out of or resulting from any work claimed to have been done by or on behalf of, or materials claimed to have been furnished to, Tenant, within fifteen (15) days after Tenant's receipt of notice thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Tenant shall pay to Landlord or its designee, as additional rent, within thirty (30) days after request therefor, all reasonable out-of-pocket costs actually incurred by Landlord in connection with Tenant's Alterations including, without limitation, costs incurred in connection with (a) Landlord's review of the Alterations and plans therefor (including review of requests for approval thereof) and (b) the provision of Building personnel during the performance of any Alteration (excluding Tenant's Work) to operate elevators or otherwise to facilitate any Alterations (excluding Tenant's Work).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The approval of plans or specifications, or consent by Landlord to the making of any Alterations, shall not constitute Landlord's agreement or representation that such plans, specifications or Alterations comply with any applicable Requirements (provided the foregoing shall not be applicable to the Approved Plans). Landlord shall have no liability to Tenant or any other party in connection with Landlord's approval of any plans and specifications for any Alterations, or Landlord's consent to Tenant's performing any Alterations.

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ARTICLE VII

ASSIGNMENT AND SUBLETTING

7.1 PROHIBITION

Notwithstanding any other provision of this Lease, Tenant shall not, directly or indirectly, assign, mortgage, pledge or otherwise transfer, voluntarily or involuntarily, this Lease or any interest herein or sublet (which term without limitation, shall include granting of concessions, licenses, and the like) or allow any other person or entity (except Tenant's employees) to occupy the whole or any part of the Premises, without, in each instance, having first received the express consent of Landlord, which consent shall be subject to the terms and conditions of this Article VII. Any assignment, mortgage, pledge, transfer of this Lease or subletting of the whole or any part of the Premises by Tenant without Landlord's express consent (excepting only assignments to Permitted Transferees as expressly permitted pursuant to Section 7.7 hereof) shall be invalid, void and of no force or effect. This prohibition includes, without limitation, any assignment, subletting, or other transfer which would occur by operation of law, merger, consolidation, reorganization, acquisition, transfer, or other change of Tenant's corporate, ownership, and/or proprietary structure, including, without limitation, a change in the partners of any partnership, a change in the members and/or managers of any limited liability company, and/or the sale, pledge, or other transfer of any of the issued or outstanding capital stock of any corporate Tenant.

In the case of any assignment or subletting, Tenant originally named herein shall remain fully liable for all obligations of Tenant hereunder, including, without limitation, the obligation to pay the Rent and other amounts provided under this Lease and such liability shall not be affected in any way by any future amendment, modification, or extension of this Lease or any further assignment, other transfer, or subleasing and Tenant hereby irrevocably consents to any and all such transactions. It shall be a condition of the validity of any permitted assignment or subletting that the assignee or sublessee agree directly with Landlord, in form reasonably satisfactory to Landlord, to be bound by all obligations of Tenant hereunder, including, without limitation, the obligation to pay all Rent and other amounts provided for under this Lease and the covenant against further assignment or other transfer or subletting.

7.2 FURTHER ASSIGNMENT AND SUBLETTING

Landlord's consent to any assignment or subletting shall not relieve Tenant from the obligation to obtain Landlord's express consent to any further assignment or subletting. In no event shall any permitted subtenant or assignee assign or encumber its sublease or further sublet any portion of the Premises, or otherwise suffer or permit any portion of the Premises to be used or occupied by others.

7.3 NOTICE OF ASSIGNMENT OR SUBLEASE; TERMINATION RIGHTS

If Tenant desires to assign this Lease or sublet all or any portion of the Premises, then Tenant shall give notice ("<u>Tenant's Transfer Notice</u>") thereof to Landlord, which notice shall be accompanied by (i) the date Tenant desires the assignment or sublease to be effective, (ii) the material business terms on which Tenant would assign or sublet such premises, (iii) a description

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of the portion of the Premises to be sublet, if applicable, (iv) a true and complete statement reasonably detailing the identity of the proposed assignee or subtenant, the nature of its business, and its proposed use of the Premises, (v) current financial information with respect to the proposed assignee or subtenant, including, without limitation, its most recent financial statements, and (vi) such other reasonable information Landlord may reasonably request. Excepting only assignments or subleases to Permitted Transferees as expressly permitted pursuant to Section 7.7 hereof, such notice shall be deemed an offer from Tenant to Landlord whereby Landlord (or Landlord's designee) shall be granted the right, at Landlord's option to be exercised by written notice to Tenant, (x) with respect to a proposed assignment, to terminate this Lease, upon the terms and conditions hereinafter set forth; and (y) with respect to any sublease for fifty percent (50%) or more of the Premises for a term that will expire in the last six (6) months of the Term of the Lease, to terminate this Lease with respect to the portion of the Premises proposed to be sublet, upon the terms and conditions hereinafter set forth. If Landlord exercises its option to terminate this Lease (in whole or in part) pursuant to the foregoing provisions, Tenant shall have right, exercisable no more than one-time during the Term, to withdraw its request to assign the Lease or sublease the applicable portion of the Premises by delivering written notice of such withdrawal to Landlord no later than ten (10) days after Landlord exercises the foregoing termination option. If Landlord exercises its option to terminate this Lease (in whole or in part) pursuant to the foregoing provisions, and Tenant fails to, or does not have the right to, withdraw the applicable request, then (a) this Lease (or that part of the Lease relating to the part of the Premises proposed to be sublet, as applicable) shall end and expire on the date that such assignment or sublease was to commence (as if such date were the expiration date of the term hereof), (b) Rent shall be apportioned, paid or refunded as of such date, (c) Tenant, upon Landlord's request, shall enter into an agreement in form and substance reasonably acceptable to Landlord and Tenant, confirming such termination, and (d) Landlord shall be free to lease the Premises or applicable part thereof, to any person or persons, including, without limitation, to Tenant's prospective assignee or subtenant.

7.4 CONSENT TO ASSIGNMENT OR SUBLEASE

Landlord shall either exercise its option to terminate all or a portion of this Lease as aforesaid or grant or deny its consent to the proposed assignment or sublease by notice from Landlord to Tenant within thirty (30) days after Landlord's receipt of Tenant's Transfer Notice and the items listed in clauses (i) – (vi) of Section 7.3. If Landlord does not exercise Landlord's option to terminate all or a portion of this Lease as aforesaid, and provided that no Default of Tenant exists hereunder, then Landlord's consent to the proposed assignment or subletting shall not be unreasonably withheld, conditioned or delayed. Tenant shall, upon demand, reimburse Landlord for all reasonable third party out-of-pocket expenses incurred by Landlord in connection with such assignment or sublease, including, without limitation, all legal fees and expenses reasonably incurred by Landlord in connection with the granting of any requested consent (the "<u>Landlord Consent Costs</u>"); provided, however, with respect to each proposed assignment or sublease Tenant shall not be obligated to reimburse Landlord for more than $2,500.00 on account of Landlord Consent Costs, unless such assignment or sublease does not occur in the ordinary course of business (e.g. is in connection with a bankruptcy or reorganization of Tenant) or involves an amendment to this Lease or other additional documentation (other than a customary Landlord's consent to assignment or sublease agreement), or if Landlord provides unusual or extraordinary services in connection therewith.

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In no event shall Landlord be considered to have withheld its consent unreasonably to any proposed assignment or subletting if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the proposed assignee or subtenant is not a reputable person or entity of good character with sufficient financial means to perform all of its obligations under this Lease or the sublease, as the case may be, and/or Landlord has not been furnished with reasonable proof thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the proposed assignee or sublessee may, in Landlord's good faith reasonable determination, use the Premises for (a) a use which does not comply with the conditions and restrictions set forth in this Lease, or (b) a use which could overburden the Premises, the Building, the parking areas or other common areas on the Property, or (c) a use which could cause an increase in the insurance premiums payable with respect to the Property or in the Operating Costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) the proposed assignee or subtenant (or an affiliate thereof) is then an occupant of the Building, and Landlord has, or expects to have within six (6) months of the proposed commencement of the proposed sublease or assignment, comparable space available for lease on a direct basis for a comparable term;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) Tenant shall not publicly list the Premises to be sublet at a proposed sublease rental rate which is less than the base rent at which Landlord is then offering to lease other space in the Building;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) the proposed assignee or subtenant is a person or entity (or affiliate of a person or entity) with whom Landlord or Landlord's agent is then or has been within the prior six months negotiating, through the exchange of proposals (which may be by email), in connection with the rental of space in the Building;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) the form of the proposed sublease or instrument of assignment is not reasonably satisfactory to Landlord; such approval not to be unreasonably withheld, conditioned or delayed so long as it is consistent with Tenant's request for consent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G) there shall be more than two subtenants of the Premises;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(H) the proposed subtenant or assignee shall be entitled, directly or indirectly, to diplomatic or sovereign immunity, regardless of whether the proposed assignee or subtenant agrees to waive such diplomatic or sovereign immunity, and/or shall not be subject to the service of process in, and the jurisdiction of the courts of, the Commonwealth of Massachusetts; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I) any mortgagee whose consent to such assignment or sublease is required fails to consent thereto after Landlord has exercised commercially reasonable efforts to obtain such consent (provided that in no event shall Landlord be required to incur any additional costs or expenses to obtain such consent).

If a Default of Tenant beyond applicable notice and cure periods shall occur at any time during the twelve (12) month period immediately prior to the effective date of such assignment or subletting, then Landlord's consent thereto, if previously granted, shall be immediately deemed revoked without further notice to Tenant, and such consent shall be void and without force and effect, and such assignment or subletting shall constitute a further Default of Tenant hereunder.

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7.5 SUBORDINATION

Each sublease shall be subject and subordinate to this Lease and to the matters that this Lease is or shall be subordinate, it being the intention of Landlord and Tenant that Tenant shall assume and be liable to Landlord for any and all acts and omissions of all subtenants and anyone claiming under or through any subtenants which, if performed or omitted by Tenant, would be a default under this Lease.

7.6 PROFITS

If Tenant shall enter into any assignment or sublease permitted hereunder or consented to by Landlord (but, for the avoidance of doubt, not any transfer that does not require Landlord's consent pursuant to <u>Section</u> <u>7.7</u>), Tenant shall, within sixty (60) days after Landlord's consent to such assignment or sublease, deliver to Landlord a complete list of Tenant's reasonable third-party brokerage fees, legal fees and expenses, architectural fees, and alteration costs paid or to be paid in connection with such transaction, together with a list of all of Tenant's personal property to be transferred to such assignee or sublessee. Tenant shall deliver to Landlord evidence of the payment of such fees promptly after the same are paid. In consideration of such assignment or subletting, Tenant shall pay to Landlord:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the case of an assignment of this Lease (other than an assignment that does not require Landlord's consent pursuant to <u>Section</u> <u>7.7</u>), on the effective date of the assignment, an amount equal to 50% of all sums and other consideration paid to Tenant by the assignee for or by reason of such assignment (including sums paid for the sale or rental of Tenant's personal property, less, in the case of a sale thereof, the then fair market value of such personal property, as reasonably determined by Landlord) after first deducting Tenant's reasonable third-party brokerage fees, legal fees and expenses, architectural fees, alteration costs, the Landlord Consent Costs and all other reasonable and customary costs incurred by Tenant in connection with such assignment; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of a sublease (other than a sublease that does not require Landlord's consent pursuant to <u>Section</u> <u>7.7</u>), 50% of any consideration payable under the sublease to Tenant by the subtenant that exceeds on a per square foot basis the Base Rent accruing during the term of the sublease in respect of the subleased space (together with any sums paid for the sale or rental of Tenant's personal property, less, in the case of the sale of such personal property, the then fair market value thereof, as reasonably determined by Landlord) after first deducting Tenant's reasonable third-party brokerage fees, legal fees and expenses, architectural fees, alteration costs, the Landlord Consent Costs and all other reasonable and customary costs incurred by Tenant in connection with such sublease. The sums payable under this clause shall be paid by Tenant to Landlord after recovery by Tenant of the foregoing costs, as and when rent is paid by the subtenant to Tenant (which may be paid in more than one installment).

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7.7 PERMITTED TRANSFERS

If Tenant is a corporation, the transfer (by one or more transfers), directly or indirectly, by operation of law or otherwise, of a majority of the stock, or the stock comprising voting control, of Tenant shall be deemed a voluntary assignment of this Lease. However, the prohibition contained in Section 7.1 hereof shall not apply to the transfer of shares of stock of Tenant if and so long as the voting stock of Tenant is publicly traded on a nationally recognized stock exchange. For purposes of this Section 7.7 the term "transfers" shall be deemed to include the issuance of new stock which results in a majority of the stock, or the stock comprising voting control, of Tenant being held, directly or indirectly, by a person or entity that does not hold such stock of Tenant on the date hereof. If Tenant is a partnership, the transfer (by one or more transfers), directly or indirectly, of a majority interest in, or the right(s) to manage and/or direct the operations of, the partnership shall be deemed a voluntary assignment of this Lease. If Tenant is a limited liability company, trust, or any other legal entity, the transfer (by one or more transfers), directly or indirectly, of a majority of the beneficial ownership interests in, or the right(s) to manage and/or direct the operations of, such entity, however characterized, shall be deemed a voluntary assignment of this Lease.

The provisions of Sections 7.1 and 7.6 shall not apply to transactions with a business entity into or with which Tenant is merged or consolidated or to which substantially all of Tenant's assets are transferred (each, a "<u>Permitted Transferee</u>") so long as (i) such transfer was made for a legitimate independent business purpose and not for the purpose of transferring this Lease, (ii) the successor to Tenant has a net worth computed in accordance with generally accepted accounting principles at least equal to the net worth of Tenant immediately prior to such merger, consolidation or transfer, and (iii) proof satisfactory to Landlord of such net worth is delivered to Landlord at least ten (10) days prior to the effective date of any such transaction; provided, however, if pursuant to applicable Requirements or the confidentiality terms of the proposed transaction Tenant is prohibited from providing such proof of net worth to Landlord ten (10) days prior to the effective date of any such transaction, then Tenant shall deliver such proof of net worth as soon thereafter as Tenant is permitted to do so.

Tenant may also, upon prior notice to but without the consent of Landlord, permit any corporation or other business entity which controls, is controlled by, or is under common control with the original Tenant named herein (a "<u>Related Corporation</u>") to sublet all or part of the Premises or receive an assignment of this Lease for any Permitted Use, provided the Related Corporation is in Landlord's reasonable judgment of a character and engaged in a business which is in keeping with the standards for the Building and the occupancy thereof and for so long as such entity remains a Related Corporation. Such sublease shall not be deemed to vest in any such Related Corporation any right or interest in this Lease or the Premises nor shall it relieve, release, impair or discharge any of Tenant's obligations hereunder. For the purposes hereof, "control" shall be deemed to mean ownership of not less than fifty percent (50%) of all of the voting stock of such corporation or not less than fifty percent (50%) of all of the legal and equitable interest in any other business entity if Tenant is not a corporation.

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7.8 NO WAIVER

The acceptance by Landlord of the payment of Rent, additional rent or other charges from an assignee or sublease shall not be considered to be a consent by Landlord to any such assignment, sublease, or other transfer, nor shall the same constitute a waiver of any right or remedy of Landlord. The listing of any name other than that of Tenant on the doors of the Premises, the Building directory or elsewhere shall not vest any right or interest in this Lease or in the Premises, nor be deemed to constitute Landlord's consent to any assignment or transfer of this Lease or to any sublease of the Premises or to the use or occupancy thereof by others. Any such listing shall constitute a privilege revocable in Landlord's reasonable discretion by notice to Tenant.

7.9 TENANT'S FAILURE TO COMPLETE

If Landlord does not exercise Landlord's termination option provided under Section 7.3 and Tenant fails, within one (1) year after the delivery of Tenant's notice, to execute and deliver to Landlord such assignment or sublease then Tenant shall again comply with all of the provisions of this Article VII before assigning this Lease or subletting all or part of the Premises. In addition, if Landlord consents to a proposed assignment or sublease and Tenant fails to execute and deliver to Landlord such assignment or sublease within one (1) year after the giving of such consent, then Tenant shall again comply with all of the provisions and conditions of this Article VII before assigning this Lease or subletting all or part of the Premises.

7.10 APPROVED USERS/DESK SHARING

Notwithstanding anything to the contrary contained herein, Tenant shall have the right, upon ten (10) Business Days' prior notice to Landlord, but without having to obtain Landlord's consent, to permit Tenant's vendors, contractors, invitees, subsidiaries, parent companies, affiliates and agents (each, an "<u>Approved User</u>") to temporarily occupy space within the Premises, provided that (a) Tenant does not separately demise such space and the Approved Users utilize, in common with Tenant, common entryways to the Premises as well as shared central services, such as reception, photocopying and the like; (b) the Approved Users occupy space in the Premises for the Permitted Use and for no other purpose; and (c) if requested by Landlord, Tenant notifies Landlord, in writing, of the identity of any such Approved Users prior to occupancy of the Premises by such Approved Users, (d) no such "desk sharing" arrangement is effected solely for the purpose of qualifying as a transaction which does not require Landlord's consent (i.e. and thereby avoiding the operation of the provisions of this Article VII, and (e) the Approved Users shall not occupy, in the aggregate, more than twenty percent (20%) of the rentable area in the Premises. If any Approved Users occupy any portion of the Premises as described herein, (i) the Approved Users shall comply with all provisions of this Lease, and a default by any Approved User shall be deemed a default by Tenant under this Lease; (ii) all notices required to be provided by Landlord under this Lease shall be forwarded only to Tenant in accordance with the terms of this Lease and in no event shall Landlord be required to send any notices to any Approved Users; (iii) in no event shall any use or occupancy of any portion of the Premises by any Approved User release or relieve Tenant from any of its obligations under this Lease; (iv) the Approved Users shall be deemed to be contractors of Tenant for purposes of Tenant's indemnification obligations set forth in this Lease; and (v) in no event shall the

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occupancy of any portion of the Premises by Approved Users be deemed to create a landlord/tenant relationship between Landlord and such Approved Users, and, in all instances, Tenant shall be considered the sole tenant under this Lease notwithstanding the occupancy of any portion of the Premises by the Approved Users. It is understood and agreed that the term "occupy space within the Premises" shall not apply to routine temporary access to the Property or the Premises by Tenant's vendors, contractors, invitees or agents in the ordinary course of Tenant's and such parties' business. The provisions of Section 7.1 and 7.6 shall not apply to transactions described in this Section 7.10.

ARTICLE VIII

REPAIRS AND MAINTENANCE

8.1 TENANT OBLIGATIONS

From and after the date that possession of the Premises is delivered to Tenant and until the end of the Lease Term, Tenant shall keep the Premises and every part thereof in good order, condition, and repair, reasonable wear and tear and damage by casualty, as a result of condemnation, or as a result of the failure of Landlord to provide services required to be provided hereunder excepted; and shall return the Premises to Landlord at the expiration or earlier termination of the Lease Term in such condition.

8.2 LANDLORD OBLIGATIONS

Except as may be provided in Articles XII and XIII, Landlord agrees to keep in good order, condition, and repair the structural components and the roof of the Building, the common utility and Building systems to the extent the same are located outside the Premises or serve premises other than the Premises, the perimeter heat pumps, the common hallways, entrances, restrooms and elevators and other common areas, and the sprinkler system to the extent the same is located outside the Premises (Tenant being responsible for the maintenance of all portions of the Building systems located within and exclusively serving the Premises); provided, however, that Tenant shall reimburse Landlord, as additional rent hereunder, within thirty (30) days after receipt of Landlord's invoice therefor, for the reasonable costs of maintaining, repairing, or otherwise correcting any condition to the extent caused by or arising out of an act, omission, neglect or default under this Lease of Tenant or any employee, agent, or contractor of Tenant or any other party for whose conduct Tenant is responsible. Without limitation, Landlord shall not be responsible to make any improvements or repairs other than as expressly provided in this Section 8.2. In addition, Landlord shall not be liable for any failure to make such repairs unless and until Tenant has given notice to Landlord of the need to make such repairs and Landlord has failed to commence to make such repairs within a reasonable time thereafter.

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8.3 CAUSES BEYOND CONTROL OF LANDLORD OR TENANT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Neither Landlord nor Tenant shall be liable for failure to perform any of its obligations under this Lease when prevented from doing so by causes beyond its reasonable control ("<u>Force Majeure</u>"), including, without limitation, labor dispute, breakdown, accident, order or regulation of or by any governmental authority, epidemic, pandemic or other health emergency or exigency, or failure of supply, or inability by the exercise of reasonable diligence to obtain supplies, parts, or employees necessary to furnish services required under this Lease, or because of war or other emergency, or for any cause due to any act, neglect, or default of the other party or such other party's servants, contractors, agents, employees, licensees or any person claiming by, through or under such party; provided, however (i) in no event shall financial inability be deemed to be or be a cause of Force Majeure, and (ii) in no event shall any Force Majeure in any way affect, reduce or abate the obligation of Tenant timely to pay all Rent and other charges payable by Tenant pursuant to the terms of this Lease. Without limiting the foregoing, in no event shall Landlord ever be liable to Tenant for any indirect, special or consequential damages under the provisions of this Section 8.3(a) or any other provision of this Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except to the extent caused by the gross negligence or willful misconduct of Landlord, but subject in all events to the provisions of Section 11.5 hereof, Landlord shall not be liable for any damage to property of Tenant or of others entrusted to employees of the Building, or for the loss or damage to any property of Tenant by theft or otherwise. Except to the extent caused by the gross negligence or willful misconduct of Landlord, but subject in all events to the provisions of Section 11.5 hereof, Landlord shall not be liable for any injury or damage to persons or property resulting from fire, explosion, falling plaster, steam, gas, electricity, rain, snow, or other of the elements, water or leaks from any part of the Building or from the pipes, appliances or plumbing works or from the roof, street or subsurface or from any other place or by dampness or by any other cause of whatsoever nature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding any other provision to the contrary set forth in this Lease, if the Premises shall lack any electrical, HVAC, plumbing, utility service or elevator service which Landlord is required to provide hereunder (thereby rendering the Premises or a portion thereof "untenantable" (as hereinafter defined)) for a period of ten (10) consecutive days after Landlord's receipt of written notice from Tenant of such condition, then provided that (i) such untenantability and Landlord's inability to cure such condition does not arise out of or result from default or neglect of Tenant or Tenant's agents, employees or contractors, or any of the other causes identified in subsection (a) above, and (ii) Tenant actually does not utilize the Premises for the Permitted Use during such period, then, as the sole and exclusive remedy of Tenant on account thereof, the Base Rent and other Rent amounts payable hereunder shall thereafter be equitably abated until the date such service is substantially restored. The provisions of this subsection (b) shall not apply in the event of a fire, other casualty or eminent domain event, or other event governed by the provisions of Article XII and/or XIII hereof. For purposes of this Lease, the terms "untenantable" and "untenantability" shall mean that the Premises, or any portion of the Premises, as the case may be, are not, despite Tenant's commercially reasonable good faith efforts, usable or reasonably accessible by Tenant for the Permitted Use in the ordinary course of Tenant's business.

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ARTICLE IX

SERVICES TO BE FURNISHED BY LANDLORD; ELECTRICITY; UTILITIES

9.1 HEATING, VENTILATION AND AIR CONDITIONING

Landlord shall, on Monday through Friday from 8:00 a.m. through 6:00 p.m. and on Saturdays from 8:00 a.m. through 1:00 p.m. (excluding days designated from time to time by Landlord as holidays for the Building), furnish to the Premises, heating, ventilation and cooling service ("<u>HVAC Service</u>"). If Tenant shall require additional HVAC Service at any times other than during the foregoing days and times, then Tenant shall provide not less than twenty-four (24) hours prior notice thereof to Landlord. Landlord shall furnish such additional HVAC Service to the Premises and Tenant shall pay to Landlord, as additional rent, within thirty (30) days after receipt of Landlord's invoice therefor, such overtime HVAC charges as may from time to time be reasonably established by Landlord. As of the Effective Date of this Lease, the charge for overtime HVAC is $75.00 per hour from October 1 through April 30, and $175 per hour from May 1 through September 30 (subject to Landlord's right, from time to time, to increase such charge to reflect increases in the cost of providing such services). Tenant shall not install any supplementary or auxiliary HVAC equipment to serve the Premises without Landlord's prior consent in each instance, which consent shall not be unreasonably withheld, conditioned or delayed. Landlord shall not be responsible if the building standard systems providing HVAC Service to the Premises shall fail to provide cooled or heated air, as the case may be, by reason of (i) any machinery or equipment installed by or on behalf of Tenant, which shall have an electrical load in excess of the average electrical load for the HVAC System as designed, or (ii) any alterations, additions or improvements made or performed by or on behalf of Tenant, or (iii) if Tenant requirements shall exceed the capabilities of the building standard HVAC Service. Tenant at all times shall reasonably cooperate with Landlord and shall abide by the rules and regulations which Landlord may reasonably prescribe for the proper functioning and protection of the HVAC System. Without limitation, in no event shall Tenant introduce into the Premises personnel or equipment which overloads the capacity of the HVAC System or in any other way interferes with the system's ability to perform adequately its proper functions, or which affects the temperature otherwise maintained by the HVAC System.

9.2 ELECTRICITY

Landlord shall redistribute or furnish electricity to or for the use of Tenant in the Premises to accommodate a minimum of five (5) watts per rentable square foot connected load for lighting and electrical receptacles, exclusive of the base building HVAC System. Landlord, at its sole cost and expense, has installed or will install a check meter (or meters) to measure the consumption of electricity by Tenant in the Premises. Tenant shall pay to Landlord, as additional rent, two dollars ($2.00) per annum per rentable square foot of floor area in the Premises, for its consumption of electricity in the Premises ("<u>Estimated Electricity Additional Rent</u>"), which amount shall be adjusted at the end of each calendar year to reflect Landlord's actual costs of providing electricity service to the Premises based on amounts shown on the check meter, and which rate shall be subject to change from time to time based on changes in Landlord's actual cost of obtaining electricity, without any markup or administrative fee. Landlord will deliver an annual statement (the "<u>Electricity Statement</u>") to Tenant by not later than one hundred eighty (180) days after the end of each calendar year. Each Electricity Statement sent to Tenant shall

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constitute an account stated. If the total monthly installments of Estimated Electricity Additional Rent paid by Tenant with respect to any calendar year is greater than Landlord's actual costs of providing electricity service to the Premises based on amounts shown on the check meter for such calendar year, then Tenant shall be entitled to a credit against Tenant's future monthly installment payments of the Estimated Electricity Additional Rent hereunder in the amount of such difference or, if the Lease Term has expired and Tenant has no outstanding monetary obligations to Landlord, then Landlord shall, within thirty (30) days of the date of the Electricity Statement, pay such amount to Tenant. If the total of such monthly installments of Estimated Electricity Additional Rent paid by Tenant with respect to any calendar year is less than Landlord's actual costs of providing electricity service to the Premises based on amounts shown on the check meter for such calendar year, then Tenant shall pay to Landlord, as additional rent, the amount of such difference within thirty (30) days after Tenant receives the Electricity Statement. In no event shall amounts paid by Tenant in accordance with this Section 9.2 include any mark up or administrative fee.

9.3 CLEANING

Landlord shall provide nightly cleaning services for the Premises (Mondays through Fridays only), except during legal holidays or in the event of an emergency including removal and disposal of usual and customary office trash and refuse, substantially in accordance with the cleaning standards established by Landlord in its reasonable discretion with respect to the Building from time to time. Landlord's current cleaning specifications are attached hereto as <u>Exhibit F</u>.

9.4 WATER

Landlord shall provide to the Premises cold water for usual and customary drinking, cleaning and lavatory purposes.

9.5 TELECOMMUNICATIONS.

If Tenant requests that Landlord grant access to the Building to a telecommunications service provider designated by Tenant for purposes of providing telecommunications services to Tenant, Landlord shall use its good faith efforts to respond to such request within thirty (30) days. Tenant acknowledges that nothing set forth in this Section 9.5 shall impose any affirmative obligation on Landlord to grant such request and that Landlord, in its sole discretion, shall have the right to determine which telecommunications service providers shall have access to Building facilities. The Building is currently served by AT&T, Verizon, Verizon Business, Cogent, Lightower and Comcast.

9.6 SECURITY SERVICES.

So long as Tenant shall comply with Landlord's reasonable security program for the Building, Tenant's authorized employees shall have access to the Premises twenty-four (24) hours per day, seven (7) days per week, during the Term of this Lease, except in the event of any emergency or Force Majeure. Tenant may elect to install an access controlled security system in the Premises; provided, however, any such system shall be compatible with the existing Building security control system and shall be subject to the prior approval of Landlord in all respects.

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Tenant may also elect to install theft protection security systems in the Premises, subject to the prior approval of Landlord in all respects. The work to install any such security system shall be considered to be an Alteration for all purposes under this Lease and Tenant shall comply with all of the terms and conditions of this Lease. Notwithstanding the foregoing, in no event shall Landlord have any liability or obligation to Tenant arising from any claims for loss, injury or damage to persons or property in connection therewith, except to the extent caused by the gross negligence or willful misconduct of Landlord.

9.7 OTHER UTILITIES AND SERVICES

Tenant shall contract directly with the providers for, and shall pay directly to the providers as they become due, all charges for telephone, cable, data transmission and other utilities and services furnished to or consumed in the Premises (to the extent not provided by Landlord pursuant to the express terms of this Article IX). Landlord shall not be liable for any interruption or failure in the supply of any such services. Without limitation, if Tenant is not charged directly by the providers of any such services or utilities, then Tenant shall pay, as additional rent within thirty (30) days after receipt of Landlord's invoice therefor, its allocable share thereof, as determined by Landlord in its reasonable discretion. Except as expressly set forth in this Article IX, Tenant acknowledges that this is a fully net lease and agrees to contract separately for all utilities and building and other services required for Tenant's use and occupancy of the Premises hereunder.

9.8 INTERRUPTION

Landlord shall not be liable to Tenant, nor shall Tenant have a claim against Landlord for any compensation or, except to the extent expressly set forth in Sections 5.7 and 8.3(c) of this Lease, reduction of Rent, arising out of or resulting from interruptions or shortages of utilities or building services, or from Landlord's entering the Premises for any of the purposes authorized by this Lease or for repairing the Premises, or any portion of the Building and/or the Property. Subject to the express terms and conditions of Sections 5.7 and 8.3(c) of this Lease, if Landlord is prevented or delayed from making any repairs, alterations or improvements, or furnishing any utility or service or performing any other obligation to be performed on Landlord's part, by reason of any cause, Landlord shall not be liable to Tenant therefor, nor shall Tenant be entitled to any abatement or reduction of rent by reason thereof, nor shall the same give rise to any claim by Tenant that such failure constitutes actual or constructive, total or partial, eviction from the Premises. Landlord reserves the right to stop any service or utility system when necessary by reason of accident or emergency or until necessary repairs have been completed. Except in case of emergency repairs, Landlord will give Tenant not less than twenty-four (24) hours advance notice of any contemplated stoppage and will use diligent efforts to avoid unreasonable inconvenience to Tenant by reason thereof. Landlord also reserves the right to institute such reasonable policies, programs and measures as may be necessary, required or expedient for the conservation or preservation of energy or energy services or as may be necessary or required to comply with applicable codes, rules, regulations or standards. In so doing, Landlord shall make diligent efforts to avoid unreasonable inconvenience to Tenant by reason thereof.

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9.9 NO OTHER SERVICES.

Except as otherwise expressly provided in this Article IX, Landlord shall not be required to furnish any other services to the Premises.

ARTICLE X

INDEMNITY

10.1 INDEMNITY

To the maximum extent permitted by law, Tenant shall indemnify and save harmless Landlord and the members, managers, partners, directors, officers, agents, and employees of Landlord, against and from all claims, expenses, or liabilities of whatever nature to the extent (a) arising directly or indirectly from any default or breach by Tenant and/or Tenant's contractors, licensees, agents, servants, employees, invitees, and/or anyone claiming by, through, or under Tenant, under any of the terms or covenants of this Lease or the failure of Tenant or such persons to comply with any rule, order, regulation, or lawful direction now or hereafter in force of any public authority, in each case to the extent the same are related, directly or indirectly, to the Premises or the Building or Tenant's use thereof; or (b) arising directly or indirectly from any accident, injury, or damage, however caused, to any person or property, on or about the Premises; or (c) arising directly or indirectly from any accident, injury, or damage to any person or property occurring outside the Premises but within the Building or on the Lot, where such accident, injury, or damage results, or is claimed to have resulted, from any act, omission, or negligence on the part of Tenant, or Tenant's contractors, licensees, agents, servants, employees, or customers, or anyone claiming by, through, or under Tenant: provided, however, that in no event shall Tenant be obligated under this clause (c) to indemnify Landlord, the directors, officers, agents, employees of Landlord, to the extent such claim, expense, or liability results from any negligence or other misconduct of Landlord or the members, managers, officers, agents, or employees of Landlord on or about the Premises or the Building. The indemnification set forth in this Section 10.1 shall survive the expiration or termination of this Lease.

Landlord shall indemnify and save harmless Tenant and the members, managers, partners, directors, officers, agents, and employees of Tenant, against and from all third party claims, expenses, or liabilities of whatever nature (a) arising directly or indirectly from any default or breach by Landlord and/or Landlord's contractors, licensees, agents, servants, and employees, under any of the terms or covenants of this Lease; or (b) arising directly or indirectly from any accident, injury, or damage to any person or property occurring outside the Premises but within the common areas of the Building or the Lot, where such accident, injury, or damage results, or is claimed to have resulted, from grossly negligent acts or misconduct on the part of Landlord; provided, however, that in no event shall Landlord be obligated to indemnify Tenant or the members, managers, partners, directors, officers, agents and employees of Tenant, to the extent such claim, expense, or liability results from any negligence or other misconduct of Tenant or the members, managers, officers, agents, or employees of Tenant.

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The foregoing indemnity and hold harmless agreements shall include, without limitation, indemnity against all expenses, reasonable, out-of-pocket attorney's fees and liabilities incurred in connection with any such claim or proceeding brought thereon and the defense thereof with counsel reasonably acceptable to the indemnifying party. At the request of the indemnified party, the indemnifying party shall defend any such claim or proceeding directly on behalf and for the benefit of the indemnified party.

10.2 TENANT'S RISK

Tenant agrees to use and occupy the Premises and to use such other portions of the Building and the Lot as Tenant is herein given the right to use at Tenant's sole risk ; and Landlord shall have no responsibility or liability for any loss or damage, however caused, to furnishings, fixtures, equipment, or other personal property of Tenant or of any persons claiming by, through, or under Tenant, excepting only to the extent caused by the gross negligence or willful misconduct of Landlord.

10.3 INJURY CAUSED BY THIRD PARTIES

Tenant agrees that Landlord shall not be responsible or liable to Tenant, or to those claiming by, through, or under Tenant, for any loss or damage resulting to Tenant or those claiming by, through, or under Tenant, or its or their property, that may be occasioned by or through the acts or omissions of persons other than Landlord and the members, managers, partners, directors, officers, agents, contractors and employees of Landlord, occupying any part of the Building, or for any loss or damage from the breaking, bursting, crossing, stopping, or leaking of electric cables and wires, and water, gas, sewer, or steam pipes, or like matters.

10.4 SECURITY

Tenant agrees that, in all events, subject to Section 9.6, Tenant is responsible for providing security to, and installing locks and security systems serving, the Premises and Tenant's personnel and Landlord shall have no obligations or liabilities, of any kind, in connection therewith. Tenant shall provide Landlord with master keys, access cards and codes and all other necessary means of access to all locks and security systems for and with respect to the Premises.

ARTICLE XI

INSURANCE

11.1 PUBLIC LIABILITY INSURANCE

Tenant agrees to maintain in full force from the date upon which Tenant first enters the Premises for any reason, throughout the Lease Term, and thereafter so long as Tenant is in occupancy of any part of the Premises, the following insurance:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) <u>Commercial General Liability Insurance</u> with limits of not less than One Million Dollars ($1,000,000) per occurrence for bodily injury and property damage, One Million Dollars ($1,000,000) any one person or organization for personal and advertising injury, Two Million Dollars ($2,000,000) general aggregate, and Two Million Dollars ($2,000,000) products completed operations aggregate covering: (i) property/operations

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liability; (ii) liquor liability if any liquor is sold, served or otherwise provided, (iii) products/completed operations liability; (iv) personal and advertising injury liability; (v) independent contractors liability; and (vi) broad form contractual liability. Tenant's policy shall be primary and non-contributory to any other insurance available to Landlord with respect to claims arising from Tenant's use and occupancy of the premises and it shall be endorsed to add Landlord as an additional insured.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) <u>Commercial Property Insurance</u> covering at replacement cost value the following property that is owned by, held by, or the legal responsibility of Tenant including but not necessarily limited to: (i) inventory; (ii) furniture, unattached fixtures, and equipment; (iii) improvements and betterments that are the responsibility of Tenant; and (iv) any other property in which Tenant retains the risk of loss including but not limited to electronic data processing equipment and employee personal property. Each policy shall provide coverage against those perils that are commonly included in an "all risk" or special causes of loss form, with no exclusions or other limitations of coverage for wind and hail or terrorism. Coverage for the perils of earthquake and flood shall be added by endorsement at Landlord's request. Policies shall also include (a) an "agreed amount" endorsement waiving any coinsurance requirement; (b) time element insurance covering business interruption and extra expense resulting from loss or damage from the hazards specified above, to owned or non-owned property, which prevents normal operations from continuing; and (c) a loss payable endorsement providing that Tenant and Landlord are loss payees as their interests may appear.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Worker's compensation insurance in accordance with statutory law and employer's liability insurance with a limit of not less than $1,000,000 per accident, $1,000,000 disease, policy limit and $1,000,000 disease limit each employee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) <u>Automobile Liability Insurance</u> covering the ownership, maintenance, and operations of any automobile or automotive equipment, whether such auto is owned, hired, and non-owned. Tenant shall maintain insurance with a combined single limit for bodily injury and property damage of not less than the equivalent of One Million Dollars ($1,000,000) each accident. Such insurance shall insure Tenant and its subtenants against any and all claims for bodily injury, including death resulting therefrom, and damage to the property of others caused by accident and arising from Tenant's operations under the Agreement and whether such operations are performed by Tenant, Tenant's subtenants, or by any one directly or indirectly employed by any of them. Tenant's policy shall be primary and non-contributory to any other insurance available to Landlord and it shall be endorsed to add Landlord as an additional insured.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) <u>Umbrella Liability Insurance</u> providing excess liability coverage with respect to the commercial general liability, automobile liability and employers liability policies described above with limits of at least Five Million U.S. Dollars (USD $5,000,000) per occurrence and Five Million US Dollars ($5,000,000) general aggregate and products/completed operations aggregate. Such insurance shall be written as follow form or with a form that provides coverage that is at least as broad as the primary insurance policies.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Such other insurance as Landlord reasonably deems necessary and prudent or required by Landlord's beneficiaries or mortgagees of any deed of trust or mortgage encumbering the Premises, provided such additional insurance shall not be requested more frequently than once every five (5) years during the Term unless required by Landlord's beneficiaries or mortgagees of any deed of trust or mortgage encumbering the Premises; and provided also that, unless required by Landlord's beneficiaries or mortgagees of any deed of trust or mortgage encumbering the Premises, such additional insurance is customarily required to be carried by Landlords of first-class office buildings in the City of Boston.

11.2 GENERAL PROVISIONS

All policies shall be issued to Tenant as the first named insured. Each policy evidencing insurance required to be carried by Tenant pursuant to this Section shall contain the following clauses and provisions: (i) a provision that such policy and the coverage evidenced thereby shall be primary and non-contributing with respect to any policies carried by Landlord and that any coverage carried by Landlord be excess insurance; (ii) a waiver by the insurer of any right to subrogation against the indemnified parties which could arise by reason of any payment under such policy or by reason of any act or omission of any of the indemnified parties; (iii) a severability of interest clause or endorsement; (iv) a provision (in endorsement form if requested by Landlord) that the insurer or insured will not cancel or change the coverage provided by such policy without giving Landlord thirty (30) days' prior written notice.

Limits of liability specified herein can be satisfied through the maintenance of a combination of primary and umbrella policies.

Any and all of the deductibles and premiums associated with the policies providing the insurance coverage required herein shall be assumed by, for the account of, and at the sole risk of Tenant*.***

Each insurance company listed in the Certificates (as hereinafter defined) shall be (i) admitted to do business in the Commonwealth of Massachusetts and (ii) rated by AM Best Company as having a financial strength rating of "A-" or better and a financial size category of "VII" or greater or otherwise be satisfactory to Landlord.

All policies must be written on an occurrence basis and maintained without interruption.

Tenant shall furnish to Landlord prior to the date upon which Tenant first enters the Premises for any reason and thereafter within ten (10) days after the renewal of any policy required herein a Certificate of Liability Insurance on Acord 25 and a Certificate of Property Insurance on Acord 24 or substitute equivalent forms approved by Landlord in its reasonable discretion ("<u>Certificates</u>"). Certificates shall evidence the following for each and every policy providing the insurance coverage required herein: (i) insurance company name, (ii) policy number, (iii) policy period, (iv) per occurrence and aggregate limits, (v) deductibles or self insured retentions, and (vi) any applicable additional insured or waiver of subrogation endorsements.

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Tenant agrees to send to Landlord by certified mail or nationally recognized overnight delivery service at least thirty (30) days advance written notice of cancellation, non-renewal, or material change with respect to any of the policies required herein. Tenant shall also endorse its commercial general liability and commercial automobile liability policies to require the insurer to provide prior written notice of cancellation to Landlord as an additional insured. If any of the above insurance policies are canceled prior to expiration, Tenant shall immediately replace the insurance without lapse of coverage.

A lack of insurance coverage does not reduce or limit Tenant's obligation to indemnify Landlord to the extent set forth in this Lease.

In the event Tenant does not purchase the insurance required by this Lease or keep the same in full force and effect, Landlord may, but shall not be obligated to purchase the necessary insurance and pay the premium. Tenant shall pay to Landlord, as additional rent, the amount so paid by Landlord promptly upon demand. In addition, Landlord may recover from Tenant and Tenant agrees to pay, as additional rent, any and all reasonable out-of-pocket expenses (including attorney's fees) and damages which Landlord may sustain by reason of the failure to Tenant to obtain and maintain such insurance.

11.3 LANDLORD'S INSURANCE

Landlord shall maintain in full force throughout the Lease Term:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Property Insurance providing coverage for Landlord's owned real and personal property at the Property, in amounts and with coverages as determined reasonable by Landlord but is reasonable and customary in the area for similar properties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Landlord may maintain such additional insurance with respect to the Building and the Property, including, without limitation, earthquake insurance, terrorism insurance, flood insurance, liability insurance and/or rent insurance, as Landlord may in its sole discretion elect. Landlord may also maintain such other insurance as may from time to time be required by the holder of any mortgage on the Building. All premiums for such insurance shall be included in Operating Costs for the purposes of this Lease.

11.4 CONSTRUCTION PERIOD INSURANCE

At any time when demolition or construction work is being performed on or about the Premises or Building by or on behalf of Tenant, Tenant shall keep in full force and effect the insurances coverages set forth on <u>Exhibit E</u> attached hereto.

Tenant shall cause a certificate or certificates of such insurance to be delivered to Landlord prior to the commencement of any work in or about the Building or the Premises. In the event Tenant does not keep in full force and effect the insurance coverages set forth on <u>Exhibit E</u> in accordance herewith, upon notice to Tenant, Landlord shall have the right, but not the obligation, to obtain any or all such insurance at the expense of Tenant, in addition to any other right or remedy of Landlord. The provisions of this Section 11.4 shall survive the expiration or earlier termination of this Lease.

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11.5 WAIVER OF SUBROGATION

To the extent permitted by law, Landlord and Tenant each waives on behalf of itself and its insurer all rights to assert claims for any losses, damages, liabilities, and expenses, including but not limited to attorney's fees, against the other party, its subsidiaries and affiliates, and their respective directors, officers, managers, tenants and employees, for damages to the extent proceeds realized from property insurance policies maintained or required to be maintained under this Lease are applied to such losses, damages, liabilities, and expenses. Each property insurance policy required herein shall include an endorsement acknowledging such waiver of subrogation. Nothing contained in this Section 11.5 shall be deemed to modify or otherwise affect any releases elsewhere contained in this Lease.

ARTICLE XII

CASUALTY

12.1 DEFINITION OF "SUBSTANTIAL DAMAGE" AND "PARTIAL DAMAGE"

The term "<u>substantial damage</u>", as used herein, shall refer to damage which is of such a character that in Landlord's reasonable, good faith determination the same cannot, in ordinary course, be expected to be repaired within sixty (60) days from the time that such repair work would commence. Any damage which is not "substantial damage" is "<u>partial damage</u>".

12.2 PARTIAL DAMAGE TO THE BUILDING

If, during the Lease Term there shall be partial damage to the Building by fire or other casualty, and if such damage shall materially interfere with Tenant's use of the Premises as contemplated by this Lease, then Landlord shall promptly and diligently proceed to restore the Building to substantially the condition in which it was immediately prior to the occurrence of such damage; provided, however, in no event shall Landlord be obligated to more than the insurance proceeds actually received by Landlord, plus the amount of any deductible carried by Landlord.

12.3 SUBSTANTIAL DAMAGE TO THE BUILDING

If, during the Lease Term there shall be substantial damage to the Building by fire or other casualty, and if such damage shall materially interfere with Tenant's use of the Premises as contemplated by this Lease, then Landlord shall provide to Tenant within sixty (60) days of the date of such substantial casualty, written notice as to the length of time reasonably required to restore such substantial damage (the "<u>Repair Notice</u>"), and Landlord shall promptly restore the Building following receipt of all insurance proceeds with respect to such damage or casualty, to the extent reasonably necessary to enable Tenant's use of the Premises, unless Landlord, within ninety (90) days after the occurrence of such damage, shall give notice to Tenant of Landlord's election to terminate this Lease; provided, however, in no event shall Landlord be obligated to expend more than the insurance proceeds actually received by Landlord, plus the amount of any deductible carried by Landlord. Landlord shall have the right to make such election in the event of substantial damage to the Building whether or not such damage materially interferes with Tenant's use of the Premises. If Landlord shall elect to terminate this Lease in accordance

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herewith, then this Lease shall terminate as of the date of such notice with the same force and effect as if such date were the date originally established as the expiration date hereof. If the Repair Notice indicates that the damage cannot reasonably be expected to be repaired within twelve (12) months of the date of such damage or destruction, then Tenant may, at its election, terminate this Lease by notice given to Landlord within thirty (30) days after Landlord's delivery of the Repair Notice. In addition, if Landlord has not restored the Premises to the extent required under this Section 12.3 within twelve (12) months after the date of such damage or destruction, such twelve (12) month period to be extended to the extent of any delays of the completion of such restoration due to Force Majeure (such extensions for Force Majeure not to exceed one hundred eighty (180) days in the aggregate), then Tenant may elect to terminate this Lease by giving written notice of such election to Landlord within thirty (30) days after the end of such twelve (12) month period and before the substantial completion of such restoration. If Tenant so elects to terminate this Lease, then this Lease and the term hereof shall cease and come to an end on the date that is thirty (30) days after the date that Landlord receives Tenant's termination notice, unless on or before such date Landlord has substantially completed such restoration.

12.4 ABATEMENT OF RENT

If during the Lease Term the Building shall be damaged by fire or casualty and if such damage shall materially interfere with Tenant's use of the Premises as contemplated by this Lease, an equitable proportion of the Base Rent payable by Tenant hereunder shall abate proportionately for the period in which, by reason of such damage, there is such interference with Tenant's use of the Premises, having regard to the extent to which Tenant may be required to discontinue Tenant's use of the Premises, but such abatement or reduction shall end if and when Landlord shall have substantially restored the Premises or so much thereof as shall have been originally constructed by Landlord (exclusive of any of Tenant's fixtures, furnishings, equipment and the like or work performed therein by Tenant) to substantially the condition in which the Premises were prior to such damage such that Tenant may use the entirety of the Premises for the Permitted Use in the ordinary course of Tenant's business.

12.5 MISCELLANEOUS

In no event shall Landlord have any obligation to make any repairs or perform any restoration work under this Article XII if prevented from doing so by reason of any cause beyond its reasonable control, including, without limitation, the requirements of any applicable Requirements the refusal of the holder of a mortgage or ground lease affecting the Property (or any part thereof) to make available to Landlord the net insurance proceeds attributable to such restoration, or the inadequacy of such proceeds to fund the full cost of such repairs or restoration. Without limiting the foregoing, reasonably promptly after Landlord ascertains the existence of any such cause, it shall notify Tenant of the same, and notify Tenant whether Landlord elects to either terminate this Lease or waive such condition to its restoration obligations. If Landlord does not elect to terminate this Lease then Landlord must waive such condition to its restoration obligations and proceed to restore the Premises as otherwise provided herein. Further, excepting only with respect to the Landlord's Work, which Landlord shall be required to repair and restore, Landlord shall not be obligated to make any repairs or perform any restoration work to any other alterations, additions, or improvements to the Premises performed by or for the benefit of Tenant (all of which Tenant shall repair and restore), or to any fixtures in or portions of the Premises or

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the Building which were constructed or installed by or for some party other than Landlord or which are not the property of Landlord. In the event that Tenant is carrying insurance with respect to any of the Landlord's Work, Tenant shall name Landlord as loss payee on such policies of insurance and Tenant shall release to Landlord for Landlord 's repair and restoration of the Premises any insurance proceeds if and to the extent received by Tenant from Tenant's insurer for the restoration of the Landlord's Work.

ARTICLE XIII

EMINENT DOMAIN

13.1 RIGHTS OF TERMINATION FOR TAKING

If the Premises, or such portion thereof as to render the balance (if reconstructed to the maximum extent practicable in the circumstances) physically unsuitable for Tenant's purposes, shall be taken (including a temporary taking in excess of 180 days (provided Tenant is unable to use the applicable portion of the Premises and actually vacates the applicable portion of the Premises during such 180 day period)) by condemnation or right of eminent domain or sold in lieu of condemnation, Landlord or Tenant may elect to terminate this Lease by giving notice to the other of such election not later than sixty (60) days after Tenant has been deprived of possession of the Premises.

Further, if so much of the Building (which may, but need not include, the Premises) or the Lot shall be so taken, condemned or sold or shall receive any direct or consequential damage by reason of anything done pursuant to public or quasi-public authority to the extent that continued operation of the same would, in Landlord's reasonable opinion, be uneconomical, Landlord may elect to terminate this Lease by giving notice to Tenant of such election not later than thirty (30) days after the effective date of such taking.

Should any part of the Premises be so taken or condemned or receive such damage and should this Lease be not terminated in accordance with the foregoing provisions, Landlord shall promptly after the determination of Landlord's award on account thereof, expend so much as may be necessary of the net amount which may be awarded to Landlord in such condemnation proceedings in restoring the Premises to an architectural unit that is reasonably suitable to the uses of Tenant permitted hereunder. Should the net amount so awarded to Landlord be insufficient to cover the cost of so restoring the Premises, in the reasonable estimate of Landlord, Landlord may, but shall have no obligation to, supply the amount of such insufficiency and restore the Premises to such an architectural unit, with all reasonable diligence, or Landlord may terminate this Lease by giving notice to Tenant within sixty (60) days after Landlord has determined the estimated cost of such restoration.

13.2 PAYMENT OF AWARD

Landlord shall have and hereby reserves and excepts, and Tenant hereby grants and assigns to Landlord, all rights to recover for damages to the Building and the Lot and the leasehold interest hereby created, and to compensation accrued or hereafter to accrue by reason of such taking or damage, as aforesaid. Tenant covenants to deliver such further assignments and assurances thereof as Landlord may from time to time request. Nothing contained herein

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shall be construed to prevent Tenant from prosecuting in any condemnation proceedings a claim for the value of loss of business or good will, or costs of improvements or trade fixtures installed in the Premises by Tenant entirely at Tenant's expense and for relocation expenses, provided that such action shall not affect the amount of compensation otherwise recoverable hereunder by Landlord from the taking authority.

13.3 ABATEMENT OF RENT

In the event of any such taking of the Premises (or a portion thereof), if and to the extent Tenant is deprived of possession of the whole or any part of the Premises, commencing on the date on which Tenant is deprived of possession of the Premises (or the subject portion thereof, as applicable), the Base Rent or a fair and equitable proportion thereof, according to the nature and extent of the damage sustained, shall be suspended or abated.

13.4 MISCELLANEOUS

In no event shall Landlord have any obligation to make any repairs under this Article XIII if prevented from doing so by reason of any cause beyond its reasonable control, including, without limitation, requirements of any applicable Requirements or requirements of any mortgagee. Without limiting the foregoing, reasonably promptly after Landlord ascertains the existence of any such cause, it shall notify Tenant of the same, and notify Tenant whether Landlord elects to either terminate this Lease or waive such condition to its restoration obligations. If Landlord does not elect to terminate this Lease then Landlord must waive such condition to its restoration obligations and proceed to restore the Premises or the Building as otherwise provided herein. Further, excepting only with respect to the Landlord's Work, which Landlord shall be required to repair and restore, Landlord shall not be obligated to make any repairs to any portions of the Premises or the Building which were constructed or installed by or for some party other than Landlord or which are not the property of Landlord and Tenant shall be obligated to perform any repairs on and restorations to any alterations, additions, or improvements to the Premises performed by or for the benefit of Tenant.

ARTICLE XIV

DEFAULT

14.1 TENANT'S DEFAULT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If at any time any one or more of the following events (herein referred to as a "<u>Default of Tenant</u>") shall occur:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Tenant shall fail to make payment of rent or any other monetary amount when due under this Lease; provided that not more than twice per calendar year, a Default of Tenant shall not exist if Tenant fails to make such payment within five (5) days of the date when due but makes such payment within five (5) days after written notice of such failure from Landlord to Tenant; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Tenant shall fail to perform or observe some term or condition of this Lease which, because of its character, would immediately jeopardize Landlord's interest (such as, but without limitation, failure to maintain general liability insurance, or the employment of labor and contractors within the Premises in violation of this Lease), or Tenant shall fail to timely deliver the Letter of Credit, and such failure continues for three (3) Business Days after notice from Landlord to Tenant thereof; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Tenant shall fail to perform or observe any other covenant or provision herein contained on Tenant's part to be performed or observed and Tenant shall fail to remedy the same within thirty (30) days after notice to Tenant specifying such neglect or failure, or, if such failure is of such a nature that Tenant cannot reasonably remedy the same within such thirty (30) day period, Tenant shall fail to commence promptly to remedy the same and diligently to prosecute such remedy to completion within not more than ninety (90) days after notice to Tenant; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) except as otherwise provided by applicable law, if the estate hereby created shall be taken on execution or by other process of law, or if Tenant shall be judicially declared bankrupt or insolvent according to law, or if any assignment shall be made of the property of Tenant for the benefit of creditors, or if a receiver, guardian, conservator, trustee in involuntary bankruptcy or other similar officer shall be appointed to take charge of all or any substantial part of Tenant's property by a court of competent jurisdiction, and such proceeding is not dismissed within sixty (60) days after it is begun, or if a petition shall be filed for the reorganization of Tenant under any provisions of law now or hereafter enacted, and such proceeding is not dismissed within sixty (60) days after it is begun, or if Tenant shall file a petition for such reorganization, or for arrangements under any provisions of such laws providing a plan for a debtor to settle, satisfy, or extend the time for the payment of debts; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Tenant shall abandon the Premises (provided that Tenant's vacating the Premises shall not be deemed an abandonment of the Premises if Tenant maintains the Premises and performs its other obligations under this Lease),

then, in any such case, Landlord may, in addition to any remedies otherwise available to Landlord, immediately or at any time thereafter, and without demand or notice, enter into and upon the Premises or any part thereof in the name of the whole and repossess the same as of Landlord's former estate, and expel Tenant and those claiming by, through or under it and remove its or their effects (forcibly if necessary) without being deemed guilty of any manner of trespass, and without prejudice to any remedies which might otherwise be used for arrears of rent or preceding breach of covenant, and/or Landlord may terminate this Lease by notice to Tenant and this Lease shall come to an end on the date of such notice as fully and completely as if such date were on the date herein originally fixed for the expiration of the term of this Lease and Tenant will then quit and surrender the Premises to Landlord, but Tenant shall remain liable as herein provided. To the extent permitted by law, Tenant hereby expressly waives any and all rights of redemption granted by or under any present or future laws (including M.G.L. c.186, §11), in the event of Tenant being evicted or dispossessed, or in the event of Landlord obtaining possession of the Premises, by reason of the violation by Tenant of any of the covenants and conditions of this Lease. In the event of any such termination, entry or re-entry, Landlord shall have the right to remove and store Tenant's property and that of persons claiming by, through or under Tenant at the sole risk and expense of Tenant and, if Landlord so elects, (x) to sell such property at public auction or private sale and apply the net proceeds to the payment of all sums due to Landlord from Tenant and pay the balance, if any, to Tenant, or (y) to dispose of such property in any manner in which Landlord shall elect, Tenant hereby agreeing to the fullest extent permitted by law that it shall have no right, title or interest in any property remaining in the Premises after such termination, entry or re-entry.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Tenant covenants and agrees, notwithstanding any termination of this Lease as aforesaid or any entry or re entry by Landlord, whether by summary proceedings, termination, or otherwise, to pay and be liable for on the days originally fixed herein for the payment thereof, amounts equal to the several installments of Rent and other charges reserved as they would become due under the terms of this Lease if this Lease had not been terminated or if Landlord had not entered or re entered, as aforesaid, and whether the Premises be relet or remain vacant, in whole or in part, or for a period less than the remainder of the Term, or for the whole thereof; but in the event the Premises be relet by Landlord, Tenant shall be entitled to a credit in the net amount of rent received by Landlord in reletting, after deduction of all reasonable out-of-pocket expenses incurred in reletting the Premises (including, without limitation, remodeling costs, brokerage fees, reasonable, out-of-pocket attorneys' fees and the like), and in collecting the rent in connection therewith. As an alternative, at the election of Landlord, Tenant will upon such termination pay to Landlord, as damages, such a sum as at the time of such termination represents the amount of the excess, if any, of the then value of the total Rent and other benefits which would have accrued to Landlord under this Lease for the remainder of the Lease Term if the lease terms had been fully complied with by Tenant over and above the then cash rental value (in advance) of the Premises for what would be the then unexpired Lease Term if the same remained in effect. For purposes of this Article, if Landlord elects to require Tenant to pay damages in accordance with the immediately preceding sentence, the total amount due shall be computed by assuming that Tenant's Proportionate Share of Taxes and Tenant's Proportionate Share of Operating Costs would be, for the balance of such unexpired term, the amount thereof respectively for the tax year and lease year, respectively, in which such termination, entry or re-entry shall occur.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In case of any Default of Tenant, re-entry, entry, expiration and dispossession by summary proceedings or otherwise, Landlord may (i) re-let the Premises or any part or parts thereof, either in the name of Landlord or otherwise, for a term or terms which may at Landlord's option be equal to or less than or exceed the period which would otherwise have constituted the balance of the Lease Term and may grant concessions or free rent to the extent that Landlord considers advisable or necessary to re-let the Premises and (ii) make such alterations, repairs and decorations in the Premises as Landlord, in its sole judgment, considers advisable or necessary for the purpose of reletting the Premises; and no action by Landlord in accordance with the foregoing shall operate or be construed to release Tenant from liability hereunder as aforesaid. It is specifically understood and agreed that Landlord shall be entitled to take into account in connection with any reletting of the Premises all relevant factors which would be taken into account by a sophisticated developer in securing a replacement tenant for the Premises, such as, but not limited to, the first class quality of the Building and the financial responsibility of any such replacement tenant. Landlord shall in no event be liable in any way whatsoever for failure to re-let the Premises, or, in the event that the Premises are re-let, for failure to collect the rent under such re-letting, and Tenant hereby waives, to the extent permitted by applicable law, any obligation Landlord may have to mitigate Tenant's damages. Notwithstanding the foregoing, Landlord will use reasonable efforts to relet the Premises after Tenant vacates the Premises;

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however, the marketing of the Premises in a manner similar to the manner in which Landlord markets other premises within Landlord's control in the Building shall be deemed to have satisfied Landlord's obligation to use "reasonable efforts." In no event shall Landlord be required to (i) solicit or entertain negotiations with any other prospective tenants for the Premises unless and until Landlord obtains full and complete possession of the Premises, including the final and unappealable legal right to relet the Premises free of any claim of Tenant, (ii) lease the Premises to a tenant whose proposed use, in Landlord's reasonable judgment, will be unacceptable, (iii) relet the Premises prior to leasing any other vacant space in the Building, suitable for the use of the prospective tenant, (iv) lease the Premises for a rental rate less than the current fair market rent then prevailing for similar space in the Building, or (v) enter into a lease with any proposed tenant that does not have, in Landlord's reasonable opinion, sufficient financial wherewithal and resources to satisfy its financial obligations under the prospective lease. Landlord shall be entitled to take into account in connection with any such reletting of the Premises all relevant factors which would be taken into account by a sophisticated landlord in securing a replacement tenant for the Premises including the first class quality of the Building, matters of tenant mix, and the financial responsibility of any such replacement tenant. Landlord, at Landlord's option, may make such alterations, decorations and other physical changes in and to the Premises as Landlord, in its sole discretion, considers advisable or necessary in connection with such reletting or proposed reletting. The foregoing Landlord obligation to list the Premises as provided herein is independent of Tenant's obligations under this ARTICLE XIV and shall not be construed to entitle Tenant to set -off against any amounts payable by Tenant hereunder in the event of a breach or alleged breach by Landlord of such obligation. In no event shall Landlord be obligated to give priority to the re-letting of the Premises over any other Premises in the Building or any other building owned by Landlord.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If there is at any time a guarantor or assignee of this Lease or any interest of Tenant herein or any sublessee, franchisee, concessionee, or licensee of all or any portion of the Premises, the happening of any of the events described in paragraph (a)(iv) of this Section with respect to such guarantor, assignee, sublessee, franchisee, concessionee, or licensee shall constitute a Default of Tenant hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The specified remedies to which Landlord may resort hereunder are not intended to be exclusive of any remedies or means of redress to which Landlord may, at any time, be entitled lawfully and Landlord may invoke any remedy (including the remedy of specific performance) allowed at law or in equity as if specific remedies were not herein provided for.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) All costs and expenses incurred by or on behalf of Landlord (including, without limitation, reasonable, out-of-pocket attorneys' fees and expenses) in enforcing its rights hereunder or occasioned by any Default of Tenant shall be paid by Tenant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Upon any Default of Tenant, or the expiration or termination of this Lease, Landlord shall have the right of summary process under Massachusetts General Laws c. 239, or other applicable statutes, and such other rights to recover possession as permitted by law. Tenant and Landlord each hereby waives any and all rights under the laws of any state to the right, if any, to trial by jury.

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Nothing contained in this Lease shall limit or prejudice the right of Landlord to prove for and obtain in proceedings for bankruptcy, insolvency, or like proceedings by reason of the termination of this Lease, an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which, the damages are to be proved, whether or not the amount be greater than, equal to, or less than the amount of the loss or damages referred to above.

Except as set forth in Section 17.11, in no event shall Tenant ever be liable to Landlord for any indirect, special or consequential damages under the provisions of this Lease.

14.2 LANDLORD'S DEFAULT

Landlord shall in no event be in default in the performance of any of Landlord's obligations hereunder unless Landlord shall have failed to perform such obligations within thirty (30) days (or such additional time as is reasonably required to correct any such default) after notice by Tenant to Landlord properly specifying wherein Landlord has failed to perform any such obligation. Without limitation, in no event shall Tenant have the right to terminate or cancel this Lease or, except as expressly provided in Sections 5.7 and 8.3(c), to withhold Rent or to set-off or deduct any claim or damages against Rent as a result of any default by Landlord or breach by Landlord of its covenants or any warranties or promises hereunder, except in the case of a wrongful eviction of Tenant from the Premises (constructive or actual) by Landlord continuing after notice to Landlord thereof and a reasonable opportunity for Landlord to cure the same as set forth above. In addition, Tenant shall not assert any right to deduct the cost of repairs or any monetary claim against Landlord from Rent thereafter due and payable under this Lease, but shall look solely to the interests of Landlord in the Property for satisfaction of any such claim.

ARTICLE XV

LANDLORD'S ACCESS TO PREMISES

15.1 LANDLORD'S RIGHT OF ACCESS

Landlord and its agents, contractors, and employees shall have the right to enter the Premises at all reasonable hours upon not less than twenty-four (24) hours' notice (except in exigent circumstances or any time in case of emergency, in which event no such notice shall be required) which notice may be via email, for the purpose of inspecting or of making repairs or alterations, to the Premises or the Building or additions to the Building, or for the purpose of performing any obligation of Landlord under this Lease, in each case to the extent required or permitted pursuant to this Lease, or exercising any right or remedy reserved to Landlord in this Lease or otherwise available at law or in equity, or to erect, install, use, maintain, repair and replace pipes, ducts and conduits in and through the Premises, or to make such decorations, repairs, alterations, improvements or additions, or to perform such maintenance, including, but not limited to, the maintenance of all heating, air conditioning, elevator, plumbing, electrical and other mechanical facilities, as Landlord may deem necessary or desirable. Landlord shall also have the right to make access available at all reasonable hours upon not less than twenty-four (24) hours' notice, which notice may be via email, to prospective or existing investors, mortgagees or purchasers of any part of the Building. To assure access by Landlord to the Premises, Tenant shall provide Landlord with duplicate copies of all keys used by Tenant in providing access to the Premises.

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For a period commencing twelve (12) months prior to the expiration of the Lease Term, Landlord may have reasonable access to the Premises at all reasonable hours for the purpose of exhibiting the same to prospective tenants.

In connection with any such entry to the Premises, Landlord shall exercise commercially reasonable efforts to minimize the disruption to the business operations of Tenant in the Premises. Except in the case of emergency or when providing janitorial and other customary services, Landlord shall afford Tenant an opportunity to have a representative of Tenant accompany Landlord during any such entry into the Premises.

Notwithstanding the foregoing, Tenant, at its sole cost and expense may designate one or more areas of the Premises not to exceed ten percent (10%) of the rentable square footage of the Premises to be "<u>Secure Areas</u>" (i.e., portions of the Premises to which Landlord shall not have a right of entry or access during the Term of this Lease without an Escort (as hereinafter defined) (except as otherwise provided below). Tenant may, from time to time, exercise its right to designate Secure Areas by delivering to Landlord, for Landlord's prior written approval, a plan showing the location of any such Secure Areas. Landlord will not unreasonably withhold, condition or delay such consent. If Landlord intends to access a Secure Area in a non-emergency situation, Landlord shall contact Tenant, and Landlord and Tenant shall arrange a mutually agreed upon time for Landlord to have such access. In such event, Landlord shall be accompanied by an employee of Tenant or a party designated by Tenant (the "<u>Escort</u>"). Tenant shall make an Escort available to Landlord during Normal Business Hours and after hours during mutually agreed upon times. Notwithstanding the foregoing, in connection with Landlord's provision of janitorial services to the Secure Areas, Landlord and Tenant shall reasonably coordinate in good faith to agree upon the times for Landlord to provide janitorial services to the Secure Areas, and Tenant shall make an Escort available during such mutually agreed upon times, or confirm that an Escort is not required; provided that if Tenant fails to so make an Escort available and fails to confirm that an Escort is not required, it is understood and agreed that Landlord will not provide janitorial services to the Secure Areas. At all times during any non-emergency access to any Secure Areas, including when providing janitorial and other customary services, Landlord shall comply, or cause its contractors to comply, with all reasonable security measures of Tenant pertaining to the Secure Areas, including, without limitation, Requirements applicable to the use of the Secure Areas in connection with Tenant's business operations. If an emergency representing an imminent risk of injury to persons or material property damage in the Building or the Premises, including, without limitation, a suspected fire or flood, requires Landlord to gain access to the Secure Areas, Landlord may enter the Secure Areas without an Escort. If practicable under the circumstances, Landlord shall immediately notify Tenant (which may be oral notification) and request that Tenant make an Escort available to Landlord if time permits, and if Tenant shall not make an Escort available to accompany Landlord, then Tenant hereby authorizes Landlord to enter the Secure Areas forcibly or with a master key, and to enter without an Escort. In any such event, except to the extent caused by Landlord's gross negligence or willful misconduct, Landlord shall have no liability whatsoever to Tenant, and Tenant shall pay all reasonable expenses incurred by Landlord in repairing or reconstructing any entrance, corridor or door to the Secure Area damaged as a result of a forcible entry by Landlord.

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ARTICLE XVI

RIGHTS OF MORTGAGEES

16.1 SUBORDINATION AND ATTORNMENT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Lease shall be subject and subordinate to any mortgage or ground lease now or hereafter on the Building or Property (or any part thereof), and to all renewals, modifications, consolidations, replacements and extensions thereof and all substitutions therefor. If any holder of a mortgage or holder of a ground lease of property which includes the Premises executed and recorded prior to the date of this Lease shall so elect, this Lease, and the rights of Tenant hereunder, shall be superior in right to the rights of such holder, with the same force and effect as if this Lease had been executed and delivered, and recorded, or a statutory notice hereof recorded, prior to the execution, delivery and recording of any such mortgage. The election of any such holder shall become effective upon either notice from such holder to Tenant in the same fashion as notices from Landlord to Tenant are to be given hereunder or by the recording in the appropriate registry or recorder's office of an instrument, in which such holder subordinates its rights under such mortgage or ground lease to this Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon the request of Landlord, the holder of any mortgage or deed of trust affecting the Premises, or the lessor under any ground lease affecting the Premises, Tenant shall execute and deliver to such party an attornment agreement providing that Tenant shall attorn to such holder or lessor in the event of a foreclosure of such mortgage or deed of trust or transfer in lieu thereof or a termination of such ground lease and incorporating such other terms and conditions as such party may reasonably require, provided that such agreement includes an agreement by such other party to recognize and not to disturb the rights of Tenant under this Lease, subject to and in accordance with the terms and conditions hereof. Irrespective of whether any such attornment agreement has been executed, in the event any proceedings are brought for the foreclosure of, or in the event of exercise of the power of sale under, any mortgage or deed of trust made by Landlord, its successors or assigns, encumbering the Premises, or any part thereof, or in the event of termination of any ground lease, Tenant shall, if so requested, attorn to the purchaser or ground lessor upon such foreclosure, sale or termination or upon any grant of a deed in lieu of foreclosure and recognize such purchaser or ground lessor as Landlord under this Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Tenant agrees on request of Landlord to execute and deliver from time to time any instrument that Landlord may reasonably deem necessary to implement the provisions of this Section 16.1.

16.2 NOTICE TO MORTGAGEE AND GROUND LESSOR

After receiving notice from any person, firm, or other entity (or from Landlord on behalf of any such person, etc.) that it holds a mortgage which includes the Premises as part of the mortgaged premises, or that it is the ground lessor under a lease with Landlord as ground lessee which includes the Premises as a part of the premises demised thereunder, no notice from Tenant

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to Landlord shall be effective unless and until a copy of the same is given to such holder or ground lessor, and the curing of any of Landlord's defaults by such holder or ground lessor shall be treated as performance by Landlord. Accordingly, no act or failure to act on the part of Landlord which would entitle Tenant under the terms of this Lease, or by law, to be relieved of Tenant's obligations hereunder shall have such an effect unless and until Tenant shall have first given written notice to such holder or ground lessor, if any, specifying the act or failure to act on the part of Landlord which could or would give basis to Tenant's rights and such holder or ground lessor, after receipt of such notice, has failed or refused to correct or cure the condition complained of within a reasonable time thereafter, but nothing contained in this Section 16 or elsewhere in this Lease shall be deemed to impose any obligation on any such holder or ground lessor to correct or cure any such condition.

16.3 ASSIGNMENT OF RENTS

With reference to any assignment by Landlord of Landlord's interest in this Lease, or the rents payable hereunder, conditional in nature or otherwise, which assignment is made to the holder of a mortgage or ground lease on property which includes the Premises, Tenant agrees:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) that the execution thereof by Landlord, and the acceptance thereof by the holder of such mortgage, or the ground lessor, shall never be treated as an assumption by such holder or ground lessor of any of the obligations of Landlord hereunder, unless such holder or ground lessor shall, by notice sent to Tenant, specifically otherwise elect; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that, except as aforesaid, such holder or ground lessor shall be treated as having assumed Landlord's obligations hereunder only upon foreclosure of such holder's mortgage and the taking of possession of the Premises, or in the case of a ground lessor, the assumption of Landlord's position hereunder by such ground lessor.

ARTICLE XVII

MISCELLANEOUS PROVISIONS

17.1 CAPTIONS

The captions throughout this Lease are for convenience or reference only and shall in no way be held or deemed to define, limit, explain, describe, modify, or add to the interpretation, construction, or meaning of any provision of this Lease.

17.2 BIND AND INURE

Except as herein otherwise expressly provided, the obligations of this Lease shall run with the land, and this Lease shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. The reference herein to successors and assigns of Tenant is not intended to constitute a consent to assignment by Tenant, but has reference only to those instances in which Landlord may later give consent to a particular assignment as required by the provisions of Article VII. Neither the assignment by Landlord of its interest in this Lease as security to a lender holding a mortgage on the Building, nor the acceptance thereof by such lender, nor the exercise by such lender of any of its rights pursuant to said assignment shall be deemed in any way an assumption by such lender of any of the obligations of Landlord hereunder unless such lender shall specifically otherwise elect in writing or unless such lender shall have completed foreclosure proceedings under said mortgage.

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17.3 NO WAIVER; INDEPENDENT COVENANTS

The failure of Landlord or of Tenant to seek redress for violation of, or to insist upon the strict performance of any covenant or condition of this Lease shall not be deemed to be a waiver of such violation or to prevent a subsequent act, which would originally have constituted a violation, from having all the force and effect of an original violation. The receipt by Landlord of Rent or additional rent with knowledge of the breach of any covenant of this Lease shall not be deemed to be a waiver of such breach by Landlord unless such waiver be in writing signed by Landlord. No consent or waiver, express or implied, by Landlord or Tenant to or of any breach of any agreement or duty shall be construed as a waiver or consent to or of any other breach of the same or any other agreement or duty. It is the express understanding and agreement of Landlord and Tenant and it is a condition of Landlord's agreement to execute this Lease that the obligations of Landlord under this Lease are independent covenants from Tenant's obligation to pay Rent hereunder and to continue its occupancy of the Premises for the Term of this Lease.

17.4 NO ACCORD AND SATISFACTION

No acceptance by Landlord of a lesser sum than the entire Rent then due shall be deemed to be other than on account of the earliest installment of such Rent due, nor shall any endorsement or statement on any check or any letter accompanying any check or payment as Rent or any part thereof be deemed to be an accord and satisfaction, and Landlord may accept such check or payment without prejudice to Landlord's right to recover the balance of such installment or pursue any other remedy in this Lease or at law or in equity provided.

17.5 CUMULATIVE REMEDIES

The specific remedies to which Landlord may resort under the terms of this Lease are cumulative and not intended to be exclusive of any other remedies or means of redress to which it may be lawfully entitled in case of any breach or threatened breach by Tenant of any provisions of this Lease. In addition to the other remedies provided in this Lease, Landlord shall be entitled to the restraint by injunction of the violation or attempted or threatened violation of any of the covenants, conditions or provisions of this Lease or to a decree compelling specific performance of any such covenants, conditions or provisions. Except as otherwise set forth herein, any obligations of Tenant as set forth herein (including, without limitation, rental and other monetary obligations, repair obligations and obligations to indemnify Landlord) shall survive the expiration or earlier termination of this Lease, and Tenant shall immediately reimburse Landlord for any expense incurred by Landlord in curing Tenant's failure to satisfy any such obligation (notwithstanding the fact that such cure might be effected by Landlord following the expiration or earlier termination of this Lease).

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17.6 PARTIAL INVALIDITY

If any term or provision of this Lease or any portion thereof or the application thereof to any person or circumstances shall, to any extent, be invalid or unenforceable, then the remainder of this Lease and of such term or provision and the application of this Lease and of such term and provision to persons or circumstances other than those as to which it is invalid or unenforceable, shall not be affected thereby, and each term of this Lease shall be valid and enforceable to the fullest extent permitted by law.

17.7 LANDLORD'S RIGHT TO CURE

If Tenant shall at any time default in the performance of any obligation under this Lease which default remains uncured after the expiration of any applicable grace period, Landlord shall have the right, but not the obligation, to enter upon the Premises and/or to perform such obligation, notwithstanding the fact that no specific provision for such substituted performance by Landlord is made in this Lease with respect to such default. Without limiting the foregoing, except in the case of an emergency (for which no prior notice shall be required), Landlord shall notify Tenant in writing of Landlord's intent to exercise its rights under this Section 17.7. In performing any such obligations, Landlord may make any payment of money or perform any other act. All sums so paid by Landlord (together with interest at the Lease Interest Rate) and all necessary and reasonable out-of-pocket incidental costs and expenses in connection with the performance of any such act by Landlord, shall be deemed to be additional rent under this Lease and shall be payable to Landlord immediately on demand. Landlord may exercise the foregoing rights without waiving any other of its rights or releasing Tenant from any of its obligations under this Lease.

17.8 ESTOPPEL CERTIFICATES

Tenant agrees on the Commencement Date and from time to time thereafter, within not more than seven (7) Business Days after receipt of written request by Landlord, to execute, acknowledge and deliver to Landlord a statement in writing, certifying (a) that this Lease is unmodified and in full force and effect (or, if there have been any modifications, that this Lease is in full force and effect, as modified, and stating the modifications), (b) that Tenant has no defenses, offsets or counterclaims against its obligations to pay rent and other charges required under this Lease and to perform its other covenants under this Lease and that there are no uncured defaults of Landlord or Tenant under this Lease (or, if there are any defenses, offsets, counterclaims or defaults, setting them forth in reasonable detail), (c) the dates to which the Rent and other charges have been paid, and (d) any other information reasonably requested by Landlord which are customarily included in tenant estoppel certificates. Any such statement delivered pursuant to this Section 17.8 may be relied upon by any prospective purchaser or mortgagee of the property which includes the Premises, or any prospective assignee of any such mortgagee, or any lessor under any ground lease affecting the Building or any portion thereof. If Tenant does not deliver to Landlord the foregoing statement signed by Tenant within such required time period, Landlord shall deliver to Tenant a second notice, and if Tenant shall fail to deliver the foregoing statement within three (3) Business Days after Landlord delivers such second notice, Landlord's Mortgagee and any prospective purchaser or mortgagee, may conclusively presume and rely upon the following facts: (1) this Lease is in full force and effect; (2) the terms and provisions of this Lease have not been modified except as otherwise represented by Landlord; (3) not more than one monthly installment of Base Rent and other charges have been paid in advance; (4) there are no claims against Landlord nor any defenses or rights of offset against collection of Rent or other charges; and (5) Landlord is not in default under this Lease. In such event, Tenant shall be estopped from denying the truth of the presumed facts in an action initiated against Tenant by Landlord's Mortgagee or any prospective purchaser or mortgagee.

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17.9 BROKERAGE

Each party hereto warrants and represents that it has dealt with no real estate broker or agent other than JLL and Newmark (collectively, the "<u>Brokers</u>") in connection with this transaction and agrees to defend, indemnify and save the other party harmless from and against any and all claims for commissions or fees arising out of this Lease which, as to the respective parties, are inconsistent with such party's warranties and representations. Landlord shall be responsible for any commissions or fees owed to the Brokers in connection with this transaction in accordance with a separate agreement between Brokers and Landlord.

17.10 ENTIRE AGREEMENT

All negotiations, considerations, representations, and understandings between Landlord and Tenant are incorporated herein and this Lease expressly supersedes any proposals or other written documents relating hereto. This Lease may be modified or altered only by written agreement between Landlord and Tenant, and no act or omission of any employee or agent of Landlord shall alter, change, or modify any of the provisions hereof.

17.11 HOLDOVER

If Tenant remains in the Premises after the termination of this Lease, by its own terms or for any other reason, such holding over shall not be deemed to create any tenancy, but Tenant shall be a tenant at sufferance only, and shall pay a daily holdover charge calculated at a rental rate equal to one hundred fifty percent (150%) of the Rent applicable immediately prior to such termination. Tenant shall also pay to Landlord all damages, direct, consequential, or indirect, sustained by Landlord by reason of any such holding over for longer than thirty (30) days after the Expiration Date or earlier termination of this Lease. Otherwise, such holding over shall be on the terms and conditions set forth in this Lease as far as applicable.

17.12 COUNTERPARTS; ELECTRONIC SIGNATURE

This Lease is executed in any number of counterparts, each copy of which is identical, and any one of which shall be deemed to be complete in itself and may be introduced in evidence or used for any purpose without the production of the other copies. This Lease may be executed by electronic signature, which shall be considered as an original signature for all purposes and shall have the same force and effect as an original signature. Without limitation, in addition to electronically produced signatures, "electronic signature" shall include faxed versions of an original signature or electronically scanned and transmitted versions (e.g., via pdf) of an original signature.

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17.13 CONSTRUCTION AND GRAMMATICAL USAGE

This Lease shall be governed, construed and interpreted in accordance with the laws of The Commonwealth of Massachusetts, and Tenant agrees to submit to the personal jurisdiction of any court (federal or state) in said Commonwealth for any dispute, claim or proceeding arising out of or relating to this Lease. In construing this Lease, feminine or neuter pronouns shall be substituted for those masculine in form and vice versa, and plural terms shall be substituted for singular and singular for plural in any place in which the context so admits or requires. The use of the word "including" shall mean "including, without limitation." If there be more than one party tenant, the covenants of Tenant shall be the joint and several obligations of each such party and, if Tenant is a partnership, the covenants of Tenant shall be the joint and several obligations of each of the partners and the obligations of the firm.

17.14 WHEN LEASE BECOMES BINDING

Employees or agents of Landlord have no authority to make or agree to make a lease or any other agreement or undertaking in connection herewith. The submission of this document for examination and negotiation does not constitute an offer to lease, or a reservation of, or option for, the Premises, and this document shall become effective and binding only upon the execution and delivery hereof by both Landlord and Tenant.

17.15 LETTER OF CREDIT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) By not later than thirty (30) days after the Effective Date, Tenant shall deliver to Landlord a Letter of Credit (as hereinafter defined) in the amount specified in Section 1.2 of this Lease, as security for the faithful performance and observance by Tenant of the terms, covenants and conditions of this Lease. The Letter of Credit shall be in the form of a clean, irrevocable, non-documentary and unconditional letter of credit (the "<u>Letter of Credit</u>") issued by and drawable upon a commercial bank which is satisfactory to Landlord (the "<u>Issuing Bank</u>"), which has outstanding unsecured, uninsured and unguaranteed indebtedness, or shall have issued a letter of credit or other credit facility that constitutes the primary security for any outstanding indebtedness (which is otherwise uninsured and unguaranteed), that is then rated, without regard to qualification of such rating by symbols such as "+" or "-" or numerical notation, "Aa" or better by Moody's Investors Service and "AA" or better by Standard & Poor's Rating Service (the "<u>Minimum Rating Agency Threshold</u>"), and has combined capital, surplus and undivided profits of not less than $2,000,000,000 (the "<u>Minimum Capital Threshold</u>"). Notwithstanding anything to the contrary set forth in this Section 17.15(a), Landlord hereby approves Regions Bank as the issuer of the Letter of Credit, subject to Landlord's rights set forth below in Section 17.15(f). The Letter of Credit shall (i) name Landlord as beneficiary, (ii) have a term of not less than one year, (iii) permit multiple drawings, (iv) either (x) be fully transferable by Landlord without the payment of any fees or charges by Landlord, or (y) Tenant shall be obligated to cause a replacement Letter of Credit to be issued for the benefit of Landlord's transferee, at no fee or charge to Landlord, subject only to the return of the original Letter of Credit, and (v) otherwise be in form and content reasonably satisfactory to Landlord. If upon any transfer of the Letter of Credit, any fees or charges shall be so imposed, then such fees or charges shall be payable solely by Tenant and the Letter of Credit shall so specify. The Letter of Credit shall provide that it shall be deemed automatically renewed, without amendment, for consecutive periods of one year each thereafter during the Term (and in no event shall the Letter of Credit expire prior to the sixtieth (60<sup>th</sup>) day following the Expiration Date); provided, however, the Issuing Bank may retain the right to send duplicate notices (the "<u>Non-Renewal Notices</u>") to Landlord and Tenant by certified mail, return receipt requested (addressed to Landlord as follows: 100 Summer Owner LLC, 500

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Boylston Street, 21<sup>st</sup> Floor, Suite 2100, Boston, Massachusetts 02116, Attn: Joseph Goldman and Fred Borges, with a copy to: 100 Summer Owner LLC, Woodlawn Hall at Old Parkland, 3953 Maple Avenue, Suite 300, Dallas, Texas 75219, Attn: General Counsel, with a copy to: Rockhill Management, L.L.C., 500 Boylston Street, 21<sup>st</sup> Floor, Suite 2100, Boston, MA 02116, Attn: John Stonestreet), not less than sixty (60) days next preceding the then expiration date of the Letter of Credit, stating that the Issuing Bank has elected not to renew the Letter of Credit. The Issuing Bank shall agree with all drawers, endorsers and bona fide holders that drafts drawn under and in compliance with the terms of the Letter of Credit will be duly honored upon presentation to the Issuing Bank or its correspondent bank at an office location in Boston, Massachusetts. The Letter of Credit shall be subject in all respects to the International Standard Practice 1998 (ISP 98), International Chamber of Commerce Practice, Publication No. 590.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If (i) a Default of Tenant occurs under this Lease, or (ii) Landlord receives a Non-Renewal Notice, or (iii) Tenant files a voluntary petition under any Federal or state bankruptcy or insolvency code, law or proceeding, then Landlord shall have the right by sight draft to draw, at its election, all or a portion of the proceeds of the Letter of Credit and thereafter hold, use, apply, or retain the whole or any part of such proceeds, as the case may be, (x) to the extent required for the payment of any Base Rent or any other sum as to which Tenant is in default including (1) any sum which Landlord may expend or may be required to expend by reason of the Default of Tenant, and/or (2) any damages to which Landlord is entitled pursuant to this Lease, whether such damages accrue before or after summary proceedings or other reentry by Landlord, and/or (y) as a cash security deposit, unless and until, in the case of clause (ii) above, Tenant delivers to Landlord a substitute Letter of Credit which meets the requirements of Section 17.15(a). If Tenant shall comply with all of the terms, covenants and conditions of this Lease, the Letter of Credit or cash security, as the case may be, shall be returned to Tenant not more than thirty (30) days after the Expiration Date (or earlier termination of this Lease other than as a result of a Default of Tenant) and after delivery of possession of the Premises to Landlord in the manner required by this Lease and the curing of any outstanding Default of Tenant under this Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Letter of Credit shall also provide that Landlord, its successors and assigns, may, at any time and without notice to Tenant and without first obtaining Tenant's consent thereto, transfer (one or more times) all or any portion of its interest in and to the Letter of Credit to the holder of any mortgage upon the Building or the successor landlord in connection with a transfer of the Building, from or as a part of the assignment by Landlord of its rights and interests in and to this Lease. In the event of a transfer of Landlord's interest in the Building, Landlord shall transfer the Letter of Credit, in whole or in part, to the transferee and thereupon Landlord shall without any further agreement between the parties, be released by Tenant from all liability therefor. The provisions of Section 17.15(c) shall apply to every transfer or assignment of the whole or any portion of said Letter of Credit to a new landlord. In connection with any such transfer of the Letter of Credit by Landlord, Tenant shall, at Tenant's sole cost and expense, execute and submit to the Issuing Bank such applications, documents and instruments as may be necessary to effectuate such transfer, and Tenant shall be responsible for paying the Bank's transfer and processing fees in connection therewith.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If, as a result of any drawing by Landlord on the Letter of Credit, the amount of the Letter of Credit shall be less than the Letter of Credit Amount, Tenant shall, within five (5) days thereafter, provide Landlord with additional letter(s) of credit or an amendment to the Letter of Credit in an amount equal to the deficiency, and any such additional letter(s) of credit shall comply with all of the provisions of this Section 17.15. Tenant further agrees that it will neither assign nor encumber the Letter of Credit or any part thereof and that neither Landlord nor its successors or assigns will be bound by any such assignment, encumbrance, attempted assignment or attempted encumbrance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Tenant hereby acknowledges and agrees that Landlord is entering into this Lease in material reliance upon the ability of Landlord to draw upon the Letter of Credit upon the occurrence of any breach or Default on the part of Tenant under this Lease. If a Default of Tenant occurs, Landlord may, but without obligation to do so, and without notice to Tenant, draw upon the Letter of Credit, in part or in whole, to cure such Default of Tenant and/or to compensate Landlord for any and all damages sustained resulting from such Default of Tenant, subject to and in accordance with the terms and conditions of this Lease. The use, application or retention of the Letter of Credit, or any portion thereof, by Landlord shall not prevent Landlord from exercising any other right or remedy provided by this Lease or by any applicable law, it being intended that Landlord shall not first be required to proceed against the Letter of Credit, and shall not operate as a limitation on any recovery to which Landlord may otherwise be entitled. Tenant agrees not to interfere in any way with payment to Landlord of the proceeds of the Letter of Credit, either prior to or following a "draw" by Landlord of any portion of the Letter of Credit, regardless of whether any dispute exists between Tenant and Landlord as to Landlord's right to draw upon the Letter of Credit. No condition or term of this Lease shall be deemed to render the Letter of Credit conditional to justify the issuer of the Letter of Credit in failing to honor a drawing upon such Letter of Credit in a timely manner. Tenant agrees and acknowledges that (i) the Letter of Credit constitutes a separate and independent contract between Landlord and the Issuing Bank, (ii) Tenant is not a third party beneficiary of such contract, (iii) Tenant has no property interest whatsoever in the Letter of Credit or the proceeds thereof, and (iv) in the event Tenant becomes a debtor under any chapter of the Bankruptcy Code, neither Tenant, any trustee, nor Tenant's bankruptcy estate shall have any right to restrict or limit Landlord's claim and/or rights to the Letter of Credit and/or the proceeds thereof by application of Section 502(b)(6) of the U. S. Bankruptcy Code or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) If, at any time or from time to time, Landlord determines that an Issuing Bank (i) no longer satisfies the Minimum Rating Agency Threshold, (ii) no longer satisfies the Minimum Capital Threshold, (iii) has been seized or closed by the Federal Reserve Board, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, or another governmental or regulatory agency or authority, (iv) has become insolvent, or (v) is unwilling or unable to honor the Letter of Credit or to perform its obligations to honor a draw upon the Letter of Credit, then within ten (10) Business Days after demand, Tenant shall deliver to Landlord a replacement Letter of Credit, issued by a replacement Issuing Bank which satisfies the Minimum Rating Agency Threshold and the Minimum Capital Threshold and otherwise satisfies the requirements of this Section 17.15.

17.16 ENFORCEMENT EXPENSES

In any action or proceeding brought by either party against the other under this Lease, after the final judicial determination of the dispute on the merits, the prevailing party shall be entitled to recover from the other party its reasonable out-of-pocket professional fees for attorneys, appraisers and accountants, its reasonable investigation costs, and any other reasonable out-of-pocket legal expenses and actual court costs incurred by the prevailing party in such action or proceeding.

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17.17 NO SURRENDER

The delivery of keys to any employee of Landlord or to Landlord's agents or employees shall not operate as a termination of this Lease or a surrender of the Premises.

17.18 COVENANT OF QUIET ENJOYMENT

Subject to the terms and provisions of this Lease and on payment of the Rent, and other sums due hereunder and compliance with all of the terms and provisions of this Lease, Tenant shall lawfully, peaceably, and quietly have, hold, occupy, and enjoy the Premises during the term hereof, without hindrance or ejection by Landlord or by any persons claiming under Landlord. The foregoing covenant of quiet enjoyment is in lieu of any other covenant, express or implied.

17.19 NO PERSONAL LIABILITY OF LANDLORD OR TENANT

Tenant agrees to look solely to Landlord's then-equity interest in the Building and the Lot at the time owned, for recovery of any judgment from Landlord; it being specifically agreed that neither Landlord (whether Landlord be a manager, member, individual, partnership, firm, corporation, limited liability company, trustee, fiduciary, or other entity) nor any partner, member, officer, trustee, manager, fiduciary, beneficiary, shareholder or director of Landlord, nor any trust of which any person holding Landlord's interest is trustee nor any successor in interest to any of the foregoing shall ever be personally liable for any such judgment, or for the payment of any monetary obligation to Tenant. The covenants of Landlord contained in this Lease shall be binding upon Landlord and Landlord's successors only with respect to breaches occurring during Landlord's and Landlord's successors' respective periods of ownership of Landlord's interest hereunder.

Landlord agrees that the obligations of Tenant under this Lease (including any actual or alleged breach or default by Tenant) do not constitute personal obligations of the individual partners, directors, officers, trustees, members or shareholders of Tenant or Tenant's members or partners, and Landlord shall not seek recourse against the individual partners, directors, officers, trustees, members or shareholders of Tenant or Tenant's members or partners, or against any other persons or entities having any interest in Tenant, or against any of their personal assets for satisfaction of any liability with respect to this Lease.

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17.20 NOTICES

Whenever, by the terms of this Lease, notice shall or may be given either to Landlord or to Tenant, such notice shall be in writing and shall be delivered by hand or sent by registered or certified mail, postage prepaid and return receipt requested or by a recognized overnight courier service (such as Federal Express or U.S. Postal Service Express Mail):

If intended for Landlord, addressed to Landlord at the address(es) set forth in Section 1.2, or to such other addresses as may from time to time hereafter be designated by Landlord by like notice.

If intended for Tenant, addressed to Tenant at the address(es) set forth on the first page of this Lease, or to such other address or addresses as may from time to time hereafter be designated by Tenant by like notice.

All such notices shall be effective upon delivery, attempted delivery, or refusal, whichever occurs first, at the address or addresses of the intended recipient, as set forth above.

17.21 OFAC COMPLIANCE

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Tenant represents and warrants that (a) Tenant and each person or entity owning an interest in Tenant is (i) not currently identified on the Specially Designated Nationals and Blocked Persons List maintained by the Office of Foreign Assets Control, Department of the Treasury ("<u>OFAC</u>") and/or on any other similar list maintained by OFAC pursuant to any authorizing statute, executive order or regulation (collectively, the "<u>List</u>"), and (ii) not a person - or entity with whom a citizen of the United States is prohibited to engage in transactions by any trade embargo, economic sanction, or other prohibition of United States law, regulation, or Executive Order of the President of the United States, (b) none of the funds or other assets of Tenant constitute property of, or are beneficially owned, directly or indirectly, by any Embargoed Person (as hereinafter defined), (c) no Embargoed Person has any interest of any nature whatsoever in Tenant (whether directly or indirectly), (d) none of the funds of Tenant have been derived from any unlawful activity with the result that the investment in Tenant is prohibited by law or that this Lease is in violation of law, and (e) Tenant has implemented procedures, and will consistently apply those procedures, to ensure the foregoing representations and warranties remain true and correct at all times. The term "Embargoed Person" means any person, entity or government subject to trade restrictions under U.S. law, including but not limited to, the International Emergency Economic Powers Act, 50 U.S.C. §1701 <u>et seq</u>., The Trading with the Enemy Act, 50 U.S.C. App. 1 <u>et seq</u>., and any Executive Orders or regulations promulgated thereunder with the result that the investment in Tenant is prohibited by law or Tenant is in violation of law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Tenant covenants and agrees (a) to comply with all requirements of law relating to money laundering, anti-terrorism, trade embargos and economic sanctions, now or hereafter in effect, (b) to immediately notify Landlord in writing if any of the representations, warranties or covenants set forth in this paragraph or the preceding paragraph are no longer true or have been breached or if Tenant has a reasonable basis to believe that they may no longer be true or have been breached, (c) not to use funds from any "Prohibited Person" (as such term is defined in the September 24, 2001 Executive Order Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism) to make any payment due to Landlord under the Lease and (d) at the request of Landlord, to provide such information as may be requested by Landlord to determine Tenant's compliance with the terms hereof.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Tenant hereby acknowledges and agrees that Tenant's inclusion on the List at any time during the Lease Term shall be a material default of this Lease. Notwithstanding anything herein to the contrary, Tenant shall not permit the Premises or any portion thereof to be used or occupied by any person or entity on the List or by any Embargoed Person (on a permanent, temporary or transient basis), and any such use or occupancy of the Premises by any such person or entity shall be a material default of this Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Landlord represents and warrants that (a) Landlord and each person or entity owning an interest in Landlord is (i) not currently identified on the Specially Designated Nationals and Blocked Persons List maintained by OFAC and/or on any other List, and (ii) not a person or entity with whom a citizen of the United States is prohibited to engage in transactions by any trade embargo, economic sanction, or other prohibition of United States law, regulation, or Executive Order of the President of the United States, (b) none of the funds or other assets of Landlord constitute property of, or are beneficially owned, directly or indirectly, by any Embargoed Person, (c) no Embargoed Person has any interest of any nature whatsoever in Landlord (whether directly or indirectly), (d) none of the funds of Landlord have been derived from any unlawful activity with the result that the investment in Landlord is prohibited by law or that this Lease is in violation of law, and (e) Landlord has implemented procedures, and will consistently apply those procedures, to ensure the foregoing representations and warranties remain true and correct at all times.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Landlord covenants and agrees (a) to comply with all requirements of law relating to money laundering, anti-terrorism, trade embargos and economic sanctions, now or hereafter in effect, (b) to promptly notify Tenant in writing if any of the representations, warranties or covenants set forth in this paragraph or the preceding paragraph are no longer true or have been breached or if Landlord has a reasonable basis to believe that they may no longer be true or have been breached, (c) not to use funds from any "Prohibited Person" (as such term is defined in the September 24, 2001 Executive Order Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism) to make any payment due to Landlord under the Lease and (d) at the reasonable request of Tenant, to provide such information as may be requested by Tenant to determine Landlord's compliance with the terms hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Landlord hereby acknowledges and agrees that Landlord's inclusion on the List at any time during the Lease Term shall be a material default of this Lease.

17.22 CONFIDENTIALITY

Tenant agrees this Lease and the terms hereof, shall be treated as confidential and will not be disclosed to anyone in any fashion by Tenant or any of its affiliates, lenders, employees, attorneys, accountants, other professionals and agents, unless specifically agreed to by Landlord in writing, other than disclosures to Tenant's third-party advisers who need to know of this Lease, and the terms hereof, for the evaluation of this Lease or the operation of Tenant's business, for disclosures required pursuant to applicable Requirements, by order of a court of competent jurisdiction, or in connection with any action brought to enforce this Lease.

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Landlord will not record this Lease or otherwise publicly disclose the rent payable by Tenant under this Lease or the other material financial terms of this Lease to any unrelated third (3<sup>rd</sup>) party without obtaining the express written consent of Tenant; provided, however, the foregoing shall not limit or restrict any disclosure (i) required by law, regulation or administrative authority, (ii) in connection with the exercise by Landlord of any of its rights and remedies under this Lease, or at law or in equity, including in connection with any actions or proceedings against Tenant, or (iii) to Landlord's current or prospective partners, affiliates, advisors, employees, agents, representatives, investors, lenders, brokers, attorneys, accountants, and/or managers. In addition, Landlord shall not issue a press release in connection with this Lease at any time without the prior written consent of Tenant, which may be given or withheld in Tenant's sole discretion.

The provisions of this Section 17.22 shall survive the expiration or earlier termination of this Lease.

17.23 PARKING

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) During the Term, upon the request of Tenant, Tenant shall be entitled to contract for up to, but not in excess of, one (1) parking space in the Garage in the parking areas designated for tenants and invitees of the Building (the "<u>Parking Area</u>") and Tenant will be issued a like number of access cards therefor which will enable the holder thereof to gain access to the Parking Area at all times. The rate for parking spaces shall be the prevailing rate established from time to time by Landlord or the Garage operator, as the case may be. Landlord's failure or inability to provide any such parking spaces, whether because of casualty, eminent domain, or for any other reason beyond Landlord's control, shall not constitute a breach of any of Landlord's obligations under this Lease and shall in no event entitle Tenant to terminate this Lease or to any compensation, damages or other claim against Landlord. If Tenant fails to contract for, or elects to contract for fewer than, the full number of parking spaces to which it is entitled above, Tenant's right to contract for the unused parking spaces shall expire and be of no further force or effect; provided that Tenant shall have to the right to request additional parking spaces (not to exceed the maximum number of parking spaces Tenant is entitled to receive under this Section 17.23). Tenant's request for such additional parking spaces shall be subject to availability, and if Landlord reasonably determines that such additional parking spaces are not available, Landlord shall have no obligation to provide said additional parking spaces to Tenant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Parking Area in the Garage will be operated on a self-parking basis and no specific parking spaces will be reserved for use exclusively by Tenant. Landlord further contemplates that each user of the Parking Area will have the right to park in any available stall or space in accordance with regulations of uniform applicability promulgated for all users of the Parking Area by Landlord or the Garage operator. Notwithstanding the foregoing, Landlord reserves the right at any time and from time to time to reserve one or more parking spaces for use by a single tenant or to change the operation of the Garage from a self-parking system to a valet parking system and vice versa.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Landlord reserves the right to enter into a management agreement or lease with an entity for the Garage ("<u>Garage Operator</u>"). In such event, Tenant, upon request of Landlord, shall enter into a parking agreement with the Garage Operator and pay the Garage Operator the monthly charge established hereunder, and Landlord shall have no liability for claims arising through acts or omissions of the Garage Operator unless caused by the negligence or willful misconduct of Landlord. It is understood and agreed that the identity of the Garage Operator may change from time to time during the Term. In connection therewith, any parking lease or agreement entered into between Tenant and a Garage Operator shall be freely assignable by such Garage Operator or any successors thereto.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Tenant and its employees shall observe reasonable safety precautions in the use of the Parking Area and shall at all times abide by all rules and regulations promulgated by Landlord or the Garage operator governing the use thereof, including the requirement that an identification or parking sticker shall be displayed at all times in all cars parked in the Parking Area; provided that such rules and regulations shall be of general application to all users of the Garage, except where different circumstances justify different treatment. Any car not displaying such a sticker, if so required, may be towed away or booted at the car owner's expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Notwithstanding the foregoing, in the event that all or any portion of the Garage is (a) totally or partially damaged or destroyed rendering the Garage totally or partially inaccessible or unusable; or (b) taken or condemned by any governmental or quasi-governmental authority for any public or quasi-public use or purpose, this Lease shall continue in force but Landlord shall be relieved of its obligations to provide parking to Tenant under this Section 17.23 (and Tenant's obligation to pay parking charges shall be extinguished).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Landlord does not assume any responsibility for, and shall not be held liable for, any damage or loss to any automobiles parked in the Parking Area or to any personal property located therein, or for any injury sustained by any person in or about the Parking Area, excepting only to the extent caused by the grossly negligent acts of Landlord, or its agents or employees.

17.24 REIT AND UBTI MATTERS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Tenant recognizes and acknowledges that Landlord (and/or direct or indirect owners of Landlord) is or may from time to time seek to qualify as real estate investment trusts (each, a "<u>REIT</u>") pursuant to Sections 856 et seq. of the Internal Revenue Code of 1986, as - amended (the "<u>Code</u>") or be subject to tax on unrelated business taxable income as defined in the Code. Tenant agrees to promptly provide such information in its possession or reasonably available to it as Landlord reasonably requests in order to determine whether Landlord's receipt of any income derived or to be derived under any provision of this Lease may not constitute "rents from real property" as defined for purposes of Section 856(d) of the Code or for purposes of Section 512(b) of the Code, or otherwise adversely affect the status of Landlord or its direct or indirect owners under the real estate investment trust or unrelated business taxable income provisions of the Code (each an "<u>Adverse Event</u>"). Upon request of Tenant, Landlord and Tenant shall enter into a customary commercially reasonable confidentiality agreement with respect to such information to be provided by Tenant, which confidentiality agreement shall allow Landlord to share such information with its tax and other consultants who have a need to know such information, prospective purchasers and prospective lenders. If Landlord determines in good faith that this Lease or any document contemplated hereby presents an undue risk of an Adverse Event, Tenant agrees upon written notice from Landlord to reasonably cooperate with Landlord in avoiding such Adverse Event, including but not limited to entering into an amendment or modification of this Lease and entering into such other agreements (including with Landlord's designees) as Landlord in good faith deems necessary to avoid or minimize the effect of an Adverse Event, provided that no such amendment or modification or other

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agreements shall materially increase Tenant's obligations, nor materially decrease Tenant's rights hereunder. Any such cooperation shall be structured so that equivalent payments (in economic terms) are paid by Tenant and so that Tenant does not, to more than a de minimis extent, have materially greater obligations or receive materially diminished services, or services of a materially lesser quality, than it was entitled to receive under the Lease without such cooperation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Without limiting Landlord's rights under Article VII, (i) Tenant expressly covenants and agrees not to enter into any sublease or assignment of the Premises which provides for rental or other payment for such use, occupancy, or utilization based in whole or in part on the net income or profits derived by any person from the property leased, used, occupied, or utilized (other than an amount based on a fixed percentage or percentages of receipts or sales), and that any such purported sublease or assignment shall be absolutely void and ineffective as a conveyance of any right or interest in the possession, use, occupancy, or utilization of any part of the Premises, and (ii) Landlord may waive the receipt of any amount payable to Landlord under this Lease and such waiver shall constitute an amendment or modification of this Lease with respect to such payment. The parties agree to execute such further instrument as may reasonably be required by Landlord in order to give effect to the foregoing provisions of this Section 17.24(b).

ARTICLE XVIII

EXTENSION OPTION

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Tenant may elect to extend the term of this Lease for one (1) three (3) year period (the "<u>Extension Term</u>"), by giving Landlord notice of such election (the "<u>Extension Notice</u>") not later than twelve (12) months before the expiration of the Lease Term, and provided that (i) no uncured Default of Tenant then exists, and (ii) Tenant or a Permitted Transferee named herein is occupying not less than seventy-five percent (75%) of the Premises then demised to Tenant both on the date such notice is given and on the commencement date of the Extension Term. Such extension shall be upon all of the same terms, covenants, and conditions contained in this Lease, except that (a) Tenant shall have no further right to extend the Lease Term, (b) the Base Rent for the Extension Term shall be at a rate equal to the fair market rent for the Premises as of the commencement date of the Extension Term as determined in accordance with Section 18(b), and (c) Landlord shall have no obligation to make or pay for any improvements to the Premises or to pay any allowances or inducements of any kind. Fair market rent for the Premises shall be computed as of the commencement of the Extension Term at the then current annual rental charges, including provisions for subsequent increases and other adjustments, for extensions of existing leases then currently being negotiated or executed in comparable space and buildings located in the downtown financial district of Boston. In determining fair market rent, the following factors, among others, shall be taken into account and given effect: condition of the premises, size of the premises, escalation charges then payable under the lease, location of the premises, location of the building, tenant improvement allowances and fit-up of the premises and lease term and free rent and other standard market inducements being offered at the time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Landlord and Tenant shall endeavor in good faith to agree upon the fair market rent for the Premises. If Landlord and Tenant are unable to agree on the amount of such fair market rent by the date that is thirty (30) days after the date of delivery of the Extension Notice, then on or before said thirtieth (30th) day after the date of delivery of the Extension Notice

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Landlord shall specify in writing the rent (the "<u>Landlord's Rental Rate</u>") at which Landlord is willing to lease the Premises for the Extension Term and Tenant shall specify in writing the rent (the "<u>Tenant's Rental Rate</u>") which Tenant is willing to pay for the Premises for the Extension Term, and the fair market rent shall be established by appraisal in the following manner: By not later than the fortieth (40th) day after the date of the delivery of the Extension Notice, Landlord and Tenant shall each appoint one (1) qualified appraiser (as hereinafter defined) and the two (2) appraisers so appointed shall determine the fair market rent within seventy-five (75) days of the date of delivery of the Extension Notice. As used herein, the term "qualified appraiser" shall mean any independent unaffiliated person (a) who is employed by an appraisal firm of recognized competence in the downtown financial district of Boston, Massachusetts and (b) who has not less than ten (10) years experience in appraising and valuing properties of the general location, type and character as the Premises. If either Landlord or Tenant fails to appoint an appraiser within said forty (40) day period, then the other party shall have the power to appoint the appraiser for the defaulting party. If said appraisers are unable to agree on the fair market rent within said seventy-five (75) day period, then they jointly shall appoint a third qualified appraiser within ten (10) days of the expiration of said seventy-five (75) day period, and thereafter all three appraisers shall determine the fair market rent. If all three appraisers are unable to agree upon the fair market rent, then the fair market rent shall be determined by agreement between any two of the three appraisers and the fair market rent so determined shall be conclusive and binding upon Landlord and Tenant. Each party shall bear the cost of its appraiser, and the cost of the third appraisal shall be borne equally between the parties. Until such time as the fair market rent is so determined, from and after the commencement date of the Extension Term, Tenant shall pay Base Rent at the lesser of (i) Landlord's Rental Rate, and (ii) one hundred two percent (102%) of the Base Rent in effect immediately prior to the Extension Term, with a reconciliation between the parties once the fair market rent has been determined.

ARTICLE XIX

RIGHT OF FIRST OFFER

19.1 ROFO RIGHTS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If at any time between the Commencement Date and the date that is twelve (12) months prior to the Expiration Date (as the same may be extended), any separately demised leasable area on the nineteenth (19<sup>th</sup>) floor of the Building (the "<u>ROFO Space</u>") has become "available for leasing" (as hereinafter defined), and provided that the conditions precedent set forth in Section 19.3 below are then satisfied, then prior to offering to lease the ROFO Space to any third (3<sup>rd</sup>) parties, Landlord shall deliver notice thereof to Tenant (the "<u>ROFO Notice</u>") setting forth the Landlord's determination of Base Rent and additional rent for the ROFO Space (which Base Rent and additional rent shall be the fair market rent for such ROFO Space, taking into account all relevant market factors), the term of the Lease for the ROFO Space, the other material business terms upon which Landlord is willing to lease the ROFO Space, and the date Landlord anticipates that the ROFO Space will become available for leasing. Provided that all of the conditions precedent set forth in this Article XIX are fully satisfied by Tenant, Tenant shall have the one-time option (the "<u>ROFO Option</u>"), exercisable by Tenant delivering written notice (the "<u>Acceptance Notice</u>") to Landlord within ten (10) Business Days after delivery by Landlord of the ROFO Notice, to lease all of the ROFO Space upon all of the terms and conditions set forth in the ROFO Notice, including the Base Rent and additional rent for the ROFO Space designated by Landlord as set forth therein. Time shall be of the essence as to Tenant's giving of the Acceptance Notice with respect to the ROFO Space.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If Tenant fails to deliver an Acceptance Notice within such ten (10) day period, then Tenant shall be deemed to have rejected the option to lease the ROFO Space (the "<u>Rejected</u> <u>ROFO Space</u>"). In such event, Tenant shall have no further rights or claims with respect to the Rejected ROFO Space, Landlord shall have no further liabilities or obligations to Tenant with respect to the Rejected ROFO Space, and Landlord may elect to lease the Rejected ROFO Space to third (3<sup>rd</sup>) parties upon such terms and conditions as Landlord may determine in its discretion, subject, however, to the provisions of Section 19.6.

19.2 AVAILABLE FOR LEASING, ETC.

For purposes of this Article XIX, space <u>shall</u> be deemed "<u>available for leasing</u>" when Landlord has determined in its discretion that (a) the space is vacant, or (b) the respective existing tenant or occupant of the applicable ROFO Space has no express right set forth in its lease or occupancy agreement, granted prior to the Effective Date, to extend or renew the term of its lease or occupancy agreement for the applicable ROFO Space. For purposes of this Article XIX, space <u>shall not</u> be deemed "available for leasing" if, at the time in question (i) any person or entity leases or occupies the ROFO Space, whether pursuant to a lease or other agreement, and has an express option or right, granted prior to the Effective Date, to renew its lease or rights of occupancy of such ROFO Space (unless such person or entity confirms to the reasonable satisfaction of Landlord that it does not intend to extend or renew the term of the lease or other occupancy agreement for the ROFO space or enter into a new lease for such ROFO Space), (ii) any person or entity holds an option or right granted prior to the Effective Date to lease or occupy the ROFO Space, or any other rights or claims thereto (including, without limitation, any rights of first offer, rights of first refusal or expansion rights) granted prior to the Effective Date, or (iii) Landlord intends to occupy the ROFO Space, or to lease or otherwise permit the occupancy of the ROFO Space by an affiliate or subsidiary of Landlord. In no event shall Landlord be liable to Tenant for any failure by any then existing tenant or occupant to vacate the ROFO Space by any particular date. Nothing set forth in this Article XIX shall be construed to limit Landlord's right to lease space in the Building to affiliates of Landlord, or to keep space in the Building vacant if Landlord elects, in its sole discretion, to do so, and such space leased to affiliates, subsidiaries or related entities, or vacant space, shall in no event be deemed to be "available for leasing" hereunder. Notwithstanding anything herein to the contrary, all rights of first offer granted to Tenant pursuant to this Article XIX are subject and subordinate in all respects to the express rights (whether such rights are designated as a right of first offer, right of first refusal, expansion option or otherwise) of any tenant or occupant of the Building existing on the date of this Lease, which rights are set forth on Schedule 19.2 attached hereto.

19.3 CONDITIONS

Tenant shall have no right to exercise any ROFO Option unless all of the following conditions have been satisfied both on the date of the Acceptance Notice and on the ROFO Space Commencement Date (as hereinafter defined): (a) No uncured Default of Tenant shall exist under this Lease; and (b) the original Tenant named herein is occupying not less than seventy-five percent (75%) Premises then demised under this Lease.

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19.4 TERMS

Effective as of the date on which Landlord delivers the ROFO Space to Tenant (the "<u>ROFO Space Commencement Date</u>"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The ROFO Space shall be added to and be deemed to be a part of the Premises for all purposes under this Lease (except as otherwise provided in this Article XIX);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The ROFO Space shall be delivered in broom-clean condition, free of all tenants and occupants, with building systems in good working order and otherwise in its "as is" condition; Landlord shall not be obligated to perform any work or improvements or to provide any allowances or inducements with respect thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Base Rent, additional rent and the term for the ROFO Space shall be as set forth in the ROFO Notice; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Tenant shall pay when due all additional rent payable under this Lease with respect to the ROFO Space, except to the extent that any such additional rent is included in the amounts payable under clause (iii) above; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) If the estimated ROFO Space Commencement Date set forth in the ROFO Notice is on or earlier than the date which is three (3) years prior to the Expiration Date of the Term, the term of the Lease with respect to the ROFO Space shall be coterminous with the Term of the Lease for the Premises. If the estimated ROFO Space Commencement Date set forth in the ROFO Notice is after the date which is three (3) years prior to the Expiration Date of the Term, then the expiration date for the leasing of the ROFO Space shall be as set forth in the ROFO Notice.

19.5 AMENDMENT

If Tenant exercises the ROFO Option, upon request made by Landlord, Tenant will execute, acknowledge and deliver to Landlord an amendment, mutually acceptable to Landlord and Tenant in their reasonable discretion, to this Lease confirming the ROFO Space Commencement Date, Base Rent and additional rent payable with respect to the ROFO Space, the incorporation of the ROFO Space into the Premises, and the modifications to this Lease resulting therefrom, as provided in this Article XIX. The failure of either party to execute and deliver such an amendment shall not affect the rights, liabilities or obligations of the parties with respect to the ROFO Space.

19.6 REOFFER OF ROFO SPACE TO TENANT

The ROFO Option of Tenant hereunder with respect to the ROFO Space shall terminate and expire on the earlier to occur of (a) as provided in Section 19.1 above, Tenant's failure to exercise its ROFO Option within the applicable ten (10) Business Day period, or (b) as provided in Section 19.3 above, the date Landlord would have provided Tenant a ROFO Notice if Tenant had not been in violation of one or more of the conditions set forth in Section 19.3 above.

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Notwithstanding the foregoing, if (i) Tenant was entitled to exercise its ROFO Option but failed to deliver an Acceptance Notice within the ten (10) Business day period, as provided in Section 19.1 above, and (ii) within six (6) months thereafter, prior to entering into a lease for the entire ROFO Space, Landlord reaches an agreement with a prospective tenant (in the form of an approved letter of intent) to lease the entire ROFO Space to such prospective tenant on terms that are "materially more favorable" than those set forth in the ROFO Notice previously delivered to Tenant, then Tenant's rights with respect to the entire ROFO Space shall be revived and Tenant shall once again have a ROFO Option with respect to the entire ROFO Space. For purposes hereof, the terms offered to a prospect shall be deemed to be "materially more favorable" from those set forth in the ROFO Notice if there is a reduction of more than ten percent (10%) in the "net effective rent" per rentable square foot of the ROFO Space to the prospective tenant, when compared with the "net effective rent" per rentable square foot for the ROFO Space under the ROFO Notice, determined by considering all of the economic terms of both proposals, respectively, including, among other relevant factors, the base rent, the tax and expense escalation, and the additional rent. For the avoidance of doubt "net effective rent" per rentable square foot of the ROFO Space shall expressly take into account, without limitation, any allowances granted to the tenant, free rent periods and any other concessions or allowances.

19.7 EXPIRATION

Notwithstanding any provision contained herein to the contrary, if and when the date which is twelve (12) months prior to the Expiration Date of the Term of this Lease occurs (as the same may be extended), then this Article XIX shall become null and void and of no further force or effect and Tenant shall have no further ROFO Options or other rights to lease the ROFO Space pursuant to this Article XIX. In such event, all of the obligations of Landlord to offer the ROFO Space to Tenant shall be considered to have been fully and completely satisfied, and neither Landlord nor Tenant shall have any further rights, liabilities or obligations under this Article XIX.

(Signatures on following page)

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IN WITNESS WHEREOF, the parties hereto have executed this instrument as of the date set forth in Section 1.2, above.

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| | |
|:---|:---|
| Landlord: | Landlord: |
| 100 SUMMER OWNER LLC,<br> a Delaware limited liability company | 100 SUMMER OWNER LLC,<br> a Delaware limited liability company |
| By: | /s/ Joseph A. Goldman |
|  | Name: Joseph A. Goldman |
|  | Its: Vice President |
| Tenant: | Tenant: |
| LENDBUZZ, INC.,<br> a Delaware Corporation | LENDBUZZ, INC.,<br> a Delaware Corporation |
| By: | /s/ Amitay Kalmar |
|  | Name: Amitay Kalmar |
|  | Its: Chief Executive Officer |
|  | Hereunto duly authorized |

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**EXHIBIT A** 

**FLOOR PLAN OF PREMISES** 

[\*\*\*]

Exhibit A-1

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**EXHIBIT B** 

**FORM OF COMMENCEMENT DATE AGREEMENT** 

Reference is made to that certain Lease by and between 100 Summer Owner LLC, a Delaware limited liability company, Landlord, and , a<u> </u>, Tenant, and dated .

Landlord and Tenant hereby confirm and agree that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Commencement Date under this Lease is .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Rent Commencement Date under this Lease is .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Expiration Date under this Lease is .

This Commencement Date Agreement is executed as of , 202_.

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| |
|:---|
| LANDLORD: |
| 100 SUMMER OWNER LLC,<br> a Delaware limited liability company |
| By: |
| Name: |
| Title: |
| TENANT: |

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| |
|:---|
| , |
| a |

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| | |
|:---|:---|
| By: |  |
|  | Name: |
|  | Title: |
|  | Hereunto Duly Authorized |

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Exhibit B-1

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**EXHIBIT C** 

**FIT PLAN FOR LANDLORD'S WORK** 

[\*\*\*]

Exhibit C-1

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**EXHIBIT C-1** 

**WORK LETTER FOR LANDLORD'S WORK** 

**Landlord Work Letter** 

• **Demolition** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 4 offices in new pantry area

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Existing kitchen and pantry

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Dividing wall near existing kitchen and pantry

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Drop ceiling in new pantry breakroom area

• **Space Modifications** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reception Dividing Wall – Millwork – NTE $15,000.00, additional costs to be borne by Tenant

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Paint

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Carpet

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 1 Meeting Room, 1 Small Conference Room, 1 Medium Conference Room per final fit plan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 2 Storage Rooms

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• New rooms to have 2x2 lighting with drop ACT, glass fronts matching existing

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Polished concrete extension in reception area & large conference room

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Polished concrete in pantry area

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Additional Floor Cores (estimated to be 5) and power to be provided to furniture per final plan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Kitchen/Pantry

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Specialty lighting

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Tile backsplash

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sink

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Solid surface countertop

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• New appliances: 2 microwaves, 2 fridges, dishwasher

• **Existing to Remain:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 12 Floor cores according to final furniture plan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 5 in existing conference rooms, 7 in open area

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Open area lighting

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Conference Rooms, Wellness Rooms, Meeting Rooms per the final fit plan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• IT Room, Storage Room

• **Tenant Requested Modifications at Tenant's Cost:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 3 Phone Rooms – Rear side of space

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cloud Ceiling – Pantry

• **Exclusions:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Common area signage

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Wellness room sink

Exhibit C-1-1

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Millwork/furniture

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reception desk

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Pantry breakroom furniture

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Soft seating

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Desks/conference rooms

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• AV & all low voltage Cabling

Exhibit C-1-2

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**EXHIBIT D** 

**RULES AND REGULATIONS** 

The following rules and regulations shall apply, where applicable, to the Premises, the Building, the parking facilities (if any), the Property and the appurtenances. In the event of a conflict between the following rules and regulations and the terms of the Lease, the terms of the Lease shall control. Capitalized terms used but not defined herein shall have the meanings given in the Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Sidewalks, doorways, vestibules, halls, stairways and other similar areas shall not be obstructed by Tenant or used by Tenant for any purpose other than ingress and egress to and from the Premises. No rubbish, litter, trash, or material shall be placed, emptied, or thrown in those areas. At no time shall Tenant permit Tenant's employees to loiter in Common Areas or elsewhere about the Building or Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Plumbing fixtures and appliances shall be used only for the purposes for which designed and no sweepings, rubbish, rags or other unsuitable material shall be thrown or placed in the fixtures or appliances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. No signs, advertisements or notices shall be painted or affixed to windows, doors or other parts of the Building, except those of such color, size, style and in such places as are first approved in writing by Landlord. All tenant identification and suite numbers at the entrance to the Premises shall be installed by Landlord, at Tenant's cost and expense, using the standard graphics for the Building. Except in connection with the hanging of lightweight pictures and wall decorations, no nails, hooks or screws shall be inserted into any part of the Premises or Building except by the Building maintenance personnel without Landlord's prior approval, which approval shall not be unreasonably withheld.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Landlord may provide and maintain in the first floor (main lobby) of the Building an alphabetical directory board or other directory device listing tenants and no other directory shall be permitted unless previously consented to by Landlord in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Tenant shall not place any lock(s) on any door in the Premises or Building without Landlord's prior written consent, which consent shall not be unreasonably withheld, and Landlord shall have the right at all times to retain and use keys or other access codes or devices to all locks within and into the Premises. A reasonable number of keys to the locks on the entry doors in the Premises shall be furnished by Landlord to Tenant at Tenant's cost and Tenant shall not make any duplicate keys. All keys shall be returned to Landlord at the expiration or early termination of the Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. All contractors, contractor's representatives and installation technicians performing work in the Building shall be subject to Landlord's prior approval, which approval shall not be unreasonably withheld, and shall be required to comply with Landlord's standard rules, regulations, policies and procedures, which may be revised from time to time. Landlord has no obligation to allow any particular telecommunication service provider to have access to the Building or to the Premises. If Landlord permits access, Landlord may condition the access upon the payment to Landlord by the service provider of fees assessed by Landlord in Landlord's sole discretion.

Exhibit D-1

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Movement in or out of the Building of furniture or office equipment, or dispatch or receipt by Tenant of merchandise or materials requiring the use of elevators, stairways, lobby areas or loading dock areas, shall be performed in a manner and restricted to hours reasonably designated by Landlord. Tenant shall obtain Landlord's prior approval by providing a detailed listing of the activity, including the names of any contractors, vendors or delivery companies, which approval shall not be unreasonably withheld. Tenant shall assume all risk for damage, injury or loss in connection with the activity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Landlord shall have the right to approve the weight, size, or location of heavy equipment or articles in and about the Premises, which approval shall not be unreasonably withheld; provided that approval by Landlord shall not relieve Tenant from liability for any damage in connection with such heavy equipment or articles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Corridor doors, when not in use, shall be kept closed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Tenant shall not: (a) make or permit any improper, objectionable or unpleasant noises or odors in the Building, or otherwise interfere in any way with other tenants or persons having business with them; (b) solicit business or distribute or cause to be distributed, in any portion of the Building, handbills, promotional materials or other advertising; or (c) conduct or permit other activities in the Building that might, in Landlord's sole opinion, constitute a nuisance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. No animals, except those assisting handicapped persons, shall be brought into the Building or kept in or about the Premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. Tenant shall not use or occupy the Premises in any manner or for any purpose which might injure the reputation or impair the present or future value of the Premises or the Building. Tenant shall not use, or permit any part of the Premises to be used for lodging, sleeping or for any illegal purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. Tenant shall not install, operate or maintain in the Premises or in any other area of the Building, electrical equipment that would overload the electrical system beyond its capacity for proper, efficient and safe operation as determined solely by Landlord. Tenant shall not furnish cooling or heating to the Premises, including, without limitation, the use of electric or gas heating devices, without Landlord's prior written consent. Tenant shall not use more than its proportionate share of telephone lines and other telecommunication facilities available to service the Building.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. Tenant shall not operate or permit to be operated a coin or token operated vending machine or similar device (including, without limitation, telephones, lockers, toilets, scales, amusement devices and machines for sale of beverages, foods, candy, cigarettes and other goods), except for machines for the exclusive use of Tenant's employees and invitees.

Exhibit D-2

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. Bicycles and other vehicles are not permitted inside the Building or on the walkways outside the Building, except in areas designated by Landlord.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. Landlord may from time to time adopt systems and procedures for the security and safety of the Building and Property, their occupants, entry, use and contents. Tenant, its agents, employees, contractors, guests and invitees shall comply with Landlord's systems and procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. Landlord shall have the right to prohibit the use of the name of the Building or any other publicity by Tenant that in Landlord's sole opinion may impair the reputation of the Building or its desirability. Upon written notice from Landlord, Tenant shall refrain from and discontinue such publicity immediately.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. Neither Tenant nor its agents, employees, contractors, guests or invitees shall smoke or permit smoking in the Common Areas, unless a portion of the Common Areas have been declared a designated smoking area by Landlord, nor shall the above parties allow smoke from the Premises to emanate into the Common Areas or any other part of the Building. Landlord shall have the right to designate the Building (including the Premises) as a non-smoking building.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. Landlord shall have the right to designate and approve standard window coverings for the Premises and to establish rules to assure that the Building presents a uniform exterior appearance. Tenant shall ensure, to the extent reasonably practicable, that window coverings are closed on windows in the Premises while they are exposed to the direct rays of the sun.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. Deliveries to and from the Premises shall be made only at the times in the areas and through the entrances and exits reasonably designated by Landlord. Tenant shall not make deliveries to or from the Premises in a manner that might interfere with the use by any other tenant of its premises or of the Common Areas, any pedestrian use, or any use which is inconsistent with good business practice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. The work of cleaning personnel shall not be hindered by Tenant after 5:30 P.M., and cleaning work may be done at any time when the offices are vacant. Windows, doors and fixtures may be cleaned at any time. Tenant shall provide adequate waste and rubbish receptacles to prevent unreasonable hardship to the cleaning service.

Exhibit D-3

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**EXHIBIT E** 

**MINIMUM INSURANCE REQUIREMENTS FOR CONSTRUCTION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. During any and all renovations, improvements or construction activities, Tenant on its behalf and for all Contractors and/or Subcontractors shall maintain or cause to be maintained in force and effect, at its sole cost and at all times while the obligations set forth by the Lease remain outstanding, the following insurance on an occurrence basis covering its operations and property:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Commercial General Liability Insurance with limits of not less than One Million Dollars ($1,000,000) per occurrence for bodily injury and property damage, Two Million U.S. Dollars (USD $2,000,000) each person or organization for personal and advertising injury, Two Million U.S. Dollars (USD $2,000,000) general aggregate, and Two Million U.S. Dollars (USD $2,000,000) products completed operations aggregate covering: (i) property/operations liability; (ii) products/completed operations liability; (iii) personal and advertising injury liability; (iv) independent contractors liability; and (v) broad form contractual liability. Such policy of insurance shall (a) be primary and non-contributory to any insurance or self-insurance maintained by the Landlord with respect to Contractor's operations; (b) be endorsed to add Landlord and its mortgagees as additional insureds on such form as is acceptable to Landlord; and (c) extend completed operations coverage, for at least six (6) years after acceptance of the Contractor's work either through policies in force or through an extended reporting period endorsement for products/completed operations liability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Automobile Liability Insurance covering the ownership, maintenance, and operations of any automobile or automotive equipment, whether such auto is owned, hired, and non-owned. Contractor shall maintain insurance with a combined single limit for bodily injury and property damage of not less than the equivalent of One Million Dollars ($1,000,000) per accident. Contractor and/or Subcontractor's insurance shall be endorsed to add the entities listed in (A) above as an additional insureds on such form as is acceptable to Landlord.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) Workers Compensation Insurance covering statutory benefits in all states where operations are to be performed under this agreement. Such policy shall include an employers liability coverage part with limits that shall be not less than One Million Dollars ($1,000,000) each accident for bodily injury by accident and One Million Dollars ($1,000,000) each employee and policy limit for bodily injury by disease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) Umbrella/Excess Liability Insurance consisting of one or more policies with limits of not less than Ten Million Dollars ($10,000,000) each occurrence for bodily injury and property damage, and Ten Million Dollars ($10,000,000) general aggregate and products and completed operations aggregate. Policies shall be excess to the primary commercial general liability, employers liability and business automobile liability coverage and shall be written as follow form or alternatively with a form that provides coverage that is at least as broad as the primary insurance policies.

Exhibit E-1

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) Property Insurance/Builders Risk providing coverage for property in which Tenant or Contractor/Subcontractor retains the risk of loss including their own equipment, (stationary or mobile), tools (including employee tools), supplies, materials, or any other property owned or leased by Contractor/Subcontractor. If Contractor/Subcontractor chooses to self insure any of the property described under this section, it is agreed that Contractor/Subcontractor shall hold Landlord harmless for any loss or damage to that property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) Professional Liability if applicable, for errors and/or omissions for each consultant and Contractor/Subcontractor who is providing professional services on the Project.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G) Pollution Liability if Contractor/Subcontractor is handling known or suspected toxic or hazardous substances the minimum limit required is $1,000,000 per occurrence and aggregate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(H) Crime Insurance coverage on a blanket basis covering Tenant or Contractor and all those of its employees who have access to or are responsible for the handling of Landlord's manager's or Landlord's funds, in an amount as Landlord's manager or Landlord shall reasonably request, including third party coverage and having such deductible as shall be determined from time to time by Landlord's manager or Landlord, and naming Landlord as a loss payee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Each policy of insurance required under this Lease shall be subject to the following general provisions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Contractors shall use commercially reasonable efforts to require all of its contractors and subcontractors to maintain policies in compliance with the duties, obligations, and requirements of the insurance provisions found in this paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) All policies shall be written on an occurrence basis with the exception that policies providing Professional Liability insurance may use claims made forms and (ii) policies providing Crime Insurance may use either discovery forms or loss sustained forms. Claims made policies (i) shall have a retroactive date prior to the date of the Lease and (ii) shall be maintained by the first named insured throughout the term of this Lease and for at least three (3) years thereafter either through policies in force or an extended reporting period. Loss sustained forms must provide at a minimum a one (1) year extended period to discover loss.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) Limits of liability specified herein can be satisfied by maintaining a combination of primary and umbrella/excess liability policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) Each policy shall contain a waiver of subrogation in favor of entities listed in (A) above effectively precluding the insurance companies for the Contractor and all of its contractors and subcontractors from presenting a claim or filing a lawsuit against Landlord.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) Any and all of the deductibles and premiums associated with the policies providing the insurance coverage required herein shall be assumed by, for the account of, and at the sole risk of Contractor and all of its contractors and subcontractors.

Exhibit E-2

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) Prior to the commencement of operations as provided for under the Lease and within seven (7) days of any policy renewal thereafter, Contractor and all of its contractors and subcontractors shall furnish Certificates of Insurance ("Certificates") to Landlord on Acord 25 or a substitute equivalent form. These Certificates shall evidence the following for each and every policy: (i) insurance company name, (ii) policy number, (iii) policy period, (iv) per occurrence and aggregate limits, (v) deductibles or self-insured retentions, and (vi) any applicable additional insured or waiver of subrogation endorsements attached. These Certificates shall also expressly provide that the insurance companies issuing the specified policies shall endeavor to mail at least thirty (30) days advance written notice of cancellation or non-renewal to all certificate holders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G) All insurance required herein (except the insurance under Section 1.C.) shall name Contractor/Subcontractor as named insured and the parties identified above in 1. (A) (and any individuals or entities with an interest in the Premises as may from time to time be requested by Landlord) as an additional insured to the extent, where applicable, of Landlord's insurable interests in the Premises and shall be primary and non-contributory with respect to any other coverage which Landlord may obtain. Additional insureds shall be added using ISO additional Insured Endorsement CG 20 26 (04/13) or an endorsement providing equivalent or broader coverage to additional insureds. Coverage for the additional insureds shall be at least as broad as the coverage provided to Contractor/Subcontractor under the policy and shall apply as primary and non-contributing insurance before any other insurance or self-insurance, including any deductible, maintained by or provided to, the additional insureds. No liability policy shall exclude coverage for subcontractors or independent contractors. All liability insurance policies shall provide that Landlord's interest therein shall not be subject to cancellation by reason of any act or omission of the additional insureds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(H) Each insurance company listed in the Certificate shall be (i) admitted to do business in the state where the project is located and (ii) rated by AM Best Company as having a financial strength rating of "A-" or better and a financial size category of "VIII" or greater or otherwise be satisfactory to Landlord.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I) Such limits and coverages above are minimum limits and not intended to limit Contractor's liability under this agreement.

Exhibit E-3

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**EXHIBIT F** 

**CLEANING SPECIFICATIONS** 

Nightly Services\| Tenant Spaces

*5X per week* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Empty all waste receptacles, clean and reline during each emptying

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Remove large centrally located recycling bins nightly

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Spot vacuum all carpeted areas (common and office)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Wipe down all drinking fountains

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Spot mop spillage on uncarpeted areas

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Dust desk phones, wall phones and conference phones

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Use chemically treated dust mops for concrete and wood floors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Clean/wipe down conference room tables and remove any food items

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Remove any coffee, soda or miscellaneous stains

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Clean/sweep all eating areas

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Wash and wipe down tables, countertops and sinks

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Remove significant scuff marks on floor as needed

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Should scuff marks not come out, report to account manager

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Dust and wipe down all office furniture and cubicle partitions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Do not touch or adjust papers on desks

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Remove all fingerprints and smudge marks on all vertical surfaces

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Including but not limited to: door frames, light switches, private entrance glass, partitions, conference room
doors, handles, etc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Damp wipe or polish all glass furniture tops

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Remove recycling/boxes should tenant request so/leave a note

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Remove any composing in tenant space (if applicable)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Turn off all lights upon exit and leave doors locked or unlocked based on the condition they were in when staff
arrived

Exhibit F-1

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<u>Schedule 19.2</u>

<u>Contractual Rights to ROFO Space as of Effective Date</u>

• **The Debt Exchange** – Extension Option

• **Bullhorn, Inc.** – Right of First Offer

• **VMware, Inc.** – Right of First Offer

Schedule 19.2

## Exhibit 10.13

**Exhibit 10.13** 

**<u>Unprotected Lease Agreement</u>** 

Drafted and signed in Tel Aviv on November 27, 2023

**Between:** 

**Cotserv Commercial and Technical Services Ltd. PC 51-059122-5** 

**Via its director, Mr. Shmuel Shilo, ID No. [\*\*\*]** 

Address: 75 HaMercava St., Ram Bnei-Ayish Park

(Hereinafter: the **Lessor**),

**<u>Of the First Party</u>;** 

**And between:** 

**Lendbuzz Ltd. PC 516333051** 

Via its signatory, Mr. Dan Raviv

Whose address for the purposes of this agreement is the Leased Property

(Hereinafter: the **Lessee**)

**<u>Of the Second Party</u>;** 

---

| | |
|:---|:---|
| **Whereas** | The Lessor declares that it is entitled to be registered as the sole and exclusive lessee by the Israel Land Authority and the Municipality of Tel Aviv of the Leased Property as defined in clause 2 below, built on the real estate known as plot 77 in block 7095 located at 94 Yigal Alon St., Tel Aviv (hereinafter: the **Real Estate**) all as specified In the confirmation of the rights attached as Appendix **A1** to this Agreement; |
| **And whereas** | The Lessee wishes to lease from the Lessor and the Lessor wishes to rent to the Lessee, in an unprotected and exclusive lease, the Leased Property, as defined below, and all for the purpose and under the conditions as detailed in this Agreement below; |
| **And whereas** | **The validity of this Agreement is conditional on fulfillment of the following in aggregate: (a) Notification from the Lessee (by email) that it has signed an agreement for termination of the Lessee's lease for its existing offices on the 7<sup>th</sup> floor of the building with Avi and Anat Cohen Holdings Ltd. PC 512887639; and (b) Notification from the Lessor (by email) that a contract has been signed between it and Upsolver Ltd. PC 515167831 for termination of the lease of Upsolver Ltd. PC 515167831 in the Leased Property in this agreement. As long as the conditions are not fulfilled within 14 days from the date of signing this Agreement, the Agreement will be null and void;** |

---

**<u>It has therefore been declared, stipulated and agreed between the Parties as follows</u>:** 

**1.**  **<u>Introduction</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1. The declarations of the Parties, the introduction and the appendices to this Agreement form an integral part
hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2. The headings of the clauses of the agreement are for orientation and convenience only, and shall not be used
for the purposes of interpreting the agreement.

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**2.**  **<u>Terms and Appendices</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1. In this Agreement and its Appendices, the terms below will have the meaning listed next to them:

**The Blueprints –** the blueprints of the Leased Property and the parking spaced attached as **Appendix A** to this Agreement.

**The Project –** two office buildings (southern building and northern building) built on the Real Estate as defined above, including, inter alia, 38 office floors in each building above a ground floor with commercial areas and a main lobby, and above a basement floor for parking purposes.

**The Building –** Building A (southern building) built on the Real Estate (as defined above), in which the Leased Property is located, including, inter alia, 38 office floors in each building above a ground floor with commercial areas and a main lobby, and above a basement floor for parking purposes.

**The Leased Property –** An office comprising unit Nos. 51+54 facing north, with a total area of 702 square meters gross on the 15<sup>th</sup> floor of the building, plus 22 parking spaces on -5 basement floor, Nos. 86, 90-93, 392-393, 396-405, 420-424, as indicated in the blueprint in **Appendix A**.

**The Management Company –** Ramot Migdal Alon Daromi Ltd., which currently serves as the management company and Ariel Parking Properties Ltd. which manages the parking lot and/or any other management company that will provide management services for the Building and the Leased Property.

**The Management Agreement –** The management agreement and its appendices as signed between the Lessor and the other tenants of the Building and the Management Company, which will be signed by the Lessee and is attached as **Appendix B** to this Agreement.

**Handover Date –** as specified in **clause 10** of the Agreement.

**Lease Start Date –** as specified in **clause 7** of the Agreement.

**Lease Period –** as specified in **clause 7** of the Agreement.

**Date for Vacating the Leased Property –** immediately at the end of the Lease Period, or with the lawful cancellation of this Agreement.

**Monthly Rental Fees –** as specified in **clause 8** of the Agreement.

**The Base Index –** the known index at the time of signing this Agreement.

**The Known Index –** the known index on the actual payment day. However, if the known index on the day of payment is lower than the base index, the payment index will be the base index.

**Consumer Price Index** or **Index –** the price index known as the Consumer Price Index, which includes vegetables and fruits and is published by the Central Bureau of Statistics and Economic Research, and includes the same index even if it is published by another official body or institution, and also includes any other official index that comes in its place, whether it is based on the same data on which the existing index is built or not. If it is replaced by another index that will be published by said body or institution and that body or institution has not determined the ratio between it and the replaced index, said ratio will be determined by the Central Bureau of Statistics.

**Arrears Interest –** interest of 10% per year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2. <u>**Appendices**</u> 

**Appendix A –** Blueprints of the Leased property (including parking spaces).

**Appendix A1 –** Confirmation of rights.

**Appendix B –** Management Agreement.

**Appendix C –** Conformation of the Lessee's Insurance Policies.

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**3.**  **<u>The Parties' Declarations</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1. The Lessor declares: (a) that to the best of its knowledge, the Building, including the Leased Property,
was built in accordance with a legal building permit, (b) that a Form 4 and an occupancy form have been issued for the Building, including for the Leased Property, (c) that it is entitled to be registered as the sole and exclusive lessee
of the Leased Property for a period up to August 31, 2059 (regarding the municipality) and until December 13, 2060 (regarding the administration), (d) that it has the sole and exclusive right of possession of the Leased Property,
(e) that the Leased Property is clean and free from any encumbrance and/or right to a third party and/or lien and/or claim and/or debt, etc., with the exception of the mortgage registered in favor of Bank Hapoalim Ltd., the bank financing the
project (hereinafter: the **Bank**), (f) that it is not aware of any defects and/or faults and/or deficiencies in the Leased Property, (g) that it is entitled to lease the Leased Property to the Lessee; (h) that it has made all the
necessary decisions in accordance with all laws and its incorporation documents for it to enter into this Agreement, and upon its signing this Agreement, it will be binding in all respects (i) that there is no legal and/or contractual and/or
other impediment to its entering into this Agreement, to rent it to the Lessee and fulfill its obligations according to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2. The Lessee declares: (a) that it knows this Agreement grants it an unprotected tenancy right in the Leased
Property and parking spaces only, (b) that it does not and will not have any rights in other areas of the Building or in the public areas of the Building, with the exception of the right of passage to the Leased Property and parking spaces and
with the exception of the right to use the public areas according to their purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3. The Lessee declares that it has checked the location of the Building and the location of the Leased property
within it, has seen the leased area in its condition as it is at the time of signing this Agreement, the blueprints attached as Appendix A to this Agreement and the management agreement attached as Appendix B, and that after the aforementioned
inspection and subject to the correctness of the Lessor's statements, has found everything suitable for its needs and the purpose of the Lease, and that it waives any claim of incompatibility and/or lack of knowledge with respect to the Leased
Property, and everything except for hidden defects and/or faults that could not have been discovered by reasonable inspection prior to signing this Agreement and except for a defect that was known to the Lessor at the time of signing the Agreement
and was not brought to the notice of the Lessee, and all subject to the correctness of the Lessor's statements and compliance with its obligations as detailed in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4. In the building, there are permits for various uses, and the Lessee will not have any claim and/or demand
regarding this, inter alia, regarding noise, smell, hours of operation, number of visitors, etc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5. The Lessor agreed to lease the Leased Property to the Lessee based only on its statements in this Agreement
above and below and its commitment to refrain from raising any claim that contradicts and/or is inconsistent with the provisions of this Agreement above and below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6. There is no legal impediment to it entering into this Agreement, and the Lessee's authorized bodies have
approved it entering into this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7. The Lessee knows that the area of the Leased Property for the purposes of this Agreement is 702 square meters
gross (which is calculated to include a certain part of the areas outside the Leased Property, both on the floor and in the building) and that the specified leased area will oblige the Lessee for the purposes of this Agreement, including payment of
rent and management fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8. That the Lessee may rent out a part of the Leased Property that does not exceed 25% of the leased area and this
after receiving the Lessor's prior written approval. All conduct and/or responsibility, including payment of rent and/or property tax and/or management fees, shall apply to the Lessee in accordance with this Agreement. It will also be clarified
that the Lessor will not sign any document and/or commitment and/or agreement with any sublessee. The responsibility for any sublease will apply to the Lessee for all intents and purposes for the entire period of the sublease, including eviction

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of the tenant in accordance with this Agreement. The Lessor will not refuse to the sublessee except for reasonable reasons only. The Lessee undertakes that the sublease agreement will include a clause according to which the Lessor has no responsibility towards the sublessee and that the sublease agreement is subject to this Agreement and especially regarding vacating the Leased Property on the dates specified in this Agreement. It will also be clarified that if the Lessee violates this Agreement and is required to vacate the Leased Property, the sublessee will also vacate the Leased Property without him or the Lessee having any claim and/or demand against the Lessor.

**4.**  **<u>Parking Spaces</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1. The right given to the Lessee in the parking lots, as part of the Leased Property, is a right of use only. Use
of the parking spaces will be allowed during the operating hours of the parking lot.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2. The rental fees are for the right to use the parking spaces only, and not for guarding or providing any other
service to the Lessee and/or someone on its behalf and/or for the vehicle that will be parked in the parking spaces and/or for keeping the parking space vacant. The Lessee releases the Lessor from any responsibility for guarding the vehicles parked
in the parking lots and the provisions of the Protection Law, 5727-1967 shall not apply to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3. The Lessee undertakes to comply with all the instructions relating to management of the parking lot, its
operating procedures, the parking and traffic procedures in it, etc., including those that will be displayed from time to time throughout the parking lot using signs and/or other means, including the condominium bylaws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4. At the request of the Lessor and/or the management company, the Lessee will sign a letter of commitment in the
form provided by the Lessor, confirming the above and additional conditions for using the parking lot prior to the start of using the parking spaces, in the form that will be used in the building.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5. Notwithstanding the provisions of clause 3.8, the Lessee may sublease some or all of the parking spaces to a
sublessee, provided it informs the Lessor in advance in writing about subleasing the parking spaces. All responsibility regarding leasing the parking spaces shall apply to the Lessee, including vacating the Leased Property in accordance with this
Agreement. The Lessee undertakes that the sublease agreement will include a clause according to which the Lessor has no responsibility towards the sublessee and that the sublease agreement is subject to this agreement and especially to the subject
of vacating the Leased Property on the dates specified in this Agreement. It will also be clarified that if the Lessee violates this Agreement and is required to vacate the Leased Property, the sublessee will also vacate the Leased Property without
him or the Lessee having any claim and/or demand against the Lessor.

**5.**  **<u>The Lease</u>** 

The Lessor hereby leases to the Lessee and the Lessee hereby leases from the Lessor the Leased Property, in an unprotected and exclusive lease. The Lease is for the period, for the purpose and under the conditions specified in this Agreement.

**6.**  **<u>Inapplicability of Tenant Protection Laws</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1. The Lessee expressly declares that the Lease, the Lessee and the Leased Property are not protected according to
the provisions of the Tenant Protection Law (combined version), 5732-1972 (hereinafter: **Tenant Protection Law**) nor according to the provisions of any other law that exists or will be enacted in the future, which protects a lessee or tenant in
any way, and said laws and their amendments as well as the regulations and/or orders that were established or will be established pursuant to them do not apply to the Lease, the Lessee, the Leased Property and this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2. The Lessee declares that it neither requested nor paid a key fee as defined in the Tenant Protection Law or
payments that could be interpreted or considered as a key fee, and that all the works, changes, renovations, improvements and refinements that will be done in the Leased Property are not and will not be considered as payment of a key fee, and the
Tenant Protection Law shall not apply to this Agreement.

**7.**  **<u>Purpose of the Lease</u>** 

The Lessee undertakes to use the Leased Property for the purpose of managing its offices. The Lessee undertakes not to use the Leased Property and not to allow others to use it or any part of it for any purpose other than for the purpose of the Lease as detailed above, unless it has received the Lessor's prior written consent. In any case of allowing others to use the Leased Property, the Lessee will remain responsible to the Lessor for fulfilling all its obligations under this Agreement. Notwithstanding the above, the Lessee will be entitled to sublease part of the Leased Property that does not exceed 25% of the leased area after receiving the Lessor's prior written consent and/or the parking lots or part of them in a sublease without the need to obtain the Lessor's prior approval, but will be required to notify the Lessor of the sublease provided all conduct and/or responsibility, including payment of rent and/or property tax and/or management fees shall apply to the Lessee in accordance with this Agreement. The Lessor will not object to the sublessee except for reasonable reasons only. It will also be clarified that the Lessor will not sign a document with any sublessee for part of the Leased Property and/or of the parking lots for the purpose of renting the parking lots and/or part of the Leased Property as mentioned. The responsibility regarding the sublessee will apply to the Lessee for all intents and purposes for the entire period of the sublease, including vacating the Leased Property in accordance with this Agreement. The Lessee undertakes to insert a clause in the sublease agreements according to which no liability shall apply to the sublessee and that if the Lessee violates the Agreement and is required to vacate the Leased Property, the sublessee also undertakes to vacate the Leased Property.

**8.**  **<u>The Lease Period</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1. The Lessor leases the Leased Property to the Lessee and the Lessee leases the Leased Property from the lessor
for a period of 13 months **starting on January 1, 2024 and ending on January 31, 2025** (hereinafter: the **Lease Period**). It is agreed between the Parties that the Lessee will be entitled to occupy the
Leased Property and operate it in accordance with the purpose of the Lease only.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2. The term of the Lease Period is a fundamental clause of this Agreement. In the event the Lessee vacated the
Leased Property not in accordance with the provisions of this Agreement before the end of the Lease Period and does not find a sublessee and/or a substitute lessee to the Lessor's satisfaction to replace him, who will rent the Leased Property
under lease terms that are no less than those under this Agreement, the Lessee will continue to pay the rent, management fees and other payments applicable to it under this Agreement, until the end of the Lease Period. The Lessor will be entitled to
refuse the replacement lessee for reasonable and factual reasons only, provided the terms of the lease with him will not be less than those under this Agreement.

**9.**  **<u>Monthly Rental Fees</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1. In return for the Lease, the Lessee undertakes to pay the Lessor, during the Lease Period, monthly rent for the
Leased Property in a total amount of ILS 124,680 (one hundred and twenty-four thousand six hundred and eighty new shekels) plus legal VAT, calculated at ILS 140 per square meter of area gross and ILS 1,200 for each parking space (hereinafter: the **Rental Fees**).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2. The Rental Fees will be paid to the Lessor by the Lessee as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2.1. At the time of signing this Agreement, the Lessee will pay the Lessor Rental Fees for the first three months of
the Lease Period in the amount of ILS 374,040 (three hundred and seventy-four thousand and forty new shekels) plus legal VAT (hereinafter: the **Advance Payment**).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2.2. The balance of the Rental Fees will be paid in future checks to the order of the Lessor, for each quarter in
advance, on the 1st of the months, April, July, October of each rental year. At the time of signing this Agreement, the Lessee will hand over to the Lessor all the checks for all the Rental Fees for payment of the rent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3. The monthly Rental Fees during the Lease Period will be updated according to the increase of the Known Index at
the actual payment date compared to the Base Index and will be paid as part of the transfer of quarterly Rental Fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4. The Lessee undertakes to pay the full monthly Rental Fees for the entire Lease Period even if the Leased
Property is not used and/or only partially used.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5. It is clarified for the avoidance of doubt that the monthly Rental Fees do not include management fees, as
defined below, which will be paid by the Lessee to the management company as stated in this Agreement and the management agreement that will be signed by the Lessee at the same time as signing this Agreement. In addition, the Rental Fees do not
include property tax payments, water, electricity, etc. It is further clarified that the property tax dues for the parking shall be paid by the Lessee directly to the Lessor immediately upon first demand of the Lessor and this without detracting
from the Lessee's obligation to pay the property tax fees for the offices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.6. Only actual payment of the checks into the Lessor's account will be considered as payment of the Rental
Fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.7. For the avoidance of doubt – as this is not explicitly stated in the clause above, VAT will be added to
all of the above amounts according to law, against the tax invoices that the Lessee will receive from the Lessor according to any law.

**10.**  **<u>Construction of the Building and the Leased Property</u>** 

The Lessee declares and confirms that the Leased Property will be rented without furniture, pictures, carpets and everything that is not permanently attached to the Leased Property, since these items do not belong to the Lessor and these items belong to the current lessee and it has no claim and/or demand regarding these items.

Without detracting from the above, the Leased Property will be handed over to the Lessee when it is ready and suitable for use, clean and painted, with all the systems in it, including water, electricity, air conditioning, plumbing and communication connected, in good condition and working, without any furniture items

The Lessee further declares that it is aware that completion of the interior works in the remaining areas of the building that are not part of the Leased Property, including the floor where the Leased Property is located, may continue beyond the beginning of the Lease Period, and the Lessee agrees to this in advance and undertakes not to oppose them and/or interfere with their execution in any way and manner, provided they comply with in the provisions of the management agreement and will be in accordance with the guidelines and procedures of the management company and the provisions of any law.

**11.**  **<u>Handover Date of Possession</u>** 

The Parties hereby set the handover date of possession for January 1, 2024. Handover of possession in the Leased Property is conditional on the Lessee signing the management agreement, producing confirmation of the existence of insurance policies as a condition of this Agreement and the management agreement, including the production of collateral in accordance with this Agreement and in accordance with the management agreement. If the Lessor is late in handing over the Leased Property to the Lessee, the Lessor will be obliged to compensate the Lessee in the amount of ILS 4,000 plus VAT (hereinafter: the **Agreed Compensation for Late Handover**) for each day of delay in the handover, starting from the first day of the delay in handing over possession. A delay of more than 30 days in handing over possession of the Leased

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Property to the Lessee will give the Lessee the right to cancel the Agreement and recover all the amounts paid to the Lessor and/or the management company until that date, without detracting from the right of the Lessee to receive compensation from the first day of the delay in handing over possession until the actual handover date or until the date of cancellation of the Agreement by the Lessee. The amount of the compensation is estimated in advance and the Lessee will be prevented from asserting any claim regarding the amount of the compensation and will not demand any additional compensation beyond the compensation agreed in advance.

**12.**  **<u>Management of the Building</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1. The Lessee declares that it is aware of the paramount importance that the Lessor attaches to the management of
the Leased Property and its maintenance, in light of the need to maintain the level and quality of the building.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2. As a condition for receiving possession of the Leased Property, the Lessee will sign a management agreement
with the management company, in the form signed by the Lessor and all the lessees of the building, which is attached as **Appendix B** to this Agreement. The Lessee undertakes to fulfill all its obligations as stated in the management agreement,
including bearing all expenses and payments applicable to it to the management company during the entire Lease Period and all in accordance with the provisions of the management agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3. As part of the management services, the Lessee and/or someone on its behalf will be given the right to use the
gym and spa located in the building, which will be operated by the management company and/or someone on its behalf, for a fee paid to the management company in accordance with the provisions of the management agreement and which will be updated by
the management company. The Lessee undertakes to pay the full management fees, including for the spa and the gym, whether or not it will actually use the spa and the gym.

**13.**  **<u>Possession and Management of the Leased Property</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1. The Lessee undertakes to keep the Leased Property in good and proper condition, to avoid causing damage or
deterioration to the Leased Property, and to repair within a reasonable time, itself and at its own expense, any defect, fault or damage to the Leased Property that is caused as stated by the Lessee and/or by someone on its behalf and/or by its
visitors, clients, its employees and/or any other employee on its behalf due to use of the Leased Property, so that the condition of the Leased Property will return to its original state in accordance with the state in which the Leased Property was
before the defect or fault or damage occurred, with the exception of reasonable wear and tear. Notwithstanding the above, the Lessor will be responsible, and the Lessee will not have any responsibility for any damage and/or defect and/or hidden
damage and/or arising from reasonable wear and tear and/or damage or fault in connection with the Leased Property and/or its envelope and/or the skeleton of the building and/or the Leased Property's infrastructure and its systems that existed
in the Leased Property before signing this Agreement, and the obligation to repair and maintain them shall apply only to the Lessor. Regarding repairs that apply to the Lessor, they will be repaired as soon as possible and no later than 5 business
days from the day the Lessee gave written notice about them. It is further clarified that to the extent that the Lessee has a responsibility and/or guarantee from the contractor who built the building and the Leased property and/or from third
parties, then this responsibility is transferred to the Lessee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2. If either Party does not carry out repairs that apply to it as stated in clause 12.1 above and/or does not do
so in a reasonable manner, the other Party may, but is not obligated, after giving written notice to the Party responsible for the repair, 14 days in advance, to carry out any repairs and do any action as it deems reasonably appropriate for the
purpose of repairing the damage and/or returning the situation to its original state, and this at the expense of the other Party. The Party responsible for the repair shall

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pay the other Party immediately upon first demand and within 30 days, the total expenses incurred by the other Party to carry out the repairs as stated above. The party responsible for the repair will pay the invoices of suppliers/contractors for this matter immediately upon first demand, which shall constitute prima facie proof of their correctness. For the purpose of carrying out the repairs according to this clause, the Lessor and/or someone on its behalf may enter the Leased Property after coordinating a date agreed upon by the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.3. The Parties undertake to comply with the provisions of any law, regulation, order or by-law in connection with the Leased Property, its possession and its use, if necessary. The Lessee undertakes not to do and/or allow to be done in the Leased Property or any part of it or in connection with it
anything that may constitute an illegal hazard or nuisance or cause damage to the Lessor and/or the owners and/or the lessees of other areas in the building.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.4. The Lessee undertakes to keep the Leased Property and its immediate surroundings clean, as well as not to place
movables and/or anything else outside of the Leased Property, and not to cause any inconvenience or unreasonable noise, to the owners and/or users of other areas in the building, and also not to use other areas in the building, whether private or
public, which are not included in the Leased Property, except for the purpose of transition and/or in the manner necessary to fulfill its rights according to the provisions of this Agreement and subject to the provisions of the management agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.5. The Lessee undertakes not to hang signs and/or notices on the external walls of the Leased Property (except for
the entrance door to the Leased Property) and/or of the building and/or in any interior area of the building except subject to receiving the permission of the Lessor. The Lessee will be assigned by the building's management company an area in
the entrance lobby of the building (along with the other tenants of the building) to place signage directing the Leased Property. Furthermore, the Lessee will be entitled to place signage (logo and direction) on the rented floor and everything
subject to the approval of the management company and the building's procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.6. The Parties agree that the systems and infrastructures that exist today in the Leased Property, which are:
connection to water and sewage, preparation for water piping (hot/cold) air conditioning, preparation for a ventilation system and sprinklers, which are already adapted to the Leased Property, are in good condition and in working order. If a fault
and/or defect is found in these systems and/or in the Leased Property and/or a defect in the Leased Property caused as a result of reasonable wear and tear and as a result of the Lessee's reasonable use of the Leased Property, the Lessee must
contact the management company for repair of the fault. If the management company refuses to repair the fault/defect, then the Lessee will contact the Lessor, who undertakes to repair the defect at its expense. It will also be clarified that if the
management company requires additional payment for the repair, then this payment will be paid by the Lessor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.7. The Lessee will be entitled to carry out fit out works and/or changes and/or additions to the Leased Property,
itself and at its own expense in order to adapt it to its needs and in accordance with the purpose of the Lease (hereinafter: **Fit Out Works**). The Lessee will present the Fit Out work plan to the Lessor in advance in order to get its approval
for their execution. The Lessor will not refuse execution of these Fit Out Works for reasonable reasons and without the need for reasoning. It is clarified that the Lessor will not approve the establishment of additional services and/or an
additional kitchenette.

**14.**  **<u>Taxes and Other Payments</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1. The Lessee undertakes to pay during the entire Lease Period all the taxes, fees, municipal and governmental
mandatory levies, current or one-time, imposed and which will be imposed, directly or indirectly, on holders of properties similar to the Leased Property, including business tax, fees, permits and business
licenses, as required and as applicable to the Lessee's activity in the Leased Property. Any

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such payment shall be paid by the Lessee on the fixed date for its payment. The Lessor will bear the payments and levies that apply to property owners, including lease fees, development levies and appreciation levies, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2. The Lessee undertakes to bear and pay for the entire Lease Period all payments and expenses for its use of the
Leased Property, in full and on time, including for the supply of electricity, water and telephone lines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3. The Lessee undertakes to present to the Lessor, from time to time, at the Lessor's request, all copies of
receipts and/or confirmations that show that it has indeed paid the payments applicable to it according to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.4. The Lessee undertakes to transfer on its behalf to all the relevant authorities, all the accounts applicable to
it in respect of the Leased Property starting from the day the Lease Period begins as specified in clause 7.1 above, and the Lessor undertakes to cooperate with the Lessee in everything necessary for transferring the aforementioned accounts. All
expenses for transferring the accounts for use of the Leased Property on behalf of the Lessee, will apply to the Lessee and will be paid by it. The Lessee undertakes to contract with the electric company, and the local authority in contracts for the
supply of electricity and water to the Leased Property. It is clarified that there will be no change of owners in the Tel Aviv Municipality in regards to parking, therefore the Lessee undertakes to pay the property tax for the parking directly to
the Lessor, who will pay the property tax for the parking on behalf of the Lessee, and this immediately upon the first demand of the Lessor. If the lessee subleases the parking spaces, it will still be obligated to pay the property taxes for the
parking spaces, and the Lessee is the one who will take care of collecting the property taxes from the sublessee for the parking spaces.

**15.**  **<u>Liability and Indemnification</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1. The Lessee and anyone who comes and/or acts on its behalf will not be responsible in any way for any damage
and/or injury and/or losses and/or expenses caused to the Lessee and/or its property in the Leased Property, except if they are caused to the Lessee and/or someone on its behalf as a result of an act or omission of the Lessor and/or as a result of
reasonable wear and tear.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.2. For the avoidance of doubt and without prejudice to the provisions of clause 14.1 above, it is clarified that
the Lessor and anyone who comes and/or acts on its behalf shall not bear any responsibility whatsoever and/or any liability regarding bodily injury and/or loss and/or damage to property of any kind caused to the Lessee and/or or to its employees
and/or to its customers and/or to anyone on its behalf, including, and without prejudice to the generality of that said, to employees, agents, contractors, customers, visitors and any other person in the Leased Property, except if they are caused as
a result of an act or omission of the Lessor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.3. Subject to the above, the Lessee shall be legally responsible for any loss and/or damage caused to the Lessee
and/or the building and/or its contents and/or to any person and/or corporation, including its employees and/or the Lessor and/or the management company and/or or to those on their behalf and/or to the public visiting the building and/or to any
other person, that were caused by an act and/or omission of the Lessee and/or its employees and/or clients and/or visitors and/or anyone on its behalf and with the exception of damage caused as a result of reasonable wear and tear.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.4. The Lessee undertakes to indemnify the Lessor for any damages and/or expenses that the Lessor has paid for any
damage actually caused by the Lessee and/or anyone on its behalf and for which the Lessee is responsible according to this Agreement, subject to the Lessee being notified of the damage and/or expense and/or for the existence of proceedings against
the Lessor, and also that the Lessee was given the opportunity to defend itself through lawyers on its behalf against the claims raised in the framework of the aforementioned proceedings. Notwithstanding the foregoing, it is clarified that in

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the event of a legal claim, the indemnification obligation as stated in this clause is subject to a judgment being obtained against the Lessor whose execution has not been delayed and that the Lessee (on behalf of the Lessor) has been given an adequate opportunity to defend itself.

**16.**  **<u>Vacating the Leased Property</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.1. The Lessee undertakes to vacate the Leased Property at the end of the Lease Period and hand over possession of
it to the Lessor, when the Leased Property is clear of any person and object belonging to the Lessee, subject to reasonable wear and tear. The Leased Property will be handed over to the Lessor or to whomever it instructs when it includes any
renovation, improvement, addition, change, and repair made to it by the Lessee and which constitute a permanent connection.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.2. For the avoidance of doubt and without prejudice to the generality of the provisions of this Agreement, it is
agreed that any changes or completions or additions that are made to the Leased Property and have a permanent connection attached to it, as well as everything that was performed on the Leased Property and purchased and installed on the Leased
Property, will, upon the end of the Lease Period, become the property of the Lessor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.3. Without prejudice to any other right of the Lessor to claim damages according to this Agreement and/or
according to any law, the Lessee undertakes that if it does not vacate the Leased Property as stated in clause 16.1 above, the following conditions will apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.3.1. The Lessee will pay the Lessor for the period between the fixed date for vacating the Leased Property and the
actual vacating date, an amount equal to 1.5 times the last Rental Fees paid to the Lessor for each month and/or any relative part thereof. The Lessee declares that this amount was determined and agreed upon between the Parties as fixed and pre-agreed damages which were assessed by the Parties in advance judgment as the amount of reasonable damage caused to the Lessor solely due to failure to vacate the Leased Property on time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.3.2. The Lessee will pay all payments, taxes, expenses and management fees in accordance with the management
agreement, and any other payment due for the period between the date for vacating the Leased Property and the actual vacating date, as if the Lease Period had continued, and this, without prejudice to the Lessee's obligation to vacate the
Leased Property. Receipt of the sums detailed above does not create a rental relationship between the Parties regarding the period after the Lessee's vacating date.

**17.**  **<u>Insurance</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1. The Lessee undertakes to purchase at its own expense and to hold in force, starting from the day of entry into
the Leased property until the end of the Lease Period, the following insurance policies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1.1. **Employers' Liability Insurance** – liability insurance of the Lessor towards its employees
according to the tort ordinance (new version) for death and/or bodily harm to any employee as a result of an accident or illness during and as a result of his work. The insurance will be extended to indemnify the Lessor if it is claimed that it
bears the liability of an employer towards any of the Lessee's employees, regarding the occurrence of a work accident and/or any occupational disease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1.2. **Third Party Liability Insurance** – liability insurance of the Lessee according to law, for loss
and/or damage caused to any person and/or entity, in an amount equal to ILS 4,000,000 per case and in total for the insurance period. The insurance will be extended to include the Lessor for its responsibility for the acts or omissions of the
Lessee, and this is subject to a cross-liability clause according to which the insurance will be considered as if it were taken out separately for each of the insured individuals.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1.3. **Property Insurance** – insurance for the full contents of the Leased Property and the equipment
serving the Leased Property that is under the ownership and/or responsibility of the Lessee, including any changes, improvements, renovations and additions to the Leased Property made and/or to be made by the Lessee and/or for it, of any kind and
type, against the risks of: fire, smoke, lightning, explosion, earthquake, storm, tempest, flood, water damage, aircraft damage, accidental damage, strikes, riots, malicious damage, and burglary. The aforementioned insurance policy will include a
condition according to which the insurer waives the right of subrogation towards the Lessor, its employees and managers, provided the aforementioned regarding the right of subrogation shall not apply in favor of a person who caused the damage
maliciously.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1.4. **Fit Out Works Insurance** – fit out work insurance, to the extent that such insurance is required,
will be in accordance with the requirement of the management company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.2. The following provisions will apply to the insurance policies specified in **clause 17.1** above:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.2.1. The Lessee will take out the policies with a legally licensed insurance company, update the insurance amounts,
strictly comply with all policy instructions and pay the premiums on time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.2.2. The policies will include a provision that their cancellation and/or changes, with regard to the Leased
Property or their non-renewal, is conditional on a written notice to be given to the Lessor by the insurer at least 30 days before the date of cancellation or the date of renewal of the policy, or its changes
as mentioned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.3. The Lessee undertakes to use the funds received from the insurance company according to the policies for the
immediate rehabilitation of the damages caused to the Leased Property. The above does not limit or detract from the Lessor's rights to exercise its rights according to the policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.4. Taking out the insurance policies by the Lessee according to this clause shall not reduce or detract in any way
from the Lessee's obligations in accordance with this Agreement, and shall not release it from its obligation to compensate the Lessor and/or any other person for any damage for which the Lessee is responsible under this Agreement and/or
according to any law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.5. The Lessee undertakes to take out all the insurance policies stipulated in the management agreement and to
present to the management company and the Lessor confirmation that it has taken out all the necessary insurance policies by the management company in the manner and at the times specified in the management agreement.

**18.**  **<u>Licensing and Licenses</u>** 

The Lessee declares that it is aware of the conditions required for obtaining any license and/or approval for the purposes of operating the purpose of the Lease in the Leased Property, if such approvals are necessary, and it undertakes to obtain them itself and at its own expense. The Lessee declares that the Lessor is not responsible towards it for obtaining any such license and/or approval for the purpose of operating the Lessee's business. To the extent that such a license and/or approval is required, the Lessor undertakes to cooperate with the Lessee in order to obtain them and to sign (as owner) any document that will be required for that purpose, provided the Lessor does not incur any responsibility by virtue of its signature, including any financial obligation and/or any cost.

**19.**  **<u>Guarantees and Securities</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.1. In order to ensure the Lessee fulfills its obligations as stated in this Agreement, the Lessee will present to
the Lessor at the time of signing this Agreement and as a condition for the Lessee entering the Leased Property, an autonomous and unconditional bank guarantee from an Israeli bank, in the amount of Rental Fees and management fees for 4 months plus
legal VAT. The guarantee amount will be linked to the consumer price index based on the base index as defined in this Agreement. The

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guarantee will be extended by the Lessee at least 30 days before the end of the Lease Period. If the Lessee breaches any fundamental obligation applicable to it according to this Agreement and as a result, the Lessor suffers financial damage, the Lessor may contact the bank and demand payment of the amount of the damage caused, and this only after it has given the Lessee written notice in accordance with this Agreement, of its intention to do so with the details of the breach and the possibility to correct the breach within 14 days of receiving notice from the Lessor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.2. The Lessee declares and undertakes that it is aware that provision of the aforementioned guarantee does not
constitute a waiver and/or infringement of any right of the Lessor, including, and without prejudice to the generality of the foregoing, its right to any other remedy granted to it under this Agreement or under any law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.3. 60 days after the end of the Lease Period and on the condition that the Lessee has vacated the Leased Property
and paid all the payments applicable to it according to this Agreement, the Lessor will return the guarantee in its entirety and if its realization is not required.

**20.**  **<u>Breaches, Remedies and Cancellation of the Agreement</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.1. It is agreed between the Parties that clauses 3, 6, 7, 8, 10, 12, 13, 14, 15, 17, 18, and 20 are fundamental
clauses, the violation of which will constitute a fundamental breach of this Agreement if these are not corrected within 14 days of receiving notification in writing. Any other clause that is breached, and the breach is not corrected within 30 days
of receiving written notification, will also be considered a fundamental clause, the violation of which will constitute a fundamental breach of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.2. Without prejudice to anything stated in this Agreement and any remedy granted to either of the Parties under
this Agreement and/or under any law, in the event that one of the Parties does not pay one of the payments to which he is obligated according to this Agreement on time, the following instructions will apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.2.1. Any amount owed by one Party to the other under this Agreement that is not paid on time will bear interest on
arrears starting from the seventh day from the date of payment stipulated in this Agreement until its actual payment, and this without detracting from any right and/or other remedy of either Party as stated in this Agreement and/or enforced by any
law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.2.2. In the event that either Party fails to perform any of its obligations under this Agreement regarding payments
it owes to any third party, the other Party will be entitled, but not obligated, after giving written notice to the other Party at least 7 business days in advance, to make any payment and/or charge as stated at its discretion and to oblige the
other Party in any amount paid as stated, plus indexation differences from the day of making the payment until the actual receipt of the refund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.2.3. Any arrears in payment of any of either Party to pay the other Party according to this Agreement that exceeds 7
business days will be considered a fundamental breach of this Agreement. However, it is clarified and agreed that arrears that do not not exceed 7 days will not be considered arrears and/or a delay in making the payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.3. It is declared and agreed between the Parties that if either Party breaches this Agreement in whole or in part
or a term of its terms, and does not remedy the breach within a reasonable time after receiving a written notice from the other Party, in which a reasonable time is set for correcting the breach (in which case this will constitute a fundamental
breach) and/or if a Party breaches the Agreement in a fundamental breach, the upholding Party will be entitled to cancel the Agreement, subject to giving 14 days' notice in advance in writing, without this affecting any other right or remedy of
the upholding Party under this Agreement and/or according to any law.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.4. The remedies granted to the Parties in this clause will also apply after one of the events as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.4.1. Bankruptcy proceedings taken against either Party which are not canceled within 90 (ninety) days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.4.2. A trustee appointed for one of the Parties and/or its property and the appointment is not canceled within 90
(ninety) days.

**21.**  **<u>Transfer of Rights</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.1. Subject to the provisions of this Agreement regarding the invention of a replacement lessee and/or sublessee,
the Lessee hereby undertakes not to share with another person or others in the possession and/or operation and/or management of the Leased Property, and not to grant any other person or entity possession and/or permission to use and/or enjoy and/or
any other right in the Leased Property or any part thereof, whether for consideration or without consideration, or in any other way, without obtaining the consent of the Lessor in advance and in writing except for the matter of subleasing the
parking spaces as stated above, and with the exception of sister companies and/or subsidiaries and/or a parent company and/or a corporation related to the Lessee, the Lessee shall be entitled to allow use of the Leased Property, without obtaining
prior written consent of the Lessor. In each of the above cases, the Lessee undertakes to apply in writing and receive the consent of the Lessor at least 14 days in advance. The above does not derogate from the provisions of clause 7.6 above
regarding a replacement lessee and regarding a sublessee, provided the purpose of the lease is for offices. For the avoidance of doubt, it is clarified that the Lessee will be entitled to rent a part of the Leased Property that does not exceed 25%
of the leased area to a sublessee, subject to obtaining consent of the Lessor in advance, which will not refuse it except for reasonable reasons and/or the parking spaces or part of them, and this without obtaining the Lessor's approval for
this in advance, provided that notice has been given to the Lessor and everything is subject to the provisions of clauses 3.8 and 4.5, and in any case, the Lessee will remain responsible for fulfilling its obligations towards the Lessor according to
this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.2. The Lessor may, at its discretion, transfer its rights and obligations under this Agreement to another and/or
others, and any transferee may, at its discretion, transfer its rights and obligations under this Agreement to another and/or others without the need for the Lessee's consent to any such transfer and provided that the Lessee's rights under
this Agreement are not affected by or due to this transfer. It is agreed and clarified that a change in control of the Lessee as a result of a merger, reorganization or purchase of the Lessee will not be considered a transfer of rights that is not
permitted and/or one that requires the Lessor's approval according to this clause 21.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.3. The Lessor will be entitled to pledge and/or encumber all or part of this Agreement and transfer its rights
pursuant to it to another and/or others as well as to sell it and transfer it to a third party at its sole discretion, as well as to assign its rights to receive funds from the Lessee to whomever it deems appropriate, subject to the full fulfillment
of the Lessor's obligations according to the provisions of this Agreement and on the condition that the rights of the Lessee according to this Agreement are not impaired by a lien and/or pledge and/or conversion as mentioned above, and the
Lessee thereby confirms and agrees that it will comply with all the provisions of this Agreement towards any entity that replaces the Lessor, if any, and all on the condition that the rights of the Lessee according to this Agreement are not harmed.

**22.**  **<u>General</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.1. The Lessee will allow a representative of the Lessor, as required, to enter the Leased Property in the presence
of a representative of the Lessee only, after prior coordination, for the purpose of checking compliance with the Lessee's obligations under this Agreement as well as for the purpose of presenting the Leased Property to potential future buyers
and/or lessees, and all this subject to prior coordination of the planned visit date and on the condition that the visit will be during the operating hours of the Leased Property and by prior arrangement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.2. Any waiver, disclaimer or extension given or made by either Party will not be valid, unless expressly made in
writing, and no waiver, disclaimer or extension of any breach of this Agreement may be inferred or understood from a mere act or omission other than an express written notification. Delay or refraining from using any right of either Party according
to this Agreement shall not be considered a hindrance to the other party. A written waiver made in any case will not be used to learn an equivalent decision for another matter, and no other waiver of that Party should be inferred from it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.3. The Parties agree that the provisions of this Agreement reflect, embody, exhaust and express everything agreed
upon between the Parties and every representation, promise, summary, agreement, statement and/or commitment given and/or made whether in person or in writing, including in a document, letter , advertisement or prospectus will have no validity and
will not bind the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.4. Any change to this Agreement will not be valid unless it is made in writing and signed by all Parties to this
Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.5. The Lessee declares that it is aware that the Law Firm of Makov, Nof, Huberman & Co. represents the
Lessor in this Agreement and is entitled to be represented by any attorney on its behalf.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.6. It is hereby agreed that disputes between the Parties will be submitted to the decision of an agreed
arbitrator, who will serve as the sole arbitrator (hereinafter: the **Arbitrator**). If there is a dispute on issues relating to financial matters that require accounting expertise or expertise in the field of taxation, an arbitrator will be
appointed who is a renowned CPA from one of the four largest accounting firms in Israel and who is independent of any of the Parties. If the Parties do not reach an agreement regarding the identity of the Arbitrator within 14 days from the day a
Party to the Agreement gave notice of its desire to appoint an arbitrator, the Parties will contact the arbitration institution of the Bar Association for the appointment of an arbitrator for the parties. Failure to pay the Rental Fees on time
and/or failure to vacate the Leased Property on time will not be considered a dispute between the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.7. The provisions of the above clause 22.6 will be considered an arbitration agreement between the Parties. The
provisions of the Arbitration Law, 5728-1968, the regulations established pursuant to it and the rules of the Bar Association's Arbitration Institute shall apply to the arbitration. Without deviating from the aforementioned, the arbitrator will
be subject to the provisions of Israeli substantive law, but not to the provisions relating to customary legal procedures and the laws of evidence; The Arbitrator will be obliged to give reasons for his decisions, and his decisions will bind the
Parties. The Arbitrator will be authorized to grant temporary remedies and partial judgments. There is no appeal by any party to the Arbitrator to exempt that Party from fulfilling its obligations under this Agreement, subject to another decision of
the Arbitrator.

**23.**  **<u>Addresses and Messages</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.1. The addresses of the Parties for the purposes of the Agreement are as stated in the introduction to the
Agreement. After the start of the Lease Period, the Lessee's address for the purposes of the Agreement will be in the Leased Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.2. Any message sent pursuant to the provisions of this Agreement shall be in writing and sent by one Party to the
other by registered mail or delivered by hand or sent by fax and shall be deemed to have been sent in the reasonable time in which said message must reach the addressee.

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**In evidence the Parties sign:** 

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| | |
|:---|:---|
| /s/ Shiloh Shmuel<br> /s/ Cotserv Commercial and Technical Services Ltd. | /s/ Dan Raviv |
| **The Lessor** | **The Lessee** |

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[15]

## Exhibit 10.14

**Exhibit 10.14** 

Certain information has been excluded from this agreement (indicated by "[\*\*\*]") because Lendbuzz Inc. has determined such information (i) is not material and (ii) is of the type that the registrant treats as private or confidential.

![LOGO](g715014g36v07.jpg)

March 31, 2023

Lendbuzz, Inc.

Lendbuzz Funding LLC

100 Summer Street, Suite 3150

Boston, MA 02110

Attention: Mr. George Sclavos, CFO

---

| | |
|:---|:---|
| Re: | **<u>$20,000,000 Committed Line of Credit</u>**  |

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Ladies and Gentlemen:

We are pleased to inform you that Bank Hapoalim B.M. ("**<u>Bank</u>**", "**<u>we</u>**", or "**<u>us</u>**") has approved, and is willing to make available to Lendbuzz, Inc., a corporation organized under the laws of Delaware ("**<u>Lendbuzz</u>**"), and Lendbuzz Funding LLC, a limited liability company organized under the laws of Delaware ("**<u>Lendbuzz Funding</u>**"), (Lendbuzz and Lendbuzz Funding, each a "**<u>Borrower</u>**" and, collectively, the "**<u>Borrowers</u>**"), the credit accommodations as further described below, subject to the terms and conditions set forth in this Letter Agreement (as defined herein).

A.  **<u>Credit Terms</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.  **<u>Facility</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 **<u>Line of Credit</u>**. Bank hereby agrees to make available to Borrowers a committed line of credit ("**<u>Line of Credit</u>**") under which Borrowers may request and Bank, subject to the terms and conditions contained herein, will make advances ("**<u>Advances</u>**") to Borrowers from time to time up to the earlier to occur of (i) March 31, 2025, (ii) the acceleration of the maturity of the amounts due hereunder upon an Event of Default (as defined in <u>Section B.</u> below) (including the expiration of any applicable cure period) and (iii) the date the Borrowers elects in writing to terminate the Line of Credit; <u>provided</u> that on such date there are no Obligations outstanding and Borrowers have provided at least three (3) Business Days' prior written notice to Bank (which notice may be conditioned on the occurrence of a specified transaction and revoked or delayed if such transaction does not occur or is delayed)("**<u>Maturity Date</u>**"), in an aggregate amount not to exceed at any time the Maximum Line of Credit Amount, the proceeds of which shall be used for the purposes set forth in <u>Section A.5.13</u> below. The "**<u>Maximum Line of Credit Amount</u>**" shall mean $20,000,000. The Maturity Date may be extended by the mutual agreement of Borrowers and Bank. Borrowers' obligation to repay Advances under the Line of Credit shall be evidenced by a promissory note in form and content attached hereto as <u>Exhibit A</u> ("**<u>Note</u>**"), the terms of which are incorporated herein by this reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 **<u>Repayment</u>**. Subject to the limitations set forth herein and in the Note, Borrowers may borrow, repay, and re-borrow Advances under the Line of Credit until the Maturity Date. The aggregate principal balance outstanding under the Line of Credit, together with all accrued but unpaid interest thereon, shall be due and payable on the Maturity Date, all as more particularly set forth in the Note.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 **<u>Clean Up</u>**. Notwithstanding anything to the contrary contained herein, Borrowers must maintain a zero balance under the Line of Credit for a period of at least twenty (20) consecutive days during each twelve (12) month period during the term hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **<u>Interest</u>**. The outstanding principal balance of Advances under the Line of Credit shall bear interest at the rates, be computed in accordance with, and be payable on the dates and times as set forth in the Note. Overdue amounts shall bear interest at a default rate above the otherwise applicable rate, as more particularly provided in the Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **<u>Fees</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 **<u>Upfront Fee</u>**. Borrowers shall pay to Bank an upfront fee equal to ****[\*\*\*] ([\*\*\*] of the Maximum Line of Credit Amount), which upfront fee shall be fully-earned and non-refundable upon receipt thereof by Bank and which fee shall be payable on the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 **<u>Unused Line Fee</u>**. Borrowers shall pay to Bank an unused availability fee at a rate of (i) [\*\*\*] per annum on the average daily unused amount of the Line of Credit, which fee shall be calculated in each case on a quarterly basis by Bank for the preceding quarter, and shall be due and payable by Borrowers in arrears on the first (1<sup>st</sup>) day of each April, July, October, and January, commencing on April 1, 2023, and on the termination of the Line of Credit, whether on the Maturity Date or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **<u>Security</u>**. As security for all indebtedness, liabilities, or obligations of Borrowers to Bank in connection with this Letter Agreement and the other Loan Documents, whether direct or contingent, now existing or hereafter arising and however evidenced, and including all principal, interest, reimbursements, indemnities, fees, and other charges in connection therewith (collectively, "**<u>Obligations</u>**"), Borrowers shall execute and deliver, or cause to be executed and delivered, to Bank, the following, in each case in form and substance satisfactory to Bank:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 **<u>Security Agreement</u>**. One or more security agreements or general charges (the "**<u>Security Agreements</u>**") granting Bank a valid and perfected first priority Lien (subject to Permitted Liens (as defined below)) on, and security interest in the Collateral (as defined in each of the Security Agreement and Pledge Agreement). In addition to any other Security Agreement, Lendbuzz shall also execute a Trademark Collateral Assignment and Security Agreement granting Bank a valid and perfected first priority Lien (subject to Permitted Liens) on the intellectual property constituting Collateral, which shall be filed or recorded with the US Patent and Trademark Office after the date hereof.

All Liens and security interests covering the Collateral shall be on terms and pursuant to such Security Agreements, Pledge Agreements (as defined below), UCC-1 financing statements, deeds of trusts or mortgages, and other documentation reasonably required by, and in form reasonably satisfactory to, Bank. Borrowers shall pay to Bank, within 15 days of receipt of invoice (with supporting documentation) from Bank, the full amount of all reasonable and documented out-of-pocket fees, costs and expenses expended or incurred by Bank (or on behalf of Bank) with respect to any of the Collateral, including without limitation, filing and recording fees and taxes.

As used herein:

"**<u>Excluded Accounts</u>**" shall mean:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) those servicing accounts maintained at Wells Fargo Bank or any other financial institution from time to time
utilized by a Borrower in the

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ordinary course of business in connection with such Borrower's asset-backed special vehicle financing, warehouse credit facilities, warehouse line of credit, securitization financing, forward flow facilities, whole-loan sales or other similar financing arrangements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any deposit accounts, securities accounts or other accounts maintained by a Borrower that are (A) zero
balance accounts, (B) payroll accounts, (C) withholding and trust accounts, (D) escrow accounts for the purpose of establishing or maintaining escrow amounts for third parties, (E) employee benefit accounts, (F) 401(k) accounts,
(G) pension fund accounts and (H) tax withholding accounts.

"**<u>Excluded Assets</u>**" shall mean:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all equity ownership interests held by any Borrower in any Excluded Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all Excluded Accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Lendbuzz Funding's indirect equity ownership interests in Lendbuzz Securitization Trust 2021-1 and Lendbuzz Securitization Trust 2022-1, both Delaware trusts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) leasehold interests in any real property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any commercial tort claim with a value not in excess of [\*\*\*];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any personal property (including, without limitation, motor vehicles and other assets subject to certificates
of title, aircraft and letter of credit rights (other than supporting obligations)) in respect of which perfection of a Lien is not either (A) governed by the Uniform Commercial Code as adopted and enacted and in effect from time to time in the
State of New York ("  **<u>UCC</u>**") or (B) effected by appropriate evidence of the Lien being filed in either the United States Copyright Office or the United States Patent and Trademark Office;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) any personal property as to which the Bank and Borrowers agree in writing that the costs or other consequences
of obtaining a security interest or perfection thereof are excessive in view of the benefits to be obtained by the Bank therefrom;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) any "intent-to-use" application for registration of a trademark of any Borrower filed in the United States Patent and Trademark Office pursuant to Section 1(b) of the Lanham Act, 15 U.S.C. § 1051, prior to the filing of a "Statement of Use" pursuant
to Section 1(d) of the Lanham Act or an "Amendment to Allege Use" pursuant to Section 1(c) of the Lanham Act with respect thereto, solely to the extent, if any that, and solely during the period, if any, in which the grant of a
security interest therein would impar the validity or enforceability of any registration that issues from such intent-to-use application under applicable federal law;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) assets to the extent a security interest in such assets would result in material adverse tax or regulatory
costs or consequences to any Borrower or any subsidiary of a Borrower as reasonably determined by Borrowers and provided that Bank consents to such determination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) any assets to the extent such assets are held by a Borrower in escrow or trust on behalf of a third party; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) any assets to the extent the granting of a security interest therein (A) would be contrary to applicable
law or (B) is prohibited by or would constitute a default under any agreement or document governing such property (but only to the extent such prohibition is enforceable under applicable law); provided that, upon the termination or lapsing of
any such prohibition, such property shall cease to constitute Excluded Assets and shall automatically be part of the Collateral and, provided, further, that the exclusion of such assets will not, in the reasonable discretion of Bank, leave it
without sufficient security for the payment or performance of the Obligations.

"**<u>Excluded Subsidiaries</u>**" shall mean:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Lendbuzz Ltd, an Israeli corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Lendbuzz Floorplan, LLC, a Massachusetts limited liability company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any subsidiary of a Borrower whose pledge of equity is prohibited by the terms or conditions of any
(A) asset-backed special vehicle financing, (B) warehouse credit facility or warehouse line of credit, (C) securitization financing, (D) forward flow facilities, (E) whole-loan sales or (F) other similar financing
arrangements, in each case, undertaken by a Borrower or its affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 **<u>Pledge Agreements</u>**. One or more pledge agreements (the "**<u>Pledge Agreements</u>**") granting Bank a valid and perfected first priority Lien (subject to Permitted Liens) on and security interest in all of the following assets of Borrowers (collectively, the "**<u>Pledged Collateral</u>**"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all limited liability company interests held by each Borrower, as applicable, in each of the entities set forth on <u>Schedule A.4.2(a)</u> and all profits, interest, dividends, income, distributions and cash and non-cash proceeds thereof, and all proceeds of any of the foregoing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) every deposit account of Borrowers with Bank and or any of Bank's subsidiaries and/or their respective nominees or agents, and all funds therein, whether now existing or hereafter arising, and all other personal property of Borrowers (including without limitation all money, accounts, general intangibles, goods, instruments, documents and chattel paper) which, or any evidence of which, are now or at any time in the future shall come into the possession or under the control of or be in transit to Bank or any of Bank's subsidiaries and/or their respective nominees or agents for any purpose, whether or not accepted for the purposes for which it was delivered.

Notwithstanding anything herein to the contrary, "Pledged Collateral" shall not include any Excluded Assets.

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If the Pledged Collateral is evidenced by physical certificates, such certificates shall be delivered to Bank, together with a signed, undated blank stock power in form acceptable to Bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 **<u>Release</u>**. Upon the repayment in full of all Obligations and termination of the Line of Credit (other than contingent indemnification obligations for which no demand has been made), Bank shall promptly (i) release and terminate the security interest over the Collateral and the Pledged Collateral and take appropriate action to unregister the security wherever it was registered and (ii) take any reasonable actions requested by Borrowers as may be necessary to evidence release of its security interests in and Liens on any property of Borrowers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **<u>Representations</u>**. To induce Bank to extend the credit accommodations described herein, and upon the making of each Advance to Borrowers pursuant to the Line of Credit, Borrowers, jointly and severally, represent and warrant to Bank as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 **<u>Legal Status</u>**. Each Borrower is duly organized, validly existing, and in good standing under the laws of the State of Delaware and has the power and authority to own its assets and to conduct its business as now carried on, and is qualified or licensed to do business (and is in good standing as a foreign corporation and limited liability company, if applicable) in all jurisdictions in which such qualification or licensing is required or in which the failure to so qualify or to be so licensed would have a Material Adverse Change on such Borrower. "**<u>Material Adverse Change</u>**" shall mean a material adverse change in or material adverse effect on the business, assets, properties, liabilities (actual or contingent), operations or financial condition of either Borrower, individually, or Borrowers and their subsidiaries, taken as a whole.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 **<u>Authorization; Enforceability</u>**. Each Borrower has the requisite power and authority to enter into the transactions provided for herein, and this Letter Agreement, the Note, and each other Loan Document (as defined below) to which it is a party, has been duly authorized, and upon execution and delivery in accordance with the provisions hereof will each constitute the legal, valid, and binding obligation of such Borrower, enforceable in accordance with their respective terms. The above is subject to the following reservations: (a) applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance, or other laws of general application relating to the enforcement of creditors' rights generally; or (b) laws relating to the availability of specific performance, injunctive relief, or other equitable remedies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 **<u>No Violations; No Conflicts</u>**. As of the date of this Letter Agreement, there does not exist, and the execution, delivery and performance by either Borrower of each of the Loan Documents to which it is a party do not create, any default or violation by such Borrower, as applicable, of any provision of: (i) any law, rule, regulation, order, decree, judgment, condition or requirement applicable to or imposed upon such Borrower by any applicable law, court or other governmental authority; (ii) any contract, obligation, indenture, or other instrument to which such Borrower is a party or by which such Borrower may be bound; or (iii) any organizational or governance document of such Borrower, in each case, in a manner that would reasonably be expected to result in a Material Adverse Change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 **<u>Litigation</u>**. As of the date of this Letter Agreement, there are no pending or, to either Borrower's knowledge, threatened in writing, actions, suits, proceedings, claims, or investigations by or before any court or other governmental authority which would reasonably be expected to result in a Material Adverse Change to, (i) the ability of any Borrower to perform its respective obligations under the Loan Documents, or (ii) any of the Collateral or Bank's security interest therein, in each case, other than as disclosed by Borrowers to Bank in writing before the date hereof.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 **<u>Financial Statements; No Material Adverse Change; Liens</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The most recent financial statements of Borrowers delivered to Bank are true, complete, and fairly present in all material respects the consolidated financial condition and results of operations of each Borrower and its consolidated subsidiaries in accordance with GAAP (as defined below), as at the end of, and for, such period (subject to normal year-end audit adjustments).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Since the dates of the financial statements described in <u>clause (a)</u> above, there has been no Material Adverse Change in the financial condition of any Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6 **<u>Taxes</u>**. Each Borrower has filed all returns required to be filed by it in connection with any federal, state, or local tax or similar duty or charge assessed or imposed upon it, its operations or its property and all such taxes have been either paid, adequate reserve has been made therefor or are being contested in good faith by appropriate proceedings, and neither Borrower has any knowledge of any pending material adjustments of its income tax payable with respect to any year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7 **<u>Good Title</u>**. Each Borrower has valid, indefeasible and legal title to all of its assets, none of which is subject to any mortgage, indenture, pledge, Lien, conditional sale contract, security interest, encumbrance, claim, trust or charge except as referred to in the financial statements delivered to Bank prior to the date hereof, or except as otherwise permitted herein, including, for the avoidance of doubt, any Permitted Liens.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.8 **<u>Permits, Franchises; Intellectual Property</u>**. Each Borrower possesses (i) all permits, memberships, franchises, contracts, and licenses required and (ii) title or other legal rights to all trademark rights, trade name rights, patent rights, copyrights, and fictitious name rights necessary to, in each case, enable it to conduct the business in which it is now engaged, except where the failure to so possess would not reasonably be expected to result in a Material Adverse Change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.9 **<u>Other Obligations</u>**. Neither Borrower is in default on any material obligation for borrowed money, any purchase money obligation, or any other material lease, commitment, contract, instrument, or obligation, except as have been disclosed in writing to Bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10 **<u>No Event of Default</u>**. There is no event which is, or with notice or a lapse of time or both would be, an Event of Default under this Letter Agreement or any other Loan Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.11 **<u>Compliance with ERISA</u>**. Each Borrower is in compliance in all material respects with all presently applicable provisions of the Employee Retirement Income Security Act of 1974, as amended ("**<u>ERISA</u>**"); no "reportable event" (as defined in ERISA) has occurred with respect to any "pension plan" (as defined in ERISA) for which such Borrower would have any liability; neither Borrower has incurred, or expects to incur, liability under (i) Title IV of ERISA with respect to termination of, or withdrawal from, any "pension plan" or (ii) Section 412 or 4971 of the Internal Revenue Code of 1986, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12 **<u>Organizational</u> <u>Structure</u>**. Set forth on <u>Schedule A.5.12</u> hereof is a complete and correct organizational structure chart of Borrowers as of the date of this Letter Agreement, together with, for each entity listed thereon, (a) each person or entity holding ownership interests in such entity and (b) the percentage ownership interests held.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13 **<u>Use of Proceeds</u>**. Borrowers shall use the proceeds of the Line of Credit for repayment of the existing loans, working capital and/or general corporate purposes (excluding acquisitions of the equity or assets of other entities not permitted pursuant to this Letter Agreement and not otherwise agreed to by the Bank in its sole discretion).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.14 **<u>Full Disclosure</u>**. Without limitation of any other representation set forth herein, all written information in the loan application, financial statements, certificates, or other documents and all other written information (in each case as modified by subsequent information so furnished), in each case, prepared and delivered by or on behalf of Borrowers to Bank in obtaining the credit accommodations described in this Letter Agreement is correct and complete in all material respects, and there are no omissions therefrom that result in such information being incomplete, incorrect or misleading in any material adverse respect as of the date thereof; provided that with respect to projected or forecasted information, each Borrower represents only that such information was prepared in good faith based upon assumptions believed to be reasonable at the time of preparation of such information (it being understood that (a) such projected or forecasted information is not to be viewed as fact, that actual results during the period or periods covered by such forecasts or projections may differ from the projected or forecasted results (and such differences may be material) and (b) no representation or warranty is made with respect to information of a general economic or industry specific nature).

Borrowers, jointly and severally, further warrant, represent, and covenant that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15 **<u>Prohibited Person Compliance</u>**. Neither Borrower nor any of their respective affiliates is or will be a person (a) that is listed in the Annex to, or is otherwise subject to the provisions of, Executive Order 13224 issued on September 24, 2001 ("**<u>EO13224</u>**"), (b) whose name appears on the United States Treasury Department's Office of Foreign Assets Control ("**<u>OFAC</u>**") most current list of "Specifically Designated National and Blocked Persons," (c) who commits, threatens to commit or supports "terrorism" as defined in EO13224, or (d) who is otherwise affiliated with any entity or person listed above (any and all parties or persons described in subparts (a) through (d) above are herein referred to as a "**<u>Prohibited Person</u>**"). Neither Borrower nor any of their respective affiliates will knowingly (i) conduct any business, nor engage in any transaction or dealing, with any Prohibited Person, including, but not limited to, the making or receiving of any contribution of funds, goods, or services to or for the benefit of a Prohibited Person, or (ii) engage in or conspire to engage in any transaction that evades or avoids, or has the purpose of evading or avoiding, or attempts to violate, any of the prohibitions set forth in EO13224. Borrowers shall deliver (from time to time) to Bank any such certification or other evidence as may be requested by Bank in its sole and absolute discretion, confirming each such representation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.16 **<u>Foreign Corrupt Practices Act</u>.** Neither Borrower, nor to the knowledge of either Borrower, any agent or other person acting on behalf of either Borrower, has (a) directly or indirectly, used any funds for unlawful contributions, gifts, entertainment or other unlawful expenses related to foreign or domestic political activity, (b) made any unlawful payment to foreign or domestic government officials or employees or to any foreign or domestic political parties or campaigns from corporate funds, (c) failed to disclose fully any contribution made by a Borrower (or made by any person acting on its behalf of which a Borrower is aware) which is in violation of law, or (d) violated in any material respect any provision of the Foreign Corrupt Practices Act of 1977 (15 U.S.C. §§ 78dd-1, et seq.), as amended ("**<u>FCPA</u>**"). Each Borrower shall cause any agent or other person acting on its behalf to comply with the FCPA, including maintaining and complying with all policies and procedures to ensure compliance with FCPA.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **<u>Covenants</u>**. Borrowers, jointly and severally, covenant and agree that, until the Line of Credit is terminated and all Obligations are indefeasibly paid in full (other than contingent indemnification obligations for which no demand has been made), unless Bank waives compliance or otherwise consents in writing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 **<u>Reporting</u>**. Each Borrower, shall deliver to Bank, or cause to be delivered to Bank, in form and detail satisfactory to Bank:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Annual Financial</u> <u>Statements (Lendbuzz)</u>. Not later than 120 days after and as of the end of each fiscal year of Lendbuzz, consolidated balance sheets and statements of income and retained earnings of Lendbuzz for the preceding fiscal year, together with the comparative financial statements for the corresponding periods of the preceding fiscal year, in each case audited and certified without qualification, by independent certified public accountants reasonably acceptable to Bank (which shall include, but is not limited to, any big four accounting firm);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Annual Financial Statements (Borrowers)</u>. As soon as practical, but in any event not later than 120 days after and as of the end of each fiscal year of Borrowers, consolidated balance sheets and statements of income and retained earnings of Borrowers for the preceding fiscal year, together with the comparative financial statements for the corresponding periods of the preceding fiscal year, prepared and duly certified as complete and correct in all material respects by the chief financial officer, or other duly authorized employee of Borrowers reasonably acceptable to Bank (subject to normal year-end adjustments);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Quarterly Financial Statements (Lendbuzz)</u>. As soon as practical, but in any event not later than 60 days after and as of the end of each fiscal quarter of Lendbuzz, consolidated balance sheets and statements of income and retained earnings of Lendbuzz for such quarter and for the period commencing at the beginning of such fiscal year and ending on the last day of such quarter, together with the comparative financial statements for the corresponding periods of the preceding fiscal year, prepared and duly certified as complete and correct in all material respects by the chief financial officer, or other duly authorized employee of Lendbuzz reasonably acceptable to Bank (subject to normal year-end adjustments);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Quarterly Financial Statements (Borrowers)</u>. As soon as practical, but in any event not later than 60 days after and as of the end of each fiscal quarter of Borrowers, consolidated balance sheets and statements of income and retained earnings of Borrowers for such quarter and for the period commencing at the beginning of such fiscal year and ending on the last day of such quarter, together with the comparative financial statements for the corresponding periods of the preceding fiscal year, prepared and duly certified as complete and correct in all material respects by the chief financial officer, or other duly authorized employee of Borrowers reasonably acceptable to Bank (subject to normal year-end adjustments);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Budget</u>. Not later than 90 days after the end of each fiscal year of Borrowers, full operating annual budget of Borrowers for the upcoming year (including balance sheets, income statement and cash flow statement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Compliance Certificates</u>. Together with each of the items described in <u>clauses A.6.1(a)</u> through <u>(d)</u> above, a certification, substantially in the form of <u>Exhibit B</u> attached hereto, by the chief financial officer or other duly authorized employee of Borrowers reasonably acceptable to Bank as to (i) Borrowers' compliance with the financial covenants set forth in <u>Section A.6.2</u> below for the applicable fiscal period(s) then ended (including reasonably detailed calculations necessary to show such compliance), (ii) that no Event of Default exists, or if an Event of Default exists, describes the nature thereof and the corrective measures proposed by Borrower with respect thereto, and (iii) that representations and warranties of the Borrowers and related parties contained in the Loan Documents are true and correct in all material respect (and true and correct in all respects, in the case of any representations and warranties qualified by materiality) on and as of the date hereof, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct as of such earlier date;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Notices of Default</u>. Borrowers shall advise Bank immediately upon becoming aware that an Event of Default has occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Notices of</u> <u>Litigation</u>. Borrowers shall promptly advise Bank upon becoming aware of any pending or threatened litigation which would reasonably be expected to result in a Material Adverse Change; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Other Information</u>. Borrowers shall promptly provide such additional information regarding the business, affairs or financial condition of Borrowers as Bank reasonably deems necessary from time to time; <u>provided</u> that any such information is already available to Borrowers and it is not required to generate it in connection with the Bank's request unless required by applicable law or in connection with any pending or threatened litigation proceeding.

Unless otherwise set forth herein, all financial statements to be delivered pursuant to this Letter Agreement shall be made and prepared in accordance with generally accepted accounting principles in the United States of America in effect from time to time (including principles of consolidation where appropriate) ("**<u>GAAP</u>**"), consistently applied and (where appropriate for interim statements) subject to normal year-end adjustments. All financial or accounting terms used herein shall (unless otherwise defined herein) have the meanings ascribed to such terms under GAAP and prepared on a consolidated and consolidating basis. The fiscal year of each Borrower is from January 1<sup>st</sup> to December 31<sup>st</sup>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 **<u>Financial Covenants</u>**. Borrowers shall comply with the following financial covenants:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Minimum Fixed Charge Coverage Ratio</u>. Borrowers shall maintain a Fixed Charge Coverage Ratio (as defined below) of not less than [\*\*\*] to [\*\*\*] as of the end of each fiscal quarter of Borrowers, commencing with the fiscal quarter ending September 30, 2023.

As used herein: "**<u>Fixed Charge Coverage Ratio</u>**" shall mean, for the applicable measurement period, the ratio of (i) the sum of Borrowers' net income, <u>plus</u> interest expense, <u>plus</u> income tax, <u>plus</u> depreciation and amortization to (ii) the sum of Borrowers' principal and interest payments paid or payable on Funded Indebtedness (defined below), <u>plus</u> dividends and distributions, <u>plus</u> capital expenditures not funded with borrowed money, in each case, during the applicable measurement period. "**<u>Funded Indebtedness</u>**" means, with respect to any Borrower as of any date of determination, the sum of the following of such Borrower (in each case determined in accordance with GAAP (but without reduction for original issue discount or other items under GAAP that would reduce the aggregate principal amount thereof below the face amount thereof)): (a) all obligations of such Borrower for borrowed money; (b) all obligations of such Borrower for trade accounts payable and similar obligations that are more than sixty (60) days past due; (c) all obligations of such Borrower evidenced by bonds, notes, debentures or similar instruments, including obligations so evidenced incurred in connection with the acquisition of property, assets or businesses; (d) all obligations of such Borrower issued or assumed as the deferred and unpaid purchase price of property or services (excluding trade accounts payable incurred in the ordinary course of business that are not more than sixty (60) days past due and which are classified as short term liabilities in accordance with GAAP); (e) all Capital Lease (as defined in GAAP) obligations and (f) all mandatory redemption, mandatory repurchase or mandatory dividend obligations with respect to such Borrower's equity interest, in each case to the extent due in cash on or before the date which is 91 days after the Maturity Date.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 **<u>Other Covenants</u>**. Each Borrower shall comply, or cause compliance, with the following covenants:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Bank Accounts</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each Borrower shall maintain its primary depository accounts with Bank and its affiliates (to the extent the Bank and/or its affiliates offer the types of accounts that are necessary or desirable in such Borrower's business); <u>provided</u>, that all proceeds of equity raises by either Borrower shall be promptly deposited in account(s) with Bank. At the option of Bank, all interest payments, principal payments, reimbursements, and fees may be automatically deducted from Borrowers' account(s) maintained with Bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) At all times, Borrowers shall maintain an aggregate cash balance in depository accounts with Bank in an aggregate amount not less than $5,000,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Records</u>. Each Borrower shall maintain adequate books and records in accordance with GAAP, consistently applied, and upon reasonable prior written notice shall permit Bank, or its agents or other representatives, at reasonable times during normal business hours but not more than once per fiscal year, to (i) inspect, audit and examine such books and records, (ii) make copies of the same, to inspect the properties of such Borrower, (iii) inspect and examine the Collateral, and (iv) obtain valuations or appraisals of the Collateral, all at Borrowers' sole cost and expense; <u>provided</u> that when an Event of Default exists the Bank may do any of the foregoing at the expense of Borrowers as often as may be reasonably desired at any time during normal business hours of Borrowers and without advance notice. Notwithstanding anything to the contrary in this <u>Section A.6.3(b)</u>, Borrowers shall not be obligated to disclose or permit the inspection or discussion of any document, information or other matter (i) that constitutes non-financial trade secrets or non-financial proprietary information, provided that such information is not relevant to the business, operations, properties and condition, financial or otherwise, of Borrowers, (ii) in respect of which disclosure to the Bank is prohibited by (A) applicable law, (B) fiduciary duty, or (C) any confidentiality obligations to a third party (provided such confidentiality obligations were not entered into in contemplation of the requirements of this <u>Section A.6.3(b))</u>, in which case Borrowers shall notify Bank of such impediment and of the nature of the information not being disclosed, or (iii) that is subject to attorney client or similar privilege or constitutes attorney work product (provided that management of Borrowers concludes in good faith, upon advice of counsel, that access to such materials would adversely affect the attorney-client privilege between Borrowers and such counsel).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Approvals; Compliance with Law</u>. Each Borrower shall obtain, preserve, and maintain all governmental and other licenses, permits, approvals, rights, privileges, and franchises necessary for the ownership of its properties and conduct of its business, and shall comply with the requirements of all governmental laws, rules, regulations, and orders applicable to it, its properties, and/or its business, in each case as required in order to avoid a Material Adverse Change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Taxes</u>. Each Borrower shall promptly pay and discharge all of its taxes, assessments, and other governmental charges prior to the date on which penalties are attached thereto, establish adequate reserves for the payment of taxes and assessments, and make all required withholding and other tax deposits. Nothing herein shall be interpreted to require the payment of any tax, assessment, or charge so long as its validity is being contested in good faith and by appropriate proceedings diligently conducted, and each Borrower has established an adequate reserve for any such expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Insurance</u>. Each Borrower shall maintain and keep in force insurance of the types and in amounts customarily carried in similar lines of business and with respect to similar assets and

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properties, and shall deliver to Bank evidence of such insurance and, within sixty (60) days of the date of this Letter Agreement, a certification or endorsement naming Bank as lender loss payee, additional insured, mortgagee, or otherwise as required by Bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Maintenance of Collateral and Properties</u>. Each Borrower shall keep and maintain the Collateral and all properties useful or necessary to its business in good repair and condition, subject to normal wear and tear.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Indebtedness</u>. Neither Borrower shall create, assume, incur, guarantee, endorse (except endorsements in the course of collection), or permit or suffer to exist any indebtedness or other liabilities arising from any borrowing, loan, or advance, except: (i) the Obligations in favor of Bank; (ii) Permitted Indebtedness; and (iii) extensions, refinancing, modifications, amendments and restatements of any items of Permitted Indebtedness; <u>provided</u> that the principal amount thereof is not increased or the terms thereof are not modified to impose more burdensome terms upon any Borrower. As used herein, "**<u>Permitted Indebtedness</u>**" shall mean:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) indebtedness in connection with asset-backed special vehicle financing, warehouse credit facilities or
warehouse lines of credit, securitization financing, forward flow facilities or whole-loan sales or other similar financing arrangements entered into by any Borrower or any of their affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) performance guarantees and guarantees of indebtedness, in each case, in connection asset-backed special vehicle
financing, warehouse credit facilities or warehouse lines of credit, securitization financing, forward flow facilities or whole-loan sales or other similar financing arrangements entered into by any Borrower or any of their affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) indemnities in favor of lenders in asset-backed special vehicle financing, warehouse credit facilities or
warehouse lines of credit, securitization financing, forward flow facilities or whole-loan sales or other similar financing arrangements entered into by any Borrower or any of their affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) repurchase obligations related to any asset-backed special vehicle financing, warehouse credit facilities or
warehouse lines of credit, securitization financing, forward flow facilities or whole-loan sales or other similar financing arrangements entered into by any Borrower or any of their affiliates in an amount not to exceed in the aggregate $5,000,000
at any one time outstanding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) hedging agreements, including interest rate swaps;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) intercompany indebtedness incurred in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) open account trade debt incurred in the ordinary course of business and not past due for more than 60 days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) unsecured subordinated indebtedness of any Borrower in an aggregate principal amount not to exceed $20,000,000
at any one time outstanding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) endorsement of items for deposit or collection of commercial paper received in the ordinary course of business;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) indebtedness in respect of (i) workers' compensation claims, unemployment insurance and other types
of social security and employee health and disability benefits, or casualty-liability insurance, payment obligations in connection with self-insurance or similar requirements, and (ii) tenders, completion guarantees, statutory obligations,
surety, environmental or appeal bonds, bids, leases, government contracts, contracts (other than for borrowed money), performance bonds or other obligations of a like nature;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) indebtedness incurred by any Borrower consisting of the financing of insurance premiums in the ordinary course
of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) indebtedness incurred in the ordinary course of business in respect of netting services, overdraft protections,
employee credit card programs and other similar services in connection with cash management and deposit accounts, indebtedness in connection with drafts payable for payroll and other ordinary course expense items, and indebtedness owed to depository
banks for returned items incurred in the ordinary course;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) guarantees of the obligations arising under that certain Loan Agreement, dated August 30, 2022 (as
amended, restated, amended and restated, supplemented or otherwise modified from time to time), among Lendbuzz Floorplan SPV I, LLC, a Delaware limited liability company, as borrower, Lendbuzz Floorplan, LLC, a Massachusetts limited liability
company, as servicer and collateral custodian, the lenders from time to time parties thereto and Regions Bank, as administrative agent; <u>provided</u> that such guarantee shall not exceed $35,000,000 at any one time; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) letters of credit and bonds issued in favor of state licensing agencies in the ordinary course of business; <u>provided</u> that no demand for payment is made under any such letter of credit or bond in an aggregate amount in excess of $1,000,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Liens</u>. Neither Borrower shall create, assume, incur, or permit or suffer to exist any mortgage, pledge, encumbrance, charge, or other lien (each of the foregoing, a "**<u>Lien</u>**") upon, or security interest in, all or any portion of its property, now owned or hereafter acquired, including without limitation pursuant to any conditional sales or other title retention agreement, except Permitted Liens.

As used herein, "**<u>Permitted Liens</u>**" shall mean (a) any security arising under this Letter Agreement or any associated Loan Documents; (b) security interests for taxes, fees, assessments or other government charges or levies, either not delinquent or being contested in good faith and for which Borrowers maintain adequate reserves on their books; (c) security interest on assets acquired or held by a Borrower incurred for financing the acquisition of assets securing no more than $5,000,000 in the aggregate outstanding; <u>provided</u> that such lien only covers the property being acquired and the proceeds thereof; (d) statutory security interest securing claims or demands of materialmen, mechanics, carriers, warehousemen, landlords and other persons imposed without action of such parties, provided, they have no priority over any of Bank's security interest under the Loan Documents; (e) security interest to secure payment of workers' compensation, employment insurance, old-age pensions, social security and other like obligations incurred in the ordinary course of business, provided, they have no priority over any of Bank's security interest under the Loan Documents; (f) pledges or deposits in connection with workers' compensation, unemployment insurance and other social security legislation and deposits securing liability to insurance

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carriers under insurance or self-insurance arrangements; (g) security interests arising from judgments, decrees or attachments in circumstances not constituting an Event of Default; (h) security interests in favor of the Bank or its affiliates; (i) Liens in favor of collecting banks, trustees and escrow agents for cash management services, incurred in the ordinary course of business; (j) Liens incurred in connection with securitization and non-recourse warehouse facilities; (k) Liens of lessors under leases; (l) non-exclusive license of intellectual property granted to third parties in the ordinary course of business; (m) Liens arising out of consignment, title retention, conditional sale or similar arrangements for the sale of goods entered into by a Borrower; (n) Liens consisting of security deposits in connection with leases, subleases, sublicenses, use and occupancy agreements, utility services and similar transactions entered into by Borrowers in the ordinary course of business; (o) any Lien securing indebtedness permitted under <u>clauses (i)</u> through <u>(iv)</u> of the definition of Permitted Indebtedness and any permitted refinancing thereof; (p) Liens securing hedging agreements; (q) Liens securing the Indebtedness described in clause (xv) of the definition of "Permitted Indebtedness"; (r) Liens in favor of Bank; and (s) otherwise as disclosed to Bank in writing prior to the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Fundamental Changes</u>. Neither Borrower shall liquidate or dissolve; nor convey, sell, transfer (other than to a service provider in connection with R&D services and or to customers in the ordinary course of business), lease, or sell and lease back, all or substantially all of its property, including its intellectual property, assets or business to any other entity; nor merge or consolidate with or into any other entity; nor make any material change in the nature of its business as conducted on the date hereof or as reasonably ancillary or related thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Acquisitions</u>. Neither Borrower shall acquire all or any portion of the assets or equity of another person or entity in a transaction or series of transactions unless: (i) at the time thereof and after giving effect thereto, no Event of Default shall have occurred and be continuing or would result from such acquisition or purchase, (ii) Borrowers would be in compliance with the financial covenants set forth in Section A.6.2 for the most recent calculation period and as of the last day thereof, if such acquisition or purchase had been completed on the first day of such calculation period, (iii) not less than five (5) Business Days prior to the consummation of such proposed acquisition, Borrowers shall deliver to Bank, a certificate setting forth in reasonable detail calculations demonstrating compliance with the conditions set forth in clause (ii) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Change of Control</u>. Neither Borrower shall permit any Change of Control in any Borrower. "**<u>Change of Control</u>**" shall mean any of the following events (whether in one or in a series of related transactions): (i) any transaction or series of related transactions resulting in the sale or issuance of equity interests or any rights to equity interests of any Borrower (other than transfers to any person who is (A) as of the date hereof, an equity holder, or holder of rights to equity, of or in any Borrower, or any of their respective affiliates or (B) whether directly or indirectly, a wholly owned subsidiary of a Borrower) representing in the aggregate more than fifty percent (50%) of the issued and outstanding voting equity interests of any Borrower (or more than fifty percent (50%) of the voting power), on a fully-diluted basis; or (ii) the sale of all or substantially all the assets of any Borrower.

B. **<u>Loan Documents</u>**. Borrowers will be required to execute or cause to be delivered to Bank such instruments and documents and assurances (as each may be amended, restated, amended and restated, supplemented, extended, renewed, replaced, or otherwise modified from time to time, "**<u>Loan Documents</u>**") as Bank may reasonably request in connection with the credit accommodations provided for herein on the basis outlined above, and Borrowers will be required to take such other reasonable actions in connection with such credit accommodations as Bank may reasonably request. This letter (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, "**<u>Letter Agreement</u>**") shall constitute a Loan Document. "**<u>Event of Default</u>**" has the meaning given to such term in the Note.

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C.  **<u>Conditions Precedent</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **<u>Conditions to Effectiveness of Line of Credit</u>**. The effectiveness of the Line of Credit is subject to the satisfaction of the following conditions precedent as of the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 **<u>Loan Documents</u>**. Bank shall have received from Borrowers a complete and duly executed copy (with original to follow) of each of the Loan Documents, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Letter Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Note;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Security Agreement of each Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Pledge Agreement of each Borrower (subsidiary equity interests); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Pledge Agreement of each Borrower (bank accounts at Bank).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 **<u>Organizational Documents</u>**. Bank shall have received for each Borrower, a certified copy of its governing documents, authorizing resolutions passed by its governing board or members, and good standing certificates, and Bank shall have received a customary opinion from counsel of Borrowers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **<u>Conditions to each Advance</u>**. In addition to the satisfaction of each of the conditions precedent above, the making of any Advance under the Line of Credit is subject to the satisfaction of each of the following conditions precedent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Bank shall have received a borrowing notice or request, substantially in the form attached hereto as <u>Exhibit C</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the representations and warranties of Borrowers contained herein and in the other Loan Documents shall be true
and correct on and as of such borrowing date (except (i) to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct in all material respects as of such earlier
date, (ii) as to any such representation or warranty that is qualified as to "materiality", "Material Adverse Change" or similar language, such representation or warranty shall be true and correct (after giving effect to any
qualification therein) in all respects); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) as of such borrowing date, no Event of Default has occurred and is continuing or would result from such
proposed Advance.

D.  **<u>Miscellaneous</u>.** 

1. **<u>Notices</u>**. All notices, requests, and demands which any party is required or may desire to give to any other party under any provision of this Letter Agreement must be in writing delivered to (i) Borrowers at 100 Summer Street, Suite 3150, Boston, Massachusetts 02110, Attention: George Sclavos, Chief Financial Officer, Email: [\*\*\*] and (ii) Bank at its address at 1120 Avenue of the Americas, New York, New York 10036, Attention: Gal Defes, Senior Vice President, or to such other address as any party may designate by written notice to all other parties. Each such notice, request and demand shall be deemed given or made as follows: (a) if sent by hand delivery, upon delivery; (b) if sent by mail, upon the earlier of the date of receipt or three (3) days after deposit in the U.S. mail, first class and postage prepaid; and (c) if sent by any other means, one day after transmission or shipment. Without limiting the foregoing, first-class mail, facsimile or email transmission and commercial courier service are hereby agreed to as acceptable methods for giving notices hereunder.

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2. **<u>Costs and Expenses</u>**. Borrowers shall reimburse Bank within 30 days of receipt of an invoice (with supporting documentation) for the full amount of all payments, advances, charges, costs, and expenses, whether or not collection is instituted hereon, but limited, in the case of attorneys' fees, to the reasonable and documented attorneys' fees of one firm of outside counsel expended or incurred by Bank in connection with (a) the negotiation and preparation of this Letter Agreement and the other Loan Documents (subject to the Fee Letter, dated January 11, 2023) and Bank's continued administration hereof and thereof, and the preparation of amendments and waivers hereto and thereto, including without limitation all costs incidental thereto and costs of protection and preservation of Collateral, (b) the enforcement of Bank's rights and/or the collection of any amounts which become due to Bank under any of the Loan Documents, and (c) the prosecution or defense of any action in any way related to any of the Loan Documents, including without limitation, any action for declaratory relief, whether incurred at the trial or appellate level, in any civil action, lawsuit, arbitration proceeding or otherwise, and including any of the foregoing incurred in connection with any bankruptcy proceeding (including without limitation, any adversary proceeding, contested matter or motion brought by Bank or any other person) relating to any Borrower or any other person or entity; all without duplications with any reimbursement obligation under any other Loan Document.

3. **<u>Entire Agreement</u>**. This Letter Agreement and the other Loan Documents constitute the entire agreement among Borrowers and Bank with respect to each credit accommodation subject hereto and supersede all prior negotiations, communications and agreements (written or oral), discussions, and correspondence concerning the subject matter hereof.

4. **<u>Severability</u>**. The provisions of this Letter Agreement and each other Loan Document are severable and if any provision shall be held invalid or unenforceable in whole or in part in any jurisdiction, then such invalidity or unenforceability shall not in any manner affect or invalidate such provision in any other jurisdiction or any other provision of any of the Loan Documents in any jurisdiction.

5. **<u>Limitation of Liability</u>**. To the fullest extent permitted by applicable law, no party hereto shall assert, and each hereby waives, any claim against any other party hereto on any theory of liability, for special, indirect, consequential or punitive damages arising out of, in connection with or as a result of, this Letter Agreement, any related Loan Documents, the transactions contemplated hereby or thereby or any Advance or the use of the proceeds thereof.

6. **<u>Amendments, Modifications, Etc</u>**. No amendment, modification or waiver of any provision of this Letter Agreement nor consent to any departure by Borrowers therefrom shall be effective unless the same shall be in writing and signed by Bank or other party to be charged, and then such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given. Notwithstanding the foregoing, Bank may modify this Letter Agreement or any of the other Loan Documents in consultation with the Borrowers for the purposes of completing missing content or correcting erroneous content, without the need for a written amendment; <u>provided</u> that such modifications do not have an adverse effect on Borrowers' rights and obligations hereunder and that Bank shall send a copy of any such modification to Borrowers (which may be sent by electronic mail).

7. **<u>No Waiver; Remedies</u>**. No failure on the part of a party hereto to exercise, and no delay in exercising any right hereunder shall operate as a waiver thereof nor shall any single or partial exercise by such party of any right hereunder preclude any other or further exercise thereof or the exercise of any other right. The remedies herein provided are cumulative and not exclusive of any other remedies provided hereunder or by any other instrument or document or under applicable law.

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8. **<u>Successors and Assigns; Assignments</u>**. This Letter Agreement and the terms hereof shall be binding upon and inure to the benefit of Bank and its successors and assigns, including subsequent holders hereof, and Borrowers and their respective legal representatives, successors and assigns; <u>provided</u>, <u>however</u> that Borrowers may not assign or transfer its interests or rights hereunder (whether by operation of law or otherwise) without Bank's prior written consent, which Bank may withhold in its sole and absolute discretion. Bank reserves the right to sell, assign, transfer, negotiate or grant participations in all or any part of, or any interest in, Bank's rights and benefits hereunder and under any or all of the other Loan Documents.

9. **<u>Counterparts; Electronic Transmission</u>**. This Letter Agreement may be executed in any number of counterparts, each of which, when so executed, shall be deemed to be an original and all of which, taken together, shall constitute one and the same Letter Agreement. Delivery of any executed counterpart of this Letter Agreement by electronic transmission shall be effective as delivery of a manually executed counterpart hereof. Borrowers acknowledge that information and documents relating to this Letter Agreement and the credit accommodations provided for herein may be transmitted through electronic means. The words "execution," "signed," "signature," "delivery," and words of like import in or relating to any document to be signed in connection with this Letter Agreement, the other Loan Documents and the transactions contemplated hereby shall be deemed to include Electronic Signatures, deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act. "**<u>Electronic Signature</u>**" shall mean an electronic sound, symbol, or process attached to, or associated with, a contract or other record and adopted by a person with the intent to sign, authenticate or accept such contract or record.

10. **<u>Patriot Act</u>**. Bank hereby notifies you that pursuant to the requirements of the USA Patriot Act, Title III of Pub. L. 107-56 (signed into law October 26, 2001) (the "**<u>Patriot Act</u>**"), Bank is required to obtain, verify and record information that identifies Borrowers, which information includes the name, address, tax identification number and other information regarding Borrowers that will allow Bank to identify Borrowers in accordance with the Patriot Act. In that connection, Bank may also request corporate formation documents, or other forms of identification, to verify information provided.

11. **<u>GOVERNING LAW</u>**. **THIS LETTER AGREEMENT WAS NEGOTIATED IN THE STATE OF NEW YORK AND MADE BY BORROWERS AND ACCEPTED BY BANK IN THE STATE OF NEW YORK, AND THE PROCEEDS OF ANY CREDIT ACCOMMODATION HEREUNDER WERE DISBURSED FROM THE STATE OF NEW YORK, WHICH STATE THE PARTIES AGREE HAS A SUBSTANTIAL RELATIONSHIP TO THE PARTIES AND TO THE UNDERLYING TRANSACTION EMBODIED HEREBY. IN ALL RESPECTS, INCLUDING, WITHOUT LIMITATION, MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE, THIS LETTER AGREEMENT AND THE OBLIGATIONS ARISING HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND PERFORMED IN SUCH STATE (WITHOUT REGARD TO ANY PRINCIPLES OF CONFLICT OF LAWS WHICH WOULD OR MIGHT MAKE THE LAWS OF ANY OTHER JURISDICTION APPLICABLE) AND ANY APPLICABLE LAW OF THE UNITED STATES OF AMERICA. TO THE FULLEST EXTENT PERMITTED BY LAW, BORROWERS AND BANK HEREBY UNCONDITIONALLY AND IRREVOCABLY WAIVE ANY CLAIM TO ASSERT THAT THE LAW OF ANY OTHER JURISDICTION GOVERNS THIS LETTER AGREEMENT.**

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12. **<u>VENUE; JURISDICTION</u>. ANY LEGAL SUIT, ACTION OR PROCEEDING AGAINST BANK OR BORROWERS ARISING OUT OF OR RELATING TO THIS LETTER AGREEMENT SHALL BE INSTITUTED IN COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK AND ANY APPELLATE COURT FROM ANY THEREOF WHICH SHALL HAVE EXCLUSIVE JURISDICTION IN ANY SUIT, ACTION OR PROCEEDING BETWEEN BORROWERS AND BANK, BORROWERS AND BANK WAIVE ANY OBJECTION WHICH THEY MAY NOW OR HEREAFTER HAVE BASED ON VENUE AND/OR FORUM NON CONVENIENS OF ANY SUCH SUIT, ACTION OR PROCEEDING BETWEEN SUCH BORROWER AND BANK, AND HEREBY IRREVOCABLY SUBMIT TO THE JURISDICTION OF ANY SUCH COURT. BORROWERS AND BANK DO HEREBY AGREE THAT SERVICE OF PROCESS UPON SUCH PARTY AT ITS NOTICE ADDRESS AS SET FORTH IN <u>SECTION D.1</u> HEREOF BY REGISTERED MAIL, RETURN RECEIPT REQUESTED, SHALL BE DEEMED IN EVERY RESPECT EFFECTIVE SERVICE OF PROCESS UPON SUCH PARTY IN ANY SUCH SUIT, ACTION OR PROCEEDING AT THE TIME RECEIVED OR REFUSED BY SUCH PARTY AND SHALL CONSTITUTE "PERSONAL DELIVERY" THEREOF AS DEFINED IN SECTION 308(1) OF NEW YORK'S CIVIL PRACTICE LAW AND RULES (OR ANY AMENDMENT THERETO). NOTHING CONTAINED HEREIN SHALL AFFECT THE RIGHT OF BANK TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO COMMENCE LEGAL PROCEEDINGS OR OTHERWISE PROCEED AGAINST ANY BORROWER IN ANY OTHER JURISDICTIONS.** 

13. **<u>WAIVER OF JURY TRIAL</u>**. **EACH PARTY HERETO (a) KNOWINGLY, VOLUNTARILY, INTENTIONALLY, AND IRREVOCABLY WAIVES EACH RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY WITH RESPECT TO, AND IN, ANY ACTION OR OTHER LEGAL PROCEEDING OF ANY NATURE, RELATING TO (i) THIS LETTER AGREEMENT, ANY CREDIT ACCOMMODATION PROVIDED WITH RESPECT HERETO, OR ANY OTHER LOAN DOCUMENT, (ii) ANY TRANSACTION CONTEMPLATED IN ANY SUCH LOAN DOCUMENTS OR (iii) ANY NEGOTIATION, ADMINISTRATION, PERFORMANCE OR ENFORCEMENT OF THIS LETTER AGREEMENT, ANY OF THE OBLIGATIONS EVIDENCED HEREBY, ANY COLLATERAL THEREFOR, OR ANY OTHER LOAN DOCUMENT AND (b) CERTIFIES THAT (i) NEITHER THE OTHER PARTY, ANY AFFILIATE THEREOF BANK NOR ANY REPRESENTATIVE THEREOF OR ANY SUCH AFFILIATE HAS REPRESENTED TO SUCH PARTY THAT THE OTHER PARTY OR ANY SUCH AFFILIATE WILL NOT SEEK TO ENFORCE THE WAIVER MADE BY SUCH PARTY IN THIS PARAGRAPH, AND (ii) HE, SHE, OR IT HAS BEEN REPRESENTED (OR HAS HAD THE OPPORTUNITY TO BE REPRESENTED) IN THE SIGNING OF THIS LETTER AGREEMENT AS NECESSARY AND APPROPRIATE BY INDEPENDENT LEGAL COUNSEL.**

14. **<u>Certain Taxes</u>**. The principal of and the interest on the Obligations, and any other amounts owed hereunder or under any other Loan Document for fees, costs, or otherwise, are payable in lawful money of the United States of America without deduction for or on account of any present or future tax, duty or other charge levied or imposed on any Note or other Loan Document or the proceeds thereof or the holder thereof by any government or any political subdivision thereof or by any other jurisdiction, or by any political subdivision thereof, from which any payment due with respect thereto is

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remitted or on account of any other restrictions and conditions of whatever nature, except as required by applicable law or regulation. If any such tax, duty or other charge is required to be deducted or withheld by law or regulation from any amount payable hereunder or under any other Loan Document, other than:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1 Taxes imposed on or measured by net income (however denominated), franchise taxes, and branch profits taxes, in
each case, (i) imposed as a result of Bank or its assignee being organized under the laws of, or having its principal office or its applicable lending office located in, the jurisdiction imposing such tax (or any political subdivision thereof)
or (ii) that are imposed as a result of a present or former connection between Bank or its assignee and the jurisdiction imposing such tax (other than connections arising from Bank having executed, delivered, become a party to, performed its
obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in the Advances or any Loan Document);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2 U.S. federal withholding taxes imposed on amounts payable to or for the account of Bank or its assignee with
respect to an applicable interest in any Advance pursuant to a law in effect on the date on which (i) Bank or its assignee acquires such interest in the Loan or (ii) such Bank or its assignee changes its lending office, except in each case
to the extent that, amounts with respect to such taxes were payable to Bank or its assignee immediately before the assignee (or an assignee of Banks assignee, as applicable) became a party to the Loan Documents or to Bank or its assignee immediately
before it changed its lending office;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3 Taxes attributable to Bank's failure to comply with certain certification requirements to be established
pursuant to the Loan Documents, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.4 Any withholding taxes imposed under Sections 1471 through 1474 of the Internal Revenue Code of 1986, as adopted
and amended as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with) (the "  **<u>Code</u>** "), any current or future regulations or official
interpretations thereof, any agreements entered into pursuant to Section 1471(b)(1) of the Code and any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement, treaty or convention among
Governmental Authorities and implementing such Sections of the Code.

Borrowers shall pay Bank such additional amounts (including any penalties and interest thereon) as may be necessary so that the amount actually received by Bank is equal to the full amount payable hereunder or under such other Loan Document had no such withholding or deduction been made. Borrowers shall furnish to Bank all tax receipts for withholding taxes, if any, paid on behalf of Bank within sixty (60) days of the payment of such tax. Should Borrowers not furnish the tax receipts within ninety (90) days of the due date of payment of such taxes, Borrowers shall pay Bank a tax reimbursement equivalent to the amount of withholding tax due.

15. **<u>No Third-Party Reliance; Not a Fiduciary, Etc</u>**<u>.</u> The agreements of Bank hereunder are made solely for the benefit of Borrowers and the benefit of Bank, as applicable, and may not be relied upon or enforced by any other person. Please note that those matters that are not covered or made clear herein are subject to mutual agreement of the parties. Borrowers hereby acknowledge that Bank is acting pursuant to a contractual relationship on an arm's-length basis, and the parties hereto do not intend that Bank act or be responsible as a fiduciary to any Borrower, such Borrower's management, stockholders, creditors, or any other person. Borrowers and Bank hereby expressly disclaim any fiduciary relationship and agree each party is responsible for making its own independent judgments with respect to any transactions entered into between the parties. Each Borrower also hereby acknowledge that Bank has not advised and is not advising you as to any legal, accounting, regulatory or tax matters, and that such Borrower is consulting its own advisors concerning such matters to the extent such Borrower deems it appropriate.

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16. **<u>Indemnity</u>**. Borrowers, jointly and severally, agree to indemnify Bank and each of its respective directors, officers and employees (the "**<u>Indemnified Parties</u>**"), and to defend and hold each Indemnified Party harmless from and against any and all claims, damages, losses, liabilities and expenses (including all reasonable and documented out-of-pocket fees and charges of internal or external counsel with whom any Indemnified Party may consult and all expenses of litigation and preparation therefor) which any Indemnified Party may incur or which may be asserted against any Indemnified Party by any person, entity or governmental authority (including any person or entity claiming derivatively on behalf of any Borrower), whether in connection with or arising out of or relating to (a) the matters referred to in this Letter Agreement or in the other Loan Documents or the use of any Advance hereunder, (b) any breach of a representation, warranty or covenant by a Borrower, or (c) any suit, action, claim, proceeding or governmental investigation, pending or threatened, whether based on statute, regulation or order, or tort, or contract or otherwise, before any court or governmental authority, to the extent such claims directly or indirectly result from a Borrower's actions; <u>provided</u>, <u>however</u>, that the foregoing indemnity agreement shall not apply to any claims, damages, losses, liabilities and expenses to the extent attributable to an Indemnified Party's (i) gross negligence, bad faith or willful misconduct or (ii) result from a claim brought by a Borrower against an Indemnified Party for breach in bad faith of such Indemnified Party's obligations hereunder or under any other Loan Documents, in each case, as determined by a final and non-appealable decision of a court of competent jurisdiction. The indemnity agreement contained in this Section shall survive the termination of this Letter Agreement and any other Loan Documents, payment of any Advance hereunder and the assignment of any rights hereunder, or entry of judgment hereon. Each Borrower may participate at its expense in the defense of any such action or claim. In the event that any claim, demand, investigation, litigation or inquiry (an "**<u>Indemnity Claim</u>**") is brought against any Indemnified Party, the Indemnified Party agrees to give written notice to each Borrower with respect to same, together with a copy of such Indemnity Claim; <u>provided</u> that the failure of such Indemnified Party to notify any Borrower of such Indemnity Claim shall not relieve such Borrower from any liability that it may have to any Indemnified Party, unless such failure to notify materially prejudices such Borrower's ability to defend such Indemnity Claim. So long as no Event of Default shall have occurred and be continuing, each Borrower shall have the right in good faith and by appropriate proceedings to defend any Indemnity Claim (at such Borrower's sole expense) so long as such defense shall not involve any substantial danger of the foreclosure, sale, forfeiture or loss of, or imposition of any Lien on any material part of the Collateral, or subject any Indemnified Party to criminal liability. Should either Borrower elect to engage its own counsel, the Indemnified Party and Bank may continue to participate at their expense in the defense of any such Indemnity Claim and will retain the right to settle any such matter on terms and conditions reasonably satisfactory to Bank, the Indemnified Party and such Borrower. If such Borrower has given its consent thereof (which consent shall not be unreasonably withheld or delayed), all such settlements shall be paid by and remain the sole responsibility of Borrowers. In the event a Borrower does not accept the defense of the Indemnity Claim as provided above, Indemnified Party shall have the full right to defend against such Indemnity Claim, in its sole discretion, and pursue its rights hereunder. Borrowers shall not, without the written consent of the Indemnified Party, effect the settlement or compromise of, or consent to the entry of any judgment with respect to, any pending or threatened action or claim in respect of which indemnification may be sought hereunder (whether or not the Indemnified Party is an actual or potential party to such action or claim) unless such settlement, compromise or judgment (i) includes an unconditional release of the Indemnified Party from all liability arising out of such action or claim and (ii) does not include a statement as to, or an admission of, fault, culpability or failure to act, by or on behalf of the Indemnified Party.

17. **<u>Further Assurances; Corrections of Defects</u>**. Each Borrower intending to be legally bound hereby, agrees to promptly correct any defect, error or omission, upon the reasonable request of Bank,

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which may be discovered in the contents of any of the Loan Documents, or in the execution or acknowledgement hereof, and such Borrower will execute, or re-execute, acknowledge and deliver such further instruments and do such further acts as may be necessary or as may be reasonably requested by Bank to satisfy the terms and conditions of the Loan Documents, and all documents executed in connection therewith, including but not limited to the recording, filing or perfecting of any document given for securing and perfecting Liens, mortgages, security interests and interests to secure the obligations evidenced by the Loan Documents.

18. **<u>Interpretation</u>**. In this Letter Agreement, unless Bank and Borrowers otherwise agree in writing, (a) the singular includes the plural and the plural the singular; (b) references to statutes are to be construed as including all statutory provisions consolidating, amending or replacing the statute referred to; (c) the word "or" shall be deemed to include "and/or", the words "including", "includes" and "include" shall be deemed to be followed by the words "without limitation"; (d) references to sections or exhibits are to those of this Letter Agreement; (e) terms defined in Article 9 of the UCC (as defined herein) and not otherwise defined in this Letter Agreement are used as defined in such Article; (f) references to any amount as on deposit or outstanding on any particular date means such amount at the close of business on such day; (g) the words "hereof," "herein" and "hereunder" and words of similar import refer to such agreement (or the certificate or other document in which they are used) as a whole and not to any particular provision of such agreement (or such certificate or document); (h) references to any Section, Schedule or Exhibit are references to Sections, Schedules and Exhibits in or to such agreement (or the certificate or other document in which the reference is made), and references to any paragraph, subsection, clause or other subdivision within any Section or definition refer to such paragraph, subsection, clause or other subdivision of such Section or definition; (i) references to any agreement refer to that agreement as from time to time amended, restated, supplemented, extended, renewed, replaced or otherwise modified or as the terms of such agreement are waived or modified in accordance with its terms; (j) references to any person include that person's successors and assigns; and (k) terms in one gender include the parallel terms in the neuter and opposite gender. Section headings in this Letter Agreement are included for convenience of reference only and shall not constitute a part of this Letter Agreement for any other purpose. If this Letter Agreement is executed by more than one party as borrower, the obligations of such persons or entities will be joint and several.

19. **<u>Confidentiality</u>**. In handling any confidential information, Bank and all employees and agents of Bank, including but not limited to accountants, shall exercise the same degree of care that it exercises with respect to its own proprietary information of the same types to maintain the confidentiality of any non-public information thereby received or received pursuant to this Letter Agreement or any other Loan Document except that disclosure of such information may be made (a) to the subsidiaries or affiliates of Bank in connection with their present or prospective business relations with Borrowers (it being understood that the persons to whom such disclosure is made will be informed of the confidential nature of such information and instructed to keep such information confidential), (b) subject to an agreement containing provisions substantially the same as those of this <u>Section D.19</u>, to prospective transferees or purchasers of any interest in the Advances, (c) as required by law, regulations, rule or order, subpoena, judicial order, or similar order (in which case Bank shall promptly inform Borrowers thereof prior to such disclosure to the extent permitted by applicable law and shall use commercially reasonable efforts to ensure that any information so disclosed is accorded confidential treatment), (d) on a confidential basis, as may be required in connection with the examination, audit, or similar investigation of Bank, and (e) as Bank may determine in connection with the enforcement of any remedies hereunder. Confidential information hereunder shall not include information that either: (x) is in the public domain or in the knowledge or possession of Bank when disclosed to Bank, or becomes part of the public domain after disclosure to Bank through no fault of Bank; or (y) is disclosed to Bank by a third party, provided that Bank does not have actual knowledge that such third party is prohibited from disclosing such information.

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[No further text on this page; signatures follow]

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We appreciate the opportunity to work with you on this transaction.

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| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| **BANK HAPOALIM B.M.** | **BANK HAPOALIM B.M.** |
| By: | /s/ Gal Defes |
|  | Name: Gal Defes |
|  | Title: SVP |
| By: | /s/ Tal Hofman |
|  | Name: Tal Hofman |
|  | Title: VP |

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<u>Agreed to as of the date first written above</u>:

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| | |
|:---|:---|
| **LENDBUZZ, INC.** | **LENDBUZZ, INC.** |
| **LENDBUZZ FUNDING LLC** | **LENDBUZZ FUNDING LLC** |
| By: | /s/ George Sclavos |
|  | Name: George Sclavos |
|  | Title: CFO |

---

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<u>EXHIBIT A</u> 

**LINE OF CREDIT NOTE** 

**(COMMITTED)** 

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| | |
|:---|:---|
| $20000000.00 | New York, New York<br> March 31, 2023 |

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**FOR VALUE RECEIVED**, each of **LENDBUZZ, INC**., a corporation organized under the laws of Delaware, and **LENDBUZZ FUNDING LLC**, a limited liability company organized under the laws of Delaware (each a "**<u>Borrower</u>**" and collectively, the "**<u>Borrowers</u>**"), promises to pay to the order of **BANK HAPOALIM B.M.** (the "**<u>Bank</u>**"), in lawful money and in immediately available funds, at its offices at 1120 Avenue of the Americas, New York, New York 10036, or at such other place as the holder hereof may designate to the Borrowers in writing, the principal sum of Twenty Million and 00/100 Dollars ($20,000,000.00), or such lesser amount as may be advanced and be outstanding to or for the benefit of Borrowers hereunder, together with interest accruing thereon from the date advanced until paid in full, as set forth herein.

Article I. **<u>Line of Credit Advances</u>**. Borrowers may from time to time prior to the Maturity Date borrow, partially or wholly repay, and re-borrow hereunder, advances up to the Maximum Line of Credit Amount (as defined herein), subject to the terms and conditions of this Line of Credit Note ("**<u>Note</u>**") and the Letter Agreement (as defined herein) ("**<u>Line of Credit</u>**"). The "**<u>Maturity Date</u>**" shall have the meaning given to such term in the Letter Agreement. Each Borrower acknowledges and agrees that in no event will Bank be under any obligation to extend or renew the Line of Credit or this Note beyond the Maturity Date. The "**<u>Maximum Line of Credit Amount</u>**" shall mean $20,000,000. In no event shall the aggregate unpaid principal amount of advances under this Note (together with any other credit accommodations under the Line of Credit) exceed, as of any date of determination, the Maximum Line of Credit Amount. In the event of any such occurrence, the amount of such excess shall be immediately due and payable without necessity of demand, and whether or not any Event of Default shall have occurred hereunder.

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Article III. **<u>Interest Rate</u>**.

Section 3.1 **<u>Interest Rate - Definitions</u>**. For purposes hereof, the following terms shall have the following meanings:

"**<u>Business Day</u>**" shall mean any day that is not a Saturday, Sunday or other day on which banks in New York City are required or permitted to close; <u>provided</u>, when used in connection with determining Term SOFR, the term "Business Day" shall also exclude any day on which the Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in United States government securities.

"**<u>Interest Period</u>**" shall mean, with respect to any Term SOFR advance hereunder, the period of one (1), three (3) or six (6) months (in each case, subject to availability thereof) as specified in the applicable advance request, with the initial Interest Period commencing on the date of the first disbursement of an advance hereunder, and each subsequent Interest Period commencing on the last day of the immediately preceding Interest Period; <u>provided</u> that (i) if an Interest Period would end on a day which is not a Business Day, such Interest Period shall end on the next succeeding Business Day unless such day falls in the next succeeding calendar month in which case the Interest Period shall end on the next preceding Business Day, (ii) the final Interest Period shall commence on the last day of the immediately preceding Interest Period, and end on the Maturity Date, and (iii) any Interest Period that begins on the last Business Day of a calendar month (or a day for which there is no numerically corresponding day in the last calendar month of such Interest Period) shall end on the last Business Day of the last calendar month of such Interest Period.

"**<u>SOFR</u>**" shall mean a rate per annum equal to the secured overnight financing rate for such Business Day published by the Federal Reserve Bank of New York (or a successor administrator of the secured overnight financing rate) on the website of the Federal Reserve Bank of New York, currently at <u>http://www.newyorkfed.org</u> (or any successor source for the secured overnight financing rate identified as such by the administrator of the secured overnight financing rate from time to time).

"**<u>SOFR Advance</u>**" shall mean an advance that bears interest at a rate based on Term SOFR.

"**<u>Term SOFR</u>**" shall mean, for any calculation with respect to a SOFR Advance, the Term SOFR Reference Rate for a tenor comparable to the applicable Interest Period on the day (such day, the "**<u>Periodic Term SOFR Determination Day</u>**") that is two (2) Business Days prior to the first day of such Interest Period, as such rate is published by the Term SOFR Administrator; <u>provided</u>, <u>however</u>, that if as of 5:00 p.m. (New York City time) on any Periodic Term SOFR Determination Day the Term SOFR Reference Rate for the applicable tenor has not been published by the Term SOFR Administrator and a Benchmark Replacement Date (defined below) with respect to the Term SOFR Reference Rate has not occurred, then Term SOFR will be the Term SOFR Reference Rate for such tenor as published by the Term SOFR Administrator on the first preceding Business Day for which such Term SOFR Reference Rate for such tenor was published by the Term SOFR Administrator so long as such first preceding Business Day is not more than three (3) Business Days prior to such Periodic Term SOFR Determination Day.

"**<u>Term SOFR Administrator</u>**" shall mean CME Group Benchmark Administration Limited (CBA) (or a successor administrator of the Term SOFR Reference Rate selected by Bank in its reasonable discretion).

"**<u>Term SOFR Reference Rate</u>**" shall mean the forward-looking term rate based on SOFR.

"**<u>Wall Street Journal Prime Rate</u>**" or "**<u>Prime Rate</u>**" shall mean the rate of interest designated as the "Prime Rate" which appears in each publication of The Wall Street Journal under the designation

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entitled "Money Rates." This rate of interest fluctuates and is subject to change without prior notice. If the Wall Street Journal Prime Rate changes, the rate of interest on this Note will automatically change effective on the date of any such change, without notice to Borrowers. In the event that the Wall Street Journal Prime Rate cannot be ascertained from publication of The Wall Street Journal, the rate of interest which shall be used in substitution thereof and until such time as the Wall Street Journal Prime Rate can be ascertained by reference to The Wall Street Journal shall be a rate equal to the average of the prime rate of interest announced from time to time by three (3) New York banks selected by Bank in its sole and absolute discretion.

Section 3.2 **<u>Rate of Interest</u>**. Amounts outstanding under this Note shall bear interest at the following rate or rates per annum as may be selected by Borrowers from time to time in accordance herewith (each, an "**<u>Option</u>**"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "**<u>Prime Rate Option</u>**" shall mean, with respect to any applicable advances, a fluctuating rate of interest per annum which shall be equal to 1.25% above the Wall Street Journal Prime Rate in effect from time to time (with a Wall Street Journal Prime Rate floor of 3.00%).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "**<u>Term SOFR Option</u>**" shall mean, with respect to any applicable advances, a fluctuating rate per annum equal to 4.00% above the Term SOFR in effect on the first day of the applicable Interest Period (with a Term SOFR floor of 1.00%).

Upon Borrowers' request, Bank shall give notice to Borrowers of the Term SOFR as determined or adjusted for each Interest Period in accordance herewith, which determination or adjustment shall be conclusive absent manifest error. All interest hereunder on any advance shall be computed on a daily basis based upon the outstanding principal amount of such advance as of the applicable date of determination.

If Bank determines in good faith and in its reasonable discretion that by reason of circumstances affecting the Term SOFR adequate and reasonable means do not exist for ascertaining the Term SOFR for any Interest Period with respect to any advance hereunder, then Bank shall give written notice thereof to the Borrowers as promptly as practicable thereafter and, until Bank notifies the Borrowers that the circumstances giving rise to such notice no longer exist (which such notice shall be delivered by Bank promptly after such situation ceases to exist), (i) any obligation of Bank contained herein or in any agreement of Bank to make available SOFR Advances with such Interest Period shall immediately be suspended, (ii) the outstanding SOFR Advances with such Interest Period shall be deemed to accrue interest as the Prime Rate until Bank revokes such notice and (iii) if any advance request requests a SOFR Advance for such Interest Period, such advance shall instead be made at the Prime Rate Option; <u>provided</u> that the Borrowers may revoke any such advance request (without penalty) prior such advance date upon written notice to Bank.

If, after the date of this Note, Bank shall determine (which determination shall be final and conclusive) that any Change in Law (defined below) shall make it impossible or unlawful for Bank to make, fund or maintain SOFR Advances, then Bank shall give written notice thereof to the Borrowers as promptly as practicable thereafter. From the date of such notice until Bank notifies Borrowers that the circumstances giving rise to such determination no longer apply, then (i) any obligation of Bank contained herein or in any agreement of Bank to make available SOFR Advances shall immediately be suspended, and (ii) any such SOFR Advances then outstanding shall instead bear interest, at Bank's option, at the Alternative Rate (as defined below), such change taking effect either (x) on the last day of the then current Interest Period if Bank may lawfully continue to maintain SOFR Advances to such day, or (y) immediately if Bank may not lawfully continue to maintain SOFR Advances. Upon receipt of any such notice, if any advance request requests a SOFR Advance, such advance shall be made at the Alternative Rate; <u>provided</u> that the Borrowers may revoke any such advance request (without penalty) prior to such advance date upon written notice to Bank.

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Interest hereunder will be calculated based on the actual number of days that principal is outstanding on the basis of a year of 360 days. In no event will the rate of interest hereunder exceed the maximum rate allowed by applicable law.

Section 3.3 **<u>Term SOFR Conforming Changes</u>**. In connection with the use or administration of Term SOFR, Bank shall have the right, in consultation with the Borrowers, to make Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document (as defined in the Letter Agreement), any amendments implementing such Conforming Changes will become effective without any further action or consent of Borrowers or any other party to any other Loan Document. Bank shall promptly notify Borrowers of the effectiveness of any Conforming Changes in connection with the use or administration of Term SOFR.

Section 3.4 **<u>Benchmark Replacement Setting</u>**. Notwithstanding anything to the contrary herein or in any other Loan Document:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Replacing Benchmarks</u>. Notwithstanding anything to the contrary herein or in any other Loan Document, if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred prior any setting of the then-current Benchmark, then (x) if a Benchmark Replacement is determined in accordance with clause (a) of the definition of "Benchmark Replacement" for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Loan Document in respect of such Benchmark setting and subsequent Benchmark settings without any amendment to, or further action or consent of any other party to, this Note or any other Loan Document and (y) if a Benchmark Replacement is determined in accordance with clause (b) of the definition of "Benchmark Replacement" for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Loan Document in respect of any Benchmark setting at or after 5:00 p.m. (New York City time) on the fifth (5th) Business Day after the date notice of such Benchmark Replacement is provided to the Borrowers without any amendment to, or further action or consent of any other party to, this Note or any other Loan Document. At any time after the occurrence of a Benchmark Transition Event, Borrowers may revoke any request for a borrowing of, or continuation of advances to be made or continued, in each case without penalty, that would bear interest by reference to such Benchmark until Borrowers' receipt of notice from Bank that a Benchmark Replacement has replaced such Benchmark, and, failing that, Borrowers will be deemed to have converted any such request into a request for a borrowing of or conversion to advances bearing interest at the Prime Rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>[Reserved.]</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Benchmark Replacement Conforming Changes</u>. In connection with the implementation and administration of a Benchmark Replacement, Bank will have the right to make Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such Conforming Changes will become effective without any further action or consent of any other party to this Note or such other Loan Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Notices; Standards for Decisions and Determinations</u>. Bank will promptly notify the Borrowers of (i) the implementation of any Benchmark Replacement and (ii) the effectiveness of any Conforming Changes in connection with the use, administration, adoption or implementation of a Benchmark Replacement. Bank will notify the Borrowers of (x) the removal or reinstatement of any tenor

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of a Benchmark pursuant to clause (e) below and (y) the commencement of any Benchmark Unavailability Period. Any determination, decision or election that may be made by Bank pursuant to this Section, including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or any selection, will be conclusive and binding absent manifest error and may be made in its sole discretion and without consent from any other party to this Note or any other Loan Document, except, in each case, as expressly required pursuant to this Section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Unavailability of Tenor of Benchmark</u>. Notwithstanding anything to the contrary herein or in any other Loan Document, at any time (including in connection with the implementation of a Benchmark Replacement), (i) if the then-current Benchmark is a term rate (including the Term SOFR Reference Rate) and either (A) any tenor for such Benchmark is not displayed on a screen or other information service that publishes such rate from time to time as selected by Bank in its reasonable discretion or (B) the regulatory supervisor for the administrator of such Benchmark has provided a public statement or publication of information announcing that any tenor for such Benchmark is not or will not be representative, then Bank may modify the definition of "Interest Period" (or any similar or analogous definition) for any Benchmark settings at or after such time to remove such unavailable or non-representative tenor and (ii) if a tenor that was removed pursuant to clause (i) above either (A) is subsequently displayed on a screen or information service for a Benchmark (including a Benchmark Replacement) or (B) is not, or is no longer, subject to an announcement that it is not or will not be representative for a Benchmark (including a Benchmark Replacement), then Bank may modify the definition of "Interest Period" (or any similar or analogous definition) for all Benchmark settings at or after such time to reinstate such previously removed tenor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Disclaimer</u>. Bank does not warrant or accept responsibility for, and shall not have any liability with respect to (a) the administration, submission, calculation of or any other matter related to the rates in the definition of "Term SOFR" or with respect to any component definition thereof or rates referenced in the definition thereof or any alternative, comparable or successor rate thereto (including any Benchmark or any Benchmark Replacement or the effect, implementation or composition of any Conforming Changes (defined above)) and including, without limitation, whether the composition or characteristics of any such alternative, successor or replacement reference rate, as it may or may not be adjusted pursuant hereto, will be similar to, or produce the same value or economic equivalence of, such Benchmark or any other Benchmark or have the same volume or liquidity as did such Benchmark or any other Benchmark prior to its discontinuance or unavailability, or (b) the impact or effect of such alternative, successor or replacement reference rate or Conforming Changes on any other financial products or agreements in effect or offered to any obligor or any of their respective affiliates, including, without limitation, any swap obligation or hedging agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Definitions</u>.

"**<u>Available Tenor</u>**" shall mean, as of any date of determination and with respect to the then-current Benchmark, as applicable, (x) if such Benchmark is a term rate, any tenor for such Benchmark (or component thereof) that is or may be used for determining the length of an Interest Period pursuant to this Note or (y) otherwise, any payment period for interest calculated with reference to such Benchmark (or component thereof) that is or may be used for determining any frequency of making payments of interest calculated with reference to such Benchmark pursuant to this Note, in each case, as of such date and not including, for the avoidance of doubt, any tenor for such Benchmark that is then-removed from the definition of "Interest Period" pursuant to <u>clause (e)</u> above.

"**<u>Benchmark</u>**" shall mean, initially, the Term SOFR Reference Rate; <u>provided</u> that if a Benchmark

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Transition Event has occurred with respect to the Term SOFR Reference Rate or the then-current Benchmark, the "Benchmark" shall mean the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate. Any reference to "Benchmark" shall include, as applicable, the published component used in the calculation thereof.

"**<u>Benchmark Replacement</u>**" shall mean, for any Available Tenor, the first alternative set forth in the order below that is applicable (based on the applicability restrictions below) and can be determined by Bank for the applicable Benchmark Replacement Date (each, an "**<u>Alternative Rate</u>**"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the sum of: (i) Daily Simple SOFR and (ii) 0.10%; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the sum of: (i) the alternate benchmark rate that has been selected by Bank and the Borrowers giving due consideration to (A) any selection or recommendation of a replacement benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body or (B) any evolving or then-prevailing market convention for determining a benchmark rate as a replacement to the then-current Benchmark for Dollar-denominated bilateral credit facilities and (ii) the related Benchmark Replacement Adjustment.

"**<u>Benchmark Replacement Adjustment</u>**" shall mean, with respect to any replacement of the then-current Benchmark with an Unadjusted Benchmark Replacement, the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected by Bank and the Borrowers giving due consideration to (a) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body or (b) any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for Dollar-denominated bilateral credit facilities at such time.

"**<u>Benchmark Replacement Date</u>**" shall mean the earliest to occur of the following events with respect to the then-current Benchmark: (a) in the case of clause (a) or (b) of the definition of "Benchmark Transition Event", the later of (i) the date of the public statement or publication of information referenced therein and (ii) the date on which the administrator of such Benchmark permanently or indefinitely ceases to provide all Available Tenors of such Benchmark; or (b) in the case of clause (b) of the definition of "Benchmark Transition Event", the first date on which such Benchmark has been determined and announced by or on behalf of the administrator of such Benchmark or the regulatory supervisor for the administrator of such Benchmark to be non-representative; <u>provided</u> that such non-representativeness, non-compliance or non-alignment will be determined by reference to the most recent statement or publication referenced in such clause (b) and even if any Available Tenor of such Benchmark continues to be provided on such date. For the avoidance of doubt, the "Benchmark Replacement Date" will be deemed to have occurred in the case of <u>clause (a)</u> or <u>(b)</u> with respect to any Benchmark upon the occurrence of the applicable event or events set forth therein with respect to all then-current Available Tenors of such Benchmark.

"**<u>Benchmark Transition Event</u>**" shall mean the occurrence of one or more of the following events with respect to the then-current Benchmark:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a public statement or publication of information by or on behalf of the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that such administrator has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof), permanently or indefinitely; <u>provided</u> that, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof), the Federal Reserve Board, the Federal Reserve Bank of New York, an insolvency official with jurisdiction over the administrator for such Benchmark (or such component), a resolution authority with jurisdiction over the administrator for such Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator for such Benchmark (or such component), which states that the administrator of such Benchmark (or such component) has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof) permanently or indefinitely; *provided* that, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that all Available Tenors of such Benchmark (or such component thereof) are not, or as of a specified future date will not be, representative.

For the avoidance of doubt, a "Benchmark Transition Event" will be deemed to have occurred with respect to any Benchmark if a public statement or publication of information set forth above has occurred with respect to each then-current Available Tenor of such Benchmark (or the published component used in the calculation thereof).

"**<u>Benchmark Unavailability Period</u>**" shall mean, the period (if any) (a) beginning at the time that a Benchmark Replacement Date has occurred if, at such time, no Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Loan Document in accordance with this Section and (b) ending at the time that a Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Loan Document in accordance with this Section.

"**<u>Conforming Changes</u>**" shall mean, with respect to either the use or administration of Term SOFR, or with respect to the use, administration, adoption or implementation of any Benchmark Replacement, any technical, administrative or operational changes (including without limitation changes to the definition of "Prime Rate", the definition of "Business Day," the definition of "Interest Period" or any similar or analogous definition, timing and frequency of determining rates and making payments of interest, timing of borrowing requests or prepayment, conversion or continuation notices, the applicability and length of lookback periods, the applicability of breakage provisions, and other technical, administrative or operational matters) that Bank decides in its reasonable discretion may be necessary or appropriate to reflect the adoption and implementation of any such rate or to permit the use and administration thereof by Bank in a manner substantially consistent with market practice (or, if Bank decides that adoption of any portion of such market practice is not administratively feasible or if Bank reasonably determines that no market practice for the administration of any such rate exists, in such other manner of administration as Bank reasonably decides is necessary in connection with the administration of this Note and the other Loan Documents).

"**<u>Daily Simple SOFR</u>**" shall mean, for any day, SOFR, with the conventions for this rate (which will include a lookback) being established by Bank in accordance with the conventions for this rate selected or recommended by the Relevant Governmental Body for determining "Daily Simple SOFR" for bilateral business loans; <u>provided</u>, that if Bank decides that any such convention is not administratively feasible for Bank, then Bank may establish another convention in its reasonable discretion.

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"**<u>Relevant Governmental Body</u>**" shall mean the Board of Governors of the Federal Reserve System or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Board of Governors of the Federal Reserve System or the Federal Reserve Bank of New York, or any successor thereto.

"**<u>Unadjusted Benchmark Replacement</u>**" shall mean the applicable Benchmark Replacement excluding the related Benchmark Replacement Adjustment.

Section 3.5 **<u>Interest Rate Elections</u>**. Subject to the terms and conditions of this Note, including limitations with respect to Interest Periods and notice requirements: (i) at the end of any Interest Period applicable to any advance under the Term SOFR Option, Borrowers may renew the Term SOFR Option applicable to such advance or convert such advance to the Prime Rate Option; (ii) at any time any of the advances under this Note bear interest under the Prime Rate Option, Borrowers may convert all or a portion of such advances become SOFR Advances; and (iii) at the time any advance is made hereunder, Borrowers may choose to have all thereof bear interest under the Prime Rate Option or the Term SOFR Option; <u>provided</u> that, during any period in which any Event of Default (as hereinafter defined) has occurred and is continuing, any SOFR Advances shall, at Bank's sole discretion, be converted at the end of the applicable Interest Period to the Prime Rate Option and the Term SOFR Option will not be available to Borrowers with respect to any new advances (or with respect to the conversion or renewal of any existing advances) until such Event of Default has been cured by Borrowers or waived by Bank. Borrowers shall notify Bank of each election of an Option, each conversion from one Option to another, the amount of the advances then outstanding to be allocated to each Option and where relevant the Interest Periods therefor. In the case of electing or converting to the Term SOFR Option, such notice shall be given prior to 11:00 a.m. New York time on a Business Day at least three (3) Business Days prior to the commencement of the applicable Interest Period, or at a later time if Bank, in its sole discretion, accepts Borrowers' notice and quotes a rate for such requested advance (or conversion) under the Term SOFR Option. Each such notice shall specify: (a) the Option selected by Borrowers, (b) the principal amount subject thereto, (c) the date of the requested advance (or conversion) and (d) if applicable, the Interest Period with respect to such request. If no notice of election, conversion or renewal is timely received by Bank with respect to any advance (or expiring Interest Period), Borrowers shall be deemed to have elected the Prime Rate Option. Any such election shall be promptly confirmed in writing by such method as Bank may require. Borrowers may select different Options to apply simultaneously to different portions of the advances and may select up to five (5) different Interest Periods to apply simultaneously to different portions of the advances bearing interest under Term SOFR Option.

Article IV. **<u>Payments</u>**.

Section 4.1 **<u>Interest and Principal Payments</u>**. Borrowers shall pay accrued interest in arrears on the unpaid principal balance of this Note: (a) for the portion of advances bearing interest based on the Prime Rate, on the first (1<sup>st</sup>) day of each month during the term hereof, (b) for SOFR Advances, on the last day of the respective Interest Period for such advance, and if any Interest Period is longer than three (3) months, then also on the three (3) month anniversary of such Interest Period and every three (3) months thereafter, and (c) for all advances, at maturity, whether by acceleration of this Note or otherwise, and after maturity, on demand until paid in full. Notwithstanding anything herein to the contrary, the outstanding principal balance of advances under the Line of Credit and any accrued but unpaid interest thereon shall be due and payable on the Maturity Date.

Section 4.2 **<u>Manner of Payment</u>**. All payments by Borrowers on account of principal, interest or fees hereunder shall be made in lawful money of the United States of America, in immediately available funds. If any payment under this Note shall become due on a day other than a Business Day, such payment

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shall be made on the next succeeding Business Day and such extension of time shall be included in computing interest in connection with such payment. Each Borrower authorizes (but shall not require) Bank to debit any account maintained by a Borrower with Bank, at any date on which a payment is due under this Note, in an amount equal to any unpaid portion of such payment. If any payment of principal or interest or other Obligation becomes due on a day on which Bank is closed (as required or permitted by law or otherwise), such payment shall be made not later than the next succeeding Business Day except as may be otherwise provided herein, and such extension shall be included in computing interest in connection with such payment. Each payment made on this Note (or received by Bank with respect to any other indebtedness owed by any Borrower to Bank, or any affiliate thereof), shall be applied by Bank to amounts due under this Note (or with respect to any such other indebtedness) in such order or manner as Bank, in its discretion, elects, regardless of any instructions from a Borrower to the contrary. Bank or any holder may accept late payments, or partial payments, even though marked "payment in full" or containing words of similar import or other conditions, without waiving any of its rights.

Section 4.3 **<u>Default Rate</u>**. After the Maturity Date, whether by acceleration, demand or otherwise and, at Bank's option, upon the occurrence of any Event of Default (as defined herein) and during the continuance thereof, amounts outstanding under this Note shall bear interest at a rate per annum (based on the actual number of days that principal is outstanding over a year of 360 days) which shall be three percent (3.00%) in excess of the interest rate otherwise in effect from time to time under this Note but not more than the maximum rate allowed by law (the "**<u>Default Rate</u>**"). The Default Rate shall continue to apply whether or not judgment shall be entered on this Note. The Default Rate is in addition to, and not in lieu of, Bank's exercise of any rights and remedies hereunder, under the other Loan Documents or under applicable law. In addition, the Default Rate reflects the increased credit risk to Bank of carrying a loan that is in default. Each Borrower agrees that the Default Rate is a reasonable forecast of just compensation for anticipated and actual harm incurred by Bank, and that the actual harm incurred by Bank cannot be estimated with certainty and without difficulty.

**Section 4.4 <u>Prepayments</u>**. The indebtedness evidenced by this Note may be prepaid in whole or in part at any time and from time to time without penalty or premium, subject, however to payment of any break funding indemnification amounts owing pursuant to <u>Section</u> <u>4.6</u> hereof.

Section 4.5 **<u>Increased Costs;</u> <u>Yield Protection</u>**. Within 15 days of written request, together with written evidence of the justification therefor, each Borrower agrees to pay Bank all direct costs incurred, any losses suffered or payments made by Bank as a result of any Change in Law (as defined herein), imposing any reserve (including pursuant to regulations issued from time to time by the Federal Reserve Board for determining the maximum reserve requirement (including any emergency, special, supplemental or other marginal reserve requirement) with respect to eurocurrency funding (currently referred to as "Eurocurrency liabilities" in Regulation D)), deposit, allocation of capital or similar requirement (including without limitation, Regulation D of the Board of Governors of the Federal Reserve System) on Bank, its holding company or any of their respective assets relative to the Line of Credit. "**<u>Change in Law</u>**" shall mean the occurrence, after the date of this Note, of any of the following: (a) the adoption or taking effect of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation, implementation or application thereof by any governmental authority or (c) the making or issuance of any request, rule, guideline or directive (whether or not having the force of law) by any governmental authority; <u>provided</u> that notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (y) all requests, rules, guidelines or directives promulgated by Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a "Change in Law," regardless of the date enacted, adopted or issued.

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Section 4.6 **<u>Break Funding Indemnification</u>**. Each Borrower agrees to indemnify Bank against any liabilities, losses or expenses, including, without limitation, loss of margin, any loss or expense sustained or incurred in liquidating or employing deposits from third parties, and any loss or expense incurred in connection with funds acquired to effect, fund or maintain any SOFR Advance (or any part thereof) which Bank sustains or incurs as a consequence of any Borrower's (i) failure to make a payment on the due date thereof, (ii) revocation (expressly, by later inconsistent notices or otherwise) in whole or in part of any notice given to Bank to request, convert, renew or prepay any SOFR Advance, or (iii) payment or prepayment (whether voluntary, after acceleration of the maturity of this Note or otherwise) or conversion of any SOFR Advance on a day other than the last day of the applicable Interest Period or the Maturity Date. A notice as to any amounts payable pursuant to this paragraph given to Borrower by Bank, in the absence of manifest error, shall be conclusive. Borrower's obligations in this <u>Section</u> <u>4.6</u> shall survive the payment in full of the advances and all other amounts payable hereunder.

Article V. **<u>Security; Right of Setoff</u>**. This Note is secured by the Collateral pursuant to Security Agreements, Pledge Agreements (each as defined in the Letter Agreement), intellectual property security agreement and certain other security instruments. If an Event of Default shall have occurred and be continuing, Bank is hereby authorized at any time and from time to time, to the fullest extent permitted by applicable law, to set off and apply any and all deposits at any time held or other indebtedness at any time owing by Bank to or for the credit or account of any Borrower against any of and all of the Obligations (as defined in the Letter Agreement) now or hereafter existing under the Loan Documents, irrespective of whether or not Bank shall have made any demand under this Section are in addition to other rights and remedies which Bank may have. Bank agrees to notify the Borrowers promptly after any such setoff and application; <u>provided</u> that the failure to give such notice shall not affect the validity of such setoff and application.

Article VI. **<u>Other Loan Documents</u>**. This Note is issued in connection with that certain Letter Agreement, dated on or before the date hereof (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the "**<u>Letter Agreement</u>**"), among Borrowers and Bank, and certain other agreements and documents evidencing, governing, guarantying or securing this Note (or any guaranty) and executed and/or delivered in connection with the Loan Documents and is secured by the Collateral. The holder of this Note is entitled to the benefits of the Loan Documents and may enforce the agreements of Borrowers contained in the Loan Documents and exercise the remedies provided for by, or otherwise available in respect of, the Loan Documents, all in accordance with, and subject to the restrictions contained in, the terms of the Loan Documents.

Article VII. **<u>Default; Remedies</u>**.

Section 7.1 **<u>Events of Default</u>**. So long as any Obligations remain outstanding, the occurrence of any of the following, with respect to Borrowers, shall constitute an "**<u>Event of Default</u>**" under this Note:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the failure to pay (whether at the stated maturity, by acceleration, by notice of voluntary prepayment, by mandatory prepayment or otherwise) (i) any principal when due or (ii) interest, fee, charge, indemnity or other indebtedness owing hereunder or under any other Loan Document within 3 Business Days following the date when due;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If Borrowers fail to perform any obligation under Sections A.6.1(a) through (h), A.6.2 or A.6.3(a), (d), (g), (h), (i), (j), or (k) of the Letter Agreement;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If Borrowers fail or neglect to perform or observe any other material term, provision, condition, covenant contained in this Note, in any of the other Loan Documents and as to any default under such other term, provision, condition, or covenant that can be cured, has failed to cure such default within 10 days after Borrowers receive written notice thereof or any senior officer of a Borrower becomes aware thereof; <u>provided</u>, <u>however</u>, that, if the default cannot by its nature be cured within the 10-day period or cannot after diligent attempts by Borrowers be cured within such 10-day period, and such default is likely to be cured within a reasonable time, Borrowers shall have an additional reasonable period (which shall not in any case exceed an additional 10 days) to attempt to cure such default, and within such reasonable time period the failure to have cured such default shall not be deemed an Event of Default but no advances will be made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any financial statement or certificate furnished to Bank in connection with, or any representation or warranty made by any Borrower to Bank in any Loan Document or any other documents now or in the future evidencing or securing the Obligations, proves to be incorrect, false, erroneous or misleading in any material respect when furnished or when made or deemed to have been made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) except as permitted by the Loan Documents, any Borrower dissolves, liquidates or otherwise ceases doing business as a going concern;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the commencement of a foreclosure proceeding against any Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any default with respect to any other indebtedness if the effect of such default is to cause or permit any holder of any such indebtedness (or a trustee on behalf of such holder) to cause the same to become due prior to its stated maturity (and whether or not such default is waived by the holder thereof);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) there exists or occurs any event or condition with respect to, or any change in the financial condition or affairs of, any Borrower which in the opinion of Bank (or any subsequent holder hereof), in its reasonable discretion, could be expected to result in a Material Adverse Change (as defined in the Letter Agreement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the making of an assignment for the benefit of creditors, or the appointment of a trustee, receiver or liquidator for any Borrower or for any of his, its or their property, or the commencement of any proceedings by any Borrower under any bankruptcy, reorganization, arrangement of debt, insolvency, readjustment of debt, receivership, liquidation or dissolution law or statute (including, if such Borrower is a partnership, its dissolution pursuant to any agreement or statute), or the commencement of any such proceedings without the consent of such Borrower and such proceedings shall continue for a period of sixty (60) days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the entry of any money judgment or any attachment, levy or execution with a value in excess of $1,000,000 against any Borrower's properties which shall not be released, discharged, dismissed, stayed or fully bonded for a period of sixty (60) days or more after its entry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) any order, judgment or decree shall be entered against any Borrower decreeing the dissolution or split up of such Borrower and such order shall remain undischarged or unstayed for a period of sixty (60) days or more;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) at any time after the execution and delivery thereof, this Note, any guaranty or security agreement related hereto or any other Loan Document for any reason, other than the satisfaction in full of all Obligations, ceases to be in full force and effect (other than in accordance with its terms) or shall be declared to be null and void;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Bank shall not have or shall cease to have a valid and perfected lien in any Collateral with the priority required by the relevant Loan Document, in each case for any reason other than the failure of Bank to take any action within its control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) any Borrower shall contest the validity or enforceability of any Loan Document or deny that it has any further liability under any Loan Document to which it is a party or shall contest the validity or perfection of any lien in any Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) the issuance of a warrant of distraint or assertion of a Lien for unpaid taxes against any Borrower in an amount in which Bank (in its reasonable discretion) deems material; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) any sale, transfer or other disposition, except in the ordinary course of business, of all or substantially all of the assets of any Borrower, without Bank's prior written consent.

Section 7.2 **<u>Remedies</u>**. Upon the occurrence of and during the continuance of an Event of Default: (a) Bank shall be under no further obligation to make advances hereunder or under any other Loan Document; (b) if an Event of Default specified in <u>clause (i)</u> of the definition of "Event of Default" above shall occur, this Note and all outstanding principal and accrued interest hereunder together with any additional amounts payable hereunder or under any other Loan Documents, if not then due or payable on demand, shall be immediately due and payable without demand or notice of any kind; (c) if any other Event of Default shall occur, this Note and all outstanding principal and accrued interest hereunder together with any additional amounts payable hereunder or under any other Loan Documents, if not then due or payable on demand, at Bank's option without demand or notice of any kind, may be accelerated and become immediately due and payable; (d) this Note will bear interest at the Default Rate; and (e) Bank may exercise from time to time any of the rights and remedies available under the Loan Documents or under applicable law, including all rights and remedies of a secured creditor under the Uniform Commercial Code as adopted and enacted and in effect from time to time in the applicable jurisdiction and all other applicable law; <u>provided</u> that if no Obligations remain outstanding and an event or circumstance has occurred and is continuing which would otherwise constitute an Event of Default if Obligations were outstanding, the Bank shall be (i) under no further obligation to make advances hereunder or under any other Loan Document and (ii) entitled to terminate the Line of Credit. Notwithstanding anything to the contrary in this Section 7.2, if more than three (3) Events of Default occur in any rolling twelve (12) month period, Bank may exercise any of the rights and remedies available under the Loan Documents or under applicable law immediately upon the occurrence of such additional Event of Default.

Article VIII. **<u>Miscellaneous</u>**.

Section 8.1 **<u>Joint and Several Liability; Multiple Borrowers</u>**. As used herein, "Borrower" shall mean "all of the Borrowers, or each or any of them." The undersigned, if more than one, shall be jointly, severally and primarily liable hereunder. Bank may deal with any Borrower as if it were the sole obligor hereunder, without impairing in any way the liability of any other obligor, and without the consent of the other undersigned obligors. Bank may bring a separate action or actions under this Note against each or any of the Borrowers, whether such action is brought against or joined in by any other Borrower, and any release, discharge or compromise which may be given to any Borrower (in bankruptcy or otherwise) shall not release any other Borrower from its obligations hereunder. Any and all present and future debt or other obligation of any Borrower to another Borrower is hereby subordinated to the full payment and performance of all amounts due to Bank, howsoever evidenced. Each Borrower hereby waives all defenses of a maker of a note or guarantor or surety that may be available to it with respect to its obligations or the obligations of any other Borrower hereunder, other than indefeasible payment in full.

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**Section 8.2 <u>GOVERNING LAW</u>**. THIS NOTE WAS NEGOTIATED IN THE STATE OF NEW YORK AND MADE BY BORROWERS AND ACCEPTED BY BANK IN THE STATE OF NEW YORK, AND THE PROCEEDS OF ANY CREDIT ACCOMMODATION HEREUNDER WERE DISBURSED FROM THE STATE OF NEW YORK, WHICH STATE THE PARTIES AGREE HAS A SUBSTANTIAL RELATIONSHIP TO THE PARTIES AND TO THE UNDERLYING TRANSACTION EMBODIED HEREBY. IN ALL RESPECTS, INCLUDING, WITHOUT LIMITATION, MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE, THIS NOTE AND THE OBLIGATIONS ARISING HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND PERFORMED IN SUCH STATE (WITHOUT REGARD TO ANY PRINCIPLES OF CONFLICT OF LAWS WHICH WOULD OR MIGHT MAKE THE LAWS OF ANY OTHER JURISDICTION APPLICABLE) AND ANY APPLICABLE LAW OF THE UNITED STATES OF AMERICA. TO THE FULLEST EXTENT PERMITTED BY LAW, BORROWERS AND BANK HEREBY UNCONDITIONALLY AND IRREVOCABLY WAIVE ANY CLAIM TO ASSERT THAT THE LAW OF ANY OTHER JURISDICTION GOVERNS THIS NOTE.

Section 8.3 **<u>Venue; Jurisdiction</u>**. ANY LEGAL SUIT, ACTION OR PROCEEDING AGAINST BANK OR BORROWERS ARISING OUT OF OR RELATING TO THIS NOTE SHALL BE INSTITUTED IN COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK AND ANY APPELLATE COURT FROM ANY THEREOF WHICH SHALL HAVE EXCLUSIVE JURISDICTION IN ANY SUIT, ACTION OR PROCEEDING BETWEEN BORROWERS AND BANK, BORROWERS AND BANK WAIVE ANY OBJECTION WHICH THEY MAY NOW OR HEREAFTER HAVE BASED ON VENUE AND/OR FORUM NON CONVENIENS OF ANY SUCH SUIT, ACTION OR PROCEEDING BETWEEN SUCH BORROWER AND BANK, AND HEREBY IRREVOCABLY SUBMIT TO THE JURISDICTION OF ANY SUCH COURT. BORROWERS AND BANK DO HEREBY AGREE THAT SERVICE OF PROCESS UPON SUCH PARTY AT ITS NOTICE ADDRESS AS SET FORTH IN SECTION D.1 OF THE LETTER AGREEMENT BY REGISTERED MAIL, RETURN RECEIPT REQUESTED, SHALL BE DEEMED IN EVERY RESPECT EFFECTIVE SERVICE OF PROCESS UPON SUCH PARTY IN ANY SUCH SUIT, ACTION OR PROCEEDING AT THE TIME RECEIVED OR REFUSED BY SUCH PARTY AND SHALL CONSTITUTE "PERSONAL DELIVERY" THEREOF AS DEFINED IN SECTION 308(1) OF NEW YORK'S CIVIL PRACTICE LAW AND RULES (OR ANY AMENDMENT THERETO). NOTHING CONTAINED HEREIN SHALL AFFECT THE RIGHT OF BANK TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO COMMENCE LEGAL PROCEEDINGS OR OTHERWISE PROCEED AGAINST ANY BORROWER IN ANY OTHER JURISDICTIONS.

**Section 8.4 <u>WAIVER OF JURY TRIAL</u>. EACH PARTY HERETO (a) KNOWINGLY, VOLUNTARILY, INTENTIONALLY, AND IRREVOCABLY WAIVES EACH RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY WITH RESPECT TO, AND IN, ANY ACTION OR OTHER LEGAL PROCEEDING OF ANY NATURE, RELATING TO (i) THIS NOTE, ANY CREDIT ACCOMMODATION PROVIDED WITH RESPECT HERETO, OR ANY OTHER LOAN DOCUMENT, (ii) ANY TRANSACTION CONTEMPLATED IN ANY SUCH LOAN DOCUMENTS OR (iii) ANY NEGOTIATION, ADMINISTRATION, PERFORMANCE OR ENFORCEMENT OF THIS NOTE, ANY OF THE OBLIGATIONS EVIDENCED HEREBY, ANY COLLATERAL THEREFOR, OR ANY OTHER LOAN DOCUMENT AND (b) CERTIFIES THAT (i) NEITHER THE OTHER PARTY, ANY AFFILIATE THEREOF BANK NOR ANY REPRESENTATIVE THEREOF OR ANY SUCH AFFILIATE HAS REPRESENTED TO SUCH PARTY THAT THE OTHER PARTY OR ANY SUCH AFFILIATE WILL NOT SEEK TO ENFORCE THE WAIVER MADE BY SUCH PARTY IN THIS PARAGRAPH, AND (ii) HE, SHE,** 

------

 **OR IT HAS BEEN REPRESENTED (OR HAS HAD THE OPPORTUNITY TO BE REPRESENTED) IN THE SIGNING OF THIS NOTE AS NECESSARY AND APPROPRIATE BY INDEPENDENT LEGAL COUNSEL.** 

Section 8.5 **<u>Incorporation by Reference</u>**. Sections 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 14, 17, 18 and 19 of Part D (Miscellaneous) of the Letter Agreement pertaining to, *inter alia*, notices, costs and expenses, entire agreement, severability, limitation of liability, amendments, modifications, etc., no waiver and remedies, successor and assigns and assignments, counterparts and electronic transmission, Patriot Act, certain taxes, no third-party reliance, no fiduciary duty, etc., indemnity, further assurances and correction of defects, interpretation, and confidentiality are incorporated herein by reference, *mutatis mutandis*, with references therein to the Letter Agreement being deemed references to this Note.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK; SIGNATURES FOLLOW]

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Each Borrower acknowledges that it has read and understood all the provisions of this Note, including the waiver of jury trial and has been advised by counsel as necessary or appropriate.

**IN WITNESS WHEREOF**, the undersigned has executed this Note as of the date first written above.

---

| |
|:---|
| **LENDBUZZ, INC.** |
| **LENDBUZZ FUNDING LLC** |
| By: |
| Name: |
| Title: |

---

------

<u>EXHIBIT B</u> 

COMPLIANCE CERTIFICATE

Dated as of [ ]

BANK HAPOALIM B.M.

1120 Avenue of the Americas

New York, New York 10036

Attention: Gal Defes, Senior Vice President

Re: Lendbuzz, Inc. and Lendbuzz Funding LLC. (collectively, the "**<u>Borrowers</u>**")

This Compliance Certificate (this "**<u>Certificate</u>**") is delivered pursuant to that certain Letter Agreement, dated March 28, 2023 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the "Letter Agreement"; capitalized terms used herein but not defined herein shall have the meanings given to such terms in the Letter Agreement), by and between Bank Hapoalim B.M. (the "**<u>Bank</u>**") and Borrowers.

The undersigned officer of Borrowers hereby certifies, on behalf of Borrowers and not in an individual capacity, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I am the duly elected, qualified and acting [Chief Financial Officer] of Borrowers, and that, as such, I am familiar with the facts certified herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. I am a duly authorized and appointed authorized signatory of Borrowers, authorized to execute and deliver this Certificate on behalf of Borrowers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Attached to this Certificate as <u>Exhibit A</u> are the financial statements required to be delivered pursuant to Section A.6.1[(a)-(b)]/[(c)-(d)]<sup>1</sup> and such financial statements are correct and complete and fairly present, in all material respects, in accordance with GAAP the financial position and the results of operations of Borrowers and their respective subsidiaries as of the dates of and for the periods covered by such financial statements [(subject to normal year-end adjustments and the absence of required footnote disclosures)].<sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Attached hereto as <u>Exhibit B</u> are true and accurate computations demonstrating compliance with Section A.6.2 of the Letter Agreement as of the end of the most recent fiscal period covered by the attached financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. No Event of Default has occurred and is continuing.<sup>3</sup>

------

<sup>1</sup> ***Note to preparer***: refer to (a)-(b) for annual financials and (c)-(d) for quarterly financials. 

<sup>2</sup> ***Note to preparer***: include bracketed language only for quarterly or semi-annual financials, delete if not applicable as well as all footnotes to this form. 

<sup>3</sup> ***Note to Preparer:*** if an Event of Default exists, describes the nature thereof and the corrective measures proposed by Borrower with respect thereto. 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The representations and warranties of the Borrowers and related parties contained in the Loan Documents are true and correct in all material respect (and true and correct in all respects, in the case of any representations and warranties qualified by materiality) on and as of the date hereof, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct as of such earlier date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Borrowers understand that the extension of credit to Borrowers and other agreements of the Bank under the Loan Documents are made in reliance upon the information contained herein.

IN WITNESS WHEREOF, the undersigned has executed this instrument in his/her official capacity as described below, and not individually, as of the date first above written.

---

| |
|:---|
| **LENDBUZZ, INC.** |
| **LENDBUZZ FUNDING LLC** |
| By: |
| Name: |
| Title: |

---

------

Certain information has been excluded from this agreement (indicated by "[\*\*\*]") because Lendbuzz Inc. has determined such information (i) is not material and (ii) is of the type that the registrant treats as private or confidential.

![LOGO](g715014sp148.jpg)

<u>Exhibit A to Compliance Certificate</u> 

Financial Statements

[See attached.]

------

Certain information has been excluded from this agreement (indicated by "[\*\*\*]") because Lendbuzz Inc. has determined such information (i) is not material and (ii) is of the type that the registrant treats as private or confidential.

![LOGO](g715014sp148.jpg)

<u>Exhibit B to Compliance Certificate<sup>4</sup></u> 

1. Fill-in quarterly: As of MM/YYYY,

(i) the sum of Borrowers' net income, <u>plus</u> interest expense, <u>plus</u> income tax, <u>plus</u> depreciation and amortization, <u>plus/minus</u> non-recurring income and/or expense is $

(ii) the sum of Borrowers' principal and interest payments on indebtedness (including capitalized lease
obligations) that were paid or otherwise due during the applicable measurement period (as adjusted for prepayments), plus tax expense, plus dividends and distributions, plus capital expenditures not funded with borrowed money is $.

Therefore, Fixed Charge Coverage Ratio is

As such, Borrowers are (select one) in compliance breach with this covenant.

2. Fill-in quarterly: As of MM/YYYY,

Borrowers maintain cash balances at depository accounts with Bank in an amount of $

As such, Borrowers are (select one) in compliance ☐ breach ☐ with this covenant.

For the avoidance of doubt, Borrowers shall maintain cash balances at depository accounts with Bank in an amount not to be less than, in the aggregate, $5,000,000 <u>at all times</u>.

The undersigned further certifies and warrants that there has been no Material Adverse Change in the financial condition of the Borrower from that shown by the financial statements most recently furnished to the Bank and that, to the knowledge of the undersigned, no default or Event of Default under the Loan Documents is existing on the date of this certification.

Capitalized terms used but not defined herein have the meanings set forth in the letter agreement between Borrowers and Bank dated March 28, 2023 (as amended from time to time).

The undersigned acknowledges and agrees that the Bank's continued extension of credit to the Borrower is made in reliance upon the information contained herein.

------

<sup>4</sup> NTD: To be conformed once formulations are agreed in Letter Agreement.

------

<u>EXHIBIT C</u> 

BORROWING NOTICE

Date:

From:

Lendbuzz, Inc.

Lendbuzz Funding LLC

100 Summer Street, Suite 3150

Boston, MA 02110

To: Bank Hapoalim, B.M. New York Branch

1120 Avenue of the Americas

New York, NY 10036

Attention: Idan Schaul ([\*\*\*]) / Tal Hofman ([\*\*\*])

Re: <u>Request for a drawdown / repayment (choose option) under the $20,000,000 Committed Line of Credit</u>

Per the terms in the Letter Agreement and Line of Credit Note dated 3/31/2023, please advance a loan under our line of credit in the amount of $ effective (insert date). Please credit the proceeds of the loan to our checking account ending in 5201.

Or (choose option):

Per the terms in the Letter Agreement and Line of Credit Note dated 3/31/2023, please pay off $ effective (insert date) by debiting our checking account ending in 5201.

---

| |
|:---|
| **LENDBUZZ, INC.** |
| **LENDBUZZ FUNDING LLC** |
| By: |
| Name: |
| Title: |

---

## Exhibit 10.15

**Exhibit 10.15**![LOGO](g715014g0720040737826.jpg)

June 3, 2024

Lendbuzz, Inc. Lendbuzz Funding LLC

100 Summer Street, Suite 3150

Boston, MA 02110

Attention: Mr. George Sclavos, CFO

---

| | |
|:---|:---|
| Re: | **<u>Committed Line of Credit</u>**  |

---

Ladies and Gentlemen:

We refer to that certain letter agreement governing the captioned Line of Credit among Lendbuzz, Inc., a corporation organized under the laws of Delaware ("**<u>Lendbuzz</u>**"), and Lendbuzz Funding LLC, a limited liability company organized under the laws of Delaware ("**<u>Lendbuzz</u> <u>Funding</u>**"), (Lendbuzz and Lendbuzz Funding, each a "**<u>Borrower</u>**" and, collectively, the "**<u>Borrowers</u>**"), and Bank Hapoalim B.M. ("**<u>Bank</u>**," "**<u>we</u>**," or "**<u>us</u>**") dated March 31, 2023 (as amended by that certain First Amendment dated as of April 3, 2024, and as further amended, restated, supplemented or otherwise modified, the "**<u>Existing Letter Agreement</u>**"; unless otherwise defined herein, capitalized terms are used as defined in the Existing Letter Agreement) and that certain Line of Credit Note (Committed) dated as of March 31, 2023 (as amended, restated, supplemented or otherwise modified, the "**<u>Existing Note</u>**") made by Borrowers in favor of Bank.

Borrowers have requested, and the Bank has agreed, to amend the Existing Letter Agreement to (i) increase the maximum amount available under the Line of Credit and (ii) extend the Maturity Date of the Line of Credit, all on the terms and conditions set forth in this agreement (this "**<u>Amendment</u>**").

**NOW, THEREFORE**, the parties hereto agree as follows:

1.  **<u>Amendment of Loan Documents</u>** .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Amendment of Section A.1.1 of the Existing Letter Agreement*. Section A.1.1 of the Existing Letter Agreement is hereby amended and restated to read as follows:

"Bank hereby agrees to make available to Borrowers a committed line of credit ("**<u>Line of Credit</u>**") under which Borrowers may request and Bank, subject to the terms and conditions contained herein, will make advances ("**<u>Advances</u>**") to Borrowers from time to time up to the earlier to occur of (i) May 29, 2026, (ii) the acceleration of the maturity of the amounts due hereunder upon an Event of Default (as defined in <u>Section B.</u> below) (including the expiration of any applicable cure period) and (iii) the date the Borrowers elects in writing to terminate the Line of Credit; <u>provided</u> that on such date there are no Obligations outstanding and Borrowers have provided at least three (3) Business Days' prior written notice to Bank (which notice may be conditioned on the occurrence of a specified

------

transaction and revoked or delayed if such transaction does not occur or is delayed)("**<u>Maturity Date</u>**"), in an aggregate amount not to exceed at any time the Maximum Line of Credit Amount, the proceeds of which shall be used for the purposes set forth in <u>Section A.5.13</u> below. The "**<u>Maximum Line of Credit Amount</u>**" shall mean $50,000,000. The Maturity Date may be extended by the mutual agreement of Borrowers and Bank. Borrowers' obligation to repay Advances under the Line of Credit shall be evidenced by a promissory note in form and content attached hereto as <u>Exhibit A</u> ("**<u>Note</u>**"), the terms of which are incorporated herein by this reference."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Amendment of Section A.6.3(a)(ii) of the Existing Letter Agreement*. Section A.6.3(a)(ii) of the Existing Letter Agreement is hereby amended and restated to read as follows:

" (ii) At all times, Borrowers shall maintain a cash balance in depository accounts with Bank an aggregate amount equal to or greater than $7,500,000. In addition, at all times, cash balance in depository accounts with Bank, combined with the unused availability under the Line of Credit will not be less than $12,500,000. With respect to this Section A.6.3(a)(ii) only, Borrowers shall have a period of five (5) Business Days to cure any breach thereof."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Amendment of the Existing Note*. Each reference in the Existing Note to the amount of "$20,000,000" shall be replaced with a reference to the amount of "$50,000,000".

2.  **<u>Acknowledgements</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as specifically amended herein, the Existing Letter Agreement and the Existing Note shall remain in full force and effect in accordance with their respective terms. The amendments contained herein shall not be construed as a waiver or amendment of any other provision of the Existing Letter Agreement, the Existing Note or the other Loan Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as specifically set forth in the Release and Consent Letter, all Collateral as set forth in the Existing Letter Agreement and any and all security and pledge agreements delivered in connection therewith, is and shall continue to be collateral security for the obligations under the Existing Letter Agreement and the Existing Note (each as amended hereby).

3. **<u>Representations</u>.** In order to induce Bank to enter into this Amendment, each Borrower hereby represents, warrants and agrees that: (i) the representations and warranties contained in the Loan Documents are true and correct in all material respects on and as of the date hereof as though made on and as of such date, except for those representations and warranties given as of a specific date, (ii) no default or Event of Default, as defined in any Loan Document, has occurred and is continuing; (iii) it has full power, right and legal authority to execute, deliver and perform its obligations under this Amendment; and (iv) it has taken all action necessary to authorize the execution and delivery of, and the performance of its obligations under this Amendment.

5. **<u>Effectiveness</u>**. This Amendment shall become effective upon (i) the execution of this Amendment by the Borrowers and Bank and (ii) payment by the Borrowers to Bank of an amendment fee equal to 0.35% of the Maximum Line of Credit Amount, as amended by this Amendment (*i.e.*, $175,000), which Borrowers hereby authorize Bank to deduct from any account maintained by Borrowers with Bank.

------

6.  **<u>Miscellaneous</u>** .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Amendment shall be governed and construed in accordance with the internal laws of the State of New York.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Amendment may be signed in any number of counterparts with the same effect as if the signatures thereto
and hereto were upon the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Loan Documents and all agreements, instruments and documents executed and delivered in connection
therewith, shall each be deemed amended hereby to the extent necessary, if any, to give effect to the provisions of this Amendment.

[No further text on this page; signatures follow]

.

------

Please indicate your agreement and acceptance to the terms set forth above by signing and returning a copy of this Amendment to the undersigned.

---

| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| **BANK HAPOALIM B.M.** | **BANK HAPOALIM B.M.** |
| By: | /s/ Gal Defes |
| Name: | Gal Defes |
| Title: | FSVP |
| By: | /s/ Yael Levin |
| Name: | Yael Levin |
| Title: | FVP |

---

---

| | |
|:---|:---|
| **AGREED TO** as of the date first written above: | **AGREED TO** as of the date first written above: |
| **LENDBUZZ INC.** | **LENDBUZZ INC.** |
| By: | /s/ George Sclavos |
| Name: | George Sclavos |
| Title: | CFO |
| **LENDBUZZ FUNDING LLC** | **LENDBUZZ FUNDING LLC** |
| By: | /s/ George Sclavos |
| Name: | George Sclavos |
| Title: | CFO |

---

## Exhibit 10.16

**Exhibit 10.16**![LOGO](g715014g51m44.jpg)

March 31, 2025

Lendbuzz, Inc.

Lendbuzz Funding LLC

100 Summer Street, Suite 3150

Boston, MA 02110

Attention: Mr. George Sclavos, CFO

---

| | |
|:---|:---|
| Re: | **<u>Amendment to Committed Line of Credit</u>**  |

---

Ladies and Gentlemen:

We refer to that certain letter agreement governing the captioned Line of Credit among Lendbuzz, Inc., a corporation organized under the laws of Delaware ("**<u>Lendbuzz</u>**"), and Lendbuzz Funding LLC, a limited liability company organized under the laws of Delaware ("**<u>Lendbuzz Funding</u>**"), (Lendbuzz and Lendbuzz Funding, each a "**<u>Borrower</u>**" and, collectively, the "**<u>Borrowers</u>**"), and Bank Hapoalim B.M. ("**<u>Bank</u>**," "**<u>we</u>**," or "**<u>us</u>**") dated March 31, 2023 (as amended, restated, supplemented or otherwise modified to date, the "**<u>Existing Letter Agreement</u>**"; unless otherwise defined herein, capitalized terms are used as defined in the Existing Letter Agreement) and that certain Line of Credit Note (Committed) dated as of March 31, 2023 (as amended, restated, supplemented or otherwise modified, the "**<u>Existing Note</u>**") made by Borrowers in favor of Bank.

Borrowers have requested, and the Bank has agreed, (i) to amend the Existing Letter Agreement to increase the maximum amount available under the Line of Credit and extend the Maturity Date of the Line of Credit; and (ii) to waive a default under the Existing Letter Agreement, all on the terms and conditions set forth in this agreement (this "**<u>Amendment</u>**").

**NOW, THEREFORE**, the parties hereto agree as follows:

1.  **<u>Amendment of Loan Documents</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Amendment of Section A.1.1 of the Existing Letter Agreement*. Section A.1.1 of the Existing Letter Agreement is hereby amended and restated to read as follows:

"Bank hereby agrees to make available to Borrowers a committed line of credit ("**<u>Line of Credit</u>**") under which Borrowers may request and Bank, subject to the terms and conditions contained herein, will make advances ("**<u>Advances</u>**") to Borrowers from time to time up to the earlier to occur of (i) March 31, 2027, (ii) the acceleration of the maturity of the amounts due hereunder upon an Event of Default (as defined in <u>Section B.</u> below) (including the expiration of any applicable cure period) and (iii) the date the Borrowers elects in writing to terminate the Line of Credit; <u>provided</u> that on such date there are no Obligations outstanding and Borrowers have provided at least three (3) Business Days' prior written notice to Bank (which notice may be conditioned on the occurrence of a specified transaction and revoked or delayed if such transaction does not occur or is delayed)("**<u>Maturity Date</u>**"), in an aggregate amount not to exceed at

------

any time the Maximum Line of Credit Amount, the proceeds of which shall be used for the purposes set forth in <u>Section A.5.13</u> below. The "**<u>Maximum Line of Credit Amount</u>**" shall mean $75,000,000. The Maturity Date may be extended by the mutual agreement of Borrowers and Bank. Borrowers' obligation to repay Advances under the Line of Credit shall be evidenced by a promissory note in form and content attached hereto as <u>Exhibit A</u> ("**<u>Note</u>**"), the terms of which are incorporated herein by this reference."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Amendment of Section A.6.3(a)(ii) of the Existing Letter Agreement*. Section A.6.3(a)(ii) of the Existing Letter Agreement is hereby amended and restated to read as follows:

" (ii) At all times, Borrowers shall maintain a cash balance in depository accounts with Bank an aggregate amount equal to or greater than $12,000,000. In addition, at all times, cash balance in depository accounts with Bank, combined with the unused availability under the Line of Credit will not be less than $20,000,000. With respect to this Section A.6.3(a)(ii) only, Borrowers shall have period of five (5) Business Days to cure any breach thereof."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Amendment of Section A.6.3(k) of the Existing Letter Agreement*. Section A.6.3(k) of the Existing Letter Agreement is hereby amended and restated to read as follows:

" (k) <u>Change of Control</u>. Neither Borrower shall permit any Change of Control in any Borrower. "**<u>Change of Control</u>**" shall mean any of the following events (whether in one or in a series of related transactions): (i) at any time prior to the issuance by either Borrower of securities in primary public offering pursuant to an effective registration statement filed with the U.S. Securities and Exchange Commission in accordance with the Securities Act of 1933, as amended (an "**<u>IPO</u>**"), any transaction or series of related transactions resulting in the sale or issuance of equity interests or any rights to equity interests of such Borrower (other than transfers to any person who is (A) as of the date hereof, an equity holder, or holder of rights to equity, of or in any Borrower, or any of their respective affiliates or (B) whether directly or indirectly, a wholly owned subsidiary of a Borrower) representing in the aggregate more than fifty percent (50%) of the issued and outstanding voting equity interests of any Borrower (or more than fifty percent (50%) of the voting power), on a fully-diluted basis; (ii) at any time after an IPO, the acquisition of any Person or "group" (within the meaning of Rules 13d-3 and 13d-5 under the Exchange Act of 1943), of effective control (whether through legal or beneficial ownership of equity of a Borrower, by contract or otherwise), in excess of 25% or more of the aggregate voting power represented by the issued and outstanding equity of such Borrower; or (iii) the sale of all or substantially all the assets of any Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Amendment of Schedule A.4.2(a) of the Existing Letter Agreement*. <u>Schedule A.4.2(a)</u> of the Existing Letter Agreement (Pledged Limited Liability Company Interests) is hereby replaced in its entirety by <u>Schedule A.4.2(a)</u> attached to this Amendment.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Amendment of Schedule A.5.12 of the Existing Letter Agreement*. <u>Schedule A.5.12</u> of the Existing Letter Agreement (Organizational Structure) is hereby replaced in its entirety by <u>Schedule A.5.12</u> attached to this Amendment.

2. **<u>Waiver</u>**. Borrowers have violated that certain covenant in set forth in Section A.1.3 of the Existing Letter Agreement requiring them to maintain a zero balance under the Line of Credit for a period of at least twenty (20) consecutive days during each twelve (12) month period of the term of the Line of Credit (the "**<u>Clean-Up Covenant</u>**"). Subject to the terms and conditions set forth herein, Bank agrees to waive any Event of Default that would otherwise result solely from the violation of the Clean-Up Covenant, provided that Borrowers are in compliance with such Clean-Up Covenant on or before August 31, 2025. This waiver is a one-time waiver, effective only for the default specifically described herein, it does not suggest that the Bank will consent to or approve any other similar arrangements by Borrowers, and it shall not constitute a waiver or modification of any other provision of the Existing Letter Agreement or any other Loan Document. Any failure of Borrowers to be in compliance with the Clean-Up Covenant by August 31, 2025 shall constitute an Event of Default. Borrowers agree that they will hereafter comply fully with the provisions of Existing Letter Agreement and all other terms and provisions of the Loan Documents.

3.  **<u>Acknowledgements</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as specifically amended herein, the Existing Letter Agreement shall remain in full force and effect in accordance with its terms. The amendments contained herein shall not be construed as a waiver or amendment of any other provision of the Existing Letter Agreement or the other Loan Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All Collateral as set forth in the Existing Letter Agreement and any and all security and pledge agreements delivered in connection therewith, including, without limitation the Collateral set forth in the Pledge Agreement Amendment, is and shall continue to be collateral security for the obligations under the Existing Letter Agreement (as amended hereby) and the Amended and Restated Note (as defined below).

3. **<u>Representations</u>.** In order to induce Bank to enter into this Amendment, each Borrower hereby represents, warrants and agrees that: (i) the representations and warranties contained in the Loan Documents are true and correct in all material respects on and as of the date hereof as though made on and as of such date, except for those representations and warranties given as of a specific date; (ii) no default or Event of Default, as defined in any Loan Document, has occurred and is continuing; (iii) it has full power, right and legal authority to execute, deliver and perform its obligations under this Amendment; and (iv) it has taken all action necessary to authorize the execution and delivery of, and the performance of its obligations under this Amendment.

4. **<u>Effectiveness</u>**. This Amendment shall become effective upon:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the execution of this Amendment by Borrowers and Bank;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the execution of an Amended and Restated Line of Credit Note (Committed) by Borrowers (the "  **<u>Amended and Restated Note</u>** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the execution of a First Amendment to Pledge Agreement by Borrowers; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Borrowers' payment to Bank of an amendment fee equal to 0.30% of the Maximum Line of Credit Amount, as
amended by this Amendment (*i.e.*, $225,000), which Borrowers hereby authorize Bank to deduct from any account maintained by Borrowers with Bank.

5.  **<u>Miscellaneous</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Amendment shall be governed and construed in accordance with the internal laws of the State of New York without reference to conflict of law principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Amendment may be signed in any number of counterparts with the same effect as if the signatures thereto and hereto were upon the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Loan Documents and all agreements, instruments and documents executed and delivered in connection therewith, shall each be deemed amended hereby to the extent necessary, if any, to give effect to the provisions of this Amendment.

*[No further text on this page; signatures follow.]*

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Please indicate your agreement and acceptance to the terms set forth above by signing and returning a copy of this Amendment to the undersigned.

---

| | |
|:---|:---|
|  Very truly yours, | Very truly yours, |
| **BANK HAPOALIM B.M.** | **BANK HAPOALIM B.M.** |
|  By: | /s/ Gal Defes |
|  Name: | Gal Defes |
|  Title: | FSVP |
|  By: | /s/ Idan Schaul |
|  Name: | Idan Schaul |
|  Title: | VP |

---

**AGREED TO** as of the date first written above:

---

| | |
|:---|:---|
| **LENDBUZZ INC.** | **LENDBUZZ INC.** |
|  By: | /s/ George Sclavos |
|  Name: | George Sclavos |
|  Title: | CFO |
| **LENDBUZZ FUNDING LLC** | **LENDBUZZ FUNDING LLC** |
|  By: | /s/ George Sclavos |
|  Name: | George Sclavos |
|  Title: | CFO |

---

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<u>Schedule A.4.2(a)</u> 

**<u>Owned by Lendbuzz, Inc.:</u>**

Lendbuzz SPV IV, LLC, a Delaware limited liability company

**<u>Owned by Lendbuzz Funding LLC:</u>**

Lendbuzz Depositor LLC, a Delaware limited liability company

Lendbuzz SPV V, LLC, a Delaware limited liability company

Lendbuzz SPV VII, LLC, a Delaware limited liability company

Lendbuzz SPV VIII, LLC, a Delaware limited liability company

Lendbuzz SPV IX, a Delaware limited liability company

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<u>ScheduleA.5.12</u> 

ORGANIZATIONAL STRUCTURE

![LOGO](g715014dsp011.jpg)

## Exhibit 10.17

**Exhibit 10.17**![LOGO](g715014g0823021628264.jpg)

**AMENDED AND RESTATED LINE OF CREDIT NOTE** 

**(COMMITTED)** 

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| | |
|:---|:---|
| $75000000.00 | New York, New York<br> March 31, 2025 |

---

**FOR VALUE RECEIVED**, each of **LENDBUZZ, INC**., a corporation organized under the laws of Delaware, and **LENDBUZZ FUNDING LLC**, a limited liability company organized under the laws of Delaware (each a "**<u>Borrower</u>**" and collectively, the "**<u>Borrowers</u>**"), promises to pay to the order of **BANK HAPOALIM B.M.** (the "**<u>Bank</u>**"), in lawful money and in immediately available funds, at its offices at 1120 Avenue of the Americas, New York, New York 10036, or at such other place as the holder hereof may designate to the Borrowers in writing, the principal sum of **SEVENTY FIVE MILLION AND 00/100 DOLLARS ($75,000,000.00)**, or such lesser amount as may be advanced and be outstanding to or for the benefit of Borrowers hereunder, together with interest accruing thereon from the date advanced until paid in full, as set forth herein.

This Note (as defined herein) amends and restates and is executed and delivered in substitution and replacement of, but not in payment of, a Line of Credit Note (Committed) of Borrowers to Bank dated as of March 31, 2023 in the original principal amount of $20,000,000 (as amended by that certain amendment to the Letter Agreement (as defined herein) dated as of June 3, 2024 increasing the principal amount thereof to $50,000,000, that certain amendment to the Letter Agreement dated as of March 31, 2025 increasing the principal amount thereof to $75,000,000, and as further amended, restated, supplemented or otherwise modified, the "**<u>Prior Note</u>**"). This Note does not cancel or satisfy Borrower's payment obligations under the Prior Note and is not a novation thereof. All collateral, if any, for the Prior Note shall continue to secure payment of this Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. <u>Line of Credit Advances</u>**. Borrowers may from time to time prior to the Maturity Date borrow, partially or wholly repay, and re-borrow hereunder, advances up to the Maximum Line of Credit Amount (as defined herein), subject to the terms and conditions of this Line of Credit Note ("**<u>Note</u>**") and the Letter Agreement (as defined herein) ("**<u>Line of Credit</u>**"). The "**<u>Maturity Date</u>**" shall have the meaning given to such term in the Letter Agreement. Each Borrower acknowledges and agrees that in no event will Bank be under any obligation to extend or renew the Line of Credit or this Note beyond the Maturity Date. The "**<u>Maximum Line of Credit Amount</u>**" shall mean $75,000,000. In no event shall the aggregate unpaid principal amount of advances under this Note (together with any other credit accommodations under the Line of Credit) exceed, as of any date of determination, the Maximum Line of Credit Amount. In the event of any such occurrence, the amount of such excess shall be immediately due and payable without necessity of demand, and whether or not any Event of Default shall have occurred hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. <u>Advance Procedures</u>**. Borrowers shall request advances under this Note by providing written notice to Bank (i) for SOFR Advances (defined below), prior to 11:00 a.m. (New York time) three (3) Business Days prior to the date of the proposed borrowing which shall be a Business Day, and (ii) for advances bearing interest at the Prime Rate Option (defined below), prior to 1:00 p.m. (New York time) on the Business Day of the proposed borrowing. If permitted by Bank, a request for advance may be made by electronic mail, with such confirmation or verification (if any) in writing or otherwise as Bank may require in its reasonable discretion from time to time. Further, each Borrower hereby agrees to indemnify and hold Bank harmless from and against any and all damages, losses, liabilities, costs and expenses (including reasonable and documented out-of-pocket attorneys' fees and expenses) which may

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. <u>Interest Rate</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1 <u>Interest Rate</u> - Definitions**. For purposes hereof, the following terms shall have the following meanings:

"**<u>Business Day</u>**" shall mean any day that is not a Saturday, Sunday or other day on which banks in New York City are required or permitted to close; <u>provided</u>, when used in connection with determining Term SOFR, the term "Business Day" shall also exclude any day on which the Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in United States government securities.

"**<u>Interest Period</u>**" shall mean, with respect to any Term SOFR advance hereunder, the period of one (1), three (3) or six (6) months (in each case, subject to availability thereof) as specified in the applicable advance request, with the initial Interest Period commencing on the date of the first disbursement of an advance hereunder, and each subsequent Interest Period commencing on the last day of the immediately preceding Interest Period; <u>provided</u> that (i) if an Interest Period would end on a day which is not a Business Day, such Interest Period shall end on the next succeeding Business Day unless such day falls in the next succeeding calendar month in which case the Interest Period shall end on the next preceding Business Day, (ii) the final Interest Period shall commence on the last day of the immediately preceding Interest Period, and end on the Maturity Date, and (iii) any Interest Period that begins on the last Business Day of a calendar month (or a day for which there is no numerically corresponding day in the last calendar month of such Interest Period) shall end on the last Business Day of the last calendar month of such Interest Period.

"**<u>SOFR</u>**" shall mean a rate per annum equal to the secured overnight financing rate for such Business Day published by the Federal Reserve Bank of New York (or a successor administrator of the secured overnight financing rate) on the website of the Federal Reserve Bank of New York, currently at <u>h</u><u>tt</u><u>p</u><u>:</u><u>/</u><u>/</u><u>www</u><u>.newy</u><u>o</u><u>r</u><u>k</u><u>f</u><u>e</u><u>d.o</u><u>r</u><u>g</u> (or any successor source for the secured overnight financing rate identified as such by the administrator of the secured overnight financing rate from time to time).

"**<u>SOFR Advance</u>**" shall mean an advance that bears interest at a rate based on Term SOFR.

"**<u>Term SOFR</u>**" shall mean, for any calculation with respect to a SOFR Advance, the Term SOFR Reference Rate for a tenor comparable to the applicable Interest Period on the day (such day, the "**<u>Periodic Term SOFR Determination Day</u>**") that is two (2) Business Days prior to the first day of such Interest Period, as such rate is published by the Term SOFR Administrator; <u>provided</u>, <u>however</u>, that if as of 5:00 p.m. (New York City time) on any Periodic Term SOFR Determination Day the Term SOFR Reference Rate for the applicable tenor has not been published by the Term SOFR Administrator and a Benchmark Replacement Date (defined below) with respect to the Term SOFR Reference Rate has not occurred, then Term SOFR will be the Term SOFR Reference Rate for such tenor as published by the Term SOFR Administrator on the first preceding Business Day for which such Term SOFR Reference Rate for such tenor was published by the Term SOFR Administrator so long as such first preceding Business Day is not more than three (3) Business Days prior to such Periodic Term SOFR Determination Day.

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"**<u>Term SOFR Administrator</u>**" shall mean CME Group Benchmark Administration Limited (CBA) (or a successor administrator of the Term SOFR Reference Rate selected by Bank in its reasonable discretion).

"**<u>Term SOFR Reference Rate</u>**" shall mean the forward-looking term rate based on SOFR.

"**<u>Wall Street Journal Prime Rate</u>**" or "**<u>Prime Rate</u>**" shall mean the rate of interest designated as the "Prime Rate" which appears in each publication of The Wall Street Journal under the designation entitled "Money Rates." This rate of interest fluctuates and is subject to change without prior notice. If the Wall Street Journal Prime Rate changes, the rate of interest on this Note will automatically change effective on the date of any such change, without notice to Borrowers. In the event that the Wall Street Journal Prime Rate cannot be ascertained from publication of The Wall Street Journal, the rate of interest which shall be used in substitution thereof and until such time as the Wall Street Journal Prime Rate can be ascertained by reference to The Wall Street Journal shall be a rate equal to the average of the prime rate of interest announced from time to time by three (3) New York banks selected by Bank in its sole and absolute discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2 <u>Rate of Interest</u>**. Amounts outstanding under this Note shall bear interest at the following rate or rates per annum as may be selected by Borrowers from time to time in accordance herewith (each, an "**<u>Option</u>**"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "**<u>Prime Rate Option</u>**" shall mean, with respect to any applicable advances, a fluctuating rate of interest per annum which shall be equal to 1.25% above the Wall Street Journal Prime Rate in effect from time to time (with a Wall Street Journal Prime Rate floor of 3.00%).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) "**<u>Term SOFR Option</u>**" shall mean, with respect to any applicable advances, a fluctuating rate per annum equal to 4.00% above the Term SOFR in effect on the first day of the applicable Interest Period (with a Term SOFR floor of 1.00%).

Upon Borrowers' request, Bank shall give notice to Borrowers of the Term SOFR as determined or adjusted for each Interest Period in accordance herewith, which determination or adjustment shall be conclusive absent manifest error. All interest hereunder on any advance shall be computed on a daily basis based upon the outstanding principal amount of such advance as of the applicable date of determination.

If Bank determines in good faith and in its reasonable discretion that by reason of circumstances affecting the Term SOFR adequate and reasonable means do not exist for ascertaining the Term SOFR for any Interest Period with respect to any advance hereunder, then Bank shall give written notice thereof to the Borrowers as promptly as practicable thereafter and, until Bank notifies the Borrowers that the circumstances giving rise to such notice no longer exist (which such notice shall be delivered by Bank promptly after such situation ceases to exist), (i) any obligation of Bank contained herein or in any agreement of Bank to make available SOFR Advances with such Interest Period shall immediately be suspended, (ii) the outstanding SOFR Advances with such Interest Period shall be deemed to accrue interest as the Prime Rate until Bank revokes such notice and (iii) if any advance request requests a SOFR Advance for such Interest Period, such advance shall instead be made at the Prime Rate Option; <u>provided</u> that the Borrowers may revoke any such advance request (without penalty) prior such advance date upon written notice to Bank.

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If, after the date of this Note, Bank shall determine (which determination shall be final and conclusive) that any Change in Law (defined below) shall make it impossible or unlawful for Bank to make, fund or maintain SOFR Advances, then Bank shall give written notice thereof to the Borrowers as promptly as practicable thereafter. From the date of such notice until Bank notifies Borrowers that the circumstances giving rise to such determination no longer apply, then (i) any obligation of Bank contained herein or in any agreement of Bank to make available SOFR Advances shall immediately be suspended, and (ii) any such SOFR Advances then outstanding shall instead bear interest, at Bank's option, at the Alternative Rate (as defined below), such change taking effect either (x) on the last day of the then current Interest Period if Bank may lawfully continue to maintain SOFR Advances to such day, or (y) immediately if Bank may not lawfully continue to maintain SOFR Advances. Upon receipt of any such notice, if any advance request requests a SOFR Advance, such advance shall be made at the Alternative Rate; <u>provided</u> that the Borrowers may revoke any such advance request (without penalty) prior to such advance date upon written notice to Bank.

Interest hereunder will be calculated based on the actual number of days that principal is outstanding on the basis of a year of 360 days. In no event will the rate of interest hereunder exceed the maximum rate allowed by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3 <u>Term SOFR Conforming Changes</u>**. In connection with the use or administration of Term SOFR, Bank shall have the right, in consultation with the Borrowers, to make Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document (as defined in the Letter Agreement), any amendments implementing such Conforming Changes will become effective without any further action or consent of Borrowers or any other party to any other Loan Document. Bank shall promptly notify Borrowers of the effectiveness of any Conforming Changes in connection with the use or administration of Term SOFR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.4 <u>Benchmark Replacement Setting</u>**. Notwithstanding anything to the contrary herein or in any other Loan Document:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Replacing Benchmarks</u>. Notwithstanding anything to the contrary herein or in any other Loan Document, if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred prior any setting of the then-current Benchmark, then (x) if a Benchmark Replacement is determined in accordance with clause (a) of the definition of "Benchmark Replacement" for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Loan Document in respect of such Benchmark setting and subsequent Benchmark settings without any amendment to, or further action or consent of any other party to, this Note or any other Loan Document and (y) if a Benchmark Replacement is determined in accordance with clause (b) of the definition of "Benchmark Replacement" for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Loan Document in respect of any Benchmark setting at or after 5:00 p.m. (New York City time) on the fifth (5th) Business Day after the date notice of such Benchmark Replacement is provided to the Borrowers without any amendment to, or further action or consent of any other party to, this Note or any other Loan Document. At any time after the occurrence of a Benchmark Transition Event, Borrowers may revoke any request for a borrowing of, or continuation of advances to be made or continued, in each case without penalty, that would bear interest by reference to such Benchmark until Borrowers' receipt of notice from Bank that a Benchmark Replacement has replaced such Benchmark, and, failing that, Borrowers will be deemed to have converted any such request into a request for a borrowing of or conversion to advances bearing interest at the Prime Rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>[Reserved.]</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Benchmark Replacement Conforming Changes</u>. In connection with the implementation and administration of a Benchmark Replacement, Bank will have the right to make Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such Conforming Changes will become effective without any further action or consent of any other party to this Note or such other Loan Document.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Notices; Standards for Decisions and Determinations</u>. Bank will promptly notify the Borrowers of (i) the implementation of any Benchmark Replacement and (ii) the effectiveness of any Conforming Changes in connection with the use, administration, adoption or implementation of a Benchmark Replacement. Bank will notify the Borrowers of (x) the removal or reinstatement of any tenor of a Benchmark pursuant to clause (e) below and (y) the commencement of any Benchmark Unavailability Period. Any determination, decision or election that may be made by Bank pursuant to this Section, including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or any selection, will be conclusive and binding absent manifest error and may be made in its sole discretion and without consent from any other party to this Note or any other Loan Document, except, in each case, as expressly required pursuant to this Section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Unavailability of Tenor of Benchmark</u>. Notwithstanding anything to the contrary herein or in any other Loan Document, at any time (including in connection with the implementation of a Benchmark Replacement), (i) if the then-current Benchmark is a term rate (including the Term SOFR Reference Rate) and either (A) any tenor for such Benchmark is not displayed on a screen or other information service that publishes such rate from time to time as selected by Bank in its reasonable discretion or (B) the regulatory supervisor for the administrator of such Benchmark has provided a public statement or publication of information announcing that any tenor for such Benchmark is not or will not be representative, then Bank may modify the definition of "Interest Period" (or any similar or analogous definition) for any Benchmark settings at or after such time to remove such unavailable or non- representative tenor and (ii) if a tenor that was removed pursuant to clause (i) above either (A) is subsequently displayed on a screen or information service for a Benchmark (including a Benchmark Replacement) or (B) is not, or is no longer, subject to an announcement that it is not or will not be representative for a Benchmark (including a Benchmark Replacement), then Bank may modify the definition of "Interest Period" (or any similar or analogous definition) for all Benchmark settings at or after such time to reinstate such previously removed tenor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Disclaimer</u>. Bank does not warrant or accept responsibility for, and shall not have any liability with respect to (a) the administration, submission, calculation of or any other matter related to the rates in the definition of "Term SOFR" or with respect to any component definition thereof or rates referenced in the definition thereof or any alternative, comparable or successor rate thereto (including any Benchmark or any Benchmark Replacement or the effect, implementation or composition of any Conforming Changes (defined above)) and including, without limitation, whether the composition or characteristics of any such alternative, successor or replacement reference rate, as it may or may not be adjusted pursuant hereto, will be similar to, or produce the same value or economic equivalence of, such Benchmark or any other Benchmark or have the same volume or liquidity as did such Benchmark or any other Benchmark prior to its discontinuance or unavailability, or (b) the impact or effect of such alternative, successor or replacement reference rate or Conforming Changes on any other financial products or agreements in effect or offered to any obligor or any of their respective affiliates, including, without limitation, any swap obligation or hedging agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Definitions</u>.

"**<u>Available Tenor</u>**" shall mean, as of any date of determination and with respect to the then- current Benchmark, as applicable, (x) if such Benchmark is a term rate, any tenor for such Benchmark (or component thereof) that is or may be used for determining the length of an Interest Period pursuant to this Note or (y) otherwise, any payment period for interest calculated with reference to such Benchmark (or

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component thereof) that is or may be used for determining any frequency of making payments of interest calculated with reference to such Benchmark pursuant to this Note, in each case, as of such date and not including, for the avoidance of doubt, any tenor for such Benchmark that is then-removed from the definition of "Interest Period" pursuant to <u>clause (e)</u> above.

"**<u>Benchmark</u>**" shall mean, initially, the Term SOFR Reference Rate; <u>provided</u> that if a Benchmark Transition Event has occurred with respect to the Term SOFR Reference Rate or the then- current Benchmark, the "Benchmark" shall mean the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate. Any reference to "Benchmark" shall include, as applicable, the published component used in the calculation thereof.

"**<u>Benchmark Replacement</u>**" shall mean, for any Available Tenor, the first alternative set forth in the order below that is applicable (based on the applicability restrictions below) and can be determined by Bank for the applicable Benchmark Replacement Date (each, an "**<u>Alternative Rate</u>**"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the sum of: (i) Daily Simple SOFR and (ii) 0.10%; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the sum of: (i) the alternate benchmark rate that has been selected by Bank and the Borrowers giving due consideration to (A) any selection or recommendation of a replacement benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body or (B) any evolving or then-prevailing market convention for determining a benchmark rate as a replacement to the then-current Benchmark for Dollar-denominated bilateral credit facilities and (ii) the related Benchmark Replacement Adjustment.

"**<u>Benchmark Replacement Adjustment</u>**" shall mean, with respect to any replacement of the then-current Benchmark with an Unadjusted Benchmark Replacement, the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected by Bank and the Borrowers giving due consideration to (a) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body or (b) any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for Dollar-denominated bilateral credit facilities at such time.

"**<u>Benchmark Replacement Date</u>**" shall mean the earliest to occur of the following events with respect to the then-current Benchmark: (a) in the case of clause (a) or (b) of the definition of "Benchmark Transition Event", the later of (i) the date of the public statement or publication of information referenced therein and (ii) the date on which the administrator of such Benchmark permanently or indefinitely ceases to provide all Available Tenors of such Benchmark; or (b) in the case of clause (b) of the definition of "Benchmark Transition Event", the first date on which such Benchmark has been determined and announced by or on behalf of the administrator of such Benchmark or the regulatory supervisor for the administrator of such Benchmark to be non-representative; <u>provided</u> that such non-representativeness, non-compliance or non-alignment will be determined by reference to the most recent statement or publication referenced in such clause (b) and even if any Available Tenor of such Benchmark continues to be provided on such date. For the avoidance of doubt, the "Benchmark Replacement Date" will be deemed to have occurred in the case of <u>clause (a)</u> or <u>(b)</u> with respect to any Benchmark upon the occurrence of the applicable event or events set forth therein with respect to all then-current Available Tenors of such Benchmark.

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"**<u>Benchmark Transition Event</u>**" shall mean the occurrence of one or more of the following events with respect to the then-current Benchmark:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a public statement or publication of information by or on behalf of the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that such administrator has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof), permanently or indefinitely; <u>provided</u> that, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof), the Federal Reserve Board, the Federal Reserve Bank of New York, an insolvency official with jurisdiction over the administrator for such Benchmark (or such component), a resolution authority with jurisdiction over the administrator for such Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator for such Benchmark (or such component), which states that the administrator of such Benchmark (or such component) has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof) permanently or indefinitely; *provided* that, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that all Available Tenors of such Benchmark (or such component thereof) are not, or as of a specified future date will not be, representative.

For the avoidance of doubt, a "Benchmark Transition Event" will be deemed to have occurred with respect to any Benchmark if a public statement or publication of information set forth above has occurred with respect to each then-current Available Tenor of such Benchmark (or the published component used in the calculation thereof).

"**<u>Benchmark Unavailability Period</u>**" shall mean, the period (if any) (a) beginning at the time that a Benchmark Replacement Date has occurred if, at such time, no Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Loan Document in accordance with this Section and (b) ending at the time that a Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Loan Document in accordance with this Section.

"**<u>Conforming Changes</u>**" shall mean, with respect to either the use or administration of Term SOFR, or with respect to the use, administration, adoption or implementation of any Benchmark Replacement, any technical, administrative or operational changes (including without limitation changes to the definition of "Prime Rate", the definition of "Business Day," the definition of "Interest Period" or any similar or analogous definition, timing and frequency of determining rates and making payments of interest, timing of borrowing requests or prepayment, conversion or continuation notices, the applicability and length of lookback periods, the applicability of breakage provisions, and other technical, administrative or operational matters) that Bank decides in its reasonable discretion may be necessary or appropriate to reflect the adoption and implementation of any such rate or to permit the use and administration thereof by Bank in a manner substantially consistent with market practice (or, if Bank decides that adoption of any portion of such market practice is not administratively feasible or if Bank reasonably determines that no market practice for the administration of any such rate exists, in such other manner of administration as Bank reasonably decides is necessary in connection with the administration of this Note and the other Loan Documents).

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"**<u>Daily Simple SOFR</u>**" shall mean, for any day, SOFR, with the conventions for this rate (which will include a lookback) being established by Bank in accordance with the conventions for this rate selected or recommended by the Relevant Governmental Body for determining "Daily Simple SOFR" for bilateral business loans; <u>provided</u>, that if Bank decides that any such convention is not administratively feasible for Bank, then Bank may establish another convention in its reasonable discretion.

"**<u>Relevant Governmental Body</u>**" shall mean the Board of Governors of the Federal Reserve System or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Board of Governors of the Federal Reserve System or the Federal Reserve Bank of New York, or any successor thereto.

"**<u>Unadjusted Benchmark Replacement</u>**" shall mean the applicable Benchmark Replacement excluding the related Benchmark Replacement Adjustment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.5 <u>Interest Rate Elections</u>**. Subject to the terms and conditions of this Note, including limitations with respect to Interest Periods and notice requirements: (i) at the end of any Interest Period applicable to any advance under the Term SOFR Option, Borrowers may renew the Term SOFR Option applicable to such advance or convert such advance to the Prime Rate Option; (ii) at any time any of the advances under this Note bear interest under the Prime Rate Option, Borrowers may convert all or a portion of such advances become SOFR Advances; and (iii) at the time any advance is made hereunder, Borrowers may choose to have all thereof bear interest under the Prime Rate Option or the Term SOFR Option; <u>provided</u> that, during any period in which any Event of Default (as hereinafter defined) has occurred and is continuing, any SOFR Advances shall, at Bank's sole discretion, be converted at the end of the applicable Interest Period to the Prime Rate Option and the Term SOFR Option will not be available to Borrowers with respect to any new advances (or with respect to the conversion or renewal of any existing advances) until such Event of Default has been cured by Borrowers or waived by Bank. Borrowers shall notify Bank of each election of an Option, each conversion from one Option to another, the amount of the advances then outstanding to be allocated to each Option and where relevant the Interest Periods therefor. In the case of electing or converting to the Term SOFR Option, such notice shall be given prior to 11:00 a.m. New York time on a Business Day at least three (3) Business Days prior to the commencement of the applicable Interest Period, or at a later time if Bank, in its sole discretion, accepts Borrowers' notice and quotes a rate for such requested advance (or conversion) under the Term SOFR Option. Each such notice shall specify: (a) the Option selected by Borrowers, (b) the principal amount subject thereto, (c) the date of the requested advance (or conversion) and (d) if applicable, the Interest Period with respect to such request. If no notice of election, conversion or renewal is timely received by Bank with respect to any advance (or expiring Interest Period), Borrowers shall be deemed to have elected the Prime Rate Option. Any such election shall be promptly confirmed in writing by such method as Bank may require. Borrowers may select different Options to apply simultaneously to different portions of the advances and may select up to five (5) different Interest Periods to apply simultaneously to different portions of the advances bearing interest under Term SOFR Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. <u>Payments</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1 <u>Interest and Principal Payments</u>**. Borrowers shall pay accrued interest in arrears on the unpaid principal balance of this Note: (a) for the portion of advances bearing interest based on the Prime Rate, on the first (1st) day of each month during the term hereof, (b) for SOFR Advances, on the last day of the respective Interest Period for such advance, and if any Interest Period is longer than three (3) months, then also on the three (3) month anniversary of such Interest Period and every three (3) months thereafter, and (c) for all advances, at maturity, whether by acceleration of this Note or otherwise, and after maturity, on demand until paid in full. Notwithstanding anything herein to the contrary, the outstanding principal balance of advances under the Line of Credit and any accrued but unpaid interest thereon shall be due and payable on the Maturity Date.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2 <u>Manner of Payment</u>**. All payments by Borrowers on account of principal, interest or fees hereunder shall be made in lawful money of the United States of America, in immediately available funds. If any payment under this Note shall become due on a day other than a Business Day, such payment shall be made on the next succeeding Business Day and such extension of time shall be included in computing interest in connection with such payment. Each Borrower authorizes (but shall not require) Bank to debit any account maintained by a Borrower with Bank, at any date on which a payment is due under this Note, in an amount equal to any unpaid portion of such payment. If any payment of principal or interest or other Obligation becomes due on a day on which Bank is closed (as required or permitted by law or otherwise), such payment shall be made not later than the next succeeding Business Day except as may be otherwise provided herein, and such extension shall be included in computing interest in connection with such payment. Each payment made on this Note (or received by Bank with respect to any other indebtedness owed by any Borrower to Bank, or any affiliate thereof), shall be applied by Bank to amounts due under this Note (or with respect to any such other indebtedness) in such order or manner as Bank, in its discretion, elects, regardless of any instructions from a Borrower to the contrary. Bank or any holder may accept late payments, or partial payments, even though marked "payment in full" or containing words of similar import or other conditions, without waiving any of its rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3 <u>Default Rate</u>**. After the Maturity Date, whether by acceleration, demand or otherwise and, at Bank's option, upon the occurrence of any Event of Default (as defined herein) and during the continuance thereof, amounts outstanding under this Note shall bear interest at a rate per annum (based on the actual number of days that principal is outstanding over a year of 360 days) which shall be three percent (3.00%) in excess of the interest rate otherwise in effect from time to time under this Note but not more than the maximum rate allowed by law (the "**<u>Default Rate</u>**"). The Default Rate shall continue to apply whether or not judgment shall be entered on this Note. The Default Rate is in addition to, and not in lieu of, Bank's exercise of any rights and remedies hereunder, under the other Loan Documents or under applicable law. In addition, the Default Rate reflects the increased credit risk to Bank of carrying a loan that is in default. Each Borrower agrees that the Default Rate is a reasonable forecast of just compensation for anticipated and actual harm incurred by Bank, and that the actual harm incurred by Bank cannot be estimated with certainty and without difficulty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.4 <u>Prepayments</u>**. The indebtedness evidenced by this Note may be prepaid in whole or in part at any time and from time to time without penalty or premium, subject, however to payment of any break funding indemnification amounts owing pursuant to <u>Section</u> <u>4.6</u> hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.5 <u>Increased Costs; Yield Protection</u>**. Within 15 days of written request, together with written evidence of the justification therefor, each Borrower agrees to pay Bank all direct costs incurred, any losses suffered or payments made by Bank as a result of any Change in Law (as defined herein), imposing any reserve (including pursuant to regulations issued from time to time by the Federal Reserve Board for determining the maximum reserve requirement (including any emergency, special, supplemental or other marginal reserve requirement) with respect to eurocurrency funding (currently referred to as "Eurocurrency liabilities" in Regulation D)), deposit, allocation of capital or similar requirement (including without limitation, Regulation D of the Board of Governors of the Federal Reserve System) on Bank, its holding company or any of their respective assets relative to the Line of Credit. "**<u>Change in Law</u>**" shall mean the occurrence, after the date of this Note, of any of the following: (a) the adoption or taking effect of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation, implementation or application thereof by any governmental authority or (c) the making or issuance of any request, rule, guideline or directive (whether

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or not having the force of law) by any governmental authority; <u>provided</u> that notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (y) all requests, rules, guidelines or directives promulgated by Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a "Change in Law," regardless of the date enacted, adopted or issued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.6 <u>Break Funding Indemnification</u>**. Each Borrower agrees to indemnify Bank against any liabilities, losses or expenses, including, without limitation, loss of margin, any loss or expense sustained or incurred in liquidating or employing deposits from third parties, and any loss or expense incurred in connection with funds acquired to effect, fund or maintain any SOFR Advance (or any part thereof) which Bank sustains or incurs as a consequence of any Borrower's (i) failure to make a payment on the due date thereof, (ii) revocation (expressly, by later inconsistent notices or otherwise) in whole or in part of any notice given to Bank to request, convert, renew or prepay any SOFR Advance, or (iii) payment or prepayment (whether voluntary, after acceleration of the maturity of this Note or otherwise) or conversion of any SOFR Advance on a day other than the last day of the applicable Interest Period or the Maturity Date. A notice as to any amounts payable pursuant to this paragraph given to Borrower by Bank, in the absence of manifest error, shall be conclusive. Borrower's obligations in this <u>Section</u> <u>4.6</u> shall survive the payment in full of the advances and all other amounts payable hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. <u>Security; Right of Setoff</u>**. This Note is secured by the Collateral pursuant to Security Agreements, Pledge Agreements (each as defined in the Letter Agreement), intellectual property security agreement and certain other security instruments. If an Event of Default shall have occurred and be continuing, Bank is hereby authorized at any time and from time to time, to the fullest extent permitted by applicable law, to set off and apply any and all deposits at any time held or other indebtedness at any time owing by Bank to or for the credit or account of any Borrower against any of and all of the Obligations (as defined in the Letter Agreement) now or hereafter existing under the Loan Documents, irrespective of whether or not Bank shall have made any demand under this Section are in addition to other rights and remedies which Bank may have. Bank agrees to notify the Borrowers promptly after any such setoff and application; <u>provided</u> that the failure to give such notice shall not affect the validity of such setoff and application.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. <u>Other Loan Documents</u>**. This Note is issued in connection with that certain Letter Agreement, dated on or before the date hereof (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the "**<u>Letter Agreement</u>**"), among Borrowers and Bank, and certain other agreements and documents evidencing, governing, guarantying or securing this Note (or any guaranty) and executed and/or delivered in connection with the Loan Documents and is secured by the Collateral. The holder of this Note is entitled to the benefits of the Loan Documents and may enforce the agreements of Borrowers contained in the Loan Documents and exercise the remedies provided for by, or otherwise available in respect of, the Loan Documents, all in accordance with, and subject to the restrictions contained in, the terms of the Loan Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. <u>Default; Remedies</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1 <u>Events of Default</u>**. So long as any Obligations remain outstanding, the occurrence of any of the following, with respect to Borrowers, shall constitute an "**<u>Event of Default</u>**" under this Note:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the failure to pay (whether at the stated maturity, by acceleration, by notice of voluntary prepayment, by mandatory prepayment or otherwise) (i) any principal when due or (ii) interest, fee, charge, indemnity or other indebtedness owing hereunder or under any other Loan Document within 3 Business Days following the date when due;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If Borrowers fail to perform any obligation under Sections A.6.1(a) through (h), A.6.2 or A.6.3(a), (d), (g), (h), (i), (j), or (k) of the Letter Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If Borrowers fail or neglect to perform or observe any other material term, provision, condition, covenant contained in this Note, in any of the other Loan Documents and as to any default under such other term, provision, condition, or covenant that can be cured, has failed to cure such default within 10 days after Borrowers receive written notice thereof or any senior officer of a Borrower becomes aware thereof; <u>provided</u>, <u>however</u>, that, if the default cannot by its nature be cured within the 10-day period or cannot after diligent attempts by Borrowers be cured within such 10-day period, and such default is likely to be cured within a reasonable time, Borrowers shall have an additional reasonable period (which shall not in any case exceed an additional 10 days) to attempt to cure such default, and within such reasonable time period the failure to have cured such default shall not be deemed an Event of Default but no advances will be made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any financial statement or certificate furnished to Bank in connection with, or any representation or warranty made by any Borrower to Bank in any Loan Document or any other documents now or in the future evidencing or securing the Obligations, proves to be incorrect, false, erroneous or misleading in any material respect when furnished or when made or deemed to have been made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) except as permitted by the Loan Documents, any Borrower dissolves, liquidates or otherwise ceases doing business as a going concern;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the commencement of a foreclosure proceeding against any Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any default with respect to any other indebtedness if the effect of such default is to cause or permit any holder of any such indebtedness (or a trustee on behalf of such holder) to cause the same to become due prior to its stated maturity (and whether or not such default is waived by the holder thereof);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) there exists or occurs any event or condition with respect to, or any change in the financial condition or affairs of, any Borrower which in the opinion of Bank (or any subsequent holder hereof), in its reasonable discretion, could be expected to result in a Material Adverse Change (as defined in the Letter Agreement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the making of an assignment for the benefit of creditors, or the appointment of a trustee, receiver or liquidator for any Borrower or for any of his, its or their property, or the commencement of any proceedings by any Borrower under any bankruptcy, reorganization, arrangement of debt, insolvency, readjustment of debt, receivership, liquidation or dissolution law or statute (including, if such Borrower is a partnership, its dissolution pursuant to any agreement or statute), or the commencement of any such proceedings without the consent of such Borrower and such proceedings shall continue for a period of sixty (60) days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the entry of any money judgment or any attachment, levy or execution with a value in excess of $1,000,000 against any Borrower's properties which shall not be released, discharged, dismissed, stayed or fully bonded for a period of sixty (60) days or more after its entry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) any order, judgment or decree shall be entered against any Borrower decreeing the dissolution or split up of such Borrower and such order shall remain undischarged or unstayed for a period of sixty (60) days or more;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) at any time after the execution and delivery thereof, this Note, any guaranty or security agreement related hereto or any other Loan Document for any reason, other than the satisfaction in full of all Obligations, ceases to be in full force and effect (other than in accordance with its terms) or shall be declared to be null and void;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Bank shall not have or shall cease to have a valid and perfected lien in any Collateral with the priority required by the relevant Loan Document, in each case for any reason other than the failure of Bank to take any action within its control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) any Borrower shall contest the validity or enforceability of any Loan Document or deny that it has any further liability under any Loan Document to which it is a party or shall contest the validity or perfection of any lien in any Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) the issuance of a warrant of distraint or assertion of a Lien for unpaid taxes against any Borrower in an amount in which Bank (in its reasonable discretion) deems material; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) any sale, transfer or other disposition, except in the ordinary course of business, of all or substantially all of the assets of any Borrower, without Bank's prior written consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.2 <u>Remedies</u>**. Upon the occurrence of and during the continuance of an Event of Default: (a) Bank shall be under no further obligation to make advances hereunder or under any other Loan Document; (b) if an Event of Default specified in <u>clause (i)</u> of the definition of "Event of Default" above shall occur, this Note and all outstanding principal and accrued interest hereunder together with any additional amounts payable hereunder or under any other Loan Documents, if not then due or payable on demand, shall be immediately due and payable without demand or notice of any kind; (c) if any other Event of Default shall occur, this Note and all outstanding principal and accrued interest hereunder together with any additional amounts payable hereunder or under any other Loan Documents, if not then due or payable on demand, at Bank's option without demand or notice of any kind, may be accelerated and become immediately due and payable; (d) this Note will bear interest at the Default Rate; and (e) Bank may exercise from time to time any of the rights and remedies available under the Loan Documents or under applicable law, including all rights and remedies of a secured creditor under the Uniform Commercial Code as adopted and enacted and in effect from time to time in the applicable jurisdiction and all other applicable law; <u>provided</u> that if no Obligations remain outstanding and an event or circumstance has occurred and is continuing which would otherwise constitute an Event of Default if Obligations were outstanding, the Bank shall be (i) under no further obligation to make advances hereunder or under any other Loan Document and (ii) entitled to terminate the Line of Credit. Notwithstanding anything to the contrary in this Section 7.2, if more than three (3) Events of Default occur in any rolling twelve (12) month period, Bank may exercise any of the rights and remedies available under the Loan Documents or under applicable law immediately upon the occurrence of such additional Event of Default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8. <u>Miscellaneous</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.1 <u>Joint and Several Liability; Multiple Borrower</u>s**. As used herein, "Borrower" shall mean "all of the Borrowers, or each or any of them." The undersigned, if more than one, shall be jointly, severally and primarily liable hereunder. Bank may deal with any Borrower as if it were the sole obligor hereunder, without impairing in any way the liability of any other obligor, and without the consent of the other undersigned obligors. Bank may bring a separate action or actions under this Note against each or

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any of the Borrowers, whether such action is brought against or joined in by any other Borrower, and any release, discharge or compromise which may be given to any Borrower (in bankruptcy or otherwise) shall not release any other Borrower from its obligations hereunder. Any and all present and future debt or other obligation of any Borrower to another Borrower is hereby subordinated to the full payment and performance of all amounts due to Bank, howsoever evidenced. Each Borrower hereby waives all defenses of a maker of a note or guarantor or surety that may be available to it with respect to its obligations or the obligations of any other Borrower hereunder, other than indefeasible payment in full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.2 <u>GOVERNING LAW</u>**. THIS NOTE WAS NEGOTIATED IN THE STATE OF NEW YORK AND MADE BY BORROWERS AND ACCEPTED BY BANK IN THE STATE OF NEW YORK, AND THE PROCEEDS OF ANY CREDIT ACCOMMODATION HEREUNDER WERE DISBURSED FROM THE STATE OF NEW YORK, WHICH STATE THE PARTIES AGREE HAS A SUBSTANTIAL RELATIONSHIP TO THE PARTIES AND TO THE UNDERLYING TRANSACTION EMBODIED HEREBY. IN ALL RESPECTS, INCLUDING, WITHOUT LIMITATION, MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE, THIS NOTE AND THE OBLIGATIONS ARISING HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND PERFORMED IN SUCH STATE (WITHOUT REGARD TO ANY PRINCIPLES OF CONFLICT OF LAWS WHICH WOULD OR MIGHT MAKE THE LAWS OF ANY OTHER JURISDICTION APPLICABLE) AND ANY APPLICABLE LAW OF THE UNITED STATES OF AMERICA. TO THE FULLEST EXTENT PERMITTED BY LAW, BORROWERS AND BANK HEREBY UNCONDITIONALLY AND IRREVOCABLY WAIVE ANY CLAIM TO ASSERT THAT THE LAW OF ANY OTHER JURISDICTION GOVERNS THIS NOTE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.3 <u>Venue; Jurisdiction</u>**. ANY LEGAL SUIT, ACTION OR PROCEEDING AGAINST BANK OR BORROWERS ARISING OUT OF OR RELATING TO THIS NOTE SHALL BE INSTITUTED IN COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK AND ANY APPELLATE COURT FROM ANY THEREOF WHICH SHALL HAVE EXCLUSIVE JURISDICTION IN ANY SUIT, ACTION OR PROCEEDING BETWEEN BORROWERS AND BANK, BORROWERS AND BANK WAIVE ANY OBJECTION WHICH THEY MAY NOW OR HEREAFTER HAVE BASED ON VENUE AND/OR FORUM NON CONVENIENS OF ANY SUCH SUIT, ACTION OR PROCEEDING BETWEEN SUCH BORROWER AND BANK, AND HEREBY IRREVOCABLY SUBMIT TO THE JURISDICTION OF ANY SUCH COURT. BORROWERS AND BANK DO HEREBY AGREE THAT SERVICE OF PROCESS UPON SUCH PARTY AT ITS NOTICE ADDRESS AS SET FORTH IN SECTION D.1 OF THE LETTER AGREEMENT BY REGISTERED MAIL, RETURN RECEIPT REQUESTED, SHALL BE DEEMED IN EVERY RESPECT EFFECTIVE SERVICE OF PROCESS UPON SUCH PARTY IN ANY SUCH SUIT, ACTION OR PROCEEDING AT THE TIME RECEIVED OR REFUSED BY SUCH PARTY AND SHALL CONSTITUTE "PERSONAL DELIVERY" THEREOF AS DEFINED IN SECTION 308(1) OF NEW YORK'S CIVIL PRACTICE LAW AND RULES (OR ANY AMENDMENT THERETO). NOTHING CONTAINED HEREIN SHALL AFFECT THE RIGHT OF BANK TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO COMMENCE LEGAL PROCEEDINGS OR OTHERWISE PROCEED AGAINST ANY BORROWER IN ANY OTHER JURISDICTIONS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.4 <u>WAIVER OF JURY TRIAL</u>. EACH PARTY HERETO (a) KNOWINGLY, VOLUNTARILY, INTENTIONALLY, AND IRREVOCABLY WAIVES EACH RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY WITH RESPECT TO, AND IN, ANY ACTION OR OTHER LEGAL PROCEEDING OF ANY NATURE, RELATING TO (i) THIS NOTE, ANY CREDIT ACCOMMODATION PROVIDED WITH RESPECT HERETO, OR ANY OTHER**

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**LOAN DOCUMENT, (ii) ANY TRANSACTION CONTEMPLATED IN ANY SUCH LOAN DOCUMENTS OR (iii) ANY NEGOTIATION, ADMINISTRATION, PERFORMANCE OR ENFORCEMENT OF THIS NOTE, ANY OF THE OBLIGATIONS EVIDENCED HEREBY, ANY COLLATERAL THEREFOR, OR ANY OTHER LOAN DOCUMENT AND (b) CERTIFIES THAT (i) NEITHER THE OTHER PARTY, ANY AFFILIATE THEREOF BANK NOR ANY REPRESENTATIVE THEREOF OR ANY SUCH AFFILIATE HAS REPRESENTED TO SUCH PARTY THAT THE OTHER PARTY OR ANY SUCH AFFILIATE WILL NOT SEEK TO ENFORCE THE WAIVER MADE BY SUCH PARTY IN THIS PARAGRAPH, AND (ii) HE, SHE, OR IT HAS BEEN REPRESENTED (OR HAS HAD THE OPPORTUNITY TO BE REPRESENTED) IN THE SIGNING OF THIS NOTE AS NECESSARY AND APPROPRIATE BY INDEPENDENT LEGAL COUNSEL.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.5 <u>Incorporation by Reference</u>**. Sections 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 14, 17, 18 and 19 of Part D (Miscellaneous) of the Letter Agreement pertaining to, *inter alia*, notices, costs and expenses, entire agreement, severability, limitation of liability, amendments, modifications, etc., no waiver and remedies, successor and assigns and assignments, counterparts and electronic transmission, Patriot Act, certain taxes, no third-party reliance, no fiduciary duty, etc., indemnity, further assurances and correction of defects, interpretation, and confidentiality are incorporated herein by reference, *mutatis mutandis*, with references therein to the Letter Agreement being deemed references to this Note.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK; SIGNATURES FOLLOW]

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Each Borrower acknowledges that it has read and understood all the provisions of this Note, including the waiver of jury trial and has been advised by counsel as necessary or appropriate.

**IN WITNESS WHEREOF**, the undersigned has executed this Note as of the date first written above.

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| | |
|:---|:---|
| **LENDBUZZ, INC.** | **LENDBUZZ, INC.** |
|  By: | /s/ George Sclavos |
|  Name: | George Sclavos |
|  Title: | CFO |
| **LENDBUZZ FUNDING LLC** | **LENDBUZZ FUNDING LLC** |
|  By: | /s/ George Sclavos |
|  Name: | George Sclavos |
|  Title: | CFO |

---

## Exhibit 10.18

**Exhibit 10.18** 

Certain information has been excluded from this agreement (indicated by "[\*\*\*]") because Lendbuzz Inc. has determined such information (i) is not material and (ii) is of the type that the registrant treats as private or confidential.

**AMENDMENT NO. 9 TO** 

**AMENDED AND RESTATED REVOLVING CREDIT AND SECURITY AGREEMENT** 

This Amendment No. 9 to Amended and Restated Revolving Credit and Security Agreement (this *"Amendment"*) is entered into as of June 20, 2025, by and among LENDBUZZ SPV IV, LLC, a Delaware limited liability company, as borrower (together with its permitted successors and assigns, the *"Borrower"*), LENDBUZZ FUNDING LLC, a Delaware limited liability company, as servicer (together with its permitted successors and assigns, the *"Servicer"*), GOLDMAN SACHS BANK USA, as administrative agent for the Secured Parties (in such capacity, together with its successors and assigns, the *"Administrative Agent"*), and the Lenders signatory hereto.

**RECITALS:** 

WHEREAS, the Borrower has entered into that certain Amended and Restated Revolving Credit and Security Agreement, dated as of April 20, 2021, by and among the Borrower, Servicer, Administrative Agent and various Lenders from time to time party thereto (as amended, restated, supplemented or otherwise modified from time to time, the *"Credit Agreement"*);

WHEREAS, in accordance with the terms of the Credit Agreement, the Borrower has requested that the Administrative Agent and Lenders agree to amend the Credit Agreement to make certain changes as provided herein;

WHEREAS, subject to the terms and conditions set forth in this Amendment, the Administrative Agent and Lenders are willing to amend the Credit Agreement.

NOW, THEREFORE, in consideration of the foregoing premises, and other good and valuable consideration, the receipt and legal sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

**AGREEMENT:** 

SECTION 1. DEFINED TERMS.

Capitalized terms used herein and not otherwise defined herein shall have the meanings attributed to such terms respectively in the Credit Agreement.

SECTION 2. AMENDMENT.

Upon satisfaction of the conditions set forth in Section 3 hereof, the parties hereto hereby agree that the Credit Agreement is hereby amended by incorporating the changes shown on the marked copy of the Credit Agreement attached hereto as <u>Exhibit A</u> (it being understood that language which appears "struck out" has been deleted and language which appears as "double-underlined" has been added).

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SECTION 3. CONDITIONS TO EFFECTIVENESS.

This Amendment shall become effective as of the date hereof upon the receipt by the Administrative Agent of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the fully-executed counterparts of this Amendment from the parties hereto; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) evidence that the accrued fees and expenses of counsel to the Administrative Agent in connection with this
Amendment and the transactions contemplated hereby reimbursable pursuant to Section 12.04 of the Credit Agreement shall have been paid by the Borrower in immediately available funds to the extent invoiced prior to such date.

SECTION 4. REPRESENTATIONS AND WARRANTIES OF THE BORROWER.

In order to induce Administrative Agent and Lenders to enter into this Amendment, the Borrower hereby represents and warrants that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Authorization*. It has the power and authority to execute, deliver and perform this Amendment. It has taken all necessary action to authorize its execution, delivery and performance of this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Consents*. No consent, approval or authorization of, or declaration or filing with, any Governmental Authority, and no consent of any other Person, is required in connection with its execution, delivery and performance of this Amendment except for those already duly obtained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Execution, No Conflict.* This Amendment has been duly executed and delivered by the Borrower and constitutes a legal, valid and binding obligation of the Borrower, enforceable against the Borrower in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors' rights generally (regardless of whether such enforceability is considered in a proceeding in equity or at law). The Borrower's execution, delivery or performance of this Amendment does not conflict with, or constitute a violation or breach of, or constitute a default under, the terms of (i) any indenture, agreement or other contractual restriction binding on or affecting it or any of its assets, (ii) any order, writ, judgment, award, injunction or decree binding on or affecting it or any of its assets or properties or (iii) its Constituent Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *No Defaults.* As of the date hereof and after giving effect to this Amendment, no Event of Default or Unmatured Event of Default has occurred and is continuing, except as have been waived as set forth in that certain Waiver to Amended and Restated Revolving Credit and Security Agreement, dated as of June 12, 2025 by and among the parties hereto (the "*June Waiver*").

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Representations and Warranties*. As of the date hereof and after giving effect to this Amendment, the representations and warranties of the Borrower contained in this Amendment, the Credit Agreement and the other Facility Documents shall be true and correct in all material respects (except in the case of any representation and warranty qualified by materiality, which shall be true and correct in all respects) as of the date hereof, with the same effect as though made on such date, except to the extent that any such representation or warranty relates to an earlier date, in which case such representation or warranty shall be true and correct in all material respects (except in the case of any such representation and warranty qualified by materiality, which shall be true and correct in all respects) as of such earlier date.

SECTION 5. EFFECT ON THE CREDIT AGREEMENT AND OTHER FACILITY DOCUMENTS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Amendment constitutes a Facility Document for all purposes of, or in connection with, the Credit Agreement and the other Facility Documents. Except as expressly set forth herein, all of the terms, conditions and covenants of the Credit Agreement and the other Facility Documents shall remain unaltered and in full force and effect and shall be binding upon the Borrower in all respects and are hereby ratified and confirmed. Upon this Amendment becoming effective as set forth in Section 3, each reference respectively in the Credit Agreement to "this Agreement," "hereunder," "hereof," "herein" or words of like import referring to the Credit Agreement, and each reference in the other Facility Documents to the "Credit Agreement," "thereunder," "thereof" or words of like import referring to the Credit Agreement shall mean and be a reference to the Credit Agreement as modified by this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The relationship of the Administrative Agent and the Lenders, on the one hand, and the Borrower, on the other hand, has been and shall continue to be, at all times, that of creditor and debtor and not as joint venturers or partners. Nothing contained in this Amendment, any instrument, document or agreement delivered in connection herewith or in the Credit Agreement or any of the other Facility Documents shall be deemed or construed to create a fiduciary relationship between or among the parties.

SECTION 6. EXECUTION IN COUNTERPARTS.

This Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. Delivery of an executed signature page to this Amendment by facsimile transmission or otherwise transmitted or communicated by email shall be as effective as delivery of a manually executed counterpart of this Amendment.

SECTION 7. NO NOVATION.

This Amendment is not intended by the parties to be, and shall not be construed to be, a novation of the Credit Agreement or any other Facility Document or an accord and satisfaction in regard thereto.

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SECTION 8. HEADINGS.

Section headings in this Amendment are included herein for convenience of reference only and shall not constitute a part of this Amendment for any other purposes.

SECTION 9. ENTIRE AGREEMENT.

This Amendment and the June Waiver constitute the entire agreement of the parties hereto with respect to the subject matter hereof and supersedes all other understandings, oral or written, with respect to the subject matter hereof.

SECTION 10. SUCCESSORS AND ASSIGNS.

This Amendment shall be binding on and shall inure to the benefit of the Borrower, the Servicer, the Administrative Agent, the Lenders and their respective successors and permitted assigns under the Facility Documents.

SECTION 11. MISCELLANEOUS.

The provisions contained in Section 12.07 (Governing Law) and Section 12.13 (Waiver of Jury Trial) of the Credit Agreement are incorporated herein by this reference, *mutatis mutandis*.

[SIGNATURE PAGES FOLLOW]

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IN WITNESS WHEREOF, the parties have caused this Amendment to be duly executed and delivered by its duly authorized officer as of the day and year first above written.

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| | |
|:---|:---|
| LENDBUZZ SPV IV, LLC, as Borrower | LENDBUZZ SPV IV, LLC, as Borrower |
| By: | /s/ George Sclavos |
|  | Name: George Sclavos |
|  | Title: CFO |
| LENDBUZZ FUNDING LLC, as Servicer | LENDBUZZ FUNDING LLC, as Servicer |
| By: | /s/ George Sclavos |
|  | Name: George Sclavos |
|  | Title: CFO |

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SIGNATURE PAGE

AMENDMENT NO. 9 TO AMENDED AND RESTATED CREDIT AGREEMENT

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| | |
|:---|:---|
| GOLDMAN SACHS BANK USA, as Administrative Agent | GOLDMAN SACHS BANK USA, as Administrative Agent |
| By: | /s/ Jeffrey Clark |
|  | Name: **Jeffrey Clark** |
|  | Title: **Authorized Person** |

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SIGNATURE PAGE

AMENDMENT NO. 9 TO AMENDED AND RESTATED CREDIT AGREEMENT

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| | |
|:---|:---|
|  GOLDMAN SACHS BANK USA, as Class A<br>Revolving Lender | GOLDMAN SACHS BANK USA, as Class A<br>Revolving Lender |
| By: | /s/ Jeffrey Clark |
|  | Name: **Jeffrey Clark** |
|  | Title: **Authorized Person** |

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SIGNATURE PAGE

AMENDMENT NO. 9 TO AMENDED AND RESTATED CREDIT AGREEMENT

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| | |
|:---|:---|
|  GOLDMAN SACHS BANK USA, as Static Lender | GOLDMAN SACHS BANK USA, as Static Lender |
| By: | /s/ Jeffrey Clark |
|  | Name: **Jeffrey Clark** |
|  | Title: **Authorized Person** |

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SIGNATURE PAGE

AMENDMENT NO. 9 TO AMENDED AND RESTATED CREDIT AGREEMENT

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**EXHIBIT A** 

**Marked Credit Agreement** 

[See attached]

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CONFORMED COPY – NOT EXECUTED IN THIS FORM

Incorporating Amendment No. 1, dated as of October 13, 2021,

Amendment No. 2, dated as of May 12, 2022

Amendment No. 3, Dated as of January 17, 2023,

Amendment No. 4, dated as of June 11, 2024,

Amendment No. 5, dated as of September 16, 2024,

Amendment No. 6, dated as of January 23, 2025,

Amendment No. 7, dated as of February 4, 2025 and<u>,</u> 

Amendment No. 8, dated as of March 10, 2025<u>, and</u>

<u>Amendment No.</u> <u>9, dated as of June</u> <u>20, 2025</u>

AMENDED AND RESTATED REVOLVING CREDIT AND SECURITY AGREEMENT

among

LENDBUZZ SPV IV, LLC,

as Borrower,

LENDBUZZ FUNDING LLC,

as Servicer,

THE LENDERS FROM TIME TO TIME PARTIES HERETO,

and

GOLDMAN SACHS BANK USA,

as Administrative Agent

Dated as of April 20, 2021

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**TABLE OF CONTENTS** 

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| | | |
|:---|:---|:---|
|  SECTION | HEADING | PAGE |
|  ARTICLE I DEFINITIONS; RULES OF CONSTRUCTION; COMPUTATIONS | ARTICLE I DEFINITIONS; RULES OF CONSTRUCTION; COMPUTATIONS | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 1.01. | Definitions | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 1.02. | Rules of Construction | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 1.03. | Computation of Time Periods | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 1.04. | Collateral Value Calculation Procedures | 50 |
|  ARTICLE II ADVANCES | ARTICLE II ADVANCES | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.01. | Description of Facilities | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.02. | Making of the Advances | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.03. | Evidence of Indebtedness | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.04. | Payment of Principal, Interest and Certain Fees | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.05. | Prepayment of Advances | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.06. | Prepayment Premium | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.07. | Maximum Lawful Rate | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.08. | Several Obligations | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.09. | Increased Costs | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.10. | Compensation; Breakage Payments | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.11. | Illegality; Inability to Determine Rates | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.12. | Rescission or Return of Payment | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.13. | Post-Default Interest | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.14. | Payments Generally | 63 |
|  ARTICLE III CONDITIONS PRECEDENT | ARTICLE III CONDITIONS PRECEDENT | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.01. | Conditions Precedent to Initial Advance | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.02. | Conditions Precedent to Each Borrowing | 65 |
|  ARTICLE IV REPRESENTATIONS AND WARRANTIES | ARTICLE IV REPRESENTATIONS AND WARRANTIES | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.01. | Representations and Warranties of the Borrower | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.02. | Representations and Warranties of the Servicer | 73 |
|  ARTICLE V COVENANTS | ARTICLE V COVENANTS | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.01. | Affirmative Covenants of the Borrower | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.02. | Negative Covenants of the Borrower | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.03. | Certain Undertakings Relating to Separateness | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.04. | Affirmative Covenants of the Servicer | 88 |
|  ARTICLE VI EVENTS OF DEFAULT | ARTICLE VI EVENTS OF DEFAULT | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.01. | Events of Default | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.02. | Remedies upon an Event of Default | 96 |

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| | | |
|:---|:---|:---|
|  ARTICLE VII PLEDGE OF COLLATERAL; RIGHTS OF THE ADMINISTRATIVE AGENT | ARTICLE VII PLEDGE OF COLLATERAL; RIGHTS OF THE ADMINISTRATIVE AGENT | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.01. | Grant of Security | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.02. | Release of Security Interest | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.03. | Rights and Remedies | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.04. | Remedies Cumulative | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.05. | Related Documents | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.06. | Borrower Remains Liable | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.07. | Protection of Collateral | 101 |
|  ARTICLE VIII ACCOUNTS, ACCOUNTINGS AND RELEASES | ARTICLE VIII ACCOUNTS, ACCOUNTINGS AND RELEASES | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.01. | Collection of Money | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.02. | Collection Account | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.03. | Accountings | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.04. | Release of Security | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.05. | Account Details | 104 |
|  ARTICLE IX APPLICATION OF MONIES | ARTICLE IX APPLICATION OF MONIES | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 9.01. | Disbursements of Monies from Collection Account | 104 |
|  ARTICLE X ADMINISTRATION AND SERVICING OF COLLATERAL | ARTICLE X ADMINISTRATION AND SERVICING OF COLLATERAL | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.01. | Designation of the Servicer | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.02. | Authorization of the Servicer | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.03. | Payment of Certain Expenses by Servicer | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.04. | Duties of the Servicer | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.05. | Collection of Payments | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.06. | Reports and Due Diligence | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.07. | Annual Statement as to Compliance | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.08. | The Servicer Not to Resign | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.09. | Servicer Events of Default | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.10. | Servicing Compensation | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.11. | Appointment of Successor Servicer | 116 |
|  ARTICLE XI THE ADMINISTRATIVE AGENT | ARTICLE XI THE ADMINISTRATIVE AGENT | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 11.01. | Authorization and Action | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 11.02. | Delegation of Duties | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 11.03. | Agent's Reliance, Etc. | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 11.04. | Indemnification | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 11.05. | Successor Administrative Agent | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 11.06. | Administrative Agent's Capacity as a Lender | 121 |

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| | | |
|:---|:---|:---|
|  ARTICLE XII MISCELLANEOUS | ARTICLE XII MISCELLANEOUS | 123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 12.01. | No Waiver; Modifications in Writing | 123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 12.02. | Notices, Etc. | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 12.03. | Taxes | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 12.04. | Costs and Expenses; Indemnification | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 12.05. | Execution in Counterparts | 129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 12.06. | Assignability | 129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 12.07. | Governing Law | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 12.08. | Severability of Provisions | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 12.09. | Confidentiality | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 12.10. | Merger | 131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 12.11. | Survival | 131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 12.12. | Submission to Jurisdiction; Waivers; Etc. | 131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 12.13. | Waiver of Jury Trial | 131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 12.14. | Service of Process | 132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 12.15. | Waiver of Setoff | 132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 12.16. | PATRIOT Act Notice | 132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 12.17. | Legal Holidays | 132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 12.18. | Third-Party Beneficiary | 132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 12.19. | No Fiduciary Duty | 132 |
|  ARTICLE XIII SYNDICATION | ARTICLE XIII SYNDICATION | 133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 13.01. | Syndication | 133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 13.02. | Assignment of Advances, Participations and Servicing, Appointment of Agent | 133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 13.03. | Cooperation in Syndication | 136 |
|  ARTICLE XIV REAFFIRMATION | ARTICLE XIV REAFFIRMATION | 138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 14.01. | No Novation and Reaffirmation of Facility Documents | 138 |

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-iii-

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**SCHEDULES** 

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| | |
|:---|:---|
|  SCHEDULE 1-A | Lenders – Aggregate Percentage |
|  SCHEDULE 1-B | Lenders – Class Percentage |
|  SCHEDULE 2 | Form of Monthly Report |
|  SCHEDULE 3 | Notice Information |
|  SCHEDULE 4 | Account Details |
|  SCHEDULE 5 | Credit Guidelines |
|  SCHEDULE 6 | Servicing Guide |
|  SCHEDULE 7 | Monthly Receivable Tape Information |
|  SCHEDULE 8-A | Static Pool-A |
|  SCHEDULE 8-B | Static Pool-B |
|  SCHEDULE 8-C | Static Pool-C |
|  SCHEDULE 8-D | Static Pool-D |
|  SCHEDULE 9 | Redesignated Receivables |
| **EXHIBITS** | **EXHIBITS** |
|  EXHIBIT A | Form of Notice of Borrowing (with attached form of Maximum Advance Rate Test Calculation Statement) |
|  EXHIBIT B | Form of Notice of Prepayment |
|  EXHIBIT C | Form of Assignment and Acceptance |
|  EXHIBIT D | Form of Consent and Release |

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-iv-

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**AMENDED AND RESTATED REVOLVING CREDIT AND SECURITY AGREEMENT** 

AMENDED AND RESTATED REVOLVING CREDIT AND SECURITY AGREEMENT, dated as of April 20, 2021, among LENDBUZZ SPV IV, LLC, a Delaware limited liability company, as borrower (together with its permitted successors and assigns, the *"Borrower"*), LENDBUZZ FUNDING LLC, a Delaware limited liability company, as servicer (together with its permitted successors and assigns, the *"Servicer"*), the LENDERS from time to time party hereto and GOLDMAN SACHS BANK USA, as administrative agent for the Secured Parties (as hereinafter defined) (in such capacity, together with its successors and assigns, the *"Administrative Agent"*).

**RECITALS** 

WHEREAS, the Borrower, the Servicer, the Lenders from time to time party thereto, the Administrative Agent and Viola Credit ALF II, L.P. (f/k/a VIOLA CREDIT VI, L.P.), as agent for the Class B Revolving Lenders (in such capacity, together with its successors and assigns, the *"Class B Agent"*), entered into a Revolving Credit and Security Agreement, dated as of February 4, 2020, as amended by the First Amendment thereto, dated as of August 19, 2020 and the Second Amendment thereto, dated as of January 29, 2021 (as in effect immediately prior to the Restatement Closing Date, the "*Existing Credit Agreement*"), pursuant to which the Lenders made advances on a revolving basis to the Borrower on the terms and subject to the conditions set forth in the Existing Credit Agreement; and

WHEREAS, in accordance with the terms of the Existing Credit Agreement, the Borrower has requested, and the Servicer, the Lenders, the Administrative Agent and the Class B Agent, have agreed to modify certain provisions of the Existing Credit Agreement, upon the terms and subject to the conditions set forth in this Amended and Restated Revolving Credit and Security Agreement.

NOW, THEREFORE, in consideration of the premises and of the mutual covenants herein contained, the parties hereto agree as follows:

**ARTICLE I** 

**DEFINITIONS; RULES OF CONSTRUCTION; COMPUTATIONS** 

*Section 1.01. Definitions*. As used in this Agreement, the following terms shall have the meanings indicated:

*"2015 Budget Act"* means the United States Bipartisan Budget Act of 2015.

*"Accelerated Amortization Event"* means, as of any date of determination, the occurrence of any of the following: 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>except during a Holiday Period,</u> either (i) the Three-Month Rolling Average Delinquency Ratio (Revolving Pool) shall be greater than [\*\*\*] or (ii) the Three-Month Rolling Average Delinquency Ratio (Static Pool) shall be greater than [\*\*\* ];

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>except during a Holiday Period,</u> either (i) the Six-Month Rolling Average Net Loss Ratio (Revolving Pool) shall be greater than [\*\*\*] or (ii) the Six-Month Rolling Average Net Loss Ratio (Static Pool) shall be greater than [\*\*\*];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) an Unmatured Event of Default or an Event of Default; *provided, however,* that if an Unmatured Event of Default is cured within the applicable time period or an Event of Default is waived, the related Accelerated Amortization Event shall cease to exist;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Backup Servicing Agreement expires or is otherwise terminated; *provided*, *however*, that if a successor Backup Servicing Agreement reasonably acceptable to the Administrative Agent is entered into following the date of such termination, the related Accelerated Amortization Event shall cease to exist;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) (i) for each of the eighth, ninth and tenth Collection Periods following the Closing Date, the Interest Coverage Ratio is less than [\*\*\*]; (ii) for each of the eleventh, twelfth and thirteenth Collection Periods following the Closing Date, the Interest Coverage Ratio is less than [\*\*\*]; (iii) for each of the fourteenth, fifteenth and sixteenth Collection Periods following the Closing Date, the Interest Coverage Ratio is less than [\*\*\*]; or (iv) for each Collection Period thereafter, <u>except during a Holiday Period,</u> the Interest Coverage Ratio is less than [\*\*\*]; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) a breach in any material respect of any representation or warranty of the Sponsor under the Sponsor Indemnity Agreement (excluding Section 8(k)) and the continuation of such breach for a period of ten (10) Business Days.

*"Account Bank"* means (a) Wells Fargo Bank, National Association or (b) another Qualified Institution reasonably acceptable to the Administrative Agent.

*"Account Control Agreement"* means each agreement in form reasonably acceptable to the Administrative Agent among the Borrower, the Administrative Agent and the Account Bank establishing "control" within the meaning of the UCC over the Collection Account or such other account as may be applicable from time to time.

*"Adjusted Loan-to-Value"* means, the Loan-to-Value excluding fully cancellable backend products for which a prorated amount is refunded to the Borrower in the event of an early payoff or charge off of such products.

*"Adjusted Revolving Pool Principal Balance"* means, at any time (a) the aggregate Principal Balance of all Available Revolving Pool Collateral Receivables *minus* (b) any Excess Concentration Amount.

*"Administrative Agent"* has the meaning specified in the introduction to this Agreement.

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*"Advance"* means a Revolving Advance or a Static Advance.

*"Advance Rate"* means the Class A Advance Rate, the Class B Advance Rate or the Static Advance Rate.

*"Affected Person"* means (a) each Lender and each of its Affiliates, and (b) any assignee or participant of any Lender.

*"Affiliate"* means, in respect of a referenced Person, another Person Controlling, Controlled by or under common Control with such referenced Person; *provided* that a Person shall not be deemed to be an *"Affiliate"* of an Obligor solely because it is under the common ownership or control of the same financial sponsor or affiliate thereof as such Obligor (except if any such Person or Obligor provides collateral under, guarantees or otherwise supports the obligations of the other such Person or Obligor).

*"Aggregate Principal Balance"* means, when used with respect to all or a portion of the Collateral Receivables, the sum of the Principal Balances of all or of such portion of such Collateral Receivables, as applicable.

*"Agreement"* means this Amended and Restated Revolving Credit and Security Agreement.

<u>"</u> *<u>AIRA</u>*<u>"</u> <u>means the AI-based credit decisioning scoring metric used by Lendbuzz to determine individual consumer credit risk with a score range from 300 to 850.</u> 

*"Allocation Percentage"* means, as of any date of determination, (a) with respect to the Revolving Pool, a percentage equal to the ratio (expressed as a percentage) equal to (i) the Aggregate Principal Balance of all Collateral Receivables that are in the Revolving Pool, *divided by* (ii) the Aggregate Principal Balance of all Collateral Receivables owned by the Borrower and (b) with respect to the Static Pool, a percentage equal to the ratio (expressed as a percentage) equal to (i) the Aggregate Principal Balance of all Collateral Receivables that are in the Static Pool, *divided by* (ii) the Aggregate Principal Balance of all Collateral Receivables owned by the Borrower.

*"Amortization Period"* means the period from and including the Scheduled Reinvestment Period Termination Date to and including the earliest of (a) the Scheduled Amortization Period Termination Date, (b) the occurrence and continuation of an Accelerated Amortization Event (other than the occurrence of an Event of Default); and (c) the occurrence and continuation of an Event of Default; *provided* that with respect to clause (b) and (c) the Amortization Period shall be reinstated if the related Accelerated Amortization Event or Event of Default is waived by the Administrative Agent and the Lenders unless otherwise specified in such waiver.

*"Applicable Law"* means any Law of any Governmental Authority, including all federal and state banking or securities laws and of other local regulatory authorities, to which the Person in question is subject or by which it or any of its assets or properties are bound.

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*"Applicable Margin"* means (a) with respect to any Class A Revolving Advance, [\*\*\*]; (b) with respect to any Class B Revolving Advance, [\*\*\*]; and (c) with respect to any Static Advance, [\*\*\*].

*"Applicable Reserve Percentage"* means, for any period, the percentage, if any, applicable during such period (or, if more than one such percentage shall be so applicable, the daily average of such percentages for those days in such period during which any such percentage shall be so applicable) under regulations issued from time to time by the Board of Governors of the Federal Reserve System (or any successor) for determining the maximum reserve requirement (including, without limitation, any basic, emergency, supplemental, marginal or other reserve requirements) with respect to liabilities or assets consisting of or including Eurocurrency Liabilities having a term of one month.

*"APR"* means the rate (annual, monthly or otherwise) that is charged for borrowing that represents the actual cost of funds over the term of a Receivable, including interest and any fees or additional costs associated with the transaction.

*"ARRC"* means the Alternative Reference Rates Committee convened by the Federal Reserve Board and the Federal Reserve Bank of New York.

*"Assigning Lender"* has the meaning specified in Section 13.02(a).

*"Assignment and Acceptance"* means an Assignment and Acceptance in substantially the form of Exhibit C hereto, entered into by a Lender, an assignee and the Administrative Agent and, if applicable, the Borrower.

"*Authoritative Copy*" means, with respect to any Contract which constitutes "electronic chattel paper," a copy of such Contract that is unique, identifiable and, except as otherwise provided in Section 9-105 of the UCC, unalterable, and is marked "original" or has no watermark or other marking that would indicate that it is a "copy" or "duplicate" or not an original or not an "authoritative" copy.

*"Available Revolving Pool Collateral Receivables"* means the Revolving Pool Collateral Receivables that are not either Defaulted Collateral Receivables, Delinquent Collateral Receivables, Ineligible Collateral Receivables or Selected Collateral Receivables.

*"Available Static Pool Collateral Receivables"* means the Static Pool Collateral Receivables that are not either Defaulted Collateral Receivables, Delinquent Collateral Receivables, Ineligible Collateral Receivables or Selected Collateral Receivables.

*"Backup Servicer"* means Vervent Inc., or such other qualified servicer approved by the Administrative Agent, all in accordance with the terms, provisions and conditions of the Backup Servicing Agreement.

*"Backup Servicer Event of Default"* means an "Event of Default" as defined in the Backup Servicing Agreement.

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*"Backup Servicing Agreement"* means the Backup Servicing Agreement, dated as of the date hereof, by and between the Borrower, the Administrative Agent, the Servicer and the Backup Servicer, or any replacement back-up servicing agreement acceptable to the Administrative Agent.

*"Bankruptcy Code"* means Title XI of the United States Code.

*"Base Rate"* means, on any date, a fluctuating interest rate *per annum* equal to the highest of (a) the Federal Funds Rate plus 0.50% or (b) 0.50%. The Base Rate is a reference rate and does not necessarily represent the lowest or best rate actually charged to any customer of the Administrative Agent or any Lender. Interest calculated pursuant to clause (a) above will be determined based on a year of 365 days or 366 days, as applicable, and actual days elapsed. Interest calculated pursuant to clause (b) above will be determined based on a year of 360 days and actual days elapsed.

*"Benchmark"* means the SOFR Rate; provided that if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred prior to the Reference Time in respect of any determination of the Benchmark on any date, then, pursuant to terms and according to Section 2.12(a), the Benchmark Replacement will replace the then-current Benchmark for all purposes hereunder in respect of such determination on such date and all determinations on all subsequent dates; provided further that if the Benchmark as determined would be less than the Floor for any calculation period under the Agreement, the Benchmark will be the Floor for such period. 

*"Benchmark Disruption Event"* means the occurrence of any of the following: (a) any Lender shall have notified the Administrative Agent of a determination by such Lender or any of its assignees or participants that it would be contrary to law or to the directive of any central bank or other governmental authority (whether or not having the force of law) to finance under the then-current Benchmark or (b) any Lender shall have notified the Administrative Agent of the inability, for any reason, of such Lender or any of its assignees or participants to determine the then-current Benchmark ; *provided, however,* that a Benchmark Disruption Event shall not cover or be triggered by a Benchmark Transition Event.

"*Benchmark Replacement*" means, for any Interest Accrual Period, the sum of: (a) the alternate benchmark rate that has been selected by the Administrative Agent as the replacement for the then-current Benchmark for the applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation of a replacement benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body or (ii) any evolving or then-prevailing market convention for determining a benchmark rate as a replacement for the then-current Benchmark for U.S. dollar-denominated syndicated or bilateral credit facilities at such time and (b) the related Benchmark Replacement Adjustment; *provided* that, if the Benchmark Replacement as determined above would be less than the Floor, the Benchmark Replacement will be deemed to be the Floor for the purposes of this Agreement.

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*"Benchmark Replacement Adjustment*" means, for any Interest Accrual Period, the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero (0)) that has been selected by the Administrative Agent for the applicable Corresponding Tenor giving due consideration to (a) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark by the Relevant Governmental Body or (b) any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark for Dollar-denominated syndicated or bilateral credit facilities at such time.

*"Benchmark Replacement Conforming Changes"* means, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of "Interest Accrual Period," timing and frequency of determining rates and making payments of interest and other administrative matters) that the Administrative Agent decides may be appropriate to reflect the adoption and implementation of such Benchmark Replacement and to permit the administration thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent decides that adoption of any portion of such market practice is not administratively feasible or if the Administrative Agent determines that no market practice for the administration of the Benchmark Replacement exists, in such other manner of administration as the Administrative Agent decides is reasonably necessary in connection with the administration of this Agreement and the other Facility Documents).

*"Benchmark Replacement Date"* means the earliest to occur of the following events with respect to the then-current Benchmark:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) in the case of clause (1) or (2) of the definition of "Benchmark Transition Event," the later
of (a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator of the Benchmark permanently or indefinitely ceases to provide the Benchmark; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) in the case of clause (3) of the definition of "Benchmark Transition Event," the date of the
public statement or publication of information referenced therein.

For the avoidance of doubt, if the event giving rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination.

*"Benchmark Transition Event"* means the occurrence of one or more of the following events with respect to the then-current Benchmark:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) a public statement or publication of information by or on behalf of the administrator of the Benchmark
announcing that such administrator has ceased or will cease to provide the Benchmark, permanently or indefinitely, *provided* that, at the time of such statement or publication, there is no successor administrator that will continue to provide
the Benchmark;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) a public statement or publication of information by the regulatory supervisor for the administrator of the
Benchmark, the central bank for the currency of the Benchmark, an insolvency official with jurisdiction over the administrator for the Benchmark, a resolution authority with jurisdiction over the administrator for the Benchmark or a court or an
entity with similar insolvency or resolution authority over the administrator for the Benchmark, which states that the administrator of the Benchmark has ceased or will cease to provide the Benchmark permanently or indefinitely, *provided* that, at the time of such statement or publication, there is no successor administrator that will continue to provide the Benchmark; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) a public statement or publication of information by the regulatory supervisor for the administrator of the
Benchmark announcing that the Benchmark is no longer representative.

*"Borrower"* has the meaning specified in the introduction to this Agreement.

*"Borrower LLC Agreement"* means that certain Limited Liability Company Agreement of the Borrower, dated as of the Closing Date, by and between Lendbuzz GCP JV LLC, as sole member, and Anthony Palazzo, as independent manager.

*"Borrowing"* has the meaning specified in Section 2.01.

*"Borrowing Base"* means the Class A Borrowing Base, the Class B Borrowing Base and the Static Borrowing Base.

*"Borrowing Date"* means the date of a Borrowing.

*"Business Day"* means any day other than a Saturday or Sunday, or days on which banks are authorized or required to close in New York, New York or, solely in connection with a request for Borrowing or determination of a Borrowing Date pursuant to Section 2.02, in Tel Aviv, Israel.

*"Cash"* means Dollars immediately available on the day in question.

*"Certificate of Title"* means, with respect to a Financed Vehicle, an original certificate of title, certificate of lien or other notification issued by the Registrar of Titles of the applicable state to a secured party which indicates that the lien of the secured party on the Financed Vehicle is recorded on the original certificate of title. In any jurisdiction in which the original certificate of title is required to be given to the Obligor, the term "Certificate of Title" shall mean only a certificate or notification issued to a secured party. For Financed Vehicles registered in states which only issue confirmation of the lienholder's interest electronically, the "Certificate of Title" may consist of notification of an electronic recordation, by either the Title Intermediary or the relevant Registrar of Titles of the applicable state, which indicates that the lien of the secured party on the Financed Vehicle is recorded on the original certificate of title on the electronic lien and title system of the applicable state.

*"Change of Control"* means, at any time, the occurrence of one of the following events: (a) the Sponsor fails to own 100% of the Equity Interests of the Seller or Servicer at any time, (b) the Sponsor fails to own at least 70% of the Equity Interests of JV Entity at any time, fails to have the power or authority to Control or direct the management and policies of JV Entity at any time or

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fails to own at least 51% of the aggregate ordinary voting power represented by the issued and outstanding Equity Interests of JV Entity, (c) JV Entity fails to own 100% of the Equity Interests of the Borrower at any time, (d) the Sponsor and JV Entity, collectively, cease to have the power or authority to Control or direct the management and policies of Borrower at any time, (e) the Permitted Holders collectively fail to own, beneficially and of record, directly or indirectly, at least 51% of the Equity Interests of the Sponsor, or cease to Control at least 51% of the aggregate ordinary voting power represented by the issued and outstanding Equity Interests of the Sponsor, (f) the Permitted Holders, collectively, cease to have the power or authority to Control or direct the management and policies of the Sponsor at any time, or (g) the Sponsor shall, directly or indirectly, in one or more related transactions, sell, assign, transfer, lease, license, convey or otherwise dispose of all or substantially all of the properties or assets of Sponsor or any of its subsidiaries to a Person who is not a Permitted Holder.

*"Class A Advance Rate"* means with <u>(A)</u> respect to any Available Revolving Pool Collateral Receivable<u>,</u> (i) during the Reinvestment Period, [\*\*\*], and (ii) during the Amortization Period, [\*\*\*]<u>, and (B)</u> <u>with respect to any Excess Concentration Funded Amount, (i)</u> <u>during the Reinvestment Period, [\*\*\*], and (ii)</u> <u>during the Amortization Period, [\*\*\*].</u>

*"Class A Borrowing Base"* means, as of any date of determination, the sum of (i) the product of (a) the Class A Advance Rate <u>pursuant to clause (A)</u> <u>of the definition thereof</u> and (b) the Adjusted Revolving Pool Principal Balance as of such date *plus* (ii<u>)</u> <u>the product of (a)</u> <u>the Class</u> <u>A Advance Rate pursuant to clause (B)</u> <u>of the definition thereof and (b)</u> <u>the Excess Concentration Funded Amount as of such date</u> *<u>plus</u>* <u>(iii</u>) amounts which are on deposit in the Collection Account (as evidenced by a bank or investment account statement dated as of the date the Class A Borrowing Base is calculated) representing collections of principal payments received by the Borrower on the Revolving Pool Collateral Receivables.

"*Class A Exit Fee*" has the meaning specified in the Class A Side Letter.

*"Class A Fundamental Amendment"* means any amendment, modification, waiver or supplement of or to this Agreement that would (a) increase the term of the commitments (other than an increase in the commitment of a particular Lender or addition of a new Lender hereunder agreed to by the relevant Lender(s) and the Administrative Agent pursuant to the terms of this Agreement) or change the Final Maturity Date, (b) extend the date fixed for the payment of principal of or interest on any Advance or any fee hereunder, (c) reduce the amount of any such payment of principal, (d) reduce the rate at which interest is payable thereon or any fee is payable hereunder, (e) release any material portion of the Collateral, except in connection with dispositions permitted hereunder, (f) alter the terms of Section 6.01 (*provided, however,* that, notwithstanding anything to the contrary in Section 6.01 or the foregoing clause (b), the Administrative Agent and the Required Lenders, in their sole discretion, may allow the Borrower to cure any Event of Default within no more than three (3) Business Days after the occurrence of such Event of Default (including the lapse of any applicable grace period) and, if the Borrower cures such Event of Default to the satisfaction of the Administrative Agent and the Required Lenders within such period of time, such Event of Default shall be deemed waived by the Lenders), Section 9.01, Section 12.01(b), Section 12.06 or Article XIII (g) modify the definition of the terms "Accelerated Amortization Event," "Defaulted Collateral Receivable," "Delinquent Collateral Receivable,"

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"Class A Fundamental Amendment," "Required Lenders," "Maximum Revolving Available Amount," "Class A Maximum Revolving Available Amount," "Class B Maximum Revolving Available Amount," "Class A Maximum Committed Revolving Available Amount," "Class B Maximum Committed Revolving Available Amount," "Maximum Committed Revolving Available Amount", "Class A Borrowing Base," "Class B Borrowing Base," "Static Borrowing Base," "Class A Maximum Revolving Advance Rate Test," "Class B Maximum Revolving Advance Rate Test," "Class A Maximum Committed Revolving Advance Rate Test," "Class B Maximum Committed Revolving Advance Rate Test," "Maximum Committed Revolving Advance Rate Test," "Maximum Static Advance Rate Test," "Collateral Receivable," "Class A Advance Rate," "Class B Advance Rate", "Static Advance Rate," "Class A Incremental Revolving Amount," "Class B Incremental Revolving Amount," "Static Effective Advance Rate," or modify in any other manner the number or percentage of the Lenders required to make any determinations or waive any rights hereunder or to modify any provision hereof, (h) extend the Reinvestment Period or the Amortization Period, (j) release the Sponsor from its obligations under the Sponsor Indemnity Agreement, (k) terminate or remove any Seller's obligations to repurchase receivables pursuant to the Receivable Purchase Agreement, or (l) change the currency required for payments of Obligations under this Agreement.

*"Class A Incremental Revolving Advance"* means an Incremental Revolving Advance funded by a Class A Revolving Lender hereunder.

*"Class A Incremental Revolving Amount"* means (a) on or prior to the Termination Date, $50,000,000 and (b) following the Termination Date, $0.

*"Class A Interest"* means, for each day during an Interest Accrual Period and each outstanding Class A Revolving Advance on such day, the sum of the products (for each day during such Interest Accrual Period) of:

IR x P x 1/D

where:

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| | | |
|:---|:---|:---|
| IR | = | the Interest Rate for such Class A Revolving Advance on such day; |
| P | = | the principal amount of such Class A Revolving Advance on such day; and |
| D | = | 360. |

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*"Class A Maximum Committed Revolving Advance Rate Test"* means a test that will be satisfied at any time if (a) the aggregate outstanding principal balance of the Class A Revolving Advances is less than or equal to (b) the Class A Maximum Committed Revolving Available Amount at such time.

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*"Class A Maximum Committed Revolving Available Amount"* means, at any time, the lesser of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Class A Revolving Facility Amount; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Class A Revolving Borrowing Base at such time.

For the avoidance of any doubt, on any Borrowing Date the amount of any Borrowings of Class A Revolving Advances hereunder against the Class A Maximum Committed Revolving Available Amount shall be subject to the satisfaction of the condition precedent set forth in Section 3.02(b).

*"Class A Maximum Revolving Advance Rate Test"* means a test that will be satisfied at any time if (a) the aggregate outstanding principal balance of the Class A Revolving Advances is less than or equal to (b) the Class A Maximum Revolving Available Amount at such time.

*"Class A Maximum Revolving Available Amount"* means, at any time, the lesser of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Class A Revolving Program Limit; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Class A Revolving Borrowing Base at such time.

For the avoidance of any doubt, on any Borrowing Date the amount of any Borrowings hereunder against the Class A Maximum Revolving Available Amount shall be subject to the satisfaction of the condition precedent set forth in Section 3.02(b).

*"Class A Revolving Advance"* means a Revolving Advance funded by a Class A Revolving Lender hereunder.

*"Class A Revolving Facility Amount"* means, as of any date of determination, (a) on or prior to the Termination Date, an amount equal to (i) $250,000,000 less (ii) the then outstanding principal balance of Static Advances on such date and (b) following the Termination Date, the outstanding principal balance of all the Class A Revolving Advances; *provided*, that the foregoing clause (a)(ii) shall be disregarded for purposes of calculating Class A Unused Fees and Minimum Utilization Fees.

*"Class A Revolving Lender"* means each Person listed on Schedule 1-B as a Class A Revolving Lender and any other Person that shall have become a party hereto as a Class A Revolving Lender in accordance with the terms hereof pursuant to an Assignment and Acceptance, other than any such Person that ceases to be a party hereto pursuant to an Assignment and Acceptance.

*"Class A Revolving Program Limit"* means the Class A Revolving Facility Amount *plus* the Class A Incremental Revolving Amount.

*"Class A Side Letter"* means that certain Fourth Amended and Restated Side Letter, dated as of the Fifth Amendment Effective Date, by and between the Borrower, the Administrative Agent and the Initial Class A Revolving Lender.

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*"Class A Unused Fees"* means with respect to each day during each Unused Fee Period, the product of (a) [\*\*\*], (b) the excess of (i) Class A Revolving Facility Amount on such day over (ii) the aggregate outstanding principal amount of all of the Class A Revolving Advances on such day and (c) 1 divided by 360.

*"Class B Advance Rate"* means <u>(A)</u> <u>respect to any Available Revolving Pool Collateral Receivable,</u> (i) during the Reinvestment Period, [\*\*\*], and (ii) during the Amortization Period, [\*\*\*], <u>and (B) with respect to any Excess Concentration Funded Amount,</u> <u>(i)</u> <u>during the Reinvestment Period, [\*\*\*], and (ii)</u> <u>during the Amortization Period, [\*\*\*]</u>.

*"Class B Agent"* has the meaning specified in the introduction to this Agreement.

*"Class B Borrowing Base"* means, as of any date of determination, (i)(a) the sum of (1) the product of (x) the Class B Advance Rate <u>pursuant to clause (A)</u> <u>of the definition thereof</u> and (y) the Adjusted Revolving Pool Principal Balance as of such date *plus* (2<u>)</u> <u>the product of (x)</u> <u>the Class</u> <u>B Advance Rate pursuant to clause (B)</u> <u>of the definition thereof and (b)</u> <u>the Excess Concentration Funded Amount as of such date</u>*<u>plus</u>* <u>(3</u>) amounts which are on deposit in the Collection Account (as evidenced by a bank or investment account statement dated as of the date the Class B Borrowing Base is calculated) representing collections of principal payments received by the Borrower on the Revolving Collateral Receivables *minus* (ii) the aggregate outstanding principal balance of the Class A Revolving Advances at such time (including, for the avoidance of doubt, the amount of Class A Revolving Advances being requested concurrently with the calculation of such Class B Borrowing Base, if any).

*"Class B Fundamental Amendment"* means any amendment, modification, waiver or supplement of or to this Agreement that would (a) increase the term of the commitments (other than an increase in the commitment of a particular Lender or addition of a new Lender hereunder agreed to by the relevant Lender(s) and the Administrative Agent pursuant to the terms of this Agreement) or change the Final Maturity Date, (b) extend the date fixed for the payment of principal of or interest on any Advance or any fee hereunder, (c) reduce the amount of any such payment of principal, (d) reduce the rate at which interest is payable thereon or any fee is payable hereunder, (e) release any material portion of the Collateral, except in connection with dispositions permitted hereunder, (f) alter the terms of Section 3.02, Section 5.02, Section 6.01 (*provided, however,* that, notwithstanding anything to the contrary in Section 6.01 or the foregoing clause (b), the Administrative Agent and the Required Lenders, in their sole discretion, may allow the Borrower to cure any Event of Default within no more than three (3) Business Days after the occurrence of such Event of Default (including the lapse of any applicable grace period) and, if the Borrower cures such Event of Default to the satisfaction of the Administrative Agent and the Required Lenders within such period of time, such Event of Default shall be deemed waived by the Lenders), Section 6.03, Section 9.01, Section 10.09, Section 12.01(b), Section 12.06 or Article XIII, (g) modify the definition of the terms "Accelerated Amortization Event," "Concentration Limitations," "Change of Control," "Material Adverse Effect," "Defaulted Collateral Receivable," "Delinquent Collateral Receivable," "Delinquency Ratio," "Six-Month Rolling Average Net Loss Ratio (Revolving Pool)," "Six-Month Rolling Average Net Loss Ratio (Static Pool),"

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"Three-Month Rolling Average Delinquency Ratio (Revolving Pool)," "Three-Month Rolling Average Delinquency Ratio (Static Pool)," "Insolvency Event," "Class B Revolving Facility Amount," "Class B Incremental Amount," "Class B Program Limit," "Class B Fundamental Amendment," "Required Lenders," "Secured Parties," "Maximum Revolving Available Amount," "Maximum Committed Revolving Available Amount," "Class A Maximum Revolving Available Amount," "Class A Maximum Committed Revolving Available Amount," "Class B Maximum Revolving Available Amount," "Class B Maximum Committed Revolving Available Amount," "Class A Borrowing Base," "Class B Borrowing Base," "Static Borrowing Base," "Class A Maximum Revolving Advance Rate Test," "Class B Maximum Revolving Advance Rate Test," "Class A Maximum Committed Revolving Advance Rate Test," "Class B Maximum Committed Revolving Advance Rate Test," "Static Maximum Advance Rate Test," "Collateral," "Collateral Receivable," "Class A Advance Rate," "Class B Advance Rate," "Static Advance Rate," "Facility Documents," "Static Effective Advance Rate," or modify in any other manner the number or percentage of the Lenders required to make any determinations or waive any rights hereunder or to modify any provision hereof, (h) extend the Reinvestment Period or the Amortization Period, (j) release the Sponsor from its obligations under the Sponsor Indemnity Agreement, (k) terminate or remove any Seller's obligations to repurchase receivables pursuant to the Receivable Purchase Agreement, or (l) change the currency required for payments of Obligations under this Agreement.

*"Class B Incremental Revolving Advance"* means an Incremental Revolving Advance funded by a Class B Revolving Lender hereunder.

*"Class B Incremental Revolving Amount"* means (a) on or prior to the Termination Date, $0 and (b) following the Termination Date, $0.

*"Class B Interest"* means, for each day during an Interest Accrual Period and each outstanding Class B Revolving Advance on such day, the sum of the products (for each day during such Interest Accrual Period) of:

IR x P x 1/D

where:

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| | | |
|:---|:---|:---|
| IR | = | the Interest Rate for such Class B Revolving Advance on such day; |
| P | = | the principal amount of such Class B Revolving Advance on such day; and |
| D | = | 360. |

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*"Class B Maximum Committed Revolving Advance Rate Test"* means a test that will be satisfied at any time if (a) the aggregate outstanding principal balance of the Class B Revolving Advances is less than or equal to (b) the Class B Maximum Committed Revolving Available Amount at such time.

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*"Class B Maximum Committed Available Amount"* means, at any time, the lesser of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Class B Revolving Facility Amount; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Class B Borrowing Base at such time.

For the avoidance of any doubt, on any Borrowing Date the amount of any Borrowings of Class B Revolving Advances hereunder against the Class B Maximum Committed Revolving Available Amount shall be subject to the satisfaction of the condition precedent set forth in Section 3.02(b).

*"Class B Maximum Revolving Advance Rate Test"* means a test that will be satisfied at any time if (a) the aggregate outstanding principal balance of the Class B Revolving Advances is less than or equal to (b) the Class B Maximum Revolving Available Amount at such time.

*"Class B Maximum Revolving Available Amount"* means, at any time, the lesser of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Class B Revolving Program Limit; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Class B Borrowing Base at such time.

*"Class B Revolving Advance"* means a Revolving Advance funded by a Class B Revolving Lender hereunder.

*"Class B Revolving Facility Amount"* means (a) on or prior to the Termination Date, $0 and (b) following the Termination Date, the outstanding principal balance of all the Class B Revolving Advances.

*"Class B Revolving Lender*" means each Person listed on Schedule 1-B as a Class B Revolving Lender and any other Person that shall have become a party hereto as a Class B Revolving Lender in accordance with the terms hereof pursuant to an Assignment and Acceptance, other than any such Person that ceases to be a party hereto pursuant to an Assignment and Acceptance.

*"Class B Revolving Program Limit"* means the Class B Revolving Facility Amount *plus* the Class B Revolving Incremental Amount.

*"Class B Unused Fees"* means with respect to each day during each Unused Fee Period, the product of (a) [\*\*\*], (b) the excess of (i) Class B Revolving Facility Amount on such day over (ii) the aggregate outstanding principal amount of all of the Class B Revolving Advances on such day and (c) 1 divided by 360.

*"Closing Date"* means February 4, 2020.

*"CME Term SOFR Administrator"* means CME Group Benchmark Administration Limited (CBA) as administrator of Term SOFR (or a successor administrator of Term SOFR as determined by the Administrative Agent in its reasonable discretion).

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*"Code"* means the Internal Revenue Code of 1986.

*"Collateral"* has the meaning specified in Section 7.01(a).

*"Collateral Custodian"* means Vervent Inc. or any other Person acting as Collateral Custodian with the written consent of the Administrative Agent (such consent not to be unreasonably withheld).

*"Collateral Receivable"* means (i) a Receivable in the Revolving Pool that meets each of the following criteria at all times (unless otherwise indicated below) (each, a "*Revolving Pool Collateral Receivable*"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) such Receivable was originated or acquired by the Originator for the retail sale or purchase of a Financed Vehicle in the ordinary course of its business (A) in accordance with the Credit Guidelines and (B) in accordance with, and serviced in compliance with, in all material respects, all requirements of Applicable Laws, including all applicable nondiscrimination, usury, consumer credit laws, disclosure laws, credit reporting laws and equal credit opportunity laws, and each applicable state Motor Vehicle Retail Installment Sales Act, as applicable to such Receivable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) such Receivable was originated or acquired by the Originator and sold by the Originator to the Borrower without any fraud or misrepresentation on the part of the Originator or on the part of the related Obligor or the related dealer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) such Receivable was sold to the Borrower by the Seller pursuant to the Receivable Purchase Agreement, free and clear of any Lien (other than Permitted Liens), defense, offset, counterclaim, recoupment or other adverse claim, in an arm's length transaction in exchange for payment of an amount which constitutes fair market value, fair consideration and reasonably equivalent value;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) (i) at the time such Receivable was sold to the Borrower, the Seller had good and indefeasible title to, and was the sole owner of, such Receivable; (ii) no other Person has a lien on or other interest in, or a participation in, or other right to receive, proceeds of such Receivable (other than Permitted Liens); and (iii) the Originator has not taken any action to convey any right to any Person that would result in such Person having a right to payments received under the related Insurance Policies or to payments due under such Receivable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) such Receivable contains customary and enforceable provisions such as to render the rights and remedies of the holder thereof adequate for realization against the collateral security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) such Receivable does not contain any provisions (i) pursuant to which monthly payments are paid by any source other than the applicable Obligor or (ii) that may constitute a "buydown provision";

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) such Receivable is not a graduated payment loan, and does not have a shared appreciation or other contingent interest feature;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) such Receivable (i) is not a revolving line of credit, and (ii) has been fully disbursed and funded (and no obligation for making any future advance to the related Obligor exists or is contemplated with respect to such Receivable);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) such Receivable is in full force and effect in accordance with its terms and constitutes the legal, valid and binding obligation of the applicable Obligor, enforceable against such applicable Obligor in accordance with its terms, and the enforceability of such Receivable is not subject to any defense, offset, counterclaim or recoupment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) such Receivable is denominated and payable in Dollars;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) the Contract related to such Receivable does not prohibit (nor require the related Obligor to consent to, or be notified of) the transfer, pledge, sale or assignment of such Contract or the rights and duties of the Originator, the Seller, the Borrower or any transferee or assignee thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) such Receivable is serviced by the Servicer or by the Backup Servicer under the terms hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) the Originator at the time such Receivable was originated, and the Seller and the Servicer have all necessary licenses and other governmental approvals required for the origination, purchase or servicing, as applicable, of such Receivable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) the collection and servicing practices used since the origination of such Receivable have been, in all material respects, (i) legal, proper, prudent and customary in the automobile financing and servicing industry, and (ii) in accordance with Applicable Law and the terms of such Receivable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) at the time such Receivable was acquired by the Borrower, it was not a Defaulted Collateral Receivable or a Delinquent Collateral Receivable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) all information provided to the Administrative Agent as to such Receivable and the computer tape provided by the Originator or the Servicer to the Administrative Agent and the Collateral Custodian is true and correct in all material respects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) by the related purchase date and on each relevant date thereafter, the Originator, the Seller, the Borrower and the Servicer will have caused the portions of their respective servicing records relating to such Receivable to be clearly and unambiguously marked to show that such Receivable is owned by the Borrower and constitutes part of the Collateral and is subject to a first priority security interest in favor of the Administrative Agent for the benefit of the Secured Parties;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) the Contract related to such Receivable is complete as of the date such Receivable was purchased by the Borrower from the Seller and, if applicable, such Contract includes all amendments, supplements and modifications thereto as of such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) each representation and warranty contained in Section 4.01(t) with respect to such Receivable shall be true and correct in all material respects (except to the extent any such representation or warranty is already qualified by materiality, in which case such representation and warranty shall be true and correct in all respects);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) (i) there exists a Receivable File pertaining to such Receivable and such Receivable File contains (A) the Authoritative Copy of the related Contract, (B) the application of the Obligor for credit, (C) a copy of the Certificate of Title, if issued and received, or a copy of the application therefor and (D) each other document customarily maintained therein by the Originator or the Servicer; (ii) each of such documents which is required to be signed by the Obligor has been signed or electronically signed by the Obligor in the appropriate spaces; (iii) all blanks required to be filled in on any form have been properly filled in and each form has otherwise been correctly prepared; and (iv) the complete Receivable File for such Receivable is currently in the possession of the Originator or the Servicer (except for the Contracts (which are under the control of the Electronic Collateral Custodian), any physical Certificates of Title (which are held by the Collateral Custodian) or any Certificates of Title not yet issued or received);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) (i) such Receivable has not been satisfied, subordinated or rescinded, and the related Financed Vehicle securing each such Receivable has not been released from the lien or the related Receivable in whole or in part and (ii) no terms of such Receivable have been waived, altered or modified in any respect since its origination, except by instruments or documents identified in the Receivable File or the Servicer's electronic records relating thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) with respect to which (i) the Borrower holds a valid, binding and enforceable first priority security interest in the related Financed Vehicle; (ii) the Certificate of Title for such Financed Vehicle shows, or if a new or replacement Certificate of Title is being applied for with respect to such Financed Vehicle, the Certificate of Title will be received within 180 days of the Closing Date or related Borrowing Date, as applicable, and will show the Originator named as the original secured party under each Receivable as holder of a first priority security interest in such Financed Vehicle; (iii) if the Certificate of Title for such related Financed Vehicle has not been returned from the Registrar of Titles, the Originator has submitted an application therefor and the Originator's security interest has been validly assigned to the Borrower pursuant to the Receivable Purchase Agreement; (iv) the Certificate of Title for such Financed Vehicle, if a physical Certificate of Title, currently is in the possession of, or under the control of, the Collateral Custodian or, if no Certificate of Title has been issued, a copy of the application therefor currently is included in the Receivable File; (v) if, in the event that, notwithstanding the intent of the Seller, the transfer and assignment contemplated by the Receivable Purchase Agreement is held by a court of competent jurisdiction not to be a sale, the Receivable Purchase Agreement creates a valid and continuing security interest (as defined in the UCC) in the Receivables in favor of the Borrower, which security interest

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is prior to all other liens and is enforceable as such as against creditors of and purchasers from the Seller; (vi) immediately after the sale, transfer and assignment of such Receivable by the Originator to the Borrower, such Receivable will be secured by an enforceable and perfected first priority security interest in the Financed Vehicle in favor of the Administrative Agent (for the benefit of the Secured Parties), which security interest is prior to all other Liens upon and security interests in such Financed Vehicle which now exist (except, as to priority, for any lien for taxes, labor or materials affecting a Financed Vehicle) or may hereafter arise or be created; and (vii) there are no Liens or claims for taxes, work, labor or materials affecting such Financed Vehicle which are or may be Liens prior or equal to the Liens of the related Receivable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) if the Certificate of Title is not an electronic document, the Collateral Custodian shall be in possession of an original copy of each such document, if issued, or a copy of the application therefor, on behalf of the Administrative Agent and the Lenders prior to the date of sale of Receivable to the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) the Contract with respect to such Receivable constitutes "electronic chattel paper" within the meaning of the UCC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) there is no more than one Authoritative Copy of the Contract related to such Receivable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) in selecting such Receivables to be financed pursuant to this Agreement, no selection procedures were used with respect to such Receivable that were intended to be adverse in any material respect to the interests of the Lenders or the Administrative Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) with respect to which the Borrower has a valid and binding ownership interest in its entirety (and not a fractional interest in such Receivable);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) such Receivable was originated without discrimination against any Obligors based upon race, color, religion, national origin, sex, marital status, age (other than confirming the Obligor was not a minor);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) the applicable Obligor had, as of the corresponding time of origination, the legal capacity to enter into the Contract related to such Receivable, and such Contract has been duly executed and delivered by the applicable Obligor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) such Receivable is an obligation of an Obligor that is an individual who (i) is residing in the United States of America and (ii) is not a Governmental Authority, a business, a corporation, institution or other legal entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) (i) the Obligor of which at the time such Receivable was originated or created, was not an employee of Borrower, the Originator or the Servicer and (ii) the Obligor of which is not the subject of an Insolvency Event as of the date of the most recent monthly report provided by the Servicer to the Borrower;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) (i) as to which, at the time of origination of such Receivable by the Originator, the related Financed Vehicle is required to be covered by a comprehensive and collision insurance policy (A) in an amount at least equal to the lesser of (x) its maximum insurable value or (y) the principal amount due from the Obligor under the such Receivable, (B) naming the Seller and its successors and assigns as loss payee and (C) insuring against loss and damage due to fire, theft, transportation, collision and other risks generally covered by comprehensive and collision coverage and (ii) such Receivable requires the applicable Obligor to maintain physical loss and damage insurance, naming the Seller and its successors and assigns as additional insured parties, and such Receivable permits the holder thereof to obtain physical loss and damage insurance at the expense of the applicable Obligor if the applicable Obligor fails to do so;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) the related Financed Vehicle has not been repossessed and has not been the subject of a total loss or destruction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Contract related to such Receivable has not been subject to a Material Modification;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) the original term to maturity for such Receivable is no longer than[\*\*\*] months;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) the Original Principal Balance of such Receivable does not exceed [\*\*\*];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll) the Down Payment with respect to such Receivable was not less than [\*\*\*];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm) for any Receivable with respect to which the outstanding Principal Balance exceeds [\*\*\*], the Loan-to-Value ratio for such Receivable at origination does not exceed [\*\*\*];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn) at the time of origination of such Receivable, the Financed Vehicle relating to such Receivable had a mileage not exceeding (i) [\*\*\*] miles with respect to any Financed Vehicle that is a light truck and (ii) [\*\*\*] miles with respect to any other Financed Vehicle;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo) the Financed Vehicle relating to such Receivable is not equipped with a remote GPS ignition interlock kill switch or other mechanism that permits a remote shut off of the Financed Vehicle;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pp) if such Receivable was originated in the states of Illinois, New Jersey, Pennsylvania or Texas, the Borrower has obtained all applicable state consumer lending licenses; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qq) if the Contract related to such Receivable is a retail installment sales contract (as described in clause (a) of the definition of "Contract" herein), the Administrative Agent shall have provided its prior written consent to the inclusion of such retail installment sales contracts in the Collateral; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a Static Pool Receivable that meets each of the above criteria (other than clauses (jj), (kk), (ll), (mm) and (nn)) at all times (unless otherwise indicated above) (each, a "*Static Pool Collateral Receivable*").

*"Collection Account"* means the account established at the Account Bank in the name of the Borrower, which account has been designated as the Collection Account and which shall at all times be the subject of an Account Control Agreement.

*"Collection Period"* means (a) with respect to the first Payment Date occurring after the Closing Date, the period beginning on (and including) the Closing Date and ending on (but excluding) February 28, 2020, and (b) with respect to any other Payment Date, the calendar month preceding such Payment Date.

*"Collections"* means all cash collections, distributions, payments and other amounts received, and to be received by the Borrower, from any Person in respect of any Receivables, including, but not limited to, all principal, interest, fees, repurchase proceeds, any Contract Reserve amounts deposited into the Collection Account by the Servicer, Insurance Proceeds or Liquidation Proceeds payable to the Borrower under or in connection with any such Receivables and all Proceeds from any sale or disposition of any such Receivables.

*"Committed Revolving Advance"* has the meaning specified in Section 2.01.

*"Concentration Limitations"* means, as of any date of determination, the following limitations applied to the Available Revolving Pool Collateral Receivables owned (or, in relation to a proposed purchase of a Revolving Pool Receivable, proposed to be owned) by the Borrower, and calculated as a percentage of the sum of the Principal Balances of all Available Revolving Pool Collateral Receivables, and in each case in accordance with the procedures set forth in Section 1.04:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) not more than [\*\*\*] consists of Revolving Pool Collateral Receivables which would cause the average Principal Balance of all Revolving Pool Collateral Receivables to be greater than [\*\*\*];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) not more than [\*\*\*] consists of Revolving Pool Collateral Receivables which would cause the weighted average interest rate of all Revolving Pool Collateral Receivables to be below [\*\*\*];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) not more than [\*\*\*] consists of Revolving Pool Collateral Receivables with an Original Principal Balance greater than [\*\*\*];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) not more than [\*\*\*] consists of Revolving Pool Collateral Receivables with an Original Principal Balance greater than [\*\*\*];

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) not more than [\*\*\*] consists of Revolving Pool Collateral Receivables held by the same Obligor (*provided* that such limitation shall only apply during the period beginning on the date that is six (6) months following the Closing Date and ending on the last day of the Reinvestment Period);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) not more than [\*\*\*] consists collectively of Revolving Pool Collateral Receivables with respect to which the related Obligors are the top ten (10) Obligors based on percentage of the aggregate Principal Balance of all Revolving Pool Collateral Receivables (*provided* that such limitation shall only apply during the period beginning on the date that is six (6) month following the Closing Date and ending on the last day of the Reinvestment Period);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) not more than [\*\*\*] consists of Revolving Pool Collateral Receivables (other than Refinance Loans) which would cause the weighted average Down Payment Percentage with respect to all Revolving Pool Collateral Receivables (other than Refinance Loans) to be less than [\*\*\*]; provided that not more than [\*\*\*] consists of Revolving Pool Collateral Receivables (other than Refinance Loans) which would cause the weighted average Down Payment Percentage with respect to all Revolving Pool Collateral Receivables (other than Refinance Loans) to be less than [\*\*\*] for each of the first and second Collection Periods following a Permitted Securitization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) not more than [\*\*\*] consists of Revolving Pool Collateral Receivables (other than Refinance Loans) on which the Down Payment Percentage is less than [\*\*\*];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) not more than [\*\*\*] consists of Revolving Pool Collateral Receivables with respect to which the related Financed Vehicle is the same make;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) not more than [\*\*\*] consists of Revolving Pool Collateral Receivables with respect to which the related Financed Vehicle was sourced through a single automobile dealer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) not more than [\*\*\*] consists of Revolving Pool Collateral Receivables which would cause the weighted average FICO Score of all Obligors for which a FICO Score was available at the time such Receivable was originated to be below [\*\*\*];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) not more than [\*\*\*] consists of Revolving Pool Collateral Receivables with Obligors for which a FICO Score was available at the time such Receivable was originated with FICO Scores below [\*\*\*];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) not more than [\*\*\*] consists of Revolving Pool Collateral Receivables which would cause the weighted average original term to maturity of all Revolving Pool Collateral Receivables to be greater than [\*\*\*] months;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) not more than [\*\*\*] consists of Revolving Pool Collateral Receivables with Student Obligors and with an original term to maturity greater than [\*\*\*] months;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) not more than [\*\*\*] consists of Revolving Pool Collateral Receivables with an original term to maturity greater than [\*\*\*] months;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) not more than [\*\*\*] consists of Revolving Pool Collateral Receivables with respect to which the related Financed Vehicle had a mileage at origination exceeding [\*\*\*] miles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) not more than [\*\*\*] consists of Revolving Pool Collateral Receivables with respect to which the related Financed Vehicle had a mileage at origination exceeding [\*\*\*] miles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) not more than [\*\*\*] consists of Revolving Pool Collateral Receivables with respect to which the related Financed Vehicle was manufactured prior to [\*\*\*];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) not more than [\*\*\*] consists of Revolving Pool Collateral Receivables with respect to which the related Financed Vehicle was manufactured prior to [\*\*\*];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) not more than [\*\*\*] consists of Revolving Pool Collateral Receivables which require a balloon payment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) solely with respect to Revolving Pool Collateral Receivables with Student Obligors, not more than [\*\*\*] of such Revolving Pool Collateral Receivables have an original term to maturity greater than [\*\*\*] months;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) not more than [\*\*\*] consists of Revolving Pool Collateral Receivables which would cause the weighted average Contract Reserve with respect to all Revolving Pool Collateral Receivables to be less than [\*\*\*];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) with respect to Revolving Pool Collateral Receivables with an original term to maturity greater than 60 months, not more than [\*\*\*] of such Collateral Receivables consist of Revolving Pool Collateral Receivables with respect to which the related Financed Vehicle was purchased from an independent dealership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) with respect to Revolving Pool Collateral Receivables with an original term to maturity greater than 60 months, not more than [\*\*\*] of such Revolving Pool Collateral Receivables consist of Revolving Pool Collateral Receivables which would cause the weighted average mileage at origination of the related Financed Vehicles to exceed [\*\*\*] miles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) not more than [\*\*\*] consists of Revolving Pool Collateral Receivables with an Original Principal Balance greater than [\*\*\*] but less than or equal to [\*\*\*];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) not more than [\*\*\*] consists of Revolving Pool Collateral Receivables that are Refinance Loans;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) not more than [\*\*\*] consists of Revolving Pool Collateral Receivables (other than Refinance Loans) which would cause the Down Payment Percentage with respect to all Revolving Pool Collateral Receivables (other than Refinance Loans) received from independent non-recourse Dealers to be less than [\*\*\*]; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) not more than [\*\*\*] consists of Revolving Pool Collateral Receivables that are Refinance Loans which would cause the weighted average Adjusted Loan-to-Value with respect to all Revolving Pool Collateral Receivables that are Refinance Loans to be greater than [\*\*\*]<u>;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(cc) not more than [\*\*\*] consists of Revolving Pool Collateral Receivables which would cause the weighted average AIRA with respect to all Revolving Pool Collateral Receivables to be less than [\*\*\*]; and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(dd) not more than [\*\*\*] consists of Revolving Pool Collateral Receivables with an AIRA of less than [\*\*\*]</u>.

*"Connection Income Taxes"* means Other Connection Taxes that are imposed on or measured by net income (however denominated) or that are franchise Taxes or branch profits Taxes.

*"Consent and Release"* means a consent and release letter executed by the Administrative Agent in substantially the form of Exhibit D hereto or any other form acceptable to the Administrative Agent.

*"Constituent Documents"* means in respect of any Person, the certificate or articles of formation or organization, trust agreement, limited liability company agreement, operating agreement, partnership agreement, joint venture agreement or other applicable agreement of formation or organization (or equivalent or comparable constituent documents) and other organizational documents and by-laws and any certificate of incorporation, certificate of formation, certificate of limited partnership and other agreement, similar instrument filed or made in connection with its formation or organization.

*"Contract"* means (a) a motor vehicle retail installment sale contract executed by an Obligor for a Financed Vehicle under which an extension of credit by the Originator is made in the ordinary course of business to such Obligor and which is secured by the related Financed Vehicle, together with the original endorsements or assignments showing the chain of ownership thereof, if any or (b) the related loan agreement executed by an Obligor for a Financed Vehicle under which a loan is made by the Originator to such Obligor which is secured by the related Financed Vehicle.

"*Contract Reserve*" means, with respect to any Receivable, a loss reserve fee or netted amount that is charged by the Originator to the related dealer in connection with the origination of such Receivable that is intended to cover deficiencies or losses with respect to such Receivable and any other Receivables originated by the Originator through such dealer.

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*"Control"* means the direct or indirect possession of the power to direct or cause the direction of the management or policies of a Person, whether through ownership, by contract, arrangement or understanding, or otherwise. *"Controlled"* and *"Controlling"* have the meaning correlative thereto.

*"Corresponding Tenor"* means (a) with respect to the Term SOFR, a three-month tenor and (b) with respect to a Benchmark Replacement, a tenor (including overnight) having approximately the same length (disregarding business day adjustment) as the applicable tenor for the applicable accrual period with respect to the then-current Benchmark.

*"Credit Guidelines"* means the credit or underwriting guidelines applicable to the Obligors of the Receivables, listed on Schedule 5, which may be amended, modified or supplemented by the Seller subject to Section 5.02(j).

*"Credit Parties"* mean the Sponsor, the Servicer and the Borrower.

*"Defaulted Collateral Receivable"* means, at any time, a Collateral Receivable as to which any of the following occurs:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all or any portion of one or more scheduled monthly payments of principal and/or interest are past due with respect to such Collateral Receivable for a period of one hundred twenty (120) days or more past the scheduled Due Date for such payment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) an Insolvency Event relating to the related Obligor of such Receivable has occurred or such Obligor is deceased;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Borrower or the Servicer has determined in good faith in accordance with the Servicing Guide that such Collateral Receivable shall be placed on "non-accrual" status or "not collectible," or has reserved against it; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) such Collateral Receivable is charged-off by the Servicer (or would be required to be charged off by the Servicer in accordance with the charge-off policies in the Servicing Guide in effect as of the Closing Date unless the Administrative Agent has approved in writing any changes to such charge-off policy following the Closing Date that would result in a Collateral Receivable no longer being subject to charge off).

*"Defaulting Lender"* shall mean any Lender that, as determined by Administrative Agent: (a) has failed to fund any of its obligations to make Loans within three (3) Business Days of receipt of written notice of the date required to be funded by it hereunder, (b) has notified Administrative Agent or Borrower that it does not intend to comply with such funding obligations or has made a public statement to that effect with respect to such funding obligations hereunder or under other agreements in which it commits to extend credit or (c) is subject to an Insolvency Event.

*"Delinquency Bucket"* means, as of any date of determination, each of the following categories of Receivables (in each case excluding any Receivable that is a Defaulted Receivable): (a) Receivables as to any portion of a scheduled installment payment one (1) day or more but less than thirty (30) days past the scheduled Due Date for such installment payment as of such date of determination, (b) Receivables as to which any portion of a scheduled installment payment is thirty (30) days or more but less than sixty (60) days past the scheduled Due Date for such installment

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payment as of such date of determination, (c) Receivables as to which any portion of a scheduled installment payment is sixty (60) days or more but less than ninety (90) days past the scheduled Due Date for such installment payment as of such date of determination and (d) Receivables as to which any portion of a scheduled installment payment is ninety (90) days or more but less than one hundred twenty (120) days past the scheduled Due Date for such installment payment as of such date of determination.

*"Delinquency Ratio"* means, on any date of determination, with respect to the Collection Period preceding such date of determination, the ratio (expressed as a percentage) equal to (i) the Aggregate Principal Balance of all Collateral Receivables that are Delinquent Collateral Receivables as of the last day of such Collection Period or would be Delinquent Collateral Receivables if such Receivables were not sold or otherwise disposed of by the Borrower during such Collection Period (other than Selected Collateral Receivables, including Receivables designated as Selected Collateral Receivables during such Collection Period), *divided by* (ii) the Aggregate Principal Balance of all Collateral Receivables owned by the Borrower that were not Delinquent Collateral Receivables as of the last day of such Collection Period (other than Selected Collateral Receivables, including Receivables designated as Selected Collateral Receivables during such Collection Period); *provided, however,* that if the Aggregate Principal Balance of all Collateral Receivables as of the last day of such Collection Period is zero ($0), the Delinquency Ratio shall be zero for such Collection Period (other than Selected Collateral Receivables, including Receivables designated as Selected Collateral Receivables during such Collection Period).

*"Delinquent Collateral Receivable"* means any Collateral Receivable other than a Defaulted Collateral Receivable as to which greater than five percent (5%) of one or more scheduled monthly payments are past due with respect to such Collateral Receivable for a period of more than thirty (30) days past the applicable Due Date. 

*"Determination Date"* means the last day of each Collection Period.

*"Dollars"* and *"$"* mean lawful money of the United States of America.

*"Down Payment"* means, with respect to a Receivable, (i) the cash payment made or (ii) the equity in any value of any vehicle traded in, in each case, by the related Obligor with respect to the acquisition of the related Financed Vehicle.

"*Down Payment Percentage*" means, with respect to a Receivable, a percentage equal to (i) the Down Payment with respect to the related Financed Vehicle *divided by* (ii) the purchase price of such Financed Vehicle.

*"Due Date"* means each date on which any payment is due on a Collateral Receivable in accordance with its terms.

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"*Effective Advance Rate*" means at any time (a) the outstanding Class A Revolving Advances at such time divided by (b) the sum of (i) the Adjusted Revolving Pool Principal Balance as of such date *plus* (ii) amounts on deposit in the Collection Account (as evidenced by a bank or investment account statement dated as of the date the Class A Borrowing Base is calculated) representing collections of principal payments received by the Borrower on the Revolving Pool Collateral Receivables.

"*Eighth Amendment Effective Date*" shall mean March 10, 2025.

"*Electronic Collateral Custodial Agreement*" means the Electronic Collateral Control Agreement, dated as of the Closing Date, among the Electronic Collateral Custodian, the Borrower and the Administrative Agent.

*"Electronic Collateral Custodian"* means eOriginal, Inc. or any other Person party to the Electronic Collateral Custodial Agreement acting as collateral custodian or control agent with the consent of the Administrative Agent.

*"Equity Interests"* means, with respect to any Person, all of the shares of capital stock of (or other ownership or profit interests in) such Person, all of the warrants, options or other rights for the purchase or acquisition from such Person of shares of capital stock of (or other ownership or profit interests in) such Person, all of the securities convertible into or exchangeable for shares of capital stock of (or other ownership or profit interests in) such Person or warrants, rights or options for the purchase or acquisition from such Person of such shares (or such other interests), and all of the other ownership or profit interests in such Person (including partnership, member or trust interests therein), whether voting or nonvoting, and whether or not such shares, warrants, options, rights or other interests are outstanding on any date of determination.

*"ERISA"* means the Employee Retirement Income Security Act of 1974, and the regulations promulgated and rulings issued thereunder.

*"ERISA Event"* means (a) any "reportable event," as defined in Section 4043 of ERISA or the regulations issued thereunder with respect to a Plan (other than an event for which the thirty (30) day notice requirement is waived); (b) the failure with respect to any Plan to satisfy the "minimum funding standard" (as defined in Section 412 of the Code or Section 302 of ERISA); (c) the filing pursuant to Section 412(c) of the Code or Section 302 of ERISA of an application for a waiver of the minimum funding standard with respect to any Plan; (d) a determination that any Plan is, or is expected to be, in "at risk" status (as defined in Section 430 of the Code or Section 303 of ERISA); (e) the incurrence by the Borrower or any member of its ERISA Group of any liability under Title IV of ERISA with respect to the termination of any Plan; (f) (i) the receipt by the Borrower or any member of its ERISA Group from the PBGC of a notice of determination that the PBGC intends to seek termination of any Plan or to have a trustee appointed for any Plan, or (ii) the filing by the Borrower or any member of its ERISA Group of a notice of intent to terminate any Plan; (g) the incurrence by the Borrower or any member of its ERISA Group of any liability (i) with respect to a Plan pursuant to Sections 4063 and 4064 of ERISA, (ii) with respect to a facility closing pursuant to Section 4062(e) of ERISA, or (iii) with respect to the withdrawal or partial withdrawal from any Multiemployer Plan; (h) the receipt by the Borrower or any member of its ERISA Group of any notice concerning the imposition of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be, in endangered status or critical status, within the meaning of Section 432 of the Code or Section 305 of ERISA or is or is expected to be insolvent or in reorganization, within the meaning of Title IV of ERISA; or (i) the failure of the Borrower or any member of its ERISA Group to make any required contribution to a Multiemployer Plan.

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*"ERISA Group"* means each controlled group of corporations or trades or businesses (whether or not incorporated) under common control that is treated as a single employer under Section 414(b) or (c) of the Code (or Section 414(m) or (o) of the Code for purposes of provisions related to Section 412 of the Code) with the Borrower.

*"Erroneous Payment"* has the meaning specified in Section 11.07(a).

*"Erroneous Payment Notice"* has the meaning specified in Section 11.07(b).

*"Eurocurrency Liabilities"* is defined in Regulation D of the Board of Governors of the Federal Reserve System, as in effect from time to time.

"*E-Vault*" means an electronic account established pursuant to the Electronic Collateral Custodial Agreement, sufficient to establish control over electronic chattel paper within the meaning of Section 9-105 of the UCC.

*"Event of Default"* has the meaning specified in Section 6.01.

*"Excess Concentration Amount"* means, at any time in respect of which any one or more of the Concentration Limitations are exceeded, the portion (calculated by the Borrower or the Servicer without duplication in accordance with Section 1.04) of the Principal Balance of each Available Revolving Pool Collateral Receivable that causes such Concentration Limitations to be exceeded<u>;</u> *<u>provided, however</u>*<u>, that, during any Holiday Period, the Excess Concentration Amount shall be deemed zero for all applicable Concentration Limitations.</u>

*<u>"</u><u>Excess Concentration Funded Amount</u><u>"</u>* <u>means at any time the aggregate Principal Balance of the Available Revolving Pool Collateral Receivables that are included in the aggregate Excess Concentration Amount as of such date minus the portion of the Principal Balance of any such Available Revolving Pool Collateral Receivables that cause the following limitations to be exceeded:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(a)</u> <u>not more than [\*\*\*] of the Revolving Pool Collateral Receivables included in the Excess Concentration Amount would cause the weighted average AIRA of the Revolving Pool</u> <u>Collateral Receivables included in the Excess Concentration Amount to be less than [\*\*\*];</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(b)</u> <u>not more than [\*\*\*] of the Revolving Pool Collateral Receivables included in the Excess Concentration Amount shall have an interest rate of less than [\*\*\*] per annum; and</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(c)</u> <u>not more than [\*\*\*] of the Revolving Pool Collateral Receivables representing the Excess Concentration Amount would cause the weighted average Loan-to-Value of the Excess Concentration Amount to exceed [\*\*\*]%</u>.

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*"Exchange Act"* means the Securities Exchange Act of 1934, and the rules and regulations promulgated thereunder, all as from time to time in effect, or any successor law, rules or regulations, and any reference to any statutory or regulatory provision shall be deemed to be a reference to any successor statutory or regulatory provision.

*"Excluded Taxes"* means any of the following Taxes imposed on or with respect to a Secured Party or required to be withheld or deducted from a payment to a Secured Party, (a) Taxes imposed on or measured by net income, franchise Taxes, and branch profits Taxes, in each case, (i) imposed in the case of any Secured Party, by the jurisdiction (or any political subdivision thereof) under the laws of which such Secured Party is organized or in which its principal office is located, or in the case of any Lender, in which its applicable lending office is located, or (ii) that are Other Connection Taxes, (b) in the case of any Lender, any U.S. federal withholding taxes imposed on payments by the Borrower with respect to an applicable interest in an Advance pursuant to a law in effect on the date on which (i) such Lender becomes a party to this Agreement (other than pursuant to an assignment under Sections 2.09(b), 2.11(b) or 12.03(i)) or (ii) such Lender changes its lending office, except in each case to the extent that, pursuant to Section 12.03, amounts with respect to such Taxes were payable either to such Lender's assignor immediately before such Lender became a party hereto or to such Lender immediately before it changed its lending office, (c) Taxes attributable to such Secured Party's failure to comply with Section 12.03(h), and (d) any U.S. federal withholding Taxes under FATCA.

"*Facilities*" means the revolving credit and term credit facilities established pursuant to Section 2.01.

*"Facility Documents"* means this Agreement, the Receivable Purchase Agreement, the Account Control Agreement, the Backup Servicing Agreement, the Sponsor Indemnity Agreement, the Class A Side Letter, the GS Investor Rights Agreement, the Backup Servicing Agreement, the Electronic Collateral Custodial Agreement**,** the Borrower LLC Agreement and any other agreements, documents, security agreements and other instruments entered into or delivered by or on behalf of the Borrower, the Originator, the Servicer, the Seller or the Sponsor in connection with this Agreement or pursuant to Section 5.01(c) to create, perfect or otherwise evidence the Administrative Agent's security interest.

*"FATCA"* means Code Sections 1471 through 1474, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof and any agreements entered into pursuant to Section 1471(b) of the Code.

*"Federal Funds Rate"* means, for any period, a fluctuating interest rate per annum equal for each day during such period to the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by federal funds brokers, as published for such day (or, if such day is not a Business Day, for the next preceding Business Day) by the Federal Reserve Bank of New York, or, if such rate is not so published for any day which is a Business Day, the average of the quotations for such day on such transactions received by the Administrative Agent from three federal funds brokers of recognized standing selected by it; *provided* that, if at any time a Lender is borrowing overnight funds from a Federal Reserve Bank

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that day, the Federal Funds Rate for such Lender for such day shall be the average rate per annum at which such overnight borrowings are made on that day as promptly reported by such Lender to the Borrower and the Administrative Agent in writing. Each determination of the Federal Funds Rate by a Lender pursuant to the foregoing proviso shall be conclusive and binding except in the case of manifest error.

*"Federal Reserve Bank of New York's Website"* means the website of the Federal Reserve Bank of New York at http://www.newyorkfed.org, or any successor source.

*"FICO Score"* means, with respect to an Obligor of a Receivable, the statistical credit score of the Obligor of a Receivable based on methodology developed by Fair Isaac Corporation and used by the Originator or its agents to determine credit risk when underwriting such Receivable. For purposes of clarification, (a) the "FICO Score" of any Obligor shall mean the most recent FICO Score used to make a credit decision with respect to such Obligor, by the Borrower or the Originator, as the case may be, and (b) solely for purposes of determining the weighted average FICO Score, if a five point range is provided with respect to any Obligor in lieu of an exact number, the "FICO Score" with respect to such Obligor shall be the median of such five point range.

"*Fifth Amendment Effective Date*" shall mean September 16, 2024.

*"Final Maturity Date"* means the earliest of (a) the Scheduled Amortization Period Termination Date, (b) the date of the acceleration of the Advances pursuant to Section 6.02, or (c) the date on which all Obligations shall have been paid in full and all other amounts payable to the Administrative Agent and the Lenders under the Facility Documents shall have been paid in full.

*"Financed Vehicle"* means, with respect to a Receivable, any new or used automobile, light-duty truck, van, minivan or sport utility vehicle, together with all accessions thereto, securing the related Obligor's indebtedness thereunder.

"*Floor*" means zero percent (0.0%).

"*Fourth Amendment Effective Date*" shall mean June 11, 2024.

"*Fundamental Amendment*" means a Class A Fundamental Amendment or a Class B Fundamental Amendment.

*"Funding Account"* means the deposit account titled "LENDBUZZ SPV IV LLC -Funding" held at Bank Hapoalim B.M., New York Branch, SWIFT Code: [\*\*\*], ABA Number: [\*\*\*], Account Number: [\*\*\*].

<u>"</u>*<u>Holiday Period</u>*<u>"</u> <u>means, initially, the period beginning on the Ninth Amendment Effective Date and ending on the date that is the earlier of (a)</u> <u>thirty (30) days following the closing of a Permitted Securitization or (b)</u> <u>such date when the outstanding principal amount of the Advances is equal to or greater than [\*\*\*]; and thereafter, each period commencing on the closing date of a Permitted Securitization and ending on the earlier of (a)</u> <u>thirty (30) days following</u> <u>such date or (b)</u> <u>such date when the outstanding principal amount of the Advances is equal to or greater than [\*\*\*].</u> 

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*"GAAP"* means generally accepted accounting principles in effect from time to time in the United States of America.

*"Governmental Authority"* means any nation or government, any state or other political subdivision thereof, any agency, authority, instrumentality, regulatory body, quasi-regulatory authority, administrative tribunal, central bank, public office, court, arbitration or mediation panel, or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of government, including the SEC, the stock exchanges, any federal, state, territorial, county, municipal or other government or governmental agency, arbitrator, board, body, branch, bureau, commission, court, department, instrumentality, master, mediator, panel, referee, system or other political unit or subdivision or other entity of any of the foregoing, whether domestic or foreign.

*"Governmental Authorizations"* means all franchises, permits, licenses, approvals, consents and other authorizations of all Governmental Authorities.

*"Governmental Filings"* means all filings, including franchise and similar tax filings, and the payment of all fees, assessments, interests and penalties associated with such filings with all Governmental Authorities. For the avoidance of doubt, "Governmental Filings" do not include filings of financing statements under the UCC or comparable laws.

*"GS Investor Rights Agreement"* means the investor rights agreement, dated as of the Closing Date, between Sponsor and Goldman Sachs Bank USA, on behalf of itself and its Affiliates.

*"Incremental Revolving Advance"* has the meaning specified in Section 2.01.

*"Incremental Revolving Amount"* means, at any time, the sum of the Class A Incremental Revolving Amount at such time and the Class B Incremental Revolving Amount at such time.

*"Indemnified Party"* has the meaning specified in Section 12.04(b).

*"Indemnified Taxes"* means (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of the Borrower under any Facility Document and (b) to the extent not otherwise described in (a), Other Taxes.

*"Independent Manager"* means an individual who is natural person and who: (i) for the five-year period prior to his or her appointment as Independent Manager has not been, and during the continuation of his or her service as Independent Manager is not: (A) an employee, director, stockholder, member, manager, partner or officer of JV Entity or any of its Affiliates (other than his or her service as an Independent Manager of or Special Member to Borrower); (B) a customer or supplier of JV Entity or any of its Affiliates (other than his or her service as an Independent Manager of or Special Member to Borrower); or (C) any member of the immediate family of a

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person described in the foregoing <u>clause (A)</u> or <u>(B)</u>; and (ii) has (A) prior experience as an Independent Manager for a corporation or limited liability company whose charter or organizational documents required the unanimous consent of all Independent Managers thereof before such corporation or limited liability company could consent to the institution of bankruptcy or insolvency proceedings against it or could file a petition seeking relief under any applicable federal or state law relating to bankruptcy; and (B) at least three years of employment experience with one or more entities that provide, in the ordinary course of their respective businesses, advisory, management or placement services (including providing independent managers or Managers) to issuers of securitization or structured finance instruments, agreements or securities.

*"Ineligible Collateral Receivable"* means, at any time, a Receivable, that fails to satisfy any criteria of the definition of "Collateral Receivable" after the date of acquisition thereof by the Borrower (*i.e.*, determined as of such date).

*"Information"* has the meaning specified in Section 13.03(b).

*"Initial Class A Revolving Lender"* means Goldman Sachs Bank USA.

*"Insolvency Event"* means with respect to a specified Person, (a) the filing of a decree or order for relief by a court having jurisdiction in the premises in respect of such Person or any substantial part of its property in an involuntary case under the Bankruptcy Code or any other applicable insolvency law now or hereafter in effect, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official for such Person or for any substantial part of its property, or ordering the winding-up or liquidation of such Person's affairs, and such decree or order shall remain unstayed and in effect for a period of sixty (60) consecutive days; or (b) the commencement by such Person of a voluntary case under the Bankruptcy Code or any other applicable insolvency law now or hereafter in effect, or the consent by such Person to the entry of an order for relief in an involuntary case under any such law, or the consent by such Person to the appointment of or taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official for such Person or for any substantial part of its property, or the making by such Person of any general assignment for the benefit of creditors, or the failure by such Person generally to pay its debts as such debts become due, or the taking of action by such Person in furtherance of any of the foregoing.

*"ISDA Definitions"* means the 2006 ISDA Definitions published by the International Swaps and Derivatives Association, Inc. or any successor thereto, as amended or supplemented from time to time, or any successor definitional booklet for interest rate derivatives published from time to time by the International Swaps and Derivatives Association, Inc. or any successor thereto.

*"Insurance Policy"* means, with respect to any Receivable, (i) an insurance policy covering physical damage to or loss of the related Financed Vehicle or (ii) any lender's single interest, credit life, disability, hospitalization and similar insurance policies with respect to the related Obligor.

*"Insurance Proceeds"* means any amounts payable or any payments made under any Insurance Policy.

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*"Interest"* means, at any time, the sum of Class A Interest, the Class B Interest and the Static Interest at such time.

*"Interest Accrual Period"* means,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) with respect to each Advance (or portion thereof) (i) with respect to the initial Payment Date for such Advance (or portion thereof), the period from and including the related Borrowing Date to, but excluding, February 28, 2020 and (ii) with respect to any subsequent Payment Date for such Advance (or portion thereof), the calendar month preceding such Payment Date; *provided,* that the final Interest Accrual Period for all outstanding Advances hereunder shall end on and include the day prior to the payment in full of the Advances hereunder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of any Interest Accrual Period for any Advance which commences before an Unmatured Event of Default or an Event of Default and would otherwise end on a date occurring after the occurrence of an Unmatured Event of Default or an Event of Default, the Administrative Agent may, in its sole discretion, cause such Interest Accrual Period to end upon the occurrence of an Unmatured Event of Default or an Event of Default and the duration of each Interest Accrual Period which commences on or after the occurrence of an Unmatured Event of Default or an Event of Default shall be of such duration as shall be selected by the Administrative Agent.

*"Interest Coverage Ratio"* means<u>, other than during a Holiday Period,</u> with respect to each Collection Period the ratio (expressed as a percentage) equal to (a) Interest Proceeds during such Collection Period *divided by* (b)the amounts payable by the Borrower with respect to such Collection Period with respect to Interest, Unused Fees (subject to clause (z) below) and any other fees accrued pursuant to the Facility Documents during such Collection Period (excluding (w) all legal fees paid in connection with the Restatement Closing Date, (x) Upfront Fees, (y) Minimum Utilization Fees and (z), for each six calendar month period following each of the Restatement Closing Date and any Permitted Securitization, any Unused Fees).

*"Interest Proceeds"* means, with respect to any Collection Period, without duplication, the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all payments of interest and other income received by the Borrower during such Collection Period on the Collateral Receivables (including Ineligible Collateral Receivables), including any accrued interest received in connection with a sale thereof during such Collection Period; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all late payment fees and other fees and commissions received by the Borrower during such Collection Period;

*provided* that as to any Defaulted Collateral Receivable, any amounts received in respect thereof will constitute Principal Proceeds (and not Interest Proceeds) until the aggregate of all Collections in respect thereof since it became a Defaulted Collateral Receivable equals the outstanding Principal Balance of such Defaulted Collateral Receivable at the time as of which it became a Defaulted Collateral Receivable and all amounts received in excess thereof will constitute Interest Proceeds.

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*"Interest Rate"* means, for any Interest Accrual Period and for each Advance outstanding by a Lender for each day during such Interest Accrual Period:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) so long as no Accelerated Amortization Event or Event of Default (in each case, which has not otherwise been waived by the Lenders pursuant to the terms hereof) has occurred and is continuing, and so long as no Benchmark Disruption Event has occurred and is continuing, a rate equal to the Benchmark *plus* the Applicable Margin, and, in the event that a Benchmark Disruption Event has occurred and is continuing, a rate equal to the Base Rate *plus* the Applicable Margin; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) upon the occurrence and during the continuance of an Accelerated Amortization Event (other than the occurrence of an Unmatured Event of Default pursuant to clause (c) of the definition of "Accelerated Amortization Event") or an Event of Default (which has not otherwise been waived by the Required Lenders pursuant to the terms hereof) the Interest Rate shall be the Post-Default Rate *plus* the Applicable Margin.

*"Investment Company Act"* means the Investment Company Act of 1940, and the rules and regulations promulgated thereunder, all as from time to time in effect, or any successor law, rules or regulations, and any reference to any statutory or regulatory provision shall be deemed to be a reference to any successor statutory or regulatory provision.

*"JV Entity"* means Lendbuzz GCP JV, LLC, a Delaware limited liability company.

*"Law"* means any action, code, consent decree, constitution, decree, directive, enactment, finding, guideline, law, injunction, interpretation, judgment, order, ordinance, policy statement, proclamation, promulgation, regulation, requirement, rule, rule of law, rule of public policy, settlement agreement, statute, or writ, of any Governmental Authority, or any particular section, part or provision thereof.

*"Lender"* means any Class A Revolving Lender, Class B Revolving Lender or Static Lender, as applicable, and "Lenders" means, collectively, the Class A Revolving Lenders, the Class B Revolving Lenders and the Static Lenders.

*"Lien"* means any mortgage, pledge, hypothecation, assignment, encumbrance, lien or security interest (statutory or other), or preference, priority or other security agreement, charge or preferential arrangement of any kind or nature whatsoever (including any conditional sale or other title retention agreement, any financing lease having substantially the same economic effect as any of the foregoing, and the filing authorized by the Borrower of any financing statement under the UCC or comparable law of any jurisdiction).

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*"Liquidation Proceeds"* means, with respect to any Collection Period following the Collection Period in which a Collateral Receivable became a Defaulted Collateral Receivable, all amounts (which shall not be less than zero) received by the Borrower or the Servicer, from whatever source with respect to such Defaulted Collateral Receivable during such Collection Period, minus the sum of (i) reasonable expenses incurred by the Servicer in connection with the collection of such Defaulted Collateral Receivable or the repossession and disposition of the related Financed Vehicle (to the extent not previously reimbursed to the Servicer, as the case may be, and in each case excluding overhead) and (ii) all amounts required by law to be remitted to the related Obligor.

"*Loan-to-Value*" means, with respect to a Receivable, (i) the Original Principal Balance of such Receivable, divided by (ii) the lower of (a) the NADA clean retail value (or if such NADA clean retail value is not available, the Carfax retail value) of the related Financed Vehicle and (b) the purchase price of the related Financed Vehicle.

*"Margin Stock"* has the meaning specified in Regulation U.

*"Material Adverse Effect"* means an action or an event that could have a material adverse effect on (a) the business, assets, financial condition, operations, performance or properties of the Borrower or the relevant Person, (b) the validity, enforceability or collectability of this Agreement or any other Facility Document or the validity, enforceability or collectability of the Collateral Receivables generally or any material portion of the Collateral Receivables, (c) the rights and remedies of the Administrative Agent, the Lenders and the Secured Parties with respect to matters arising under this Agreement or any other Facility Document, (d) the ability of each of the Borrower, Sponsor or Servicer to perform its obligations under any Facility Document to which it is a party, or (e) the status, existence, perfection, priority or enforceability of the Administrative Agent's lien on the Collateral.

*"Material Modification"* means, with respect to any Receivable, any amendment, waiver, consent or modification of the related Contract executed or effected after the date on which such Receivable was advanced or otherwise came into existence, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) reduces or waives one or more interest payments or permits any interest due with respect to such Receivable in cash to be deferred or capitalized and added to the principal amount of such Receivable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) permanently waives, extends or postpones any date fixed for any payment or mandatory prepayment of principal on such Receivable; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) reduces or forgives any principal amount of such Receivable.

*"Maximum Advance Rate Test"* means the Class A Maximum Revolving Advance Rate Test, the Class A Maximum Committed Revolving Advance Rate Test, the Class B Maximum Revolving Advance Rate Test, the Class B Maximum Committed Revolving Advance Rate Test, or the Maximum Static Advance Rate Test, as applicable.

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*"Maximum Advance Rate Test Calculation Statement"* means a statement in substantially the form attached to the form of Notice of Borrowing attached hereto as Exhibit A, as such form of Maximum Advance Rate Test Calculation Statement may be modified by the Administrative Agent from time to time to the extent modifications to such form would, in the good faith opinion of the Administrative Agent, improve the accuracy of the calculation of the Class A Maximum Committed Revolving Advance Rate Test or the Class A Maximum Revolving Advance Rate Test, as applicable, or the Class B Maximum Committed Revolving Advance Rate Test or the Class B Maximum Revolving Advance Rate Test, as applicable, or the Maximum Static Advance Rate Test, as applicable and any other calculations necessary to satisfy the conditions precedent to each Borrowing required hereunder.

*"Maximum Revolving Available Amount"* means, at any time, the lesser of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Revolving Program Limit minus the aggregate outstanding principal balance of the Advances; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the sum of the Class A Borrowing Base and the Class B Borrowing Base at such time.

For the avoidance of any doubt, on any Borrowing Date the amount of any Borrowings hereunder against the Maximum Revolving Available Amount shall be subject to the satisfaction of the condition precedent set forth in Section 3.02(b).

*"Maximum Committed Revolving Advance Rate Test"* means the Class A Maximum Committed Revolving Advance Rate Test and/or the Class B Maximum Committed Revolving Advance Rate Test, as the context requires.

*"Maximum Committed Revolving Available Amount"* means, at any time, the lesser of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Revolving Facility Amount; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the sum of the Class A Borrowing Base and the Class B Borrowing Base at such time.

For the avoidance of any doubt, on any Borrowing Date the amount of any Borrowings hereunder against the Maximum Committed Revolving Available Amount shall be subject to the satisfaction of the condition precedent set forth in Section 3.02(b).

*"Maximum Static Advance Rate Test"* means a test that will be satisfied at any time if (a) the aggregate outstanding principal balance of the Static Advances is less than or equal to (b) the Static Borrowing Base at such time.

*"Measurement Date"* means (a) the Closing Date, (b) the Restatement Closing Date, (c) each Borrowing Date and (d) each Determination Date.

*"Minimum Utilization Fee"* has the meaning specified in the Class A Side Letter.

*"Minimum Utilization Fee Period"* has the meaning specified in the Class A Side Letter.

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*"MLA"* means the Military Lending Act, 10 U.S.C. § 987.

*"Money"* has the meaning specified in Section 1-201(b)(24) of the NYUCC.

*"Monthly Data Tape"* means a data tape, which shall include with respect to each Collateral Receivable (i) the information specified in the definition of "Monthly Receivable Tape," (ii) static pool gross and net loss data by monthly origination vintages, (iii) loss and delinquency data with respect to the Servicing Portfolio and (iv) such other information as the Administrative Agent may reasonably request, without unreasonable expense or effort by the Servicer, from time to time to satisfy or fulfill regulatory requirements applicable to the Secured Parties, including capital treatment under Basel II or Basel III, for the related quarter; provided that the Monthly Data Tape will be based on data available on the last day of the Collection Period.

"*Monthly Receivable Tape*" means a data tape, which shall include with respect to each Receivable the information set forth on Schedule 7.

*"Monthly Report"* has the meaning specified in Section 8.03.

*"Moody's"* means Moody's Investors Service, Inc., together with its successors.

*"Multiemployer Plan"* means an employee pension benefit plan within the meaning of Section 4001(a)(3) of ERISA that is sponsored by the Borrower or a member of its ERISA Group or to which the Borrower or a member of its ERISA Group is obligated to make contributions or has any liability.

*"Net Loss Ratio"* means, on any date of determination, <u>other than during a Holiday Period,</u> with respect to the relevant Collection Period ending on the day immediately prior to such date of determination, the product of (i) 12 *times* (ii) the ratio (expressed as a percentage) equal to (a) the Aggregate Principal Balance of all Collateral Receivables (including all Collateral Receivables which became Ineligible Collateral Receivables at any time since such Receivable was pledged hereunder to the Administrative Agent) that became Defaulted Collateral Receivables or would have become Defaulted Collateral Receivables if such Collateral Receivables were not sold or otherwise disposed of by the Borrower during such Collection Period (other than Selected Collateral Receivables) *minus* the aggregate amount of Liquidation Proceeds received by Borrower during such Collection Period, *divided by* (b) the Aggregate Principal Balance of all Collateral Receivables (including all Collateral Receivables which became Ineligible Collateral Receivables at any time since such Receivable was pledged hereunder to the Administrative Agent) that were not Defaulted Collateral Receivables as of the first day of such Collection Period (other than Selected Collateral Loans); *provided, however*, that if the Aggregate Principal Balance of all Collateral Receivables as of the first day of such Collection Period is zero ($0), the Net Loss Ratio shall be zero.

"*Next Available Term SOFR*" means at any time, for any Interest Accrual Period, Term SOFR for the longest tenor that can be determined by the Administrative Agent that is shorter than the Corresponding Tenor, at approximately 5:00 a.m., Chicago time, two (2) Business Days prior to the commencement of such Interest Accrual Period, as such rate is published by the CME Term SOFR Administrator.

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<u>"</u> *<u>Ninth Amendment Effective Date</u>*<u>"</u> <u>shall mean June</u> <u>20, 2025.</u>

*"Notice of Borrowing"* has the meaning specified in Section 2.02.

*"Notice of Prepayment"* has the meaning specified in Section 2.05.

*"Obligations"* means all indebtedness, whether absolute, fixed or contingent, at any time or from time to time owing by the Borrower to any Secured Party or any Affected Person under or in connection with this Agreement or any other Facility Document, including, but not limited to, all amounts payable by the Borrower in respect of the Advances, with interest thereon, Prepayment Premium and all amounts payable hereunder.

*"Obligor"* means, in respect of any Receivable, the individual primarily obligated to pay Collections in respect of such Receivable.

*"OFAC"* has the meaning specified in Section 4.01(f).

*"Original Principal Balance"* means, with respect to any Receivable, as of the date of disbursement, the outstanding principal amount of such Receivable.

*"Originator"* means Lendbuzz Funding LLC.

*"Other Connection Taxes"* means, in the case of any Secured Party or any Lender, Taxes imposed by any jurisdiction solely by reason of such Secured Party or such Lender having any other present or former connection with such jurisdiction (other than a connection arising from such Secured Party or Lender having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced this Agreement or any other Facility Document, or sold or assigned an interest in the rights under any Facility Document).

*"Other Taxes"* has the meaning specified in Section 12.03(b). *"Participant"* has the meaning specified in Section 13.02(h). *"Participant Register"* has the meaning specified in Section 13.02(i). *"PATRIOT Act"* has the meaning specified in Section 12.16.

*"Payment Date"* means the 15th day of each calendar month, commencing on March 16, 2020; *provided* that, if any such day is not a Business Day, then such Payment Date shall be the next succeeding Business Day.

*"PBGC"* means the Pension Benefit Guaranty Corporation, or any successor agency or entity performing substantially the same functions.

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*"Percentage"* means, (a) with respect to any Lender party hereto on the date hereof, the percentage set forth opposite such Lender's name on Schedule 1-A hereto, or with respect to each particular Class, Schedule 1-B hereto, as such amount is reduced by any Assignment and Acceptance entered into by such Lender with an assignee or increased by any Assignment and Acceptance entered into by such Lender with an assignor or as such amount is either reduced or increased based on any Incremental Revolving Advance provided or not provided by such Lender, or (b) with respect to a Lender that has become a party hereto pursuant to an Assignment and Acceptance, the percentage set forth therein as such Lender's Percentage, as such amount is reduced by an Assignment and Acceptance entered into between such Lender and an assignee or increased by any Assignment and Acceptance entered into by such Lender with an assignor or as such amount is either reduced or increased based on any Incremental Revolving Advance provided or not provided by such Lender.

"*Permitted Holder*" means any of the existing owners of the Equity Interests of the Sponsor.

*"Permitted Liens"* means: (a) Liens created in favor of the Administrative Agent hereunder or under the other Facility Documents for the benefit of the Secured Parties; (b) Liens related to a Financed Vehicle for taxes or otherwise arising by law, or mechanic's liens; (c) Liens imposed by any Governmental Authority for taxes, assessments or charges not yet delinquent or which are being contested in good faith and by appropriate proceedings if adequate reserves with respect thereto are maintained on the books of the Borrower in accordance with GAAP; and (d) in connection with maintaining deposit accounts established in accordance with this Agreement, bankers' liens, rights of setoff and similar Liens granted to financial institutions maintaining such accounts.

*"Permitted Sale"* means any sale by Borrower of (a) Receivables in connection with either (A) the repurchase by the Seller of a Receivable if required pursuant to the Receivable Purchase Agreement, or (B) a transfer of Receivables to a Securitization Vehicle, (b) subject to Section 8.04, Ineligible Collateral Receivables, (c) Collateral Receivables with the prior written consent of the Administrative Agent, which consent shall not be unreasonably withheld or (d) Static Pool Collateral Receivables pursuant to Section 5.01(p); *provided*, *however*, that no sale of any Receivables shall be a Permitted Sale if, immediately following such sale, either Maximum Advance Rate Test is no longer satisfied; *provided further* that no sale of Receivables shall be a Permitted Sale if the Administrative Agent has provided notice within five (5) Business Days of receipt of notice pursuant to Section 8.04(a) of this Agreement, that such sale will, as reasonably determined by Administrative Agent, result in a materially adverse selection of Receivables to remain in the Borrowing Base following such sale.

*"Permitted Securitization"* means a Permitted Sale to a Securitization Vehicle (a) in connection with a broadly marketed and distributed issuance of asset-backed securities or (b) where the Initial Class A Revolving Lender or an Affiliate thereof acts as placement agent, underwriter or similar role.

*<u>"</u><u>Permitted Tested Sale</u><u>"</u>* <u>means (a)</u> <u>a Permitted Securitization and (b)</u> <u>a Permitted Sale pursuant to clause (c)</u> <u>of the definition of</u> <u>"</u><u>Permitted Sale.</u><u>"</u>

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*"Person"* means an individual or a corporation (including a business trust), partnership, trust, incorporated or unincorporated association, joint stock company, limited liability company, government (or an agency or political subdivision thereof) or other entity of any kind.

*"Plan"* means an employee pension benefit plan (other than a Multiemployer Plan) which is covered by Title IV of ERISA or subject to the minimum funding standards under Section 412 of the Code that is sponsored by the Borrower or a member of its ERISA Group or to which the Borrower or a member of its ERISA Group is obligated to make contributions or has any liability.

*"Post-Default Rate"* means a rate per annum equal to the sum of (a) the Benchmark or, if a Benchmark Disruption Event has occurred, the Base Rate *plus* (b) 3.00% per annum.

*"Prepayment Premium"* means the product of (a) the outstanding principal amount of the Advances being prepaid, *multiplied by* (b) [\*\*\*].

*"Pre-Securitization<u>Permitted Tested Sale</u> Delinquency Ratio"* means, with respect to a Permitted Securitization<u>Tested Sale</u>, the result of the following (calculated for each Delinquency Bucket) with all Receivable Balances calculated as of the related Release Cut-Off Date prior to giving effect to such Permitted Securitization<u>Tested Sale</u>: (a) the ratio equal to (i) the Aggregate Principal Balance of all Receivables in such Delinquency Bucket (other than Selected Collateral Receivables designated in connection with prior Permitted Securitizations <u>Tested Sales</u>), *divided by* (b) the Aggregate Principal Balance of all Collateral Receivables (calculated without excluding the Receivables in such Delinquency Bucket that would be Collateral Receivables if such Receivables were not Delinquent Collateral Receivables).

*"Pre-Securitization<u>Permitted Tested Sale</u> Net Loss Ratio"* means, with respect to a Permitted Securitization<u>Tested Sale</u>, the ratio equal to (with all balances calculated as of the end of the Collection Period preceding the date of delivery of the related Consent and Release) (a) the Aggregate Principal Balance of all Defaulted Collateral Receivables (other than Selected Collateral Receivables designated in connection with prior Permitted Securitizations <u>Tested Sales</u>) *minus* the aggregate amount of Liquidation Proceeds received by Borrower during such Collection Period, *divided by* (b) the Aggregate Principal Balance of all Collateral Receivables (calculated without excluding Defaulted Collateral Receivables).

*"Principal Balance"* means, with respect to any Collateral Receivable, as of any date of determination, the outstanding principal amount of such Collateral Receivable (excluding any capitalized interest).

*"Principal Proceeds"* means, with respect to any Collection Period, all amounts received by the Borrower during such Collection Period that do not constitute Interest Proceeds and that result in a reduction of the Principal Balance owing by the Obligor of a Receivable including unapplied proceeds of the Advances.

*"Priority of Payments"* has the meaning specified in Section 9.01(a).

*"Private Authorizations"* means all franchises, permits, licenses, approvals, consents and other authorizations of all Persons (other than Governmental Authorities).

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*"Proceeds"* has, with reference to any asset or property, the meaning assigned to it under the UCC and, in any event, shall include, but not be limited to, any and all amounts from time to time paid or payable under or in connection with such asset or property.

*"Pro Forma Post-Securitization<u>Permitted Tested Sale</u> Delinquency Ratio"* means, with respect to a Permitted Securitization<u>Tested Sale</u>, the result of the following (calculated for each Delinquency Bucket) with all Receivables Balances calculated as of the related Release Cut-Off Date after giving pro forma effect to such Permitted Securitization <u>Tested Sale</u>: the ratio equal to (a) the Aggregate Principal Balance of all Receivables in such Delinquency Bucket (other than Selected Collateral Receivables designated in connection with prior Permitted Securitizations <u>Tested Sales</u>) that will not be sold or contributed in connection with such Permitted Securitization <u>Tested Sale</u>, *divided by* (b) the result of (i) the Aggregate Principal Balance of all Collateral Receivables (calculated without excluding the Receivables in such Delinquency Bucket that would be Collateral Receivables if such Receivables were not Delinquent Collateral Receivables), minus (ii) the Aggregate Principal Balance of all Collateral Receivables that will be sold or contributed in connection with such Permitted Securitization <u>Tested Sale</u>.

*"Pro Forma Post-Securitization<u>Permitted Tested Sale</u> Net Loss Ratio"* means, with respect to a Permitted Securitization<u>Tested Sale</u>, the ratio equal to (with all balances calculated as of the end of the Collection Period preceding the date of delivery of the related Consent and Release) (a) the Aggregate Principal Balance of all Defaulted Collateral Receivables (other than Selected Collateral Receivables designated in connection with prior Permitted Securitizations <u>Tested Sales</u> and Selected Collateral Receivables designated in the Consent and Release for such Permitted Securitization <u>Tested Sale</u>) *minus* the aggregate amount of Liquidation Proceeds received by Borrower during such Collection Period, *divided by* (b) the result of (i) the Aggregate Principal Balance of all Collateral Receivables (calculated without excluding Defaulted Collateral Receivables), *minus* (ii) the Aggregate Principal Balance of the Collateral Receivables that will be sold or contributed in connection with such Permitted Securitization <u>Tested Sale</u>.

*"Prohibited Transaction"* means a transaction described in Section 406(a) of ERISA, that is not exempted by a statutory or administrative or individual exemption pursuant to Section 408 of ERISA.

*"Projections"* has the meaning specified in Section 13.03(b).

*"Qualified Institution"* means (a) Bank Hapoalim B.M., New York Branch or (b) a depository institution or trust company organized under the laws of the United States of America or any one of the States thereof or the District of Columbia (or any domestic branch of a foreign bank), (i)(A) that has either (1) a long-term unsecured debt rating of "A" or better by S&P and "A2" or better by Moody's or (2) a short-term unsecured debt rating or certificate of deposit rating of "A-1" or better by S&P or "P-1" or better by Moody's, (B) the parent corporation of which has either (1) a long-term unsecured debt rating of "A" or better by S&P and "A2" or better by Moody's or (2) a short-term unsecured debt rating or certificate of deposit rating of "A-1" or better by S&P and "P-1" or better by Moody's or (C) is otherwise acceptable to the Administrative Agent and (ii) the deposits of which are insured by the Federal Deposit Insurance Corporation.

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*"Receivable"* means any indebtedness owed by an Obligor under a Contract that is sold by the Seller to the Borrower under the Receivable Purchase Agreement.

*"Receivable Balance"* means, with respect to any Receivable, as of any date of determination, the outstanding amount of such Receivable.

*"Receivable File"* means, with respect to each Receivable, a file containing each of the following documents: (i) application of the Obligor for credit; (ii) copies of all instruments modifying the terms and conditions of the related Contract; (iii) a copy of the Contract; (iv) a copy of the Certificate of Title or a copy of the application therefor; (v) a certificate of insurance, application therefor or notice to provide insurance with respect to the Financed Vehicle securing such Receivable, if any; (vi) the invoice (or evidence of book value for used Financed Vehicles) for each Financed Vehicle related thereto; (vii) the Obligor's order for each Financed Vehicle related thereto, if any, and an indication of Down Payment, if applicable; (viii) a copy of the service contract, if any has been forwarded to the Servicer, on each Financed Vehicle related thereto; (ix) a copy of the GAP protection agreement, if any has been forwarded to the Servicer, with respect to the Financed Vehicle related thereto and (x) such other documents the Servicer customarily maintains in order to accomplish its duties under this Agreement.

*"Receivable Purchase Agreement"* means the means the Purchase Agreement, dated as of the Closing Date, by and between the Seller and the Borrower.

*"Records"* means with respect to any Contract, all documents, books, records and other information (including computer programs, tapes, disks, punch cards, data processing software and related property and rights) maintained with respect to any related item of Collateral and the related Obligor.

*"Reference Time"* with respect to any determination of the Benchmark, the time determined by the Administrative Agent in accordance with the Benchmark Replacement Conforming Changes.

*"Refinance Loans"* means Receivables of Obligors that have a minimum FICO score of 600 and who meet the Credit Guidelines, and which refinance an Obligor's existing auto loan.

*"Register"* has the meaning specified in Section 13.02(g).

*"Registrar of Titles"* means with respect to any State, the governmental agency or body responsible for the registration of, and the issuance of certificates of title relating to, motor vehicles and liens thereon.

*"Regulation T," "Regulation U"* and *"Regulation X"* mean Regulation T, U and X, respectively, of the Board of Governors of the Federal Reserve System, as in effect from time to time.

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*"Regulatory Change"* has the meaning specified in Section 2.09(a).

*"Reinvestment Period"* means the period from and including the Closing Date to and including the earliest of (a) the Scheduled Reinvestment Period Termination Date, (b) the occurrence of an Accelerated Amortization Event (other than the occurrence of an Event of Default); (c) the occurrence and continuation of an Event of Default; *provided* that the Reinvestment Period shall be reinstated if the related Event of Default is waived by the Administrative Agent and the Lenders unless otherwise specified in such waiver, and (d) the Final Maturity Date.

*"Release Cut-Off Date"* has the meaning specified in Section 8.04(a).

*"Relevant Governmental Body"* means the Federal Reserve Board and/or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Federal Reserve Board and/or the Federal Reserve Bank of New York or, in each case, any successor thereto. 

*"Reporting Date"* means two (2) Business Days prior to each Payment Date.

*"Requested Amount"* has the meaning specified in Section 2.02.

*"Required Lenders"* means, as of any date of determination (i) first, if any Class A Revolving Advances are then outstanding, (a) one or more Class A Revolving Lenders having Class A Revolving Advances in an amount greater than 50% of the aggregate outstanding principal amount of all Class A Revolving Advances and (b) one or more Static Lenders having Static Advances in an amount greater than 50% of the aggregate outstanding principal amount of all Static Advances, and (ii) second, if no Class A Revolving Advances are then outstanding, the Lender or Lenders holding in the aggregate more than 50% of the aggregate Percentages of all Lenders.

*"Responsible Officer"* means (a) in the case of a corporation, partnership or limited liability company that, pursuant to its Constituent Documents, has officers, any chief executive officer, chief financial officer, chief administrative officer, president, senior vice president, vice president, treasurer, director or manager, and, in any case where two Responsible Officers are acting on behalf of such entity, the second such Responsible Officer may be a secretary or assistant secretary, (b) in the case of a limited partnership, the Responsible Officer of the general partner, acting on behalf of such general partner in its capacity as general partner, (c) in the case of a limited liability company, any Responsible Officer of the sole member or managing member, acting on behalf of the sole member or managing member in its capacity as sole member or managing member, (d) in the case of a trust, the Responsible Officer of the trustee or the administrator of the trust, acting on behalf of such trust in its capacity as trustee, (e) in the case of the Borrower, the Servicer or the Seller, a Responsible Officer of such party, or if any such party has no officers, a Responsible Officer of the Sponsor and (f) in the case of the Administrative Agent, an officer of the Administrative Agent responsible for the administration of this Agreement.

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*"Restatement Closing Date"* means April 20, 2021.

*"Restricted Payments"* means the declaration of any distribution or dividends or the payment of any other amount (including in respect of redemptions permitted by the Constituent Documents of the Borrower) to any beneficiary or other equity investor in the Borrower on account of any Equity Interest in respect of the Borrower, or the payment on account of, or the setting apart of assets for a sinking or other analogous fund for, or the purchase or other acquisition of any Equity Interest in the Borrower or of any warrants, options or other rights to acquire the same (or to make any "phantom stock" or other similar payments in the nature of distributions or dividends in respect of equity to any Person), whether now or hereafter outstanding, either directly or indirectly, whether in cash, property (including marketable securities), or any payment or setting apart of assets for the redemption, withdrawal, retirement, acquisition, cancellation or termination of any Equity Interest in respect of the Borrower.

*"Revolving Advance"* has the meaning specified in Section 2.01(a).

*"Revolving Facility Amount"* means, at any time, the sum of the Class A Revolving Facility Amount at such time and the Class B Revolving Facility Amount at such time.

*"Revolving Pool"* and *"Revolving Pool Receivable"* means, as of any date of determination, each Receivable (other than a Receivable that is in the Static Pool).

"*Revolving Pool Collections*" means all Collections received and to be received in respect of the Revolving Pool.

*"Revolving Program Limit"* means the Revolving Facility Amount *plus* the Incremental Revolving Amount.

*"S&P"* means Standard & Poor's Ratings Group.

*"Scheduled Amortization Period Termination Date"* means April 19, 2027 or such later date as may be agreed by the Borrower and each of the Lenders in writing and notified in writing to the Administrative Agent.

*"Scheduled Reinvestment Period Termination Date"* means April 20, 2026 or such later date as may be agreed by the Borrower and each of the Lenders in writing and notified in writing to the Administrative Agent.

*"SCRA"* means the Servicemembers Civil Relief Act, 50 U.S.C. §§ 3901-4043.

*"SEC"* means the Securities and Exchange Commission or any other Governmental Authority of the United States of America at the time administrating the Securities Act, the Investment Company Act or the Exchange Act.

*"Secured Parties"* means the Administrative Agent, the Lenders, any Affected Person and their respective permitted successors and assigns.

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*"Securities Act"* means the Securities Act of 1933, and the rules and regulations promulgated thereunder, all as from time to time in effect, or any successor law, rules or regulations, and any reference to any statutory or regulatory provision shall be deemed to be a reference to any successor statutory or regulatory provision.

*"Securitization Vehicle"* means a direct or indirect wholly-owned, special purpose bankruptcy remote subsidiary or other Affiliate of Borrower or Sponsor formed for the purpose of directly or indirectly purchasing Receivables from the Borrower pursuant to a Permitted Sale.

*"Selected Collateral Receivables"* means, in connection with a Permitted Securitization<u>Tested Sale</u>, those Collateral Receivables that are designated by the Administrative Agent as "Selected Collateral Receivables" in accordance with Section 8.04(f). If, at any time after a Receivable is designated as a Selected Collateral Receivable, such Receivable no longer has any installment payments that are past the scheduled Due Date therefor for at least three (3) consecutive calendar months, such Receivable shall thereafter, automatically, cease to be a Selected Collateral Receivable for all purposes of this Agreement even if such Receivable shall subsequently have an installment payment that is past the scheduled Due Date, unless such Receivable is re-designated as a Selected Collateral Receivable in connection with another Permitted Securitization <u>Tested Sale</u>.

*"Seller"* means Lendbuzz Funding LLC, in its capacity as seller under the Receivable Purchase Agreement.

*"Senior Officer"* means, with respect to a Credit Party, the chief financial officer or other senior executive officer of such Credit Party.

*"Servicer"* has the meaning specified in the preamble.

*"Servicer Account"* means the account established at Bank Hapoalim B.M., New York Branch in the name of the Servicer.

*"Servicer Certificate"* has the meaning specified in Section 10.07.

*"Servicer Event of Default"* has the meaning specified in Section 10.09.

*"Servicer Fee"* has the meaning specified in Section 10.10.

*"Servicer Termination Notice"* has the meaning specified in Section 10.09.

*"Servicing Guide"* means the servicing guide or program requirements of the Servicer attached as Schedule 6, which may be amended, modified or supplemented by the Servicer subject to Section 5.04(l).

*"Servicing Portfolio"* means as of any date, all auto loan or installment sale receivables (whether or not thereafter sold or disposed of) which are serviced by Servicer or any of its Affiliates at such time.

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"*Seventh Amendment Effective Date*" shall mean February 4, 2025.

*"Six-Month Rolling Average Net Loss Ratio (Revolving Pool)"* means, as of any date of determination, <u>other than during a Holiday Period,</u> the percentage equivalent of a fraction, (x) the numerator of which is the sum of the Net Loss Ratios (calculated solely with respect to the Revolving Pool) for the prior six (6) Collection Periods, and (y) the denominator of which is the lesser of six (6) and the number of Collection Periods used in such calculation where the Aggregate Principal Balance of Revolving Pool Collateral Receivables as of the first day of such Collection Period is greater than zero.

*"Six-Month Rolling Average Net Loss Ratio (Static Pool)"* means, as of any date of determination, <u>other than during a Holiday Period,</u> the percentage equivalent of a fraction, (x) the numerator of which is the sum of the Net Loss Ratios (calculated solely with respect to the Static Pool) for the prior six (6) Collection Periods, and (y) the denominator of which is the lesser of six (6) and the number of Collection Periods used in such calculation where the Aggregate Principal Balance of Static Pool Collateral Receivables as of the first day of such Collection Period is greater than zero.

"*Sixth Amendment Effective Date*" shall mean January 23, 2025.

*"SOFR"* means, with respect to any day, the secured overnight financing rate published for such day by the Federal Reserve Bank of New York, as the administrator of the benchmark (or a successor administrator) on the Federal Reserve Bank of New York's Website. 

*"SOFR Adjustment"* means 0.26161%.

*"SOFR Rate"* means the sum of (a) Term SOFR or, if the Administrative Agent determines that Term SOFR for the Corresponding Tenor cannot be determined, Next Available Term SOFR and (b) the SOFR Adjustment.

*"Solvent"* means, with respect to any Person, that as of the date of determination, both (a) (i) the sum of such Person's debt (including contingent liabilities) does not exceed the present fair saleable value of such Person's present assets; (ii) such Person's capital is not unreasonably small in relation to its business as contemplated on the Closing Date and the Restatement Closing Date and reflected in any of its financial projections; and (iii) such Person has not incurred and does not intend to incur, or believe (nor should it reasonably believe) that it will incur, debts beyond its ability to pay such debts as they become due (whether at maturity or otherwise); and (b) such Person is "solvent" within the meaning given that term and similar terms under the Bankruptcy Code, Section 271 of the Debtor and Creditor Law of the State of New York or other Applicable Laws relating to fraudulent transfers and conveyances. For purposes of this definition, the amount of any contingent liability at any time shall be computed as the amount that, in light of all of the facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an actual or matured liability (irrespective of whether such contingent liabilities meet the criteria for accrual under Statement of Financial Accounting Standards No. 5).

*"Sponsor"* means Lendbuzz Inc., a Delaware corporation.

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*"Sponsor Indemnity Agreement"* means the Limited Indemnity Agreement by the Sponsor for the benefit of the Administrative Agent, dated as of the Closing Date.

*"Static A Advance"* has the meaning set forth in Section 2.01(d)(i).

"*Static Advances*" means, collectively, Static A Advances, Static B Advances, Static C Advances and Static D Advances.

*"Static Advance Rate"* means with respect to any Available Static Pool Collateral Receivable (i) at any time prior to June 30, 2025, [\*\*\*], and (ii) at all times on and after June 30, 2025, [\*\*\*].

"*Static A Maximum Available Amount*" means an amount equal to the lesser of the Static Sublimit applicable to Static A Advances and the Static Borrowing Base as of the Fifth Amendment Effective Date.

*"Static B Advance"* has the meaning set forth in Section 2.01(d)(ii).

*"Static Borrowing Base"* means, as of any date of determination, the sum of (i) the product of (a) the Static Advance Rate and (b) the aggregate Principal Balance of all Available Static Pool Collateral Receivables as of such date *plus* (ii) amounts which are on deposit in the Collection Account (as evidenced by a bank or investment account statement dated as of the date the Static Borrowing Base is calculated) representing collections of principal payments received by the Borrower on the Static Pool Collateral Receivables.

"*Static B Maximum Available Amount*" means an amount equal to the lesser of (a) the Static Sublimit applicable to Static B Advances and (b) the excess of the Static Borrowing Base as of the Sixth Amendment Effective Date over the then aggregate outstanding principal balance of the Static A Advances.

*"Static C Advance"* has the meaning set forth in Section 2.01(d)(iii).

"*Static C Maximum Available Amount*" means an amount equal to the lesser of (a) the Static Sublimit applicable to Static C Advances and (b) the excess of the Static Borrowing Base as of the Seventh Amendment Effective Date over the then aggregate outstanding principal balance of the sum of (i) Static A Advances and (ii) Static B Advances.

*"Static D Advance"* has the meaning set forth in Section 2.01(d)(iv).

"*Static D Maximum Available Amount*" means an amount equal to the lesser of (a) the Static Sublimit applicable to Static D Advances and (b) the excess of the Static Borrowing Base as of the Eighth Amendment Effective Date over the then aggregate outstanding principal balance of the sum of (i) Static A Advances, (ii) Static B Advances and (iii) Static C Advances.

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"*Static Effective Advance Rate*" means at any time (a) the outstanding principal amount of the Static Advances at such time divided by (b) the sum of (i) the aggregate Principal Balance of all Available Static Pool Collateral Receivables as of such date *plus* (ii) amounts on deposit in the Collection Account (as evidenced by a bank or investment account statement dated as of the date the Static Borrowing Base is calculated) representing collections of principal payments received by the Borrower on the Static Pool Collateral Receivables.

"*Static Exit Fee*" has the meaning specified in the Class A Side Letter.

*"Static Interest"* means, for each day during an Interest Accrual Period and each outstanding Static Advance on such day, the sum of the products (for each day during such Interest Accrual Period) of:

IR x P x 1/D

where:

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| | | |
|:---|:---|:---|
| IR | = | the Interest Rate for such Static Advance on such day; |
| P | = | the principal amount of such Static Advance on such day; and |
| D | = | 360. |

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*"Static Lender"* means each Person listed on Schedule 1-B as a Static Lender and any other Person that shall have become a party hereto as a Static Lender in accordance with the terms hereof pursuant to an Assignment and Acceptance, other than any such Person that ceases to be a party hereto pursuant to an Assignment and Acceptance.

"*Static Maximum Available Amount*" means, (a) with respect to the Static A Advances, the Static A Maximum Available Amount, (b) with respect to the Static B Advances, the Static B Maximum Available Amount, (c) with respect to the Static C Advances, the Static C Maximum Available Amount and (d) with respect to the Static D Advances, the Static D Maximum Available Amount, as applicable.

"*Static Pool*" means, collectively, Static Pool-A, Static Pool-B, Static Pool-C and Static Pool-D.

*"Static Pool-A"* means each Receivable set forth on Schedule 8-A. For the avoidance of doubt, the Static Pool-A consists of Collateral Receivables purchased by the Borrower on the Fifth Amendment Effective Date together with the Receivables set forth on Schedule 9, which Receivables were owned by the Borrower immediately prior to, and designated to the Static Pool as of, the Fifth Amendment Effective Date.

*"Static Pool-B"* means each Receivable set forth on Schedule 8-B. For the avoidance of doubt, the Static Pool-B consists of Collateral Receivables purchased by the Borrower on the Sixth Amendment Effective Date.

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*"Static Pool-C"* means each Receivable set forth on Schedule 8-C. For the avoidance of doubt, the Static Pool-C consists of Collateral Receivables purchased by the Borrower on the Seventh Amendment Effective Date.

*"Static Pool-D"* means each Receivable set forth on Schedule 8-D. For the avoidance of doubt, the Static Pool-D consists of Collateral Receivables purchased by the Borrower on the Eighth Amendment Effective Date.

*"Static Pool Collateral Receivable"* has the meaning specified in the final part of the definition of Collateral Receivable.

"*Static Pool Collections*" means all Collections received and to be received in respect of the Static Pool.

"*Static Sublimit*" means the applicable sublimit for Static Advances set forth on Schedule 1-A.

*"Student Obligor"* means an Obligor who self-identifies as a student on such Obligor's application for credit.

*"Subject Laws"* has the meaning specified in Section 4.01(f). 

*"Successor Servicer"* has the meaning specified in Section 10.11(b), 

*"Syndication"* has the meaning specified in Section 13.02(a).

*"Taxes"* means all present or future taxes, levies, imposts, deductions, withholdings (including backup withholding), assessments, fees or other charges imposed by any Governmental Authority, and all liabilities (including penalties, additions, interest and expenses) with respect thereto*.*

*"Term SOFR"* means, for each Interest Accrual Period, the forward-looking term rate for the Corresponding Tenor that is based on the secured overnight financing rate of the Federal Reserve Bank of New York (or its successor), as published by the CME Term SOFR Administrator two Business Days prior to the commencement of such period; provided, that if, as of 5:00 p.m. (New York City time) on such Business Day, such rate has not been published by the CME Term SOFR Administrator and a Benchmark Replacement Date with respect to Term SOFR has not occurred, then Term SOFR will be determined as of the first preceding U.S. Government Securities Business Day for which such rate was published by the CME Term SOFR Administrator, so long as such first preceding U.S. Government Securities Business Day is not more than three U.S. Government Securities Business Days prior to such Business Day. 

*"Termination Date"* means the last day of the Reinvestment Period; *provided* that, if the Termination Date would otherwise not be a Business Day, then the Termination Date shall be the immediately succeeding Business Day.

"*Third Amendment Effective Date*" shall mean January 17, 2023.

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*"Three-Month Rolling Average Delinquency Ratio (Revolving Pool)"* means, as of any date of determination, <u>other than during a Holiday Period,</u> the percentage equivalent of a fraction, (x) the numerator of which is the sum of the Delinquency Ratios (calculated solely with respect to the Revolving Pool) for the prior three (3) Collection Periods, and (y) the denominator of which is the lesser of three (3) and the number of Collection Periods used in such calculation where the Aggregate Principal Balance of Revolving Pool Collateral Receivables as of the last day of such Collection Period is greater than zero.

*"Three-Month Rolling Average Delinquency Ratio (Static Pool)"* means, as of any date of determination, <u>other than during a Holiday Period,</u> the percentage equivalent of a fraction, (x) the numerator of which is the sum of the Delinquency Ratios (calculated solely with respect to the Static Pool) for the prior three (3) Collection Periods, and (y) the denominator of which is the lesser of three (3) and the number of Collection Periods used in such calculation where the Aggregate Principal Balance of Static Pool Collateral Receivables as of the last day of such Collection Period is greater than zero.

*"Title Intermediary"* means Decision Dynamics, Wolters Kluwer or any other electronic Certificate of Title administration service provider approved in writing by the Administrative Agent and the Collateral Custodian.

*"Transition Expenses"* has the meaning specified in Section 10.11(e).

*"UCC"* means the Uniform Commercial Code, as from time to time in effect in the State of New York (*"NYUCC"*); *provided* that if, by reason of any mandatory provisions of law, the perfection, the effect of perfection or non-perfection or priority of the security interests granted to the Administrative Agent pursuant to this Agreement are governed by the Uniform Commercial Code as in effect in a jurisdiction of the United States of America other than the State of New York, then "UCC" means the Uniform Commercial Code as in effect from time to time in such other jurisdiction for purposes of such perfection, effect of perfection or non-perfection or priority.

*"Unmatured Event of Default"* means any event which, with the passage of time, the giving of notice, or both, would constitute an Event of Default.

"*Unrestricted Cash*" means, with respect to the Servicer (so long as Servicer is an affiliate of the Borrower), as of any date of determination, the cash and cash equivalents of the Servicer and its consolidated subsidiaries, but only to the extent that such cash and cash equivalents (or any deposit account or securities account in which such cash or cash equivalents are held) are not controlled by or subject to any Lien or other preferential arrangement in favor of any creditor.

*"Unused Fee Period"* means (a) initially, the period commencing on the Closing Date and ending on (and including) the earlier to occur of March 31, 2020 and the Termination Date, and (b) thereafter, each successive three (3) consecutive calendar month period commencing on (and excluding) the last day of the immediately preceding Unused Fee Period and ending on (and excluding) the earlier to occur of the three (3) month anniversary of such commencement and the Termination Date; *provided,* that for the avoidance of doubt, no Unused Fee Period shall exist, or include any day, on or after the Termination Date*.*

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*"Unused Fees"* means the Class A Unused Fees and the Class B Unused Fees.

*"U.S."* means the United States of America.

"*U.S. Government Securities Business Day*" means any day except for (a) a Saturday, (b) a Sunday or (c) a day on which the Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in United States government securities.

*"U.S. Tax Compliance Certificate"* has the meaning specified in Section 12.03(h).

*"Verification Agent"* means Vervent Inc. or any other Person party to the Backup Servicing Agreement acting as Verification Agent with the written consent of the Administrative Agent (such consent not to be unreasonably withheld).

*"Verification Certificate"* means the verification certificate delivered by the Verification Agent to the Borrower and the Administrative Agent, in the form attached to the Backup Servicing Agreement, regarding the Receivables.

*"Withdrawal Liability"* means liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such Multiemployer Plan, as such terms are defined in Part I of Subtitle E of Title IV of ERISA.

*Section 1.02. Rules of Construction.* For all purposes of this Agreement, except as otherwise expressly provided or unless the context otherwise requires (a) singular words shall connote the plural as well as the singular, and vice versa (except as indicated), as may be appropriate, (b) the words "herein," "hereof" and "hereunder" and other words of similar import used in this Agreement refer to this Agreement as a whole and not to any particular article, schedule, section, paragraph, clause, exhibit or other subdivision, (c) the headings, subheadings and table of contents set forth in this Agreement are solely for convenience of reference and shall not constitute a part of this Agreement nor shall they affect the meaning, construction or effect of any provision hereof, (d) references in this Agreement to "include" or "including" shall mean include or including, as applicable, without limiting the generality of any description preceding such term, and for purposes hereof the rule of ejusdem generis shall not be applicable to limit a general statement, followed by or referable to an enumeration of specific matters, to matters similar to those specifically mentioned, (e) each of the parties to this Agreement and its counsel have reviewed and revised, or requested revisions to, this Agreement, and the rule of construction that any ambiguities are to be resolved against the drafting party shall be inapplicable in the construction and interpretation of this Agreement, (f) any definition of or reference to any Facility Document, agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, restated, supplemented or otherwise modified (subject to any restrictions on such amendments, restatements, supplements or modifications set forth herein), (g) any reference herein to any Person shall be construed to include such Person's successors and assigns (subject to any restrictions set forth herein or in any other applicable agreement), (h) any reference to any law or regulation herein shall refer to such law or regulation as amended, modified or supplemented from time to time and (i) each reference to time without further specification shall mean New York City Time.

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*Section 1.03. Computation of Time Periods*. Unless otherwise stated in this Agreement, in the computation of a period of time from a specified date to a later specified date, the word "from" means "from and including" and the words "to" and "until" both mean "to but excluding." Periods of days referred to in this Agreement shall be counted in calendar days unless Business Days are expressly prescribed.

*Section 1.04*. *Collateral Value Calculation Procedures*. In connection with all calculations required to be made pursuant to this Agreement with respect to any payments on any other assets included in the Collateral, with respect to the sale of and reinvestment in Collateral Receivables, and with respect to the income that can be earned on any other amounts that may be received for deposit in the Collection Account, the provisions set forth in this Section 1.04 shall be applied. The provisions of this Section 1.04 shall be applicable to any determination or calculation that is covered by this Section 1.04, whether or not reference is specifically made to Section 1.04, unless some other method of calculation or determination is expressly specified in the particular provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) References in the Priority of Payments to calculations made on a "pro forma basis" shall mean such calculations after giving effect to all payments, in accordance with the Priority of Payments, that precede (in priority of payment) or include the clause in which such calculation is made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For purposes of calculating all Concentration Limitations, in both the numerator and the denominator of any component of the Concentration Limitations, Delinquent Collateral Receivables, Defaulted Collateral Receivables and Ineligible Collateral Receivables will be treated as having a value equal to zero.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) For purposes of calculating compliance with any Concentration Limitation based on the "weighted average", "weighted average" shall mean, as of any date of determination with respect to all Collateral Receivables, the ratio (expressed as a number) obtained by summing the products of (a) (i) the FICO Score of the related Obligor as reported at the time such Receivable was made, (ii) the interest rate of such Receivable, (iii) the original term to maturity of such Receivable, (iv) the Down Payment Percentage with respect to such Receivable or (v) the Contract Reserve of such Receivable, as applicable, *times* (b) the Principal Balance of such Receivable, and (c) dividing such sum by the aggregate Principal Balance of all Collateral Receivables as of such date of determination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) For the purposes of calculating compliance with each of the Concentration Limitations, all calculations will be rounded to the nearest 0.01%, with 0.005% rounded upwards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Notwithstanding any other provision of this Agreement to the contrary, all monetary calculations under this Agreement shall be in Dollars. For purposes of this Agreement, calculations with respect to all amounts received or required to be paid in a currency other than Dollars shall be valued at zero.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) References in this Agreement to the Borrower's "purchase" or "acquisition" of a Collateral Receivable include references to the Borrower's acquisition of such Collateral Receivable by way of a sale from the Seller.

*Section 1.05*. *Divisions*. For all purposes under the Facility Documents, in connection with any division or plan of division under Delaware law (or any comparable event under a different jurisdiction's laws): (a) if any asset, right, obligation or liability of any Person becomes the asset, right, obligation or liability of a different Person, then it shall be deemed to have been transferred from the original Person to the subsequent Person, and (b) if any new Person comes into existence, such new Person shall be deemed to have been organized on the first date of its existence by the holders of its equity interests at such time.

**ARTICLE II** 

**ADVANCES** 

*Section 2.01. Description of Facilities*. (a) *Committed Revolving Advances.* On the terms and subject to the conditions herein set forth, including Article III, each Revolving Lender severally agrees to make loans to Borrower (each, a *"Committed Revolving Advance"*) from time to time on any Business Day during the period from the Restatement Closing Date until but excluding the Termination Date, on a *pro rata* basis in each case based on and limited to the Percentage applicable to such Lender and, as to all Lenders, in an aggregate principal amount up to but not exceeding the Maximum Committed Revolving Available Amount; *provided, however*, that the Borrower may in its sole discretion elect to have such loans made on any Borrowing Date consist solely of Class A Revolving Advances (any such Borrowing of Class A Revolving Advances only, a "*Partial Revolving Advance*"). No Class A Revolving Lender shall make any such Committed Revolving Advance or portion thereof if it would cause the aggregate outstanding principal balance of the Class A Revolving Advances to exceed the Class A Maximum Committed Revolving Available Amount as then in effect. No Class B Revolving Lender shall make any such Committed Revolving Advance or portion thereof if it would cause the aggregate outstanding principal balance of the Class B Revolving Advances to exceed the Class B Maximum Committed Revolving Available Amount as then in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding anything in this Section 2.01 to the contrary, the principal amount of any Class A Committed Revolving Advance shall not, by itself or when combined with the aggregate principal amounts of all Class A Committed Revolving Advances made by the Class A Revolving Lenders to the Borrower during the thirty (30) days immediately preceding the proposed Borrowing Date for such Advance, exceed 30% of the Class A Revolving Facility Amount without the prior written consent of the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Incremental Revolving Advances.* If the aggregate outstanding principal balance of the Revolving Advances is in excess of the Revolving Facility Amount on the relevant Borrowing Date (after giving effect to the Revolving Advances made on such day), on the terms and subject to the conditions hereinafter set forth, including Article III, each Revolving Lender severally may

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agree, in its sole and absolute discretion, to make incremental loans to the Borrower (each, an "*Incremental Revolving Advance*", and together with the Committed Revolving Advances, each a "*Revolving Advance*") from time to time on any Business Day during the period from the Restatement Closing Date until the Termination Date, on *a pro rata basis* in each case based on the Percentage applicable to each Lender and, as to all Revolving Lenders, in an aggregate principal amount up to but not exceeding the Maximum Revolving Available Amount as then in effect; provided, however, that Borrower may in its sole discretion request a Partial Revolving Advance on any Borrowing Date; *provided further*, that no Class A Revolving Lender shall make any such Incremental Revolving Advance or portion thereof in excess of the Class A Maximum Revolving Available Amount as then in effect and no Class B Revolving Lender shall make any such Incremental Revolving Advance or portion thereof in excess of the Class B Maximum Revolving Available Amount as then in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Static Advances*. On the terms and subject to the conditions herein set forth, including Article III, each Static Lender severally agrees to make (i) a term loan to Borrower (each, a *"Static A Advance"*) on the Fifth Amendment Effective Date, on a *pro rata* basis in each case based on and limited to the Percentage applicable to such Lender and, as to all Static Lenders, in an aggregate principal amount up to but not exceeding the Static A Maximum Available Amount, (ii) a term loan to Borrower (each, a *"Static B Advance"*) on the Sixth Amendment Effective Date, on a *pro rata* basis in each case based on and limited to the Percentage applicable to such Lender and, as to all Static Lenders, in an aggregate principal amount up to but not exceeding the Static B Maximum Available Amount, (iii) a term loan to Borrower (each, a *"Static C Advance"*) on the Seventh Amendment Effective Date, on a *pro rata* basis in each case based on and limited to the Percentage applicable to such Lender and, as to all Static Lenders, in an aggregate principal amount up to but not exceeding the Static C Maximum Available Amount and (iv) a term loan to Borrower (each, a *"Static D Advance"*) on the Eighth Amendment Effective Date, on a *pro rata* basis in each case based on and limited to the Percentage applicable to such Lender and, as to all Static Lenders, in an aggregate principal amount up to but not exceeding the Static D Maximum Available Amount. No Static Lender shall make any such Static A Advance, Static B Advance, Static C Advance, Static D Advance or portion thereof if it would cause the aggregate outstanding principal balance of the Static A Advances, the aggregate outstanding principal balance of the Static B Advances, the aggregate outstanding principal balance of the Static C Advances or the aggregate outstanding principal balance of the Static D Advances, as applicable, to exceed the applicable Static Maximum Available Amount as then in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Each such borrowing under Sections 2.01(a), 2.01(c) and 2.01(d) of an Advance on any single day is referred to herein as a "*Borrowing*." Within such limits and subject to the other terms and conditions of this Agreement, the Borrower may borrow (and re-borrow) Revolving Advances under this Section 2.01 and prepay Advances under Section 2.05. Any portion of any Static Advances prepaid or repaid may not be re-borrowed hereunder.

*Section 2.02. Making of the Advances*. (a) Subject to the terms and conditions of Sections 2.01(a) and 2.01(c), if the Borrower desires to request a Borrowing under this Agreement, the Borrower shall give the Administrative Agent a written notice (each, a *"Notice of Borrowing"*) for such Borrowing (which notice shall be irrevocable and effective upon receipt) not later than 1:00 p.m. at least two (2) Business Days prior to the day of the requested Borrowing. A Notice of Borrowing received after 1:00 p.m. shall be deemed received on the following Business Day.

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Promptly following receipt of a Notice of Borrowing in accordance with this Section, the Administrative Agent shall advise each applicable Lender of the details thereof and of the amounts of such Lender's Advance requested to be made as part of the requested Borrowing. Each Notice of Borrowing shall be substantially in the form of Exhibit A hereto, dated the date the request for the related Borrowing is being made, signed by a Senior Officer of the Borrower, shall attach a Maximum Advance Rate Test Calculation Statement and shall otherwise be appropriately completed. The proposed Borrowing Date specified in each Notice of Borrowing shall be a Business Day falling prior to the Termination Date, and the amount of the Borrowing requested in such Notice of Borrowing (the *"Requested Amount"*) shall be equal to at least $1,000,000 (or, less, if agreed to by the Administrative Agent and the Lenders in their sole and absolute discretion).

Unless otherwise permitted by the Administrative Agent in its sole and absolute discretion, there shall be no more than two (2) Borrowing Dates per calendar week.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Funding by Lenders.* Subject to the terms and conditions herein, each Lender providing a Committed Revolving Advance or Static Advance, as the case may be, and each Lender that agrees to provide an Incremental Revolving Advance (which, in the case of a Partial Revolving Advance, shall consist solely of Class A Revolving Lenders) shall make available its Percentage (as such Percentage may be reduced or increased from time to time in accordance with the terms hereof) of the applicable Requested Amount on each Borrowing Date (x) by wire shall transfer of immediately available funds by 11:00 a.m. to the Administrative Agent pursuant to wiring instructions provided by the Administrative Agent and the Administrative Agent will hold and pay such funds to the Borrower by wire transfer of immediately available funds by 2:00 p.m. to the Funding Account, on behalf of the Lenders or (y) if requested in writing (email is acceptable) by the Administrative Agent, by wire transfer of immediately available funds by 2:00 p.m. directly to the Funding Account pursuant to wiring instructions provided by the Administrative Agent. For the avoidance of doubt, nothing herein shall be deemed to oblige any Lender to fund any Incremental Revolving Advance. If a Lender decides not to provide a requested Incremental Revolving Advance, the other Lenders on a pro rata basis may agree to provide such Incremental Revolving Advance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Presumption by the Administrative Agent*. The Administrative Agent may not assume that a Lender has made or will make its Percentage of any applicable Requested Amount and shall not be obligated to make available to the Borrower a corresponding amount unless the Administrative Agent has received from all Lenders the funds corresponding to their relevant Percentages with respect to the applicable Requested Amount.

*Section 2.03. Evidence of Indebtedness.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Maintenance of Records by Lenders.* Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing the indebtedness of the Borrower to it and resulting from the Advances made by such Lender to the Borrower, from time to time, including the amounts of principal and interest thereon and paid to it, from time to time hereunder; *provided*, *however*, that in case of a conflict between the records of the Administrative Agent and those of such Lender, the records of the Administrative Agent shall prevail absent manifest error.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Maintenance of Records by Administrative Agent.* The Administrative Agent shall maintain records in which it shall record (i) the amount of each Advance made hereunder, (ii) the amount of any principal or interest due and payable or to become due and payable from the Borrower to each Lender hereunder and (iii) the amount of any sum received by the Administrative Agent hereunder for the account of the Lenders and each Lender's share thereof. Notwithstanding anything to the contrary herein, the Administrative Agent shall be responsible for calculating and confirming any and all amounts due, interest, compliance with financial covenants, eligibility criteria and each other trigger or rate hereunder and under the other Facility Documents and each such calculation and confirmation shall be conclusive and binding for all purposes, absent manifest error or contrary instruction by all Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Effect of Entries.* The entries made in the records maintained pursuant to paragraph (a) or (b) of this Section shall be prima facie evidence, absent obvious error, of the existence and amounts of the obligations recorded therein; *provided* that the failure of any Lender or the Administrative Agent to maintain such records or any error therein shall not in any manner affect the obligation of the Borrower to repay the Advances and other Obligations hereunder in accordance with the terms of this Agreement.

*Section 2.04. Payment of Principal, Interest and Certain Fees*. The Borrower shall pay principal and Interest on the Advances as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) 100% of the outstanding principal amount of each Advance, together with all accrued and unpaid Interest thereon, shall be due and payable on the Final Maturity Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Class A Interest shall accrue on the unpaid principal amount of each Class A Revolving Advance from the date of such Advance until such principal amount is paid in full. Class B Interest shall accrue on the unpaid principal amount of each Class B Revolving Advance from the date of such Advance until such principal amount is paid in full. Static Interest shall accrue on the unpaid principal amount of each Static Advance (i) from the Fifth Amendment Effective Date in the case of the Static A Advance, (ii) the Sixth Amendment Effective Date in the case of the Static B Advance, (iii) the Seventh Amendment Effective Date in the case of the Static C Advance and (iv) the Eighth Amendment Effective Date in the case of the Static D Advance, in each case, until such principal amount is paid in full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Accrued Class A Interest on each Class A Revolving Advance, accrued Class B Interest on each Class B Revolving Advance and accrued Static Interest on each Static Advance shall be due and payable in arrears (x) on each Payment Date, and (y) in connection with any prepayment in full of the Advances pursuant to Section 2.05(a); *provided* that (i) with respect to any prepayment in full of the Advances outstanding, accrued Interest on such amount to but excluding the date of prepayment may be payable on such date or as otherwise agreed to between the Lenders and the Borrower and (ii) with respect to any partial prepayment of the Advances outstanding, accrued Interest on such amount to but excluding the date of prepayment shall be payable following such prepayment on the applicable Payment Date in accordance with the Priority of Payments for the Collection Period in which such prepayment occurred.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Subject to clause (e) below, the obligation of the Borrower to pay the Obligations, including, but not limited to, the obligation of the Borrower to pay the Lenders the outstanding principal amount of the Advances, accrued interest thereon, Unused Fees and the Prepayment Premium, to pay the Class A Revolving Lenders the Minimum Utilization Fees, and to pay any other fees as set forth hereunder and in the Class A Side Letter, shall be absolute, unconditional and irrevocable, and shall be paid strictly in accordance with the terms hereof (including Section 2.14), under any and all circumstances and irrespective of any setoff, counterclaim or defense to payment which the Borrower or any other Person may have or have had against any Secured Party or any other Person (other than a defense that payment was made).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) As a condition to the payment of principal of any Advance, Class A Interest on any Class A Revolving Advance, Class B Interest on any Class B Revolving Advance, Static Interest on any Static Advance, any Prepayment Premium, any Unused Fees and any other amounts due pursuant to the Facility Documents without the imposition of withholding tax, the Borrower or the Administrative Agent may require certification acceptable to it to enable the Borrower and the Administrative Agent to determine their duties and liabilities with respect to any taxes or other charges that they may be required to deduct or withhold from payments in respect of such Advance under any present or future law or regulation of the United States of America and any other applicable jurisdiction, or any present or future law or regulation of any political subdivision thereof or taxing authority therein or to comply with any reporting or other requirements under any such law or regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Unused Fees shall accrue from the Closing Date until the Termination Date and shall be payable by the Borrower to the Lenders in arrears on a quarterly basis on the Payment Date immediately following each Unused Fee Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Minimum Utilization Fees shall accrue from the Restatement Closing Date until the Termination Date and shall be payable by the Borrower to the Class A Revolving Lenders in arrears on a biannual basis on the Payment Date immediately following each Minimum Utilization Fee Period.

*Section 2.05. Prepayment of Advances.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Optional Prepayments.* The Borrower may, from time to time on any Business Day, subject to payment of the Prepayment Premium (if any), Class A Exit Fee (if any) or Static Exit Fee (if any) as set forth in Section 2.06, voluntarily prepay Advances in whole or in part, together with all amounts due pursuant to Sections 2.04(c) and 2.10; *provided* that the Borrower shall have delivered to the Administrative Agent written notice of such prepayment (such notice, a *"Notice of Prepayment"*) in the form of Exhibit B hereto by no later than 1:00 p.m. at least one (1) Business Day prior to the day of such prepayment. Any Notice of Prepayment received by the

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Administrative Agent after 1:00 p.m. shall be deemed received on the next Business Day. Upon receipt of such Notice of Prepayment, the Administrative Agent shall promptly notify each Class A Revolving Lender. Each such Notice of Prepayment shall be irrevocable and effective upon the date received and shall be dated the date such notice is given, signed by a Senior Officer of the Borrower and otherwise appropriately completed. Each prepayment of any Advance by the Borrower pursuant to this Section 2.05(a) shall in each case be in a principal amount of at least $500,000 or, if less, the entire outstanding principal amount of the Advances of the Borrower. If a Notice of Prepayment is given by the Borrower, the Borrower shall make such prepayment and the payment amount specified in such notice shall be due and payable on the date specified therein (including, but not limited to, any Prepayment Premium, Class A Exit Fee or Static Exit Fee). The Borrower shall make the payment amount specified in such notice by wire transfer of immediately available funds by 4:00 p.m. on the date of prepayment to the account of the Administrative Agent, which will hold the funds on behalf of the Lenders. To the extent payment was made to the Administrative Agent, the Administrative Agent promptly will make such payment amount specified in such notice available to each applicable Lender in the amount of each Lender's Percentage of the payment amount by wire transfer to such Lender's account. It is acknowledged and agreed that the Borrower, in its sole discretion, may on any prepayment permitted hereby prepay Class A Revolving Advances, Class B Revolving Advances, Static Advances or any combination thereof as specified by the Borrower in the Notice of Prepayment; provided, however, that no prepayment of Class B Revolving Advances in excess of any Class B Revolving Lender's Percentage of the payment amount shall be permitted without the consent of the Administrative Agent and each Class A Revolving Lender; provided further, however, that the Borrower agrees that it will not voluntarily prepay any Class B Revolving Advances in accordance with this Section 2.05(a) except (i) in connection with Permitted Securitization, (ii) in connection with a Permitted Sale involving the transfer of Collateral Receivables in connection with a term financing transaction by the Originator or an Affiliate thereof or (iii) to the extent required to cause the aggregate outstanding principal balance of the Class B Revolving Advances to be less than or equal to the Class B Maximum Committed Revolving Available Amount at such time. Any funds for purposes of a voluntary prepayment received by the Administrative Agent after 4:00 p.m. shall be deemed received on the next Business Day. For the avoidance of any doubt, the Borrower may only provide a Notice of Prepayment to prepay Advances that are outstanding on the date such Notice of Prepayment is delivered and may not provide a Notice of Prepayment to prepay any future Advances. For the avoidance of doubt, any payments of principal made pursuant to Section 9.01(iv) or Section 9.01(vi) shall not constitute a prepayment for purposes of this Section 2.05.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Additional Prepayment Provisions.* Each prepayment pursuant to this Section 2.05 shall be subject to Sections 2.04(c) and 2.10 and applied to the Advances in accordance with the Lenders' respective Percentages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Interest on Prepaid Advances.* The Borrower shall pay all accrued and unpaid Interest on Advances prepaid on the date of such prepayment.

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*Section 2.06. Prepayment Premium.* (a) If the Borrower terminates this Agreement or otherwise voluntarily prepays all or any portion of the outstanding principal balance of any Advances prior to the end of the Amortization Period as permitted under Section 2.05, the Borrower shall pay the Prepayment Premium to the Administrative Agent, for the ratable benefit of each Lender; *provided*, *however*, that no Prepayment Premium shall be due to the Lenders if such termination or voluntary prepayment occurs (a) in connection with a Permitted Securitization except that the Class A Exit Fee and the Static Exit Fee may be payable to the Initial Class A Revolving Lender and the Static Lenders in accordance with the Class A Side Letter in connection with any such Permitted Securitization, (b) following the end of the Amortization Period, (c) in connection with any bona fide whole loan sale of Receivables by the Borrower or an Affiliate of the Borrower to a purchaser that is not an Affiliate of the Borrower or any of the Borrower's Affiliates or (d) in connection with a Permitted Sale pursuant to Section 5.01(p). Each Prepayment Premium shall be shared among the Lenders in accordance with the Lenders' respective Percentages. For the avoidance of doubt, the Class A Exit Fee and the Static Exit Fee, as applicable, and the Prepayment Premium may not be imposed in connection with the same payment or termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For the avoidance of doubt, any applicable Prepayment Premium, Class A Exit Fee or Static Exit Fee shall be due and payable at any time the Advances become due and payable prior to the Final Maturity Date, whether due to acceleration pursuant to the terms of this Agreement (in which case it shall be due immediately), by operation of law or otherwise (including, without limitation, on account of the commencement of an Insolvency Event), and whether such acceleration occurs prior to, upon or subsequent to the commencement of an Insolvency Event. In view of the impracticability and extreme difficulty of ascertaining the actual amount of damages to the Lenders or profits lost by the Lenders as a result of such acceleration, and by mutual agreement of the parties as to a reasonable estimation and calculation of the lost profits or damages of the Lenders, the Prepayment Premium, Class A Exit Fee and Static Exit Fee, as applicable, constitute liquidated damages which shall be due and payable upon such date. The Borrower hereby waives any defense to payment other than payment on performance, whether such defense may be based in public policy, ambiguity, or otherwise. The Borrower and the Lenders acknowledge and agree that any Prepayment Premium, Class A Exit Fee due and Static Exit Fee and payable in accordance with this Agreement or the Class A Side Letter shall not constitute unmatured interest, whether under Section 502(b)(3) of the Bankruptcy Code or otherwise. The Borrower further acknowledges and agrees, and waives any argument to the contrary, that payment of such amount does not constitute a penalty or an otherwise unenforceable or invalid obligation.

*Section 2.07. Maximum Lawful Rate*. It is the intention of the parties hereto that the interest on the Advances shall not exceed the maximum rate permissible under Applicable Law. Accordingly, anything herein to the contrary notwithstanding, in the event any interest is charged to, collected from or received from or on behalf of the Borrower by the Lenders pursuant hereto or thereto in excess of such maximum lawful rate, then the excess of such payment over that maximum shall be applied first to the payment of amounts then due and owing by the Borrower to the Secured Parties under this Agreement (other than in respect of principal of and interest on the Advances) and then to the reduction of the outstanding principal amount of the Advances of the Borrower.

*Section 2.08. Several Obligations; Defaulting Lenders*. (a) The failure of any Lender to make any Advance to be made by it on the date specified therefor shall not relieve any other Lender of its obligation to make its Advance on such date, the Administrative Agent shall not be responsible for the failure of any Lender to make any Advance, and no Lender shall be responsible for the failure of any other Lender to make an Advance to be made by such other Lender.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If any Lender becomes a Defaulting Lender, then any other Class A Revolving Lender or Class B Revolving Lender, as applicable, may, but shall not be obligated to, fund the unfunded portion of the Advance related to such Defaulting Lender. For so long as such Lender is a Defaulting Lender and the unfunded portion of the Class A Revolving Facility Amount or Class B Revolving Facility Amount, as applicable, attributable to such Defaulting Lender has not been funded by another Class A Revolving Lender or Class B Revolving Lender, as applicable, the portion of the Class A Revolving Facility Amount or Class B Revolving Facility Amount, as applicable, attributable to such Defaulting Lender shall be excluded from the calculation of any Unused Fees or any other fees payable hereunder or in accordance with the Side Letter applicable to such Defaulting Lender. If such Lender continues to be a Defaulting Lender for thirty (30) days, the Borrower shall have the right, but not the obligation, to prepay such Defaulting Lender or reduce the Class A Revolving Facility Amount or Class B Revolving Facility Amount, as applicable, with respect to such Defaulting Lender in each case without penalty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the Borrower and the Administrative Agent agree in writing that a Lender is no longer a Defaulting Lender, the Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth therein, that Lender will, to the extent applicable, purchase at par that portion of outstanding Advances of the other Class A Revolving Lenders or Class B Revolving Lenders, as applicable, or take such other actions as the Administrative Agent may determine to be necessary to cause the Advances to be held pro rata by the Class A Revolving Lenders or Class B Revolving Lenders, as applicable, in accordance with the applicable Percentage set forth on Schedule 1-B hereto, whereupon, such Lender will cease to be a Defaulting Lender; <u>provided</u> that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of the Borrower while that Lender was a Defaulting Lender; and <u>provided</u>, <u>further</u>, that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender's having been a Defaulting Lender.

*Section 2.09. Increased Costs*. (a) If (i) the introduction of or any change in or in the interpretation, application or implementation of any Applicable Law or GAAP or other applicable accounting policy after the date hereof, or (ii) the compliance with any guideline or change in the interpretation, application or implementation of any guideline or request from any central bank or other Governmental Authority (whether or not having the force of law) after the date hereof, (a *"Regulatory Change"*):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) shall impose, modify or deem applicable any reserve (including, without limitation, any reserve imposed by the Board of Governors of the Federal Reserve System, but excluding any reserve included in the determination of interest on the Advances), special deposit or similar requirement against assets of any Affected Person, deposits or obligations with or for the account of any Affected Person or with or for the account of any Affiliate (or entity deemed by the Federal Reserve Board to be an Affiliate) of any Affected Person, or credit extended by any Affected Person;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) shall change the amount of capital maintained or required or requested or directed to be maintained by any Affected Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) shall subject any Affected Person to any Taxes (other than (A) Indemnified Taxes, (B) Taxes described in clauses (b) through (d) of the definition of Excluded Taxes and (C) Connection Income Taxes) on its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) shall impose any other condition affecting any Advance owned or funded in whole or in part by any Affected Person, or its obligations or rights, if any, to make Advances or to provide funding therefor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) shall change the rate for, or the manner in which the Federal Deposit Insurance Corporation (or a successor thereto) assesses, deposit insurance premiums or similar charges; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) shall cause an internal capital or liquidity charge or other imputed cost to be assessed upon any Affected Person which, in the sole discretion of such Affected Person, is allocable to the Borrower or to the transactions contemplated by this Agreement;

and the result of any of the foregoing is or would be

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) to increase the cost to or to impose a cost on an Affected Person funding or making or maintaining any Advance, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) to reduce the amount of any sum received or receivable by an Affected Person under this Agreement, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) in the sole determination of such Affected Person, to reduce the rate of return on the capital of an Affected Person as a consequence of its obligations hereunder,

then within thirty (30) days after demand by such Affected Person (which demand shall be accompanied by a statement setting forth in reasonable detail the basis of such demand), the Borrower shall pay directly to such Affected Person such additional amount or amounts as will compensate such Affected Person for such additional or increased cost or such reduction <u>provided</u>, <u>however</u>, that no penalties and interest shall be payable with respect to any period commencing more than nine (9) months prior to the date such Affected Party first notifies the Borrower or its intention to demand compensation therefor under this Section 2.09. For the avoidance of doubt, (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act (*"Dodd Frank Act"*); (ii) the revised Basel Accord prepared by the Basel Committee on Banking Supervision as set out in the publication entitled "Basel II: International Convergence of Capital Measurements and Capital Standards: A Revised Framework," as updated from time to time (*"Basel II"*); (iii) the publication entitled "Basel III: A global regulatory framework for more resilient banks and banking systems," as updated from time to time (*"Basel III"*), including without limitation, any publications addressing the liquidity coverage ratio (*"LCR"*) or the supplementary leverage ratio (*"SLR"*); or

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(iv) any implementing laws, rules, regulations, guidance, interpretations or directives from any Governmental Authority relating to the Dodd Frank Act, Basel II or Basel III (whether or not having the force of law), and in each case all rules and regulations promulgated thereunder or issued in connection therewith shall be deemed to have been introduced after the Closing Date, thereby constituting a Regulatory Change hereunder with respect to the Affected Persons as of the Closing Date, regardless of the date enacted, adopted or issued, and such additional amounts which are sufficient to compensate such Affected Person for such increase in capital or liquidity or reduced return in accordance with the Priority of Payments. The Borrower acknowledges that this Section 2.09 permits the Affected Person to institute measures in anticipation of a Regulatory Change (including, without limitation, the imposition of internal charges on the Affected Person's interests or obligations under this Agreement), and allows the Affected Person to commence allocating charges to or seeking compensation from the Borrower under this Section 2.09 in connection with such measures (such amounts being referred to as *"Early Adoption Increased Costs"*), in advance of the effective date of such Regulatory Change, and the Borrower agrees to pay such Early Adoption Increased Costs to the Affected Person following demand therefor without regard to whether such effective date has occurred. If any Affected Person becomes entitled to claim any additional amounts pursuant to this Section 2.09, it shall promptly notify the Borrower (with a copy to the Administrative Agent) of the event by reason of which it has become so entitled. A certificate setting forth in reasonable detail such amounts submitted to the Borrower by an Affected Person shall be conclusive and binding for all purposes, absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon the occurrence of any event giving rise to the Borrower's obligation to pay additional amounts to a Lender pursuant to clause (a) of this Section 2.09, such Lender will (i) use reasonable efforts (subject to overall policy considerations of such Lender) to designate a different lending office if such designation would reduce or obviate the obligations of the Borrower to make future payments of such additional amounts; *provided* that such designation is made on such terms that such Lender and its lending office suffer no unreimbursed cost or material legal or regulatory disadvantage (as reasonably determined by such Lender), with the object of avoiding future consequence of the event giving rise to the operation of any such provision or (ii) take such other measures as such Lender may deem reasonable, if as a result thereof the circumstances which would cause such Lender to be an Affected Person would cease to exist or the additional amounts which would otherwise be required to be paid to such Lender pursuant to this Section 2.09 would be materially reduced and if, as determined by such Lender in its sole discretion, the making, issuing, funding or maintaining of such Advances through such other office or in accordance with such other measures, as the case may be, would not otherwise adversely affect such Advances or the interests of such Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Failure or delay on the part of an Affected Person to demand compensation pursuant to this Section shall not constitute a waiver of such Affected Person's right to demand such compensation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Upon the occurrence of any event giving rise to the Borrower's obligation to pay additional amounts to a Lender pursuant to clause (a) of this Section 2.09, the Borrower shall have the right, but not the obligation, to prepay such Lender or reduce the Facility Amount with respect to such Lender in each case without penalty.

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*Section 2.10. Compensation; Breakage Payments*. The Borrower agrees to compensate each Affected Person from time to time, on the Payment Dates, following such Affected Person's written request (which request shall set forth the basis for requesting such amounts), in accordance with the Priority of Payments for all reasonable losses, expenses and liabilities (including any interest paid by such Affected Person to lenders of funds borrowed to make or carry an Advance and any loss sustained by such Affected Person in connection with the re-employment of such funds but excluding loss of anticipated profits), which such Affected Person may sustain: (i) if for any reason (including any failure of a condition precedent set forth in Article III but excluding a default by the applicable Lender) a Borrowing of any Advance by the Borrower does not occur on the Borrowing Date specified therefor in the applicable Notice of Borrowing delivered by the Borrower, (ii) if any payment, prepayment or conversion of any of the Borrower's Advances occurs on a date that is not the last day of the relevant Interest Accrual Period, or (iii) as a consequence of any other default by the Borrower to repay its Advances when required by the terms of this Agreement. A certificate as to any amounts payable pursuant to this Section 2.10 submitted to the Borrower by any Lender (with a copy to the Administrative Agent, and accompanied by a reasonably detailed calculation of such amounts and a description of the basis for requesting such amounts) shall be conclusive in the absence of manifest error.

*Section 2.11. Illegality; Inability to Determine Rates*. (a) Notwithstanding any other provision in this Agreement, in the event of a Benchmark Disruption Event, then the affected Lender shall promptly notify the Administrative Agent and the Borrower thereof, and such Lender's obligation to make or maintain Advances hereunder based on the then-current Benchmark shall be suspended until such time as such Lender may again make and maintain Advances based on the then-current Benchmark and the Advances of each Interest Accrual Period in which such Person owns an interest shall either (1) if such Lender may lawfully continue to maintain such Advances at the then-current Benchmark until the last day of the applicable Interest Accrual Period, be reallocated on the last day of such Interest Accrual Period to another Interest Accrual Period in respect of which the Advances allocated thereto accrues interest determined other than with respect to the then-current Benchmark or (2) if such Lender shall determine that it may not lawfully continue to maintain such Advances at the then-current Benchmark until the end of the applicable Interest Accrual Period, such Lender's share of the Advances allocated to such Interest Accrual Period shall be deemed to accrue interest at the Base Rate from the effective date of such notice until the end of such Interest Accrual Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon the occurrence of any event giving rise to a Lender's suspending its obligation to make or maintain Advances based on the then-current Benchmark pursuant to Section 2.11(a), such Lender will, if requested by the Borrower, use reasonable efforts (subject to overall policy considerations of such Lender) to designate a different lending office if such designation would enable such Lender to again make and maintain Advances based on the then-current Benchmark; *provided* that such designation is made on such terms that such Lender and its lending office suffer no unreimbursed cost or material legal or regulatory disadvantage (as reasonably determined by such Lender), with the object of avoiding future consequence of the event giving rise to the operation of any such provision.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If, prior to the first day of any Interest Accrual Period or prior to the date of any Advance, as applicable, either (i) the Administrative Agent determines that for any reason adequate and reasonable means do not exist for determining the Benchmark for the applicable Advances, or (ii) the Required Lenders determine and notify the Administrative Agent that the then-current Benchmark with respect to such Advances does not adequately and fairly reflect the cost to such Lenders of funding such Advances, the Administrative Agent will promptly so notify the Borrower and each Lender. Thereafter, the obligation of the Lenders to make or maintain Advances based on the then-current Benchmark shall be suspended until the Administrative Agent (upon the instruction of the Required Lenders) revokes such notice.

*Section 2.12. Effect of Benchmark Transition Event.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Benchmark Replacement*. Notwithstanding anything to the contrary in this Agreement or in any other Facility Document, if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred, the Benchmark Replacement will replace the then-current Benchmark for all purposes hereunder or under any Facility Document in respect of all determinations of the Benchmark at any time following 5:00 p.m. on the fifth (5th) Business Day after the date notice of such Benchmark Replacement is provided by the Administrative Agent to the other parties hereto without any amendment to this Agreement or further action or consent of any other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Benchmark Replacement Conforming Changes*. In connection with the implementation and administration of a Benchmark Replacement, the Administrative Agent will have the right to make Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Facility Document, any amendments implementing such Benchmark Replacement Conforming Changes will become effective without any further action or consent of any other party to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Notices; Standards for Decisions and Determinations*. The Administrative Agent will promptly notify the Borrower and the Lenders of (i) any occurrence of a Benchmark Transition Event and its related Benchmark Replacement Date, (ii) the implementation of any Benchmark Replacement and (iii) the effectiveness of any Benchmark Replacement Conforming Changes. Any determination, decision or election that may be made by the Administrative Agent pursuant to this Section 2.12, including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or any selection, will be conclusive and binding absent manifest error and may be made in its sole discretion and without consent from any other party.

*Section 2.13. Rescission or Return of Payment*. The Borrower agrees that, if at any time (including after the occurrence of the Final Maturity Date) all or any part of any payment theretofore made by it to any Secured Party or any designee of a Secured Party is or must be rescinded or returned for any reason whatsoever (including the insolvency, bankruptcy or reorganization of the Borrower or any of its Affiliates), the obligation of the Borrower to make such payment to such Secured Party shall, for the purposes of this Agreement, to the extent that such payment is or must be rescinded or returned, be deemed to have continued in existence and this Agreement shall continue to be effective or be reinstated, as the case maybe, as to such obligations, all as though such payment had not been made.

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*Section 2.14. Post-Default Interest*. The Borrower shall pay interest on all Obligations that are not paid when due (unless such failure to pay is not an Event of Default as set forth in Section 6.01(a)) for the period from the due date thereof until the date the same is paid in full at the rate set forth under clause (b) of "Interest Rate". Interest payable at the Post-Default Rate shall be payable on each Payment Date in accordance with the Priority of Payments.

*Section 2.15. Payments Generally*. (a) All amounts owing and payable to any Secured Party, any Affected Person or any Indemnified Party, in respect of the Advances and other Obligations, including the principal thereof, interest, fees, indemnities, expenses or other amounts payable under this Agreement or any other Facility Document, shall be paid by the Borrower to the Administrative Agent for account of the applicable recipient in Dollars, in immediately available funds, in accordance with the Priority of Payments, and all without counterclaim, setoff, deduction, defense, abatement, suspension or deferment. The Administrative Agent and each Lender shall provide wire instructions to the Borrower and the Administrative Agent. Payments must be received by the Administrative Agent for account of the Lenders on or prior to 4:00 p.m. on a Business Day; *provided* that, payments received by the Administrative Agent after 4:00 p.m. on a Business Day will be deemed to have been paid on the next following Business Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as otherwise expressly provided herein, all computations of interest, fees and other Obligations shall be made on the basis of a year of 360 days for the actual number of days elapsed. In computing interest on any Advance, the date of the making of the Advance shall be included and the date of payment shall be excluded; *provided* that, if an Advance is repaid on the same day on which it is made, one day's Interest shall be paid on such Advance. All computations made by a Lender or the Administrative Agent under this Agreement shall be conclusive absent manifest error.

**ARTICLE III** 

**CONDITIONS PRECEDENT** 

*Section 3.01. Conditions Precedent to the Restatement Closing Date*. This Agreement shall become effective upon receipt by the Administrative Agent, on or prior to the Restatement Closing Date, of the following, each in form and substance reasonably satisfactory to the Administrative Agent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) each of the Facility Documents, duly executed and delivered by the parties thereto, which shall each be in full force and effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) true and complete copies of the Constituent Documents of the Borrower, the Seller, the Servicer and the Sponsor as in effect on the Restatement Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) true and complete copies certified by a Responsible Officer of the Borrower of all Governmental Authorizations, Private Authorizations and Governmental Filings, if any, required in connection with the transactions contemplated by this Agreement;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a certificate of a Responsible Officer of the Borrower certifying (i) as to its Constituent Documents, (ii) as to its resolutions or other action required under its organizational documents to approve the entering into by the Borrower of this Agreement and the other Facility Documents to which it is a party and the transactions contemplated thereby, (iii) that its representations and warranties set forth in the Facility Documents to which it is a party are true and correct in all material respects as of the Restatement Closing Date (except to the extent such representations and warranties expressly relate to any earlier date, in which case such representations and warranties shall be true and correct in all material respects as of such earlier date), (iv) no Unmatured Event of Default or Event of Default has occurred and is continuing, and (v) as to the incumbency and specimen signature of each of its Responsible Officers authorized to execute the Facility Documents to which it is a party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) a certificate of a Responsible Officer of the Seller certifying (i) as to its Constituent Documents, (ii) as to its resolutions or other action of its board of directors or members approving the Facility Documents to which it is a party and the transactions contemplated thereby, (iii) that its representations and warranties set forth in the Facility Documents to which it is a party are true and correct in all material respects as of the Restatement Closing Date (except for representations and warranties already qualified by materiality or Material Adverse Effect, which shall be true and correct and except to the extent such representations and warranties expressly relate to any earlier date, in which case such representations and warranties shall be true and correct in all material respects as of such earlier date), and (iv) as to the incumbency and specimen signature of each of its Responsible Officers authorized to execute the Facility Documents to which it is a party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) a certificate of a Responsible Officer of the Sponsor certifying (i) as to its Constituent Documents, (ii) as to its resolutions or other action of its board of directors or members approving the Facility Documents to which it is a party and the transactions contemplated thereby, (iii) that its representations and warranties set forth in the Facility Documents to which it is a party are true and correct in all material respects as of the Restatement Closing Date (except for representations and warranties already qualified by materiality or Material Adverse Effect, which shall be true and correct and except to the extent such representations and warranties expressly relate to any earlier date, in which case such representations and warranties shall be true and correct in all material respects as of such earlier date), and (iv) as to the incumbency and specimen signature of each of its Responsible Officers authorized to execute the Facility Documents to which it is a party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) [reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) [reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) legal opinions (addressed to each of the Secured Parties) of Dechert LLP, counsel to the Borrower, Servicer, Seller and Sponsor, covering such matters as the Administrative Agent and its counsel shall reasonably request, including but not limited to enforceability, authority and Investment Company Act relating to this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) evidence reasonably satisfactory to it that the Collection Account shall have been established;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) evidence that (x) all fees to be received by the Administrative Agent and each Lender on or prior to the first Borrowing Date pursuant to the Class A Side Letter or otherwise have been received; and (y) the accrued fees and expenses of counsel to the Administrative Agent, in connection with the transactions contemplated hereby, shall have been paid by the Borrower to the extent invoiced prior to such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) good standing certificates with respect to each of the jurisdictions where the Borrower and the Seller is authorized to conduct businesses dated within a reasonable time prior to the Restatement Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) evidence reasonably satisfactory to the Administrative Agent that all regulatory compliance diligence matters required to be completed prior to the Closing Date have been completed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) such other opinions, instruments, certificates and documents as the Administrative Agent or any Lender shall have reasonably requested.

*Section 3.02. Conditions Precedent to Each Borrowing*. Each Advance to be made hereunder, if any, on each Borrowing Date shall be subject to the fulfillment of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Administrative Agent shall have received a Notice of Borrowing with respect to such Advance (including the Maximum Advance Rate Test Calculation Statement attached thereto, all duly completed) delivered in accordance with Section 2.02;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) with respect to a Committed Revolving Advance, immediately after the making of such Revolving Advance on the applicable Borrowing Date, (x) the aggregate outstanding principal balance of the Revolving Advances shall be less than or equal to the Maximum Committed Revolving Available Amount at such time (as demonstrated in the calculations attached to the applicable Notice of Borrowing), (y) the aggregate outstanding principal balance of the Class A Revolving Advances shall be less than or equal to the Class A Maximum Committed Revolving Available Amount at such time (as demonstrated in the calculations attached to the applicable Notice of Borrowing) and (z) the aggregate outstanding principal balance of the Class B Revolving Advances shall be less than or equal to the Class B Maximum Committed Revolving Available Amount at such time (as demonstrated in the calculations attached to the applicable Notice of Borrowing), (ii) with respect to an Incremental Revolving Advance, immediately after the making of such Advance on the applicable Borrowing Date, (x) the aggregate outstanding principal balance of the Revolving Advances shall be less than or equal to the Maximum Revolving Available Amount at such time (as demonstrated in the calculations attached to the applicable Notice of Borrowing), (y) the aggregate outstanding principal balance of the Class A Revolving Advances shall be less than or equal to the Class A Maximum Revolving Available Amount at such time (as demonstrated in the calculations attached to the applicable Notice of Borrowing) and (z) the aggregate outstanding principal balance of

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the Class B Revolving Advances shall be less than or equal to the Class B Maximum Revolving Available Amount at such time (as demonstrated in the calculations attached to the applicable Notice of Borrowing), (iii) with respect to a Static A Advance to be made on the Fifth Amendment Effective Date, immediately after the making of such Static A Advance, the aggregate outstanding principal balance of the Static A Advances shall be less than or equal to the Static A Maximum Available Amount at such time (as demonstrated in the calculations attached to the applicable Notice of Borrowing), (iv) with respect to a Static B Advance to be made on the Sixth Amendment Effective Date, immediately after the making of such Static B Advance, the aggregate outstanding principal balance of the Static B Advances shall be less than or equal to the Static B Maximum Available Amount at such time (as demonstrated in the calculations attached to the applicable Notice of Borrowing), (v) with respect to a Static C Advance to be made on the Seventh Amendment Effective Date, immediately after the making of such Static C Advance, the aggregate outstanding principal balance of the Static C Advances shall be less than or equal to the Static C Maximum Available Amount at such time (as demonstrated in the calculations attached to the applicable Notice of Borrowing) and (vi) with respect to a Static D Advance to be made on the Eighth Amendment Effective Date, immediately after the making of such Static D Advance, the aggregate outstanding principal balance of the Static D Advances shall be less than or equal to the Static D Maximum Available Amount at such time (as demonstrated in the calculations attached to the applicable Notice of Borrowing);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) each of the representations and warranties of the Borrower contained in this Agreement shall be true and correct in all material respects (except for representations and warranties already qualified by materiality or Material Adverse Effect, which shall be true and correct) as of such Borrowing Date (except to the extent such representations and warranties expressly relate to any earlier date, in which case such representations and warranties shall be true and correct in all material respects as of such earlier date as if made on such date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) no Unmatured Event of Default, Event of Default or Accelerated Amortization Event shall have occurred and be continuing at the time of the making of such Advance or shall result upon the making of such Advance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the transactions contemplated by the Facility Documents would not require the Originator to comply with any risk retention or capital commitment obligation or the Originator to comply with any reporting, filing, or any other obligation or undertaking;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Administrative Agent shall have received the Verification Certificates required under Section 10.06(e) either (i) quarterly with respect to Random Sample Verifications (as defined in the Backup Servicing Agreement) or (ii) if the Administrative Agent has elected to receive a Full Verification (as defined in the Backup Servicing Agreement) following the finding of exceptions in connection with a Random Sample Verification (as defined in the Backup Servicing Agreement), upon request, with respect to Full Verifications (as defined in the Backup Servicing Agreement), in each case as required under the Backup Servicing Agreement;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) as of such Borrowing Date, the Borrower or the Servicer shall have possession of the Receivable File (other than Certificate of Title and the Contracts) related to each Receivable, and with respect to the Contracts and any portion of the Receivable Files consisting of electronic chattel paper, the Electronic Collateral Custodian shall have control of such Contracts or other electronic chattel paper;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) as of such Borrowing Date, Amitay Kalmar shall be employed by the Sponsor or its Affiliates and shall be actively working as a senior executive officer of the Sponsor or its Affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a certificate of a Senior Officer of the Borrower as set forth in the Notice of Borrowing, to the effect that, in the case of each item of Collateral pledged to the Administrative Agent, on the date thereof and on the relevant Borrowing Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Borrower is the owner of such Collateral free and clear of any Liens, claims or encumbrances of any nature whatsoever except for (A) those which are being released on the related Borrowing Date and (B) Permitted Liens;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Borrower has acquired its ownership in such Collateral in good faith without notice of any adverse claim, except as described in clause (i) above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Borrower has not assigned, pledged or otherwise encumbered any interest in such Collateral (or, if any such interest has been assigned, pledged or otherwise encumbered, it has been released) other than interests granted pursuant to this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Borrower has full right to grant a security interest in and assign and pledge such Collateral to the Administrative Agent for the benefit of the Secured Parties; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) upon grant by the Borrower, the Administrative Agent has a first priority perfected security interest in the Collateral, except as otherwise permitted by this Agreement.

**ARTICLE IV** 

**REPRESENTATIONS AND WARRANTIES** 

*Section 4.01. Representations and Warranties of the Borrower*. The Borrower represents and warrants to each of the Secured Parties on and as of each Measurement Date (and, in respect of clause (i) below, each date such information is provided by or on behalf of it), as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Due Organization*. The Borrower is a limited liability company duly organized and validly existing under the laws of the State of Delaware, with full power and authority to own and operate its assets and properties, conduct the business in which it is now engaged and to execute and deliver and perform its obligations under this Agreement and the other Facility Documents to which it is a party.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Due Qualification and Good Standing*. The Borrower is in good standing in the State of Delaware. The Borrower is duly qualified to do business and, to the extent applicable, is in good standing in each other jurisdiction in which the nature of its business, assets and properties, including the performance of its obligations under this Agreement, the other Facility Documents to which it is a party and its Constituent Documents, requires such qualification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Due Authorization*; *Execution and Delivery; Legal, Valid and Binding; Enforceability*. The execution and delivery by the Borrower of, and the performance of its obligations under the Facility Documents to which it is a party and the other instruments, certificates and agreements contemplated thereby are within its powers and have been duly authorized by all requisite action by it and have been duly executed and delivered by it and constitute its legal, valid and binding obligations enforceable against it in accordance with their respective terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors' rights generally or general principles of equity, regardless of whether considered in a proceeding in equity or at law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Non-Contravention*. None of the execution and delivery by the Borrower of this Agreement or the other Facility Documents to which it is a party, the Borrowings or the pledge of the Collateral hereunder, the consummation of the transactions herein or therein contemplated, or compliance by it with the terms, conditions and provisions hereof or thereof, will (i) conflict with, or result in a breach or violation of, or constitute (with or without notice of lapse of time or both) a default under its Constituent Documents, (ii) conflict with or contravene (A) any Applicable Law in any material respect, (B) any indenture, agreement or other contractual restriction binding on or affecting it or any of its assets, including any Contracts, or (C) any order, writ, judgment, award, injunction or decree binding on or affecting it or any of its assets or properties or (iii) result in a breach or violation of, or constitute a default under, or permit the acceleration of any obligation or liability in, or but for any requirement of the giving of notice or the passage of time (or both) would constitute such a conflict with, breach or violation of, or default under, or permit any such acceleration in, any contractual obligation or any agreement or document to which it is a party or by which it or any of its assets are bound (or to which any such obligation, agreement or document relates). Without limiting any restrictions or other covenants hereunder, the Borrower is not in default under any such indenture, agreement or other contractual restriction binding on or affecting it or any of its assets, including any Contract, with respect to which such default, either individually or in the aggregate with other defaults, would reasonably be expected to have a Material Adverse Effect with respect to such Person. The Borrower is not subject to any proceeding, action, litigation or investigation pending, or to the knowledge of such Person, overtly threatened in writing against or affecting it or its assets, before any Governmental Authority (y) seeking to prevent the consummation or performance of any of the transactions contemplated by this Agreement and the other Facility Documents or (z) that could result in a Material Adverse Effect.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Governmental Authorizations; Private Authorizations; Governmental Filings*. The Borrower has obtained or applied for, maintained and kept in full force and effect all Governmental Authorizations and Private Authorizations which are reasonably necessary for it to properly carry out its business and made all material Governmental Filings necessary for the execution and delivery by it of the Facility Documents to which it is a party, the Borrowings by the Borrower under this Agreement, the pledge of the Collateral by the Borrower under this Agreement and the performance by the Borrower of its obligations under this Agreement, the other Facility Documents, and no material Governmental Authorization, Private Authorization or Governmental Filing which has not been obtained, applied for or made, is required to be obtained or made by it in connection with the execution and delivery by it of any Facility Document to which it is a party, the Borrowings by the Borrower under this Agreement, the pledge of the Collateral by the Borrower under this Agreement or the performance of its obligations under this Agreement and the other Facility Documents to which it is a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Compliance with Agreements, Laws, Etc*. The Borrower has duly observed and complied (i) in all material respects with all Applicable Laws relating to the conduct of its business and its assets, including, without limitation, all lending, servicing and debt collection laws applicable to the Collateral Receivables and its activities contemplated by the Facility Documents, (ii) in all material respects with its Constituent Document, (iii) any judgment, decree, writ, injunction, order, award or other action of any Governmental Authority having or asserting jurisdiction over it or any of its properties, unless failure to do so could not result in a Material Adverse Effect and (iv) with the terms and provisions of this Agreement and each other Facility Document to which it is a party. The Borrower has preserved and kept in full force and effect its legal existence, rights, privileges, qualifications and franchises. Without limiting the foregoing, (x) to the extent applicable, the Borrower is in compliance in all material respects with the regulations and rules promulgated by the U.S. Department of Treasury and/or administered by the U.S. Office of Foreign Asset Controls (*"OFAC"*), including U.S. Executive Order No. 13224, and other related statutes, laws and regulations (collectively, the *"Subject Laws"*), (y) the Borrower has adopted internal controls and procedures designed to ensure its continued compliance with the applicable provisions of the Subject Laws and to the extent applicable, will adopt procedures consistent with the PATRIOT Act and implementing regulations, and (z) to the knowledge of the Borrower (based on the implementation of its internal procedures and controls), no direct investor in the Borrower is a Person whose name appears on the "List of Specially Designated Nationals" and "Blocked Persons" maintained by the OFAC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) *Location and Legal Name*. The Borrower's chief executive office and principal place of business is located in the Commonwealth of Massachusetts, Suffolk County and the Borrower maintains its books and records in the Commonwealth of Massachusetts, Suffolk County. The Borrower's registered office and the jurisdiction of organization of the Borrower is the jurisdiction referred to in Section 4.01(a). The Borrower's tax identification number is 84-3890335**.** The Borrower has not changed its name, changed its corporate structure, changed its jurisdiction of organization, changed its chief place of business/chief executive office or used any name other than its exact legal name at any time during the past five years.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) *Investment Company Act; Volcker Rule*. The Borrower is not required to register as an "investment company" or a company controlled by an "investment company" within the meaning of the Investment Company Act. The Borrower is not a "covered fund" under Section 619 of the Dodd Frank Wall Street Reform and Consumer Protection Act (the *"Volcker Rule"*). In determining that the Borrower is not a covered fund, the Borrower is entitled to the benefit of the exemption provided under Section 3(c)(5) of the Investment Company Act, though other exemptions may be available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *Information and Reports*. Each Notice of Borrowing, each Monthly Report and all other written information, reports, certificates and statements (other than projections and forward-looking statements) furnished by the Borrower to any Secured Party for purposes of or in connection with this Agreement, the other Facility Documents or the transactions contemplated hereby or thereby are true, complete and correct in all material respects as of the date such information is stated or certified and, taken as a whole, the Borrower does not omit any material fact necessary in order to make the statements contained herein and therein not misleading. All projections and forward-looking statements furnished by or on behalf of the Borrower were prepared reasonably and in good faith as the date stated herein or as of which they were provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) *ERISA*. Neither the Borrower nor any member of the ERISA Group has, or during the past six years has had, any liability or obligation with respect to any Plan or Multiemployer Plan (including any actual liability on account of a member of the ERISA Group).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) *Taxes*. The Borrower has filed all income tax returns and all material other tax returns which are required to be filed by it, if any, and has paid all taxes shown to be due and payable (taking into account extensions) on such returns, if any, or pursuant to any assessment by a valid taxing authority received by any such Person, except for any taxes or assessments which are being contested in good faith by appropriate proceedings and with respect thereto adequate reserves have been established in accordance with GAAP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) *Tax Status*. For U.S. federal income tax purposes (i) Borrower is classified as a "disregarded entity" for U.S. federal income tax purposes, (ii) neither Borrower nor any record or beneficial owner of Borrower has made an election under U.S. Treasury Regulation Section 301.7701-3 for Borrower to be classified as an association taxable as a corporation and Borrower is not otherwise treated as an association taxable as a corporation and (iii) Borrower is owned by a single "United States person" as defined by Section 7701(a)(30) of the Code and is not subject to any requirement to withhold tax with respect to payments or income allocable to direct or indirect beneficial owners.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) *Collections*. The conditions and requirements set forth in Section 5.01(k) have been satisfied from and after the Closing Date. The Borrower has caused, or has directed the Servicer to cause, the Obligor of each Receivable (i) to pay all Collections thereon made by check or automatic clearing house directly to the Collection Account and (ii) to pay all Collections thereon made by wire transfer or otherwise to the Servicer Account, and thereafter, with respect to this clause (ii), shall cause, or shall direct the

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Servicer to cause, all such Collections in respect of the applicable Collateral to be deposited by electronic transfer, wire transfer or automatic clearing house into the Collection Account within two (2) Business Days of receipt thereof. The correct name and address of the Account Bank, together with the account number of the Collection Account are listed on Schedule 4 hereto. The Borrower has no other deposit or securities accounts other than the ones listed on Schedule 4 and subject to Liens in favor of the Secured Parties. The Borrower has not assigned or granted an interest in any rights it may have in the Collection Account to any Person other than the Administrative Agent pursuant to the terms hereof. No Person, other than as contemplated by and subject to this Agreement, has been granted dominion and control of the Collection Account, or the right to take dominion and control of the Collection Account at a future time or upon the occurrence of a future event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) *Plan Assets*. The assets of the Borrower are not treated as "plan assets" for purposes of Section 3(42) of ERISA and the Collateral is not deemed to be "plan assets" for purposes of Section 3(42) of ERISA. The Borrower has not taken, or omitted to take, any action which would reasonably be expected to result in any of the Collateral being treated as "plan assets" for purposes of Section 3(42) of ERISA or the occurrence of any Prohibited Transaction in connection with the transactions contemplated hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) *Solvency*. After giving effect to each Advance hereunder, and the disbursement of the proceeds of such Advance, the Borrower is Solvent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) *Prior Business Activity and Indebtedness*. The Borrower has no business activity except as contemplated in this Agreement and the other Facility Documents and upon the date hereof is not party to any other debt, financing or other transaction or agreement other than the Facility Documents and its Constituent Documents. The Borrower has not incurred, created or assumed any indebtedness except for that arising under or expressly permitted by this Agreement or the other Facility Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) *Subsidiaries*. The Borrower has no subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) *Ordinary Course of Business*. Each payment of interest and principal on the Advances will have been (i) in payment of a debt incurred in the ordinary course of business or financial affairs on the part of the Borrower and (ii) made in the ordinary course of business or financial affairs of the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) *Material Adverse Effect.* No Material Adverse Effect has occurred since the date the Borrower was formed, and since such date no event or circumstance has occurred which is reasonably likely to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) *Representations Relating to the Collateral*. The Borrower hereby represents and warrants that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Borrower owns and has legal and beneficial title to all Collateral Receivables and other Collateral free and clear of any Lien, claim or encumbrance of any person, other than Permitted Liens;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) other than Permitted Liens, the Borrower has not pledged, assigned, sold, granted a security interest in, or otherwise conveyed any of the Collateral. The Borrower has not authorized the filing of and is not aware of any financing statements against the Borrower that include a description of collateral covering the Collateral other than any financing statement relating to the security interest granted to the Administrative Agent hereunder or that has been terminated; and the Borrower is not aware of any judgment liens, PBGC liens or tax lien filings against the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Collection Account constitutes a "deposit account" under Section 9-102(a)(29) of the NYUCC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) this Agreement creates a valid, continuing and, upon the filing of the financing statement referred to in clause (vi), execution of the Account Control Agreement and upon the Collateral Custodian obtaining possession, in the case of that portion of the Collateral which constitutes tangible chattel paper, perfected security interest (as defined in Section 1-201(b)(35) of the NYUCC) in the Collateral in favor of the Administrative Agent, for the benefit and security of the Secured Parties, which security interest is prior to all other Liens (other than Permitted Liens), claims and encumbrances and is enforceable as such against creditors of and purchasers from the Borrower and no further action, including any filing or recording of any document, is necessary in order to establish and perfect the first priority security interest of the Administrative Agent, for the benefit of the Secured Parties, in the Collateral as against any third party in any applicable jurisdiction, including, without limitation, any purchaser from, or creditor of, the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Authoritative Copy of the electronic record that constitutes the Contract and any other electronic chattel paper that evidences a Receivable, as applicable, has been or, subject to the delivery requirements contained herein, will be delivered to the Electronic Collateral Custodian in accordance with the provisions herein and the Electronic Collateral Custodial Agreement; and the Electronic Collateral Custodial Agreement is effective to establish control over electronic chattel paper within the meaning of Section 9-105 of the UCC and upon delivery of such electronic chattel paper to the Electronic Collateral Custodian for holding in accordance with such Electronic Collateral Custodial Agreement, such security interest shall continue to be a valid and first priority perfected security interest in that portion of the Collateral that constitutes electronic chattel paper, which security interest is prior to all other Liens (other than Permitted Liens), claims and encumbrances and is enforceable as such against creditors of and purchasers from the Borrower and no further action, including any filing or recording of any document, is necessary in order to establish and perfect the first priority security interest of the Administrative Agent, for the benefit of the Secured Parties, in such electronic chattel paper as against any third party in any applicable jurisdiction, including, without limitation, any purchaser from, or creditor of, the Borrower;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the Borrower has caused the Seller to transfer the Contract and any other electronic chattel paper related to each Receivable, if applicable, sold to the Borrower to the Borrower's E-Vault on or prior to the relevant Borrowing Date; *provided*, *however*, that if the Originator had already established and fully implemented the procedures necessary for the transferring of the Receivable File into the E-Vault as of the relevant Borrowing Date, then all Contracts and any other electronic chattel paper related to each Receivable, if applicable, sold to the Borrower has been transferred to the Borrower's E-Vault as of the relevant Borrowing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the Borrower has received all consents and approvals required by the terms of the Contract in respect of such Collateral to the pledge hereunder to the Administrative Agent of its interest and rights in such Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the Borrower has authorized, caused or will have caused, on or prior to the Closing Date, the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under Applicable Law in order to perfect the security interest in the Collateral granted to the Administrative Agent, for the benefit and security of the Secured Parties, hereunder (which the Borrower hereby agrees may be an "all asset" filing);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) the sale of each Receivable by the Seller to the Borrower, at the time of such sale, was permitted under all applicable documents governing the creation, sale or possession of such Receivable in effect at such time; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) at the time each Collateral Receivable was sold to the Borrower, such Collateral Receivable satisfies each of the criteria set forth in the definition of Collateral Receivable.

*Section 4.02. Representations and Warranties of the Servicer*. The Servicer represents and warrants to each of the Secured Parties on and as of each Measurement Date (and, in respect of clause (i) below, each date such information is provided by or on behalf of it), as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Due Organization*. The Servicer is a limited liability company duly organized and validly existing under the laws of the State of Delaware, with full power and authority to own and operate its assets and properties, conduct the business in which it is now engaged and to execute and deliver and perform its obligations under this Agreement and the other Facility Documents to which it is a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Due Qualification and Good Standing*. The Servicer is in good standing in the State of Delaware. The Servicer is duly qualified to do business and, to the extent applicable, is in good standing in each other jurisdiction in which the nature of its business, assets and properties, including the performance of its obligations under this Agreement, the other Facility Documents to which it is a party and its Constituent Documents, requires such qualification.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Due Authorization*; *Execution and Delivery; Legal, Valid and Binding; Enforceability*. The execution and delivery by the Servicer of, and the performance of its obligations under the Facility Documents to which it is a party and the other instruments, certificates and agreements contemplated thereby are within its powers and have been duly authorized by all requisite action by it and have been duly executed and delivered by it and constitute its legal, valid and binding obligations enforceable against it in accordance with their respective terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors' rights generally or general principles of equity, regardless of whether considered in a proceeding in equity or at law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Non-Contravention*. None of the execution and delivery by the Servicer of this Agreement or the other Facility Documents to which it is a party, the consummation of the transactions herein or therein contemplated, or compliance by it with the terms, conditions and provisions hereof or thereof, will (i) conflict with, or result in a breach or violation of, or constitute (with or without notice of lapse of time or both) a default under its Constituent Documents, (ii) conflict with or contravene (A) any Applicable Law in any material respect, (B) any material indenture, agreement or other contractual restriction binding on or affecting it or any of its assets, including any Related Document, or (C) any material order, writ, judgment, award, injunction or decree binding on or affecting it or any of its assets or properties or (iii) result in a material breach or violation of, or constitute a default under, or permit the acceleration of any obligation or liability in, or but for any requirement of the giving of notice or the passage of time (or both) would constitute such a conflict with, breach or violation of, or default under, or permit any such acceleration in, any contractual obligation or any agreement or document to which it is a party or by which it or any of its assets are bound (or to which any such obligation, agreement or document relates). Without limiting any restrictions or other covenants hereunder, the Servicer is not in default under any such indenture, agreement or other contractual restriction binding on or affecting it or any of its assets with respect to which such default, either individually or in the aggregate with other defaults, would reasonably be expected to have a Material Adverse Effect on such Person. The Servicer is not subject to any proceeding, action, litigation or investigation pending, or to the knowledge of such Person, overtly threatened in writing against or affecting it or its assets, before any Governmental Authority (y) seeking to prevent the consummation or performance of any of the transactions contemplated by this Agreement and the other Facility Documents or (z) that could result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Governmental Authorizations; Private Authorizations; Governmental Filings*. The Servicer has obtained, maintained and kept in full force and effect all material Governmental Authorizations and Private Authorizations which are necessary for it to properly carry out its business and made all material Governmental Filings necessary for the execution and delivery by it of the Facility Documents to which it is a party and the performance by the Servicer of its obligations under this Agreement and the other Facility

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Documents, and no material Governmental Authorization, Private Authorization or Governmental Filing which has not been obtained or made, is required to be obtained or made by it in connection with the execution and delivery by it of any Facility Document to which it is a party or the performance of its obligations under this Agreement and the other Facility Documents to which it is a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Compliance with Agreements, Laws, Etc*. The Servicer has duly observed and complied (i) in all material respects with all Applicable Laws relating to the conduct of its business and its assets, including, without limitation, all lending, servicing and debt collection laws applicable to the Collateral Receivables and its activities contemplated by the Facility Documents, (ii) in all material respect with its Constituent Documents, (iii) any judgment, decree, writ, injunction, order, award or other action of any Governmental Authority having or asserting jurisdiction over it or any of its properties, unless failure to do so could not result in a Material Adverse Effect and (iv) with the terms and provisions of this Agreement and each other Facility Document to which it is a party. The Servicer has preserved and kept in full force and effect its legal existence, rights, privileges, qualifications and franchises. Without limiting the foregoing, (x) to the extent applicable, the Servicer is in compliance in all material respects with the Subject Laws, (y) the Servicer has adopted internal controls and procedures designed to ensure its continued compliance with the applicable provisions of the Subject Laws and to the extent applicable, will adopt procedures consistent with the PATRIOT Act and implementing regulations, and (z) to the knowledge of the Servicer (based on the implementation of its internal procedures and controls), no direct investor in the Servicer is a Person whose name appears on the "List of Specially Designated Nationals" and "Blocked Persons" maintained by the OFAC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) *Location and Legal Name*. The Servicer's chief executive office and principal place of business is located in the Commonwealth of Massachusetts, Suffolk County and the Servicer maintains its books and records in the Commonwealth of Massachusetts, Suffolk County. The Servicer's registered office and the jurisdiction of organization of the Servicer is the jurisdiction referred to in Section 4.01(a). The Servicer's tax identification number is 82-1566733**.** The Servicer has not changed its name, changed its corporate structure, changed its jurisdiction of organization, changed its chief place of business/chief executive office or used any name other than its exact legal name at any time during the past five years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) *Information and Reports*. Each Monthly Report and all other written information, reports, certificates and statements (other than projections and forward-looking statements) furnished by the Servicer to any Secured Party for purposes of or in connection with this Agreement, the other Facility Documents or the transactions contemplated hereby or thereby are true, complete and correct in all material respects as of the date such information is stated or certified, taken as a whole, and the Servicer does not omit any material fact necessary in order to make the statements contained herein and therein not misleading. All projections and forward-looking statements furnished by or on behalf of the Servicer were prepared reasonably and in good faith as the date stated herein or as of which they were provided.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *ERISA*. Neither the Servicer nor any member of the ERISA Group has, or during the past six years has had, any liability or obligation with respect to any Plan or Multiemployer Plan (including any actual liability on account of a member of the ERISA Group).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) *Taxes*. The Servicer has filed all income tax returns and all other material tax returns which are required to be filed by it, if any, and has paid all taxes shown to be due and payable (taking into account extensions) on such returns, if any, or pursuant to any assessment by a valid taxing authority received by any such Person, except for any taxes or assessments which are being contested in good faith by appropriate proceedings and with respect thereto adequate reserves have been established in accordance with GAAP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) *Collections*. The conditions and requirements set forth in Section 5.01(k) have been satisfied from and after the Closing Date. The Servicer has caused the Obligor of each Receivable (i) to pay all Collections thereon made by check or automatic clearing house directly to the Collection Account and (ii) to pay all Collections thereon made by wire transfer or otherwise to the Servicer Account, and thereafter, with respect to this clause (ii), shall cause all such Collections in respect of the applicable Collateral to be deposited by electronic transfer, wire transfer or automatic clearing house into the Collection Account within two (2) Business Days of receipt thereof. The correct name and address of the Account Bank, together with the account number of the Collection Account are listed on Schedule 4 hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) *Solvency*. After giving effect to the transactions contemplated hereby and by the Facility Documents, the Servicer is Solvent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) *Material Adverse Effect.* No Material Adverse Effect has occurred with respect to the Servicer since December 31, 2018, and since such date no event or circumstance has occurred which is reasonably likely to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) *Servicer's Performance*. The Servicer has the knowledge, the experience and the systems, financial and operational capacity available to timely perform each of its obligations hereunder. For the avoidance of doubt, in no event shall this representation by the Servicer be considered a guaranty of the payment by an Obligor or a guaranty that an Obligor will make payments on the related Collateral Receivable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) *Compliance with Credit Guidelines and Servicing Guide*. The Servicer has, with respect to the Collateral Receivables, complied in all material respects with the Credit Guidelines and the Servicing Guide.

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**ARTICLE V** 

**COVENANTS** 

*Section 5.01. Affirmative Covenants of the Borrower*. The Borrower covenants and agrees that, until the Final Maturity Date (and thereafter until the date that all Obligations have been paid in full):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Compliance with Agreements, Laws, Etc*. It shall (i) duly observe and comply in all material respects with all Applicable Laws relative to the conduct of its business or to its assets, including, without limitation, all lending, servicing and debt collection laws applicable to the Receivables and its activities and obligations as contemplated by the Facility Documents, (ii) preserve and keep in full force and effect its legal existence, (iii) preserve and keep in full force and effect its rights, privileges, qualifications and franchises (including, without limitation, all lending, servicing and debt collection licenses or qualifications applicable to the Receivables and its activities contemplated by the Facility Documents), except where the failure to do so could not reasonably be expected to result in a Material Adverse Effect, (iv) comply with the terms and conditions of each Facility Document and in all material respects with its Constituent Documents to which it is a party and (v) obtain, maintain and keep in full force and effect all Governmental Authorizations, Private Authorizations and Governmental Filings which are necessary or appropriate to properly carry out its business and the transactions contemplated to be performed by it under the Facility Documents to which it is a party and its Constituent Documents, except where the failure to do so could not reasonably be expected to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Enforcement*. (i) It shall not take any action, and will use commercially reasonable efforts not to permit any action to be taken by others, that would release any Person from any of such Person's covenants or obligations under any instrument included in the Collateral, except in the case of (A) repayment of Collateral Receivables, (B) subject to the terms of this Agreement, (1) amendments to the Contracts or other documents that govern Defaulted Collateral Receivables or Ineligible Collateral Receivables or that are otherwise reasonably deemed by the Servicer to be necessary, immaterial, or beneficial, taken as a whole, to the Borrower and not detrimental to the Administrative Agent and the Lenders and (2) enforcement actions taken or work-outs with respect to any Defaulted Collateral Receivable by the Servicer in accordance with the provisions hereof, (C) actions by the Servicer in conformity with this Agreement or any other Facility Document or as otherwise required hereby or thereby, as the case may be, or (D) as required pursuant to Applicable Law or, unless in violation of this Agreement, any other Facility Documents or the Contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Borrower shall punctually perform all of its obligations and agreements contained in this Agreement or any other Facility Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Further Assurances*. The Borrower shall take such reasonable action from time to time as shall be necessary to ensure that all assets (including the Collection Account) of the Borrower constitute "Collateral" hereunder. The Borrower will, and promptly upon the reasonable request of the Administrative Agent or the Required Lenders (through the Administrative Agent) shall, at the Borrower's expense, execute and deliver such further instruments and take such further action in order to maintain and protect the Administrative Agent's first-priority perfected security interest in the Collateral pledged by the Borrower for the benefit of the Secured Parties free and clear of any Liens (other

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than Permitted Liens), including all further actions which are necessary to (x) enable the Secured Parties to enforce their rights and remedies under this Agreement and the other Facility Documents, and (y) effectuate the intent and purpose of, and to carry out the terms of, the Facility Documents. Subject to Section 7.02, and without limiting its obligation to maintain and protect the Administrative Agent's first priority security interest in the Collateral, the Borrower authorizes the Administrative Agent to file or record financing statements (including financing statements describing the Collateral as "all assets" or the equivalent) and other filing or recording documents or instruments with respect to the Collateral in such form and in such offices as are necessary to perfect the security interests of the Administrative Agent under this Agreement under each method of perfection required herein with respect to the Collateral, *provided,* that the Administrative Agent does not hereby assume any obligation of the Borrower to maintain and protect its security interest under this Section 5.01 or Section 7.07. The Borrower will, in connection therewith, deliver such proof of corporate action, incumbency of officers or other documents as are reasonably requested by the Administrative Agent to evidence appropriate authority of the officers signing or authorizing any such documents, instruments or filings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Other Information*. It shall provide to the Administrative Agent or cause to be provided to the Administrative Agent (with enough additional copies for each Lender), as applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) promptly and no later than two (2) Business Days after a Responsible Officer of the Borrower obtains actual knowledge of the occurrence and continuance of any (x) Unmatured Event of Default or (y) Event of Default, a certificate of a Responsible Officer of the Borrower setting forth the details thereof and the action which the Borrower is taking or proposes to take with respect thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) from time to time such additional information or documents regarding the Borrower's financial position or business and the Collateral (including reasonably detailed calculations of each Maximum Advance Rate Test, Delinquency Ratio, the Net Loss Ratio and the Interest Coverage Ratio) as the Administrative Agent or the Required Lenders (through the Administrative Agent) may reasonably request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) promptly after the occurrence of any ERISA Event, notice of such ERISA Event and copies of any communications with all Governmental Authorities or any Multiemployer Plan with respect to such ERISA Event;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) promptly deliver to the Administrative Agent written notice of (A) any amendment or modification of the Credit Guidelines delivered by the Seller to the Borrower and any information provided by the Seller to the Borrower pursuant to the Receivable Purchase Agreement and (B) any amendment or modification of the Servicing Guide delivered by the Servicer to the Borrower, in the case of each of clause (A) and (B) above, except for any amendment or modification that is solely intended to correct any typographical errors or to make any immaterial non-substantive clarifying changes;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) on or before the first Reporting Date following the end of each calendar quarter, commencing with the quarter ending March 31, 2020, cause the Sponsor to deliver to the Administrative Agent a certificate executed by a Senior Officer of the Sponsor certifying that no breach of any financial covenant under the Sponsor Indemnity Agreement has occurred, which certificate shall be accompanied by the relevant calculations and supporting documents, each in form and substance acceptable to the Administrative Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) upon reasonable request by the Administrative Agent or the Required Lenders, the Borrower shall provide, or cause to be provided, to the Administrative Agent any information or document in Borrower's possession relating to the Receivables and the Contracts, or if such information or documents are not in the Borrower's possession, the Borrower shall make commercially reasonable efforts to obtain such information or documents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) if any information provided to the Administrative Agent or the Lenders pursuant to Section 4.01(i) hereof for any reason is not true, complete and correct in any material respect, the Borrower shall within five (5) Business Days provide the true, complete and correct information to the Administrative Agent following the earlier of (y) written notice to the Borrower by the Administrative Agent or (z) actual knowledge of a Responsible Officer of the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Access to Records and Documents*. As often as the Administrative Agent may reasonably request, upon reasonable advance notice and during normal business hours, Borrower shall permit the Administrative Agent, jointly with any Lender (or any Person designated by the Administrative Agent or such Lender) to visit and inspect and make copies thereof at reasonable intervals, but in any event no more than twice during any fiscal year of the Borrower, or as often and at any time in the sole discretion of the Administrative Agent following the occurrence of an Unmatured Event of Default or an Event of Default, in each case, which remains continuing, of (i) Borrower's books, records and accounts relating to its business, financial condition, operations, assets, the Collateral and its performance under the Facility Documents and the Contracts and to discuss the foregoing with its and such Person's officers, partners, employees and accountants, and (ii) all of the Contracts, in each case, for the avoidance of doubt, including access to each electronic portal maintained by the Servicer or the Electronic Collateral Custodian upon which any Contract or any other records relating to the Collateral Receivables or other Collateral may be posted and the ability to review and access any payment history with respect to the Collateral that the Borrower or the Collateral Custodian may have access to through an electronic portal or otherwise. Any Person entitled to jointly visit and inspect the Borrower's records with the Administrative Agent under this clause (e) may only exercise such rights under this clause (e) twice during any fiscal year of the Borrower, or as often and at any time in the sole discretion of the Administrative Agent following the occurrence of an Unmatured Event of Default or an Event of Default which remains

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continuing. The Borrower shall be responsible for the reasonable costs and expenses for two simultaneous visits per calendar year requested by the Administrative Agent unless an Event of Default has occurred and is continuing, in which case the Borrower shall be responsible for all reasonable costs and expenses for each visit. It shall also consult with the Administrative Agent (or any Person designated by the Administrative Agent) in connection with any exercise of any similar inspection rights granted to it with respect to the Servicer, the Seller or the Originator, and will use commercially reasonable efforts to have the findings of any such inspection provided directly to the Administrative Agent, or will promptly provide any such findings provided to it in connection with the exercise of such inspection rights to the Administrative Agent. In the event the Borrower has not exercised any such inspection rights granted to it, the Administrative Agent may request the Borrower to exercise such rights, and the Borrower will comply with any such reasonable request to exercise inspection and audit rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Use of Proceeds*. It shall use the proceeds of each Advance made hereunder solely:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to fund or pay the purchase price of Collateral Receivables acquired by the Borrower in accordance with the terms and conditions set forth herein or for general corporate purposes, or to reimburse itself or the Seller for any such payments made prior to the Closing Date or the applicable Borrowing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to fund distributions to JV Entity *provided* that (a) no Unmatured Event of Default or Event of Default has occurred and remains continuing at the time of such distributions, and (b) such distributions would not result in the occurrence of an Unmatured Event of Default or Event of Default; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) for such other legal and proper purposes as are consistent with all Applicable Laws to the extent the Borrower has received the prior written consent of the Administrative Agent, which consent shall not be unreasonably withheld.

Without limiting the foregoing, it shall use the proceeds of each Advance in a manner that does not, directly or indirectly, violate any provision of its Constituent Documents or any Applicable Law, including Regulation T, Regulation U and Regulation X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) *Audit Rights*. It shall permit the Administrative Agent, jointly with, at the invitation of the Administrative Agent, each Lender (or any representatives thereof (including any consultants, accountants, lawyers and appraisers)), to conduct evaluations and appraisals of the Borrower's computation of the Borrowing Base and the assets sold by the Seller included in the Borrowing Base and the components of the Monthly Reports (including cash receipt and application and calculation of ratios) no more than twice during any fiscal year of the Borrower, or as often and at any time in the sole discretion of the Administrative Agent following the occurrence of an Unmatured Event of Default or an Event of Default, in each case, which remains continuing. The Borrower shall be responsible for the reasonable costs and expenses for such two evaluations and appraisals per calendar year, unless an Event of Default has occurred and is continuing, in which case the Borrower shall be responsible for all reasonable costs and expenses for each visit.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) *Notice of Proceedings*. It shall provide written notice to the Administrative Agent of the occurrence of any proceeding, action, litigation or investigation pending before any Governmental Authority, or, to the actual knowledge of the Borrower, any non-frivolous threat thereof against the Borrower, which, if such threatened action is by an Obligor, if adversely determined, could reasonably be expected to have a Material Adverse Effect on the Borrower, within three (3) Business Days of the occurrence of any such pending proceeding, action, litigation or investigation or within three (3) Business Days upon becoming aware of any such non-frivolous threat of such proceeding, action, litigation or investigation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *No Other Business*. The Borrower shall not engage in any business or activity other than borrowing Advances pursuant to this Agreement, funding, acquiring, owning, holding, administering, selling, enforcing, exchanging, redeeming, pledging, contracting for the management of and otherwise dealing with Receivables and the other Collateral in connection therewith and entering into the Facility Documents, any applicable Related Documents and any other agreements contemplated by this Agreement, and shall not engage in any activity or take any other action that would cause the Borrower to be subject to U.S. federal, state or local income tax on a net income basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) *Tax Matters.* The Borrower shall (and each Lender hereby agrees to) treat the Advances as debt for U.S. federal income tax purposes and will take no contrary position except to the extent that a Governmental Authority makes a determination that the Advances may not be treated as debt for such purposes. The Borrower shall at all times maintain its status as a "disregarded entity" for U.S. federal income tax purposes. The Borrower shall at all times ensure that each owner thereof is and will remain a United States person as defined by Section 7701(a)(30) of the Code and that it will not be subject to any requirement to withhold tax with respect to payments or income allocable to direct or indirect beneficial owners. In the event that the Borrower is classified as a partnership for federal income tax purposes, for any taxable years for which Sections 6221 through 6241 of the Code, as amended by the 2015 Budget Act (or any successor thereto) apply to the Borrower (or any similar state or local tax law so applies with similar effect in treating the Borrower as subject to tax as a separate entity), (i) the partnership representative (or comparable person under state or local law, as applicable) shall, to the extent eligible, make the election under Section 6221(b) of the Code (or any similar comparable provision of state or local tax law) with respect to the Borrower, as applicable and take any other action such as filings, disclosures and notifications necessary to effectuate such election, and (ii) if the election described in the preceding clause (i) is not available, the partnership representative (or comparable person, as applicable) shall, to the extent eligible, make the election under Section 6226(a) of the Code (or any similar comparable provision of state or local tax law) with respect to the Borrower, as applicable and take any other action such as filings, disclosures and notifications necessary to effectuate such election.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) *Collections*. The Borrower shall cause, or shall direct the Servicer to cause, the Obligor of each Receivable (i) to pay all Collections thereon made by check or automatic clearing house directly to the Collection Account and (ii) to pay all Collections thereon made by wire transfer or otherwise to the Servicer Account, and thereafter, with respect to this clause (ii), shall cause, or shall direct the Servicer to cause, all such Collections in respect of the applicable Collateral to be deposited by electronic transfer, wire transfer or automatic clearing house into the Collection Account within two (2) Business Days of receipt thereof. In addition, with respect to any Receivable that becomes a Defaulted Receivable, the Borrower shall direct the Servicer to deposit into the Collection Account any Contract Reserve allocable to such Defaulted Receivable in accordance with the Servicer's policies within two (2) Business Days of such Receivable becoming a Defaulted Receivable. The Borrower shall ensure that no Person, other than as contemplated by and subject to this Agreement, has been granted dominion and control of the Collection Account, or the right to take dominion and control of the Collection Account at a future time or upon the occurrence of a future event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) *Priority of Payments.* The Borrower shall ensure all Collections are applied solely in accordance with Section 9.01 and the other provisions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) *Borrower May Own Ineligible Collateral Receivables*. For avoidance of doubt, nothing in this Agreement shall prevent Borrower from purchasing Ineligible Collateral Receivables under the Receivable Purchase Agreement; *provided* that (i) proceeds of Advances shall not be utilized to pay the purchase price for Receivables which are Ineligible Collateral Receivables as of the related purchase date; (ii) such purchase will not result in the occurrence of an Event of Default, and (iii) no Event of Default has occurred and remains continuing at the time of such purchase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) *Solvency*. After giving effect to each Advance hereunder, and the disbursement of the proceeds of such Advance, the Borrower shall remain Solvent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) *Insolvency Events*. The Borrower shall timely object to all proceedings of the type described in clause (a) of the definition of "Insolvency Event" instituted against it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) *Static Effective Advance Rate*. If on or after June 30, 2025 the Static Effective Advance Rate is not equal to or lower than [\*\*\*] (the "*Static AR Test*"), the Borrower shall sell Static Pool Collateral Receivables within ninety (90) calendar days of such occurrence and use [\*\*\*] of the proceeds thereof to repay the outstanding principal amount of the Static Advances of each Static Lender (*pro rata*, based on the principal amount of such Advances owed to each such Lender) until paid in full. For the avoidance of doubt, nothing herein shall prohibit the Borrower from receiving a capital contribution from the Seller consisting of cash and/or additional Static Pool Receivables in order to satisfy the Static AR Test.

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*Section 5.02. Negative Covenants of the Borrower*. The Borrower covenants and agrees that, until the Final Maturity Date (and thereafter until the date that all Obligations have been paid in full):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Restrictive Agreements*. It shall not enter into or suffer to exist or become effective any agreement that prohibits, limits or imposes any condition upon its ability to create, incur, assume or suffer to exist any Lien (other than Permitted Liens) upon any of its property or revenues constituting Collateral, whether now owned or hereafter acquired, to secure its obligations under the Facility Documents other than this Agreement and the other Facility Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Liquidation; Merger; Sale of Collateral*. It shall not consummate any plan of liquidation, dissolution, partial liquidation, merger or consolidation (or suffer any liquidation, dissolution or partial liquidation) nor sell, transfer, exchange or otherwise dispose of any of its assets, or enter into an agreement or commitment to do so or enter into or engage in any business with respect to any part of its assets, except as expressly permitted by this Agreement and the other Facility Documents (including in connection with the repayment in full of the Obligations or a Permitted Sale).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Amendments to Constituent Documents and Facility Documents*. Without the written consent of the Administrative Agent, (i) it shall not amend, modify or take any action inconsistent with its Constituent Documents; *provided* that with respect to any amendment or modification of its Constituent Documents that could not reasonably be expected to adversely affect the rights of the Administrative Agent or any Lender hereunder, the consent of the Administrative Agent shall not be unreasonably delayed or withheld, and (ii) it shall not amend, modify or waive any term or provision in any Facility Document (other than in accordance with any provision thereof requiring the consent of the Administrative Agent or the Required Lenders).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *ERISA*. Neither it nor any member of the ERISA Group shall establish any Plan or Multiemployer Plan or incur any liability with regard to a Plan or Multiemployer Plan (including any actual liability on account of a member of the ERISA Group).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Liens*. It shall not create, assume or suffer to exist any Lien on any of its assets now owned or hereafter acquired by it at any time, except for Permitted Liens or as otherwise expressly permitted by this Agreement and the other Facility Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Margin Requirements*. It shall not (i) extend credit to others for the purpose of buying or carrying any Margin Stock in such a manner as to violate Regulation T or Regulation U or (ii) use all or any part of the proceeds of any Advance, whether directly or indirectly, and whether immediately, incidentally or ultimately, for any purpose that violates the provisions of the Regulations of the Board of Governors, including, to the extent applicable, Regulation U and Regulation X.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) *Restricted Payments*. It shall not make, directly or indirectly, any Restricted Payment (whether in the form of cash or other assets) or incur any obligation (contingent or otherwise) to do so; *provided, however,* that the Borrower shall be permitted to make Restricted Payments from funds distributed to it pursuant to (i) the Priority of Payments and (ii) Section 5.01(f)(ii).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) *Changes to Filing Information*. It shall not change its name or its jurisdiction of organization from that referred to in Section 4.01(a), unless it gives thirty (30) days' prior written notice to the Administrative Agent and takes all actions necessary to protect and perfect the Administrative Agent's perfected security interest in the Collateral and shall promptly file appropriate amendments to all previously filed financing statements and continuation statements that are necessary to perfect the security interests of the Administrative Agent under this Agreement under each method of perfection required herein with respect to the Collateral (and shall provide copy of such amendments to the Administrative Agent).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *Transactions with Affiliates*. It shall not sell, lease or otherwise transfer any property or assets to (other than in accordance with clause (g) above), or purchase, lease or otherwise acquire any property or assets from, or otherwise engage in any other transactions with, any of its Affiliates (including, without limitation, sales of Defaulted Collateral Receivables and other Collateral Receivables) except as expressly contemplated by this Agreement and the other Facility Documents, unless such transaction is upon terms no less favorable to the Borrower than it would obtain in a comparable arm's length transaction with a Person that is not an Affiliate (it being agreed that any purchase or sale at par shall be deemed to comply with this provision).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) *Amendments to Credit Guidelines and Servicing Guide.* The Borrower shall not make, and shall not permit or cause the Seller or the Servicer, as applicable, to make any amendment, modification or supplement to the Credit Guidelines or Servicing Guide that would reasonably be expected to have an adverse effect on the Administrative Agent or the Lenders or on the enforceability or collectability of the Receivables, as determined by the Administrative Agent in its discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) *Subject Laws*. It shall not utilize directly or indirectly the proceeds of any Advance for the benefit of any Person whose name appears on the List of Specially Designated Nationals and Blocked Persons maintained by OFAC, and shall maintain and require that the Servicer maintain, internal controls and procedures designed to ensure its continued compliance with the applicable provisions of the Subject Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) *No Claims Against Advances*. Subject to Applicable Law, it shall not claim any credit on, make any deduction from, or dispute the enforceability of payment of the principal or interest payable (or any other amount) in respect of the Advances or assert any claim against any present or future Lender, by reason of the payment of any taxes levied or assessed upon any part of the Collateral.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) *Indebtedness; Guarantees; Securities; Other Assets*. It shall not incur or assume or guarantee any indebtedness, obligations (including contingent obligations) or other liabilities, or issue any additional securities, whether debt or equity, in each case other than (i) pursuant to or as expressly permitted by this Agreement and the other Facility Documents, (ii) obligations under its Constituent Documents or (iii) pursuant to customary indemnification and expense reimbursement and similar provisions under the Related Documents. The Borrower shall not acquire any Receivables or other property other than as expressly permitted hereunder and pursuant to the Receivable Purchase Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) *Validity of this Agreement*. It shall not (i) except as permitted by this Agreement, take any action that would permit the validity or effectiveness of this Agreement or any grant of Collateral hereunder to be impaired, or permit the lien of this Agreement to be amended, hypothecated, subordinated, terminated or discharged or permit any Person to be released from any covenants or obligations with respect to this Agreement and (ii) except as permitted by this Agreement, take any action that would permit the Lien of this Agreement not to constitute a valid first priority security interest in the Collateral (subject to Permitted Liens).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) *Subsidiaries*. It shall not have or permit the formation of any subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) *Name*. It shall not conduct business under any name other than its own.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) *Employees*. It shall not have any employees (other than officers and directors to the extent they are employees).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) *Non-Petition*. The Borrower shall not be party to any agreements other than the Facility Documents under which it has any material obligations or liability (direct or contingent) without using commercially reasonable efforts to include customary "non-petition" and "limited recourse" provisions therein (and shall not amend or eliminate such provisions in any agreement to which it is party).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) *Certificated Securities*. The Borrower shall not acquire or hold any certificated securities in bearer form (other than securities not required to be in registered form under Section 163(f)(2)(A) of the Code) in a manner that does not satisfy the requirements of United States Treasury Regulations section 1.165-12(c) (as determined by the Borrower).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) *Accounts.* The Borrower shall not assign or grant an interest in any rights it may have in the Collection Account to any Person other than the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) *Certificate of Title Opinion*. Upon the request of the Administrative Agent, the Borrower will within sixty (60) days of such request furnish to the Administrative Agent and the Lenders favorable legal opinions of counsel for the Borrower (which counsel, and the form and substance of such legal opinions, shall be reasonably satisfactory to the Administrative Agent) in each state in which the aggregate Principal Balance of the Collateral Receivables having Obligors with mailing addresses in such state equals or exceeds 10% of the aggregate Principal Balance of the Collateral Receivables, as to the requirements in each such state for the assignment of a security interest in the applicable Financed Vehicles. Such legal opinion shall, subject to reasonable and customary assumptions and qualifications, conclude that the security interest of the Administrative Agent in the applicable Financed Vehicles in such state will be perfected and may be enforced by the Administrative Agent notwithstanding the absence of a notation of the assignment of the security interest of the Originator to the Administrative Agent on the related Certificate of Title.

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*Section 5.03. Certain Undertakings Relating to Separateness*. (a) Without limiting any, and subject to all, other covenants of the Borrower contained in this Agreement, the Borrower shall conduct its business and operations separate and apart from that of any other Person (including the holders of the Equity Interests of the Borrower and their respective Affiliates) and in furtherance of the foregoing, the Borrower shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) not become involved in the day-to-day management of any other Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) not permit the JV Entity or any Affiliate to become involved in the day-to-day management of the Borrower, except as permitted hereunder or to the extent provided in the Facility Documents and the Borrower LLC Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) not engage in transactions with any other Person other than entering into the Facility Documents and those activities permitted by the Borrower LLC Agreement, the Facility Documents and matters necessarily incident or ancillary thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) observe all formalities required of a limited liability company under the laws of the State of Delaware;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) (i) maintain separate company records and books of account from any other Person and (ii) clearly identify its offices, if any, as its offices and, to the extent that the Borrower and its Affiliates have offices in the same location, allocate fairly and reasonably any overhead expenses that are shared with an Affiliate, including and for services performed by an employee of an Affiliate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) except to the extent otherwise permitted by the Facility Documents, maintain its assets separately from the assets of any other Person (including through the maintenance of a separate bank account) in a manner that is not costly or difficult to segregate, identify or ascertain such assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) maintain separate financial statements (or if part of a consolidated group, then it will show as a separate member of such group), books and records from any other Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) allocate and charge fairly and reasonably any overhead shared with Affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) transact all business with Affiliates on an arm's length basis and pursuant to written, enforceable agreements, except to the extent otherwise provided in the Facility Documents;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) not assume, pay or guarantee any other Person's obligations or advance funds to any other Person for the payment of expenses or otherwise, except pursuant to the Facility Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) conduct all business correspondence of the Borrower and other communications in the Borrower's own name, and use separate stationery, invoices, and checks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) not act as an agent of any other Person in any capacity except pursuant to contractual documents indicating such capacity and only in respect of transactions permitted by the Borrower LLC Agreement, the Facility Documents and matters necessarily incident thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) not act as an agent of JV Entity or any Affiliate, and not permit JV Entity or any Affiliate or agent of JV Entity or any Affiliate to act as its agent, except for any agent to the extent permitted under the Borrower LLC Agreement and the Facility Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) correct any known misunderstanding regarding the Borrower's separate identity from JV Entity or any Affiliate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) not permit any Affiliate of the Borrower to guarantee, provide indemnification for, or pay its obligations, except for any indemnities and guarantees in connection with any Facility Documents or any consolidated tax liabilities, or except as permitted by the Borrower LLC Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) compensate its consultants or agents, if any, from its own funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) except for invoicing for Collections and servicing of the Collateral Receivables, share any common logo with or hold itself out as or be considered as a department of JV Entity or any Affiliate, (b) any Affiliate of a general partner, shareholder, principal or member of JV Entity or any Affiliate, or (c) any other Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) maintain adequate capital in light of its contemplated business purpose, transactions and liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19) fail at any time to have at least one Independent Manager on its board of managers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20) appoint any Person as an Independent Manager of the Borrower (A) who does not satisfy the definition of an Independent Manager or (B), with respect to any Independent Manager appointed after the Closing Date, without giving ten (10) days' prior written notice to the Administrative Agent and the Lenders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21) amend, restate, supplement or otherwise modify its Constituent Documents in any respect that would impair its ability to comply with the Facility Documents;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22) conduct its business and activities in all respects in compliance with the assumptions contained in the legal opinions of Dechert LLP dated on or about the Closing Date relating to true sale and substantive consolidation issues (the *"Bankruptcy Opinions"*), unless within ten (10) Business Days of obtaining knowledge or receiving notice of any non-compliance with such assumptions, it has caused to be delivered to the Lenders a legal opinion of Dechert LLP (or other counsel acceptable to the Administrative Agent) that such non-compliance will not adversely affect the conclusions set forth in the Bankruptcy Opinions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23) require any representatives of the Borrower to act at all times with respect to the Borrower consistently and in furtherance of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Borrower hereby acknowledges that each Lender is entering into the transactions contemplated by this Agreement in reliance upon the Borrower's identity as a legal entity that is separate from its Affiliates.

*Section 5.04. Affirmative Covenants of the Servicer*. The Servicer covenants and agrees that, until the Final Maturity Date (and thereafter until the date that all Obligations have been paid in full):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Compliance with Agreements, Laws, Etc*. It shall (i) duly observe and comply in all material respects with all Applicable Laws relative to the conduct of its business or to its assets, including, without limitation, all lending, servicing and debt collection laws applicable to the Receivables and its activities and obligations as contemplated by the Facility Documents, (ii) preserve and keep in full force and effect its legal existence, (iii) preserve and keep in full force and effect its rights, privileges, qualifications and franchises (including, without limitation, all lending, servicing and debt collection licenses or qualifications applicable to the Receivables and its activities contemplated by the Facility Documents), except where the failure to do so could not reasonably be expected to result in a Material Adverse Effect, (iv) comply with the terms and conditions of each Facility Document and in all material respects with its Constituent Documents to which it is a party and (v) obtain, maintain and keep in full force and effect all Governmental Authorizations, Private Authorizations and Governmental Filings which are necessary or appropriate to properly carry out its business and the transactions contemplated to be performed by it under the Facility Documents, its Constituent Documents, the Contracts and all other agreements related to such Contracts, except where the failure to do so could not reasonably be expected to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Enforcement*. It shall not take any action, and will use commercially reasonable efforts not to permit any action to be taken by others, that would release any Person from any of such Person's covenants or obligations under any instrument included in the Collateral, except in the case of (A) repayment of Collateral Receivables, (B) subject to the terms of this Agreement, (1) amendments to the Contracts or other documents that govern Defaulted Collateral Receivables or Ineligible Collateral Receivables or that are otherwise reasonably deemed by the Servicer to be necessary, immaterial, or beneficial, taken as a whole, to the Borrower and not detrimental to the Administrative Agent and the

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Lenders and (2) enforcement actions taken or work-outs with respect to any Defaulted Collateral Receivable in accordance with the provisions hereof, (C) actions in conformity with this Agreement or any other Facility Document or as otherwise required hereby or thereby, as the case may be, or (D) as required pursuant to Applicable Law or, unless in violation of this Agreement or any other Facility Documents or the Contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Other Information*. It shall provide to the Administrative Agent or cause to be provided to the Administrative Agent (with enough additional copies for each Lender), as applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) as soon as possible, and in any event within one (1) Business Day after a Responsible Officer of the Servicer obtains actual knowledge of the occurrence and continuance of any Servicer Event of Default, a certificate of a Responsible Officer of the Servicer setting forth the details thereof and the action which the Servicer is taking or proposes to take with respect thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) from time to time such additional information or documents regarding the Servicer's financial position or business and the Collateral as the Administrative Agent or the Required Lenders (through the Administrative Agent) may reasonably request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) promptly deliver to the Administrative Agent written notice of any proposed amendment or modification of the Servicing Guide, except for any amendment or modification that is solely intended to correct any typographical errors or to make any immaterial, non-substantive clarifying changes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) upon reasonable request by the Administrative Agent or the Required Lenders, the Servicer shall provide, or cause to be provided, to the Administrative Agent any information or document in the Servicer's possession relating to the Receivables and the Contracts, or if such information or documents are not in the Servicer's possession, the Servicer shall make commercially reasonable efforts to obtain such information or documents; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) if any information provided to the Administrative Agent or the Lenders pursuant to Section 4.01(i) hereof for any reason is not true, complete and correct in any material respect, the Servicer shall within five (5) Business Days provide the true, complete and correct information to the Administrative Agent following the earlier of (y) written notice to the Servicer by the Administrative Agent or (z) actual knowledge of a Responsible Officer of the Servicer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Access to Records and Documents*. As often as the Administrative Agent may reasonably request, upon reasonable advance notice and during normal business hours, Servicer shall permit the Administrative Agent, jointly with any Lender (or any Person designated by the Administrative Agent or such Lender) to visit and inspect and make copies thereof at reasonable intervals, but in any event no more than twice during any fiscal year of the Servicer, or as often and at any time in the sole discretion of the

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Administrative Agent following the occurrence of an Unmatured Event of Default or an Event of Default, in each case, which remains continuing, of (i) Servicer's books, records and accounts relating to the Collateral and its performance under the Facility Documents and to discuss the foregoing with its and such Person's officers, partners, employees and accountants, and (ii) all of the Contracts, in each case, for the avoidance of doubt, including access to each electronic portal maintained by the Servicer or the Collateral Custodian upon which any Related Documents or any other records relating to the Collateral Receivables or other Collateral may be posted and the ability to review and access any payment history with respect to the Collateral that the Servicer or the Collateral Custodian may have access to through an electronic portal or otherwise. Any Person entitled to jointly visit and inspect the Servicer's records with the Administrative Agent under this clause (e) may only exercise such rights under this clause (e) twice during any fiscal year of the Servicer, or as often and at any time following the occurrence of an Unmatured Event of Default or an Event of Default which remains continuing. The Servicer shall be responsible for the reasonable costs and expenses for two simultaneous visits per calendar year requested by the Administrative Agent. It shall also consult with the Administrative Agent (or any Person designated by the Administrative Agent) in connection with any exercise of any similar inspection rights granted to it with respect to the Borrower, the Seller or the Originator, and will use commercially reasonable efforts to have the findings of any such inspection provided directly to the Administrative Agent, or will promptly provide any such findings provided to it in connection with the exercise of such inspection rights to the Administrative Agent. In the event the Servicer has not exercised any such inspection rights granted to it, the Administrative Agent may request the Servicer to exercise such rights, and the Servicer will comply with any such reasonable request to exercise inspection and audit rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Notice of Proceedings*. It shall provide written notice to the Administrative Agent of the occurrence of any proceeding, action, litigation or investigation pending before any Governmental Authority, or, to the actual knowledge of the Servicer, any non-frivolous threat thereof against the Servicer, which, if such threatened action is by an Obligor, if adversely determined, could reasonably be expected to have a Material Adverse Effect on the Servicer, within two (2) Business Days of the occurrence of any such pending proceeding, action, litigation or investigation or within two (2) Business Days upon becoming aware of any such non-frivolous threat of such proceeding, action, litigation or investigation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Collections*. The Borrower shall cause, or shall direct the Servicer to cause, all such Collections in respect of the Collateral to be deposited by electronic transfer, wire transfer or automatic clearing house directly into the Collection Account or to the Servicer Account, and shall cause, or shall direct the Servicer to cause, any such applicable Collections in the Servicer Account to be deposited into the Collection Account within two (2) Business Days of receipt. The Borrower shall ensure that no Person, other than as contemplated by and subject to this Agreement, has been granted dominion and control of the Collection Account, or the right to take dominion and control of the Collection Account at a future time or upon the occurrence of a future event.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) *Notice Regarding Collateral.* The Servicer shall advise the Administrative Agent and the Collateral Custodian in writing promptly, in reasonable detail of (i) any Lien (other than a Permitted Lien) asserted or claim made against any portion of the Collateral, (ii) the occurrence of any breach by the Servicer of any of its representations, warranties and covenants contained herein and (iii) the occurrence of any other event which would have a material adverse effect on the security interest of the Administrative Agent or the Collateral Custodian on behalf of the Secured Parties in the Collateral or the collectability of all or a material portion of the Receivables, or which would have a material adverse effect on the security interests of the Administrative Agent or the Collateral Custodian for the benefit of the Secured Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) *Realization on Receivables*. In the event that the Servicer realizes upon any Collateral Receivable or Financed Vehicle, the methods utilized by the Servicer to realize upon such Collateral Receivable or Financed Vehicle or otherwise enforce any provisions of such Collateral Receivable will not subject the Servicer, the Borrower, any Secured Party, the Collateral Custodian, the Lenders or the Administrative Agent to liability under any federal, state or local law, and any such realization or enforcement by the Servicer will be conducted in accordance with the provisions of this Agreement, the Servicing Guide and Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *Extension or Amendment of Contracts*. The Servicer will not, except as otherwise permitted in Section 10.04(c)(i), extend, amend or otherwise modify the terms of any Contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) *Release; Additional Covenants*. The Servicer shall (i) not release any Financed Vehicle securing any Collateral Receivable from the security interest granted therein by such Collateral Receivable in whole or in part except in the event of payment in full by the Obligor thereunder or upon transfer of such Financed Vehicle to a purchaser following repossession by the Servicer, (ii) not impair the rights of the Borrower, the Administrative Agent, the Collateral Custodian or the Secured Parties in the Collateral, (iii) not increase the number of scheduled payments due under a Collateral Receivable except as permitted herein, (iv) prior to the payment in full of any Collateral Receivable, not sell, pledge, assign, or transfer to any other Person, or grant, create, incur, assume or suffer to exist any Lien (other than Permitted Liens) on such Collateral Receivable or any interest therein, (v) immediately notify the Borrower, the Backup Servicer, the Collateral Custodian and the Administrative Agent of the existence of any Lien on any portion of the Collateral (other than the Lien of the Administrative Agent) if the Servicer has actual knowledge thereof, (vi) defend the right, title and interest of the Borrower, the Secured Parties, the Collateral Custodian and the Administrative Agent in, to and under the Collateral against all claims of third parties claiming through or under the Servicer, (vii) deposit into the Collection Account, all payments received by the Servicer with respect to the Collateral Receivables in accordance with this Agreement, (viii) comply with the terms and conditions of this Agreement relating to the obligation of the Borrower to remove Collateral Receivables from the Collateral pursuant to this Agreement and the obligation of Seller to reacquire Receivables from the Borrower pursuant to the Receivable Purchase Agreement, (ix) promptly notify the Borrower, the Backup Servicer, the Collateral

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Custodian and the Administrative Agent of the occurrence of any Servicer Event of Default and any breach by the Servicer of any of its covenants or representations and warranties contained herein, (x) promptly notify the Borrower, the Backup Servicer, the Collateral Custodian and the Administrative Agent of the occurrence of any event which, to the knowledge of the Servicer, would require that the Borrower make or cause to be made any filings, reports, notices or applications or seek any consents or authorizations from any and all Government Authorities in accordance with the relevant UCC and any state vehicle license or registration authority as may be necessary or advisable to create, maintain and protect a first priority security interest of the Administrative Agent in, to and on the Financed Vehicles and a first priority security interest of the Administrative Agent in, to and on the other Collateral, and (xi) take all commercially reasonable action necessary to maximize the returns pursuant to the Insurance Policies.

The Servicer shall, within two Business Days of its receipt thereof, respond to reasonable written directions or written requests for information that the Backup Servicer, the Collateral Custodian, the Borrower or the Administrative Agent might have with respect to the administration of the Receivables.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) *Maintenance of Security Interest in Financed Vehicles*. (a) Consistent with the policies and procedures required by this Agreement, the Servicer shall take such steps as are necessary to maintain perfection of the security interest created in the name of the Seller by each Collateral Receivable in the related Financed Vehicle in favor of the Administrative Agent for the benefit of the Secured Parties, including but not limited to obtaining the execution or authorization, as applicable, by the Obligors for the recording, registering, filing, re-recording, re-filing, and re-registering of all security agreements, financing statements and continuation statements as are necessary to maintain the security interest granted by the Obligors under the respective Contracts. The Administrative Agent hereby authorizes the Servicer, and the Servicer agrees, to take any and all steps necessary to re-perfect such security interest in favor of the Administrative Agent for the benefit of the Secured Parties as necessary due to of the relocation of a Financed Vehicle or for any other reason. In the event that the assignment of a Collateral Receivable to the Administrative Agent is insufficient without a notation on the related Financed Vehicle's Certificate of Title, or without fulfilling any additional administrative requirements under the laws of the state in which the Financed Vehicle is located, to perfect a security interest in the related Financed Vehicle in favor of the Administrative Agent, the parties hereto agree that the Seller's designation as the secured party on the Certificate of Title is, with respect to each secured party, as applicable, in its capacity as agent of the Administrative Agent; *provided* that, if such designation is not effective under applicable law to perfect such security interest in favor of the Administrative Agent, the Seller shall as promptly as possible cause the Administrative Agent to be noted on the related Financed Vehicle's Certificate of Title as being the secured party or take such other administrative measures as may be acceptable to the Administrative Agent for such purpose. The Servicer shall provide copies of all such filings to the Administrative Agent and the Collateral Custodian.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) *Amendments to Servicing Guide.* The Servicer shall not make any amendment, modification or supplement to the Servicing Guide that would reasonably be expected to have an adverse effect on the Administrative Agent or the Lenders or on the enforceability or collectability of the Receivables, as determined by the Administrative Agent in its discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) *Post-Closing Regulatory Obligations*. Within sixty (60) days following the Closing Date, the Servicer shall provide evidence to the Administrative Agent of the completion of each of the following by the the Sponsor, the Seller or the Servicer, as applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Servicer's policies shall be updated to ensure compliance with the MLA to the extent applicable under current Department of Defense interpretative guidance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Seller's and Servicer's policies shall be updated to account for state-level protections that supplement the rights provided under the SCRA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Seller's and Servicer's Know Your Customer Policy (as provided to the Administrative Agent prior to the Closing Date) shall be updated to include a "Monitoring of Transactions" section as noted in the introduction of such policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Service Provider Program Manual (as provided to the Administrative Agent prior to the Closing Date) shall be updated to include a section on the probation and/or termination of vendors retained by the Servicer who do not meet performance standards set forth therein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Servicer shall have added a bankruptcy disclaimer to notices of right to cure default letters delivered to Obligors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) if, after discussion and consultation with regulatory counsel approved by the Administrative Agent, the Servicer or Seller determines that state consumer lending laws in states in which the Servicer or Seller, as applicable, is not licensed, but in which greater than or equal to five percent (5%) (based on percentage of the aggregate Principal Balance of all Collateral Receivables) of Obligors reside, require that Servicer or Seller obtain additional licenses, the Servicer or Seller, as applicable, shall have made application for all such necessary state consumer lending licenses.

**ARTICLE VI** 

**EVENTS OF DEFAULT** 

*Section 6.01. Events of Default*. "*Event of Default*," wherever used herein, means any one of the following events (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body):

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a default in the payment, when due and payable, of any interest on any Advance or any other payment or deposit required to be made hereunder, or under any Facility Documents or the failure to reduce the outstanding Advances to $0 on the Final Maturity Date; *provided*, that the failure to pay interest on any Class B Revolving Advance shall not constitute an Event of Default either (x) during the Amortization Period or (y) after the Amortization Period has expired or if an Accelerated Amortization Event or Event of Default has occurred and is continuing, in each case, so long as any Class A Revolving Advance remains outstanding; *provided further*, that the failure to pay any principal amount due with respect to any Static Advance on any date including any Payment Date (other than on the Final Maturity Date or consisting of a default in the performance or breach of the covenant set forth in Section 5.01(p)) shall not constitute an Event of Default hereunder; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) failure to satisfy any of the Class A Maximum Committed Revolving Advance Rate Test or the Class B Maximum Committed Revolving Advance Rate Test for two (2) or more Business Days after the earlier of (x) the most recent Reporting Date or (y) knowledge of such failure by a Responsible Officer of the Borrower, or (ii) if any Incremental Revolving Advances are outstanding, failure to satisfy either the Class A Maximum Revolving Advance Rate Test or the Class B Maximum Revolving Advance Rate Test for two (2) or more Business Days after the earlier of (x) the most recent Reporting Date or (y) knowledge of such failure by a Responsible Officer of the Borrower; *provided* that for purposes of determining whether an Event of Default has occurred under this clause (b), in calculating the Class A Maximum Committed Revolving Advance Rate Test or the Class A Maximum Revolving Advance Rate Test, as applicable, the Class A Advance Rate with respect to any Available Revolving Pool Collateral Receivable comprising Refinance Loans shall be deemed to be 85.0% at all times and the Class A Advance Rate with respect to any other Available Revolving Pool Collateral Receivable shall be deemed to be 85.0% at all times and in calculating the Class B Maximum Committed Revolving Advance Rate Test or the Class B Maximum Committed Revolving Advance Rate Test, as applicable, the Class B Advance Rate shall be deemed to be 95.0% at all times; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Administrative Agent shall fail to have a first priority perfected security interest in the Collateral (other than with respect to a *de minimis* portion thereof and subject to Permitted Liens); *provided, however,* that if the Administrative Agent determines in its sole discretion that such failure is capable of being cured and so notifies the Borrower in writing, the Borrower shall fail to cure such event within three (3) Business Days following delivery of such notice by the Administrative Agent; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the failure of any representation or warranty of the Borrower, the Servicer or the Sponsor made in this Agreement, in any other Facility Document or in any certificate or other writing delivered pursuant hereto or thereto or in connection herewith or therewith to be correct in each case in all material respects when the same shall have been made (except to the extent any such representation or warranty is already qualified by materiality, in which case such representation and warranty shall be true and correct in all respects) and such failure shall remain uncured for a period in excess of fifteen (15) days after the earlier of (x) written notice to the Borrower (which may be by email) by the Administrative Agent, and (y) actual knowledge of a Responsible Officer of the Borrower or a Responsible Officer of the Servicer or the Sponsor; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) a default in the performance or breach of the covenants set forth in Section 5.01(a)(ii), 5.01(b), 5.01(j), 5.01(p) or 5.02;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) except as otherwise provided in this Section 6.01, a default in any material respect in the performance, or breach in any material respect, of any other covenant or other agreement of the Borrower under this Agreement or the other Facility Documents or default in the performance or breach of the Servicer of any covenant set forth in Section 5.04(m) and the continuation of such default or breach for a period of ten (10) Business Days following the earlier of (x) written notice to the Borrower (which may be by email) by the Administrative Agent, and (y) actual knowledge of a Responsible Officer of the Borrower or a Responsible Officer of the Sponsor; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) one or more non-appealable judgments or orders for the payment of an amount or adverse rulings shall be rendered against the Borrower and with respect to which the Borrower has knowledge (or should have knowledge) that could reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect on such Person and such judgment or ruling shall remain unsatisfied, unvacated, unbonded or unstayed for a period in excess of thirty (30) days; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) an Insolvency Event relating to the Borrower, the Servicer or the Sponsor shall have occurred; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) (i) either (A) any event that constitutes a Backup Servicer Event of Default shall have occurred and be continuing and shall not have been waived by the Borrower with the written consent of the Administrative Agent or (B) any Backup Servicing Agreement fails to be in place or is otherwise terminated and (ii) a successor Backup Servicer reasonably acceptable to the Administrative Agent is not appointed within sixty (60) days following the date of such default, occurrence, failure or termination; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) (i) any event that constitutes a Servicer Event of Default or an event relating to any Servicer that would have a Material Adverse Effect shall have occurred and be continuing, and with respect to a Servicer Event of Default, shall not have been waived by the Borrower with the written consent of the Administrative Agent and (ii) the Borrower fails to appoint a replacement servicer reasonably acceptable to the Administrative Agent within sixty (60) days following the date of such default or occurrence; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) a Change of Control occurs; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) the occurrence of a Material Adverse Effect with respect to the Borrower or the Sponsor; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) the Borrower becomes an investment company required to be registered under the Investment Company Act; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) the Borrower or the Servicer shall have failed to cause all Collections in respect of the Collateral to be deposited into the Collection Account within two (2) Business Days of receipt of such Collections in the Servicer Account; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) (1) any Facility Document shall (except in accordance with its terms) terminate, cease to be effective or cease to be the legally valid, binding and enforceable obligation of the Borrower, the Sponsor, the Seller, the Collateral Custodian, the Verification Agent, the Backup Servicer or the Servicer, as applicable, or (2) the Borrower, the Sponsor, the Seller, the Collateral Custodian, the Verification Agent, the Backup Servicer or the Servicer shall, directly or indirectly, contest in any manner the effectiveness, validity, binding nature or enforceability of any Facility Document or any Lien purported to be created thereunder; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) (i) the occurrence of a breach by the Sponsor of any financial covenants set forth in Section 9(n) of the Sponsor Indemnity Agreement; (ii) a default in any material respect in the performance, or breach in any material respect, of the representation set forth in Section 8(k) of, or any covenant (other than the financial covenants set forth in Section 9(n)) or other agreement of the Sponsor under the Sponsor Indemnity Agreement and the continuation of such default or breach for a period of ten (10) Business Days; or (iii) the Sponsor shall have defaulted or failed to perform under any note, indenture, loan agreement, guaranty, swap agreement or any other contract, agreement or transaction (including, without limitation, any repurchase agreement, loan and security agreement or similar credit facility or agreement for borrowed funds), in each case with respect to indebtedness for borrowed funds or other payment obligations in excess of $1,000,000, to which it is a party, in each case after the earlier of (x) written notice to Sponsor by the Administrative Agent (which may be by email), and (y) actual knowledge of a Responsible Officer of the Sponsor; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) the occurrence of any of the following <u>on any date of determination other than during a Holiday Period</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) either (x) the Three-Month Rolling Average Delinquency Ratio (Revolving Pool) shall be greater than [\*\*\*] or (y) the Three-Month Rolling Average Delinquency Ratio (Static Pool) shall be greater than [\*\*\*]; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) either (x) the Six-Month Rolling Average Net Loss Ratio (Revolving Pool) shall be greater than [\*\*\*] or (y) the Six-Month Rolling Average Net Loss Ratio (Static Pool) shall be greater than [\*\*\*].

*Section 6.02. Remedies upon an Event of Default*. (a) Upon the occurrence and during the continuance of any Event of Default, in addition to all rights and remedies specified in this Agreement and the other Facility Documents, including Article VII, and the rights and remedies of a secured party under Applicable Law, including the UCC, the Administrative Agent, following the direction of, or consent by, the Required Lenders, by notice to the Borrower, may declare the principal of and the accrued interest on the Advances and all other amounts whatsoever payable by the Borrower hereunder to be forthwith due and payable, whereupon such amounts shall be immediately due and payable without presentment, demand, protest or other formalities of any kind, all of which are hereby waived by the Borrower; *provided* that, upon the occurrence of any Event of Default described in clause (i) of Section 6.01, the Advances and all such other amounts shall automatically become due and payable, without any further action by any party.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon the occurrence and during the continuation of an Event of Default, following written notice by the Administrative Agent (provided in its sole discretion or at the direction of the Required Lenders) of the exercise of control rights with respect to the Collateral pursuant to and in accordance with the UCC, the Borrower will sell, otherwise dispose of or repay any Obligations with respect to any Collateral Receivable as directed by the Administrative Agent in its sole discretion at any time after the occurrence and during the continuation of an Event of Default, provided that any such sale or other disposition directed by the Administrative Agent shall be on commercially reasonable terms in every respect (which, for the avoidance of doubt, includes the Administrative Agent using reasonable efforts and at an arm's length process to maximize proceeds of a sale to all Lenders of the Collateral). The proceeds of any such sale or disposition shall be applied in accordance with the Priority of Payments.

**ARTICLE VII** 

**PLEDGE OF COLLATERAL; RIGHTS OF THE ADMINISTRATIVE AGENT** 

*Section 7.01. Grant of Security*. (a) The Borrower hereby grants, pledges, transfers and collaterally assigns to the Administrative Agent, for the benefit of the Secured Parties, as collateral security for all Obligations, a continuing first priority security interest in, and a Lien upon, all of the Borrower's right, title and interest in, to and under, the following property, in each case whether tangible or intangible, wheresoever located, and whether now owned by the Borrower or hereafter acquired and whether now existing or hereafter coming into existence (all of the property described in this Section 7.01(a) being collectively referred to herein as the *"Collateral"*):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all Receivables and the related Contracts (and all rights, remedies, powers, privileges and claims thereunder or in respect thereto, whether arising pursuant to the terms thereof or otherwise available to the Borrower at law or equity, including the right to enforce each such Contract, both now and hereafter owned), including all Collections and other proceeds thereon or with respect thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all related Financed Vehicles (including Financed Vehicles that have been repossessed) or in any document or writing evidencing any security interest in any such Financed Vehicle and each security interest in each such Financed Vehicle securing the related Receivable, including all proceeds from any sale or other disposition of such Financed Vehicles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Collection Account and all Cash on deposit therein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) all Receivable Files and the documents, agreements and instruments included in the Receivable Files, including rights of recourse of the Borrower against the Originator;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) all Records, documents and writings evidencing or related to the Receivables or the Contracts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) all rights to payment under all Insurance Policies with respect to the related Financed Vehicles, including any monies collected from whatever source in connection with any default of an Obligor with respect to such Financed Vehicle and any proceeds from claims or refunds of premiums on any Insurance Policy, and all proceeds thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) all rights to payment under all servicer contracts and other contracts and agreements associated with the Receivables and all recourse rights against the Originator;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) each Facility Document (other than this Agreement) and all rights, remedies, powers, privileges and claims thereunder or in respect thereto (whether arising pursuant to the terms thereof or otherwise available to the Borrower at law or equity), including the right to enforce each such Facility Document and to give or withhold any and all consents, requests, notices, directions, approvals, extensions or waivers under or with respect thereto, to the same extent as the Borrower could but for the assignment and security interest granted to the Administrative Agent under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) all accounts, chattel paper, deposit accounts, financial assets, general intangibles, instruments, investment property, letter-of-credit rights and other supporting obligations relating or credited to the foregoing (in each case as defined in the UCC);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) all other general intangibles and payment intangibles of the Borrower, including, without limitation, all general intangibles of the Borrower which are delivered to the Administrative Agent (or any custodian on its behalf) by or on behalf of the Borrower or held by any Person by or on behalf of the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) all security interests, Liens, collateral, property, equipment, guaranties, supporting obligations, insurance and other agreements or arrangements of whatever character from time to time supporting or securing payment of the assets, investments and properties described above; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) all Proceeds of any and all of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All terms used in this Section 7.01 that are defined in the UCC but are not defined in Section 1.01 shall have the respective meanings assigned to such terms in the UCC. The Borrower hereby designates the Administrative Agent as its agent and attorney in fact to prepare and file any UCC-1 financing statement, continuation statement and all other instruments, and take all other actions, required pursuant to Section 7.07. Such designation shall not impose upon the Administrative Agent, or release or diminish, the Borrower's obligations under this Section 7.01. The Borrower further hereby authorizes the Administrative Agent's or the Borrower's counsel to file, without the Borrower's signature, a UCC-1 financing statement that name the Borrower as debtor and the Administrative Agent as secured party and that describe the Collateral in which the Administrative Agent has a grant of security hereunder and any amendments or continuation statements that may be necessary or desirable. The Borrower authorizes the UCC-1 financing

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statement naming the Borrower as debtor to describe the Collateral therein as "all assets." In accordance with the Borrower LLC Agreement, the Borrower shall from time to time execute and deliver all such supplements and amendments hereto and shall take such other action as the Administrative Agent may reasonably request to secure and maintain the rights and remedies of the Secured Parties hereunder.

*Section 7.02. Release of Security Interest*. If all Obligations have been paid in full, the Administrative Agent (for itself and on behalf of the other Secured Parties) shall, at the expense of the Borrower, promptly execute, deliver and file or authorize for filing such instruments as the Borrower shall reasonably request in order to reassign, release or terminate the Secured Parties' security interest in the Collateral. The Secured Parties acknowledge and agree that following the execution of a Consent and Release and upon the sale or disposition of any Collateral by the Borrower in compliance with the terms and conditions of this Agreement, the security interest of the Secured Parties in such Collateral shall immediately terminate and the Administrative Agent (for itself and on behalf of the other Secured Parties) shall, at the expense of the Borrower, execute, deliver and file or authorize for filing such instrument as the Borrower shall reasonably request to reflect or evidence such termination. Any and all actions under this Article VII in respect of the Collateral shall be without any recourse to, or representation or warranty by any Secured Party and shall be at the sole cost and expense of the Borrower.

*Section 7.03. Rights and Remedies*. The Administrative Agent (for itself and on behalf of the other Secured Parties) shall have all of the rights and remedies of a secured party under the UCC and other Applicable Law. Upon the occurrence and during the continuance of an Event of Default, the Administrative Agent may (and, subject to direction by the Required Lenders, shall), among other remedies: (i) instruct the Borrower to deliver any or all of the Collateral, the Contracts and any other documents relating to the Collateral to the Administrative Agent or its designees and otherwise give all instructions for the Borrower regarding the Collateral; (ii) subject to Section 6.02(b), sell or otherwise dispose of the Collateral in a commercially reasonable manner; (iii) take control of the Proceeds of any such Collateral; (iv) subject to the provisions of the applicable Contracts, exercise any consensual or voting rights in respect of the Collateral; (v) make extensions, exchanges or substitutions for, all or any part of the Collateral; (vi) enforce the Borrower's rights and remedies with respect to the Collateral; (vii) institute and prosecute legal and equitable proceedings to enforce collection of, or realize upon, any of the Collateral; (viii) require that the Borrower immediately take all actions necessary to cause the liquidation of the Collateral in order to pay all amounts due and payable in respect of the Obligations, in accordance with the terms of the Related Documents; (ix) redeem or withdraw or cause the Borrower to redeem or withdraw any asset of the Borrower to pay amounts due and payable in respect of the Obligations; (x) make copies of or, if necessary, remove from the Borrower's, the Backup Servicer's, the Servicer's and their respective agents' place of business all books, records and documents relating to the Collateral; and (xi) endorse the name of the Borrower upon any items of payment relating to the Collateral or upon any proof of claim in bankruptcy against an obligor.

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The Borrower hereby agrees that, upon the occurrence and during the continuance of an Event of Default, at the request of the Administrative Agent or the Required Lenders (acting through the Administrative Agent), it shall execute all documents and agreements which are necessary or appropriate to have the Collateral to be assigned to the Administrative Agent or its designee. For purposes of taking the actions described in clauses (i) through (xi) of this Section 7.03, the Borrower hereby irrevocably appoints the Administrative Agent as its attorney-in-fact (which appointment being coupled with an interest and is irrevocable while any of the Obligations remain unpaid, with power of substitution), in the name of the Administrative Agent or in the name of the Borrower or otherwise, for the use and benefit of the Administrative Agent (for the benefit of the Secured Parties), but at the cost and expense of the Borrower and, except as prohibited by Applicable Law, without notice to the Borrower.

*Section 7.04. Remedies Cumulative*. Each right, power, and remedy of the Administrative Agent and the other Secured Parties, or any of them, as provided for in this Agreement or in the other Facility Documents or now or hereafter existing at law or in equity or by statute or otherwise shall be cumulative and concurrent and shall be in addition to every other right, power, or remedy provided for in this Agreement or in the other Facility Documents or now or hereafter existing at law or in equity or by statute or otherwise, and the exercise or beginning of the exercise by the Administrative Agent or any other Secured Party of any one or more of such rights, powers, or remedies shall not preclude the simultaneous or later exercise by such Persons of any or all such other rights, powers, or remedies; *provided*, *however*, that no Secured Party may exercise any rights or remedies hereunder other than through the Administrative Agent or as consented to by the Administrative Agent; *provided*, *further*, *however*, that the Required Lenders may exercise any rights and remedies hereunder if, after directing the Administrative Agent in writing, the Administrative Agent does not comply with such instructions for any reason.

*Section 7.05. Contracts*. (a) The Borrower hereby agrees that, to the extent not expressly prohibited by the terms of the Contracts, after the occurrence and during the continuance of an Event of Default, it shall (i) upon the written request of the Administrative Agent, promptly forward to the Administrative Agent, the Servicer and the Backup Servicer (or other successor servicer) all material information and notices which it receives under or in connection with the Contracts or other documents relating to the Collateral, and (ii) upon the written request of the Administrative Agent, act and refrain from acting in respect of any request, act, decision or vote under or in connection with the Contracts relating to the Collateral only in accordance with the direction of the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Borrower agrees that, to the extent the same shall be in the Borrower's possession, it will hold all Contracts and other documents relating to the Collateral in trust for the Administrative Agent on behalf of the Secured Parties, and upon request of the Administrative Agent following the occurrence and during the continuance of an Event of Default or as otherwise provided herein, promptly deliver the same to the Administrative Agent or its designee (including the Collateral Custodian, the Electronic Collateral Custodian, the Verification Agent or the Backup Servicer). In addition, in accordance with the Backup Servicing Agreement, on or before each Borrowing Date, the Borrower shall, or shall cause the Servicer to, deliver to the Verification Agent an electronic file containing the Contract for each Receivable to be included in the Collateral on such Borrowing Date and any other information relating to each such Receivable required by the Backup Servicing Agreement.

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*Section 7.06. Borrower Remains Liable*. (a) Notwithstanding anything herein to the contrary, (i) the Borrower shall remain liable under the contracts and agreements included in and relating to the Collateral to the extent set forth therein, and shall perform all of its duties and obligations under such contracts and agreements to the same extent as if this Agreement had not been executed, and (ii) the exercise by any Secured Party of any of its rights hereunder shall not release the Borrower from any of its duties or obligations under any such contracts or agreements included in the Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No obligation or liability of the Borrower is intended to be assumed by the Administrative Agent or any other Secured Party under or as a result of this Agreement or the other Facility Documents, and the transactions contemplated hereby and thereby, including under any Related Document or any other agreement or document that relates to Collateral and, to the maximum extent permitted under provisions of law, the Administrative Agent and the other Secured Parties expressly disclaim any such assumption.

*Section 7.07. Protection of Collateral*. The Borrower shall from time to time execute and deliver, or caused to be executed and delivered, all such supplements and amendments hereto and file or authorize the filing of all such UCC-1 financing statements, continuation statements, instruments of further assurance and other instruments, and shall take such other action as may be necessary or advisable or desirable to secure the rights and remedies of the Secured Parties hereunder and to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) grant security more effectively on all or any portion of the Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) maintain, preserve and perfect any grant of security made or to be made by this Agreement including, without limitation, the first priority nature of the lien or carry out more effectively the purposes hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) perfect, publish notice of or protect the validity of any grant made or to be made by this Agreement (including, without limitation, any and all actions reasonably necessary or desirable as a result of changes in law or regulations);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) enforce any of the Collateral or other instruments or property included in the Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) preserve and defend title to the Collateral and the rights therein of the Administrative Agent and the Secured Parties in the Collateral against the claims of all third parties; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) pay or cause to be paid any and all taxes levied or assessed upon all or any part of the Collateral.

The Borrower hereby designates the Administrative Agent as its agent and attorney in fact to prepare and file any UCC-1 financing statement, continuation statement and all other instruments, and take all other actions, required pursuant to this Section 7.07. Such designation shall not impose upon the Administrative Agent, or release or diminish, the Borrower's obligations under this Section 7.07 or Section 5.01(c). The Borrower hereby further authorizes the Administrative Agent to file, without the Borrower's signature, UCC-1 financing statements that names the Borrower as debtor and the Administrative Agent as secured party and that describes "all assets in which the debtor now or hereafter has rights" as the Collateral in which the Administrative Agent has a grant of security hereunder and any amendments or continuation statements that may be necessary or desirable.

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**ARTICLE VIII** 

**ACCOUNTS, ACCOUNTINGS AND RELEASES** 

*Section 8.01. Collection of Money*. Except as otherwise expressly provided herein, the Administrative Agent may demand payment or delivery of, and shall receive and collect, directly and without intervention or assistance of any fiscal agent or other intermediary, all Money and other property payable to or receivable by the Administrative Agent pursuant to this Agreement, including all payments due on the Collateral, in accordance with the terms and conditions of such Collateral. The Administrative Agent shall segregate and hold all such Money and property received by it in trust for the Secured Parties and shall apply it as provided in this Agreement. The Collection Account shall be established and maintained under an Account Control Agreement with the Account Bank. The Collection Account may contain any number of subaccounts for the convenience of the Administrative Agent or for convenience in administering the Collection Account or other Collateral.

*Section 8.02. Collection Account*. In accordance with this Agreement and the Account Control Agreement, the Borrower shall, on or prior to the Closing Date, establish at the Account Bank a deposit account in the name of the Borrower, which shall be designated as the "Collection Account," which shall be maintained with the Account Bank in accordance with the Account Control Agreement and which shall be subject to the lien of the Administrative Agent. The Borrower shall deposit, or caused to be deposited, from time to time into the Collection Account, in accordance with the terms of this Agreement, all Collections received. All monies deposited from time to time in the Collection Account pursuant to this Agreement shall be held by the Account Bank as part of the Collateral and shall be applied to the purposes herein provided and released to the Borrower only on Payment Dates to the extent of funds available under Section 9.01(a)(x).

*Section 8.03. Accountings*. The Borrower shall provide (or cause to be compiled and provided) a monthly report on a settlement basis (each, a *"Monthly Report"*) for the previous Collection Period no later than 12:00 noon on each Reporting Date. The Monthly Report delivered for any Collection Period shall contain the information with respect to the Collateral Receivables included in the Collateral set forth in Schedule 2 hereto (including, without limitation, a calculation of each of the Class A Maximum Committed Revolving Available Amount, the Class B Maximum Committed Revolving Available Amount and the Maximum Committed Revolving Available Amount and following any Incremental Revolving Advance hereunder, the Class A Maximum Revolving Available Amount, the Class B Maximum Revolving Available Amount and the Maximum Revolving Available Amount), and shall be determined as of the last day of the Collection Period applicable to such Monthly Report. Each Monthly Report shall also include a Maximum Advance Rate Test Calculation Statement determined as of the last day of the Collection Period applicable to such Monthly Report. Each delivery of a Monthly Report shall be

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deemed a representation and warranty by the Borrower that each of the Collateral Receivables included in the Borrowing Base set forth therein satisfies (i) in the case of Revolving Pool Collateral Receivables, each of the criteria set forth in clause (i) of the definition of Collateral Receivable and (ii) in the case of Static Pool Collateral Receivables, each of the criteria set forth in clause (ii) of the definition of Collateral Receivable.

*Section 8.04. Release of Security*. (a) In connection with any Permitted Sale of any Receivable, the Borrower shall deliver a Consent and Release to the Administrative Agent at least ten (10) Business Days prior to the settlement date for any sale of such Receivable certifying that such sale is a Permitted Sale and requesting that the Administrative Agent release or cause to be released such Receivable from the Lien of this Agreement, which notice shall be revocable up and until such settlement date, in each case, as of the date of such Consent and Release (such date, the "*Release Cut-Off Date*"). In connection with any Permitted Securitization <u>Sale, other than during a Holiday Period</u>, such Consent and Release shall set forth the Pre-Securitization <u>Permitted Tested Sale</u> Delinquency Ratio, the Pre-Securitization <u>Permitted Tested Sale</u> Net Loss Ratio, the Pro Forma Post-Securitization <u>Permitted Tested Sale</u> Delinquency Ratio and the Pro Forma Post-Securitization <u>Permitted Tested Sale</u> Net Loss Ratio for each Delinquency Bucket and the Receivables, if any, that the Administrative Agent has designated as Selected Collateral Receivables in accordance with the procedures described in Section 8.04(f).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) The proceeds of any sale of a Receivable to a Seller pursuant to the terms of the applicable Receivable Purchase Agreement or to any other Person as permitted herein shall be deposited directly into the Collection Account, (ii) the proceeds of any sale of a Defaulted Collateral Receivable or Ineligible Collateral Receivable shall be deposited directly into the Collection Account following release from any applicable escrow arrangement and (iii) the proceeds of any Permitted Sale to a Securitization Vehicle shall be deposited into the Collection Account and shall be immediately applied to the payments described in Section 9.01(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subject to Borrower's compliance with Section 8.04(b) and the Administrative Agent's execution of a Consent and Release, any Receivable that is sold pursuant to Section 8.04(a) shall automatically be released from the Lien of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Administrative Agent shall, upon receipt of a certificate of a Senior Officer of the Borrower, at such time as all Obligations of the Borrower hereunder and under the other Facility Documents have been satisfied in full, release any remaining Collateral from the Lien of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) In connection with any release pursuant to this Section 8.04, the Administrative Agent is hereby irrevocably authorized by the Lenders to execute such documents as shall be reasonably requested by the Borrower to evidence the release of the Lien of this Agreement and the other Facility Documents.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) If, in connection with any Permitted Securitization<u>Tested Sale</u>, (i) the result of (1) the Pro Forma Post-Securitization<u>Tested Sale</u> Delinquency Ratio for any Delinquency Bucket (calculated prior to the designation of any Selected Collateral Receivables for such Permitted Securitization<u>Tested Sale</u>) minus (2) the Pre-Securitization<u>Permitted Tested Sale</u> Delinquency Ratio for such Delinquency Bucket is 0.0005 or greater, the Administrative Agent shall designate Delinquent Collateral Receivables in such Delinquency Bucket as "Selected Collateral Receivables" upon written notice (email is acceptable) to the Borrower in the minimum amount necessary to cause the result of (x) the Pro Forma Post-Securitization<u>Permitted Tested Sale</u> Delinquency Ratio for such Delinquency Bucket (calculated by deducting any Selected Collateral Receivables so designated by the Administrative Agent for such Permitted Securitization<u>Tested Sale</u>) minus (y) the Pre-Securitization<u>Permitted Tested Sale</u> Delinquency Ratio for such Delinquency Bucket to be less than 0.0005 or (ii) the result of (1) the Pro Forma Post-Securitization<u>Permitted Tested Sale</u> Net Loss Ratio (calculated prior to the designation of any Selected Collateral Receivables for such Permitted Securitization<u>Tested Sale</u>) minus (2) the Pre-Securitization<u>Permitted Tested Sale</u> Net Loss Ratio is 0.0005 or greater, the Administrative Agent shall designate Defaulted Collateral Receivables as "Selected Collateral Receivables" in the minimum amount necessary to cause the result of (x) the Pro Forma Post-Securitization<u>Tested Sale</u> Net Loss Ratio minus (y) the Pre-Securitization<u>Permitted Tested Sale</u> Net Loss Ratio to be less than 0.0005. The Administrative Agent shall select Delinquent Collateral Receivables or Defaulted Collateral Receivables, as applicable, to be designated as Selected Collateral Receivables in its discretion and shall identify each Selected Collateral Receivable in the related Consent and Release.

*Section 8.05. Account Details*. The account number of the Collection Account is set forth on Schedule 4 hereto.

**ARTICLE IX** 

**APPLICATION OF MONIES** 

*Section 9.01. Disbursements of Monies from Collection Account*. (a) Notwithstanding any other provision in this Agreement, but subject to the other subsections of this Section 9.01, on each Payment Date (or with respect to payment of (x) Unused Fees, as specified in Section 2.04(f) or (y) Minimum Utilization Fees, as specified in Section 2.04(g)), the Borrower shall direct the Account Bank to disburse amounts deposited to the Collection Account with respect to the Collection Period ending immediately prior to such Payment Date (or with respect to payment of (x) Unused Fees, as specified in Section 2.04(f) or (y) Minimum Utilization Fees, as specified in Section 2.04(g)) in accordance with the following priorities (the *"Priority of Payments"*) and related Monthly Report:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *first*, to the Servicer, any accrued and unpaid Servicer Fees and collection expense reimbursements that are reimbursable to the Servicer pursuant to Section 10.10, *plus* any Servicer Fees and collection expense reimbursements that are reimbursable to the Servicer pursuant to Section 10.10 which were not paid when due on any prior Payment Date; *provided* that all amounts payable pursuant to this clause shall be deducted from the Revolving Pool Collections and the Static Pool Collections pro rata based on their respective Allocation Percentage;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) *second*, pro rata (based on amounts owed) to (1) the Backup Servicer, any accrued and unpaid fees and reimbursable expenses (excluding indemnities) due and payable pursuant to the Backup Serving Agreement, *plus* any fees and reimbursable expenses (excluding indemnities) due and payable pursuant to the Backup Servicing Agreement which were not paid when due on any prior Payment Date; (2) to the Collateral Custodian, any accrued and unpaid fees and reimbursable expenses (excluding indemnities) due and payable pursuant to the Backup Servicing Agreement, plus any fees and reimbursable expenses (excluding indemnities) due and payable to the Collateral Custodian pursuant to the Backup Servicing Agreement which were not paid when due on any prior Payment Date; (3) to the Electronic Collateral Custodian, any accrued and unpaid fees and reimbursable expenses (excluding indemnities) due and payable pursuant to the Electronic Collateral Custodial Agreement, plus any fees and reimbursable expenses (excluding indemnities) due and payable pursuant to the Electronic Collateral Custodial Agreement which were not paid when due on any prior Payment Date; and (4) to the Verification Agent, any accrued and unpaid fees and reimbursable expenses (excluding indemnities) due and payable pursuant to the Backup Servicing Agreement, plus any fees and reimbursable expenses (excluding indemnities) due and payable pursuant to Backup Servicing Agreement which were not paid when due on any prior Payment Date; *provided* that all amounts payable pursuant to this clause shall be deducted from the Revolving Pool Collections and the Static Pool Collections pro rata based on their respective Allocation Percentage;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) *third*, (i) from the Revolving Pool Collections, to the Administrative Agent for distribution to each Class A Revolving Lender to pay (1) accrued and unpaid Class A Interest on the Class A Revolving Advances (*provided*, that solely for purposes of this clause, any Class A Interest payable at the Post-Default Rate under this clause *third* shall be calculated as though the Post-Default Rate is equal to the sum of (a) the Benchmark or, if a Benchmark Disruption Event has occurred, the Base Rate *plus* (b) 2.50% per annum), (2) amounts payable to each such Class A Revolving Lender or the Administrative Agent under Section 2.09(a), 2.10, 12.03(d) and 12.04, and (3) accrued and unpaid Prepayment Premium, Class A Exit Fees, Class A Unused Fees and Minimum Utilization Fees accrued during the related Interest Accrual Period due to each Class A Revolving Lender (in the case of each of subclauses (1), (2) and (3) above, *pro rata*, based on each Class A Revolving Lender's Percentage), and (ii) from the Static Pool Collections, to the Administrative Agent for distribution to each Static Lender to pay (1) accrued and unpaid Static Interest on the Static Advances (*provided*, that solely for purposes of this clause, any Static Interest payable at the Post-Default Rate under this clause *third* shall be calculated as though the Post-Default Rate is equal to the sum of (a) the Benchmark or, if a Benchmark Disruption Event has occurred, the Base Rate *plus* (b) 2.50% per annum), (2) amounts payable to each such Static Lender or the Administrative Agent under Section 2.09(a), 2.10, 12.03(d) and 12.04, and (3) accrued and unpaid Prepayment Premium and Static Exit Fees accrued during the related Interest Accrual Period due to each Static Lender (in the case of each of subclauses (1), (2) and (3) above, *pro rata*, based on each Static Lender's Percentage); *provided* that the aggregate amount payable under clauses (i)(2) and (ii)(2) above shall not exceed $750,000; *provided, further*, that all amounts payable to the Administrative Agent under this clause *third* shall be deducted (x) if applicable to only one Facility, from the Revolving Pool Collections or the Static Pool Collections, as applicable, or (y) if not applicable to only one Facility, from the Revolving Pool Collections and the Static Pool Collections, pro rata based on their respective Allocation Percentage;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) *fourth*,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) from Revolving Pool Collections:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) prior to the end of the Amortization Period and so long as no Accelerated Amortization Event has occurred and no Event of Default has occurred and is continuing, (A) if no Class A Incremental Revolving Advances are then outstanding and if the Class A Maximum Committed Revolving Advance Rate Test is not satisfied as of the related Determination Date (without giving effect to amounts which are on deposit in the Collection Account representing collections of principal payments received by the Borrower on the Revolving Pool Collateral Receivables), to pay the outstanding principal of the Class A Revolving Advances of each Class A Revolving Lender (*pro rata*, based on each Class A Revolving Lender's Percentage) until the Class A Maximum Committed Revolving Advance Rate Test is satisfied (on a pro forma basis as at such Determination Date) and (B) if any Class A Incremental Revolving Advances are then outstanding and if the Class A Maximum Revolving Advance Rate Test is not satisfied as of the related Determination Date (without giving effect to amounts which are on deposit in the Collection Account representing collections of principal payments received by the Borrower on the Revolving Pool Collateral Receivables), to pay the outstanding principal of the Class A Revolving Advances of each Class A Revolving Lender (*pro rata*, based on each Class A Revolving Lender's Percentage) until the Class A Maximum Revolving Advance Rate Test is satisfied (on a pro forma basis as at such Determination Date); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if (x) during the Amortization Period, the aggregate outstanding principal amount of the Revolving Advances is less than $20,000,000 as of such Determination Date or (y) the Amortization Period has expired or an Accelerated Amortization Event or Event of Default has occurred and is continuing, to pay the outstanding principal amount of all Class A Revolving Advances**** of each Class A Revolving Lender (*pro rata*, based on each Class A Revolving Lender's Percentage) until paid in full;

*provided* that during the Amortization Period, accrued and unpaid Class B Interest on the Class B Revolving Advances due under clause *fifth* immediately below shall be paid prior to the amounts owing to the Class A Revolving Lenders described in this clause *fourth* so long as the Effective Advance Rate is not greater than 70%, and, in each case, each of the following are true: (A) no Event of Default or Accelerated Amortization Event has occurred and is continuing and (B) the Six-Month Rolling Average Net Loss Ratio (Revolving Pool) is not greater than 2.5% (provided that this subclause (B) shall not apply if the Effective Advance Rate is not greater than 70% after the first year of the Amortization Period); *provided further* that, for the avoidance of doubt, amounts available pursuant to this

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clause *fourth* shall be applied to the payment to the Class A Revolving Lenders of the amounts determined under subclauses (1) and (2) of this clause *fourth* after application of any amounts payable with respect to Class B Interest determined in accordance with this proviso;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) from Static Pool Collections:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) so long as the Static Effective Advance Rate is greater than [\*\*\*], to pay the outstanding principal of the Static Advances of each Static Lender (*pro rata*, based on each Static Lender's Percentage) until the Static Effective Advance Rate is equal to or lower than [\*\*\*];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) prior to the end of the Amortization Period and so long as no Accelerated Amortization Event has occurred and no Event of Default has occurred and is continuing, (A) if the Maximum Static Advance Rate Test is not satisfied as of the related Determination Date (without giving effect to amounts which are on deposit in the Collection Account representing collections of principal payments received by the Borrower on the Static Pool Collateral Receivables), to pay the outstanding principal of the Static Advances of each Static Lender (*pro rata*, based on each Static Lender's Percentage) until the Maximum Static Advance Rate Test is satisfied (on a pro forma basis as at such Determination Date); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if the Amortization Period has expired or an Accelerated Amortization Event or Event of Default has occurred and is continuing, to pay the outstanding principal amount of all Static Advances**** of each Static Lender (*pro rata*, based on each Static Lender's Percentage) until paid in full;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) *fifth*, from the Revolving Pool Collections, to the Administrative Agent for distribution to each Class B Revolving Lender to pay (1) accrued and unpaid Class B Interest on the Class B Revolving Advances (*provided*, that solely for purposes of this clause, any Class B Interest payable at the Post-Default Rate under this clause *fifth* shall be calculated as though the Post-Default Rate is equal to the sum of (a) the Benchmark or, if a Benchmark Disruption Event has occurred, the Base Rate *plus* (b) 2.50% per annum), and (2) accrued and unpaid Prepayment Premium and Class B Unused Fees accrued during the related Interest Accrual Period due to each Class B Revolving Lender (in the case of each of subclauses (1) and (2) above, *pro rata*, based on each Class B Revolving Lender's Percentage);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) *sixth*,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) prior to the end of the Amortization Period and so long as no Accelerated Amortization Event has occurred and no Event of Default has occurred and is continuing, (A) if no Class B Incremental Revolving Advances are then outstanding and if the Class B Maximum Committed Revolving Advance Rate Test is not satisfied as of the related Determination Date (without giving effect to amounts which are on deposit in the Collection Account representing collections of

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principal payments received by the Borrower on the Revolving Pool Collateral Receivables), to pay the outstanding principal of the Class B Revolving Advances of each Class B Revolving Lender (*pro rata*, based on each Class B Revolving Lender's Percentage) until the Class B Maximum Committed Revolving Advance Rate Test is satisfied (on a pro forma basis as at such Determination Date) and (B) if any Class B Incremental Revolving Advances are then outstanding and if the Class B Maximum Advance Rate Test is not satisfied as of the related Determination Date (without giving effect to amounts which are on deposit in the Collection Account representing collections of principal payments received by the Borrower on the Revolving Pool Collateral Receivables), to pay the outstanding principal of the Class B Revolving Advances of each Class B Revolving Lender (*pro rata*, based on each Class B Revolving Lender's Percentage) until the Class B Maximum Revolving Advance Rate Test is satisfied (on a pro forma basis as at such Determination Date); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) if (x) during the Amortization Period, the aggregate outstanding principal amount of the Advances is less than $20,000,000 as of such Determination Date or (y) the Amortization Period has expired or an Accelerated Amortization Event or Event of Default has occurred and is continuing, to pay the outstanding principal amount of all Class B Revolving Advances**** of each Class B Revolving Lender (*pro rata*, based on each Class B Revolving Lender's Percentage) until paid in full;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) *seventh,* (x) from Revolving Pool Collections, to the Administrative Agent for distribution to each Class A Revolving Lender to pay (1) any accrued and unpaid Class A Interest on the Class A Revolving Advances to the extent not paid in full pursuant to subclause (1) of clause *third* above and (2) any amounts payable to each such Class A Revolving Lender or the Administrative Agent under Section 2.09(a), 2.10, 12.03(d) and 12.04 to the extent not paid in full pursuant to subclause (2) of clause *third* above, *pro rata*, based on each Class A Revolving Lender's Percentage, and (y) from Static Pool Collections, to the Administrative Agent for distribution to each Static Lender to pay (1) any accrued and unpaid Static Interest on the Static Revolving Advances to the extent not paid in full pursuant to subclause (1) of clause *third* above and (2) any amounts payable to each such Static Lender or the Administrative Agent under Section 2.09(a), 2.10, 12.03(d) and 12.04 to the extent not paid in full pursuant to subclause (2) of clause *third* above, *pro rata*, based on each Static Lender's Percentage;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) *eighth,* from Revolving Pool Collections, to the Administrative Agent for distribution to each Class B Revolving Lender to pay (1) any accrued and unpaid Class B Interest on the Class B Revolving Advances to the extent not paid in full pursuant to subclause (1) of clause *fifth* above and (2) any amounts payable to each such Class B Revolving Lender under Section 2.09(a), 2.10, 12.03(d) and 12.04, *pro rata*, based on each Class B Revolving Lender's Percentage;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) *ninth*, an amount equal to any other amounts due and owing to the Servicer, the Backup Servicer, the Collateral Custodian, the Electronic Collateral Custodian, the Verification Agent or any Affected Person pursuant to the Facility Documents shall be set aside in the Collection Account and paid to the Servicer, the Backup Servicer, the Collateral Custodian, the Electronic Collateral Custodian, the Verification Agent or such Affected Person, as the case may be, when due in accordance with the Facility Documents on a pro rata basis based on the amounts due and owing to each such Person as of the immediately preceding calendar month; *provided* that all amounts payable pursuant to this clause shall be deducted from the Revolving Pool Collections and the Static Pool Collections pro rata based on their respective Allocation Percentage;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) *tenth*, if after distributing the Revolving Pool Collections, there exists a shortfall in amounts due and payable from the Revolving Pool Collections under any clause above, an amount from the Static Pool Collections equal to such shortfall to be distributed to cover such shortfall in the applicable order of priority and (b) if after distributing the Static Pool Collections, there exists a shortfall in amounts due and payable from the Static Pool Collections under any clause above, an amount from the Revolving Pool Collections equal to such shortfall to be distributed to cover such shortfall in the applicable order of priority; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) *eleventh*, the remainder to the Borrower or as directed by the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Borrower may from time to time transfer amounts received from Sponsor to the Collection Account.

**ARTICLE X** 

**ADMINISTRATION AND SERVICING OF COLLATERAL** 

*Section 10.01. Designation of the Servicer*. The servicing, administering and collection of the Collateral shall be conducted by Lendbuzz Funding LLC, as Servicer, to manage, collect and administer each of the Collateral Receivables and the other Collateral, and to enforce its respective rights and interests in and under the Collateral. The Servicer hereby agrees to perform the duties and responsibilities of the Servicer pursuant to the terms hereof.

*Section 10.02. Authorization of the Servicer*. Borrower shall furnish the Servicer (and any successors thereto) with any powers of attorney and other documents necessary or appropriate to enable such Servicer to carry out its Collateral management duties hereunder, and shall cooperate with the Servicer to the fullest extent in order to ensure the collectability of the Collateral. Following the occurrence and continuance of an Event of Default (unless otherwise waived by the Lenders in accordance with Section 12.01), the Administrative Agent (acting in its sole discretion or at the direction of the Required Lenders) may provide notice to the Servicer (and any successors thereto) (with a copy to the Backup Servicer, the Collateral Custodian and the Verification Agent) that the Secured Parties are exercising their control rights with respect to the Collateral in accordance with Section 6.02.

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*Section 10.03. Payment of Certain Expenses by Servicer*. The Servicer (so long as such Servicer is an Affiliate of the Borrower) will be required to pay all expenses incurred by it in connection with its hereunder, including fees and disbursements of its independent accountants, taxes imposed on the Servicer, expenses incurred by the Servicer in connection with the production of reports pursuant to this Agreement, and all other fees and expenses not expressly stated under this Agreement to be for the account of the Borrower or except as otherwise expressly provided under this Agreement. Borrower acknowledges and agrees that the Servicer will be required to pay such expenses for its own account and shall not be entitled to any payment therefor other than as provided under Section 9.01.

*Section 10.04. Duties of the Servicer*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Standard of Care*. The Servicer shall take or cause to be taken all such action as may be necessary or advisable to collect each Collateral Receivable from time to time, all in accordance with Applicable Law, with reasonable care and diligence and in accordance with the Servicing Guide.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Records Held in Trust*. The Servicer shall hold in trust for the Secured Parties all records in its possession which evidence or relate to all or any part of the Collateral. In the event that the Backup Servicer assumes servicing responsibilities or a Successor Servicer, as applicable, is appointed, the outgoing Servicer shall promptly deliver to the Backup Servicer or the Successor Servicer, as applicable, and the Backup Servicer or the Successor Servicer, as applicable, shall hold in trust for the Borrower and the Secured Parties all records which evidence or relate to all or any part of the Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Collection Practices*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Servicer shall be responsible for collection of payments called for under the terms and provisions of the Contracts related to the Collateral Receivables, as and when the same shall become due. The Servicer, in making collection of payments on the Collateral Receivables pursuant to this Agreement, shall be acting as agent for the Administrative Agent and the Secured Parties, and shall be deemed to be holding such funds in trust on behalf of and as agent for the Administrative Agent and the Secured Parties. The Servicer, consistent with the Servicing Guide, shall service, manage, administer and make collections on the Collateral Receivables on behalf of the Borrower and shall have full power and authority to do any and all things which it may deem necessary or desirable in connection therewith which are consistent with this Agreement. The Servicer may in its discretion grant extensions on a Contract as permitted by the Servicing Guide, and amend or modify any Contract but shall not modify the APR unless permitted by the terms of the following sentence or required by law or court order issued pursuant to a proceeding subsequent to an Insolvency Event; *provided, however*, that the Servicer may in no event extend the initial payment on any Collateral Receivable to any date beyond the date that is one (1) month beyond its first scheduled payment date. The Servicer may in its discretion waive any late payment charge or any other fees, not including interest on the Principal Balance, that may be collected in the ordinary course of servicing a Collateral Receivable. The Servicer shall also enforce all rights of the Borrower under the Receivable Purchase Agreement including the right to require the Seller to repurchase Collateral Receivables for breaches of representations and warranties made by the Seller.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If the full amount of a scheduled payment due under a Collateral Receivable is not received after its due date, the Servicer will make reasonable and customary efforts to contact the Obligor. The Servicer shall continue its efforts to obtain payment from an Obligor whose payment has not been made until (i) the Financed Vehicle with respect to such Collateral Receivable is repossessed and sold, (ii) the Servicer has determined that all amounts collectable on the Collateral Receivable have been collected or (iii) the Servicer has determined that the delinquent payment can be recouped without financial loss to the Borrower. The Servicer shall use reasonable commercial efforts, consistent with the Servicing Guide, to collect funds on a Defaulted Collateral Receivable and by the close of business on the second Business Day following identification of such Collections, the Servicer shall deposit such Collections into the Collection Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) In the event that a Collateral Receivable becomes or is reasonably anticipated to become a Defaulted Collateral Receivable, the Servicer, itself or through the use of independent contractors or agents shall, when consistent with the Servicing Guide, repossess or otherwise convert the ownership of the Financed Vehicle securing any such Collateral Receivable as to which the Servicer shall have determined eventual payment in full is unlikely. All costs and expenses incurred by the Servicer in connection with the repossession of the Financed Vehicles securing such Collateral Receivables shall be reimbursed to the Servicer (other than overhead), to the extent not previously recouped by the Servicer from Liquidation Proceeds on the Payment Date immediately succeeding the Collection Period in which the Servicer delivered to the Administrative Agent an itemized statement of such costs and expenses. Notwithstanding the foregoing and consistent with the terms of this Agreement, the Servicer shall not be obligated to repossess or take any action with respect to a Defaulted Collateral Receivable if, in its reasonable judgment consistent with the Servicing Guide, the Liquidation Proceeds would not be increased.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Except as otherwise provided in Section 10.04(c)(ii), the Servicer shall deposit or cause to be deposited by electronic funds transfer all Collections in the Servicer Account to be remitted to the Collection Account no later than two Business Days after receipt thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Credit and Collection; Recourse; Sales of Financed Vehicles*. The Servicer, itself or through the use of independent contractors or agents (including subservicers), shall follow practices consistent with the Servicing Guide, in its servicing of automobile receivables, which may include reasonable efforts to realize rights of recourse against the Originator, selling a Financed Vehicle, or requesting a subservicer to sell a Financed Vehicle, at public or private sale; *provided, however*, that, in the event of a repossession, the Servicer, itself or through the use of independent contractor or agents (including subservicers), shall, in accordance with the Servicing Guide, maximize the sales proceeds for each repossessed Financed Vehicle. The foregoing shall be subject to the provision that, in any case in which a Financed Vehicle shall have suffered damage, the Servicer shall not expend funds for the repair or the repossession of such Financed Vehicle unless the Servicer shall determine in its discretion that such repair or repossession would increase the Liquidation Proceeds in an amount greater than the cost of repairs.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Subservicers*. The Servicer may delegate in the ordinary course of business any or all of its duties and obligations hereunder to one or more subservicers; *provided, however*, that the Servicer shall at all times remain responsible for the performance of such duties and obligations without regard to any subcontracting or subservicing arrangement or agreement and any such subcontract shall be subject to the provisions of this Section 10.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Insurance*. The Servicer shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) on behalf of the Borrower, administer and enforce all rights and responsibilities of the Borrower, as owner of the Collateral Receivables, provided for in the Insurance Policies relating to the Receivables;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in accordance with prudent servicing procedures, require that each Obligor shall have obtained physical damage insurance covering the Financed Vehicle as of the date of execution of the Contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) administer the filings of claims under the Insurance Policies by filing the appropriate notices related to claims, including initial notices of loss, as well as claims with the respective carriers or their authorized agents all in accordance with the terms of the Insurance Policies; and use reasonable efforts to file such claims on a timely basis after obtaining knowledge of the events giving rise to such claims.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) utilize such notices, claim forms and claim procedures as are required by the respective insurance carriers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) not be required to pay any premiums or, other than administering the filing of claims and performing reporting requirements specified in the Insurance Policies in connection with filing such claims in accordance with this Agreement, perform any obligations of the named insured under such Insurance Policies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) not be responsible to the Borrower, the Administrative Agent, the Collateral Custodian, the Backup Servicer or the Secured Parties for any act or omission to act done in order to comply with the requirements or satisfy any provisions of the Insurance Policies.

In the case of any inconsistency between this Agreement, the Servicing Guide and the terms of any Insurance Policy, the Servicer shall comply with the Insurance Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) *Obligation to Restore*. In the event of any physical loss or damage to a Financed Vehicle related to a Collateral Receivable from any cause, whether through accidental means or otherwise, the Servicer shall have no obligation to cause the affected Financed Vehicle to be restored or repaired. However, the Servicer shall comply with the provisions of any Insurance Policy or Insurance Policies directly or indirectly related to any physical loss or damage to a Financed Vehicle.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *Recordkeeping*. The Servicer shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) maintain legible copies (in electronic or hard-copy form, in the discretion of the Servicer) or originals of all documents in the Receivable File with respect to each Collateral Receivable and the Financed Vehicle related thereto; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) keep books and records, satisfactory to the Administrative Agent, pertaining to each Collateral Receivable and shall make periodic reports in accordance with this Agreement; such records may not be destroyed or otherwise disposed of except as provided herein and as allowed by Applicable Law, all documents, whether developed or originated by the Servicer or not, reasonably required to document or to properly administer any Collateral Receivable shall remain at all times the property of the Borrower and shall be held in trust by the Servicer; the Servicer shall not acquire any property rights with respect to such records, and shall not have the right to possession of them except as subject to the conditions stated in this Agreement; and the Servicer shall bear the entire cost of restoration in the event any Receivable File shall become damaged, lost or destroyed while in the Servicer's possession or control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) *Due Diligence*. The Servicer shall permit the Administrative Agent, upon reasonable prior notice and during the Servicer's regular business hours, to periodically review the Servicer's collection and administration of the Collateral Receivables in order to assess compliance by the Servicer with the Servicer's written policies and procedures, as well as with this Agreement and may conduct a review of the Collateral Receivables and Receivable Files in conjunction with such review. Such review shall be reasonable in scope and shall be completed in a reasonable period of time. Neither the Borrower nor the Servicer shall be liable for any costs or expenses incurred by the Administrative Agent in connection with any actions taken by such Person pursuant to this Section 10.04(j).

*Section 10.05. Collection of Payments*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Payment Instructions*. On or before the relevant purchase date of the Collateral Receivables, the Servicer shall have instructed all related Obligors to make all payments in respect of the related Collateral Receivables directly to the Collection Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Deposit of Collections*. The Servicer shall transfer, or cause to be transferred, Collections on the Collateral Receivables in the form of immediately available funds to the Collection Account as soon as possible but in no event later than the close of business on the second Business Day after such Collections are identified.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Adjustments*. If the Servicer makes (i) a deposit into the Collection Account in respect of a collection of a Collateral Receivable and such collection was received by the Servicer in the form of a check that is not honored for any reason or (ii) a mistake with respect to the amount of any collection and deposits an amount that is less than or more than the actual amount of such collection, the Servicer shall appropriately adjust the amount subsequently deposited into the Collection Account to reflect such dishonored check or mistake. Any scheduled payment by an Obligor in respect of which a dishonored check is received shall be deemed not to have been paid.

*Section 10.06. Reports and Due Diligence*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Monthly Report.* Prior to each Reporting Date, the Servicer will provide to the Borrower the Monthly Report to be delivered pursuant to Section 8.03.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Monthly Receivable Tape; Receivable Files*. On each Determination Date, the Servicer will provide to the Backup Servicer and the Administrative Agent the Monthly Receivable Tape as of the last day of the related Collection Period and, at the request of such party, make available all Receivable Files relating to the Collateral Receivables that were added to the Collateral during the related Collection Period, together with, if not indicated in the Monthly Receivable Tape, a list identifying all Collateral Receivables for which the Collateral Custodian does not have in its possession or control an original or electronic Certificate of Title.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Monthly Data*. The Servicer will provide to the Administrative Agent upon request, but in no event less frequently than three (3) Business Days prior to each Payment Date, the Monthly Data Tape, a copy of which the Administrative Agent will provide to any Secured Party upon request of such party. Additionally, no more frequently than once every calendar month of the Servicer, at the request of the Administrative Agent and solely to the extent such data is available to the Servicer, the Servicer will provide to the Administrative Agent (which shall provide copies of such data to any Secured Party upon request of such party) a data tape with data regarding the characteristics of the Collateral Receivables, in form and substance reasonably acceptable to the Administrative Agent including (i) delinquencies (including a list of Delinquent Collateral Receivables), and (ii) annualized losses on the Servicing Portfolio, presented on a monthly basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Financial Statements*. The initial Servicer will submit to the Administrative Agent, as soon as available and in any event (i) within one hundred (120) days after the end of each fiscal year of the Sponsor, a consolidated balance sheet and a statement of income and retained earnings of the Sponsor and its consolidated subsidiaries audited by independent public accountants of nationally recognized standing and (ii) within sixty (60) days after the end of each of the first three quarterly periods of each fiscal year of the Sponsor, a unaudited consolidated balance sheet and a statement of income and retained earnings of the Sponsor and its consolidated subsidiaries, in each case, all reported in accordance with GAAP.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Verification Certificate*. On or before the Reporting Date occurring in each of July, October, January and April beginning in July 2024, the Servicer shall cause the Verification Agent to provide to the Administrative Agent, the Servicer and the Borrower a Verification Certificate prepared in the manner required under the Backup Servicing Agreement; *provided* that such requirement to provide a Verification Certificate as required in the foregoing clause may be waived by the Administrative Agent in its sole discretion subject to the Administrative Agent receiving four (4) consecutive Verification Certificates with no exceptions; *provided*, *further* if any Verification Certificate with respect to a Random Sample Verification (as defined in the Backup Servicing Agreement) contains any exceptions, then the Administration Agent shall have the right in its sole discretion to request a Verification Certificate with respect to a Full Verification (as defined in the Backup Servicing Agreement), in the manner required under the Backup Servicing Agreement.

*Section 10.07. Annual Statement as to Compliance*. The Servicer shall deliver to the Administrative Agent on or before April 30 of each year, beginning in 2020, a certificate of a Responsible Officer of the Servicer (the "*Servicer Certificate*"), dated as of the preceding December 31 (or, with respect to the first such Servicer Certificate, dated as of the Closing Date), stating that (i) a review of the activities of the Servicer during the preceding 12-month period (or since the Closing Date in the case of the first such Servicer Certificate) and of its performance under this Agreement has been made under such Responsible Officer's supervision and (ii) to the best of such Responsible Officer's knowledge, based on such review, the Servicer has fulfilled all its obligations under this Agreement throughout such year (or such shorter period in the case of the first such Servicer Certificate), or, if there has been a default in the fulfillment of any such obligation, specifying each such default known to such officer and the nature and status thereof.

*Section 10.08. The Servicer Not to Resign.* The Servicer shall resign only with the prior written consent of the Administrative Agent or if the Servicer provides a legal opinion to the Administrative Agent to the effect that such Servicer is no longer permitted by law to act as Servicer hereunder. No termination or resignation of the Servicer hereunder shall be effective until a Successor Servicer, acceptable to the Administrative Agent has accepted its appointment as Successor Servicer hereunder and has agreed to be bound by the terms of this Agreement and the Servicing Guide.

*Section 10.09*. *Servicer Events of Default*. The occurrence and continuance of any one of the following events shall constitute a "Servicer Event of Default" hereunder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any failure by the Servicer to make any remittance, deposit, transfer or payment required to be made under the terms of this Agreement or any Facility Document to which the Servicer is a party and such failure continues unremedied for a period of two (2) Business Days after the earlier of actual knowledge or written notice thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any Lien securing the Collateral shall, in whole or in part, not be or cease to be a perfected first priority security interest as a result of any act or omission on the part of the Servicer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) (i) Failure on the part of the Servicer to duly observe or perform any covenants or agreements of the Servicer set forth in Section 5.04(f) hereof; or (ii) failure on the part of the Servicer to duly observe or perform any covenants or agreements of the Servicer set forth in this Agreement or any other Transaction Document (other than those covenants and agreements described in subclause (i) of this clause (d) or clauses (a), (b) and (d) of this Section 10.09), and such failure continues unremedied for a period of thirty (30) calendar days after the earlier of actual knowledge and notice thereof;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Servicer shall become subject to an Insolvency Event;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Servicer and the Sponsor shall fail at any time to maintain Unrestricted Cash in an amount at least equal to, in the aggregate, $3,000,000; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Any representation, warranty or statement of the Servicer made in this Agreement or any Transaction Document, or any certificate, report or other writing delivered pursuant thereto, shall prove to be incorrect in any material respect as of the time when the same shall have been made and, if capable of being cured, is not cured within thirty (30) calendar days after the earlier of actual knowledge or notice thereof.

Upon the occurrence of any of the foregoing, notwithstanding anything herein to the contrary, so long as any such Servicer Event of Default shall not have been remedied within any applicable cure period or waived in writing by the Administrative Agent (at the direction, and with the consent, of the Required Lenders), the Administrative Agent, by written notice to the Servicer (with a copy to the Backup Servicer and the Collateral Custodian) (each, a "*Servicer Termination Notice*"), may terminate all of the rights and obligations of the Servicer as Servicer under this Agreement.

*Section 10.10. Servicing Compensation.* As compensation for its servicing activities hereunder and reimbursement for its expenses, on each Payment Date, the Servicer shall be entitled to receive a fee (the "*Servicer Fee*"), monthly in arrears in accordance with the Priority of Payments, which fee shall be equal to the sum of (x) the product of (i) [\*\*\*], (ii) the average outstanding Principal Balance of the Collateral Receivables for such Collection Period calculated as of the opening of business on the last day of the related Collection Period and (iii) [\*\*\*] (or, with respect to the first Payment Date, a fraction equal to the number of days in the related Collection Period over 365) and (y) all administrative fees, late fees and prepayment charges collected on the Collateral Receivables during the related Collection Period, but excluding any fees or expenses charged by the Servicer relating to extensions. Any collection expenses incurred by the Servicer shall be reimbursed pursuant to Section 9.01 in an amount not to exceed [\*\*\*] of such collections recovered.

*Section 10.11. Appointment of Successor Servicer.* (a) On and after the receipt by the Servicer of a Servicer Termination Notice, the Servicer shall continue to perform all servicing functions under this Agreement until the date specified in the Servicer Termination Notice or otherwise specified by the Administrative Agent in writing or, if no such date is specified in such Servicer Termination Notice or otherwise specified by the Administrative Agent, until a date mutually agreed upon by the Servicer, the Backup Servicer and the Administrative Agent. The Administrative Agent may, with the consent of the Required Lenders, at the time described in the immediately preceding sentence, appoint the Backup Servicer as the Successor Servicer hereunder, and the Backup Servicer shall on such date assume all duties, liabilities and obligations of the Servicer hereunder from and after such date, and all authority and power of the Servicer under this Agreement shall pass to and be vested in the Backup Servicer.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event that the Servicer is terminated as provided herein and the Administrative Agent does not so appoint the Backup Servicer, there is no Backup Servicer or the Backup Servicer is unable to assume such obligations on such date, the Administrative Agent shall (at the direction and with the consent of the Required Lenders) as promptly as possible appoint a successor servicer (the "*Successor Servicer*"), and such Successor Servicer shall accept its appointment by a written assumption in a form acceptable to the Administrative Agent. In the event that a Successor Servicer has not accepted its appointment at the time when the Servicer ceases to act as Servicer, the Administrative Agent shall petition a court of competent jurisdiction to appoint any established financial institution whose regular business includes the servicing of automobile receivables as the Successor Servicer hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon the termination and removal of the Servicer, the predecessor Servicer shall cooperate with the Successor Servicer in effecting the termination of the rights and responsibilities of the predecessor Servicer under this Agreement, including the transfer to the Backup Servicer or Successor Servicer, as applicable, for administration by it of all cash amounts that shall at the time be held by the predecessor Servicer for deposit, or shall thereafter be received, with respect to a Collateral Receivable, and the related accounts and records maintained by the Servicer. In the case that the Backup Servicer or any other Successor Servicer shall not agree to perform any duties or obligations of the Servicer hereunder, such duties or obligations may be performed or delegated by the Administrative Agent (with the consent of the Required Lenders).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Administrative Agent shall have the same rights of removal and termination for cause with respect to the Backup Servicer or any Successor Servicer as with respect to Lendbuzz Funding LLC as the Servicer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) All reasonable costs and expenses (including attorneys' fees and disbursements) incurred in connection with the transferring of Collateral Receivables to the Backup Servicer or Successor Servicer, as applicable, converting the Servicer's data to the Backup Servicer's or Successor Servicer's, as applicable, computer system and amending this Agreement to reflect such succession as Servicer pursuant to this Section shall be paid by the predecessor Servicer (such expenses, the "*Transition Expenses*"). In no event shall the Backup Servicer or the Successor Servicer be responsible for any Transition Expenses. If the predecessor Servicer fails to pay the Transition Expenses, the Transition Expenses shall be payable pursuant to the Priority of Payments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Upon its appointment, the Backup Servicer (subject to Section 10.10) or the Successor Servicer, as applicable, shall be the successor in all respects to the Servicer with respect to servicing functions under this Agreement and shall be subject to all the responsibilities, duties and liabilities relating thereto placed on the Servicer by the terms and provisions hereof, and all references in this Agreement to the Servicer shall be deemed to refer to the Backup Servicer or the Successor Servicer, as applicable; *provided, however*, that any Successor Servicer (including the Backup Servicer) shall have (i) no liability with respect to any obligation which was required to be performed by the predecessor Servicer prior to the date that the successor becomes the Successor Servicer or any claim of a third party based on any alleged action or inaction of the predecessor Servicer, (ii) no obligation to perform any repurchase or advancing obligations, if any, of the Servicer, (iii) no obligation to pay any taxes required to be paid by the Servicer, (iv) no obligation

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to pay any of the fees and expenses of any other party to this Agreement and (v) no liability or obligation with respect to any Servicer indemnification obligations of any prior Servicer, including Lendbuzz Funding LLC. The indemnification obligations of the Backup Servicer, upon becoming a successor Servicer are expressly limited to those instances of gross negligence or willful misconduct of the Backup Servicer in its role as Successor Servicer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) All authority and power granted to the Servicer under this Agreement shall automatically cease and terminate upon termination of this Agreement and shall pass to and be vested in the Borrower and the Borrower is hereby authorized and empowered to execute and deliver, on behalf of the Servicer, as attorney-in-fact or otherwise, all documents and other instruments, and to do and accomplish all other acts or things necessary or appropriate to effect the purposes of such transfer of servicing rights. The Servicer agrees to cooperate with the Borrower in effecting the termination of the responsibilities and rights of the Servicer to conduct servicing on the Collateral Receivables.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Administrative Agent may, solely for purposes of establishing the fee to be paid to the Backup Servicer or any other Successor Servicer after a notice of removal of the Servicer pursuant to this Article, solicit written bids (such bids to include a proposed servicer fee and servicing transfer costs) from not less than three entities experienced in the servicing of asset-backed securities secured by subprime automobile receivables similar to the Collateral Receivables and that are not Affiliates of the Servicer or the Borrower and are reasonably acceptable to the Administrative Agent and the Required Lenders. Any such written solicitation shall prominently indicate that bids should specify any applicable subservicing fees required to be paid from the Servicer Fee and that any fees and transfer costs in excess of the Servicer Fee shall be paid by the Borrower from amounts received pursuant to the Priority of Payments. The Borrower may also solicit additional bids from other such entities. The Successor Servicer shall act as Servicer hereunder and shall, subject to the availability of sufficient funds in the Collection Account pursuant to the Priority of Payments (up to the Servicer Fee), receive as compensation therefor a fee equal to the fee proposed in the bid so solicited which provides for the lowest combinations of servicing fee and transition costs, as reasonably determined by the Administrative Agent and may revise the percentage used to calculate the Servicer Fee.

**ARTICLE XI** 

**THE ADMINISTRATIVE AGENT** 

*Section 11.01. Authorization and Action*. Each Lender hereby irrevocably appoints and authorizes the Administrative Agent to take such action as agent on its behalf and to exercise such powers under this Agreement and, to the extent applicable, the other Facility Documents as are delegated to the Administrative Agent by the terms hereof and thereof, together with such powers as are reasonably incidental thereto, subject to the terms hereof. The Administrative Agent shall not have any duties or responsibilities, except those expressly set forth herein or in the other Facility Documents, or any fiduciary relationship with any Secured Party, and no implied covenants, functions, responsibilities, duties or obligations or liabilities on the part of the Administrative Agent shall be read into this Agreement or any other Facility Document to which the Administrative Agent is a party (if any) as duties on its part to be performed or observed. The

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Administrative Agent shall not have or be construed to have any other duties or responsibilities in respect of this Agreement and the transactions contemplated hereby. As to any matters not expressly provided for by this Agreement or the other Facility Documents, the Administrative Agent shall not be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the written instructions of the Required Lenders; *provided* that the Administrative Agent shall not be required to take any action which exposes the Administrative Agent, in its judgment, to personal liability, cost or expense or which is contrary to this Agreement, the other Facility Documents or Applicable Law, or would be, in its judgment, contrary to its duties hereunder, under any other Facility Document or under Applicable Law. Each Lender agrees that in any instance in which the Facility Documents provide that the Administrative Agent's consent may not be unreasonably withheld, provide for the exercise of the Administrative Agent's reasonable discretion, or provide to a similar effect, it shall not in its instructions (or, by refusing to provide instruction) to the Administrative Agent withhold its consent or exercise its discretion in an unreasonable manner.

*Section 11.02. Delegation of Duties*. The Administrative Agent may execute any of its duties under this Agreement and each other Facility Document by or through agents or attorneys-in-fact and shall be entitled to advice of counsel concerning all matters pertaining to such duties. The Administrative Agent shall not be responsible for the negligence or misconduct of any agents or attorneys-in-fact selected by it with reasonable care.

*Section 11.03. Agent's Reliance, Etc.* (a) Neither the Administrative Agent nor any of its directors, officers, agents or employees shall be liable for any action taken or omitted to be taken by it or them under or in connection with this Agreement or any of the other Facility Documents, except for its or their own gross negligence or willful misconduct as determined by a court of competent jurisdiction by final and non-appealable judgment. Without limiting the generality of the foregoing, the Administrative Agent: (i) may consult with legal counsel (including, without limitation, counsel for the Borrower or any Servicer or any of their Affiliates) and independent public accountants and other experts selected by it and shall not be liable for any action taken or omitted to be taken in good faith by it in accordance with the advice of such counsel, accountants or experts; (ii) makes no warranty or representation to any Secured Party or any other Person and shall not be responsible to any Secured Party or any Person for any statements, warranties or representations (whether written or oral) made in or in connection with this Agreement or the other Facility Documents; (iii) shall not have any duty to monitor, ascertain or to inquire as to the performance or observance of any of the terms, covenants or conditions of this Agreement, the other Facility Documents or any Related Documents on the part of the Borrower or any Servicer or any other Person or to inspect the property (including the books and records) of the Borrower or such Servicer; (iv) shall not be responsible to any Secured Party or any other Person for the due execution, legality, validity, enforceability, genuineness, sufficiency or value of any Collateral, this Agreement, the other Facility Documents, any Related Document or any other instrument or document furnished pursuant hereto or thereto or for the validity, perfection, priority or enforceability of the Liens on the Collateral; and (v) shall incur no liability under or in respect of this Agreement or any other Facility Document by relying on, acting upon (or by refraining from action in reliance on) any notice, consent, certificate (including for the avoidance of doubt, the Monthly Report), instruction or waiver, report, statement, opinion, direction or other instrument or

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writing (which may be delivered by telecopier, email, cable or telex, if acceptable to it) believed by it to be genuine and believe by it to be signed or sent by the proper party or parties. The Administrative Agent shall not have any liability to the Borrower or any Lender or any other Person for the Borrower's, any Servicer's or any Lender's, as the case may be, performance of, or failure to perform, any of their respective obligations and duties under this Agreement or any other Facility Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Administrative Agent shall not be liable for the actions or omissions of any other agent (including without limitation concerning the application of funds), or under any duty to monitor or investigate compliance on the part of any other agent with the terms or requirements of this Agreement, any Facility Documents or any Related Documents, or their duties thereunder. The Administrative Agent shall be entitled to assume the due authority of any signatory and genuineness of any signature appearing on any instrument or document it may receive (including, without limitation, each Notice of Borrowing received hereunder). The Administrative Agent shall not be liable for any action taken in good faith and reasonably believed by it to be within the powers conferred upon it, or taken by it pursuant to any direction or instruction by which it is governed, or omitted to be taken by it by reason of the lack of direction or instruction required hereby for such action (including without limitation for refusing to exercise discretion or for withholding its consent in the absence of its receipt of, or resulting from a failure, delay or refusal on the part of the Required Lenders to provide, written instruction to exercise such discretion or grant such consent from the Required Lenders, as applicable) except as determined by a court of competent jurisdiction by final and non-appealable judgment that it was the result of the Administrative Agent's willful misconduct or gross negligence. The Administrative Agent shall not be liable for any error of judgment made in good faith unless it shall be determined by a court of competent jurisdiction by final and non-appealable judgment that the Administrative Agent was grossly negligent in ascertaining the relevant facts. Nothing herein or in any Facility Documents or Related Documents shall obligate the Administrative Agent to advance, expend or risk its own funds, or to take any action which in its reasonable judgment may cause it to incur any expense or financial or other liability for which it is not adequately indemnified. The Administrative Agent shall not be liable for any indirect, special or consequential damages (included but not limited to lost profits) whatsoever, even if it has been informed of the likelihood thereof and regardless of the form of action. The Administrative Agent shall not be charged with knowledge or notice of any matter unless actually known to a Responsible Officer of the Administrative Agent, or unless and to the extent written notice of such matter is received by the Administrative Agent at its address in accordance with Section 12.02. Any permissive grant of power to the Administrative Agent hereunder shall not be construed to be a duty to act. The Administrative Agent shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, entitlement order, approval or other paper or document. The Administrative Agent shall not be liable for any error of judgment, or for any act done or step taken or omitted by it, in good faith, or for any mistakes of fact or law, or for anything that it may do or refrain from doing in connection herewith except as shall be determined by a court of competent jurisdiction by final and non-appealable judgment that it was the result of its willful misconduct or grossly negligent performance or omission of its duties.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Administrative Agent shall not be responsible or liable for delays or failures in performance resulting from acts beyond its control. Such acts shall include but not be limited to acts of God, strikes, lockouts, riots, acts of war, epidemics, governmental regulations imposed after the fact, fire, communication line failures, computer viruses, power failures, earthquakes or other disasters.

*Section 11.04. Indemnification*. Each of the Lenders agrees to indemnify and hold the Administrative Agent harmless (to the extent not reimbursed by or on behalf of the Borrower pursuant to Section 12.04 or otherwise) from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses (including, without limitation, attorneys' fees and expenses) or disbursements of any kind or nature whatsoever which may be imposed on, incurred by, or asserted against the Administrative Agent in any way relating to or arising out of this Agreement or any other Facility Document or any Related Document or any action taken or omitted by the Administrative Agent under this Agreement or any other Facility Document or any Related Document; *provided* that no Lender shall be liable to the Administrative Agent for any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements resulting from the Administrative Agent's gross negligence or willful misconduct as determined by a court of competent jurisdiction by final and non-appealable judgment. The rights of the Administrative Agent and obligations of the Lenders under or pursuant to this Section 11.04 shall survive the termination of this Agreement, and the earlier removal or resignation of the Administrative Agent hereunder.

*Section 11.05. Successor Administrative Agent*. Subject to the terms of this Section 11.05, the Administrative Agent may, upon thirty (30) days' notice to the Lenders and the Borrower, resign as Administrative Agent. If the Administrative Agent shall resign then the Required Lenders shall appoint a successor agent. If for any reason a successor agent is not so appointed and does not accept such appointment within thirty (30) days of notice of resignation the Administrative Agent may appoint a successor agent. The appointment of any successor Administrative Agent shall be subject to the prior written consent of the Borrower (which consent shall not be unreasonably withheld, conditioned or delayed); *provided* that the consent of the Borrower to any such appointment shall not be required if (i) an Event of Default shall have occurred and is continuing or, (ii) if such successor Administrative Agent is a Lender or an Affiliate of such Administrative Agent or any Lender. Any resignation of the Administrative Agent shall be effective upon the appointment of a successor agent pursuant to this Section 11.05. After the effectiveness of the retiring Administrative Agent's resignation hereunder as the Administrative Agent, the retiring Administrative Agent shall be discharged from its duties and obligations hereunder and under the other Facility Documents and the provisions of this Article XI shall continue in effect for its benefit with respect to any actions taken or omitted to be taken by it while it was the Administrative Agent under this Agreement and under the other Facility Documents. Any Person (i) into which the Administrative Agent may be merged or consolidated, (ii) that may result from any merger or consolidation to which the Administrative Agent shall be a party, or (iii) that may succeed to the properties and assets of the Administrative Agent substantially as a whole, shall be the successor to the Administrative Agent under this Agreement without further act of any of the parties to this Agreement.

*Section 11.06. Administrative Agent's Capacity as a Lender*. The Person serving as the Administrative Agent hereunder shall have the same rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though it were not the Administrative Agent, and such Person and its Affiliates may accept deposits from, lend money to and generally engage in any kind of business with the Borrower or any Affiliate thereof as if it were not the Administrative Agent hereunder.

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*Section 11.07.* Erroneous Payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Lender hereby agrees that (i) if the Administrative Agent notifies such Lender that the Administrative Agent has determined in its sole discretion that any funds received by such Lender from the Administrative Agent or any of its Affiliates were erroneously transmitted to, or otherwise erroneously or mistakenly received by, such Lender (whether or not known to such Lender) (whether as a payment, prepayment or repayment of principal, interest, fees or otherwise; individually and collectively, an *"Erroneous Payment"*) and demands the return of such Erroneous Payment (or a portion thereof), such Lender shall promptly, but in any event no later than one (1) Business Day thereafter, return to the Administrative Agent the amount of any such Erroneous Payment (or portion thereof) as to which such a demand was made, in same day funds (in the currency so received), together with interest thereon in respect of each day from and including the date such Erroneous Payment (or portion thereof) was received by such Lender to the date such amount is repaid to the Administrative Agent in same day funds at the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation from time to time in effect and (ii) to the extent permitted by applicable law, such Lender shall not assert any right or claim to the Erroneous Payment, and hereby waives, any claim, counterclaim, defense or right of set-off or recoupment with respect to any demand, claim or counterclaim by the Administrative Agent for the return of any Erroneous Payments received, including, without limitation, waiver of any defense based on "discharge for value" or any similar doctrine. A notice of the Administrative Agent to any Lender under this clause (a) shall be conclusive, absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Without limiting the immediately preceding clause (a), each Lender hereby further agrees that if it receives an Erroneous Payment from the Administrative Agent (or any of its Affiliates) (x) that is in a different amount than, or on a different date from, that specified in a notice of payment sent by the Administrative Agent (or any of its Affiliates) with respect to such Erroneous Payment (an *"Erroneous Payment Notice"*), or (y) that such Lender otherwise becomes aware was transmitted, or received, in error or by mistake (in whole or in part), in each case, such Erroneous Payment was an error (and that such Lender is deemed to have knowledge of such error at the time of receipt of such Erroneous Payment) and to the extent permitted by applicable law, such Lender shall not assert any right or claim to the Erroneous Payment, and hereby waives, any claim, counterclaim, defense or right of set-off or recoupment with respect to any demand, claim or counterclaim by the Administrative Agent for the return of any Erroneous Payments received, including without limitation waiver of any defense based on "discharge for value" or any similar doctrine. Each Lender agrees that, in each such case, it shall promptly (and in any event within one (1) Business Day of its knowledge (or deemed knowledge) of such error) notify the Administrative Agent of such occurrence and, upon demand from the Administrative Agent, it shall promptly, but in any event no later than (1) one Business Day thereafter, return to the Administrative Agent the amount of any such Erroneous Payment (or portion thereof) as to which such a demand was made in same day funds (in the currency so received), together with interest thereon in respect of each day from and including the date such Erroneous Payment (or portion thereof) was received by such Lender to the date such amount is repaid to the Administrative Agent in same day funds at the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation from time to time in effect.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each Lender, the Borrower, the Seller, the Servicer and the Sponsor hereby agree that (x) in the event an Erroneous Payment (or portion thereof) is not recovered from any Lender that has received such Erroneous Payment (or portion thereof) for any reason, the Administrative Agent shall be subrogated to all the rights of or against such Lender with respect to such amount and (y) an Erroneous Payment shall not pay, prepay, repay, discharge or otherwise satisfy any Obligations owed by the Borrower, the Seller, the Servicer or the Sponsor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each party's obligations under this Section 11.07 shall survive the resignation or replacement of the Administrative Agent, the Termination Date or the repayment, satisfaction or discharge of all Obligations (or any portion thereof) under any Facility Document.

**ARTICLE XII** 

**MISCELLANEOUS** 

*Section 12.01. No Waiver; Modifications in Writing*. (a) No failure or delay on the part of any Secured Party exercising any right, power or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right, power or remedy preclude any other or further exercise thereof or the exercise of any other right, power or remedy. Any waiver of any provision of this Agreement, and any consent to any departure by any party to this Agreement from the terms of any provision of this Agreement, shall be effective only in the specific instance and for the specific purpose for which given. No notice to or demand on the Borrower in any case shall entitle the Borrower to any other or further notice or demand in similar or other circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No amendment, modification, supplement or waiver of this Agreement shall be effective unless signed by the Borrower, the Administrative Agent and the Required Lenders, *provided* that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any Class A Fundamental Amendment shall require the written consent of all Class A Revolving Lenders and any Class B Fundamental Amendment shall require the written consent of all Class B Revolving Lenders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) no such amendment, modification, supplement or waiver shall amend, modify or otherwise affect the rights, duties, immunities or liabilities of the Administrative Agent without the prior written consent of the Administrative Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Administrative Agent shall consult with all Lenders on any amendment, modification, supplement or waiver of this Agreement which is not a Fundamental Amendment prior to executing any such amendment, modification, supplement or waiver, provided, however, for avoidance of doubt, that solely the consent of the Required Lenders, the Administrative Agent, and the Borrower, in their sole and absolute discretion, shall be required for any such amendment, modification, supplement or waiver which is not a Fundamental Amendment; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the parties acknowledge and agree that increases in the Class A Revolving Facility Amount may (x) be allocated at the Administrative Agent's sole discretion not on a pro-rata basis among the Class A Revolving Lenders and (y) be agreed to by the Borrower, the Administrative Agent and the relevant Class A Revolving Lender providing a Class A Revolving Advance. In each case, any such increases in the Class A Revolving Facility Amount or Class B Revolving Facility Amount, as applicable, will be set forth in amendments to this Agreement executed solely by the parties listed in clause (y) above.

The Borrower shall deliver to the Servicer, the Collateral Custodian, the Verification Agent and the Backup Servicer copies of any amendment, modification, supplement or waiver of this Agreement which directly or indirectly relate to the Facility Documents to which such Persons are party or their rights and obligations thereunder promptly following execution and effectiveness thereof.

*Section 12.02. Notices, Etc*. Except as otherwise provided herein, all notices and other communications hereunder to any party shall be in writing and sent by certified or registered mail, return receipt requested, by overnight delivery service, with all charges prepaid, by hand delivery, or by telecopier followed by a hard copy sent by regular mail, to such party's address set forth in Schedule 3 hereto, or at such other address as such party may hereafter specify in a notice given in the manner required under this Section 12.02. All such notices and correspondence shall be deemed given (a) if sent by certified or registered mail, three (3) Business Days after being postmarked, (b) if sent by overnight delivery service or by hand delivery, when received at the above stated addresses or when delivery is refused and (c) if sent by telecopier transmission, when such transmission is confirmed. Except as otherwise provided herein, transmission by electronic mail ("e-mail") or e-fax (even if transmitted to the fax numbers set forth in Schedule 3, if any) shall not be sufficient or effective to transmit any such notice under this Section 12.02. The Borrower hereby irrevocably consents and agrees to the service of any and all legal process, summons, notices and documents out of any courts in any action, suit or proceeding in connection with this Agreement by serving a copy thereof upon the Borrower or by mailing copies thereof by regular or overnight mail, postage prepaid, to the Borrower at its address specified in Schedule 3.

*Section 12.03. Taxes*. (a) For purposes of this Section 12.03, the term Applicable Law includes FATCA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any and all payments by or on account of any obligation of the Borrower under this Agreement and any other Facility Document shall be made, in accordance with this Agreement or the related Facility Document, free and clear of and without deduction for any and all Taxes, except as required by Applicable Law. If the Borrower or Administrative Agent shall be required by law (or by the interpretation or administration thereof) to deduct or withhold any Taxes from or in respect of any sum payable by it hereunder or under any other Facility Document to any Secured Party, then the Borrower or Administrative Agent, as applicable, shall be entitled to make such deduction or withholding and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with Applicable Law and, if such payment is an

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Indemnified Tax, the sum payable by the Borrower shall be increased as necessary so that after such deduction or withholding has been made (including deductions applicable to additional sums payable under this Section 12.03) such Secured Party receives an amount equal to the sum it would have received had no such deductions or withholding been made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In addition, the Borrower agrees to timely pay any present or future stamp, court or documentary, intangible, recording, filing or similar Taxes or any other excise or property Taxes, charges or similar levies which arise from any payment made by the Borrower hereunder or under any other Facility Document or from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, this Agreement or under any other Facility Document, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to Sections 2.09(b), 2.11(b) or 12.03(i)) (hereinafter referred to as *"Other Taxes"*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Borrower agrees to indemnify each of the Secured Parties, within 10 days after demand therefor, for the full amount of Indemnified Taxes, including any Indemnified Taxes imposed or asserted by any jurisdiction on amounts payable under this Section 12.03 payable by such Secured Party or required to be withheld or deducted from a payment to such Secured Party and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to the Borrower by a Secured Party (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Secured Party, shall be conclusive absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Borrower shall not be required to indemnify any Secured Party, or pay any additional amounts to any Secured Party, in respect of United States federal withholding tax or United States federal backup withholding tax to the extent that the obligation to pay such additional amounts would not have arisen but for a failure by such Secured Party to comply with paragraphs (h) or (k) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) As soon as practicable after the date of any payment of Taxes to a Governmental Authority pursuant to this Section 12.03, the Borrower will furnish to the Administrative Agent the original or a certified copy of a receipt issued by the relevant Governmental Authority evidencing payment thereof (or a copy of the return reporting such payment or other evidence of payment as may be reasonably satisfactory to the Administrative Agent).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) If any payment is made by the Borrower to or for the account of any Secured Party after deduction for or on account of any Taxes, and an indemnity payment or additional amounts are paid by the Borrower pursuant to this Section 12.03, then, if such Secured Party, in its sole discretion exercised in good faith, determines that it has received a refund of such Taxes, such Secured Party shall reimburse to the Borrower such amount of any refund received (net of reasonable out-of-pocket expenses incurred) as such Secured Party shall determine in its sole discretion to be attributable to the relevant Taxes; *provided* that in the event that such Secured Party is required to repay such refund to the relevant taxing authority, the Borrower agrees to return the refund to such Secured Party. Notwithstanding anything to the contrary in this paragraph (g), in no event will the Secured Party be required to pay any amount to the Borrower

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pursuant to this paragraph (g) the payment of which would place the Secured Party in a less favorable net after-Tax position than the Secured Party would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) *Status of Lender, Secured Parties and Participants.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each Secured Party and each Participant that is a "United States person" as that term is defined in Section 7701(a)(30) of the Code (a "*U.S. Person*") hereby agrees that it shall, no later than the Restatement Closing Date or, in the case of a Secured Party or a Participant which becomes a party hereto pursuant to Section 12.06, the date upon which such Secured Party becomes a party hereto or participant herein (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), deliver to the Borrower and the Administrative Agent, if applicable, two accurate, complete and executed copies of U.S. Internal Revenue Service Form W-9 or successor form, certifying that such Secured Party or Participant is on the date of delivery thereof entitled to an exemption from United States backup withholding tax.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Each Secured Party or Participant that is not a U.S. Person (a "*Non-U.S. Lender*") shall, no later than the date on which such Secured Party becomes a party hereto or a participant herein pursuant to Section 12.06 (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), deliver to the Borrower and the Administrative Agent two copies of properly completed and duly executed copies of either U.S. Internal Revenue Service Form W-8BEN, W 8BEN-E, W-8ECI or W-8IMY or any subsequent versions thereof or successors thereto, in the case of a Non-U.S. Lender claiming the benefits of an income tax treaty to which the United States is a party, with respect to payments of interest hereunder, establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the "interest" article of such tax treaty, and establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the "business" profits or "other income" article of such treaty, with respect to any other applicable payments hereunder. In addition, in the case of a Non-U.S. Lender claiming exemption from U.S. federal withholding tax under Section 871(h) or 881(c) of the Code, such Non-U.S. Lender shall deliver to the Borrower and Administrative Agent (in such number of copies as shall be requested by the recipient), no later than the date on which such Non-U.S. Lender becomes a party hereto or a participant herein pursuant to Section 12.06 (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), a certificate to the effect that such Non-U.S. Lender is not a bank for purposes of Section 881(c) of the Internal Revenue Code, is not a 10-percent shareholder (within the meaning of Section 871(h)(3)(B) of the Internal Revenue Code) of the Borrower and is not a controlled foreign corporation related to the Borrower (within the meaning of Section 864(d)(4) of the Code) (a "*U.S. Tax Compliance Certificate"*), and such Non-U.S. Lender agrees that it shall notify the Borrower and the Administrative Agent in the event any such certificate is no longer accurate. In addition, to the extent a Non-U.S. Lender is not the beneficial owner, such Non-U.S. Lender shall also provide a U.S. Tax Compliance Certificate and/or other

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certification documents from each beneficial owner, as applicable, provided that if the Non-U.S. Lender is a partnership and one or more direct or indirect partners of such Non-U.S. Lender are one or more direct or indirect partners of such Non-U.S. Lender are claiming the portfolio interest exemption, such Non-U.S. Lender may provide a U.S. Tax Compliance Certificate on behalf of each such direct and indirect partner. Such forms shall be delivered by each Non-U.S. Lender on or before the date it becomes a party to this Agreement or participant herein and on or before the date, if any, such Non-U.S. Lender designates a new lending office. In addition, each Non-U.S. Lender shall deliver such forms as promptly as practicable after receipt of a written request therefor from the Borrower or the Administrative Agent. Notwithstanding any other provision of this Section 12.03, a Non-U.S. Lender shall not be required to deliver any form pursuant to this Section 12.03(h) that such Non-U.S. Lender is not legally able to deliver.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If any Secured Party requires the Borrower to pay any additional amount to such Secured Party or any taxing Governmental Authority for the account of such Secured Party or to indemnify such Secured Party pursuant to this Section 12.03, then such Secured Party shall use reasonable efforts to designate a different lending office for funding or booking its Advances hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if such Lender determines, in its sole discretion, that such designation or assignment (i) would eliminate or reduce amounts payable pursuant to this Section 12.03 in the future and (ii) would not subject such Secured Party to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Secured Party. The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Nothing in this Section 12.03 shall be construed to require any Secured Party to make available its tax returns (or any other information relating to its taxes that it deems confidential) to the Borrower or any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) *Compliance with FATCA.* Each Lender shall comply with any certification, documentation, information or other reporting necessary to establish an exemption from withholding under FATCA and shall provide any other documentation reasonably requested by the Borrower or the Administrative Agent at the time or times proscribed by law and at such time or times reasonably requested by the Borrower or the Administrative Agent sufficient for the Administrative Agent and the Borrower to comply with their obligations under FATCA and to determine that such Lender has complied with such applicable reporting requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) *Survival.* Each party's obligations under this Section 12.03 shall survive the resignation or replacement of the Administrative Agent or any assignment of rights by, or the replacement of, a Lender and the repayment, satisfaction or discharge of all amounts owing under any Facility Document.

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*Section 12.04. Costs and Expenses; Indemnification*. (a) The Borrower agrees to promptly pay on demand (i) all reasonable and documented out-of-pocket costs and expenses of the Administrative Agent, the Servicer, the Collateral Custodian, the Verification Agent, the Backup Servicer and the other Lenders in connection with the preparation, review, negotiation, reproduction, execution and delivery of this Agreement and the other Facility Documents, including the reasonable fees and disbursements of outside counsel for each of the Administrative Agent, the Servicer, the Collateral Custodian, the Verification Agent, the Backup Servicer, UCC filing fees and all other related fees and expenses in connection therewith; and in connection with any modification or amendment of this Agreement or any other Facility Document. Further, the Borrower shall promptly pay on demand (A) all reasonable out-of-pocket costs and expenses (including all reasonable fees, expenses and disbursements of legal counsel), and any auditors, accountants, consultants or appraisers or other professional advisors and agents engaged by the Administrative Agent and incurred by the Administrative Agent in the preparation, execution, delivery, filing, recordation, administration, performance or enforcement of this Agreement or any other Facility Document or any consent, amendment, waiver or other modification relating thereto, (B) all reasonable out-of-pocket costs and expenses of creating, perfecting, releasing or enforcing the Administrative Agent's security interests in the Collateral, including filing and recording fees, expenses and Other Taxes, search fees, and title insurance premiums, and (C) after the occurrence of any Event of Default, all costs and expenses incurred by the Administrative Agent and the Lenders in connection with the preservation, collection, foreclosure or enforcement of the Collateral subject to the Facility Documents or any interest, right, power or remedy of the Administrative Agent and the Lenders or in connection with the collection or enforcement of any of the Obligations or the proof, protection, administration or resolution of any claim based upon the Obligations in any insolvency proceeding, including all reasonable fees and disbursements of attorneys, accountants, auditors, consultants, appraisers and other professionals engaged by the Administrative Agent and the Lenders. The undertaking in this Section shall survive repayment of the Obligations, any foreclosure under, or modification, release or discharge of, any or all of the Related Documents, termination of this Agreement and the resignation or replacement of the Administrative Agent. Without prejudice to its rights hereunder, the expenses and the compensation for the services of the Administrative Agent are intended to constitute expenses of administration under any applicable bankruptcy law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Borrower agrees to indemnify and hold harmless each Secured Party and each of their Affiliates and the respective officers, directors, employees, agents, managers of, and any Person controlling any of, the foregoing (each, an "*Indemnified Party*") from and against any and all claims, damages, losses, liabilities, expenses, actions, suits, judgments and disbursements (including the reasonable and documented fees and disbursements of counsel) that may be incurred by or asserted or awarded against any Indemnified Party, in each case arising out of the execution, delivery, enforcement, performance, administration of or otherwise arising out of or incurred in connection with this Agreement, any other Facility Document, any Related Document or any transaction contemplated hereby or thereby (and regardless of whether or not any such transactions are consummated) (collectively, the "*Liabilities*"), including any such Liability that is incurred or arises out of or in connection with, or by reason of any one or more of the following: (i) preparation for a defense of any investigation, litigation or proceeding arising out of, related to or in connection with this Agreement, any other Facility Document, any Related Document or any of the transactions contemplated hereby or thereby; (ii) any breach of any covenant by the Borrower, any Servicer or any Backup Servicer contained in any Facility Document; (iii) any representation or warranty made or deemed made by the Borrower, any Backup Servicer or any Servicer contained in any Facility Document or in any certificate, statement or report delivered in connection therewith is false or misleading; (iv) any failure by the Borrower, any Servicer or any

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Backup Servicer to comply with any Applicable Law or contractual obligation binding upon it; (v) any failure to vest, or delay in vesting, in the Administrative Agent (for the benefit of the Secured Parties) a perfected security interest in all of the Collateral free and clear of all Liens; (vi) any action or omission, not expressly authorized by the Facility Documents, by the Borrower or any Affiliate of the Borrower which has the effect of materially reducing or impairing the collectability of the Collateral or the rights of the Administrative Agent or the Secured Parties with respect thereto; (vii) the failure to file, or any delay in filing, financing statements, continuation statements or other similar instruments or documents under the UCC of any applicable jurisdiction or other Applicable Law with respect to any Collateral, whether at the time of any Advance or at any subsequent time; (viii) any dispute, claim, offset or defense (other than the discharge in bankruptcy of an Obligor) of an Obligor to the payment with respect to any Collateral (including, without limitation, a defense based on any Receivable (or the Related Documents evidencing such Collateral Receivable) not being a legal, valid and binding obligation of such Obligor enforceable against it in accordance with its terms), or any other claim resulting from any related property; (ix) the commingling of Collections on the Collateral at any time with other funds; and (x) any failure by the Borrower to give reasonably equivalent value to any Seller, in consideration for the transfer by such Seller to the Borrower of any item of Collateral or any attempt by any Person to void or otherwise avoid any such transfer under any statutory provision or common law or equitable action, including, without limitation, any provision of the Bankruptcy Code; *provided*, that the Borrower shall not be liable (A) for any Liability or losses arising due to the deterioration in the credit quality or market value of the Collateral Receivables or other Collateral hereunder to the extent that such credit quality or market value was not misrepresented in any material respect by the Borrower or any of its Affiliates or (B) to the extent any such Liability is found in a final, non-appealable judgment by a court of competent jurisdiction to have resulted from such Indemnified Party's fraud, bad faith, gross negligence or willful misconduct; *provided* however that in no event will such Indemnified Party have any liability for any special, exemplary, indirect, punitive or consequential damages in connection with or as a result of such Indemnified Party's activities related to this Agreement or any Facility Document or any agreement or instrument contemplated hereby or thereby or referred to herein or therein; *provided, further,* that any payment hereunder which relates to Taxes other than any Taxes that represent losses, claims, damages, etc. arising from any non-Tax claim, or additional sums described in Sections 2.09 or 2.10, shall not be covered by this Section 12.04(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) All amounts due under this Section 12.04 shall be payable on the next succeeding Payment Date following written demand therefor (including supporting documentation).

*Section 12.05. Execution in Counterparts*. This Agreement may be executed in any number of counterparts and by different parties hereto on separate counterparts, each of which counterparts, when so executed and delivered, shall be deemed to be an original and all of which counterparts, taken together, shall constitute but one and the same Agreement. Delivery of an executed signature page of this Agreement by facsimile or other electronic transmission shall be effective as delivery of a manually executed counterpart hereof.

*Section 12.06. Assignability.* The Borrower may not assign its rights or obligations hereunder or any interest herein without the prior written consent of the Administrative Agent. The Lenders may assign their rights, interests or obligations under this Agreement as permitted under Section 13.02. This Agreement and all of the provisions hereof shall be binding upon and inure to the benefit of the parties and their respective successors and permitted assigns (including by operation of law).

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*Section 12.07. Governing Law*. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAW OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO THE CONFLICT OF LAWS PRINCIPLES THEREOF (EXCEPT FOR SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW).

*Section 12.08. Severability of Provisions*. Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof or affecting the validity or enforceability of such provision in any other jurisdiction.

*Section 12.09. Confidentiality*. Each Secured Party agrees to keep confidential all non-public information provided to it by the Borrower with respect to the Borrower, its Affiliates, the Collateral or any other information furnished to any Secured Party pursuant to this Agreement or any other Facility Document (collectively, the *"Borrower Information"*); *provided* that nothing herein shall prevent any Secured Party from disclosing any Borrower Information (a) in connection with this Agreement and the other Facility Documents and not for any other purpose, (x) to any Secured Party or any Affiliate of a Secured Party, or (y) any of their respective Affiliates, employees, directors, agents, representatives, consultants, attorneys, accountants and other professional advisors (collectively, the *"Secured Party Representatives"*), it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Borrower Information, (b) subject to an agreement to comply with the provisions of this Section (or other provisions at least as restrictive as this Section), (i) to any actual or bone fide prospective permitted assignees and Participants in any of the Secured Parties' interests under or in connection with this Agreement, (ii) to any prospective agent or co-agent of the Administrative Agent, (iii) as reasonably required by any direct or indirect contractual counterparties or professional advisors thereto, to any swap or derivative transaction relating to the Borrower and its obligations, and (iv) to any provider of credit protection to a Lender or any provider of a hedge for the benefit of a Lender, (c) to any Governmental Authority purporting to have jurisdiction over any Secured Party or any of its Affiliates or any Secured Party Representative, (d) in response to any order of any court or other Governmental Authority or as may otherwise be required or requested to be disclosed pursuant to any Applicable Law, (e) that is a matter of general public knowledge or that has heretofore been made available to the public by any Person other than any Secured Party or any Secured Party Representative in violation hereof, (f) any rating agency or a nationally recognized statistical rating organization in connection with Rule 17g-5 promulgated by the U.S. Securities and Exchange Commission or (g) in connection with the exercise of any remedy hereunder or under any other Facility Document. In addition, each Secured Party may disclose the existence of this Agreement and information about this Agreement to market data collectors, similar service providers to the lending industry and service providers to the Secured Parties in connection with the administration and management of this Agreement and the other Facility Documents.

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*Section 12.10. Merger*. This Agreement and the other Facility Documents executed by the Administrative Agent or the Lenders taken as a whole incorporate the entire agreement between the parties thereto concerning the subject matter thereof and such Facility Documents supersede any prior agreements among the parties relating to the subject matter thereof.

*Section 12.11. Survival*. All representations and warranties made hereunder, in the other Facility Documents and in any certificate delivered pursuant hereto or thereto or in connection herewith or therewith shall survive the execution and delivery of this Agreement and the making of the Advances hereunder. The agreements in Sections 2.09, 2.10, 2.13, the final sentence of Section 7.02, 7.06(b), 12.02, 12.03, 12.04, 12.07, 12.08, 12.12, 12.13, 12.14, 12.16 and 12.19 and this Section 12.11 shall survive the termination of this Agreement in whole or in part and the payment in full of the principal of and interest on the Advances.

*Section 12.12. Submission to Jurisdiction; Waivers; Etc.* Each party hereto hereby irrevocably and unconditionally:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) submits for itself and its property in any legal action or proceeding relating to this Agreement or the other Facility Documents to which it is a party, or for recognition and enforcement of any judgment in respect thereof, to the exclusive general jurisdiction of the courts of the State of New York, the courts of the United States of America for the Southern District of New York, and the appellate courts of any of them;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) consents that any such action or proceeding may be brought in any court described in Section 12.12(a) and waives to the fullest extent permitted by Applicable Law any objection that it may now or hereafter have to the venue of any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court and agrees not to plead or claim the same;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) agrees that service of process in any such action or proceeding may be effected by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, to such party at its address referenced in Section 12.2 or at such other address as may be permitted thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) agrees that nothing herein shall affect the right to effect service of process in any other manner permitted by law; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) waives, to the maximum extent not prohibited by law, any right it may have to claim or recover in any legal action or proceeding against any party hereto or any Secured Party arising out of or relating to this Agreement or any other Facility Document any special, exemplary, indirect, punitive or consequential damages (as opposed to direct or actual damages) (whether or not the claim therefor is based on contract, tort or duty imposed by any applicable legal requirement).

*Section 12.13. Waiver of Jury Trial*. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER FACILITY DOCUMENT OR FOR ANY COUNTERCLAIM THEREIN OR RELATING THERETO.

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*Section 12.14. Service of Process*. EACH OF THE PARTIES HERETO WAIVES PERSONAL SERVICE OF PROCESS AND IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN <u>SECTION 12.02</u>. NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY TO THIS AGREEMENT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW.

*Section 12.15. Waiver of Setoff*. The Borrower hereby waives any right of setoff it may have or to which it may be entitled under this Agreement from time to time against any Lender or its assets.

*Section 12.16. PATRIOT Act Notice*. Each Lender and the Administrative Agent hereby notifies the Borrower that pursuant to the requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law on October 26, 2001)) (the *"PATRIOT Act"*), it is required to obtain, verify and record information that identifies the Borrower, which information includes the name and address of the Borrower and other information that will allow the Lenders to identify the Borrower in accordance with the PATRIOT Act. The Borrower shall provide to the extent commercially reasonable, such information and take such actions as are reasonably requested by any Lender in order to assist such Lender in maintaining compliance with the PATRIOT Act.

*Section 12.17. Legal Holidays*. In the event that the date of any Payment Date, date of prepayment or Final Maturity Date shall not be a Business Day, then notwithstanding any other provision of this Agreement or any Facility Document, payment need not be made on such date, but may be made on the next succeeding Business Day with the same force and effect as if made on the nominal date of any such Payment Date, date of prepayment or Final Maturity Date, as the case may be, and interest shall accrue on such payment for the period from and after any such nominal date to but excluding such next succeeding Business Day.

*Section 12.18. Third-Party Beneficiary*. The parties hereto acknowledge and agree that the Indemnified Parties and the Affected Persons are third party beneficiaries of this Agreement.

*Section 12.19. No Fiduciary Duty*. The Administrative Agent, each Lender and their Affiliates (collectively, solely for purposes of this paragraph, the *"Lenders"*), may have economic interests that conflict with those of the Borrower, its stockholders and/or their Affiliates. The Borrower agrees that nothing in the Facility Documents or otherwise will be deemed to create an advisory, fiduciary or agency relationship or fiduciary or other implied duty between any Lender, on the one hand, and Borrower, its stockholders or its Affiliates, on the other. The Borrower acknowledges and agrees that (i) the transactions contemplated by the Facility Documents (including the exercise of rights and remedies hereunder and thereunder) are arm's-length commercial transactions between the Lenders, on the one hand, and the Borrower, on the other, and (ii) in connection therewith and with the process leading thereto, (x) no Lender has assumed an advisory or fiduciary responsibility in favor of Borrower, its stockholders or its Affiliates with respect to the transactions contemplated hereby (or the exercise of rights or remedies with respect thereto) or the process leading thereto (irrespective of whether any Lender has advised, is currently advising or will advise Borrower, its stockholders or its Affiliates on other matters) or any other

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obligation to Borrower except the obligations expressly set forth in the Facility Documents and (y) each Lender is acting solely as principal and not as the Administrative Agent or fiduciary of Borrower, its management, stockholders, creditors or any other Person. Borrower acknowledges and agrees that it has consulted its own legal and financial advisors to the extent it deemed appropriate and that it is responsible for making its own independent judgment with respect to such transactions and the process leading thereto. Borrower agrees that it will not claim that any Lender has rendered advisory services of any nature or respect, or owes a fiduciary or similar duty to Borrower, in connection with such transaction or the process leading thereto.

**ARTICLE XIII** 

**SYNDICATION** 

*Section 13.01. Syndication*. The Lenders may at any time, without the consent of the Borrower, sell, assign or participate any portion or all of the Advances and the Facility Documents to one or more Persons subject to the terms of this Article XIII.

*Section 13.02. Assignment of Advances, Participations and Servicing, Appointment of Agent.* (a) The Lenders may, at their individual option, with Borrower's consent (such consent not to be unreasonably withheld, conditioned or delayed) or, following the occurrence of an Event of Default, the Scheduled Reinvestment Period Termination Date or an Accelerated Amortization Event (other than the occurrence of an Unmatured Event of Default pursuant to clause (c) of such definition that has not become an Event of Default), without the Borrower's consent (but with notice to the Borrower following any assignment), sell and assign all or any part of their right, title and interest in, and to, and under the Advances and this Agreement, on a pro rata basis, in the sole discretion of such Lender, subject to the prior written consent of the Administrative Agent (provided, that if the proposed assignee of a Class B Revolving Lender is found to be in compliance with the Administrative Agent's "know your customer" requirements, the Administrative Agent shall not withhold its consent to such assignment by a Class B Revolving Lender) (the "*Syndication*"), to one or more additional lenders, other than a natural Person (or a holding company, investment vehicle or trust for, or owned and operated for the primary benefit of, a natural Person) or the Borrower or any of the Borrower's Affiliates. Each additional Lender shall enter into an Assignment and Acceptance whereby the existing Lender (the "*Assigning Lender*") assigns to such new Lender a portion of its rights under the Advances, and pursuant to which the new Lender accepts such assignment. From and after the effective date specified in the Assignment and Acceptance (i) each new Lender shall be a party hereto and to each applicable Facility Document to the extent of the applicable percentage or percentages and, if applicable, priorities, set forth in the Assignment and Acceptance and, except as specified otherwise herein, shall succeed to the rights of the Assigning Lender hereunder in respect of the Advances, and (ii) the Assigning Lender shall, to the extent such rights and obligations have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations hereunder and under the Facility Documents.

The liabilities of each of the Lenders shall be several and not joint, and any Lender's Percentage shall be reduced by the amount of each such Assignment and Acceptance. No Lender shall be responsible for the obligations of any other Lender.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Borrower agrees that it shall reasonably cooperate, in connection with any sale of all or any portion of the Advances, whether in whole or to an additional Lender or Participant, to furnish to Administrative Agent, any information as reasonably requested by any additional Lender or Participant in performing its due diligence in connection with its purchase of an interest in the Advances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Borrower acknowledges that the Administrative Agent shall have the sole and exclusive authority to execute and perform this Agreement and each Facility Document on behalf of itself and as agent for the Secured Parties. The Lenders acknowledge that the Administrative Agent shall retain the exclusive right to grant approvals and give consents required to be delivered hereunder. Except as otherwise provided herein, the Borrower shall have no obligation to recognize or deal directly with any Lender, and no Lender shall have any right to deal directly with the Borrower with respect to the rights, benefits and obligations of the Borrower under this Agreement, the Facility Documents or any one or more documents or instruments in respect thereof, except as explicitly provided herein or therein. The Borrower may rely conclusively on the actions of the Administrative Agent to bind the Lenders, notwithstanding that the particular action in question may, pursuant to this Agreement be subject to the consent or direction of some or all of the Lenders. The Administrative Agent may resign at any time in the Administrative Agent's sole discretion without the consent of the Borrower. Upon any such resignation, a successor administrative agent shall be appointed by the Required Lenders with the consent of the Borrower (such consent not to be unreasonably withheld, conditioned or delayed). The term Administrative Agent shall include any successor administrative agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding any provision to the contrary in this Agreement, the Administrative Agent shall not have any duties or responsibilities except those expressly set forth herein and no covenants, functions, responsibilities, duties, obligations or liabilities of the Administrative Agent shall be implied by or inferred from this Agreement or any other Facility Document, or otherwise exist against Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Except to the extent its obligations hereunder and its interest in the Advances have been assigned pursuant to one or more Assignments and Acceptances, if the Administrative Agent is also a Lender, the Administrative Agent shall have the same rights and powers under this Agreement as any other Lender and may exercise the same as though it were not the Administrative Agent, respectively. The Lenders and their respective Affiliates may accept deposits from, lend money to, act as trustee under indentures of, and generally engage in any kind of business with, the Borrower, or any Affiliate of the Borrower and any Person who may do business with or own securities of the Borrower or any Affiliate of the Borrower, all as if they were not serving in such capacities hereunder and without any duty to account therefor to each other.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) If required by any Lender, the Borrower hereby agrees to execute notes in the principal amount of such Lender's Percentage of the Advances, and such note shall (i) be payable to order of such Lender, (ii) be dated as of the Effective Date (or, if later, the date that such Lender became a Lender hereunder), and (iii) mature on the Termination Date. Such note shall provide that it evidences a portion of the existing Obligations hereunder and not any new or additional indebtedness of the Borrower.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Administrative Agent, acting solely for this purpose as a non-fiduciary agent of the Borrower, shall maintain at one of its offices a copy of each Assignment and Acceptance delivered to it and a register for the recordation of the names and addresses of the Lenders, and principal amounts (and stated interest) of the Receivables owing to, each Lender pursuant to the terms hereof from time to time (the "*Register*"). The entries in the Register shall be conclusive absent manifest error, and the Borrower, the Administrative Agent and the Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement. The Register shall be made available by the Administrative Agent for inspection by the Borrower and any Lender, at any reasonable time and from time to time, upon reasonable prior written request to the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Any Lender may at any time, with prior written consent by the the Administrative Agent (such consent not to be unreasonably withheld and if the proposed participant of a Class B Revolving Lender is found to be in compliance with the Administrative Agent's "know your customer" requirements, the Administrative Agent shall not withhold its consent to such participation by a Class B Revolving Lender), but without the consent of, or notice to, the Borrower, sell participations to any Person (other than a natural Person (or a holding company, investment vehicle or trust for, or owned and operated for the primary benefit of, a natural Person) or the Borrower or any of the Borrower's Affiliates or Subsidiaries) (each, a "*Participant*") in all or a portion of such Lender's rights and/or obligations under this Agreement (including all or a portion of Receivables owing to it); provided that (i) such Lender's obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations, and (iii) the Borrower, the Administrative Agent and Lenders shall continue to deal solely and directly with such Lender in connection with such Lender's rights and obligations under this Agreement. For the avoidance of doubt, each Lender shall be responsible for the any payments made under Section 2.09 with respect to any payments made by such Lender to its Participant(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement provided that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver described in Section 12.01 that affects such Participant. The Borrower agrees that each Participant shall be entitled to the benefits of Sections 2.09, 12.03 and 12.04 (subject to the requirements and limitations therein) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section; provided that such Participant shall not be entitled to receive any greater payment under Section 2.09 or 12.03, with respect to any participation, than its participating Lender would have been entitled to receive, except to the extent such entitlement to receive a greater payment results from a change in Requirements of Law that occurs after the Participant acquired the applicable participation. Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrower, maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant's interest in the Receivables or other obligations under the Loan Documents (the "*Participant Register*"); provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any information relating to a

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Participant's interest in any commitments, loans, letters of credit or its other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such commitment, loan, letter of credit or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Notwithstanding any other provision set forth in this Agreement, any Lender may at any time create a security interest in all or any portion of its rights under this Agreement or in the Collateral pledged to it thereunder (including, without limitation, amounts owing or assets pledged to it), including, without limitation, to any Federal Reserve Bank as a secured party in accordance with Regulation A of the Board of Governors of the Federal Reserve System, and any transfer restrictions under this Section 13.02 shall not apply to any Federal Reserve Bank as the secured party in connection with any such security interest; provided that no such security interest or the exercise by the secured party of any of its rights thereunder shall release such Lender from its funding obligations hereunder.

*Section 13.03. Cooperation in Syndication.* (a) The Borrower agrees to use commercially reasonable efforts to assist the Lenders and the Administrative Agent, upon reasonable request, in completing a Syndication. Such assistance shall include (i) direct contact between senior management and advisors of the Borrower and the proposed Lenders, (ii) assistance in the preparation of a confidential information memorandum and other marketing materials to be used in connection with the Syndication, (iii) the hosting, with the Lenders and the Administrative Agent, of one or more meetings of prospective Lenders or with the credit rating agencies, (iv) the delivery of appraisals reasonably satisfactory to the Lenders and the Administrative Agent if required, and (v) working with the Lenders and the Administrative Agent to procure a rating for the Advances by the credit rating agencies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Lenders and the Administrative Agent shall manage all aspects of any Syndication of the Advances, including decisions as to the selection of institutions to be approached and when they will be approached, when their commitments will be accepted, which institutions will participate, the allocations of the commitments among the Lenders and the amount and distribution of fees among the Lenders. To assist the Lenders and the Administrative Agent in their Syndication efforts, the Borrower agrees promptly to prepare and provide to the Lenders and the Administrative Agent all information with respect to the Borrower, the Sponsor, the Seller and the Servicer contemplated hereby, including all financial information and projections (the "*Projections*"), as the Lenders and the Administrative Agent may reasonably request in connection with the Syndication of the Advances. The Borrower hereby represents and covenants that (i) all information other than the Projections (the "*Information*") that has been or will be made available to the Lenders and the Administrative Agent by the Borrower or any of their representatives is or will be, when furnished, complete and correct in all material respects and does not or will not, when furnished, contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements contained therein not materially misleading in light of

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the circumstances under which such statements are made and (ii) the Projections that have been or will be made available to the Lenders and the Administrative Agent by the Borrower or any of its representatives have been or will be prepared in good faith based upon reasonable assumptions. The Borrower understands that in arranging and syndicating the Advances, the Administrative Agent, the Lenders and, if applicable, the credit rating agencies, may use and rely on the Information and Projections without independent verification thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If required in connection with the Syndication, the Borrower hereby agrees to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) deliver updated financial and operating statements and other information reasonably required by the Lenders and the Administrative Agent to facilitate the Syndication;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) deliver reliance letters reasonably satisfactory to the Lenders and the Administrative Agent with respect to any environmental assessments and reports delivered to the Lenders and the Administrative Agent, which will run to the Lender and their respective successors and assigns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) execute modifications to the Facility Documents required by the Lenders, provided that such modification will not change any material or economic terms of the Facility Documents, or otherwise materially increase the obligations or materially decrease the rights of the Borrower pursuant to the Facility Documents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) if the Lenders and the Administrative Agent elect, in their respective individual sole discretion, prior to or upon a Syndication, to split the Advances into two or more parts, or any note into multiple component notes or tranches which may have different interest rates, principal amounts, payment priorities and maturities, the Borrower agrees to cooperate with Lenders and the Administrative Agent, at no cost or expense to the Borrower, in connection with the foregoing and to execute the required modifications and amendments to any note, this Agreement and the Facility Documents and to provide opinions necessary to effectuate the same. Such notes or components may be assigned different interest rates, so long as (A) the weighted average of such interest rates does not exceed the Interest Rate, (B) with respect to Class A Revolving Advances, the weighted average of such interest rates does not exceed the Class A Interest Rate, (C) with respect to Class B Revolving Advances, the weighted average of such interest rates does not exceed the Class B Interest Rate, and (D) with respect to Static Advances, the weighted average of such interest rates does not exceed the Static Interest Rate, in each case, without giving effect to any deviation attributable to the imposition of any Post-Default Rate or prepayments pursuant to Section 2.06 hereof and without the prior consent of the Borrower and the Administrative Agent.

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**ARTICLE XIV** 

**REAFFIRMATION** 

*Section 14.01. No Novation and Reaffirmation of Facility Documents*. This Agreement constitutes an amendment and restatement of and supersedes the Existing Credit Agreement and does not extinguish the obligations for the payment of money outstanding under the Existing Credit Agreement or discharge or release the Obligations under, and as defined in, the Existing Credit Agreement or the Lien or priority of any collateral assignment, mortgage, pledge, security agreement or any other security therefor. Nothing herein contained shall be construed as a substitution or novation of the Obligations outstanding under, and as defined in, the Existing Credit Agreement or any of the instruments securing the same, which shall remain in full force and effect, except as expressly modified hereby or by instruments or documents executed concurrently herewith. The Lien and priority of any pledge, collateral assignment, security agreement or any other security for the Obligations under the Existing Credit Agreement are expressly reaffirmed as set forth herein. In addition, this Agreement does not terminate any rights or remedies of the Administrative Agent under the Borrower LLC Agreement, which is also hereby expressly reaffirmed. Except for the Existing Credit Agreement and the Fee Letter, which are being amended and restated upon the Restatement Closing Date, all the other Facility Documents shall remain in full force and effect. Nothing expressed or implied in this Agreement shall be construed as a release or other discharge of any of the obligations and liabilities of the Borrower, the Servicer, the Sponsor, the Seller, the Backup Servicer, the Account Bank or the Custodian under any of the Facility Documents or the Constituent Documents. The Borrower, the Sponsor and the Servicer hereby (a) confirm and agree that each Facility Document to which it is a party shall continue to be in full force and effect and is hereby ratified and confirmed in all respects and (b) confirm and agree that to the extent that any Facility Document purports to assign or pledge to the Administrative Agent or the Lenders a security interest in or Lien on, any Collateral as security for the Obligations of the Borrower from time to time existing in respect of the Existing Credit Agreement and the Facility Documents, such pledge, assignment and/or grant of the security interest or Lien is hereby ratified and confirmed in all respects. Notwithstanding the foregoing, the Administrative Agent, the Lenders, the Borrower, the Servicer and the Sponsor hereby confirm and agree that all references in any Facility Document or in any Constituent Document to the "Credit Agreement," "thereto," "thereof," "thereunder" or words of like import referring to the Existing Credit Agreement shall mean the Existing Credit Agreement as amended and restated by this Agreement.

[SIGNATURE PAGES TO FOLLOW]

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their respective officers thereunto duly authorized, as of the date first above written.

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| | |
|:---|:---|
| LENDBUZZ SPV IV, LLC, as Borrower | LENDBUZZ SPV IV, LLC, as Borrower |
| By: |  |
|  | Name: |
|  | Title: |

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| | |
|:---|:---|
| LENDBUZZ FUNDING LLC, as Servicer | LENDBUZZ FUNDING LLC, as Servicer |
| By: |  |
|  | Name: |
|  | Title: |

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[Signature Page to Amended and Restated Revolving Credit and Security Agreement]

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| | |
|:---|:---|
| GOLDMAN SACHS BANK USA, as Administrative Agent | GOLDMAN SACHS BANK USA, as Administrative Agent |
| By: |  |
|  | Name: |
|  | Title: |

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[Signature Page to Amended and Restated Revolving Credit and Security Agreement]

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| | |
|:---|:---|
|  GOLDMAN SACHS BANK USA, as Class A Revolving Lender | GOLDMAN SACHS BANK USA, as Class A Revolving Lender |
| By: |  |
|  | Name: |
|  | Title: |

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[Signature Page to Amended and Restated Revolving Credit and Security Agreement]

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| | |
|:---|:---|
|  **VIOLA CREDIT ALF II, L.P., AS A CLASS B REVOLVING LENDER** | **VIOLA CREDIT ALF II, L.P., AS A CLASS B REVOLVING LENDER** |
| By: | Viola Credit ALF II, GP L.P., its general partner |
| By: | Viola Credit ALGP 2018 Ltd., its general partner |
| By: |  |
|  | Name: |
|  | Title: |

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| | |
|:---|:---|
| By: |  |
|  | Name: |
|  | Title: |

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| | |
|:---|:---|
|  **VIOLA CREDIT ALTERNATIVE LENDING II (LB) SPV, L.P., AS A CLASS B REVOLVING LENDER** | **VIOLA CREDIT ALTERNATIVE LENDING II (LB) SPV, L.P., AS A CLASS B REVOLVING LENDER** |
| By: | Viola Credit (BHF) GP L.P., its general partner |
| By: | Viola Credit Five Management 2015 Ltd, its general partner |
| By: |  |
|  | Name: |
|  | Title: |

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| | |
|:---|:---|
| By: |  |
|  | Name: |
|  | Title: |

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[Signature Page to Amended and Restated Revolving Credit and Security Agreement]

## Exhibit 10.19

**Exhibit 10.19** 

Certain information has been excluded from this agreement (indicated by "[\*\*\*]") because Lendbuzz Inc. has determined such information (i) is not material and (ii) is of the type that the registrant treats as private or confidential.

LENDBUZZ FLOORPLAN SPV I, LLC,

as the Borrower,

LENDBUZZ FLOORPLAN, LLC,

as the Servicer and the Collateral Custodian,

the LENDERS

from time to time parties hereto,

and

REGIONS BANK,

as the Administrative Agent

LOAN AGREEMENT

Dated as of August 30, 2022

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**TABLE OF CONTENTS**

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| | | |
|:---|:---|:---|
|  |  | Page |
| ARTICLE ONE | ARTICLE ONE | ARTICLE ONE |
| DEFINITIONS; CONSTRUCTION | DEFINITIONS; CONSTRUCTION | DEFINITIONS; CONSTRUCTION |
|  Section 1.01. | Definitions | 1 |
|  Section 1.02. | Accounting Terms and Determinations | 34 |
|  Section 1.03. | Computation of Time Periods | 34 |
|  Section 1.04. | Interpretation | 34 |
| ARTICLE TWO | ARTICLE TWO | ARTICLE TWO |
| LOANS | LOANS | LOANS |
|  Section 2.01. | Loans | 35 |
|  Section 2.02. | Funding Mechanics | 36 |
|  Section 2.03. | Reduction of Commitments | 37 |
|  Section 2.04. | Interest | 37 |
|  Section 2.05. | Payments | 38 |
|  Section 2.06. | Prepayments | 39 |
|  Section 2.07. | Settlement Procedures | 39 |
|  Section 2.08. | Payments, Computations, Etc. | 41 |
|  Section 2.09. | Collections and Allocations; Investment of Funds | 42 |
|  Section 2.10. | Fees | 42 |
|  Section 2.11. | Increased Cost and Reduced Return | 43 |
|  Section 2.12. | Taxes | 44 |
|  Section 2.13. | Take-outs | 48 |
|  Section 2.14. | The Account Bank | 50 |
|  Section 2.15. | Replacement of Lenders | 53 |
|  Section 2.16. | Defaulting Lenders | 54 |
|  Section 2.17. | Alternate Rate of Interest | 55 |
| ARTICLE THREE | ARTICLE THREE | ARTICLE THREE |
| SECURITY | SECURITY | SECURITY |
|  Section 3.01. | Collateral | 56 |
|  Section 3.02. | Release of Collateral; No Legal Title | 59 |
|  Section 3.03. | Protection of Security Interest; Administrative Agent, as Attorney-in-Fact | 59 |
|  Section 3.04. | Assignment of the Purchase Agreement | 60 |
|  Section 3.05. | Waiver of Certain Laws | 60 |
|  Section 3.06. | Remittance Account | 61 |

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| | | |
|:---|:---|:---|
|  |  | Page |
| ARTICLE FOUR | ARTICLE FOUR | ARTICLE FOUR |
| CONDITIONS OF CLOSING AND LOANS | CONDITIONS OF CLOSING AND LOANS | CONDITIONS OF CLOSING AND LOANS |
|  Section 4.01. | Conditions to Effectiveness of this Agreement | 61 |
|  Section 4.02. | Conditions Precedent to All Loans | 62 |
| ARTICLE FIVE | ARTICLE FIVE | ARTICLE FIVE |
| REPRESENTATIONS AND WARRANTIES | REPRESENTATIONS AND WARRANTIES | REPRESENTATIONS AND WARRANTIES |
|  Section 5.01. | Representations and Warranties of the Borrower | 63 |
|  Section 5.02. | Representations and Warranties of the Borrower Relating to the Receivables | 67 |
|  Section 5.03. | Representations and Warranties of Lendbuzz Floorplan | 67 |
|  Section 5.04. | Retransfer of Certain Receivables | 69 |
| ARTICLE SIX | ARTICLE SIX | ARTICLE SIX |
| COVENANTS | COVENANTS | COVENANTS |
|  Section 6.01. | Affirmative Covenants of the Borrower | 70 |
|  Section 6.02. | Negative Covenants of the Borrower | 77 |
|  Section 6.03. | Covenants of the Borrower Relating to Hedging | 79 |
|  Section 6.04. | Affirmative Covenants of the Servicer and the Collateral Custodian | 80 |
|  Section 6.05. | Negative Covenants of the Servicer | 82 |
| ARTICLE SEVEN | ARTICLE SEVEN | ARTICLE SEVEN |
| ADMINISTRATION AND SERVICING OF RECEIVABLES | ADMINISTRATION AND SERVICING OF RECEIVABLES | ADMINISTRATION AND SERVICING OF RECEIVABLES |
|  Section 7.01. | Designation of Servicing | 84 |
|  Section 7.02. | Servicing Compensation | 84 |
|  Section 7.03. | Duties of the Servicer | 85 |
|  Section 7.04. | Collection of Payments | 88 |
|  Section 7.05. | Servicer Advances | 89 |
|  Section 7.06. | Payment of Certain Expenses by Servicer | 89 |
|  Section 7.07. | Reports and Audit | 89 |
|  Section 7.08. | Backup Servicer | 91 |
|  Section 7.09. | Rights After Assumption of Duties by Backup Servicer or Designation of Successor Servicer; Liability | 91 |
|  Section 7.10. | Limitation on Liability of the Servicer, the Collateral Custodian, and Others | 92 |
|  Section 7.11. | The Servicer and the Collateral Custodian Not to Resign | 92 |
|  Section 7.12. | Servicer Termination Events | 92 |
|  Section 7.13. | Appointment of Successor Servicer | 94 |
|  Section 7.14. | Merger or Consolidation, Assumption of Obligations or Resignation of the Servicer | 96 |

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| | | |
|:---|:---|:---|
|  |  | Page |
|  Section 7.15. | Responsibilities of the Borrower | 97 |
|  Section 7.16. | Custody of Receivable Files | 97 |
|  Section 7.17. | Duties of Collateral Custodian | 97 |
| ARTICLE EIGHT | ARTICLE EIGHT | ARTICLE EIGHT |
| EVENTS OF DEFAULT | EVENTS OF DEFAULT | EVENTS OF DEFAULT |
|  Section 8.01. | Events of Default | 100 |
|  Section 8.02. | Actions Upon Declaration of the Occurrence of the Final Maturity Date | 103 |
|  Section 8.03. | Exercise of Remedies | 104 |
|  Section 8.04. | Waiver of Certain Laws | 104 |
|  Section 8.05. | Power of Attorney | 105 |
| ARTICLE NINE | ARTICLE NINE | ARTICLE NINE |
| INDEMNIFICATION | INDEMNIFICATION | INDEMNIFICATION |
|  Section 9.01. | Indemnities by the Borrower | 105 |
|  Section 9.02. | Indemnities by the Servicer and the Collateral Custodian | 108 |
|  Section 9.03. | Indemnities by the Backup Servicer in its Capacity as the Successor Servicer or Successor Collateral Custodian | 109 |
| ARTICLE TEN | ARTICLE TEN | ARTICLE TEN |
| THE ADMINISTRATIVE AGENT | THE ADMINISTRATIVE AGENT | THE ADMINISTRATIVE AGENT |
|  Section 10.01. | Authorization and Action | 110 |
|  Section 10.02. | Delegation of Duties | 110 |
|  Section 10.03. | Exculpatory Provisions | 110 |
|  Section 10.04. | Reliance | 111 |
|  Section 10.05. | Non-Reliance on Other Lenders | 111 |
|  Section 10.06. | Indemnification | 112 |
|  Section 10.07. | Administrative Agent in its Individual Capacity | 112 |
|  Section 10.08. | Successor Administrative Agent | 113 |
|  Section 10.09. | Erroneous Payments | 113 |
| ARTICLE ELEVEN | ARTICLE ELEVEN | ARTICLE ELEVEN |
| ASSIGNMENTS; PARTICIPATIONS | ASSIGNMENTS; PARTICIPATIONS | ASSIGNMENTS; PARTICIPATIONS |
|  Section 11.01. | Assignments and Participations | 114 |

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| | | |
|:---|:---|:---|
|  |  | Page |
| ARTICLE TWELVE | ARTICLE TWELVE | ARTICLE TWELVE |
| MUTUAL COVENANTS REGARDING CONFIDENTIALITY | MUTUAL COVENANTS REGARDING CONFIDENTIALITY | MUTUAL COVENANTS REGARDING CONFIDENTIALITY |
|  Section 12.01. | Covenants of the Borrower, the Servicer, the Backup Servicer, the Account Bank and the Collateral Custodian | 117 |
|  Section 12.02. | Covenants of the Administrative Agent and the Lenders | 117 |
|  Section 12.03. | Non-Confidentiality of Tax Treatment and Tax Structure | 119 |
| ARTICLE THIRTEEN | ARTICLE THIRTEEN | ARTICLE THIRTEEN |
| MISCELLANEOUS | MISCELLANEOUS | MISCELLANEOUS |
|  Section 13.01. | Amendments and Waivers | 119 |
|  Section 13.02. | Notices, Etc. | 120 |
|  Section 13.03. | No Waiver, Rights and Remedies | 120 |
|  Section 13.04. | Binding Effect | 120 |
|  Section 13.05. | Term of this Agreement | 120 |
|  Section 13.06. | **GOVERNING LAW; CONSENT TO JURISDICTION; WAIVER OF OBJECTION TO VENUE** | 120 |
|  Section 13.07. | **WAIVER OF JURY TRIAL** | 121 |
|  Section 13.08. | Costs and Expenses | 121 |
|  Section 13.09. | No Insolvency Proceedings | 121 |
|  Section 13.10. | Recourse Against Certain Parties | 121 |
|  Section 13.11. | Patriot Act Compliance | 122 |
|  Section 13.12. | Execution in Counterparts; Electronic Signatures; Severability; Integration | 122 |

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SCHEDULES

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| | | |
|:---|:---|:---|
|  Schedule A | Lender Commitments | SA-1 |
|  Schedule B | Eligible Receivable Criteria | SB-1 |
|  Schedule C | Schedule of Accounts | SC-1 |
|  Schedule D | Location of Receivable Files | SD-1 |
|  Schedule E | Schedule of Documents | SE-1 |
|  Schedule F | Initial List of Competitors | SF-1 |
| EXHIBITS | EXHIBITS | EXHIBITS |
|  Exhibit A | Form of Funding Request | A-1 |
|  Exhibit B | Form of Assignment and Acceptance | B-1 |
|  Exhibit C | Credit and Collection Policy | C-1 |
|  Exhibit D | Form of Power of Attorney | D-1 |
|  Exhibit E | Form of Take-out Release | E-1 |
|  Exhibit F | Form of Monthly Report | F-1 |
|  Exhibit G | Forms of U.S. Tax Compliance Certificates | G-1 |

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iv

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LOAN AGREEMENT

This Loan Agreement, dated as of August 30, 2022 (as amended, restated, supplemented or otherwise modified from time to time, this "<u>Agreement</u>"), is by and among LENDBUZZ FLOORPLAN SPV I, LLC, a Delaware limited liability company, as borrower (the "<u>Borrower</u>"), LENDBUZZ FLOORPLAN, LLC, a Massachusetts limited liability company ("<u>Lendbuzz Floorplan</u>"), as servicer (in such capacity, the "<u>Servicer</u>") and as collateral custodian (in such capacity, the "<u>Collateral Custodian</u>") for the Secured Parties (as defined herein), the Lenders from time to time parties hereto (the "<u>Lenders</u>"), and REGIONS BANK, as administrative agent for the Lenders (in such capacity, the "<u>Administrative Agent</u>").

W I T N E S E T H:

WHEREAS, the Borrower was formed for the purpose of purchasing and holding various assets, including floorplan auto finance receivables, amounts received on or in respect of such receivables, and proceeds of the foregoing;

WHEREAS, the Borrower has requested that the Lenders make loans to the Borrower from time to time, the proceeds of which will be used to finance the purchase price of such receivables as described herein; and

WHEREAS, the Lenders have agreed to make such loans to the Borrower upon the terms and subject to the conditions set forth herein;

NOW THEREFORE, in consideration of the premises and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

ARTICLE ONE

DEFINITIONS; CONSTRUCTION

Section 1.01. <u>Definitions</u>. Whenever used herein, unless the context otherwise requires, the following words and phrases shall have the following meanings:

"<u>Account Bank</u>" means Regions Bank.

"<u>Account Collateral</u>" means the Collection Account and the Remittance Account, together with all cash, securities, financial assets (as defined in Section 8-102(a)(9) of the UCC) and investments, and other property from time to time deposited or credited to the Collection Account or the Remittance Account, and all proceeds of the foregoing.

"<u>Adjusted Daily Simple SOFR</u>" means an interest rate per annum equal to (i) the Daily Simple SOFR <u>plus</u> (ii) 0.1145%.

"<u>Administrative Agent</u>" has the meaning given to such term in the Preamble.

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"<u>Administrative Agent's Account</u>" means the account or accounts identified by the Administrative Agent to the Borrower as the Administrative Agent's Account hereunder.

"<u>Advance Rate</u>" means (i) as of any date of determination, the weighted average amount of the rates identified below, calculated based on the related Principal Balances of all such Eligible Receivables on such date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) for any Eligible Receivable with a Seasoning greater than 0 days but less than or equal 60 days, 80.0%;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for any Eligible Receivable with a Seasoning greater than 61 days but less than or equal to 90 days, 72.5%;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) for any Eligible Receivable with a Seasoning greater than 91 days but less than or equal to 120 days, the lesser of (x) 65.0% and (y) such percentage that would cause the portion of the aggregate Principal Balance of all such Eligible Receivables funded against not to exceed 10.0% of the Borrowing Base;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) for any Eligible Receivable with a Seasoning greater than 121 days but less than or equal to 150 days, (x) for the first six months of the Revolving Period, the least of (i) 50.0%, (ii) such percentage that would cause the portion of the aggregate Principal Balance of all such Eligible Receivables funded against not to exceed 5.0% of the Borrowing Base and (iii) such percentage that would cause the portion of the aggregate Principal Balance of all such Eligible Receivables funded against not to exceed $1,000,000 and (y) after the first six months of the Revolving Period, 0.0%; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) for any Eligible Receivable after the occurrence of a Level II Performance Trigger or a Servicer Termination Event that has not been waived by the Administrative Agent, 0.0%.

"<u>Advisors</u>" means accountants, attorneys, consultants, advisors, credit enhancers, liquidity providers, and Persons similar to the foregoing and the respective directors, officers, employees, and managers of each of the foregoing.

"<u>Affiliate</u>" means, with respect to any Person, any other Person controlling, controlled by or under common control with such Person. For purposes of this definition, "control" when used with respect to any specified Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract, or otherwise; and the terms "controlling" or "controlled" have meanings correlative to the foregoing.

"<u>Aggregate Commitment</u>" means, with respect to any date, the sum of the Commitments of each Lender.

"<u>Aggregate Unpaids</u>" means, with respect to any date, an amount equal to the sum of (i) the Loans Outstanding, (ii) all accrued but unpaid Interest, and (iii) all Upfront Fees, Unused Commitment Fees, Hedge Breakage Costs, Indemnified Amounts, and other Obligations owed

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(whether due or accrued) by the Borrower, the initial Servicer, or the initial Collateral Custodian to the Secured Parties, the Administrative Agent, the Backup Servicer, the Account Bank, the Indemnified Parties, and any Successor Servicer under this Agreement and the other Basic Documents.

"<u>Agreement</u>" has the meaning given to such term in the Preamble.

"<u>Alternate Base Rate</u>" means, with respect to any date, a rate per annum equal to the greatest of (i) the Prime Rate in effect on such day, (ii) the NYFRB Rate in effect on such day plus <sup>1</sup>⁄<sub>2</sub> of 1% and (iii) Adjusted Daily Simple SOFR plus 1%. Any change in the Alternate Base Rate due to a change in the Prime Rate, the NYFRB Rate or Adjusted Daily Simple SOFR shall be effective from and including the effective date of such change in the Prime Rate, the NYFRB Rate or Adjusted Daily Simple SOFR, respectively. If the Alternate Base Rate is being used as an alternate rate of interest pursuant to Section 2.17 (for the avoidance of doubt, only until the Benchmark Replacement has been determined pursuant to Section 2.17(b)), then the Alternate Base Rate shall be the greater of clauses (i) and (ii) above and shall be determined without reference to clause (iii) above. For the avoidance of doubt, if the Alternate Base Rate as determined pursuant to the foregoing would be less than 0%, such rate shall be deemed to be 0% for purposes of this Agreement.

"<u>Amortization Period</u>" means the period commencing on (i) the earliest to occur of (a) the Scheduled Revolving Period Termination Date or (b) a Level II Performance Trigger and ending on the (ii) earliest to occur of (a) the occurrence and continuation of an Early Amortization Event or (b) the Final Maturity Date.

"<u>Ancillary Fees</u>" means (i) late fees, (ii) extension fees, (iii) liquidation fees, (iv) prepayment charges, (v) overdraft charges, and (vi) all other administrative fees or similar charges allowed by Applicable Law received by or on behalf of the Servicer with respect to the Receivables.

"<u>Annual Percentage Rate</u>" or "<u>APR</u>" means, with respect to a Receivable, the rate per annum of finance charges stated in such Receivable as the "annual percentage rate" (within the meaning of the Federal Truth-in-Lending Act). If, after the applicable Funding Date, the rate per annum with respect to a Receivable as of such Funding Date is reduced (i) as a result of an Insolvency Proceeding involving the related Dealer or (ii) pursuant to the Servicemembers Civil Relief Act or similar State law, "Annual Percentage Rate" or "APR" with respect to such Receivable shall refer to such reduced rate.

"<u>Anti-Corruption Laws</u>" means all laws, rules, and regulations of the United States or any State that are applicable to Lendbuzz, Lendbuzz Floorplan, the Borrower, or any of their respective Affiliates or Subsidiaries from time to time concerning or relating to bribery or corruption.

"<u>Applicable Law</u>" means, with respect to any Person, all existing and future applicable laws, rules, regulations (including Treasury Regulations), statutes, treaties, codes, ordinances, permits, certificates, orders and licenses of and interpretations by any Governmental Authority (including usury laws, the Federal Truth in Lending Act, the Equal Credit Opportunity Act, the Fair Credit Billing Act, the Fair Credit Reporting Act, the Fair Debt Collection Practices Act, the

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Federal Trade Commission Act, the Magnuson-Moss Warranty Act, the Servicemembers Civil Relief Act, Regulations B, U, T, X and Z of the Federal Reserve Board, the Dodd-Frank Act, the Gramm-Leach-Bliley Act, each applicable state Motor Vehicle Retail Installment Sales Act, and state adaptations of the National Consumer Act and of the Uniform Consumer Credit Code and all other consumer protection and usury laws), the customer identification program requirements established under the Patriot Act, the due diligence requirements established under the Customer Due Diligence Requirements for Financial Institutions, 31 CFR Section 1010.230 (2016), such other laws, rules, regulations and executive orders in effect from time to time applicable to banking institutions, and applicable judgments, decrees, injunctions, writs, orders or line action of any court, arbitrator or other administrative, judicial or quasi-judicial tribunal or agency of competent jurisdiction.

"<u>Applicable Margin</u>" has the meaning given to such term in the Fee Letter.

"<u>Assignment and Acceptance</u>" means an assignment and acceptance agreement between a Lender and an Eligible Assignee, in substantially the form of Exhibit B hereto.

"<u>Available Amount</u>" means, with respect to any date, the positive amount, if any, by which the Facility Amount exceeds the Loans Outstanding on such day.

"<u>Available Funds</u>" means, with respect to any Distribution Date and the related Collection Period, Collections on deposit in the Collection Account, to the extent received during such related Collection Period.

"<u>Backup Custodian Trigger Event</u>" means, as of any date of determination, the occurrence and continuation of an Early Amortization Event, a Servicer Termination Event or an Event of Default.

"<u>Backup Servicer</u>" means, (i) initially, Vervent Inc., a Delaware corporation or (ii) if the initial Backup Servicer has been terminated in accordance with the terms of the Backup Servicing Agreement, any other Person who has been appointed as "Backup Servicer" pursuant to a replacement "Backup Servicing Agreement" and that is acceptable to the Administrative Agent (in its sole discretion).

"<u>Backup Servicing Agreement</u>" means (i) for so long as Vervent Inc. is the Backup Servicer, the Backup Servicing Agreement by and among the Borrower, the Servicer, the Administrative Agent, and Vervent Inc. (as the same may be amended, restated, or otherwise modified from time to time with the consent of the Administrative Agent) or (ii) if Vervent Inc. is no longer the Backup Servicer, any replacement "Backup Servicing Agreement" that is entered into by the Servicer, the Backup Servicer, and the Administrative Agent and that is in form and substance acceptable to the Administrative Agent (in its sole discretion).

"<u>Backup Servicing Fee</u>" means the fees payable to the Backup Servicer as set forth in the Backup Servicing Agreement.

"<u>Backup Servicing Fee Rate</u>" means, for each Collection Period, (a) the percentage equivalent of a fraction, (1) the numerator of which is the Backup Servicing Fee and (2) the denominator of which is the average daily Pool Balance during the related Collection Period, <u>times</u> (b) 12.

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"<u>Bankruptcy Code</u>" means the United States Bankruptcy Code (Title 11 of the United States Code).

"<u>Basel II</u>" means the second Basel Accord issued by the Basel Committee on Banking Supervision.

"<u>Basel III</u>" means the third Basel Accord issued by the Basel Committee on Banking Supervision.

"<u>Basic Documents</u>" means this Agreement, the Purchase Agreement, each Purchase Agreement Supplement, the Fee Letter, any Hedging Agreements, the Blocked Account Control Agreement, the Control Agreement, the Limited Guaranty, and any other document, certificate, opinion, agreement or writing the execution of which is necessary or incidental to carrying out the transactions contemplated by this Agreement or any of the other foregoing documents.

"<u>Benchmark</u>" means, initially, Daily Simple SOFR; <u>provided</u>, that if a Benchmark Transition Event and the related Benchmark Replacement Date have occurred with respect to Daily Simple SOFR or the then-current Benchmark, then "Benchmark" means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate pursuant to clause (b) of Section 2.17.

"<u>Benchmark Replacement</u>" means the sum of: (a) the alternate benchmark rate that has been selected by the Administrative Agent and the Borrower as the replacement for the then-current Benchmark giving due consideration to (1) any selection or recommendation of a replacement benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body or (2) any evolving or then-prevailing market convention for determining a benchmark rate as a replacement for the then-current Benchmark for dollar-denominated syndicated credit facilities at such time in the United States and (b) the related Benchmark Replacement Adjustment. If the Benchmark Replacement as determined pursuant to the above would be less than the Floor, the Benchmark Replacement will be deemed to be the Floor for the purposes of this Agreement and the other Basic Documents.

"<u>Benchmark Replacement Adjustment</u>" means, with respect to any replacement of the then-current Benchmark with an Unadjusted Benchmark Replacement for any setting of such Unadjusted Benchmark Replacement, the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected by the Administrative Agent and the Borrower giving due consideration to (i) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body on the applicable Benchmark Replacement Date and/or (ii) any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for dollar-denominated syndicated credit facilities at such time.

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"<u>Benchmark Replacement Conforming Changes</u>" means, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of "Alternate Base Rate," the definition of "Business Day," the definition of "U.S. Government Securities Business Day," the definition of "Interest Period," timing and frequency of determining rates and making payments of interest, timing of borrowing requests or prepayment, conversion or continuation notices, length of lookback periods, the applicability of breakage provisions, and other technical, administrative, or operational matters) that the Administrative Agent decides may be appropriate to reflect the adoption and implementation of such Benchmark Replacement and to permit the administration thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent decides that adoption of any portion of such market practice is not administratively feasible or if the Administrative Agent determines that no market practice for the administration of such Benchmark Replacement exists, in such other manner of administration as the Administrative Agent decides is reasonably necessary in connection with the administration of this Agreement and the other Basic Documents).

"<u>Benchmark Replacement Date</u>" means, with respect to any Benchmark, the earliest to occur of the following events with respect to such then-current Benchmark:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in the case of clause (i) or (ii) of the definition of "Benchmark Transition Event," the later of (a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator of such Benchmark (or the published component used in the calculation thereof) permanently or indefinitely ceases to provide such Benchmark (or such component thereof); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the case of clause (iii) of the definition of "Benchmark Transition Event," the first date on which such Benchmark (or the published component used in the calculation thereof) has been determined and announced by the regulatory supervisor for the administrator of such Benchmark (or such component thereof) to be no longer representative; <u>provided</u>, that such non-representativeness will be determined by reference to the most recent statement or publication referenced in such clause (iii).

For the avoidance of doubt, (1) if the event giving rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination and (2) the "Benchmark Replacement Date" will be deemed to have occurred in the case of clause (i) or (ii) with respect to any Benchmark upon the occurrence of the applicable event or events set forth therein with respect to such Benchmark (or the published component used in the calculation thereof).

"<u>Benchmark Transition Event</u>" means, with respect to any Benchmark, the occurrence of one or more of the following events with respect to such then-current Benchmark:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a public statement or publication of information by or on behalf of the administrator of such Benchmark (or the published component used in the

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calculation thereof) announcing that such administrator has ceased or will cease to provide such Benchmark (or such component thereof), permanently or indefinitely; <u>provided</u>, that at the time of such statement or publication, there is no successor administrator that will continue to provide such Benchmark (or such component thereof);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof), the Federal Reserve Board, the NYFRB, an insolvency official with jurisdiction over the administrator for such Benchmark (or such component), a resolution authority with jurisdiction over the administrator for such Benchmark (or such component), or a court or an entity with similar insolvency or resolution authority over the administrator for such Benchmark (or such component), in each case, which states that the administrator of such Benchmark (or such component) has ceased or will cease to provide such Benchmark (or such component thereof) permanently or indefinitely; <u>provided</u>, that at the time of such statement or publication, there is no successor administrator that will continue to provide such Benchmark (or such component thereof); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that such Benchmark (or such component thereof) is no longer, or as of a specified future date will no longer be, representative.

For the avoidance of doubt, a "Benchmark Transition Event" will be deemed to have occurred with respect to any Benchmark if a public statement or publication of information set forth above has occurred with respect to such Benchmark (or the published component used in the calculation thereof)."

"'<u>Benchmark Unavailability Period</u>' means, with respect to any Benchmark, the period (if any) (i) beginning at the time that a Benchmark Replacement Date pursuant to clauses (i) or (ii) of that definition has occurred if, at such time, no Benchmark Replacement has replaced such then-current Benchmark for all purposes hereunder and under any Basic Document in accordance with Section 2.17 and (ii) ending at the time that a Benchmark Replacement has replaced such then-current Benchmark for all purposes hereunder and under any Basic Document in accordance with Section 2.17.

"<u>Beneficial Ownership Certification</u>" means a certification regarding beneficial ownership as required by the Beneficial Ownership Rule.

"<u>Beneficial Ownership Rule</u>" means 31 C.F.R. § 1010.230.

"<u>Benefit Plan</u>" means each (i) employee pension benefit plan (as defined in Section 3(2) of ERISA) that is subject to Title I of ERISA, (ii) plan described in Section 4975(e)(1) of the Code, including individual retirement accounts or Keogh Plans that is not exempt under Section 4975(g) of the Code and (iii) any entity whose underlying assets include "plan assets" (as defined in Section 3(42) of ERISA and Department of Labor Regulations Section 2510.3-101) by reason of an employee benefit plan's or plans' investment in such entities.

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"<u>Blocked Account Control Agreement</u>" means the Blocked Account Control Agreement by and among Lendbuzz Floorplan, the Administrative Agent, and the Remittance Account Bank, as the same may be amended, restated, or otherwise modified from time to time with the consent of the Administrative Agent.

"<u>Borrower</u>" has the meaning given to such term in the Preamble.

"<u>Borrower Basic Documents</u>" means all Basic Documents to which the Borrower is a party or by which it is bound.

"<u>Borrowing Base</u>" means, as of any date of determination, an amount equal to the sum of (i) the Net Eligible Pool Balance as of such date, after giving effect to the related additions or removals of Receivables on such date <u>plus</u> (iii) the amount of Principal Proceeds that are on deposit in the Collection Account on such date.

"<u>Breakage Costs</u>" means such amount or amounts due to any Lender pursuant to Section 2.08(c).

"<u>Business Day</u>" means, any day (other than a Saturday or a Sunday) on which banks are open for business in Atlanta, Georgia, Wilmington, Delaware, or Boston, Massachusetts; <u>provided</u>, that in relation to Loans for which interest is computed by reference to Daily Simple SOFR and any interest rate settings, fundings, disbursements, settlements or payments of any such Loans, or any other dealings of such Loans, no such day will be a "Business Day" unless it is also a U.S. Government Securities Business Day.

"<u>Certificate of Title</u>" means, with respect to a Financed Vehicle, (i) the original certificate of title relating thereto, or (ii) if the applicable Registrar of Titles issues a letter or other form of evidence of lien in lieu of a certificate of title (including electronic titling), the original lien entry letter. For Financed Vehicles registered in States that issue confirmation of the lienholder's interest electronically, the "Certificate of Title" may consist of notification of an electronic recordation, by either a third party service provider or the relevant Registrar of Titles, which indicates that the lien of the secured party on the Financed Vehicle is recorded on the original certificate of title on the electronic lien and title system of the applicable State.

"<u>Change in Control</u>" means (i) any Person or group of Persons (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act, but excluding any employee benefit plan of such person or its Subsidiaries, and any Person or entity acting in its capacity as trustee, agent or other fiduciary or administrator of any such plan) gains ownership or control, directly or indirectly, of more than 50% of the voting and equity interest in Lendbuzz, or (ii) Lendbuzz owns, directly or indirectly, less than 100% of the membership interests of the Borrower, or (iii) Lendbuzz owns, directly or indirectly, less than 51% of the voting and equity interests in Lendbuzz Floorplan.

"<u>Clean-Up Call Date</u>" has the meaning given to such term in Section 2.06(a).

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"<u>Closing Date</u>" means August 30, 2022.

"<u>Code</u>" means the Internal Revenue Code of 1986.

"<u>Collateral</u>" has the meaning given to such term in Section 3.01(a).

"<u>Collateral Custodian</u>" has the meaning given to such term in the Preamble.

"<u>Collection Account</u>" means a segregated account established by the initial Servicer, on behalf of the Borrower, with the Account Bank in the name of the Administrative Agent for the benefit of the Secured Parties, into which all Collections shall be deposited.

"<u>Collection Period</u>" means, with respect to any date of determination, the immediately preceding calendar month, except for dates occurring on or prior to the first Distribution Date, in which case such term means the period from but excluding the initial Cutoff Date to and including the last day of the calendar month in which the Initial Loan is funded hereunder.

"<u>Collections</u>" means (i) all cash collections or other cash proceeds of any Receivable received by the Servicer (including from Lendbuzz, Lendbuzz Floorplan, or the Borrower) from or on behalf of any Dealer in payment of any amounts owed in respect of such Receivable, including all Release Price amounts deposited in the Collection Account pursuant to Section 5.04, Insurance Proceeds, investment earnings in the Collection Account, and all Recoveries, (ii) any other funds received by the Servicer (including from Lendbuzz, Lendbuzz Floorplan, or the Borrower) with respect to any Receivable (exclusive of Ancillary Fees which may be retained by the Servicer), Financed Vehicle or any other Collateral, (iii) all payments received by the Borrower pursuant to any Hedging Agreement or Hedge Transaction, and (iv) any Servicer Advances.

"<u>Commitment</u>" means, with respect to any Lender, the commitment of such Lender up to fund Loans in an aggregate amount not to exceed the amount set forth as the "Commitment" on Schedule A, as such amount may be modified from time to time in accordance with the terms hereof.

"<u>Commitment Termination Date</u>" means the earliest to occur of (i) the Scheduled Revolving Period Termination Date, (ii) the occurrence of a Level II Performance Trigger, (iii) the occurrence and continuation of an Event of Default, or (iv) the occurrence of an Early Amortization Event.

"<u>Competitor</u>" means (i) any Person that is a direct competitor of Lendbuzz Floorplan or any Affiliate of Lendbuzz Floorplan and that is identified in writing as such by Lendbuzz Floorplan, in good faith, to the Administrative Agent and (ii) any Affiliate of any Person described in clause (i). The Competitors pursuant to clause (i) as of the Closing Date are identified on Schedule F attached hereto.

"<u>Confidential Information</u>" means any information, data, documents and materials in any form and at any time (including prior to the date of this Agreement) with respect to the Borrower, Lendbuzz, Lendbuzz Floorplan, or any of their Affiliates and their respective businesses and financial information, the Receivables, and any Dealer Serviced Portfolio and includes

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(i) information transmitted in written, oral, magnetic, or any other medium, (ii) all copies and reproductions, in whole or in part, of such information and (iii) all summaries, analyses, compilations, studies, notes, or other records which contain, reflect or are generated from such information; <u>provided</u>, that "Confidential Information" does not include, with respect to a Person, information that (a) was already known to such Person and such knowledge was not obtained from any other entity who was known by such Person to be subject to an obligation of confidentiality or otherwise prohibited from transmitting such information to such Person, (b) is or has become part of the public domain through no act or omission of such Person, (c) is or was lawfully disclosed to such Person without restriction on disclosure by a third party, (d) is or was developed independently by such Person, or (e) is or was lawfully and independently provided to such Person prior to disclosure hereunder, from a third party who is not known by such Person to be subject to an obligation of confidentiality or otherwise prohibited from transmitting such information.

"<u>Connection Income Taxes</u>" means Other Connection Taxes that are imposed on or measured by net income (however denominated) or that are franchise Taxes or branch profits Taxes.

"<u>Consent</u>" or "<u>Consented</u>" means a consent or an action of the Administrative Agent that has been approved by the Required Lenders.

"<u>Contract</u>" means the loan agreement or promissory note executed by Dealer pursuant to which a loan is made by Lendbuzz Floorplan to such Dealer for the purchase of Financed Vehicles.

"<u>Contractual Obligation</u>" means, with respect to any Person, any provision of any securities issued by such Person or any indenture, mortgage, deed of trust, contract, undertaking, agreement, instrument or other document to which such Person is a party or by which it or any of its property is bound or is subject.

"<u>Control Agreement</u>" means an account control agreement by and among Borrower, the Account Bank and the Administrative Agent, if any, as such agreement may be required by the Administrative Agent (upon reasonable advance written notice to the Borrower).

"<u>Credit and Collection Policy</u>" means, with respect to (i) the initial Servicer, the credit and collection policies of the Servicer with respect to floorplan auto finance receivables as are in effect on the Closing Date (a copy of which is attached hereto as Exhibit C), as the same may be amended, modified, or supplemented from time to time in accordance with this Agreement, or (ii) any Successor Servicer, the customary credit and collection policies of such Successor Servicer, in each case as revised from time to time in accordance with this Agreement.

"<u>Cutoff Date</u>" means, with respect to Receivables transferred to the Borrower on a Funding Date, the close of business on the final day of the month immediately preceding the month during which such Funding Date occurs.

"<u>Daily Simple SOFR</u>" means, with respect to any date (a "<u>SOFR Rate Day</u>"), a rate per annum equal to the greater of (i) SOFR for the day (such day, the related "<u>SOFR Determination Date</u>") that is five U.S. Government Securities Business Day prior to (a) if such SOFR Rate Day is a U.S. Government Securities Business Day, such SOFR Rate Day, or (b) if such SOFR Rate

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Day is not a U.S. Government Securities Business Day, the U.S. Government Securities Business Day immediately preceding such SOFR Rate Day, in each case, as such SOFR is published by the SOFR Administrator on the SOFR Administrator's Website and (ii) 0%. Any change in Daily Simple SOFR due to a change in SOFR shall be effective from and including the effective date of such change in SOFR without notice to the Borrower.

"<u>Dealer</u>" means a dealer or distributor of Financed Vehicles that has entered into financing arrangements with Lendbuzz Floorplan to finance the purchase of such Financed Vehicles.

"<u>Dealer Payments</u>" means, with respect to each Receivable, the payments to be made by the related Dealer pursuant to the terms of the related Contract.

"<u>Dealer Serviced Portfolio</u>" means a Dealer's portfolio of floorplan auto finance receivables that (i) are originated, directly or indirectly, by Lendbuzz Floorplan in accordance with the Credit and Collection Policy (other than floorplan auto finance receivables that are held for sale by Lendbuzz Floorplan), (ii) are serviced by Lendbuzz Floorplan and (iii) satisfy each of the eligibility requirements set forth on Schedule B hereto. For the avoidance of doubt, any floorplan auto finance receivables that previously were Receivables hereunder but were included in a Take-out or for any other reason are no longer included in the Collateral shall be included in the Dealer Serviced Portfolio so long as they satisfy each of the conditions set forth in the preceding sentence.

"<u>Debt-to-TNW Ratio</u>" means, with respect to any date of determination, (i) an amount equal to Lendbuzz's aggregate Indebtedness <u>divided by</u> (ii) an amount equal to Lendbuzz's Tangible Net Worth.

"<u>Defaulted Receivable</u>" means any Receivable with respect to which (i) all or any portion of one or more Dealer Payments, including principal, interest or fees, remains unpaid with respect to such Receivable for a period of 120 days or more past the due date for such payment, (ii) an Insolvency Event has occurred with respect to the related Dealer, or (iii) such Receivable been charged off or placed on non-accrual status, in each case, pursuant to the Credit and Collection Policy.

"<u>Defaulting Lender</u>" means any Lender that, as determined by the Administrative Agent: (i) has failed to fund any of its obligations to make Loans in accordance with Section 2.01, notwithstanding that all conditions to funding under Section 4.02 and, with respect to the Initial Loan, Section 4.01 have been satisfied or waived in accordance with the terms thereof, within three Business Days of the date required to be funded by it hereunder, (ii) has notified the Administrative Agent or the Borrower in writing that it does not intend to comply with such funding obligations, or has made a public statement to that effect with respect to such funding obligations hereunder, or (iii) has become subject to an Insolvency Event; <u>provided</u>, that a Lender shall not be deemed to be a Defaulting Lender hereunder solely by virtue of any control of or ownership interest in, or the acquisition of any ownership interest in, such Lender (or its direct or indirect parent company) or the exercise of control over such Lender (or its direct or indirect parent company) by a Governmental Authority thereof, if and for so long as such ownership interest does not result in or provide such Lender (or its direct or indirect parent company) with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or its direct or indirect parent company) or such Governmental Authority to reject, repudiate, disavow or disaffirm obligations such as those under this Agreement.

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"<u>Delinquent Receivable</u>" means any Receivable, (i) with respect to which the greater of (a) $50 and (b) 10% or more of any Dealer Payment, including principal, interest or fees, remains unpaid for 60 or more days from the related due date and (ii) that is not a Defaulted Receivable.

"<u>Derivatives</u>" means any (i) exchange-traded or over-the-counter forward, future, option, swap, cap, collar, floor or foreign exchange contract or any combination of the foregoing, whether for physical delivery or cash settlement, relating to any interest rate, interest rate index, currency, currency exchange rate, currency exchange rate index, debt instrument, debt price, debt index, depository instrument, depository price, depository index, equity instrument, equity price, equity index, commodity, commodity price or commodity index, (ii) similar transaction, contract, instrument, undertaking or security or (iii) transaction, contract, instrument, undertaking or security containing any of the foregoing.

"<u>Distribution Date</u>" means the 15<sup>th</sup> day of each calendar month or, if any such day is not a Business Day, the next succeeding Business Day.

"<u>Dodd-Frank Act</u>" means The Dodd-Frank Wall Street Reform and Consumer Protection Act (Pub.L. 111-203, H.R. 4173).

"<u>Dollars</u>" or "<u>$</u>" means the lawful currency of the United States.

"<u>Early Adoption Increased Costs</u>" has the meaning given to such term in Section 2.11(a).

"<u>Early Adoption Increased Costs Representation</u>" has the meaning given to such term in Section 2.11(a).

"<u>Early Amortization Event</u>" means, on any date of determination, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any Level I Performance Trigger has occurred; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) one or more final nonappealable judgments shall have been entered by one or more courts of competent jurisdiction assessing monetary damages, individually or in the aggregate, against (x) the Servicer in excess of $1,000,000 or (y) Lendbuzz in excess of $2,000,000 and, in either case, such judgment remains unpaid as of such date of determination.

"<u>Electronic Chattel Paper Sub-Custodian</u>" means eOriginal, Inc. or another econtracting facilitator engaged by the Servicer or the Collateral Custodian with the consent of the Administrative Agent, if any.

"<u>Eligible Assignee</u>" means (i) Regions Bank, (ii) any other Lender or (iii) any other Person (A) that is acceptable to the Administrative Agent related to the portion of the Commitment being assigned and (B) that was approved by the Borrower prior to such assignment (such consent of the Borrower not to be unreasonably withheld); <u>provided</u>, that no consent of the Borrower described in clause (iii) shall be required during the occurrence and continuation of a Servicer Termination

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Event or Event of Default; <u>provided</u> <u>further</u>, that unless an Event of Default has occurred and is continuing, no Competitor shall be an Eligible Assignee unless approved by the Borrower in writing prior to such assignment.

"<u>Eligible Pool Balance</u>" means, as of any date of determination, the sum of the Principal Balances of all Eligible Receivables as of such date.

"<u>Eligible Receivable</u>" means, as of any date of determination, any Receivable (i) for which the related Receivable File is in the possession of the Collateral Custodian, (ii) which was identified on the Schedule of Accounts delivered by the Borrower to the Administrative Agent as part of a Funding Request and (iii) which satisfies each of the eligibility requirements set forth on Schedule B hereto, in each case as of such date of determination.

"<u>ERISA</u>" means the Employee Retirement Income Security Act of 1974, and the regulations promulgated and rulings issued thereunder.

"<u>ERISA Affiliate</u>" means (i) any corporation which is a member of the same controlled group of corporations (within the meaning of Section 414(b) of the Code) as the Borrower, (ii) a trade or business (whether or not incorporated) under common control (within the meaning of Section 414(c) of the Code) with the Borrower, or (iii) a member of the same affiliated service group (within the meaning of Section 414(m) of the Code) as the Borrower, any corporation described in clause (i) above or any trade or business described in clause (ii) above.

"<u>Event of Default</u>" has the meaning given to such term in Section 8.01(a).

"<u>Excess Concentration Amounts</u>" means, as of any date of determination and without duplication, the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the positive difference, if any, of (a) the aggregate Principal Balance of the Eligible Receivables for the related Dealer (1) which is the Dealer having the highest aggregate Principal Balance of Eligible Receivables as a percentage of the aggregate Principal Balance of all Eligible Receivables as of such date, (2) the related personal guarantor of which has a FICO Score of not less than [\*\*\*] as of such date and (3) which has a time of operation of business not less than four years as of such date <u>minus</u> (b) an amount equal to the product of (1) [\*\*\*] <u>times</u> (2) the Eligible Pool Balance on such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the positive difference, if any, of (a) the aggregate Principal Balance of the Eligible Receivables for the three related Dealers that have the highest aggregate Principal Balances of Eligible Receivables as a percentage of the aggregate Principal Balance of all Eligible Receivables as of such date <u>minus</u> (b) an amount equal to the product of (1) [\*\*\*] <u>times</u> (2) the Eligible Pool Balance on such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the aggregate Principal Balance of the Eligible Receivables that would need to be subtracted from the Eligible Pool Balance on such date in order to cause the weighted average FICO Score of all Eligible Receivables to be greater than or equal to [\*\*\*];

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the aggregate Principal Balance of the Eligible Receivables that would need to be subtracted from the Eligible Pool Balance on such date in order to cause the weighted average time of operation of business for the Dealers of all remaining Eligible Receivables as of such date to be greater than or equal to [\*\*\*] years;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the positive difference, if any, of (a) the aggregate Principal Balance of the Eligible Receivables for which the related Dealer did not have an existing auto finance relationship with Lendbuzz at the time such Receivable was originated <u>minus</u> (b) the product of (1) [\*\*\*] <u>times</u> (2) the Eligible Pool Balance as of such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the positive difference, if any, of (a) the largest aggregate Principal Balance of the Eligible Receivables for which the related Financed Vehicles were manufactured by the same original equipment manufacturer based on percentage of the aggregate Principal Balance of all Eligible Receivables as of such date <u>minus</u> (b) an amount equal to the product of (1) [\*\*\*] <u>times</u> (2) the Eligible Pool Balance on such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the positive difference, if any, of (a) the second largest aggregate Principal Balance of the Eligible Receivables for which the related Financed Vehicles were manufactured by the same original equipment manufacturer based on percentage of the aggregate Principal Balance of all Eligible Receivables as of such date <u>minus</u> (b) an amount equal to the product of (1) (A) if such original equipment manufacturer is a manufacturer that has a corporate credit rating of investment grade as of such date, [\*\*\*], and (B) in all other cases, [\*\*\*], <u>times</u> (2) the Eligible Pool Balance on such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the positive difference, if any, of (a) the aggregate Principal Balance of the Eligible Receivables which are Extended Receivables as of such date <u>minus</u> (b) the product of (1) [\*\*\*] <u>times</u> (2) the Eligible Pool Balance as of such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) the aggregate Principal Balance of the Eligible Receivables that would need to be subtracted from the Eligible Pool Balance on such date in order to cause the weighted average outstanding Principal Balance of Receivables per Dealer of all remaining Eligible Receivables as of such date to be less than or equal to [\*\*\*];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) the aggregate Principal Balance of the Eligible Receivables for which the age of the related Financed Vehicle (based on manufacture date) was greater than [\*\*\*] years that would need to be subtracted from the Eligible Pool Balance on such date in order to cause the weighted average age of the related Financed Vehicles for all remaining Eligible Receivables to be less than or equal to [\*\*\*] years.

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"<u>Excess Spread</u>" means, as of any date of determination, the difference of (i) the weighted average APR of all Eligible Receivables (weighted by the Principal Balance of such Eligible Receivables) <u>minus</u> (ii) the Applicable Margin <u>minus</u> (iii) the Servicing Fee Rate <u>minus</u> (iv) the Weighted Average Hedge Rate as of such date <u>minus</u> (v) the Backup Servicing Fee Rate.

"<u>Exchange Act</u>" means the Securities Exchange Act of 1934, as amended.

"<u>Excluded Taxes</u>" means any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or deducted from a payment to a Recipient, (i) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (a) imposed as a result of such Recipient being organized under the laws of, or having its principal office or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (b) that are Other Connection Taxes, (ii) in the case of a Lender, U.S. federal withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan or Commitment pursuant to a law in effect on the date on which (a) such Lender acquires such interest in the Loan or Commitment (other than pursuant to an assignment request by the Borrower under Section 2.15) or (b) such Lender changes its lending office, except in each case to the extent that, pursuant to Section 2.12, amounts with respect to such Taxes were payable either to such Lender's assignor immediately before such Lender became a party hereto or to such Lender immediately before it changed its lending office, (iii) Taxes attributable to such Recipient's failure to comply with Section 2.12(g) and (iv) any U.S. federal withholding Taxes imposed under FATCA.

"<u>Extended Receivable</u>" means any Receivable with respect to which an Extension has been granted.

"<u>Extension</u>" means, with respect to any Receivable, a payment extension or deferral that is granted by the Servicer to a Dealer whereby (i) either (a) the due date for all or any portion of one or more Dealer Payments is extended to a date that is later than the current due date or (b) all or any portion of one or more Dealer Payments is waived for the related due date and (ii) such extended or waived amount is due from such Dealer by no later than the final due date for the related Contract (which final due date may have been extended by the Servicer in connection with such extension or deferral).

"<u>Facility Amount</u>" means, as of any date of determination, (i) prior to the Commitment Termination Date, the Aggregate Commitment on such day and (ii) on and after the Commitment Termination Date, the Loans Outstanding.

"<u>Facility Termination Date</u>" means the date following the Commitment Termination Date on which the Aggregate Unpaids have been indefeasibly paid in full.

"<u>FATCA</u>" means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof and any applicable agreement entered into pursuant to Section 1471(b)(1) of the Code.

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"<u>Federal Funds Effective Rate</u>" means, for any day, the rate calculated by the NYFRB based on such day's federal funds transactions by depositary institutions, as determined in such manner as shall be set forth on the NYFRB's Website from time to time, and published on the next succeeding Business Day by the NYFRB as the effective federal funds rate; <u>provided</u>, that if the Federal Funds Effective Rate as so determined would be less than 0%, such rate shall be deemed to be 0% for the purposes of this Agreement.

"<u>Federal Reserve Board</u>" means the Board of Governors of the Federal Reserve System.

"<u>Fee Letter</u>" means the Second Amended and Restated Fee Letter, dated as of July 25, 2024, by and among the Borrower, the initial Servicer and the Administrative Agent, setting forth, among other things, the Upfront Fees and the Unused Commitment Fee Rate.

"<u>FICO Score</u>" means, with respect to any Receivable, the credit score provided by Fair Isaac Corporation for the personal guarantor of the related Dealer at the time of underwriting for such Receivable.

"<u>Final Maturity Date</u>" means the earliest to occur of (i) Scheduled Amortization Period Termination Date, (ii) twenty (20) days following the Borrower's receipt of notice from the Administrative Agent of the occurrence of the Clean-Up Call Date or (iii) the occurrence and continuation of an Event of Default.

"<u>Financed Vehicle</u>" means, with respect to a Receivable and the related Floorplan Account, any new or used automobile, light-duty truck, van, minivan or sport utility vehicle, together with all accessions thereto financed under such Floorplan Account and securing the related Receivable.

"<u>Financial Covenants</u>" means each of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Lendbuzz's Tangible Net Worth for the most recently ended fiscal quarter shall at least equal the sum of (a) $57,000,000 <u>plus</u> (b) 50% of Lendbuzz's cumulative positive net income for each fiscal quarter that has ended since March 31, 2022;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Lendbuzz's Debt-to-TNW Ratio for the most recently ended fiscal quarter shall not exceed 6.0 to 1.0; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Lendbuzz shall have not less than $5,000,000 in unrestricted cash as of the end of the most recently ended financial quarter.

"<u>Floor</u>" means the benchmark rate floor, if any, provided in this Agreement initially (as of the execution of this Agreement, the modification, amendment or renewal of this Agreement or otherwise) with respect to Daily Simple SOFR. For the avoidance of doubt the initial Floor for Adjusted Daily Simple SOFR shall be 0%.

"<u>Floorplan Account</u>" means a financing arrangement established by Lendbuzz Floorplan with a Dealer to provide wholesale financing to such Dealer for the purchase of Financed Vehicles, which financing is evidenced by the related Contract and which has been designated to the Borrower. For the avoidance of doubt, Lendbuzz Floorplan will continue to own, and remain

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liable for additional fundings under, each Floorplan Account but the Receivables related to such Floorplan Accounts designated to the Borrower shall be sold and/or contributed by Lendbuzz Floorplan to the Borrower pursuant to the Purchase Agreement.

"<u>Foreign Lender</u>" means a Lender that is not a U.S. Person.

"<u>Formation Documents</u>" means, with respect to (i) the Borrower, its limited liability company agreement and certificate of formation, (ii) Lendbuzz Floorplan, its limited liability company agreement and certificate of formation, and (iii) Lendbuzz, its certificate of incorporation and bylaws.

"<u>Funding Date</u>" means each Business Day on which a Loan is made and Receivables are added to the Collateral in connection with such Loan.

"<u>Funding Request</u>" means a written notice from the Borrower requesting a Loan and including the items required by Section 2.01(b), substantially in the form of Exhibit A hereto.

"<u>GAAP</u>" means generally accepted accounting principles as in effect from time to time in the United States.

"<u>Governmental Authority</u>" means, with respect to any Person, any nation or government, any State or other political subdivision thereof, any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government and any court or arbitrator having jurisdiction over such Person.

"<u>Hedge Breakage Costs</u>" means, with respect to any Hedge Transaction, any amount payable by the Borrower to the related Hedge Counterparty upon the early termination of such Hedge Transaction or any portion thereof.

"<u>Hedge Collateral</u>" means all of the rights of the Borrower, whether now existing and hereafter acquired, in and to any Hedging Agreements, Hedge Transactions and all present and future amounts payable by any Hedge Counterparties to the Borrower under or in connection with such Hedging Agreements and Hedge Transactions with such Hedge Counterparties.

"<u>Hedge Counterparty</u>" means any entity that on the date of entering into any Hedge Transaction is (i) Regions Bank or an Affiliate thereof or (ii) (a) is an interest rate swap dealer, (b) whose debt ratings satisfy each of the Long-Term Rating Requirement and the Short-Term Rating Requirement and (c) agrees that in the event that Moody's or Standard & Poor's reduces its long-term unsecured debt rating below the Long-Term Rating Requirement or its short-term unsecured debt rating below the Short-Term Rating Requirement, it shall (1) transfer its rights and obligations under each Hedge Transaction to another entity that meets the requirements of this definition and has entered into a Hedging Agreement with the Borrower on or prior to the date of such transfer, (2) post collateral in an amount satisfactory to the Required Lenders, or (3) obtain a guaranty of its obligations under each Hedge Transaction that is satisfactory to the Required Lenders from another entity whose debt ratings satisfy each of the Long-Term Rating Requirement and the Short-Term Rating Requirement. Any Hedge Counterparty must consent to the assignment of the Borrower's rights under the Hedging Agreement to the Administrative Agent.

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"<u>Hedge Transaction</u>" means any interest rate hedge transaction between the Borrower and a Hedge Counterparty that is governed by a Hedging Agreement.

"<u>Hedging Agreement</u>" means each agreement between the Borrower and a Hedge Counterparty which governs one or more Hedge Transactions, which agreement shall be reasonably acceptable to the Administrative Agent.

"<u>Indebtedness</u>" means, with respect to any Person and any day, without duplication, (i) all indebtedness of such Person for borrowed money or for the deferred purchase price of property or services (other than current liabilities incurred in the ordinary course of business and payable in accordance with customary trade practices) or which is evidenced by a note, bond, debenture or similar instrument, (ii) all obligations of such Person under capital leases, (iii) all obligations of such Person in respect of acceptances issued or created for the account of such Person, (iv) all liabilities secured by any Lien on any property owned by such Person even though such Person has not assumed or otherwise become liable for the payment thereof and (v) all indebtedness, obligations or liabilities of that Person in respect of Derivatives.

"<u>Indemnified Amounts</u>" has the meaning given to such term in Section 9.01.

"<u>Indemnified Party</u>" has the meaning given to such term in Section 9.01.

"<u>Indemnified Taxes</u>" means (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of the Borrower under any Basic Document and (b) to the extent not otherwise described in (a), Other Taxes.

"<u>Independent Manager</u>" means a natural Person who either (i) (a) is provided by a nationally recognized provider of independent directors; (b) is not and has not been employed by Lendbuzz or Lendbuzz Floorplan or any of their respective Subsidiaries or Affiliates as an officer, director, partner, manager, member (other than as a special member in the case of single member Delaware limited liability companies), employee, attorney or counsel of, Lendbuzz or Lendbuzz Floorplan or any of their respective Affiliates within the five (5) years immediately prior to such individual's appointment as an Independent Manager, provided that this paragraph (b) shall not apply to any person who serves as an independent director or an independent manager for any Affiliate of any of Lendbuzz or Lendbuzz Floorplan; (c) is not, and has not been within the five (5) years immediately prior to such individual's appointment as an Independent Manager, a customer or creditor of, or supplier to, Lendbuzz or Lendbuzz Floorplan or any of their respective Affiliates who derives any of its purchases or revenue from its activities with Lendbuzz or Lendbuzz Floorplan or any of their respective Affiliates thereof (other than a *de minimis* amount); (d) is not, and has not been within the five (5) years immediately prior to such individual's appointment as an Independent Manager, a person who controls or is under common control with any Person described by (b) or (c); (e) does not have, and has not had within the five (5) years immediately prior to such individual's appointment as an Independent Manager, a personal services contract with Lendbuzz or Lendbuzz Floorplan or any of their respective Subsidiaries or Affiliates, from which fees and other compensation received by the person pursuant to such personal services contract would exceed 5% of his or her gross revenues during the preceding calendar year; (f) is not affiliated with a tax-exempt entity that receives, or has received within the five (5) years prior to such appointment as an Independent Manager, contributions from Lendbuzz

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or Lendbuzz Floorplan or any of their respective Subsidiaries or Affiliates, in excess of the lesser of (i) 3% of the consolidated gross revenues of Lendbuzz Floorplan and its Subsidiaries during such fiscal year and (ii) 5% of the contributions received by the tax-exempt entity during such fiscal year; (g) is not and has not been a shareholder (or other equity owner) of any of Lendbuzz or Lendbuzz Floorplan or any of their respective Affiliates within the five (5) years immediately prior to such individual's appointment as an Independent Manager; (h) is not a member of the immediate family of any Person described by (b) through (g); (i) is not, and was not within the five (5) years prior to such appointment as an Independent Manager, an employee of a financial institution to which Lendbuzz or Lendbuzz Floorplan or any of their respective Subsidiaries or Affiliates owes outstanding Indebtedness for borrowed money in a sum exceeding more than 5% of Lendbuzz Floorplan total consolidated assets; (j) has prior experience as an independent director or manager for a corporation or limited liability company whose charter documents required the unanimous consent of all independent directors thereof before such corporation or limited liability company could consent to the institution of bankruptcy or insolvency proceedings against it or could file a petition seeking relief under any applicable federal or state law relating to bankruptcy; and (k) has at least three (3) years of employment experience with one or more entities that provide, in the ordinary course of their respective businesses, advisory, management or placement services to issuers of securitization or structured finance instruments, agreements or securities; or (ii) has otherwise been approved in writing by the Administrative Agent.

"<u>Ineligible Receivable</u>" means, as of any date of determination, a Receivable that is not an Eligible Receivable.

"<u>Initial Loan</u>" means the first Loan made on or after the Closing Date.

"<u>Insolvency Event</u>" means, with respect to a specified Person, (i) the filing of a decree or order for relief by a court having jurisdiction in the premises in respect of such Person or any substantial part of its property in an involuntary case under any applicable Insolvency Law now or hereafter in effect, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator, or similar official for such Person or for any substantial part of its property, or ordering the winding-up or liquidation of such Person's affairs, and such decree or order shall remain unstayed and in effect for a period of 60 consecutive days or (ii) the commencement by such Person of a voluntary case under any Insolvency Law now or hereafter in effect, or the consent by such Person to the entry of an order for relief in an involuntary case under any such law, or the consent by such Person to the appointment of or taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator, or similar official for such Person or for any substantial part of its property, or the making by such Person of any general assignment for the benefit of creditors, or the failure by such Person generally to pay its debts as such debts become due, or the taking of action by such Person in furtherance of any of the foregoing.

"<u>Insolvency Laws</u>" means the Bankruptcy Code and all other applicable liquidation, conservatorship, bankruptcy, moratorium, arrangement, rearrangement, receivership, insolvency, reorganization, suspension of payments, marshaling of assets and liabilities, or similar debtor relief laws from time to time in effect affecting the rights of creditors generally.

"<u>Insolvency Proceeding</u>" means, with respect to any Person, any bankruptcy, insolvency, arrangement, rearrangement, conservatorship, moratorium, suspension of payments, readjustment of debt, reorganization, receivership, liquidation, marshaling of assets and liabilities, or similar proceeding of or relating to such Person under any Insolvency Laws.

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"<u>Instrument</u>" means any "instrument" (as defined in Article 9 of the UCC), other than an instrument that constitutes part of chattel paper.

"<u>Insurance Policy</u>" means, with respect to any Dealer, an insurance policy covering physical damage to or loss of the Financed Vehicles and other inventory of the Dealer.

"<u>Insurance Proceeds</u>" means any amounts payable or any payments made under any Insurance Policy.

"<u>Interest</u>" means, for any Interest Period, interest on the greater of (a) the aggregate Loans Outstanding during such Interest Period and (b) the Minimum Funded Amount, computed pursuant to Sections 2.04(b) and 2.05(b); <u>provided</u>, that (i) no provision of this Agreement shall require or permit the collection of Interest in excess of the Maximum Lawful Rate and (ii) Interest shall not be considered paid by any distribution if at any time such distribution is rescinded or must otherwise be returned for any reason.

"<u>Interest Period</u>" means, with respect to each Distribution Date, the immediately preceding Collection Period (or, in the case of the first Distribution Date, the period from and including the Closing Date through and including the last day of the calendar month in which the Initial Loan is funded hereunder); <u>provided</u>, that any Interest Period that commences before the Facility Termination Date that would otherwise end after the Facility Termination Date shall end on the Facility Termination Date.

"<u>Interest Proceeds</u>" means, with respect to any Collection Period, without duplication, the sum of: (a) all payments of interest, fees and other amounts received by the Borrower during such Collection Period on the Receivables, including any accrued interest received in connection with a sale thereof during such Collection Period, all late payment fees and other fees and commissions received by the Borrower during such Collection Period, and all other Collections that do not constitute Principal Proceeds.

"<u>Interest Rate</u>" means, with respect to any date during an Interest Period, an interest rate per annum equal to the sum of (i) Adjusted Daily Simple SOFR on such date <u>plus</u> (ii) the Applicable Margin.

"<u>Invested Percentage</u>" means, for a Lender as of any date of determination, the percentage equivalent of (i) the sum of (a) the portion of the Loans Outstanding (if any) funded by such Lender on or prior to such day, <u>plus</u> (b) with duplication of any amount in clause (a), any portion of the Loans Outstanding acquired by such Lender on or prior to such day as an assignee from another Lender pursuant to an Assignment and Acceptance, <u>minus</u> (c) any portion of the Loans Outstanding assigned by such Lender to an assignee on or prior to such day pursuant to an Assignment and Acceptance, <u>divided by</u> (ii) the Loans Outstanding on such day.

"<u>Investment</u>" means, with respect to any Person, any direct or indirect loan, advance or investment by such Person in any other Person, whether by means of share purchase, capital contribution, loan or otherwise, and excluding commission, travel and similar advances to officers, employees and directors made in the ordinary course of business.

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"<u>Investment Company Act</u>" means the Investment Company Act of 1940, as amended.

"<u>IRS</u>" means the U.S. Internal Revenue Service.

"<u>ISDA Definitions</u>" means the 2006 ISDA Definitions published by the International Swaps and Derivatives Association, Inc. or any successor thereto, as amended or supplemented from time to time, or any successor definitional booklet for interest rate derivatives published from time to time by the International Swaps and Derivatives Association, Inc. or such successor thereto.

"<u>Lendbuzz</u>" means Lendbuzz Inc., a Delaware corporation.

"<u>Lendbuzz Floorplan</u>" has the meaning given to such term in the Preamble.

"<u>Lender Advance</u>" means a Lender's Lender Percentage of the Principal Amount of a particular Loan to be made to the Borrower on a Funding Date.

"<u>Lender Percentage</u>" means a Lender's Commitment as a percentage of the Aggregate Commitment.

"<u>Lender Register</u>" has the meaning given to such term in Section 11.01(c).

"<u>Lenders</u>" means, collectively, Regions Bank and any other Person that is designated as a "Lender" on Schedule A hereto or in the Assignment and Acceptance pursuant to which it became a party to this Agreement, and any assignee of such Lender to the extent of the portion of such Commitment assumed by such assignee pursuant to its respective Assignment and Acceptance.

"<u>Level I Performance Trigger</u>" means the occurrence of any of the following events as of any Reporting Date occurring in or after December 2022:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the average of the Net Loss-to-Liquidation Ratio for the three Collection Periods immediately preceding such Reporting Date is greater than [\*\*\*];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the average of the Excess Spreads for the three Collection Periods immediately preceding such Reporting Date is less than or equal to [\*\*\*]; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the average of the Monthly Payment Rates for the three Collection Periods immediately preceding such Reporting Date is less than or equal to [\*\*\*].

"<u>Level II Performance Trigger</u>" means the occurrence of any of the following events as of any Reporting Date occurring in or after December 2022:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the average of the Net Loss-to-Liquidation Ratio for the three Collection Periods immediately preceding such Reporting Date is greater than [\*\*\*]; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the average of the Monthly Payment Rates for the three Collection Periods immediately preceding such Reporting Date is less than or equal to [\*\*\*].

"<u>Liability</u>" means any duty, responsibility, obligation or liability.

"<u>Lien</u>" means any mortgage, lien, pledge, charge, claim, security interest or encumbrance of any kind.

"<u>Limited Guarantor</u>" means Lendbuzz.

"<u>Limited Guaranty</u>" means the Limited Guaranty, dated as of the Closing Date, by the Limited Guarantor in favor of the Secured Parties.

"<u>Loan</u>" has the meaning given to such term in Section 2.01(a).

"<u>Loans Outstanding</u>" means, on any day, the aggregate Principal Amount of all Loans made on or prior to such day, reduced from time to time by payments and distributions in respect of principal of the Loans in accordance with the terms hereof.

"<u>Long-Term Rating Requirement</u>" means, with respect to any Person, that such Person has a long-term unsecured debt rating of not less than "A" by Standard & Poor's and not less than "A2" by Moody's.

"<u>Material Adverse Change</u>" means any event or condition which would reasonably be expected to have a material adverse effect on (i) the collectability of all or a material portion of the Receivables, (ii) the condition (financial or otherwise), business or properties of the Borrower, (iii) the ability of the Servicer to collect on the Receivables, (iv) the condition (financial or otherwise), business or properties of Lendbuzz Floorplan, or (v) the condition (financial or otherwise), businesses or investments of Lendbuzz. For the avoidance of doubt, the following is a non-exclusive list of changes to the Credit and Collection Policy which, if reasonably likely to negatively impact the creditworthiness or collectability of any Receivables, will be deemed to constitute a "Material Adverse Change" unless such changes are made with the consent of the Administrative Agent in the manner set forth in this Agreement (which consent shall not be unreasonably withheld, conditioned, or delayed): changes that would modify any of (a) the maximum allowable threshold limitations for substantial underwriting criteria; (b) the categorization of receivables as delinquent, non-performing, defaulted or charged-off; (c) material collection processes relating, without limitation, to delinquent, non-performing, defaulted or charged-off receivables, loan loss recognition, loan modification (including extensions and deferrals), end-of-term recovery and processing, and collateral recovery; (d) any provisions for credit exceptions; (e) stated creditworthiness thresholds required for obligors; (f) monitoring policies and (g) insurance requirements.

"<u>Material Adverse Effect</u>" means, with respect to any Person and to any event or circumstance, a material adverse effect on (i) the business, condition (financial or otherwise), operations, performance, properties or prospects of such Person (including any such change or effect resulting from the introduction of or change in any Applicable Laws or any ruling, order or other action by any Governmental Authority), taken as a whole, (ii) the validity or enforceability

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of this Agreement or any other Basic Document or the validity, enforceability or collectability of a material portion of (a) the Contracts (taken as a whole), (b) the Receivables (taken as a whole) or (c) any other Collateral (taken as a whole), (iii) the rights and remedies of the Administrative Agent and Secured Parties under the Basic Documents, (iv) the ability of such Person to perform its obligations under this Agreement or any other Basic Document to which it is a party, or (v) the status, existence, perfection, priority or enforceability of the interest of the Administrative Agent or the Lenders in the Collateral.

"<u>Maximum Advance Rate Test</u>" means a test that will be satisfied as of any date of determination if the Loans Outstanding as of such date are less than or equal to the Maximum Available Amount.

"<u>Maximum Available Amount</u>" means, as of any date of determination, the lesser of (i) the Facility Limit as of such date and (ii) the product of (x) the Borrowing Base and (y) the Advance Rate.

"<u>Maximum Lawful Rate</u>" means the highest rate of interest permissible under Applicable Law.

"<u>Member</u>" has the meaning set forth in the Borrower's Formation Documents.

"<u>Minimum Funded Amount</u>" means, (i) during the Revolving Period, $7,500,000 and (ii) after the Revolving Period, $0.

"<u>Monthly Backup Servicer Certificate</u>" means a monthly report of the Backup Servicer in the form prescribed by the Backup Servicing Agreement and relating to the end of the Collection Period immediately preceding the date on which such certificate is delivered.

"<u>Monthly Interest and Fees</u>" means, for any Distribution Date, the sum of (i) the amount of any accrued and unpaid Interest for such Distribution Date plus (ii) the Unused Commitment Fee for such Distribution Date.

"<u>Monthly Payment Rate</u>" means, with respect to any date of determination, the percentage equivalent of a fraction, (ii) the numerator of which is the aggregate amount of Principal Proceeds received by the Servicer during the most recently completed Collection Period and (ii) the denominator of which is the aggregate Principal Balance of all Receivables as of the first day of such Collection Period.

"<u>Monthly Report</u>" means a monthly statement of the Servicer delivered pursuant to Section 7.07(a) on each Reporting Date with respect to the related Collection Period, substantially in the form of Exhibit F.

"<u>Moody's</u>" means Moody's Investors Service, Inc.

"<u>Multiemployer Plan</u>" means a "multiemployer plan" as defined in Section 4001(a)(3) of ERISA which is or was at any time during the current year or the immediately preceding five years contributed to by the Borrower, Lendbuzz Floorplan, Lendbuzz or any ERISA Affiliate on behalf of their employees.

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"<u>Net Eligible Pool Balance</u>" means, as of any date of determination, the difference of (i) the Eligible Pool Balance as of such date <u>minus</u> (ii) the Excess Concentration Amount as of such date.

"<u>Net Loss-to-Liquidation Ratio</u>" means, with respect to any date of determination, the percentage equivalent of a fraction, (i) the numerator of which is the difference of (a) the aggregate Principal Balance of all Receivables that became Defaulted Receivables during the most recently completed Collection Period <u>minus</u> (b) all Recoveries received during such Collection Period and (ii) the denominator of which is the sum of (a) the aggregate Principal Balance of all Receivables that became Defaulted Receivables during such Collection Period <u>plus</u> (b) the amount of Principal Proceeds received by the Servicer on all Receivables during such Collection Period.

"<u>NRSRO</u>" has the meaning assigned to it in Section 12.02(d).

"<u>NYFRB</u>" means the Federal Reserve Bank of New York.

"<u>NYFRB Rate</u>" means, for any day, the greater of (a) the Federal Funds Effective Rate in effect on such day and (b) the Overnight Bank Funding Rate in effect on such day (or for any day that is not a Business Day, for the immediately preceding Business Day); <u>provided</u>, that if none of such rates are published for any day that is a Business Day, the term 'NYFRB Rate' means the rate for a federal funds transaction quoted at 11:00 a.m. on such day received by the Administrative Agent from a federal funds broker of recognized standing selected by it; <u>provided</u>, <u>further</u>, that if any of the aforesaid rates as so determined be less than 0%, such rate shall be deemed to be 0% for purposes of this Agreement.

"<u>NYFRB's Website</u>" means the website of the NYFRB at http://www.newyorkfed.org, or any successor source.

"<u>Obligations</u>" means all loans, advances, debts, liabilities, indemnities and obligations for monetary amounts owing by the Borrower to the Secured Parties, the Collateral Custodian, the Backup Servicer, any Successor Servicer, the Administrative Agent or any of their respective assigns, as the case may be, whether due or to become due, matured or unmatured, liquidated or unliquidated, contingent or non-contingent and all covenants and duties regarding such amounts, of any kind or nature, present or future, arising under or in respect of any of the Loans or any Hedging Agreement, whether or not evidenced by any separate note, agreement or other instrument, including all principal, interest (including interest that accrues after the commencement against the Borrower of any action under the Bankruptcy Code), amounts payable pursuant to Section 2.12, Breakage Costs, Hedge Breakage Costs, fees, including any and all arrangement fees, loan fees, Upfront Fees, and Unused Commitment Fees and any and all other fees, expenses, costs or other sums (including attorney fees and disbursements) chargeable to the Borrower under the Basic Documents.

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"<u>Officer's Certificate</u>" means a certificate signed by any Responsible Officer of the Borrower, the Servicer, the Backup Servicer, the Collateral Custodian, Lendbuzz, or Lendbuzz Floorplan, as the case may be, and delivered to the Administrative Agent.

"<u>Opinion of Counsel</u>" means, with respect to any Person, a written opinion of counsel, who is reasonably acceptable to the Administrative Agent.

"<u>Other Connection Taxes</u>" means, with respect to any Recipient, Taxes imposed as a result of a present or former connection between such Recipient and the jurisdiction imposing such Tax (other than connections arising from such Recipient having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Basic Document, or sold or assigned an interest in any Loan or Basic Document).

"<u>Other Taxes</u>" means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Basic Document, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment (other than an assignment pursuant to Section 2.15).

"<u>Overnight Bank Funding Rate</u>" means, for any date, the rate comprised of both overnight federal funds and overnight eurodollar transactions denominated in Dollars by U.S.-managed banking offices of depository institutions, as such composite rate shall be determined by the NYFRB as set forth on the NYFRB's Website from time to time, and published on the next succeeding Business Day by the NYFRB as an overnight bank funding rate.

"<u>Participant Register</u>" has the meaning given to such term in Section 11.01(e).

"<u>Patriot Act</u>" means the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)).

"<u>Payment</u>" has the meaning assigned to it in Section 10.09.

"<u>Payment Notice</u>" has the meaning assigned to it in Section 10.09.

"<u>Pension Plan</u>" means an "employee pension benefit plan," as such term is defined in Section 3(2) of ERISA and that is a defined benefit plan, maintained by the Borrower, Lendbuzz, Lendbuzz Floorplan, or any ERISA Affiliate, or in which employees of the Borrower are entitled to participate, as from time to time in effect.

"<u>Permitted Investments</u>" means any of the following types of investments:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) marketable obligations of the United States, the full and timely payment of which are backed by the full faith and credit of the United States and which have a maturity of not more than 30 days from the date of acquisition;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) bankers' acceptances and certificates of deposit and other interest-bearing obligations (in each case having a maturity of not more than 30 days from the date of acquisition) denominated in Dollars and issued by any bank with capital, surplus and undivided profits aggregating at least $100,000,000, the short-term obligations of which meet or exceed the Short-Term Rating Requirement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) commercial paper rated at least A-1 by Standard & Poor's and Prime-1 by Moody's;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) money market funds registered under the Investment Company Act having a rating, at the time of such investment, of not less than Aaa by Moody's and AAAm by Standard & Poor's;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) interest-bearing demand deposits, time deposits or certificates of deposit (having original maturities of no more than 365 days) of depository institutions or trust companies incorporated under the laws of the United States or any State (or domestic branches of any foreign bank) and subject to supervision and examination by federal or State banking or depository institution authorities; <u>provided</u>, that at the time such investment, or the commitment to make such investment, is entered into, the short-term debt rating of such depository institution or trust company shall meet or exceed the Short-Term Rating Requirement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any other investments approved in writing by the Administrative Agent;

<u>provided</u>, that each of the Permitted Investments may be purchased from the Administrative Agent, the Account Bank or any of their respective Affiliates.

"<u>Permitted Liens</u>" means (i) Liens in favor of the Borrower created pursuant to the Purchase Agreement, (ii) Liens in favor of the Administrative Agent, as agent for the Secured Parties, created pursuant to this Agreement or any other Basic Document, (iii) Liens for taxes and assessments not yet due or for taxes which the Borrower is contesting in good faith and by appropriate legal proceedings the validity, applicability, or amount thereof and such contest does not materially endanger any right or interest of the Secured Parties under the Basic Documents, (iv) Liens arising in the ordinary course of business by virtue of any contractual, statutory, or common law provision relating to banker's Liens, rights of set-off, or similar rights and remedies covering deposit or securities accounts (including funds or other assets credited thereto) or other funds maintained with a depository institution or securities intermediary, (v) Liens created pursuant to the Blocked Account Control Agreement and the Control Agreement, and (vi) mechanics' liens, tax Liens related to a Financed Vehicle, and other liens arising by operation of law.

"<u>Person</u>" means an individual, partnership, corporation, trust (including a business or statutory trust), limited liability company, joint stock company, unincorporated association, sole proprietorship, joint venture, government (or any agency or political subdivision thereof), or other entity.

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"<u>Plan Event</u>" means the occurrence of any of the following: (i) a notice of intent to terminate a Pension Plan has been filed; (ii) a Pension Plan termination under Section 4041(f) of ERISA; (iii) the Pension Benefit Guaranty Corporation institutes proceedings to terminate, or appoint a trustee to administer any Pension Plan; or (iv) the occurrence of an event or existence of any condition that might constitute grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, a Pension Plan.

"<u>Pool Balance</u>" means, as of any date of determination, the sum of the Principal Balances of all Receivables as of such date.

"<u>Prime Rate</u>" means the rate of interest last quoted by The Wall Street Journal as the 'Prime Rate' in the U.S. or, if The Wall Street Journal ceases to quote such rate, the highest per annum interest rate published by the Federal Reserve Board in Federal Reserve Statistical Release H.15 (519) (Selected Interest Rates) as the 'bank prime loan' rate or, if such rate is no longer quoted therein, any similar rate quoted therein (as determined by the Administrative Agent) or any similar release by the Federal Reserve Board (as determined by the Administrative Agent). Each change in the Prime Rate shall be effective from and including the date such change is publicly announced or quoted as being effective.

"<u>Principal Amount</u>" means, with respect to any Loan, the aggregate amount advanced by the Lenders on the Funding Date in respect of such Loan.

"<u>Principal Balance</u>" means, with respect to any Receivable and as of any date of determination, the outstanding principal amount of such Receivable as of such date (excluding any capitalized interest).

"<u>Principal Proceeds</u>" means, with respect to any Collection Period, all amounts received by or on behalf of the Borrower during such Collection Period that result in a reduction of the Principal Balance owing by the related Dealer with respect to a Receivable.

"<u>Purchase Agreement</u>" means the Purchase Agreement, dated as of the Closing Date, by and between the Seller and the Borrower, together with each Purchase Agreement Supplement.

"<u>Purchase Agreement Supplement</u>" means a Purchase Agreement Supplement in substantially the form attached to the Purchase Agreement as Exhibit A, executed by the Borrower and the Seller in connection with a transfer of Receivables and the related Collateral on any Funding Date.

"<u>Qualified Institution</u>" means any depository institution or trust company organized under the laws of the United States or any State (or any domestic branch of a foreign bank), (i) (a) that meets (or the parent of which meets) either (1) the Long-Term Rating Requirement or (2) the Short-Term Rating Requirement or (b) is otherwise acceptable to the Administrative Agent and (ii) whose deposits are insured by the Federal Deposit Insurance Corporation.

"<u>Quarterly Report</u>" means a data tape, which shall include as to each Receivable such information as shall be agreed upon by the Administrative Agent and the initial Servicer or the Successor Servicer, as applicable, including such information as the Administrative Agent may reasonably request from time to time to satisfy or fulfill regulatory requirements applicable to the Secured Parties, including capital treatment under Basel II or Basel III.

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"<u>Receivable</u>" means with respect to a Dealer and its Floorplan Account, all amounts due under such Floorplan Account (whether characterized as principal, interest, fees, expenses or whether constituting an account, chattel paper, instrument or general intangible) arising out of or in connection with the financing of Financed Vehicles in connection with such Floorplan Account, and including the right of payment of any finance charges and other obligations of the Dealer with respect thereto. Notwithstanding the foregoing, once the Administrative Agent has released its security interest in a Receivable and the related Contract in accordance with the terms of this Agreement, such Receivable shall no longer be a Receivable hereunder.

"<u>Receivable File</u>" means, with respect to each Receivable, a file containing each of the following documents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) an application of the related Dealer for credit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a copy of the related Contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) copies of all instruments modifying the terms and conditions of the related Contract, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) a copy of the Certificate of Title for the related Financed Vehicle;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the invoice (which may be in the form of a block ticket) for (or, if the related Financed Vehicle is a Used Vehicle, evidence of book value for) the related Financed Vehicle; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) such other documents that the Servicer customarily maintains in order to accomplish its duties and obligations under this Agreement.

"<u>Recipient</u>" means the Administrative Agent or any Lender.

"<u>Records</u>" means, with respect to any Contract, all documents, books, records and other information (including computer programs, tapes, disks, punch cards, data processing software and related property and rights) maintained with respect to any related item of Collateral and the related Dealer.

"<u>Recoveries</u>" means, with respect to any Defaulted Receivable and Collection Period, all monies collected from whatever source during such Collection Period in respect of such Defaulted Receivable, including Insurance Proceeds but excluding payment of the related Release Price, net of any amounts required by Applicable Law to be remitted to the related Dealer and net of the Servicer's expenses (other than overhead) incurred in connection with the liquidation of such Defaulted Receivable and the related Financed Vehicle.

"<u>Reference Time</u>" means, with respect to any setting of the then-current Benchmark, (i) if such Benchmark is Daily Simple SOFR, then four Business Days prior to such setting or (ii) if such Benchmark is not Daily Simple SOFR, the time determined by the Administrative Agent in its reasonable discretion.

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"<u>Registrar of Titles</u>" means, with respect to any State, the governmental agency or body responsible for the registration of, and the issuance of certificates of title relating to, motor vehicles and liens thereon.

"<u>Regulatory Requirement</u>" has the meaning set forth in Section 2.11(a).

"<u>Release Price</u>" means an amount equal to the sum of (i) the Principal Balance of each Receivable retransferred pursuant to Section 5.04(a) or 5.04(b), as applicable <u>plus</u> (ii) accrued interest on each such Receivable (at the related APR) through the date of repurchase <u>plus</u> (iii) all related Breakage Costs <u>plus</u> (iv) any Hedge Breakage Costs due to the relevant Hedge Counterparties for any termination, in whole or in part, of one or more Hedge Transactions related to the relevant Hedging Agreement, as required by the terms of any Hedging Agreement.

"<u>Relevant Governmental Body</u>" means, the Federal Reserve Board and/or the NYFRB, as applicable, or a committee officially endorsed or convened by the Federal Reserve Board and/or the NYFRB or, in each case, any successor thereto.

"<u>Remittance Account</u>" means one or more deposit accounts established and maintained at the Remittance Account Bank and to which all Dealers are instructed to make payments in respect of the Receivables.

"<u>Remittance Account Bank</u>" means, (i) initially, Wells Fargo Bank, National Association, (ii) Regions Bank or (iii) any other bank as agreed to by the Borrower and the Administrative Agent.

"<u>Reportable Event</u>" means any of the events set forth in Section 4043(c) of ERISA for which the 30-day notice provision has not been waived.

"<u>Reporting Date</u>" means, with respect to any Distribution Date and the related Collection Period, the second Business Day prior to such Distribution Date.

"<u>Required Lenders</u>" means at a particular time, Lenders with aggregate Commitments equal to 100% of the Aggregate Commitment.

"<u>Requirements of Law</u>" means, with respect to any Person, the certificate of incorporation or articles of association and by-laws or other organizational or governing documents of such Person, and any law, treaty, rule or regulation, or order or determination of an arbitrator or Governmental Authority, in each case applicable to or binding upon such Person or to which such Person is subject, whether federal, State or local (including usury laws, the Federal Truth in Lending Act, the Equal Credit Opportunity Act, the Fair Credit Billing Act, the Fair Credit Reporting Act, the Fair Debt Collection Practices Act, the Federal Trade Commission Act, the Magnuson-Moss Warranty Act, the Servicemembers Civil Relief Act, Regulations B, U, T, X and Z of the Federal Reserve Board, the Dodd-Frank Act, the Gramm-Leach-Bliley Act, each applicable state Motor Vehicle Retail Installment Sales Act, and state adaptations of the National Consumer Act and of the Uniform Consumer Credit Code and all other consumer protection and usury laws).

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"<u>Responsible Officer</u>" means, when used with respect to any Person, any officer of such Person, including any president, vice president, assistant vice president, secretary, assistant secretary, or any other officer thereof customarily performing functions similar to those performed by the individuals who at the time shall be such officers, respectively, or to whom any matter is referred because of such officer's knowledge of or familiarity with the particular subject.

"<u>Revolving Period</u>" means the period commencing on the Closing Date and ending on the day immediately preceding the Commitment Termination Date.

"<u>Sanctioned Country</u>" means, at any time, a country or territory which is the subject or target of any Sanctions.

"<u>Sanctioned Person</u>" means, at any time, (i) any Person listed in any Sanctions-related list of designated Persons maintained by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State, (ii) any Person operating, organized or resident in a Sanctioned Country or (iii) any Person controlled by any such Person.

"<u>Sanctions</u>" means economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by the U.S. government, including those administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State.

"<u>Schedule of Documents</u>" means the schedule of documents attached hereto as Schedule E.

"<u>Schedule of Accounts</u>" means the schedule of Floorplan Accounts attached hereto as Schedule C, which shall list, without limitation, all Receivables arising under such Floorplan Accounts, as updated from time to time in connection with each Funding Request and any Take-out Release.

*"*<u>Scheduled Amortization Period Termination Date</u>" means, prior to the occurrence of an Early Amortization Event or the occurrence and continuation of an Event of Default, the third Distribution Date following the Commitment Termination Date or such later date as may be agreed by the Borrower and each of the Lenders in writing and notified in writing to the Administrative Agent.

"<u>Scheduled Revolving Period Termination Date</u>" means July 25, 2025 or such later date as may be agreed by the Borrower and each of the Lenders in writing and notified in writing to the Administrative Agent.

"<u>Seasoning</u>" means, with respect to any Receivable, the number of days such Receivable has been outstanding, starting with the date of origination.

"<u>Secured Party</u>" means (i) the Administrative Agent and (ii) each Lender.

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"<u>Securities Act</u>" means the Securities Act of 1933, as amended.

"<u>Seller</u>" means Lendbuzz Floorplan, in its capacity as Seller under the Purchase Agreement.

"<u>Servicer</u>" has the meaning given to such term in the Preamble.

"<u>Servicer Advance</u>" means an advance made by the initial Servicer pursuant to Section 7.05.

"<u>Servicer Basic Documents</u>" means all Basic Documents to which the initial Servicer is a party or by which it is bound.

"<u>Servicer Termination Event</u>" has the meaning given to such term in Section 7.12.

"<u>Servicer Termination Notice</u>" has the meaning given to such term in Section 7.12.

"<u>Servicing Fee</u>" means the fee payable to the Servicer on each Distribution Date in accordance with Section 2.07 in an amount equal to either (i) in the case of the initial Servicer, the product of (a) one-twelfth <u>times</u> (b) the Servicing Fee Rate <u>times</u> (c) the average daily Principal Balance of the Receivables during the related Collection Period or (ii) in the case of the Backup Servicer in its capacity as Successor Servicer, the related fees set forth in the Backup Servicing Agreement; <u>provided</u>, that the Servicing Fee for a Successor Servicer may be subject to a minimum monthly fee to be mutually agreed upon by the Administrative Agent and such Successor Servicer.

"<u>Servicing Fee Rate</u>" means in the case of the initial Servicer, a rate per annum equal to 2.00%.

"<u>Shamrock Asset Purchase Agreement</u>" means that certain First Amended and Restated Asset Purchase Agreement, dated as of February 7, 2022, between Shamrock Finance LLC, as seller, and Lendbuzz, as purchaser.

"<u>Shamrock Assignment</u>" means that certain Bill of Sale and Assignment dated as of August 25, 2022, between Lendbuzz, as seller, and the Seller, as purchaser.

"<u>Shamrock Receivable</u>" means each Receivable originated by Shamrock Finance LLC and sold to Lendbuzz pursuant to the Shamrock Asset Purchase Agreement and approved by the United States Bankruptcy Court for the District of Massachusetts (Eastern Division) on March 16, 2022 and subsequently sold by Lendbuzz to the Seller pursuant to the Shamrock Assignment.

"<u>Short-Term Rating Requirement</u>" means, with respect to any Person, that such Person has a short-term unsecured debt rating of not less than A-1 by Standard & Poor's and not less than Prime-1 by Moody's.

"<u>SOFR</u>" means a rate equal to the secured overnight financing rate as administered by the SOFR Administrator.

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"<u>SOFR Administrator</u>" means the NYFRB (or a successor administrator of the secured overnight financing rate).

"<u>SOFR Administrator's Website</u>" means the NYFRB's website, currently at http://www.newyorkfed.org, or any successor source for the secured overnight financing rate identified as such by the SOFR Administrator from time to time.

"<u>SOFR Determination Date</u>" has the meaning given to such term in the definition of "Daily Simple SOFR."

"<u>SOFR Rate Day</u>" has the meaning given to such term in the definition of "Daily Simple SOFR."

"<u>Solvent</u>" means, as to any Person at any time, having a state of affairs such that (i) the fair value of the property owned by such Person is greater than the amount of such Person's liabilities (including disputed, contingent, and unliquidated liabilities) as such value is established and liabilities evaluated for purposes of Section 101(32) of the Bankruptcy Code; (ii) the present fair salable value of the property owned by such Person in an orderly liquidation of such Person is not less than the amount that will be required to pay the probable liability of such Person on its debts as they become absolute and matured; (iii) such Person is able to realize upon its property and pay its debts and other liabilities (including disputed, contingent and unliquidated liabilities) as they mature in the normal course of business; (iv) such Person does not intend to, and does not believe that it will, incur debts or liabilities beyond such Person's ability to pay as such debts and liabilities mature; and (v) such Person is not engaged in business or a transaction, and is not about to engage in a business or a transaction, for which such Person's property would constitute unreasonably small capital.

"<u>Standard</u> <u>& Poor's</u>" means S&P Global Ratings, a Standard & Poor's Financial Services LLC business.

"<u>State</u>" means any state of the United States or the District of Columbia.

"<u>Subsidiary</u>" means, with respect to a Person, any entity with respect to which more than 50% of the outstanding voting securities shall at any time be owned or controlled, directly or indirectly, by such Person and/or one or more of its Subsidiaries, or any similar business organization which is so owned or controlled.

"<u>Successor Collateral Custodian</u>" has the meaning given to such term in Section 7.17(f).

"<u>Successor Servicer</u>" has the meaning given to such term in Section 7.13(b).

"<u>Take-out</u>" means any transaction pursuant to which all or a portion of the Receivables are released from the Lien granted to the Administrative Agent hereunder, a corresponding portion of the Loans Outstanding are repaid, and such Receivables are transferred by the Borrower to the Seller or another Person.

"<u>Take-out Date</u>" means the date upon which a Take-out is consummated.

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"<u>Take-out Date Certificate</u>" means a certificate delivered by a Responsible Officer of the Servicer on the Take-out Date indicating that the requirements set forth in this Agreement for a Take-out has been satisfied.

"<u>Take-out Release</u>" means a release executed pursuant to Section 2.13, substantially in the form of Exhibit E.

"<u>Tangible Net Worth</u>" means at any time with respect to Lendbuzz, the difference of Lendbuzz's (i) assets (including servicing assets and deferred tax assets) <u>minus</u> (ii) liabilities <u>minus</u> (iii) without duplication, intangible assets, including goodwill, franchises, licenses, patents, trademarks, trade names, copyrights and service marks, in all cases calculated on a consolidated basis and in accordance with GAAP.

"<u>Tax</u>" or "<u>Taxes</u>" means all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax, additional amounts or penalties applicable thereto.

"<u>Transition Expenses</u>" has the meaning given to such term in Section 7.13(f).

"<u>Treasury Regulations</u>" shall mean regulations, including proposed or temporary regulations, promulgated under the Code. References in this Agreement to specific provisions of proposed or temporary regulations shall include analogous provisions of final Treasury Regulations or other successor Treasury Regulations.

"<u>U.S. Government Securities Business Day</u>" means any day except for (i) a Saturday, (ii) a Sunday or (iii) a day on which the Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in United States government securities.

"<u>U.S. Person</u>" means any Person that is a "United States person" as defined in Section 7701(a)(30) of the Code.

"<u>U.S. Tax Compliance Certificate</u>" has the meaning specified in Section 2.12(g)(ii)(B)(3).

"<u>UCC</u>" means the Uniform Commercial Code as from time to time in effect in the applicable jurisdiction.

"<u>Unadjusted Benchmark Replacement</u>" means the applicable Benchmark Replacement excluding the related Benchmark Replacement Adjustment.

"<u>United States</u>" or "<u>U.S.</u>" means the United States of America.

"<u>Unmatured Event of Default</u>" means any event that, with the giving of notice or the lapse of time, or both, would become an Event of Default.

"<u>Unmatured Servicer Termination Event</u>" means any event that, with the giving of notice or the lapse of time, or both, would become a Servicer Termination Event. For the avoidance of

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doubt, the failure of any Financial Covenant to be satisfied on any date other than the related testing date specified for such Financial Covenant in the definition of "Financial Covenants" shall not constitute an Unmatured Servicer Termination Event.

"<u>Unreimbursed Servicer Advances</u>" means, at any time, the amount of all previous Servicer Advances (or portions thereof) as to which the Servicer has not been reimbursed as of such time pursuant to Section 2.07 or otherwise.

"<u>Unused Commitment Fee</u>" means, for any Interest Period prior to the Commitment Termination Date, the fee payable by the Borrower on the related Distribution Date in an amount equal to product of (i) the Unused Commitment Fee Rate <u>times</u> (ii) an amount equal to the positive difference, if any, of (a) the average daily Aggregate Commitment during such Interest Period <u>minus</u> (b) the greater of (x) the average daily Loans Outstanding during such Interest Period and (y) the Minimum Funded Amount, <u>times</u> (iii) a fraction, (A) the numerator of which is the actual number of days during such Interest Period and (B) the denominator of which is 360.

"<u>Unused Commitment Fee Rate</u>" has the meaning given to such term in the Fee Letter.

"<u>Upfront Fees</u>" has the meaning given to such term in the Fee Letter.

"<u>Used Vehicle</u>" means a Financed Vehicle that was designated as a used vehicle by the applicable Dealer when such Financed Vehicle was sold to the related purchaser.

"<u>Weighted Average Hedge Rate</u>" means, as of any date of determination, either (i) if the Borrower is party to one or more Hedge Transactions on such date (after giving effect to any Hedge Transactions that the Borrower enters into or terminates on such date), the weighted average for all such Hedge Transactions (weighted by the notional amounts of such Hedge Transactions) of (a) with respect to any Hedge Transaction that is in the form of an interest rate cap transaction, the threshold rate above which payments are made by the related Hedge Counterparty to the Borrower, and (b) with respect to any Hedge Transaction that is in the form of an interest rate swap transaction, the fixed rate payable by the Borrower thereunder or (ii) if the Borrower is not party to any Hedge Transactions on such date (after giving effect to any Hedge Transactions that the Borrower enters into or terminates on such date), Adjusted Daily Simple SOFR for such date.

"<u>Withholding Agent</u>" means the Borrower and the Administrative Agent.

Section 1.02. <u>Accounting Terms and Determinations</u>. Unless otherwise defined or specified herein, all accounting terms shall be construed herein, all accounting determinations hereunder shall be made, all financial statements required to be delivered hereunder shall be prepared and all financial records shall be maintained in accordance with GAAP.

Section 1.03. <u>Computation of Time Periods</u>. Unless otherwise stated in this Agreement, in the computation of a period of time from a specified date to a later specified date, the word "from" means "from and including" and the words "to" and "until" each mean "to but excluding".

Section 1.04. <u>Interpretation</u>. When used in this Agreement, unless a contrary intention appears: (i) a term has the meaning assigned to it; (ii) "or" is not exclusive; (iii) "including" means

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including without limitation; (iv) words in the singular include the plural and words in the plural include the singular; (v) any agreement, instrument or statute defined or referred to herein or in any instrument or certificate delivered in connection herewith means such agreement, instrument or statute as from time to time amended, modified or supplemented and includes (in the case of agreements or instruments) references to all attachments thereto and instruments incorporated therein; (vi) references to a Person are also to its successors and permitted assigns; (vii) the words "hereof", "herein" and "hereunder" and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision hereof; (viii) references contained herein to Section, Schedule and Exhibit, as applicable, are references to Sections, Schedules and Exhibits in this Agreement unless otherwise specified; (ix) references to "writing" include printing, typing, lithography and other means of reproducing words in a visible form; and (x) the term "proceeds" has the meaning set forth in the applicable UCC.

ARTICLE TWO

LOANS

Section 2.01. <u>Loans</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On the terms and conditions set forth herein, including this Section and Article Four, the Borrower may from time to time on any Business Day during the Revolving Period request that each Lender make an advance (the aggregate amount of such advances on a Funding Date, a "<u>Loan</u>") in the amount of each such Lender's Lender Advance, to the Borrower on a Funding Date. For the avoidance of doubt, no Lender shall have any obligation on any date to fund an amount that would cause its Lender Percentage of the Loans Outstanding, determined after giving effect to such funding, to exceed its Commitment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No later than 3:00 p.m., Atlanta, Georgia time, two Business Days prior to a proposed Funding Date, the Borrower shall notify the Administrative Agent of such proposed Funding Date and Loan by delivering to the Administrative Agent (with a copy to the Account Bank):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a Funding Request, which will include, among other things, the proposed Funding Date, a calculations of the Maximum Available Amount and the Maximum Advance Rate Test as of the date the Loan is requested (including all components of such calculation, including any Excess Concentration Amounts) and the Principal Amount of the Loan requested, which shall be in an amount at least equal to $1,000,000 or integral multiples of $100,000 in excess thereof (or, if less, an amount equal to the Aggregate Commitment after giving effect to any payments on the related Distribution Date if the Funding Date occurs on a Distribution Date); <u>provided</u>, that the Administrative Agent and the Lenders may agree, each at their own discretion, to a lower Principal Amount for the related Loan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) an updated Schedule of Accounts that includes each Receivable that is the subject of the proposed Loan.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Following receipt by the Administrative Agent of a Funding Request, and prior to the Commitment Termination Date, each Lender severally agrees to make its Lender Advance of any Loan requested by the Borrower pursuant to Section 2.01(b), subject to the conditions contained herein, in an aggregate amount equal to the Loan so requested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In no event shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a Lender be required to fund a Principal Amount that would cause its Lender Percentage of the Loans Outstanding, determined after giving effect to such funding, to exceed its Commitment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any Loan be requested hereunder, nor shall any Lender be obligated to fund its Lender Advance of any Loan, to the extent that after giving effect to such Loan, the Maximum Advance Rate Test would not be satisfied;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Principal Amount of any Loan exceeds the Available Amount on such day; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) more than one Loan be funded on any Business Day.

Section 2.02. <u>Funding Mechanics</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If any Funding Request is delivered to the Administrative Agent after 12:00 p.m., Atlanta, Georgia time, two Business Days prior to the proposed Funding Date, such Funding Request shall be deemed to be received prior to 12:00 p.m., Atlanta, Georgia time, on the next succeeding Business Day and the proposed Funding Date of such proposed Loan shall be deemed to be the second Business Day following the date of such deemed receipt. Each Funding Request shall include a representation by the Borrower that (i) the requested Loan will not, on the related Funding Date, exceed the Available Amount and (ii) all conditions precedent to the making of such Loan have been satisfied or will be satisfied as of the proposed Funding Date. Any Funding Request shall be irrevocable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Lender's Lender Advance of a Loan shall be made available to the Administrative Agent, subject to the fulfillment of the applicable conditions set forth in Article Four, at or prior to 1:00 p.m., Atlanta, Georgia time, on the applicable Funding Date, by deposit of immediately available funds to the Administrative Agent's Account. The Administrative Agent shall promptly notify the Borrower in the event that any Lender either fails to make such funds available before such time or notifies the Administrative Agent that it will not make such funds available before such time. Subject to the fulfillment of the applicable conditions set forth in Article Four, as determined by the Administrative Agent, the Administrative Agent will not later than 12:00 p.m., Atlanta, Georgia time, on such Funding Date make all such funds deposited to the Administrative Agent's Account by the Lenders available, in the same type of funds received, by wire transfer thereof to, or at the direction of, the Borrower at the account specified in writing by the Borrower. If any Lender makes available to the Administrative Agent funds for any Loan to be made by such Lender as provided in the foregoing provisions of this Article, and such funds are not made available to the Borrower by the Administrative Agent because the conditions to the applicable Loan set forth in Article Four are not satisfied or waived in accordance with the terms hereof, the Administrative Agent shall return such funds (in like funds as received from such Lender) to the Lender, without interest.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The failure of any Lender to make any Loan required to be made by it shall not relieve any other Lender of its obligations hereunder.

Section 2.03. <u>Reduction of Commitments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) At any time the Borrower may, upon at least five (5) Business Days' prior written notice to the Administrative Agent and the Account Bank, reduce the Facility Amount to an amount not less than the Loans Outstanding, which reduction shall be applied, unless otherwise Consented to by the Administrative Agent, to the Commitments of each Lender *pro rata* based on the Lender Percentage represented by such Commitment. If any such written notice is delivered after 3:00 p.m., Atlanta, Georgia time, five (5) Business Days prior, such notice shall be deemed to be received prior to 3:00 p.m., Atlanta, Georgia time, on the next succeeding Business Day. Each partial reduction shall be in a minimum aggregate amount of $5,000,000 or integral multiples of $1,000,000 in excess thereof. Any request for a reduction in the Facility Amount shall be irrevocable and the Borrower shall deliver no more than four such requests in any 12-month period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In connection with any reduction of the Facility Amount, the Borrower shall remit to the Administrative Agent, for payment to each Lender, (i) instructions regarding such reduction and (ii) cash in an amount sufficient to pay any Aggregate Unpaids with respect to such reduction, including any associated Breakage Costs. Upon receipt of any such amounts, the Administrative Agent shall apply such amounts first to the *pro rata* reduction of the Loans Outstanding, second to the payment of the remaining Aggregate Unpaids with respect thereto, including any Breakage Costs, by paying such amounts to the Lenders *pro rata*, based on their respective Lender Percentages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) On the Commitment Termination Date, the Commitments of all Lenders shall be automatically reduced to zero; <u>provided</u>, that if the Commitment Termination Date occurs solely due to the occurrence of an Early Amortization Event and all Lenders have consented to the waiver of such Early Amortization Event, then the Commitments of all Lenders shall remain at their levels immediately prior to the occurrence of such Early Amortization Event.

Section 2.04 <u>Interest</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Loan shall bear interest at a rate per annum calculated in accordance with this Section 2.04 and with Section 2.05.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Interest computed by reference to Daily Simple SOFR hereunder shall be computed on the basis of a year of 360 days. Interest computed by reference to the Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year). In each case interest shall be payable for the actual number of days elapsed (including the first day but excluding the last day). All interest hereunder on any Loan shall be computed on a daily basis based upon the outstanding principal amount of such Loan as of the applicable date of determination. The applicable Alternate Base Rate, Adjusted Daily Simple SOFR or Daily Simple SOFR shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.

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Section 2.05. <u>Payments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower shall pay Interest on the unpaid Principal Amount of each Loan for the period from the related Funding Date until the date that such Loan shall be paid in full. Interest shall accrue during each Interest Period and be payable on the greater of (x) the Loans Outstanding or (y) the Minimum Funded Amount, in each case, on each Distribution Date in accordance with Section 2.07.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Interest shall accrue on each day during the related Interest Period at a rate per annum equal to the Interest Rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The principal of and Interest on the Loans shall be paid as provided herein. Payments in respect of principal and Interest (including pursuant to Section 2.13) shall be allocated and applied to the Lenders based on their respective Invested Percentages, or in any such case in such other proportions as each affected Lender may agree upon in writing from time to time with the Administrative Agent and the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The interest rate on a Loan may be derived from an interest rate benchmark that may be discontinued or is, or may in the future become, the subject of regulatory reform. Upon the occurrence of a Benchmark Transition Event, Section 2.17(b) provides a mechanism for determining an alternative rate of interest. The Administrative Agent does not warrant or accept any responsibility for, and shall not have any liability with respect to, the administration, submission, performance or any other matter related to any interest rate used in this Agreement, or with respect to any alternative or successor rate thereto, or replacement rate thereof, including without limitation, whether the composition or characteristics of any such alternative, successor or replacement reference rate will be similar to, or produce the same value or economic equivalence of, the existing interest rate being replaced or have the same volume or liquidity as did any existing interest rate prior to its discontinuance or unavailability. The Administrative Agent and its affiliates and/or other related entities may engage in transactions that affect the calculation of any interest rate used in this Agreement or any alternative, successor or alternative rate (including any Benchmark Replacement) and/or any relevant adjustments thereto, in each case, in a manner adverse to the Borrower. The Administrative Agent may select information sources or services in its reasonable discretion to ascertain any interest rate used in this Agreement, any component thereof, or rates referenced in the definition thereof, in each case pursuant to the terms of this Agreement, and shall have no liability to the Borrower, any Lender or any other person or entity for damages of any kind, including direct or indirect, special, punitive, incidental or consequential damages, costs, losses or expenses (whether in tort, contract or otherwise and whether at law or in equity), for any error or calculation of any such rate (or component thereof) provided by any such information source or service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) At or before 3:00 p.m., Atlanta, Georgia time, on the third Business Day prior to each Reporting Date, (i) each Lender shall notify the Administrative Agent of (A) Daily Simple SOFR in effect for each day during the related Interest Period, and (B) if applicable, the date on which the Alternate Base Rate became applicable to its Invested Percentage of the Loans

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Outstanding or a portion thereof. At or before 5:00 p.m., Atlanta, Georgia time, on the third Business Day prior to each Reporting Date, the Administrative Agent shall then notify the Borrower of all such rates. For such purposes, the Administrative Agent may rely conclusively on notices from Lenders as to the interest rate or rates from time to time applicable to their respective Invested Percentage of the Loans Outstanding. Each determination by a Lender of Daily Simple SOFR pursuant to this Agreement shall be conclusive and binding on the Lenders, the Administrative Agent, the Borrower, the Servicer, and the Collateral Custodian, in the absence of manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Notwithstanding any other provision of this Agreement or the other Basic Documents, if at any time the rate of interest payable by any Person under the Basic Documents exceeds the Maximum Lawful Rate, then, so long as the Maximum Lawful Rate would be exceeded, such rate of interest shall be equal to the Maximum Lawful Rate. If at any time thereafter the rate of interest so payable is less than the Maximum Lawful Rate, such Person shall continue to pay Interest at the Maximum Lawful Rate until such time as the total interest received from such Person is equal to the total Interest that would have been received had Applicable Law not limited the interest rate so payable. In no event shall the total Interest received by a Lender under this Agreement and the other Basic Documents exceed the amount which such Lender could lawfully have received, had the Interest due been calculated from the Closing Date at the Maximum Lawful Rate.

Section 2.06. <u>Prepayments</u><u>; Clean-Up Call</u>. After the end of the Revolving Period, the Borrower shall, on any Business Day on which the Loans Outstanding are less than or equal to an aggregate amount of $5,000,000 (such date, the "<u>Clean-Up Call Date</u>"), the Administrative Agent shall notify the Borrower in writing of the occurrence of the Clean-Up Call Date. Within twenty (20) days of receipt of such notice, the Borrower shall prepay in whole and not in part the Loans Outstanding as of such Clean-Up Call Date, plus all accrued and unpaid Interest and any other Aggregate Unpaids as of the Clean-Up Call Date. Such prepayment of the Loans Outstanding shall be allocated among the applicable Lenders ratably based on their respective Lender Percentages.

Section 2.07. <u>Settlement Procedures</u>. On each Distribution Date, the Servicer shall pay, or shall instruct a designee on its behalf to pay, to the following Persons, from the Collection Account to the extent of Available Funds the following amounts in the following order of priority, as set forth in the related Monthly Report:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) First, to the Servicer, an amount equal to any Unreimbursed Servicer Advances, to the extent not previously retained by the Servicer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Second, *pro rata* (A) to the Servicer (including any Successor Servicer), the accrued and unpaid Servicing Fee and all Ancillary Fees to the extent not previously retained by the Servicer and (B) to any Successor Servicer, any out-of-pocket expenses and indemnities due to the Successor Servicer; <u>provided</u>, that aggregate amounts payable to any Successor Servicer pursuant to this clause may not exceed $100,000 in any calendar year;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Third, to the Backup Servicer, the Backup Servicing Fee, any out-of-pocket expenses that are reimbursable to the Backup Servicer pursuant to the Backup Servicing Agreement (including any Transition Expenses, but only if the Backup Servicer is not the Successor Servicer), and any indemnifiable amounts due to the Backup Servicer; <u>provided</u>, that Transition Expenses payable to the Backup Servicer pursuant to this clause may not exceed $100,000 in any calendar year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Fourth, to the Administrative Agent, for further payment to each Lender, an amount equal to the sum of (1) the portion of Monthly Interest and Fees due each Lender <u>plus</u> (2) any Breakage Costs of any related Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Fifth, to the Administrative Agent for further payment to each related Lender:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I) during the Revolving Period, if the Maximum Advance Rate Test is not satisfied, to pay the Loans Outstanding for each Lender as of such date (*pro rata*, based on each Lender's Percentage) until the Maximum Advance Rate Test is satisfied (on a pro forma basis as at such Distribution Date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(II) only with respect to available Principal Proceeds, during the Amortization Period, to pay all such available Principal Proceeds to pay the Loans Outstanding for each Lender (pro rata, based on each Lender's Percentage) until paid in full; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(III) if the Amortization Period has expired or an Early Amortization Event or Event of Default has occurred and is continuing, to pay the Loans Outstanding for each Lender (*pro rata*, based on each Lender's Percentage) until paid in full;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Sixth, *pro rata* to any Hedge Counterparty (based on amounts due to any such Hedge Counterparty pursuant to this subclause), any net payments due and payable under the related Hedging Agreement (including any Hedge Breakage Costs);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Seventh, *pro rata* to the Administrative Agent (based on such amounts due) for further payment to each Lender or the related Indemnified Parties, all other Aggregate Unpaids (other than the principal amount of the Loans Outstanding) then due to the Lenders and Indemnified Parties under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Eighth, *pro rata* (based on such amounts due) to (A) the Successor Servicer, any fees, expenses (including Transition Expenses), and indemnities not paid pursuant to clause (ii), above, (B) the Backup Servicer, any fees, expenses (including Transition Expense), and indemnities not paid pursuant to clause (iii), above, and (C) the Account Bank, any reasonable fees and expenses owing to the Account Bank in connection with the maintenance of the Collection Account (to the extent such amounts have not previously been paid to the Account Bank by the Servicer); and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) Ninth, any remaining amount shall be distributed to, or as otherwise directed by, the Borrower.

Section 2.08. <u>Payments, Computations, Etc.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless otherwise expressly provided herein, all amounts to be paid or deposited by the Borrower hereunder shall be paid or deposited in accordance with the terms hereof no later than 3:00 p.m., Atlanta, Georgia time, on the day when due in Dollars in immediately available funds to the Administrative Agent's Account, for further payment by the Administrative Agent to the Persons to who such amounts are due and payable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Whenever any payment hereunder (i) shall be stated to be due on a day other than a Business Day, such payment shall be made on the next succeeding Business Day, except in the case where the next succeeding Business Day would occur in the succeeding calendar month, in which case such payment shall be due on the preceding Business Day or (ii) is received after 3:00 p.m., Atlanta, Georgia time, such payment shall be deemed to have been received on the next succeeding Business Day, and any such extension of time shall in such case be included in the computation of payment of Interest, other interest or any fee payable hereunder, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If any Loan requested by the Borrower and approved by a Lender and the Administrative Agent pursuant to Section 2.01 is not, for any reason other than due to the fault, gross negligence, or willful misconduct of a Lender or the Administrative Agent, made or effectuated, as the case may be, on the date specified therefor, the Borrower shall indemnify such Lender against any reasonable loss, cost or expense incurred by such Lender (other than any loss, cost, or expenses solely due to the gross negligence or willful misconduct of such Lender or Administrative Agent), including any loss (including cost of funds and reasonable out-of-pocket expenses), cost, or expense incurred by reason of the liquidation or reemployment of deposits or other funds acquired by such Lender to fund or maintain such Loan. Each Lender seeking indemnification under this clause (c) shall provide to the Borrower with documentation setting forth in reasonable detail the amounts of any related loss, cost, or expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) All payments hereunder shall be made without set-off or counterclaim and in such amounts as may be necessary in order that all such payments shall not be less than the amounts otherwise specified to be paid under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) To the extent that (i) any Person makes a payment to the Borrower, the Administrative Agent, the Servicer, the Backup Servicer, the Collateral Custodian, or any Lender or (ii) the Borrower, the Administrative Agent, the Servicer, the Backup Servicer, the Collateral Custodian, or any Lender receives or is deemed to have received any payment or proceeds for application to an obligation, which payment or proceeds or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside or required to be repaid to a trustee, receiver or any other party under any Insolvency Law, State or federal law, common law or for equitable cause, then, to the extent such payment or proceeds are set aside, the obligation or part thereof intended to be satisfied shall be revived and continue in full force and effect, as if such payment or proceeds had not been received or deemed received by the Borrower, the Administrative Agent, the Servicer, the Backup Servicer, the Collateral Custodian, or any Lender, as the case may be.

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Section 2.09. <u>Collections and Allocations; Investment of Funds</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On or before the applicable Funding Date, the Borrower or the Servicer shall direct and instruct all related Dealers to make payments in respect of the related Receivables to be made to the Remittance Account. On and after the applicable Funding Date, the Borrower and the Servicer shall use commercially reasonable efforts to ensure that all Collections are deposited to the Remittance Account (unless this Agreement specifically provides that such Collections are to be deposited directly to the Collection Account).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Servicer shall instruct the Remittance Account Bank to remove all Collections from the Remittance Account and deposit such amounts into the Collection Account within two (2) Business Days of their deposit to the Remittance Account and identification thereof. The Servicer and the Borrower shall deposit all Collections that are not received in the Remittance Account to the Remittance Account within two Business Days after receipt and identification thereof (for further transfer to the Collection Account within two (2) Business Days after such deposit to the Remittance Account), and at all times prior to such deposit to the Collection Account the Servicer or the Borrower, as applicable, shall hold such Collections in trust for the benefit of the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The initial Servicer shall have access to the Remittance Account at all times until the occurrence of a Termination Event and the delivery by the Administrative Agent of a shifting control or similar notice, following which time the Administrative Agent shall have the exclusive right to give instructions to the Remittance Account Bank directing the disposition of funds on deposit in the Remittance Account, without further consent by the Borrower. The Servicer shall be entitled to retain and to reimbursement of all amounts remitted by or on behalf of the Dealers to the Servicer under the terms of, or with respect to, the related Receivables, that represent Ancillary Fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To the extent there are uninvested amounts on deposit in the Collection Account, such amounts shall be invested in Permitted Investments that mature no later than the Business Day before the next Distribution Date, which Permitted Investments shall be selected (i) prior to the occurrence of any Event of Default, by the Borrower or (ii) from and after the occurrence of any Event of Default, by the Administrative Agent. No Permitted Investment may be purchased at a premium. Any earnings (and losses) on the foregoing investments shall be for the account of the Borrower.

Section 2.10. <u>Fees</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower hereby agrees to pay to the Administrative Agent, to the extent of Available Funds, for the account of each Lender, monthly in arrears, the Unused Commitment Fee from the Collection Account in accordance with Section 2.07. Payments of the Unused Commitment Fee shall be allocated and paid to Lenders based upon their respective Invested Percentages for the applicable Interest Period.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Servicer and the Backup Servicer shall be entitled to receive any accrued and unpaid fees due to them, respectively, in accordance with Section 2.07.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Borrower shall pay to the Administrative Agent on the Closing Date the Upfront Fees and from time to time any reasonable out-of-pocket expenses (including fees charged by any nationally recognized statistical rating organization in connection with reviewing the transactions contemplated by this Agreement) in immediately available funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Borrower shall pay to Chapman and Cutler LLP, counsel to the Administrative Agent and the Lenders, in immediately available funds, (i) on the Closing Date, its reasonable fees accrued through and including the Closing Date (subject to a cap of $125,000) and out-of-pocket expenses for services rendered through and including the Closing Date, and (ii) within 30 days after receiving an invoice for the related amounts, any additional reasonable fees and out-of-pocket expenses incurred by such counsel for services rendered to the Administrative Agent and the Lenders after the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Borrower shall pay to the Administrative Agent from time to time the reasonable out-of-pocket expenses of any on-going surveillance fees charged by any nationally recognized statistical rating organization in connection with reviewing the transactions contemplated by this Agreement.

Section 2.11. <u>Increased Cost and Reduced Return</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If any Regulatory Requirement (i) subjects any Lender to any charge or withholding on or with respect to this Agreement or a Lender's obligations under this Agreement or on or with respect to the Receivables, or changes the basis of taxation of payments to any Lender of any amounts payable under this Agreement (except for changes in the rate of Tax on the overall net income of a Lender, Indemnified Taxes or Excluded Taxes), (ii) imposes, modifies or deems applicable any reserve, assessment, fee, tax (other than (A) Indemnified Taxes, (B) Taxes described in clauses (ii) through (iv) of the definition of Excluded Taxes, and (C) Connection Income Taxes), insurance charge, special deposit or similar requirement against assets of, deposits with or for the account of, or liabilities of a Lender, or credit extended by a Lender pursuant to this Agreement or, (iii) imposes any other condition the result of which is to increase the cost to a Lender of performing its obligations under this Agreement, or to reduce the rate of return on Lender's capital or assets as a consequence of its obligations under this Agreement, or to reduce the amount of any sum received or receivable by a Lender under this Agreement, or to require any payment calculated by reference to the amount of interests or loans held or interest received by it, then, upon demand by the Administrative Agent, the Borrower shall pay to the Administrative Agent, for the benefit of the relevant Lender, such amounts charged to such Lender or such amounts to otherwise compensate such Lender for such increased cost or such reduction.

The term "<u>Regulatory Requirement</u>" shall mean (i) the adoption after the date hereof of any applicable law, rule or regulation (including any applicable law, rule or regulation regarding capital adequacy or liquidity coverage) or any change therein after the date hereof, or (ii) any change after the date hereof in the interpretation or administration thereof by any governmental authority, central bank or comparable agency charged with the interpretation or administration thereof, or compliance with any request or directive (whether or not having the force of law) of any such

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authority, central bank or comparable agency; <u>provided</u>, that for purposes of this definition, (A) the Dodd-Frank Act and all requests, rules, guidelines or directives thereunder, issued in connection therewith or in implementation thereof, and (B) all requests, rules, guidelines and directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel II or Basel III, shall in each case be deemed to be a "Regulatory Requirement", regardless of the date enacted, adopted, issued or implemented. The Borrower acknowledges that any Lender may institute measures in anticipation of a Regulatory Requirement and may commence allocating charges to or seeking compensation from the Borrower under this Section in connection with such measures, in advance of the effective date of such Regulatory Requirement (such charges or compensation, "<u>Early Adoption Increased Costs</u>"). The Borrower agrees to pay Early Adoption Increased Costs to the Administrative Agent, for the benefit of such Lender, which are incurred by such Lender, beginning sixty (60) days after delivery by such Lender to the Borrower of a written representation and warranty (an "<u>Early Adoption Increased Costs Representation</u>") to the effect that such Lender is (x) recognizing Early Adoption Increased Costs, (y) setting forth the amount or amounts necessary to compensate such Lender and (z) that such Lender actually incurred such costs. The Borrower further acknowledges that any charge or compensation demanded hereunder may take the form of a monthly charge to be assessed by such Lender. For the avoidance of doubt, the Borrower shall not be required to pay any Early Adoption Increased Costs incurred by any Lender prior to the expiration of sixty (60) days after receipt by the Borrower of the Early Adoption Increased Costs Representation from or on behalf of such Lender. The Early Adoption Increased Costs Representation shall be conclusive absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Failure or delay on the part of any Lender to demand compensation pursuant to this Section shall not constitute a waiver of such Lender's right to demand such compensation; <u>provided</u>, that the Borrower shall not be required to compensate a Lender pursuant to this Section for any increased costs incurred or reductions suffered more than six months prior to the date that such Lender notifies the Borrower of the Regulatory Requirement giving rise to such increased costs or reductions, and of such Lender's intention to claim compensation therefor (except that, if the Regulatory Requirement giving rise to such increased costs or reductions is retroactive, then the nine-month period referred to above shall be extended to include the period of retroactive effect thereof).

Section 2.12. <u>Taxes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Defined Term</u>. For purposes of this Section, the term "applicable law" includes FATCA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Payments Free of Taxes</u>. Any and all payments by or on account of any obligation of the Borrower under any Basic Document shall be made without deduction or withholding for any Taxes, except as required by applicable law. If any applicable law (as determined in the good faith discretion of an applicable Withholding Agent) requires the deduction or withholding of any Tax from any such payment by a Withholding Agent, then the applicable Withholding Agent shall be entitled to make such deduction or withholding and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with applicable law and, if such Tax is an Indemnified Tax, then the sum payable by the Borrower shall be increased as necessary

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so that after such deduction or withholding has been made (including such deductions and withholdings applicable to additional sums payable under this Section) the applicable Recipient receives an amount equal to the sum it would have received had no such deduction or withholding been made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Payment of Other Taxes by the Borrower</u>. The Borrower shall timely pay to the relevant Governmental Authority in accordance with applicable law, or at the option of the Administrative Agent timely reimburse it for the payment of, any Other Taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Indemnification by the Borrower</u>. The Borrower shall indemnify each Recipient, within 10 days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section) payable or paid by such Recipient or required to be withheld or deducted from a payment to such Recipient and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to the Borrower by a Lender (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Indemnification by the Lenders</u>. Each Lender shall severally indemnify the Administrative Agent, within 10 days after demand therefor, for (i) any Indemnified Taxes attributable to such Lender (but only to the extent that the Borrower has not already indemnified the Administrative Agent for such Indemnified Taxes and without limiting the obligation of the Borrower to do so), (ii) any Taxes attributable to such Lender's failure to comply with the provisions of Section 11.01(e) relating to the maintenance of a Participant Register and (iii) any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the Administrative Agent in connection with any Basic Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error. Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under any Basic Document or otherwise payable by the Administrative Agent to the Lender from any other source against any amount due to the Administrative Agent under this paragraph (e).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Evidence of Payments</u>. As soon as practicable after any payment of Taxes by the Borrower to a Governmental Authority pursuant to this Section, the Borrower shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Status of Lenders</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Loan shall deliver to the Borrower and the Administrative Agent, at the time or times reasonably requested by the Borrower or the Administrative Agent, such properly completed and

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executed documentation reasonably requested by the Borrower or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if reasonably requested by the Borrower or the Administrative Agent, shall deliver such other documentation prescribed by applicable law or reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent to determine whether or not such Lender is subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set forth in Section 2.12(g)(ii)(A), (ii)(B) and (ii)(D) below) shall not be required if in the Lender's reasonable judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Without limiting the generality of the foregoing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) any Lender that is a U.S. Person shall deliver to the Borrower and the Administrative Agent on or about the date on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), executed copies of IRS Form W-9 certifying that such Lender is not subject to U.S. federal backup withholding tax;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or about the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), whichever of the following is applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) in the case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party (x) with respect to payments of interest under any Loan, executed copies of IRS Form W-8BEN or W-8BEN-E establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the "interest" article of such tax treaty and (y) with respect to any other applicable payments under any Loan, IRS Form W-8BEN or W-8BEN-E establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the "business profits" or "other income" article of such tax treaty;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) executed copies of IRS Form W-8ECI;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code, (x) a certificate substantially in the form of Exhibit G-1 to the effect that such Foreign Lender is not a "bank" within the meaning

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of Section 881(c)(3)(A) of the Code, a "10 percent shareholder" of the Borrower within the meaning of Section 871(h)(3)(B) of the Code, or a "controlled foreign corporation" related to the Borrower described in Section 881(c)(3)(C) of the Code (a "<u>U.S. Tax Compliance Certificate</u>") and (y) executed copies of IRS Form W-8BEN or W-8BEN-E; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) to the extent a Foreign Lender is not the beneficial owner, executed copies of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN or IRS Form W-8BEN-E, a U.S. Tax Compliance Certificate substantially in the form of Exhibit G-2 or Exhibit G-3, IRS Form W-9, and/or other certification documents from each beneficial owner, as applicable; <u>provided</u>, that if the Foreign Lender is a partnership and one or more direct or indirect partners of such Foreign Lender are claiming the portfolio interest exemption, such Foreign Lender may provide a U.S. Tax Compliance Certificate substantially in the form of Exhibit G-4 on behalf of each such direct and indirect partner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or about the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), executed copies of any other form prescribed by applicable law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by applicable law to permit the Borrower or the Administrative Agent to determine the withholding or deduction required to be made; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) if a payment made to a Lender under any Loan would be subject to U.S. federal withholding Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Borrower and the Administrative Agent at the time or times prescribed by law and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply with their obligations under FATCA and to determine that such Lender has complied with such Lender's obligations under FATCA or to determine the amount to deduct and withhold from such payment, if any. Solely for purposes of this clause, "FATCA" shall include any amendments made to FATCA after the date of this Agreement.

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Each Lender agrees that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification promptly notify the Borrower and the Administrative Agent in writing of its legal inability to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Treatment of Certain Refunds</u>. If any party determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes as to which it has been indemnified pursuant to this Section (including by the payment of additional amounts pursuant to this Section), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made under this Section with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of such indemnified party and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid over pursuant to this paragraph (h) (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event that such indemnified party is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this paragraph (h), in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this paragraph (h) the payment of which would place the indemnified party in a less favorable net after-Tax position than the indemnified party would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid. This paragraph shall not be construed to require any indemnified party to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying party or any other Person

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Survival</u>. Each party's obligations under this Section shall survive the resignation or replacement of the Administrative Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all obligations under any Basic Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) If the Borrower is required to pay additional amounts to or for the benefit of any Lender pursuant to this Section as a result of a change of law or treaty occurring after such Lender first became a party to this Agreement, such Lender will, at the Borrower's request, change the jurisdiction of its applicable lending office if, in the sole judgment of such Lender, such change (i) will eliminate or reduce any such additional payment which may thereafter accrue and (ii) will not, in the judgment of such Lender, be otherwise disadvantageous to it or inconsistent with its internal policies.

Section 2.13. <u>Take-outs</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On any Business Day, the Borrower shall have the right to prepay all or a portion of the Loans Outstanding and require the Administrative Agent to release its security interest and Lien on the related Receivables, subject to the following terms and conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Borrower shall have given the Administrative Agent, the Servicer and the Backup Servicer at least five (5) Business Days' prior written notice of its intent

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to effect the related Take-out (<u>provided</u>, that the Borrower shall use commercially reasonable efforts to give the Administrative Agent, the Servicer, and the Backup Servicer at least ten (10) Business Days' verbal notice of its intent to effect the related Take-out);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) unless a Take-out is to be effected on a Distribution Date (in which case the relevant calculations with respect to such Take-out shall be reflected on the applicable Monthly Report), the initial Servicer shall deliver to the Administrative Agent (A) a Take-out Date Certificate (which shall include a calculation of the Maximum Advance Rate Test after giving effect to such Take-out), together with evidence to the reasonable satisfaction of the Administrative Agent that the Borrower shall have sufficient funds on the related Take-out Date to effect such Take-out in accordance with this Agreement, which funds may come from the proceeds of sales of the Receivables in connection with such Take-out and (B) a computer tape of the Receivables, both before and after giving effect to such Take-out;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) on the related Take-out Date, the following shall be true and correct and the Borrower shall be deemed to have certified that after giving effect to the Take-out and the release to the Borrower of the related Receivables on the related Take-out Date, (A) the Maximum Advance Rate Test is satisfied, (B) neither an Unmatured Event of Default nor an Event of Default has occurred, nor will either result from such Take-out, (C) the Excess Spread shall be no less than 3.5%, (D) the fractional portion of the Eligible Pool Balance that represents the aggregate Principal Balance of all Delinquent Receivables constituting Collateral will be no greater than the fractional portion of the Eligible Pool Balance that was represented by the aggregate Principal Balance of all Delinquent Receivables that constituted Collateral immediately prior to the release of the related Receivables and (E) the fractional portion of the Eligible Pool Balance that represents the aggregate Principal Balance of all Defaulted Receivables constituting Collateral will be no greater than the fractional portion of the Eligible Pool Balance that was represented by the aggregate Principal Balance of all Defaulted Receivables that constituted Collateral immediately prior to the release of the related Receivables (<u>provided</u>, that if subclause (D) and/or (E) would not be satisfied on any Take-out Date, then the Receivables that continue to be owned by the Borrower following the related Take-out and that cause subclause (D) and/or (E) not to be satisfied shall thereafter (I) be deemed to be Ineligible Receivables for purposes of determining the Borrowing Base and satisfaction of the Maximum Advance Rate Test and (II) be excluded from both the numerator and the denominator when calculating the Net Loss-to-Liquidation Ratio);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) on the related Take-out Date, the Servicer shall have received an amount equal to all Unreimbursed Servicer Advances associated with the Receivables to be released and the Administrative Agent shall have received, for the benefit of the Lenders and the Hedge Counterparties, as applicable, in immediately available

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funds, and shall then distribute to the applicable entities, an amount equal to the sum of (A) the portion of the Loans Outstanding to be prepaid, (B) an aggregate amount equal to the sum of all other amounts due and owing to the Administrative Agent, the Lenders and the Hedge Counterparties, as applicable, under this Agreement and the other Basic Documents, to the extent accrued to such date (including Breakage Costs and Hedge Breakage Costs), and (C) all other Aggregate Unpaids with respect thereto; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) on or prior to the related Take-out Date, the Borrower shall have delivered to the Administrative Agent an updated Schedule of Accounts listing all Receivables that will continue to be owned by the Borrower immediately following the related Take-out.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Borrower hereby agrees to pay the reasonable legal fees and out-of-pocket expenses of the Administrative Agent, the Lenders, and the Account Bank in connection with any Take-out (including expenses incurred in connection with the release of the Lien of the Administrative Agent, the Lenders and any other party having such an interest in the Receivables in connection with such Take-out).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In connection with any Take-out, on the related Take-out Date, subject to satisfaction of the conditions referred to in this Section, the Administrative Agent shall, at the expense of the Borrower (i) execute such instruments of release with respect to the portion of the Receivables (and the other related Collateral) to be released to the Borrower, including a Take-out Release, in favor of the Borrower as the Borrower may reasonably request, (ii) deliver, or cause to be delivered, any portion of the Receivables (and the other related Collateral) to be released to the Borrower in its possession to the Borrower and (iii) otherwise take such actions, and cause or permit the Collateral Custodian to take such actions, as are necessary and appropriate to release the Lien of the Administrative Agent on the portion of the Receivables (and the other related Collateral) to be released to the Borrower and deliver to the Borrower such Receivables and related Collateral.

Section 2.14. <u>The Account Bank</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower hereby appoints Regions Bank as the initial Account Bank. All payments of amounts due and payable in respect of the Obligations that are to be made from amounts withdrawn from the Collection Account shall be made on behalf of the Borrower by the Account Bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Account Bank shall not be charged with knowledge of any Early Amortization Event, Event of Default, or Unmatured Event of Default unless a Responsible Officer of the Account Bank obtains actual knowledge of such event or the Account Bank receives written notice of such event from the Borrower, the Servicer or any Secured Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Without limiting the generality of this Section, the Account Bank shall have no duty (i) to see to any recording, filing or depositing of this Agreement or any agreement referred to herein or any financing statement or continuation statement evidencing a security interest in the Collateral, or to see to the maintenance of any such recording or filing or depositing or to any

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recording, refiling or redepositing of any thereof, (ii) to see to any insurance of the Financed Vehicles or Dealers or to effect or maintain any such insurance, (iii) to see to the payment or discharge of any Tax, assessment or other governmental charge or any Lien or encumbrance of any kind owing with respect to, assessed or levied against, any part of the Contracts, (iv) to confirm or verify the contents of any reports or certificates of the Servicer or the Borrower delivered to the Account Bank pursuant to this Agreement believed by the Account Bank to be genuine and to have been signed or presented by the proper party or parties, or (v) to inspect the Financed Vehicles at any time or ascertain or inquire as to the performance or observance of any of the Borrower's or the Servicer's representations, warranties or covenants or the initial Servicer's duties and obligations as Servicer and as custodian of books, records, files and computer records relating to the Contracts under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Account Bank shall not be required to expend or risk its own funds or otherwise incur financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if there shall be reasonable ground for believing that the repayment of such funds or adequate indemnity against such risk or liability shall not be reasonably assured to it, and none of the provisions contained in this Agreement shall in any event require the Account Bank to perform, or be responsible for the manner of performance of, any of the obligations of the Servicer under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Account Bank may rely and shall be protected in acting or refraining from acting upon any resolution, Officer's Certificate, any Monthly Report, certificate of auditors or any other certificate, statement, instrument, opinion, report, notice, request, consent, order, appraisal, bond or other paper or document reasonably believed by it to be genuine and to have been signed or presented by the proper party or parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Account Bank may consult with counsel of its choice with regard to legal questions arising out of or in connection with this Agreement and the advice or opinion of such counsel shall be full and complete authorization and protection in respect of any action taken, omitted or suffered by the Account Bank in good faith in accordance therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Account Bank shall be under no obligation to exercise any of the rights, powers or remedies vested in it by this Agreement (except to comply with its obligations under this Agreement and any other Basic Document to which it is a party) or to institute, conduct or defend any litigation under this Agreement or in relation to this Agreement, at the request, order or direction of the Administrative Agent pursuant to the provisions of this Agreement, unless the Administrative Agent, on behalf of the Secured Parties, shall have offered to the Account Bank reasonable security or indemnity against the costs, expenses and liabilities that may be incurred therein or thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Account Bank shall not be bound to make any investigation into the facts of matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, approval, bond or other paper or document, unless requested in writing so to do by a Secured Party; <u>provided</u>, that if the payment within a reasonable time to the Account Bank of the costs, expenses or liabilities likely to be incurred by it in the making of such investigation shall be, in the opinion of the Account Bank, not reasonably assured by the Borrower, the Account Bank may require reasonable indemnity against such cost, expense or liability as a condition to so proceeding. The reasonable expense of every such examination shall be paid by the Borrower or, if paid by the Account Bank, shall be reimbursed by the Borrower upon demand.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Account Bank may execute any of the trusts or powers hereunder or perform any duties under this Agreement either directly or by or through agents or attorneys or a custodian. The Account Bank shall not be responsible for any misconduct or negligence of any such agent or custodian appointed with due care by it hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) (i) The Account Bank shall have no duties or responsibilities except those that are specifically set forth herein, and no implied covenants or obligations shall be read into this Agreement against the Account Bank. If the Account Bank shall request instructions from the Administrative Agent or the Servicer with respect to any act, action or failure to act in connection with and as set forth in this Agreement, the Account Bank shall be entitled to refrain from taking such action and continue to refrain from acting unless and until the Account Bank shall have received written instructions from the Administrative Agent or the Servicer, as applicable without incurring any liability therefor to the Administrative Agent, the Borrower, the Servicer or any other person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Account Bank may act in reliance upon any written communication of the Administrative Agent concerning the delivery of Collateral pursuant to this Agreement. The Account Bank does not assume and shall have no responsibility for, and makes no representation as to, monitoring the value of the Contracts and other Collateral. The Account Bank shall not be liable for any action or omission to act hereunder, except for its own gross negligence, bad faith or willful misconduct.

THE FOREGOING PROVISIONS SHALL APPLY WHETHER OR NOT SUCH LIABILITIES ARE IN ANY WAY OR TO ANY EXTENT OWED, IN WHOLE OR IN PART, UNDER ANY CLAIM OR THEORY OF STRICT LIABILITY, OR ARE CAUSED, IN WHOLE OR IN PART, BY ANY NEGLIGENT ACT OR OMISSION OF ANY KIND BY THE ACCOUNT BANK.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Control Provisions</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The parties acknowledge and agree that the Collection Account is intended to be a "securities account" (as defined in Section 8-501 of the UCC), and the Account Bank shall be the "securities intermediary" with respect to the Collection Account. Notwithstanding such intention, (x) if the Collection Account constitutes a "deposit account" (as defined in Section 9-102(a)(29) of the UCC), the provisions of this Agreement governing a "deposit account" shall apply to such Collection Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) All securities or other property, including Permitted Investments, constituting financial assets credited to the Collection Account (other than cash) shall be registered in the name of the Account Bank, indorsed to the Account Bank or in blank or credited to another securities account maintained in the name of the Account Bank, and in no case will any financial asset credited to the Collection Account be registered in the name of the Borrower or any other person, payable to the order of the Borrower or any other person or specially indorsed to the Borrower or any other person except to the extent the foregoing have been specially indorsed to the Account Bank or in blank.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) All property delivered to the Account Bank pursuant to this Agreement that is granted to the Administrative Agent, as agent for the Secured Parties shall be promptly credited to the Collection Account in accordance with the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Collection Account is an account to which financial assets or other property are or may be credited, and the Account Bank shall, subject to the terms of this Agreement, treat the Borrower as entitled to exercise the rights that comprise any financial asset or other property credited to such account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The Account Bank hereby agrees that each item of property (whether investment property, financial asset, security, instrument, general intangible or cash) credited to the Collection Account to the extent that it constitutes a securities account shall be treated as a "financial asset" within the meaning of Section 8-102(a)(9) of the UCC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) If at any time the Account Bank shall receive any order from the Administrative Agent as agent for the Secured Parties directing transfer or redemption of any financial asset relating to the Collection Account or any instruction originated by the Secured Party directing the disposition of funds in the Collection Account, the Account Bank shall comply with such entitlement order or instruction without further consent by the Borrower or any other person. If the Borrower is otherwise entitled to issue entitlement orders or instructions and such entitlement orders or instructions conflict with any entitlement order or instruction issued by the Secured Party, the Account Bank shall follow the entitlement orders or instructions issued by the Secured Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Regardless of any provision in any other agreement, for purposes of the UCC, New York shall be deemed to be the "bank's jurisdiction" (within the meaning of Section 9-304 of the UCC) and the "securities intermediary's jurisdiction" (within the meaning of Section 8-110 of the UCC).

Section 2.15. <u>Replacement of Lenders</u>. If (a) any Lender requests compensation under Section 2.11 or (b) any Lender becomes a Defaulting Lender, then the Borrower may, at its sole expense and effort, upon notice to the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 11.01), all of its respective interests, rights and obligations under this Agreement to an assignee that shall assume such obligations (which assignee may be another Lender if a Lender accepts such assignment); <u>provided</u>, that (i) the Borrower shall have received the prior written consent of the Administrative Agent with respect to any assignee that is not already a Lender hereunder, which consent shall not be unreasonably withheld, conditioned, or delayed, (ii) the assigning Lender shall have received payment of an amount equal to all outstanding Loans funded or maintained by such Lender, together with all accrued Interest thereon and all accrued Unused Commitment Fees, as applicable, and any other Obligations payable to such Lender hereunder and under the Basic

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Documents, from the assignee (to the extent of such outstanding Loans) or Seller (in the case of all other amounts), and (iii) in the case of any such assignment resulting from a claim for compensation under Section 2.11, such assignment will result in a reduction in such compensation or payments. A Lender shall not be required to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to exist.

Section 2.16. <u>Defaulting Lenders.</u><u> </u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding any provision of this Agreement to the contrary, if any Lender becomes a Defaulting Lender, then the following provisions shall apply for so long as such Lender is a Defaulting Lender:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Unused Commitment Fees shall cease to accrue on the unfunded portion of the Commitment of such Defaulting Lender pursuant to Section 2.10(a);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) notwithstanding anything to the contrary contained in Section 2.03 hereof, the unused portion of the Commitment of such Defaulting Lender may be reduced to zero without any contemporaneous ratable reduction of the Commitments of the other Lenders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) neither the Commitment nor the portion of the Loans Outstanding (if any) funded by such Defaulting Lender shall be included in determining whether all Lenders, a majority of the Lenders or the Required Lenders have taken or may take any action hereunder and such Defaulting Lender shall not be included in determining whether the Administrative Agent have taken or may take any action hereunder (including, in each case, any consent to any amendment or waiver pursuant to Section 13.01); <u>provided</u>, that any waiver, amendment or modification requiring the consent of all Lenders or each affected Lender, as applicable, which affects such Defaulting Lender differently than other affected Lenders shall require the consent of such Defaulting Lender; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Borrower may replace such Defaulting Lender in accordance with Section 2.16 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event that the Administrative Agent determines that a Defaulting Lender has adequately remedied all matters that caused such Lender to be a Defaulting Lender, then (i) the Lender Percentages shall be readjusted to reflect the inclusion of such Lender's Commitment and on such date such Lender shall purchase at par such of the Loans of the other Lenders as the Administrative Agent shall determine may be necessary in order for such Lender to hold such Loans in accordance with its Lender Percentage and (ii) the provisions of clause (a), above, shall, from and after such determination, cease to be of further force or effect with respect to such Lender.

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Section 2.17. <u>Alternate Rate of Interest</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to clauses (b), (c), (d) and (e) of this Section 2.17, if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Administrative Agent determines (which determination shall be conclusive absent manifest error) at any time, that adequate and reasonable means do not exist for ascertaining the applicable Adjusted Daily Simple SOFR or Daily Simple SOFR; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Administrative Agent is advised by the Required Lenders that at any time, the applicable Adjusted Daily Simple SOFR or Daily Simple SOFR will not adequately and fairly reflect the cost to such Lenders (or Lender) of making or maintaining their Loans (or its Loan) included in such Borrowing;

then the Administrative Agent shall give notice thereof to the Borrower and the Lenders by telephone, telecopy or electronic mail as promptly as practicable thereafter and, until the Administrative Agent notifies the Borrower and the Lenders that the circumstances giving rise to such notice no longer exist with respect to the relevant Benchmark, the Loans shall bear interest at the Alternate Base Rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding anything to the contrary herein or in any other Basic Document (and any Hedging Agreements shall be deemed not to be a "Basic Document" for purposes of this Section 2.17), if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred prior to the Reference Time in respect of any setting of the then-current Benchmark, then such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Basic Document in respect of any Benchmark setting at or after 5:00 p.m. (Atlanta, Georgia time) on the fifth Business Day after the date notice of such Benchmark Replacement is provided to the Lenders without any amendment to, or further action or consent of any other party to, this Agreement or any other Basic Document so long as the Administrative Agent has not received, by such time, written notice of objection to such Benchmark Replacement from Lenders comprising the Required Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding anything to the contrary herein or in any other Basic Document, the Administrative Agent will have the right to make Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Basic Document, any amendments implementing such Benchmark Replacement Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any other Basic Document.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Administrative Agent will promptly notify the Borrower and the Lenders of (i) any occurrence of a Benchmark Transition Event, (ii) the implementation of any Benchmark Replacement, (iii) the effectiveness of any Benchmark Replacement Conforming Changes, and (iv) the commencement or conclusion of any Benchmark Unavailability Period. Any determination, decision or election that may be made by the Administrative Agent or, if applicable, any Lender pursuant to this Section 2.17, including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or any selection, will be conclusive and binding absent manifest error and may be made in its or their sole discretion and without consent from any other party to this Agreement or any other Basic Document, except, in each case, as expressly required pursuant to this Section 2.17.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Upon the Borrower's receipt of notice of the commencement of a Benchmark Unavailability Period, and at all times during the continuation of a Benchmark Unavailability Period, the Loans will bear interest at the Alternate Base Rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Notwithstanding anything to the contrary herein or in any other Basic Document, at any time (including in connection with the implementation of a Benchmark Replacement), (i) if the then-current Benchmark is a term rate and either (A) any tenor for such Benchmark is not displayed on a screen or other information service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion or (B) the regulatory supervisor for the administrator of such Benchmark has provided a public statement or publication of information announcing that any tenor for such Benchmark is or will be no longer representative, then the Administrative Agent may modify the definition of 'Interest Period' for any Benchmark settings at or after such time to remove such unavailable or non-representative tenor and (ii) if a tenor that was removed pursuant to clause (i) above either (A) is subsequently displayed on a screen or information service for a Benchmark (including a Benchmark Replacement) or (B) is not, or is no longer, subject to an announcement that it is or will no longer be representative for a Benchmark (including a Benchmark Replacement), then the Administrative Agent may modify the definition of 'Interest Period' for all Benchmark settings at or after such time to reinstate such previously removed tenor.

ARTICLE THREE

SECURITY

Section 3.01. <u>Collateral</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The parties hereto intend that this Agreement constitute a security agreement and the transactions effected hereby constitute secured loans by the Lenders to the Borrower under Applicable Law. As collateral security for the prompt, complete and indefeasible payment and performance in full when due, whether by lapse of time, acceleration or otherwise, of the Obligations, the Borrower hereby grants to the Administrative Agent, as agent for the Secured Parties, a lien on and security interest in all of the Borrower's right, title and interest in, to and under the following, whether now existing or owned or hereafter arising or acquired by the Borrower (collectively, the "<u>Collateral</u>"):

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Receivables and the related Contracts (including the right to service the Receivables in connection therewith) and any accounts or obligations evidenced thereby, any guarantee thereof, all Collections and all monies due (including any payments made under any guarantee or similar credit enhancement with respect to any such Receivables) or to become due or received by any Person in payment of any of the foregoing on or after the related Cutoff Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Financed Vehicles related to such Receivables (including Financed Vehicles that have been repossessed) or in any document or writing evidencing any security interest in any Financed Vehicle and each security interest in each Financed Vehicle securing each such Receivable, including all proceeds from any sale or other disposition of such Financed Vehicles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Account Collateral (subject to the Blocked Account Control Agreement, with respect to the Remittance Account (so long as Wells Fargo Bank, National Association is the Remittance Account Bank), and subject to the Control Agreement, with respect to the Collection Account);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) all Hedge Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) all Receivable Files, the Schedule of Accounts, and all documents, agreements and instruments included in the Receivable Files, including rights of recourse of the Borrower against Lendbuzz, Lendbuzz Floorplan, and/or any Dealer with respect to the Receivables;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) all Records, documents and writings evidencing or related to the Receivables or the Contracts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) all rights to payment under all Insurance Policies with respect to a Financed Vehicle, including any monies collected from whatever source in connection with any default of a Dealer with respect to a Financed Vehicle and any proceeds from claims or refunds of premiums on any Insurance Policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) all guaranties, indemnities, warranties, insurance (and proceeds and premium refunds thereof) and other agreements or arrangements of whatever character from time to time supporting or securing payment of the Receivables, whether pursuant to the related Contracts or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) all rights to payment under all other contracts and agreements associated with the Receivables;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) all security interests, Liens, guaranties and other encumbrances in favor of or assigned or transferred to the Borrower in and to the Receivables and Financed Vehicles;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) all deposit accounts, monies, deposits, funds, accounts and instruments relating to the foregoing (subject to the Blocked Account Control Agreement and the Control Agreement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) the Purchase Agreement (including each Purchase Agreement Supplement) and remedies thereunder and the assignment to the Administrative Agent of all UCC financing statements filed by the Borrower against Lendbuzz Floorplan under or in connection with the Purchase Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) all other personal and fixture property or assets of the Borrower of every kind and nature including, without limitation, all goods (including inventory, equipment and any accessions thereto), instruments (including promissory notes), documents, accounts, chattel paper (whether tangible or electronic), deposit accounts, securities accounts, securities entitlements, letter-of-credit rights, commercial tort claims, securities and all other investment property, supporting obligations, money, any other contract rights or rights to the payment of money, insurance claims and proceeds, and all general intangibles (including all payment intangibles) (each as defined in the UCC); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) all income and proceeds of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The grant under this Section does not constitute and is not intended to result in a creation or an assumption by the Administrative Agent or any other Secured Party of any obligation of the Borrower or any other Person in connection with any or all of the Collateral or under any agreement or instrument relating thereto. Anything herein to the contrary notwithstanding, (i) the Borrower shall remain liable under the Contracts to the extent set forth therein to perform all of its duties and obligations thereunder to the same extent as if this Agreement had not been executed, (ii) the exercise by the Administrative Agent of any of its rights in the Collateral shall not release the Borrower from any of its duties or obligations under the Collateral and (iii) none of the Administrative Agent or any other Secured Party shall have any obligations or liability under the Collateral by reason of this Agreement, nor shall any of the Administrative Agent or any other Secured Party be obligated to perform any of the obligations or duties of the Borrower thereunder or to take any action to collect or enforce any claim for payment assigned hereunder. Each of Lendbuzz, Lendbuzz Floorplan, and the Borrower represents and warrants as to itself that each remittance of Collections by Lendbuzz, Lendbuzz Floorplan, or the Borrower to the Administrative Agent or any Lender hereunder will have been (A) in payment of a debt incurred by the Borrower in the ordinary course of business or financial affairs of the Lenders and the Borrower and (B) made in the ordinary course of business or financial affairs of the Lenders and the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding the foregoing grant of security interest, no account, instrument, chattel paper or other obligation or property of any kind due from, owned by or belonging to a Sanctioned Person shall be Collateral.

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Section 3.02. <u>Release of Collateral; No Legal Title</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) At the same time as any Contract (i) expires by its terms or (ii) has been prepaid in full, and in each case, all amounts in respect thereof have been paid by the related Dealer and subsequently deposited into the Remittance Account or the Collection Account, the Administrative Agent will, to the extent requested by the Servicer, promptly release its interest and lien in such Contract and the related Collateral. In connection with any sale of a Financed Vehicle, after the deposit by the Servicer of the proceeds of such sale into the Remittance Account and subsequent deposit within two Business Days thereafter into the Collection Account, the Administrative Agent will, at the sole expense of the Servicer (which, in the case of any Successor Servicer, shall be reimbursable in accordance with the provisions of Section 2.07), promptly execute and deliver to the Servicer any assignments, bills of sale, termination statements and any other releases and instruments as the Servicer may reasonably request in order to effect the release and transfer of such Financed Vehicle; <u>provided</u>, that the Administrative Agent will not make any representation or warranty, express or implied, with respect to any such Financed Vehicle in connection with such sale or transfer and assignment. Nothing in this Section shall diminish the Servicer's obligations pursuant to Section 7.03 with respect to the proceeds of any such sale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon (i) the transfer of any Receivables and the related Collateral in connection with a Take-out or (ii) the Facility Termination Date, the Administrative Agent, at the Borrower's expense, upon payment in full of the related Aggregate Unpaids, shall execute and file such partial or full releases or partial or full assignments of financing statements and other documents and instruments as may be reasonably requested by the Borrower to effectuate the release of the relevant portion of the Collateral.

Section 3.03. <u>Protection of Security Interest; Administrative Agent, as Attorney-in-Fact</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower agrees that from time to time, at its expense, it will promptly execute and deliver all instruments and documents, and take all actions, that may reasonably be necessary or desirable, or that the Administrative Agent may deem necessary, to perfect, protect, or more fully evidence the security interest granted to the Administrative Agent in the Receivables and the other Collateral, or to enable the Secured Parties to exercise and enforce their rights and remedies hereunder and thereunder; <u>provided</u>, that prior to the declaration of an Event of Default, the Borrower shall in no case be required to relien a security interest on any Financed Vehicle in favor of the Administrative Agent or other Secured Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the Borrower fails to perform any of its obligations hereunder after five Business Days' notice from any Secured Party, such Secured Party may (but shall not be required to) perform, or cause performance of, such obligation; and the reasonable costs and expenses of such Secured Party incurred in connection therewith shall be payable by the Borrower as provided in Article Nine. The Borrower irrevocably authorizes the Administrative Agent and appoints the Administrative Agent, as its attorney-in-fact to act on behalf of the Borrower, (i) to execute or cause to be executed on behalf of the Borrower as debtor and to file financing statements necessary or desirable in the Administrative Agent's sole discretion to perfect and to maintain the perfection and priority of the interest of the Secured Parties in the Receivables and the other Collateral and (ii) to file a carbon, photographic, or other reproduction of this Agreement or any financing statement with respect to the Receivables and the other Collateral, as a financing statement in such

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offices as the Administrative Agent in its sole discretion deems necessary or desirable to perfect and to maintain the perfection and priority of the interests of the Secured Parties in the Receivables and the other Collateral. Such financing statements may describe the Collateral in the same manner as described herein or may contain an indication or description of collateral that describes such property in any other manner as the Administrative Agent may determine, in its reasonable discretion, is necessary, advisable, or prudent to ensure the perfection of the security interest in the Collateral granted to the Administrative Agent herein. The Borrower hereby authorizes the filing of financing statements describing the collateral as "All assets of the debtor, whether now owned or existing or hereafter acquired or arising and wherever located, and all proceeds and products thereof" or words to that effect. This appointment is coupled with an interest and is irrevocable.

Section 3.04. <u>Assignment of the Purchase Agreement</u>. The Borrower hereby represents, warrants and confirms to the Administrative Agent that the Borrower has assigned to the Administrative Agent, for the ratable benefit of the Secured Parties hereunder, all of the Borrower's right and title to and interest in the Purchase Agreement (including each Purchase Agreement Supplement). The Borrower agrees that, for so long as Lendbuzz Floorplan is the Servicer, the Administrative Agent may direct the Borrower to enforce any and all rights of the Borrower under the Purchase Agreement (including each Purchase Agreement Supplement), including the Borrower's right to require Lendbuzz Floorplan to repurchase Receivables for breaches of representations and warranties made by Lendbuzz Floorplan, and that if Lendbuzz Floorplan is no longer the Servicer, that the Servicer shall enforce all such rights on behalf of the Borrower pursuant to Section 7.03(c)(i). The Borrower confirms that, during the continuation of an Event of Default, the Administrative Agent shall have the sole right to enforce the Borrower's rights and remedies under the Purchase Agreement or any Purchase Agreement Supplement for the benefit of the Secured Parties, but without any obligation on the part of the Secured Parties or any of their respective Affiliates, to perform any of the obligations of the Borrower under the Purchase Agreement or any Purchase Agreement Supplement. The Borrower further confirms and agrees that such assignment to the Administrative Agent shall terminate upon the Facility Termination Date; <u>provided</u>, that the rights of the Secured Parties pursuant to such assignment with respect to rights and remedies in connection with any indemnities and any breach of any representation, warranty or covenants made by Lendbuzz Floorplan pursuant to the Purchase Agreement, which rights and remedies survive the termination of the Purchase Agreement, shall be continuing and shall survive any termination of such assignment.

Section 3.05. <u>Waiver of Certain Laws</u>. Each of the Borrower, the Servicer, the Backup Servicer, and the Collateral Custodian agrees, to the full extent that it may lawfully so agree, that neither it nor anyone claiming through or under it will set up, claim or seek to take advantage of any appraisement, valuation, stay, extension or redemption law now or hereafter in force in any locality where any part of the Collateral may be situated in order to prevent, hinder or delay the enforcement or foreclosure of this Agreement, or the absolute sale of any of the Collateral or any part thereof, or the final and absolute putting into possession thereof, immediately after such sale, of the purchasers thereof, and each of the Borrower, the Servicer, the Backup Servicer and the Collateral Custodian, for itself and all who may at any time claim through or under it, hereby waives, to the full extent that it may be lawful so to do, the benefit of all such laws, and any and all right to have any of the properties or assets constituting the Collateral marshaled upon any such sale, and agrees that the Administrative Agent or any court having jurisdiction to foreclose the security interests granted in this Agreement may sell the Collateral as an entirety or in such parcels as the Administrative Agent or such court may determine.

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Section 3.06. <u>Remittance Account</u>. Lendbuzz Floorplan hereby grants a security interest in the Remittance Account to the Administrative Agent on behalf of the Secured Parties, as security for the payment and performance of its obligations to the Administrative Agent, the Secured Parties, and the Borrower set forth herein, and Lendbuzz Floorplan hereby agrees that the security interest granted pursuant to this Section shall be for the benefit of, and the remedies provided for herein and in the Blocked Account Control Agreement (for so long as Wells Fargo Bank, National Association is the Remittance Account Bank) with respect thereto shall be exercisable by, the Administrative Agent on behalf of the Secured Parties.

ARTICLE FOUR

CONDITIONS OF CLOSING AND LOANS

Section 4.01. <u>Conditions to Effectiveness of this Agreement</u>. The Closing Date shall not occur, and no party hereto will be obligated to take, fulfill or perform any action hereunder, until each of the following conditions have been satisfied, in the sole discretion of the Administrative Agent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Basic Document (other than the Blocked Account Control Agreement and any Hedging Agreements) shall have been duly executed by, and delivered to, the parties hereto and thereto and the Administrative Agent shall have received complete and, where applicable, executed versions of all other documents, instruments, agreements and legal opinions specified in the Schedule of Documents, each in form and substance satisfactory to the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Administrative Agent shall have received (i) satisfactory evidence that the Borrower, Lendbuzz and Lendbuzz Floorplan have obtained all required consents and approvals of all Persons, including all requisite Governmental Authorities, to the execution, delivery and performance of this Agreement and the other Basic Documents to which each is a party and the consummation of the transactions contemplated hereby or thereby or (ii) an Officer's Certificate from each of the Borrower, Lendbuzz and Lendbuzz Floorplan, in form and substance satisfactory to the Administrative Agent, affirming that no such consents or approvals are required; it being understood that the acceptance of such evidence or Officer's Certificate shall in no way limit the recourse of the Administrative Agent or any Secured Party against Lendbuzz, Lendbuzz Floorplan, or the Borrower for a breach of Lendbuzz's, Lendbuzz Floorplan's, or the Borrower's representation or warranty that all such consents and approvals have, in fact, been obtained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Borrower, the Lendbuzz, and Lendbuzz Floorplan shall each be in compliance in all material respects with all Applicable Laws and shall have delivered an Officer's Certificate to the Administrative Agent as to this and other closing matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Borrower shall have paid all fees required to be paid by it on the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) No Event of Default or Unmatured Event of Default shall have occurred.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) No Servicer Termination Event or Unmatured Servicer Termination Event shall have occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Administrative Agent shall have received satisfactory results of background checks on George Sclavos and Amitay Kalmar in form and substance satisfactory to the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) At least five (5) days prior to the date of this Agreement, all documentation and other information required by bank regulatory authorities or reasonably requested by the Administrative Agent or any Lender under or in respect of applicable "know your customer" and anti-money laundering Legal Requirements including the PATRIOT Act and, if Borrower qualifies as a "legal entity customer" under the Beneficial Ownership Regulation, a Beneficial Ownership Certification in relation to Borrower that has been requested at least ten (10) Business Days prior to the date of this Agreement.

Section 4.02. <u>Conditions Precedent to All Loans</u>. Each request for a Loan (including the Initial Loan) by the Borrower to a Lender shall be subject to the conditions set forth in Section 4.01 and the further conditions precedent that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The initial Servicer shall have delivered to the Administrative Agent, on or prior to the date of such Loan, (i) a Funding Request and (ii) a Purchase Agreement Supplement (in the form of Exhibit A to the Purchase Agreement, including the Schedule of Accounts attached thereto), dated within two Business Days prior to the date of such Loan, in each case containing such additional information as may be reasonably requested by the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) On the date of such Loan, the following shall be true and correct and the Borrower shall be deemed to have certified that, after giving effect to the proposed Loan and pledge of the Collateral:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the representations and warranties contained in Sections 5.01 and 5.02 are true and correct on and as of such day as though made on and as of such day and shall be deemed to have been made on such day (except to the extent such representation or warranty expressly relates to a prior date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) no event has occurred and is continuing, or would result from such transaction that constitutes (A) an Event of Default or Unmatured Event of Default or (B) a Servicer Termination Event or Unmatured Servicer Termination Event;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) on and as of such day, after giving effect to such transaction, the Maximum Advance Rate Test shall be satisfied;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) on and as of each such day, the Borrower, the Servicer, and the Collateral Custodian each has performed all of the agreements contained in this Agreement and the other Basic Documents to be performed by it at or prior to such day; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) no law or regulation shall prohibit, and no order, judgment or decree of any federal, State or local court or governmental body, agency or instrumentality shall prohibit or enjoin, the making of such Loan by the Lenders in accordance with the provisions hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) On the date of such transaction, the Administrative Agent shall have received such other approvals, opinions, information or documents as the Administrative Agent may reasonably require.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) With respect to the first Loan to be funded on a Funding Date that occurs on or after the ninetieth (90<sup>th</sup>) day following the Closing Date only, the Blocked Account Control Agreement, in form and substance satisfactory to the Administrative Agent, shall have been executed by, and delivered to, the parties hereto and thereto.

ARTICLE FIVE

REPRESENTATIONS AND WARRANTIES

Section 5.01. <u>Representations and Warranties of the Borrower</u>. The Borrower represents and warrants, as of the Closing Date and each Funding Date, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Organization and Good Standing</u>. The Borrower has been duly organized and is validly existing as a limited liability company in good standing under the laws of the State of Delaware, with all requisite power and authority to own or lease its properties and conduct its business as such business is presently conducted, and the Borrower had at all relevant times, and now has all necessary power, authority and legal right to acquire, own, sell and pledge the Receivables and the other Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Due Qualification</u>. The Borrower is duly qualified to do business and is in good standing as a limited liability company and has obtained all necessary licenses and approvals in all jurisdictions in which the ownership or lease of property or the conduct of its business (including, as applicable, the purchase, sale, and pledge of the Receivables) requires such qualifications, licenses, or approvals, except those jurisdictions in which failure to be so qualified would not have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Power and Authority; Due Authorization</u>. The Borrower (i) has all necessary power, authority and legal right to (A) execute and deliver the Borrower Basic Documents, (B) carry out the terms of the Borrower Basic Documents, and (C) grant the security interest in the Collateral on the terms and conditions herein provided and (ii) has duly authorized by all necessary limited liability company action the execution, delivery, and performance of the Borrower Basic Documents and the grant of the security interest in the Collateral on the terms and conditions herein and therein provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Binding Obligation</u>. Each Borrower Basic Document constitutes a legal, valid and binding obligation of the Borrower, enforceable against the Borrower in accordance with its

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respective terms, except as such enforceability may be limited by Insolvency Laws and except as such enforceability may be limited by general principles of equity (whether considered in a suit at law or in equity).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>No Violation</u>. The execution and delivery of the Borrower Basic Documents, the consummation of the transactions contemplated by the Borrower Basic Documents and the fulfillment of the terms hereof and thereof will not (i) conflict with, result in any breach of any of the material terms and provisions of, or constitute (with or without notice or lapse of time or both) a default under the Borrower's Formation Documents or a default under any Contractual Obligation of the Borrower, (ii) result in the creation or imposition of any Lien upon any of the Borrower's properties (other than Permitted Liens), or (iii) violate any Applicable Law in any material respect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>No Proceedings</u>. There is no litigation, proceeding, or investigation pending or, to the best knowledge of the Borrower, threatened against the Borrower, before any Governmental Authority (i) asserting the invalidity of any Borrower Basic Document, (ii) seeking to prevent the consummation of any of the transactions contemplated by any Borrower Basic Document, or (iii) seeking any determination or ruling that could reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>All Consents Required</u>. All approvals, authorizations, consents, orders, licenses, or other actions of any Person or of any Governmental Authority required for the due execution, delivery, and performance by the Borrower of the Borrower Basic Documents have been obtained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Bulk Sales</u>. The execution, delivery, and performance of the Borrower Basic Documents do not require compliance with any "bulk sales" act or similar law by the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Solvency</u>. The transactions contemplated by the Borrower Basic Documents do not and will not cause the Borrower not to be Solvent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Taxes; Tax Status</u>. The Borrower has filed or caused to be filed all federal, state, and other tax returns that are required to be filed by it. The Borrower has paid or made adequate provisions for the payment of all Taxes made against it or any of its property (other than any amount of Tax the validity of which is currently being contested in good faith by appropriate proceedings diligently conducted and with respect to which reserves in accordance with GAAP have been provided on the books of the Borrower), and no Tax lien has been filed and, to the Borrower's knowledge, no claim is being asserted, with respect to any such Tax. The Borrower is and has at all times been, for United States federal income tax purposes, either (i) a "disregarded entity" beneficially owned by a "United States person" or (ii) a "domestic partnership" (and not a "publicly traded partnership" treated as a corporation) beneficially owned solely by such United States persons, and has not taken (or permitted any other Person to take) any action that could (or could reasonably be expected to) cause the Borrower to be classified as an association or as a publicly traded partnership treated as a corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Quality of Title</u>. Each Receivable, together with the Contract related thereto, shall, at all times, be owned by the Borrower free and clear of any Lien except for Permitted Liens, and upon the making of a Loan, the Administrative Agent, as agent for the Secured Parties, shall acquire a valid and perfected first priority security interest in each Receivable and in the related

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Collateral then existing or thereafter arising, free and clear of any Lien, other than Permitted Liens. No effective financing statement or other instrument similar in effect covering any portion of the Collateral shall at any time be on file in any recording office except such as may be filed in favor of (i) the Borrower in accordance with the Purchase Agreement or (ii) the Administrative Agent in accordance with this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Security Interest</u>. The Borrower has granted a security interest (as defined in the UCC) to the Administrative Agent, as agent for the Secured Parties, in the Collateral, which is enforceable in accordance with Applicable Law upon execution and delivery of this Agreement. Upon the filing of UCC-1 financing statements describing the Collateral, naming the Administrative Agent as secured party, and naming the Borrower as debtor, the Administrative Agent, as agent for the Secured Parties, shall have a first priority (except for any Permitted Liens) perfected security interest in the Collateral. All filings (including UCC filings) as are necessary in any jurisdiction to perfect the interest of the Administrative Agent, as agent for the Secured Parties, in the Collateral have been made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>Reports Accurate</u>. All Monthly Reports (if prepared by the Borrower, or to the extent that information contained therein is supplied by the Borrower, such portion supplied by the Borrower), information, exhibits, financial statements, documents, books, records, or reports furnished or to be furnished by the Borrower to the Administrative Agent, any Secured Party, the Backup Servicer and the Account Bank in connection with this Agreement are, to the Borrower's knowledge, true, complete, and correct in all material respects as of the date specified therein or the date so furnished, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>Location of Offices</u>. The principal place of business and chief executive office of the Borrower are located at the address of the Borrower referred to in Section 13.02 (or at such other locations as to which the notice and other requirements specified in Section 6.02(f) shall have been satisfied) and has been since the Borrower was formed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) <u>Remittance Account; Collection Account</u>. None of the Remittance Account, the Collection Account, or any interest in either the Remittance Account or the Collection Account has been pledged or assigned to any party other than the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) <u>Trade Names</u>. The Borrower has no trade names, fictitious names, assumed names, or "doing business as" names or other names under which it has done or is doing business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) <u>Purchase Agreement</u>. The Purchase Agreement is the only agreement pursuant to which the Borrower purchases Receivables and the related Contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) <u>Value Given</u>. The Borrower shall have given reasonably equivalent value to Lendbuzz Floorplan in consideration for the transfer to the Borrower of the Receivables and the related Collateral under the Purchase Agreement, no such transfer shall have been made for or on account of an antecedent debt owed by Lendbuzz Floorplan to the Borrower and no such transfer is or may be voidable or subject to avoidance under any section of the Bankruptcy Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) <u>Accounting</u>. The Borrower accounts for the transfers to it from Lendbuzz Floorplan of the Receivables and other related Collateral under the Purchase Agreement as true sales/true contributions of such Receivables and related Collateral in its books, records and financial statements, in each case consistent with GAAP and with the requirements set forth herein.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) <u>Special Purpose Entity</u>. The Borrower is in compliance with Section 6.01(o).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) <u>Confirmations from Lendbuzz and Lendbuzz Floorplan</u>. The Borrower has received confirmations from each of Lendbuzz and Lendbuzz Floorplan that, so long as the Borrower is not "insolvent" within the meaning of the Bankruptcy Code or otherwise unable to pay its debts as they become due, neither Lendbuzz nor Lendbuzz Floorplan will cause the Borrower to file a voluntary petition under the Bankruptcy Code or any other Insolvency Laws. Each of the Borrower, Lendbuzz, and Lendbuzz Floorplan is aware that in light of the circumstances described in the preceding sentence and other relevant facts, the filing of a voluntary petition under the Bankruptcy Code for the purpose of making any Receivable or any other assets of the Borrower available to satisfy claims of the creditors of Lendbuzz and/or Lendbuzz Floorplan would not result in making such assets available to satisfy such creditors under the Bankruptcy Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>ERISA Matters</u>. The Borrower is not a "benefit plan investor" (as defined under Section 3(42) of ERISA). The Borrower does not sponsor, maintain or contribute to any Pension Plan or Multiemployer Plan. Neither the Borrower nor any ERISA Affiliate has any liability (contingent or otherwise) with respect to any Pension Plan or Multiemployer Plan except to the extent such liability could not reasonably be expected to have a Material Adverse Effect. Each Pension Plan sponsored, maintained or contributed to by Lendbuzz, Lendbuzz Floorplan, or any ERISA Affiliate of the Borrower, under which employees of the Borrower participate in or participated in, complies in all respects with ERISA and all other applicable laws except to the extent the failure to comply could not reasonably be expected to have a Material Adverse Effect. No Plan Event has occurred or is reasonably expected to occur that might result, directly or indirectly, in any material lien being imposed on the property or assets of the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) <u>Investment Company Act</u>. The Borrower (i) is not a "covered fund" under regulations adopted to implement section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, commonly known as the "Volcker Rule" and (ii) is not, and after giving effect to the transactions contemplated hereby, will not be required to register as an "investment company" within the meaning of the Investment Company Act. In determining that the Borrower is not an "investment company" within the meaning of the Investment Company Act, the Borrower is entitled to either the benefit of the exemption provided under Section 3(c)(5) of the Investment Company Act or the exclusion for loan securitizations in the Volcker Rule under 17 C.F.R. 75.10(c)(8).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) <u>Accuracy of Representations and Warranties</u>. Each representation or warranty by the Borrower contained herein, in any other Basic Document or in any certificate or other document furnished by the Borrower pursuant hereto or thereto or in connection herewith or therewith is true and correct in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) <u>Anti-Corruption Laws and Sanctions</u>. The Borrower is subject to policies and procedures of Lendbuzz that are designed to ensure compliance by Lendbuzz and its Subsidiaries, directors, officers, employees, and agents with Anti-Corruption Laws and applicable Sanctions.

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The Borrower, its officers, directors, and employees are in compliance with Anti-Corruption Laws and applicable Sanctions in all material respects. None of (a) the Borrower or any of its directors, officers, or employees, or (b) to the knowledge of the Borrower, any agent of the Borrower that will act in any capacity in connection with or benefit from the facility established hereby, is a Sanctioned Person. No Loan, use of proceeds, or other transaction contemplated by this Agreement will violate Anti-Corruption Laws or applicable Sanctions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) <u>Beneficial Ownership Rule</u>. At least 51% of the equity interests in the Borrower is owned, directly or indirectly, by a listed entity, and the Borrower is excluded on that basis from the definition of "Legal Entity Customer" as defined in the Beneficial Ownership Rule.

Section 5.02. <u>Representations and Warranties of the Borrower Relating to the Receivables</u>. The Borrower hereby represents and warrants as of each Funding Date, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule C and the information contained in the related Funding Request is an accurate and complete listing in all material respects of the Floorplan Accounts and the related Receivables (including the Receivables being transferred on such Funding Date) constituting a portion of the Collateral as of the date of the related Loan and the information contained therein with respect to the identity of such Floorplan Accounts and Receivables and the amounts owing thereunder is true and correct in all material respects as of the related Cutoff Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) each Receivable referenced on the related Funding Request is an Eligible Receivable.

Section 5.03. <u>Representations and Warranties of Lendbuzz Floorplan</u>. Lendbuzz Floorplan represents and warrants, as of the Closing Date and each Funding Date, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Organization and Good Standing</u>. Lendbuzz Floorplan has been duly organized and is validly existing as a limited liability company in good standing under the laws of the Commonwealth of Massachusetts, with all requisite power and authority to own or lease its properties and to conduct its business as such business is presently conducted and to enter into and perform its obligations pursuant to this Agreement, except as would not reasonably be expected (either individually or in the aggregate) to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Due Qualification</u>. Lendbuzz Floorplan is duly qualified to do business and is in good standing as a limited liability company, and has obtained all necessary licenses and approvals in all jurisdictions in which the ownership or lease of its property and or the conduct of its business, including the underwriting, servicing, and custody of the Receivables, requires such qualification, licenses, or approvals, except to the extent the failure to obtain such consents or approvals could not reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Power and Authority; Due Authorization</u>. Lendbuzz Floorplan (i) has all necessary power, authority and legal right to (A) execute and deliver the Servicer Basic Documents and (B) carry out the terms of the Servicer Basic Documents and (ii) has duly authorized by all necessary corporate action the execution, delivery and performance of the Servicer Basic Documents.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Binding Obligation</u>. Each Servicer Basic Document constitutes a legal, valid, and binding obligation of Lendbuzz Floorplan enforceable against Lendbuzz Floorplan in accordance with its respective terms except as such enforceability may be limited by Insolvency Laws and except as such enforceability may be limited by general principles of equity (whether considered in a suit at law or in equity).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>No Violation</u>. The execution and delivery of the Servicer Basic Documents, the consummation of the transactions contemplated by the Servicer Basic Documents, and the fulfillment of the terms hereof and thereof will not (i) conflict in any material respect with, result in any material breach of any of the terms and provisions of, or constitute (with or without notice or lapse of time or both) a default under, its Formation Documents or, in any material respect, any Contractual Obligation of Lendbuzz Floorplan, (ii) result in the creation or imposition of any Lien upon any of Lendbuzz Floorplan's properties (other than Permitted Liens), or (iii) violate any Applicable Law, except to the extent such violation could not reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>No Proceedings</u>. There is no litigation, proceeding or investigation pending or, to the best knowledge of Lendbuzz Floorplan, threatened against Lendbuzz Floorplan, before any Governmental Authority (i) asserting the invalidity of any Servicer Basic Document, (ii) seeking to prevent the consummation of any of the transactions contemplated by any Servicer Basic Document, (iii) challenging the enforceability of a material portion of the Receivables, or (iv) seeking any determination or ruling that could reasonably be expected to have Material Adverse Effect with respect to Lendbuzz Floorplan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>All Consents Required</u>. All approvals, authorizations, consents, orders, or other actions of any Person or of any Governmental Authority (if any) required for the due execution, delivery and performance by Lendbuzz Floorplan of the Servicer Basic Documents have been obtained, except those which if not obtained could not reasonably be expected (either individually or in the aggregate) to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Reports Accurate</u>. All Monthly Reports, information, exhibits, financial statements, documents, books, records or reports furnished or to be furnished by Lendbuzz Floorplan to any Secured Party, the Backup Servicer, and the Account Bank in connection with this Agreement are, to Lendbuzz Floorplan's knowledge, accurate, true, and correct in all material respects as of the date specified therein or the date so furnished, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Lendbuzz Floorplan's Performance</u>. Lendbuzz Floorplan has the knowledge, the experience, and the systems, financial, and operational capacity available to timely perform each of its obligations hereunder in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Accounts</u> Lendbuzz Floorplan has neither pledged nor entered into a control agreement (other than the Blocked Account Control Agreement) with respect to the Remittance Account or amounts on deposit therein. Lendbuzz Floorplan has neither pledged nor entered into a control agreement (other than the Control Agreement) with respect to the Collection Account or amounts on deposit therein.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Trade Names and Place of Business</u>. Except as otherwise indicated in this Agreement or as the same may be changed in accordance with Section 6.05(b), (i) Lendbuzz Floorplan has no trade names, fictitious names, assumed names, or "doing business as" names or other names under which it has done or is doing business and (ii) the principal place of business and chief executive office of Lendbuzz Floorplan are located at the address of Lendbuzz Floorplan set forth on the signature pages hereto and has been so for the last four months.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Compliance with the Credit and Collection Policy</u>. Lendbuzz Floorplan has, with respect to the Receivables, complied in all material respects with the Credit and Collection Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>ERISA Matters</u>. No Plan Event has occurred or is reasonably expected to occur that might result, directly or indirectly, in any lien being imposed on the property of Lendbuzz Floorplan which could result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>Investment Company Act</u>. Lendbuzz Floorplan is not an "investment company" within the meaning of the Investment Company Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) <u>Anti-Corruption Laws and Sanctions</u>. Lendbuzz Floorplan is subject to policies and procedures of Lendbuzz that are designed to ensure compliance by Lendbuzz and its Subsidiaries, directors, officers, employees, and agents with Anti-Corruption Laws and applicable Sanctions. Lendbuzz Floorplan, its officers, directors, and employees are in compliance with Anti-Corruption Laws and applicable Sanctions in all material respects. None of (a) Lendbuzz Floorplan or any of its directors, officers, or employees, or (b) to the knowledge of Lendbuzz Floorplan, any agent of Lendbuzz Floorplan that will act in any capacity in connection with or benefit from the facility established hereby, is a Sanctioned Person.

Section 5.04. <u>Retransfer of Certain Receivables</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Retransfer of an Ineligible Receivable</u>. If a Receivable is an Ineligible Receivable at the time it was initially pledged hereunder, no later than the earlier of (i) knowledge by the Borrower of such Receivable having been an Ineligible Receivable when it was so pledged and (ii) receipt by the Borrower from the Administrative Agent or the initial Servicer of written notice thereof (which notice the initial Servicer shall be required to give within two Business Days of any of its Responsible Officers having actual knowledge thereof), the Borrower shall (A) disclose the identity of such Ineligible Receivable on the next Monthly Report and (B) on or before the next Distribution Date, to the extent such breach has not been cured or waived, make a deposit of the Release Price for each such Ineligible Receivable to the Collection Account in immediately available funds and accept the release of each such Ineligible Receivable. The Administrative Agent shall be deemed, upon deposit of the Release Price into the Collection Account, to convey to the Borrower, without recourse, representation, or warranty, all of its right, title, and interest in such Ineligible Receivable and the Borrower shall accept the release of each such Ineligible Receivable from the Administrative Agent, and the aggregate Pool Balance shall be reduced by the Principal Balance (as of the end of the most recent Collection Period) of each such Ineligible Receivable. Upon each release to the Borrower of such Ineligible Receivable, the Administrative Agent shall automatically and without further action be deemed to transfer, assign, and set-over to the Borrower, without recourse, representation, or warranty, all the right, title, and interest of the Administrative Agent in, to, and under such Ineligible Receivable and all future monies due or to

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become due with respect thereto, all proceeds of such Ineligible Receivable and Recoveries and Insurance Proceeds relating thereto, all rights to security for any such Ineligible Receivable, and all proceeds and products of the foregoing. The Administrative Agent shall, at the sole expense of the Servicer (which, in the case of any Successor Servicer, shall be reimbursable in accordance with the provisions of Section 2.07), execute such documents and instruments of release as may be prepared by the Servicer on behalf of the Borrower and take such other actions as shall reasonably be requested by the Borrower to effect the release of such Ineligible Receivable pursuant to this subsection.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Retransfer of Receivables for Breach of Servicing Covenant</u>. In the event that the initial Servicer breaches a servicing covenant pursuant to Section 7.03(c)(i) with respect to any Receivable, which breach adversely affects the Receivable or the interests of the Lenders, no later than the earlier of (i) knowledge by the initial Servicer of such event or (ii) receipt by the initial Servicer from the Administrative Agent or the Borrower of written notice thereof, the initial Servicer shall (A) disclose the identity of such Receivable on the next Monthly Report and (B) on or before the next Distribution Date, to the extent such breach has not been cured or waived, make a deposit of the Release Price for each such Receivable into the Collection Account in immediately available funds, and the initial Servicer shall accept the release of such Receivable(s), in each case as described in Section 5.04(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Notice of Retransfer</u>. The Borrower or the Servicer, as applicable, shall provide written notice to the Administrative Agent on the Monthly Report of any release of Receivables pursuant to Sections 5.04(a) and (b). With respect to any such release, the Borrower shall provide written notice to the Administrative Agent of any release of Receivables prior to 3:00 p.m., Atlanta, Georgia time, three (3) Business Days prior to the related repurchase date, and such notice shall include a calculation of the Borrowing Base after giving effect to such release, as well as representations and warranties by the Borrower that no Event of Default or Servicer Termination Event has occurred, that the Borrowing Base calculation included with such notice is accurate.

ARTICLE SIX

COVENANTS

Section 6.01. <u>Affirmative Covenants of the Borrower</u>. From the Closing Date until the Facility Termination Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Compliance with Laws</u>. The Borrower will comply in all material respects with all Applicable Laws, including those with respect to the Receivables and related Financed Vehicles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Preservation of Existence</u>. The Borrower will preserve and maintain its existence, rights, franchises and privileges in the State of Delaware, and qualify and remain qualified in good standing as a foreign limited liability company in each jurisdiction where the failure to preserve and maintain such existence, rights, franchises, privileges, and qualification has had, or could reasonably be expected to have, a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Performance and Compliance with Agreements</u>. The Borrower will, at its expense, timely and fully perform and comply (or cause the Seller to perform and comply pursuant to this

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Agreement, the Purchase Agreement and all Purchase Agreement Supplements), in all material respects, all provisions, covenants and other promises required to be observed by it under the Basic Documents and the Contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Keeping of Records and Books of Account</u>. To the extent not maintained and implemented by the Servicer, the Borrower will maintain and implement administrative and operating procedures (including an ability to recreate records evidencing Receivables in the event of the destruction of the originals thereof), and keep and maintain all documents, books, records, financial statements, and other information reasonably necessary or advisable for the collection of all Receivables. Such books and records shall include reports adequate to permit the daily identification of each new Receivable and all Collections of and adjustments to each existing Receivable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Borrower Assets</u>. With respect to each Receivable, the Borrower will: (i) acquire such Receivable pursuant to and in accordance with the terms of the Purchase Agreement, (ii) take all action necessary to perfect, protect, and more fully evidence the Borrower's ownership of such Receivable, including (A) filing and maintaining effective financing statements (Form UCC-1) listing Lendbuzz Floorplan as debtor in all necessary filing offices (and will cause Lendbuzz Floorplan to obtain similar financing statements from each entity from which it acquired the Receivables), and filing continuation statements, amendments, or assignments with respect thereto in such filing offices and (B) executing or causing to be executed such other instruments or notices as may be necessary, and (iii) take all additional action that the Administrative Agent may reasonably request, including the filing of financing statements listing the Administrative Agent as secured party to perfect, protect, and more fully evidence the respective interests of the parties to this Agreement in the Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Delivery of Collections</u>. The Borrower will deliver to the Servicer, for further remittance to the Collection Account, all Collections received by Borrower in respect of the Receivables no later than two Business Days after the Borrower's receipt thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Separate Corporate Existence</u>. The Borrower shall be in compliance with the special purpose entity requirements set forth in Section 6.01(o).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Credit and Collection Policy</u>. The Borrower will, or will cause Lendbuzz Floorplan or the Servicer to, as the case may be, (i) with respect to each Receivable, comply with the Credit and Collection Policy (which may include originating or servicing Receivables in accordance with those discretionary exceptions that are set forth therein) and (ii) furnish to the Administrative Agent written notice of any material changes to the Credit and Collection Policy and revised versions of the Credit and Collection Policy containing such changes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Notice of Certain Events</u>. The Borrower will provide the Administrative Agent with written notice within one Business Day of the date on which the Borrower receives notice of, or obtains knowledge of, the occurrence of any Event of Default, Unmatured Event of Default, Early Amortization Event, Servicer Termination Event, and Unmatured Servicer Termination Event.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Taxes; Tax Status</u>. The Borrower will file all federal, state, and other tax returns that are required to be filed by it and will pay any and all Taxes, including those required to meet the obligations of the Basic Documents, except for Taxes that the Borrower is contesting in good faith and by appropriate legal proceedings the validity, applicability or amount thereof with such proceedings diligently conducted, and adequate reserves in accordance with GAAP are being maintained by the Borrower, except to the extent that such contest does not materially endanger any right or interest of the Secured Parties under the Basic Documents. The Borrower shall at all times maintain its status for United States federal income tax purposes as either (i) a "disregarded entity" beneficially owned by a "United States person" or (ii) a "domestic partnership" (other than a "publicly traded partnership" treated as a corporation) beneficially owned solely by such United States persons, and shall not take (or permit any other Person to take) any action that could (or could reasonably be expected to) cause the Borrower to be classified as an association or as a publicly traded partnership treated as a corporation. If the Borrower is classified as a partnership for U.S. federal income tax purposes, then the Borrower will, to the extent that it is eligible to do so, make, or cause to be made, the election under Code Section 6221(b) to be exempt from adjustments being made at the partnership level and take any other action necessary or appropriate for the election. If that election is not available, the Borrower will, to the extent that it is eligible to do so, make (or cause to be made) the election under Code Section 6226(a) for the alternative to payment of imputed underpayment by a partnership and take any other action necessary or appropriate for the election.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Liens</u>. The Borrower will not create, or participate in the creation of, or permit to exist, any Liens (other than Permitted Liens) with respect to the Remittance Account or the Collection Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Reporting</u>. The Borrower will furnish or cause to be furnished to the Administrative Agent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Monthly Report</u>. Not later than each Reporting Date, a Monthly Report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Quarterly Report</u>. By the 15<sup>th</sup> of each February, May, August and November, a Quarterly Report, including information as of the previous month-end, as to the Receivables such as collections, delinquencies, losses, recoveries, cash flows, and such other information as reasonably requested by the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Financial Statements</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Within 60 days after the end of the first three quarterly fiscal periods of each fiscal year of the Limited Guarantor, the unaudited consolidated balance sheets of the Limited Guarantor as at the end of such period and the related unaudited consolidated statements of income and retained earnings for the Limited Guarantor for such period, setting forth in comparative figures for the previous quarter (to the extent such prior quarter financial statements were delivered pursuant to this Section or are otherwise available), accompanied by a certificate of a Responsible Officer of the Limited Guarantor, which certificate shall state that each such consolidated

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financial statement fairly presents the financial condition of the Limited Guarantor in accordance with GAAP, consistently applied, as at the end of, and for, such period (subject to normal year end audit adjustments). Notwithstanding the foregoing, if any such report is timely filed with the Securities and Exchange Commission and is publicly available on its the Electronic Data Gathering, Analysis and Retrieval (EDGAR) system on the date that the related report would otherwise be due hereunder, such report shall be deemed to have been timely delivered in accordance with this subclause.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Within 120 days after each fiscal year of the Limited Guarantor, the audited consolidated balance sheets of the Limited Guarantor as at the end of such fiscal year and the related audited consolidated statements of income and retained earnings and of cash flows for the Limited Guarantor for such year, setting forth in comparative form the figures for the previous year, accompanied by an opinion thereon of independent certified public accountants of recognized national standing, which opinion shall not be qualified as to scope of audit or going concern (other than a qualification as to going concern based solely on the tenor of the Commitments hereunder) and shall state that each consolidated financial statement fairly presents the financial condition and results of operations of the Limited Guarantor at the end of, and for, such fiscal year in accordance with GAAP. Notwithstanding the foregoing, if any such report is timely filed with the Securities and Exchange Commission and is publicly available on its the Electronic Data Gathering, Analysis and Retrieval (EDGAR) system on the date that the related report would otherwise be due hereunder, such report shall be deemed to have been timely delivered in accordance with this subclause.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) Within 120 days of the end of each fiscal year of the Limited Guarantor, a certificate of a Responsible Officer of the Limited Guarantor, which certificate shall state that the audited consolidated balance sheets of the Limited Guarantor delivered, or deemed to have been delivered, pursuant to subclause (B) fairly present the financial condition of the Limited Guarantor in accordance with GAAP, consistently applied, as at the end of, and for, such fiscal year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>Representations</u>. Promptly following the Borrower's obtaining knowledge of the same, the Borrower shall notify the Administrative Agent that any representation or warranty set forth in Section 5.01 or 5.02 was incorrect at the time it was given or deemed to have been given, and at the same time shall deliver to the Administrative Agent a written notice setting forth in reasonable detail the nature of such facts and circumstances. In particular, but without limiting the foregoing, the Borrower shall notify the Administrative Agent in the manner set forth in the preceding sentence before any Funding Date of any facts or circumstances within the knowledge of the Borrower which would render any of such representations and warranties untrue at the date when they were made or deemed to have been made.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Proceedings</u>. As soon as possible and in any event within two Business Days of the date on which the Borrower receives notice of, or obtains knowledge of, the same, the Borrower shall provide notice of any settlement of, material judgment (including a material judgment with respect to the liability phase of a bifurcated trial) in or commencement of any labor controversy (of a material nature), litigation, action, suit, or proceeding before any court or Governmental Authority, domestic or foreign, affecting the Borrower or any of its Affiliates that would reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) <u>Notice of Material Events</u>. Promptly following any Responsible Officer of the Borrower obtaining knowledge the same, the Borrower shall provide notice of any other event or circumstances that, in the reasonable judgment of the Borrower, would reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>Anti-Corruption Laws and Sanctions</u>. The Borrower will remain subsect to, and enforce, Lendbuzz's policies and procedures designed to ensure compliance by Lendbuzz and its Subsidiaries and each of their respective Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>Beneficial Ownership Certification</u>. From time to time any Lender that has a reasonable basis for requesting such a certification may request that the Borrower deliver, and within five Business Days of each such request the Borrower shall execute and deliver to such Lender, a Beneficial Ownership Certification, in form and substance reasonably acceptable to such Lender. Furthermore, promptly following any change that would result in a change to the status of the Borrower as an excluded "Legal Entity Customer" under the Beneficial Ownership Rule, the Borrower shall execute and deliver to each Lender a Beneficial Ownership Certification, in form and substance reasonably acceptable to each such Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) <u>Special Purpose Entity</u>. The Borrower shall take or perform each of the following actions (and the Borrower has not heretofore failed to take or perform any such actions in the past):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) maintain its own separate deposit and other bank accounts and funds to which no other Person has any access (except to the extent permitted under the Basic Documents) which accounts shall be maintained in the name of the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) maintain full books of accounts and records (financial or other) and financial statements separate from those of any other Person (including, all resolutions, records, agreements, or instruments underlying or regarding the transactions contemplated by the Basic Documents or otherwise) (<u>provided</u>, that this provision shall not limit the Borrower's financial and operating results from being consolidated with those of its ultimate parent company in consolidated financial statements);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) at all times hold itself out to the public and all other Persons as a legal entity separate from the and any other Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) have its own board of managers;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) file its own tax returns separate from those of any other Person, if any, as may be required under applicable law, to the extent (A) not part of a consolidated group filing a consolidated return or returns or (B) not treated as a division for tax purposes of another taxpayer, and pay any taxes so required to be paid under applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) ensure that any consolidated financial statements of any Affiliate or any other Person that are filed with the Securities Exchange Commission or any other governmental authority or are furnished to any creditors of any Affiliate or any other Person include notes clearly stating that the Borrower is a separate corporate entity and that its assets are available first and foremost to satisfy the claims of the creditors of the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) except as contemplated by the Basic Documents, not commingle its assets with assets of any other Person and maintain the assets of the Borrower in such a manner that it is not costly or difficult to segregate, identify, or ascertain its individual assets from those of any other Person, including any Affiliate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) conduct its business in its own name and strictly comply with all organizational formalities to maintain its separate existence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) disclose, and cause each Member to disclose, in its financial statements the effects of all transactions between such Member and the Borrower in a manner which makes it clear that (A) the Borrower is a separate legal entity, (B) the assets of the Borrower are not assets of any Affiliate and are not available to pay creditors of any Affiliate, and (C) neither such Member nor any Affiliate thereof is liable or responsible for the debts of the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) pay its own liabilities and expenses only out of its own funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) except for capital contributions or capital distributions permitted under the terms and conditions of the Borrower's Formation Documents and the Basic Documents, not enter into any transaction with an Affiliate of the Borrower except on arm's length terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) compensate (either directly or through reimbursement of the Borrower's allocable share of any shared expenses) all employees, consultants, and agents and Affiliates, to the extent applicable, for services provided to the Borrower by such employees, consultants, and agents or Affiliates, in each case, from the Borrower's own funds and either maintain a sufficient number of employees, and/or employ sufficient consultants or agents, in light of its contemplated operations; <u>provided</u>, that the foregoing shall not require the Members to make any additional capital contributions to the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) except as expressly permitted under any of the Basic Documents, pay from its own bank accounts for accounting and payroll services, rent,

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lease, and other expenses (or the Borrower's allocable share of any such amounts provided by one or more other Affiliates) and not have such operating expenses (or the Borrower's allocable share thereof) paid by any Affiliates; <u>provided</u>, the foregoing shall not require the Members to make any additional capital contributions to the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) not hold out its credit or assets as being available to satisfy the obligations of any other Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) to the extent that the Borrower maintains office space, maintain such office space separate and clearly delineated from the office space of any Affiliate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) to the extent that the Borrower incurs any overhead expenses that are shared with an Affiliate, including for shared office space and for services performed by an employee of an Affiliate, allocate fairly and reasonably such overhead expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) cause (A) all written communications, including letters, invoices, purchase orders, and contracts, of the Borrower to be made solely in the name of the Borrower, (B) the Borrower to have its own tax identification number, stationery, checks, and business forms, separate from those of any other Person, (C) all Affiliates not to use the stationery or business forms of the Borrower, and cause the Borrower not to use the stationery or business forms of any Affiliate, and (D) all Affiliates not to conduct business in the name of the Borrower, and cause the Borrower not to conduct business in the name of any Affiliate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) except as expressly permitted by any of the Basic Documents, direct creditors of the Borrower to send invoices and other statements of account of the Borrower directly to the Borrower and not to any Affiliate and cause the Affiliates to direct their creditors not to send invoices and other statements of accounts of such Affiliates to the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) except as expressly permitted by any of the Basic Documents, not acquire obligations or securities of or make loans or advances to or grant a security interest in or pledge its assets for the benefit of the Member, any Affiliate or any other Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) correct any known misunderstanding regarding its separate identity and not identify itself as a department or division of any other Person except as may be required for income tax purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi) maintain adequate capital in light of its contemplated business purpose, transactions and liabilities, and refrain from engaging in a business for which its remaining property represents an unreasonably small capital; <u>provided</u>, that the foregoing shall not require the Members to make any additional capital contributions to the Borrower;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxii) practice and adhere to all limited liability company procedures and formalities to the extent required by the Borrower's Formation Documents or all other appropriate constituent documents and applicable law in all material respects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiii) except for the other Basic Documents, not acquire any obligations or securities of the Member or of any Affiliate of the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiv) cause the managers, officers, agents, and other representatives of the Borrower to act at all times with respect to the Borrower consistently and in furtherance of the foregoing and in the best interests of the Borrower; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxv) at all times will have at least one manager that qualifies as an Independent Manager.

Section 6.02. <u>Negative Covenants of the Borrower</u>. From the date hereof until the Facility Termination Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Other Business</u>. The Borrower will not (i) engage in any business other than the transactions contemplated by the Basic Documents, (ii) incur any Indebtedness, obligation, liability or contingent obligation of any kind (including guaranteeing any obligation) other than pursuant to this Agreement, any other Basic Document or under any Hedging Agreement, or (iii) form any Subsidiary or make any Investments in any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Receivables Not to be Evidenced by Instruments</u>. The Borrower will take no action to cause any Receivable that is not, as of the related Funding Date, evidenced by an Instrument, to be so evidenced except in connection with the enforcement or collection of such Receivable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Security Interests</u>. The Borrower will not sell, pledge, assign, or transfer to any other Person, or grant, create, incur, assume, or suffer to exist any Lien (other than Permitted Liens) on any portion of the Collateral, whether now existing or hereafter transferred hereunder, or any interest therein, and the Borrower will not sell, pledge, assign, or suffer to exist any Lien on its interest, if any, hereunder. The Borrower will promptly notify the Administrative Agent of the existence of any Lien (other than a Permitted Lien) on any portion of the Collateral and the Borrower shall defend the right, title, and interest of the Administrative Agent in, to and under such Collateral, against all claims of third parties; <u>provided</u>, that nothing in this subsection shall prevent or be deemed to prohibit the Borrower from suffering to exist Permitted Liens upon any portion of the Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Mergers, Acquisitions, Sales, Etc</u>. The Borrower will not be a party to any merger or consolidation, or purchase or otherwise acquire all or substantially all of the assets or any stock or membership interests of any class of, or any partnership or joint venture interest in, any other Person, or, sell, transfer, convey, or lease all or any substantial part of its assets, or sell or assign with or without recourse any portion of the Collateral or any interest therein (other than pursuant hereto).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Distributions</u>. The Borrower shall not declare or pay, directly or indirectly, any dividend or make any other distribution (whether in cash or other property) with respect to the profits, assets, or capital of the Borrower or any Person's interest therein, or purchase, redeem, or otherwise acquire for value any of its capital stock now or hereafter outstanding, except that so long as no Event of Default or Unmatured Event of Default has occurred and is continuing or would result therefrom, the Borrower may distribute to holders of its membership interest funds distributed to the Borrower pursuant to Section 2.07(ix), subject to Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Change of Name or Location of Receivable Files</u>. The Borrower shall not (i) change its name or state of organization, move the location of its principal place of business and chief executive office, and the offices where it keeps the Records from the location referred to in Section 13.02 or (ii) move, or consent to the Collateral Custodian or the Servicer moving, the Receivable Files from the location thereof on the Closing Date, unless the Borrower has given at least 30 days' written notice to the Administrative Agent and has taken all actions required under the UCC of each relevant jurisdiction in order to continue the first priority perfected security interest of the Administrative Agent in the Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>True Sale</u>. Except for purposes of GAAP, the Borrower will not account for or treat the transactions contemplated by the Purchase Agreement in any manner other than as the sale, or absolute assignment, of the Receivables and other Collateral by Lendbuzz Floorplan to the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>ERISA Matters</u>. The Borrower will not (i) establish, maintain or contribute to or have any liability (contingent or otherwise) with respect to any Pension Plan or Multiemployer Plan or (ii) be a "benefit plan investor" under Section 3(42) of ERISA. With respect to any Pension Plan, the Borrower will not engage or permit any ERISA Affiliate to engage in any prohibited transaction under Section 406 of ERISA or Section 4975 of the Code for which an exemption is not available or has not previously been obtained from the United States Department of Labor and which would result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Formation Documents; Purchase Agreement</u>. The Borrower will not amend, modify, waive, or terminate any provision of its Formation Documents or of the Purchase Agreement (including any Purchase Agreement Supplement) without the prior written consent of the Administrative Agent; <u>provided</u>, that if the Borrower has provided the Administrative Agent with written notice of its intention to make any such amendment, modification, waiver, or termination and the Administrative Agent has not provided a response either granting or withholding its consent thereto within fifteen (15) Business Days, then the Borrower may proceed with the related amendment, modification, wavier, or termination as if the Administrative Agent had provided its consent thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Changes in Payment Instructions</u>. The Borrower will not add or make any change, or permit the Servicer to make any change, in its instructions to Dealers regarding payments to be made to the Borrower or the Servicer or payments to be made to the Remittance Account, unless the Administrative Agent has Consented to such change in writing and has received duly executed copies of all documentation related thereto, which documentation shall be satisfactory in form and substance to the Administrative Agent.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Extension or Amendment</u>. The Borrower will not, except as otherwise permitted in Section 7.03(c)(i), extend, amend or otherwise modify, or permit the Servicer to extend, amend, or otherwise modify, the terms of any Contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>No Assignments</u>. The Borrower will not assign or delegate, grant any interest in, or permit any Lien (other than Permitted Liens) to exist upon any of its rights, obligations, or duties under this Agreement without the prior written Consent of the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>Anti-Corruption Laws and Sanctions</u>. The Borrower will not request any Loan, and the Borrower shall not use any Loan, and shall procure that its directors, officers, employees and agents (if any) shall not use, the proceeds of any Loan (i) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws, (ii) for the purpose of funding, financing, or facilitating any activities, business, or transaction of or with any Sanctioned Person, or in any Sanctioned Country, or (iii) in any manner that would result in the violation of any Sanctions applicable to any party hereto.

Section 6.03. <u>Covenants of the Borrower Relating to Hedging</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower may maintain one or more Hedge Transactions in form and substance satisfactory to the Administrative Agent, each of which may be in the form of an interest rate swap or an interest rate cap transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any Hedge Transaction shall be entered into with a Hedge Counterparty and be governed by a Hedging Agreement. Any Hedge Transaction that is in in the form of an interest rate swap shall provide for the payment on each Distribution Date to the Hedge Counterparty of an amount calculated by reference to the notional amount thereunder and a fixed rate of interest per annum and for the payment on each Distribution Date to the Borrower of an amount calculated by reference to the same notional amount thereunder and a floating rate of interest (per annum equal to SOFR or a related rate), in each case for each day during the related Interest Period. Furthermore, the notional amount, duration, and amortization of each such Hedge Transaction shall be agreed upon by the Borrower and the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Borrower shall deliver to the Administrative Agent a copy of all documents related to any Hedging Agreement, including confirmations, schedules, and an aggregate notional amortization schedule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) All reasonably documented out-of-pocket costs and expenses (including reasonable legal fees and disbursements) incurred by the Administrative Agent and the Lenders incurred with any Hedge Transaction shall be paid by the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) As additional security hereunder, the Borrower has granted a security interest to the Administrative Agent all right, title and interest of the Borrower in the Hedge Collateral. The Borrower acknowledges that, as a result of that pledge, the Borrower may not, without the prior written Consent of the Administrative Agent, exercise any rights under any Hedging Agreement or Hedge Transaction, except for the Borrower's right under any Hedging Agreement to enter into Hedge Transactions. Nothing herein shall have the effect of releasing the Borrower from any of its obligations under any Hedging Agreement or any Hedge Transaction, nor be construed as requiring the consent of any Secured Party for the performance by the Borrower of any such obligations.

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Section 6.04. <u>Affirmative Covenants of the Servicer and the Collateral Custodian</u>. From the date hereof until the Facility Termination Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Compliance with Law</u>. The Servicer and the Collateral Custodian will each comply in all material respects with all Applicable Laws, including those with respect to the Contracts, the Receivables, the related Financed Vehicles, the Receivable Files, or any part thereof and any collection efforts on behalf of the Receivables or related Financed Vehicles that such party takes, except to the extent that such party's failure to so comply would not reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Preservation of Corporate Existence</u>. The Servicer and the Collateral Custodian will each preserve and maintain its existence, rights, franchises, and privileges in its State of formation, and shall qualify and remain qualified in good standing as a foreign limited liability company in each jurisdiction where the failure to preserve and maintain such existence, rights, franchises, privileges and qualification has had, or could reasonably be expected to have, a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Obligations and Compliance with Receivables</u>. The Servicer will fulfill and comply in all material respects with all obligations on the part of the Borrower to be fulfilled or complied with under or in connection with each Receivable. Neither the Servicer nor the Collateral Custodian will do anything to impair the rights of the Administrative Agent in, to, and under the Collateral. The Servicer will comply in all material respects with the terms and conditions of this Agreement relating to the obligation of the Borrower to remove Receivables from the Collateral pursuant to this Agreement and the obligation of the Seller, under the Purchase Agreement, to reacquire Receivables from the Borrower pursuant to the Purchase Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Performance and Compliance with Basic Documents</u>. The Servicer will timely and fully perform and comply in all material respects with all provisions and covenants required to be observed by it under the Servicer Basic Documents. The Collateral Custodian will timely and fully perform and comply in all material respects with all provisions and covenants required to be observed by it under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Keeping of Records and Books of Account</u>. The Servicer and the Collateral Custodian will each maintain and implement administrative and operating procedures (including an ability to recreate records evidencing Receivables, including the Receivable Files, in the event of the destruction of the originals thereof), and keep and maintain all documents, books, records and other information reasonably necessary or advisable for the collection of all Receivables, including the Receivable Files.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Preservation of Security Interest</u>. The Servicer will execute and file such financing and continuation statements and any other documents that may be required by any law or regulation of any Governmental Authority to preserve and protect fully the security interest of the Administrative Agent in, to, and under the Collateral; <u>provided</u>, that in the case of any Successor

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Servicer, the Successor Servicer shall execute and file such documents (as prepared by the Borrower or the Administrative Agent) only upon the written direction of the Borrower or the Administrative Agent and any action taken by the Successor Servicer pursuant to this clause shall be a reimbursable expense paid in accordance with the provisions of Section 2.07. The Servicer will defend the right, title, and interest of the Borrower, the Secured Parties, the Administrative Agent and the Collateral Custodian in, to and under the Collateral against all claims of third parties claiming through or under the Servicer; <u>provided</u>, that in the case of any Successor Servicer, such action or defense shall only be taken at the written direction of the Borrower or the Administrative Agent and, so long as the need for such defense or action was not caused by the Successor Servicer's gross negligence, bad faith, or willful misconduct, any action taken by the Successor Servicer pursuant to this clause shall be a reimbursable expense paid in accordance with the provisions of Section 2.07.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Credit and Collection Policy</u>. The Servicer will comply in all material respects with the Credit and Collection Policy in regard to each Receivable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Monthly Reports</u>. Not later than each Reporting Date, the Servicer will provide to the Administrative Agent a Monthly Report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Events of Default and Servicer Termination Events</u>. Each of the Servicer and the Collateral Custodian will furnish to the Administrative Agent and the Backup Servicer, within two (2) Business Days after a Responsible Officer of the Servicer or the Collateral Custodian, as applicable, has actual knowledge thereof, notice of the occurrence of an Unmatured Event of Default, an Event of Default, an Unmatured Servicer Termination Event or a Servicer Termination Event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Other</u>. The Servicer and the Collateral Custodian will each furnish to the Administrative Agent, from time to time, such other information, documents, records or reports respecting the Collateral or the condition or operations, financial or otherwise, of the Servicer or the Collateral Custodian, as applicable, as the Administrative Agent may from time to time reasonably request in order to protect the interests of the Administrative Agent or Lenders under or as contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Notices Regarding Collateral</u>. The Servicer and the Collateral Custodian shall each advise the other and the Administrative Agent in writing in reasonable detail promptly following its actual knowledge or receipt of written notice of (i) the occurrence of any breach in any material respect by the Servicer or the Collateral Custodian, respectively, of any of its representations, warranties, and covenants contained herein relating to the Receivables, and (ii) the occurrence of any other event which would reasonably be expected to have a material adverse effect on the security interest of the Administrative Agent on behalf of the Secured Parties in the Collateral or the collectability of all or a material portion of the Receivables. Furthermore, the Servicer shall include in each Monthly Report (A) a listing of any Liens (other than Permitted Liens) that were asserted or claims that were made against any portion of the Collateral through the end of the related Collection Period and (B) a listing of any Receivables with respect to which any proceeding is pending in which any defense, claim of offset, counterclaim, or claim of recoupment has been alleged by the related Dealer or any Governmental Authority through the end of the related Collection Period, and the Servicer shall promptly provide further information regarding such Liens, proceedings, and/or the affected Collateral if requested by the Administrative Agent.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Additional Information</u>. The Servicer and the Collateral Custodian shall each, within five (5) Business Days of its receipt thereof, respond to reasonable written directions or written requests for information that the other, the Borrower, the Administrative Agent, or any Lender might have with respect to the administration of the Receivables.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>Financial Statements</u>. The initial Servicer shall cause the Limited Guarantor to provide to the Administrative Agent and each Lender, the financial statements with respect to Lendbuzz described in Section 6.01(l)(iii).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>Accounting Policy</u>. The initial Servicer will notify the Administrative Agent within ten (10) Business Days of its implementation of any material change in its accounting policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) <u>Additional Covenants</u>. The Servicer shall (i) promptly notify the Borrower, the Administrative Agent, and the Collateral Custodian of the occurrence of any event which would require that the Borrower make or cause to be made any filings, reports, notices, or applications or seek any consents or authorizations from any and all Governmental Authorities in accordance with the relevant UCC and any State vehicle license or registration authority as may be necessary or advisable to create, maintain, and protect a first priority security interest of the Administrative Agent in, to and on the Financed Vehicles and a first priority security interest of the Administrative Agent in, to and on the Collateral, and (ii) take all reasonable action necessary to maximize the returns pursuant to the Insurance Policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) <u>Anti-Corruption Laws and Sanctions</u>. The initial Servicer and the initial Collateral Custodian will each remain subject to and enforce Lendbuzz's policies and procedures designed to ensure compliance by Lendbuzz and its Subsidiaries and each of their respective Subsidiaries and their respective directors, officers, employees, and agents with Anti-Corruption Laws and applicable Sanctions.

Section 6.05. <u>Negative Covenants of the Servicer</u> <u>and the Collateral Custodian</u>. From the date hereof until the Facility Termination Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Accounts</u>. Neither the Servicer nor the Collateral Custodian shall create or participate in the creation of, or solely in the case of the initial Servicer and the initial Collateral Custodian, permit to exist, any Liens (other than Permitted Liens) with respect to the Remittance Account or the Collection Account. Neither the Servicer nor the Collateral Custodian shall enter into any "control agreement" (as defined in the relevant UCC) with respect to the Remittance Account (other than the Blocked Account Control Agreement) or the Collection Account (other than the Control Agreement). Without the prior written Consent of the Administrative Agent, neither the Servicer nor the Collateral Custodian shall move the Remittance Account or the Collection Account to an institution other than the one at which it is held as of the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Change of Name or Location of Receivable Files</u>. Neither the initial Servicer nor the initial Collateral Custodian shall change its name or its state of organization, move the location of its principal place of business and chief executive office, or the offices where it keeps records

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concerning the Receivables (including the Receivable Files, with respect to the initial Collateral Custodian) from the location referred to in Section 7.17 or Section 13.02, unless the initial Servicer or the initial Collateral Custodian, respectively, has provided prior written notice to the Administrative Agent and has taken all actions required under the UCC of each relevant jurisdiction in order to continue the first priority perfected security interest of the Administrative Agent, as agent for the Secured Parties, in the Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Credit and Collection Policy</u>. The Servicer will not amend, modify, restate or replace, in whole or in part, in any material respect, the Credit and Collection Policy, without the prior written Consent of the Administrative Agent, which consent shall not be unreasonably withheld.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Change in Payment Instructions to Dealers</u>. The initial Servicer will not make any change in its instructions to the Dealers regarding payments to be made to the Borrower or the Servicer, except as otherwise permitted by the Credit and Collection Policy, or payments to be made to the Remittance Account, unless the Administrative Agent has Consented to such change and has received duly executed documentation related thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Extension or Amendment of Contracts</u>. The Servicer will not, except as otherwise permitted in Section 7.03(c)(i), extend, amend or otherwise modify the terms of any Contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>No Instruments</u>. Neither the Servicer nor the Collateral Custodian shall take any action to cause any Receivable to be evidenced by any Instrument (as defined in the UCC).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>ERISA</u>. Neither the Servicer nor the Collateral Custodian will (A) with respect to any Pension Plan, engage or permit any ERISA Affiliate to engage in any prohibited transaction

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for which an exemption is not available or has not previously been obtained from the United States Department of Labor and which would result in a Material Adverse Effect, or (B) to the extent it would result in a Material Adverse Effect (i) permit to exist any accumulated funding deficiency, as defined in Section 302(a) of ERISA and Section 412(a) of the Code, or funding deficiency with respect to any Pension Plan other than a Multiemployer Plan, (ii) fail to make any payments to a Multiemployer Plan that the Servicer or any such ERISA Affiliate may be required to make under the agreement relating to such Multiemployer Plan or any law pertaining thereto, (iii) terminate any Pension Plan so as to result in any liability, or (iv) permit to exist any occurrence of any Reportable Event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Anti-Corruption Laws and Sanctions</u>. Neither the initial Servicer nor the initial Collateral Custodian will cause the Borrower to request any Loan, and none of the initial Servicer, the initial Collateral Custodian, or any Subsidiary or Affiliate of the initial Servicer or the initial Collateral Custodian shall use, and each shall procure that its Subsidiaries and its or their respective directors, officers, employees and agents shall not use, the proceeds of any Loan (i) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws, (ii) for the purpose of funding, financing or facilitating any activities, business or transaction of or with any Sanctioned Person, or in any Sanctioned Country, or (iii) in any manner that would result in the violation of any Sanctions applicable to any party hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Indebtedness</u>. The initial Servicer shall not incur any Indebtedness for borrowed money or guarantee any such Indebtedness on or after the Closing Date, in each case, in an amount in excess of $50,000, without the prior written consent of the Administrative Agent.

ARTICLE SEVEN

ADMINISTRATION AND SERVICING OF RECEIVABLES

Section 7.01. <u>Designation of Servicing</u>. The Administrative Agent and the Borrower, at the direction of and on behalf of the Administrative Agent, hereby appoint Lendbuzz Floorplan, as Servicer to manage, collect, and administer each of the Receivables and the other Collateral, and to enforce its respective rights and interests in and under the Collateral and Lendbuzz Floorplan hereby accepts such appointment and agrees to perform the duties and responsibilities of the Servicer pursuant to the terms hereof.

Section 7.02. <u>Servicing Compensation</u>. As compensation for its servicing activities hereunder and reimbursement for its expenses, the Servicer shall be entitled to receive the Servicing Fee to the extent of funds available therefor pursuant to Section 2.07(ii). The Servicer shall further be entitled to retain as additional servicing compensation any and all Ancillary Fees from Dealers.

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Section 7.03. <u>Duties of the Servicer</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Standard of Care</u>. The Servicer agrees that its servicing and collection of the Receivables shall be carried out in accordance with the Credit and Collection Policy and Applicable Law and, to the extent more exacting, the degree of skill and attention that the Servicer exercises with respect to all comparable floorplan auto finance receivables that it services for itself or others.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Records Held in Trust</u>. The Servicer shall hold in trust for the Secured Parties all records which evidence or relate to all or any part of the Collateral. The outgoing Servicer shall promptly deliver to any Successor Servicer, and the Successor Servicer shall hold in trust for the Borrower and the Secured Parties, all records which evidence or relate to all or any part of the Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Collection Practices</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Servicer shall be responsible for collection of payments called for under the terms and provisions of the Contracts related to the Receivables, as and when the same shall become due. The Servicer, in making collection of Receivable payments pursuant to this Agreement, shall be acting as agent for the Borrower, and shall be deemed to be holding such funds in trust on behalf of and as agent for the Borrower. The Servicer, consistent with the Credit and Collection Policy in effect at the time of acting, shall service, manage, administer, and make collections on the Receivables on behalf of the Borrower and shall have full power and authority to do any and all things which it may deem necessary or desirable in connection therewith which are consistent with this Agreement. The Servicer may in its discretion grant extensions, rebates, or adjustments on a Contract or amend or modify any Contract (including modifying the APR or the amount of the Dealer Payments) as permitted by the Credit and Collection Policy then in effect. If any such modification occurs after the Termination Date, such Receivable must be repurchased by the initial Servicer pursuant to Section 5.04(b). The Servicer may in its discretion waive any late payment charge or any other fees, not including interest on the Principal Balance, that may be collected in the ordinary course of servicing a Receivable. If Lendbuzz Floorplan is no longer the Servicer, the Servicer shall also enforce any and all rights of the Borrower under the Purchase Agreement (including each Purchase Agreement Supplement) including the right to require Lendbuzz Floorplan to repurchase Receivables for breaches of representations and warranties made by Lendbuzz Floorplan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Consistent with the Credit and Collection Policy, if any Receivable is past due or delinquent, in whole or in part, the Servicer will make reasonable and customary efforts to contact the Dealer. The Servicer shall continue its efforts to obtain payment from a Dealer who is past due or delinquent on a Receivable until the Servicer has determined that all amounts collectable on the Receivable have been collected. The Servicer shall use commercially reasonable efforts, consistent with the Credit and Collection Policy and the standard of care set forth in Section 7.03(a), to collect funds on a Defaulted Receivable and by the close of business on the second Business Day following receipt of such Collections to cause such Collections to be deposited into the Collection Account.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) In the event a Receivable becomes a Defaulted Receivable, the Servicer, itself or through the use of independent contractors or agents shall, consistent with the Credit and Collection Policy, repossess or otherwise convert the ownership of the Financed Vehicles securing any such Receivable. All costs and expenses incurred by the Servicer in connection with the repossession of the Financed Vehicles securing such Receivables shall be reimbursed to the Servicer (other than overhead), to the extent not previously recouped by the Servicer from Recoveries on the Distribution Date immediately succeeding the Collection Period in which the Servicer delivered to the Administrative Agent an itemized statement of such costs and expenses. Notwithstanding the foregoing and consistent with the terms of this Agreement, the Servicer shall not be obligated to repossess or take any action with respect to a Defaulted Receivable if, in its reasonable judgment consistent with the Credit and Collection Policy, the Recoveries would not be increased.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Servicer shall deposit or cause to be deposited by electronic funds transfer all Collections to the Collection Account no later than two (2) Business Days after deposit of such amounts into the Remittance Account and identification thereof; <u>provided</u>, to the extent that any Collections are not received in the Remittance Account, the Servicer shall deposit such Collections to the Remittance Account within two Business Days the deposit of such amounts and identification thereof (for further transfer to the Collection Account within two (2) Business Days after such deposit to the Remittance Account). The Servicer shall employ commercially reasonable efforts to ensure that all amounts deposited to the Remittance Account are identified promptly. Notwithstanding the foregoing, in no event shall any Successor Servicer be obligated to transfer funds in excess of the available funds in the Remittance Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Collection; Recourse; Sales of Financed Vehicles</u>. The Servicer, itself or through the use of independent contractors or agents, is authorized to follow practices consistent with the Credit and Collection Policy in its servicing of floorplan auto finance receivables, which may include reasonable efforts to realize rights of recourse against any Dealer and selling a Financed Vehicle at public or private sale; <u>provided</u>, that the Servicer, itself or through the use of independent contractor or agents shall, in accordance with the Credit and Collection Policy, attempt to maximize the sales proceeds for each repossessed Financed Vehicle. The foregoing shall be subject to the provision that, in any case in which a Financed Vehicle shall have suffered damage, the Servicer shall not expend funds for the repair or the repossession of such Financed Vehicle unless the Servicer shall determine in its discretion that such repair or repossession would increase the Recoveries in an amount greater than the cost of repairs. Notwithstanding the foregoing and consistent with the terms of this Agreement, the Servicer shall not be obligated to repossess or take any action with respect to a repossessed Financed Vehicle if, in its reasonable judgment and consistent with the Credit and Collection Policy, the Recoveries would not be increased.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Insurance</u>. The Servicer shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) on behalf of the Borrower, administer and enforce all rights and responsibilities of the Borrower, as owner of the Receivables, provided for in the Insurance Policies relating to the Receivables;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) administer the filings of claims under the Insurance Policies by filing the appropriate notices related to claims, including initial notices of loss, as well as claims with the respective carriers or their authorized agents all in accordance with the terms of the Insurance Policies; and use reasonable efforts to file such claims on a timely basis after obtaining knowledge of the events giving rise to such claims.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) utilize such notices, claim forms and claim procedures as are required by the respective insurance carriers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) upon receipt of notice that a Dealer's physical damage insurance covering Financed Vehicles related to a Receivable has lapsed or is otherwise not in force, notify the Dealer that it is required to maintain physical damage insurance covering its inventory throughout the term of the related Receivable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) not be required to pay any premiums or, other than administering the filing of claims and performing reporting requirements specified in the Insurance Policies in connection with filing such claims, perform any obligations of the named insured under such Insurance Policies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) not be responsible to the Borrower, the Secured Parties or the Collateral Custodian for any (A) act or omission to act done in order to comply with the requirements or satisfy any provisions of the Insurance Policies or (B) act, absent willful misconduct or negligence, or omission to act done in compliance with this Agreement.

In the case of any inconsistency between this Agreement and the terms of any Insurance Policy, the Servicer shall comply with the latter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Obligation to Restore</u>. In the event of any physical loss or damage to a Financed Vehicle related to a Receivable from any cause, whether through accidental means or otherwise, the Servicer shall have no obligation to cause the affected Financed Vehicle to be restored or repaired.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Realization on Financed Vehicles</u>. The Servicer represents, warrants and covenants that in the event that the Servicer realizes upon any Financed Vehicle, the methods utilized by the Servicer to realize upon such Receivable or otherwise enforce any provisions of such Receivable, will be conducted in all material respects in accordance with the provisions of this Agreement, the Credit and Collection Policy, and Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Recordkeeping</u>. The Servicer shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) maintain legible copies (in electronic or hard-copy form, in the discretion of the Servicer) or originals of all documents in its Receivable File with respect to each Receivable and the Financed Vehicle related thereto; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) keep books and records, reasonably satisfactory to the Administrative Agent, pertaining to each Receivable and shall make periodic reports in accordance with this Agreement; such records may not be destroyed or otherwise disposed of except as provided herein and as allowed by Applicable Law, all documents, whether developed or originated by the Servicer or not, reasonably required to document or to properly administer any Receivable shall remain at all times the property of the Borrower and shall be held in trust by the Servicer; the Servicer shall not acquire any property rights with respect to such records, and shall not have the right to possession of them except as subject to the conditions stated in this Agreement; and the Servicer shall bear the entire cost of restoration in the event any Receivable File shall become damaged, lost or destroyed while in the Servicer's possession or control.

Section 7.04. <u>Collection of Payments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Payments to the Remittance Account</u>. On or before the relevant Funding Date, the initial Servicer shall have instructed all related Dealers to make all payments in respect of the related Receivables directly to the Remittance Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Establishment of the Collection Account</u>. On or before the Closing Date, the Servicer shall cause the Collection Account to be established with the Account Bank in the name of the Borrower. After the execution and delivery of the Control Agreement following the reasonable advance written request of the Administrative Agent, the Collection Account shall at all times be subject to the Control Agreement. Any reasonable fees and expenses owing to the Account Bank in connection with the maintenance of the Collection Account shall be payable in accordance with the provisions of Section 2.07 to the extent that the Servicer has not elected to pay such amounts from its own account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Adjustments</u>. If the Servicer (i) makes a deposit into the Collection Account in respect of a collection of a Receivable and such collection was received by the Servicer in the form of a check that is not honored for any reason, (ii) makes a mistake with respect to the amount of any collection and deposits an amount that is less than or more than the actual amount of such collection or (iii) is entitled to reimbursement of any Ancillary Fees in accordance with Section 7.02, the Servicer shall appropriately adjust the amount subsequently deposited into the Collection Account to reflect such dishonored check, mistake or reimbursement (as applicable). Any Dealer Payment in respect of which a dishonored check is received shall be deemed not to have been paid.

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Section 7.05. <u>Servicer Advances</u>. For each Collection Period, if the Servicer determines that any Dealer Payment (or portion thereof) that was due and payable pursuant to a Receivable during such Collection Period was not received prior to the last day of such Collection Period, the Servicer may, but is not obligated to, make an advance in an amount up to the amount of such delinquent Dealer Payment (or portion thereof); in addition, if on any day there are not sufficient funds on deposit in the Collection Account to pay accrued Interest, the Servicer may, but is not obligated to, make an advance in the amount necessary to pay such Interest (each, a "<u>Servicer Advance</u>"), in each case if the Servicer reasonably believes that the Servicer Advance will be recovered from subsequent payments with respect to such Receivable. The Servicer will deposit any Servicer Advances into the Collection Account on or prior to 2:00 p.m., Atlanta, Georgia time, on the related Distribution Date, in immediately available funds. The Servicer shall be entitled to reimbursement of Servicer Advances from subsequent payments on or in respect of the Receivable with respect to which a Servicer Advance was made, including collections of any prepayments, amounts deposited in the Collection Account for the repurchase of the Receivable for a breach of a representation or warranty and, if the Servicer determines that a Servicer Advance will not be recovered from the Receivable to which it relates, from collections related to other Receivables. Notwithstanding anything to the contrary set forth herein, no Successor Servicer will be required to make any Servicer Advance.

Section 7.06. <u>Payment of Certain Expenses by Servicer</u>. Except for such amounts and expenses for which the Servicer is entitled to reimbursement as provided herein, the Servicer will be required to pay all expenses incurred by it in connection with its activities under this Agreement, including Taxes imposed on the Servicer, expenses incurred in connection with payments and reports pursuant to this Agreement, fees and expenses of subservicers and agents of the Servicer, and all other fees and expenses not expressly stated under this Agreement for the account of the Borrower.

Section 7.07. <u>Reports and Audit.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Monthly Reports</u>. On each Reporting Date, the Servicer will provide to the Borrower, the Administrative Agent and the Backup Servicer a Monthly Report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Quarterly Report</u>. By the 15<sup>th</sup> of each February, May, August and November, commencing in November 2022, the Servicer will provide a Quarterly Report to the Administrative Agent. The Administrative Agent may request such report more frequently if required by regulators or to comply with Applicable Law (including Basel II and Basel III).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Dealer Information.</u> Upon the reasonable request of the Administrative Agent, the initial Servicer shall provide, at its own expense, the Administrative Agent with information on any Dealer Serviced Portfolio regarding delinquencies, loss-to-liquidations, annualized losses, and such other information as the Administrative Agent may request, but solely to the extent that such data is available to the Servicer without undue administrative burden or cost.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Audit</u>. Once within sixty (60) days following the first Funding Date and once during each calendar year thereafter, at such times during normal business hours as are reasonably convenient to the Borrower, the Servicer, or the Collateral Custodian, as the case may be, at the sole cost and expense of the Servicer (<u>provided</u>, that such costs and expenses are reasonable and

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customary for similar types of inspections in the industry and, unless (i) an Event of Default, an Early Amortization Event or a Servicer Termination Event has occurred and is continuing or (ii) the results of any audit performed pursuant to this clause (d) are deemed to be unsatisfactory due to material findings, thereby necessitating additional audit procedures, do not exceed $75,000 *per annum*) and upon reasonable request of the Administrative Agent and prior written notice to the Borrower, the Servicer, or the Collateral Custodian, as the case may be, the Borrower, the Servicer, or the Collateral Custodian, as the case may be, shall permit such Person or Persons as the Administrative Agent may designate (including the Backup Servicer or an independent accounting firm), to conduct, on behalf of all of them, audits or to visit and inspect any of the properties of the Borrower, the Servicer, or the Collateral Custodian where the Receivable Files are located, as the case may be, to examine the Receivable Files, internal controls and procedures maintained by the Borrower, the Servicer, or the Collateral Custodian, as the case may be, and take copies and extracts therefrom (provided that the parties seeking to take such copies and extracts have executed a confidentiality agreement with respect to such materials that is reasonably acceptable to the Borrower, the Servicer, or the Collateral Custodian, as applicable), and to discuss the affairs of the Borrower, the Servicer, or the Collateral Custodian with their respective officers and employees (which employees, except after the occurrence and during the continuation of an Event of Default or Servicer Termination Event, shall be designated by the Borrower, the Servicer, or the Collateral Custodian, as the case may be, and provided that such discussions will be scheduled so as to not materially disrupt the operations of the Borrower, the Server, or the Collateral Custodian, as applicable) and, upon written notice to the Borrower, the Servicer, or the Collateral Custodian, as the case may be, independent accountants. The scope of any audit or inspection will be a scope agreed upon between the Servicer and the Administrative Agent. The Administrative Agent may request to take the foregoing actions more than once per calendar year if it has a commercially reasonable basis for requesting such actions, but any additional inspections and audits shall be at the expense of the Administrative Agent. After the occurrence and during the continuation of an Event of Default or Servicer Termination Event, the Administrative Agent, the Backup Servicer and their respective representatives shall be permitted to take the foregoing actions without being subject to any limitation on the number of audits, visits or inspections that may be conducted during a calendar year and such audits, visits or inspections shall be at the sole cost and expense of the Servicer; <u>provided</u>, that the Administrative Agent and its representatives shall make reasonable efforts to coordinate, and provide a prior written notice of, such audits, visits and inspections. The Borrower, the Servicer, or the Collateral Custodian, as the case may be, hereby authorizes such officers, employees and independent accountants to discuss with the Administrative Agent and its representatives, the affairs of the Borrower, the Servicer, or the Collateral Custodian, as the case may be. The Servicer shall reimburse the Administrative Agent for all reasonable fees, costs and expenses incurred by or on behalf of the Secured Parties in connection with the foregoing actions promptly upon receipt of a written invoice therefor. Nothing in this subsection shall affect the obligation of the Servicer and the Collateral Custodian to observe any Applicable Law prohibiting the disclosure of information regarding the Dealers or the purchasers of the Financed Vehicles, and the failure of the Servicer or the Collateral Custodian to provide access to information as a result of such obligation shall not constitute a breach of this subsection. In the case of any Successor Servicer, any fees or expenses of the Servicer referenced in this Section shall be reimbursable in accordance with the provisions of Section 2.07.

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Section 7.08. <u>Backup Servicer.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) At all times that a Backup Servicing Agreement is in effect, (i) the Servicer shall perform all of its duties thereunder and (ii) the Borrower shall both perform all of its duties thereunder and shall cause the Servicer to consult with the Backup Servicer as may be necessary from time to time to perform or carry out the Backup Servicer's obligations thereunder, including the obligation, if requested in writing by the Administrative Agent, to succeed to the duties and obligations of the Servicer pursuant hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Backup Servicer shall be entitled to recover its fees and reimbursable costs as set forth in the Backup Servicing Agreement in accordance with Section 2.07 (but only to the extent that the same have not been paid by the Servicer).

Section 7.09. <u>Rights After Assumption of Duties by Backup Servicer or Designation of Successor Servicer; Liability</u>. At any time following the assumption of the duties of the Servicer by the Backup Servicer, in its capacity as Successor Servicer, or the designation of a Successor Servicer (other than the Backup Servicer) pursuant to Section 7.13 as a result of the occurrence of a Servicer Termination Event:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Servicer, on behalf of the Borrower, shall, at the Administrative Agent's request, (i) assemble all of the records relating to the Collateral, including all Receivable Files (to the extent such Receivable Files are in the possession of the Servicer and not the Collateral Custodian), and shall make the same available to the Administrative Agent, the Backup Servicer, or any Successor Servicer at a place selected by the Administrative Agent, and (ii) segregate all cash, checks, and other instruments received by it from time to time constituting Collections of Collateral in a manner acceptable to the Administrative Agent, the Backup Servicer, or such other Successor Servicer and shall, no later than two (2) Business Days after receipt, remit all such cash, checks, and instruments, duly endorsed or with duly executed instruments of transfer, to, or at the direction of, the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Borrower hereby authorizes the Administrative Agent to take or cause to be taken any and all steps in the Borrower's name and on behalf of the Borrower necessary or desirable, in the determination of the Administrative Agent, to collect all amounts due under the Collateral, including endorsing the Borrower's name on checks and other instruments representing Collections and enforcing the Receivables.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Successor Servicer shall be liable in accordance herewith only to the extent of the obligations specifically undertaken by the Successor Servicer in such capacity herein. Such liability is limited to only those actions taken or omitted to be taken by the Successor Servicer and caused through its gross negligence, bad faith, or willful misconduct. No implied covenants or obligations shall be read into this Agreement against the Successor Servicer and, in the absence of bad faith on its part, the Successor Servicer may conclusively rely on the truth of the statements and the correctness of the opinions expressed in any certificates or opinions furnished to the Successor Servicer and conforming to the requirements of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Successor Servicer shall not be charged with actual or constructive knowledge of any Event of Default or Unmatured Event of Default unless a Responsible Officer of the Successor Servicer obtains actual knowledge of such event or the Successor Servicer receives written notice of such event from the Borrower, the Servicer, or the Administrative Agent.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Successor Servicer shall not be required to expend or risk its own funds or otherwise incur financial liability in the performance of its duties hereunder, or in the exercise of any of its rights or powers, if the repayment of such funds or adequate indemnity against such risks or liability is not reasonably assured to it in writing prior to the expenditure of such funds or the incurrence of financial liability.

Section 7.10. <u>Limitation on Liability of the Servicer, the Collateral Custodian, and Others</u>. Except as expressly provided herein, neither the Servicer, the Collateral Custodian, nor any of their respective directors, officers, employees, or agents shall be under any liability to the Secured Parties or any other Person for any action taken or for refraining from the taking of any action pursuant to this Agreement; <u>provided</u>, that this provision shall not protect the Servicer, the Collateral Custodian, or any other such Person against any liability that would otherwise be imposed by reason of its willful misconduct, bad faith, or negligence in the performance of duties or by reason of its willful misconduct hereunder.

Section 7.11. <u>The Servicer and the Collateral Custodian Not to Resign</u>. Neither the Servicer nor the Collateral Custodian shall resign unless such party has obtained the prior written consent of the Administrative Agent (acting at the direction of the Required Lenders), or unless the Servicer or the Collateral Custodian, respectively, provides an Opinion of Counsel to the Administrative Agent to the effect that the Servicer or the Collateral Custodian, as applicable, is no longer permitted by law to act as the Servicer or the Collateral Custodian, respectively, hereunder. No termination or resignation of the Servicer or the Collateral Custodian hereunder shall be effective until a Successor Servicer or Successor Collateral Custodian, in each case acceptable to the Administrative Agent, has accepted its appointment as Successor Servicer or Successor Collateral Custodian, respectively, hereunder and has agreed to be bound by the terms of this Agreement.

Section 7.12. <u>Servicer Termination Events</u>. The occurrence and continuance of any of the following events shall constitute a "<u>Servicer Termination Event</u>" hereunder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any failure by the Servicer to make any payment, transfer, or deposit as required by it as required by any Basic Document, to which it is a party, which failure is not remedied within two (2) Business Days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any failure by the Servicer to deliver the Monthly Report by the Reporting Date, which failure is not remedied within two (2) Business Days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) an Insolvency Event shall occur with respect to the Servicer or any Subsidiary of the Servicer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any failure by the Servicer duly to observe or perform in any material respect any other covenant or agreement of the Servicer set forth in this Agreement or the other Basic Documents to which the Servicer is a party, which such failure remains unremedied for thirty (30) days after the earlier of knowledge thereof by the Servicer or after the date on which written notice of such failure shall have been given to the Servicer;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any representation, warranty, or certification made by the Servicer in any Basic Document to which it is a party or in any certificate delivered pursuant to any Basic Document to which it is a party shall prove to have been false or otherwise incorrect in any respect when made, deemed made, or delivered, which such incorrect representation, warranty or certification materially and adversely affects the rights or interests of the Secured Parties and, if able to be cured, shall not have been cured for thirty (30) days after the earlier of the date on which the Servicer first has knowledge thereof or the date on which written notice of such failure shall have been given to the Servicer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) with respect to the initial Servicer only, either Lendbuzz Floorplan or a Subsidiary of Lendbuzz Floorplan shall default under any Indebtedness having a principal amount of $5,000,000 or greater, and (i) such default continues after the applicable grace period, if any, specified in the agreements or instruments relating to such Indebtedness, (ii) such default has not been waived by the required lenders, creditors, or similarly denominated parties under the agreements or instruments relating to such Indebtedness and in the manner specified in such agreements or instruments, and (iii) as a consequence of such default, either the required lenders, creditors, or similarly denominated parties have accelerated the maturity of such Indebtedness, or the acceleration of the maturity of such Indebtedness has occurred automatically, in all cases as specified in the agreements or instruments relating to such Indebtedness and in all cases the result of which acceleration (regardless of how it is denominated in such agreements or instruments) is to require the immediate repayment of principal on such Indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any material provision of any Basic Document to which the Servicer is a party shall in whole or in part, cease to be in full force and effect or cease to be the legally valid, binding and enforceable obligation of the Servicer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) (i) one or more final nonappealable judgments shall be entered against the Servicer by one or more courts of competent jurisdiction which would reasonably be expected to have a Material Adverse Effect on the Servicer<sup>;</sup> (ii) one or more monetary settlements shall be entered into by the Servicer with any Person which would reasonably be expected to have a Material Adverse Effect on the Servicer; (iii) the IRS shall file notice of a Lien pursuant to Section 6323 of the Code with regard to any assets of the Servicer and such Lien shall not have been released within 30 days; or (iv) the Pension Benefit Guaranty Corporation shall file notice of a Lien pursuant to Section 4068 of ERISA with regard to any of the assets of the Servicer and such Lien shall not have been released within 30 days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any Change in Control shall occur with respect to Lendbuzz Floorplan without the prior Consent of the Administrative Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) an Event of Default shall have occurred and is continuing and shall not have been waived;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) any Regulatory Authority shall have condemned, seized or appropriated, or shall have assumed custody or control of all or any substantial part of the property of the Servicer, or

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shall have taken any action to displace the management of the Servicer or to curtail its authority in the conduct of its business as the Servicer, or shall have taken any action in the nature of enforcement to remove, limit or restrict the licensing or approval of the Servicer as a servicer of the Contracts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) with respect to the initial Servicer, a Material Adverse Change with respect to Lendbuzz Floorplan shall have occurred and is continuing and shall not have been waived; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) the Limited Guaranty shall cease to be in full force and effect (other than in accordance with its terms) or the Limited Guarantor shall assert that it is not bound by, or otherwise seek to terminate or disaffirm its obligations under, the Limited Guaranty, or shall otherwise claim that the Limited Guaranty is in any way invalid or unenforceable.

Upon the occurrence of any of the foregoing, notwithstanding anything herein to the contrary, so long as any such Servicer Termination Event shall not have been remedied within any applicable cure period or waived in writing by the Required Lenders, the following shall immediately occur without further action: (i) the Revolving Period or Amortization Period, as applicable, shall terminate and no further Loans will be made; (ii) the Administrative Agent (acting at the direction of or with the consent of the Required Lenders) by written notice to the Servicer (with a copy to each Lender, the Backup Servicer, and the Collateral Custodian) (a "<u>Servicer Termination Notice</u>"), may terminate all of the rights and obligations of the Servicer as Servicer under this Agreement; (iii) the Administrative Agent may direct the Servicer to direct Collections to an account other than the Remittance Account or the Collection Account; (iv) a Backup Custodian Trigger Event shall occur and the Administrative Agent may terminate the Collateral Custodian (if the Collateral Custodian is Lendbuzz Floorplan or an Affiliate of Lendbuzz Floorplan) and cause the Collateral Custodian to deliver, or cause to be delivered, the Receivable Files and the related accounts and records maintained by the Collateral Custodian to Vervent Inc., as successor Collateral Custodian, in accordance with the Backup Servicing Agreement and Section 7.17(f) hereof and (v) the Advance Rate shall be reduced to 0.0%.

Section 7.13. <u>Appointment of Successor Servicer</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On and after the receipt by the Servicer of a Servicer Termination Notice, the Servicer shall continue to perform all servicing functions under this Agreement until the date specified in the Servicer Termination Notice or otherwise specified by the Administrative Agent in writing or, if no such date is specified in such Servicer Termination Notice or otherwise specified by the Administrative Agent, until a date mutually agreed upon by the Servicer, the Administrative Agent, and the Backup Servicer. The Administrative Agent may, in its discretion, at the time described in the immediately preceding sentence, appoint the Backup Servicer as the Successor Servicer hereunder in accordance with this Agreement and the Backup Servicing Agreement, in which case the Backup Servicer shall assume all obligations of the Servicer hereunder, and all authority and power of the Servicer under this Agreement shall pass to and be vested in the Backup Servicer as Successor Servicer. All actions taken by the Administrative Agent pursuant to this Section shall be taken upon the request or approval of the Required Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event that there is no Backup Servicer at the time that the Servicer is terminated hereunder, or the Administrative Agent does not so appoint the Backup Servicer to

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succeed the Servicer as Successor Servicer hereunder, or the Backup Servicer is unable to assume such obligations on such date, the Administrative Agent shall as promptly as possible appoint a successor servicer (each such party so appointed or, as applicable, the Backup Servicer as successor to the Servicer, collectively, the "<u>Successor Servicer</u>"), and such Successor Servicer shall accept its appointment by a written assumption in a form acceptable to the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon the termination and removal of the Servicer, the predecessor Servicer shall cooperate with the Successor Servicer in effecting the termination of the rights and responsibilities of the predecessor Servicer under this Agreement, including the transfer to the Successor Servicer for administration by it of all cash amounts that shall at the time be held by the predecessor Servicer for deposit, or shall thereafter be received, with respect to a Receivable, and the related accounts and records maintained by the Servicer. In the case that the Successor Servicer shall not agree to perform any duties or obligations of the Servicer hereunder, such duties or obligations may be performed or delegated by the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Administrative Agent shall have the same rights of removal and termination for cause with respect to any Successor Servicer as with respect to Lendbuzz Floorplan as the Servicer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Successor Servicer shall act as Servicer hereunder and shall, subject to the availability of sufficient funds in the Collection Account pursuant to Section 2.07 (up to the Servicing Fee), receive as compensation therefor the Servicing Fee pursuant to Section 2.07.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) All reasonable out-of-pocket costs and expenses (including attorneys' fees and disbursements) incurred in connection with the transferring of Receivables to the Successor Servicer, converting the Servicer's data to the computer system of the Successor Servicer, and amending this Agreement to reflect such succession as Servicer pursuant to this Section shall be paid by the predecessor Servicer upon presentation of reasonable transition expenses (the "<u>Transition Expenses</u>"). In no event shall the Successor Servicer be responsible for any Transition Expenses. If the predecessor Servicer fails to pay the Transition Expenses, the Transition Expenses shall be payable pursuant to Section 2.07.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Upon its appointment, the Successor Servicer shall be the successor in all respects to the Servicer with respect to servicing functions under this Agreement and shall be subject to all the responsibilities, duties and liabilities relating thereto placed on the Servicer by the terms and provisions hereof, and all references in this Agreement to the Servicer shall be deemed to refer to the Successor Servicer; <u>provided</u>, that any Successor Servicer shall have (i) no liability with respect to any obligation which was required to be performed by the predecessor Servicer prior to the date that the successor becomes the Successor Servicer or any claim of a third party based on any alleged action or inaction of the predecessor Servicer; (ii) no obligation to perform any repurchase or advancing obligations, if any, of the Servicer; (iii) no obligation to pay any Taxes required to be paid by the predecessor Servicer; (iv) no obligation to pay any of the fees and expenses of any other party to this Agreement; (v) no liability or obligation with respect to any Servicer indemnification obligations of any prior Servicer, including Lendbuzz Floorplan; and (vi) no obligation to service the Receivables in accordance with the Credit and Collection Policy, but shall use its customary credit and collection policies for similar assets or those policies to be agreed

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to with the Administrative Agent. The indemnification obligations of the Successor Servicer are expressly limited to those instances of gross negligence, bad faith or willful misconduct of the Successor Servicer. Furthermore, to the extent that the Backup Servicing Agreement provides that any representations, warranties, covenants, or other agreements made hereunder by the Servicer, or obligations undertaken hereunder by the Servicer, shall not be made or performed, or shall be made or performed in an alternative manner, by the Backup Servicer in the event that the Backup Servicer becomes the Successor Servicer hereunder, the Borrower, the Administrative Agent, the Collateral Custodian, and the Lenders agree that the representations, warranties, covenants, other agreement and other obligations of the Servicer hereunder shall not be applicable with respect to, or shall be modified with respect to, the Backup Servicer in its capacity as Successor Servicer and in the manner set forth in the Backup Servicing Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) All authority and power granted to the Servicer under this Agreement shall automatically cease and terminate upon termination of this Agreement and shall pass to and be vested in the Borrower and the Borrower is hereby authorized and empowered to execute and deliver, on behalf of the Servicer, as attorney-in-fact or otherwise, all documents and other instruments, and to do and accomplish all other acts or things necessary or appropriate to effect the purposes of such transfer of servicing rights. The Servicer agrees to cooperate with the Borrower in effecting the termination of the responsibilities and rights of the Servicer to conduct servicing of the Receivables.

Section 7.14. <u>Merger or Consolidation, Assumption of Obligations or Resignation of the Servicer</u>. Any Person (a) into which the Servicer may be merged or consolidated, (b) which may result from any merger or consolidation to which the Servicer may be a party, (c) which may succeed to the properties and assets of the Servicer substantially as a whole, or (d) which may succeed to the duties and obligations of the Servicer under this Agreement following the resignation of the Servicer, which Person executes an agreement of assumption acceptable to the Administrative Agent to perform every obligation of the Servicer hereunder, shall, with the prior written Consent of the Administrative Agent (which Consent shall not be unreasonably withheld), be the successor to the Servicer under this Agreement without further act on the part of any of the parties to this Agreement; <u>provided</u>, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) prior written notice of such consolidation, merger, succession, or resignation shall be delivered by the Servicer to the Administrative Agent and the Collateral Custodian;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) immediately after giving effect to such consolidation, merger, succession, or resignation, no Servicer Termination Event shall have occurred and is continuing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) no Event of Default or Unmatured Event of Default would occur as result of such consolidation, merger, succession, or resignation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Servicer shall have delivered to the Borrower, the Administrative Agent, and the Collateral Custodian an Officer's Certificate and an Opinion of Counsel, each stating that such consolidation, merger, succession, or resignation and such agreement of assumption comply with this Section and that all

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conditions precedent provided for in this Agreement and the other Basic Documents to which it is a party relating to such transaction have been complied with and, in the case of the Opinion of Counsel, that such agreement of assumption is legal, valid, and binding with respect to the Servicer and such other matters as the Administrative Agent may reasonably request; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Servicer shall have delivered to the Borrower, the Administrative Agent, and the Collateral Custodian an Opinion of Counsel to the effect that either: (A) in the opinion of such counsel, all financing statements, continuation statements and amendments and notations on Certificates of Title thereto have been executed and filed that are necessary to preserve and protect the interest of the Borrower, the Secured Parties, the Administrative Agent, and the Collateral Custodian in the Receivables and reciting the details of such filings or (B) no such action shall be necessary to preserve and protect such interest.

Section 7.15. <u>Responsibilities of the Borrower</u>. Anything herein to the contrary notwithstanding, the Borrower shall (i) perform, or cause the Servicer to perform, all of its obligations under the Receivables to the same extent as if a security interest in such Receivables had not been granted hereunder, and the exercise by the Administrative Agent of its rights hereunder shall not relieve the Borrower from such obligations and (ii) pay when due, from funds available to the Borrower under Section 2.07(ix), any Taxes, including any sales taxes payable in connection with the Receivables and their creation and satisfaction. No Secured Party shall have any obligation or liability with respect to any Receivable, nor shall any of them be obligated to perform any of the obligations of the Borrower thereunder.

Section 7.16. <u>Custody of Receivable Files</u>. To assure uniform quality in servicing the Receivables and to reduce administrative costs, the Administrative Agent, on behalf of the Secured Parties, hereby revocably appoints the Collateral Custodian as its agent, and the Collateral Custodian hereby accepts such appointment, to act as custodian, on behalf of the Secured Parties, of the Receivables and the Receivable Files.

Section 7.17. <u>Duties of Collateral Custodian</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Safekeeping</u>. With respect to the documents constituting each Receivable File, the Collateral Custodian shall (i) act exclusively as the custodian for, and the agent and bailee (as such term is used in Section 9-313 of the UCC) of, the Secured Parties, (ii) hold all documents constituting such Receivable Files received by it for the exclusive use and benefit of the Secured Parties, and (iii) make disposition thereof only in accordance with the terms of this Agreement or with written instructions furnished by the Administrative Agent. The Collateral Custodian shall maintain such accurate and complete accounts, records and computer systems pertaining to each Receivable File as shall enable the Servicer and the Borrower to comply with this Agreement. In performing its duties as custodian, the Collateral Custodian shall act with reasonable care, using that degree of skill and attention that it exercises with respect to the files of comparable floorplan auto finance receivables that the Collateral Custodian holds for itself or others. The Collateral Custodian shall maintain continuous custody of the Receivable Files and such other documents received by it in secure, fire resistant facilities; <u>provided</u>, that the Collateral Custodian may, in accordance with its customary custodial practices, (A) maintain all or a portion of the Receivable

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Files in electronic form, (B) maintain custody of all or any portion of the Receivable Files with an Electronic Chattel Paper Sub-Custodian. Each Receivable shall be identified on the books and records of the Collateral Custodian in a manner that (x) indicates that the Receivable is held by the Collateral Custodian on behalf of the Secured Parties and (y) is otherwise necessary, as reasonably determined by the Collateral Custodian to comply with the terms of this Agreement. The Collateral Custodian shall report to the Administrative Agent any failure on its part to hold the Receivable Files and to maintain its accounts, records, and computer systems as herein provided and take appropriate action to remedy any such failure. Nothing herein shall be deemed to require an initial review or any periodic review of the Receivable Files by the Secured Parties, and none of the Secured Parties shall be liable or responsible for any action or failure to act by the Servicer in its capacity as custodian hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Maintenance of and Access to Records</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Except to the extent such Receivable Files are maintained in electronic form, the Collateral Custodian shall maintain each Receivable File at one of the locations specified in Schedule D or at such other location as shall be specified to the Administrative Agent and each Lender, by five (5) days' prior written notice. The Collateral Custodian may temporarily move individual Receivable Files or any portion thereof without notice as requested by the Servicer as necessary to conduct collection and other servicing activities in accordance with its customary practices and procedures. The Collateral Custodian shall make available to the Secured Parties or their duly authorized representatives, attorneys or auditors a list of locations of the Receivable Files, the Receivable Files and the related accounts, records and computer systems maintained by the Collateral Custodian at such times during normal business hours as any Secured Party shall reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The authoritative copy of each Contract that constitutes or evidences a Receivable which is electronic chattel paper will be maintained by an Electronic Chattel Paper Sub-Custodian on behalf of the Collateral Custodian for the benefit of the Secured Parties. The Collateral Custodian will confirm that the authoritative copy of each Contract that constitutes or evidences a Receivable which is electronic chattel paper does not have any marks or notations indicating it has been pledged, assigned or otherwise conveyed to any Person other than the Administrative Agent. The Collateral Custodian will maintain "control" (as defined in Section 9-105 of the UCC) of Receivables that are electronic chattel paper. The Collateral Custodian will confirm that each Receivable which is electronic chattel paper has been established in a manner such that (a) all copies or revisions that add or change an identified assignee of the authoritative copy of each contract that constitutes or evidences the Receivable must be made with the participation of the Collateral Custodian on behalf of the Administrative Agent and (b) all revisions of the authoritative copy of each Contract that constitutes or evidences the Receivables must be readily identifiable as an authorized or unauthorized revision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Title to Receivables</u>. The Receivable Files and the other documents delivered to the Collateral Custodian will be delivered from time to time to the Collateral Custodian for the sole purpose of holding for safekeeping. The Collateral Custodian shall not at any time have, or

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in any way attempt to assert, any interest in any Receivable held by it as custodian hereunder or in the related Receivable File, other than for collecting or enforcing such Receivable for the benefit of the Administrative Agent on behalf of the Secured Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Instructions; Authority to Act</u>. The Collateral Custodian shall be deemed to have received proper instructions with respect to the Receivable Files upon its receipt of written instructions signed by a Responsible Officer of the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Indemnification by Collateral Custodian</u>. The Collateral Custodian, in its capacity as custodian of the Receivable Files, shall indemnify and hold harmless the Secured Parties and each of their respective officers, directors, employees and agents from and against any and all loss, liability or expense that may be imposed on, incurred or asserted against the Secured Parties and each of their respective officers, directors, employees and agents as the result of the Collateral Custodian's willful misconduct, bad faith, or gross negligence relating to the maintenance and custody of the Receivable Files by the Collateral Custodian; <u>provided</u>, that the Collateral Custodian shall not be liable for any portion of any such loss, liability, or expense resulting from the willful misfeasance, bad faith, or gross negligence of any Secured Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Effective Period and Termination</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Collateral Custodian's appointment as custodian shall become effective as of the Closing Date and shall continue in full force and effect until the Collateral Custodian is terminated pursuant to this Section. The appointment of the Collateral Custodian as custodian hereunder may be terminated by the Administrative Agent upon the occurrence of a Backup Custodian Trigger Event. As soon as practicable after the occurrence of a Backup Custodian Trigger Event and any such termination of such appointment, the Administrative Agent shall appoint a successor Collateral Custodian (such party, a "<u>Successor Collateral Custodian</u>", which, unless the Administrative Agent shall select another successor, shall be Vervent Inc.) to be custodian of the Receivable Files and the accounts and records relating thereto and the Collateral Custodian shall, at its sole cost and expense, (i) deliver, or cause to be delivered, the Receivable Files and the related accounts and records maintained by the Collateral Custodian to such Successor Collateral Custodian, or its agent or designee, as the case may be, at such place as such Successor Collateral Custodian may reasonably designate and (ii) otherwise cooperate with the Successor Collateral Custodian in affecting the termination of the rights and responsibilities of the predecessor Collateral Custodian under this Agreement. From and after the appointment of a Successor Collateral Custodian, the predecessor Collateral Custodian shall continue to perform all custodial functions under this Agreement until the date specified by the Administrative Agent in writing or, if no such date is specified, until a date mutually agreed upon by the predecessor Collateral Custodian and the Administrative Agent. The Administrative Agent may, in its discretion, at the time described in immediately preceding sentence, appoint the Backup Servicer as the Successor Collateral Custodian hereunder, and the Backup Servicer shall on such date assume all obligations of the Collateral Custodian hereunder, and all authority and power of the predecessor Collateral Custodian under this Agreement shall pass to and be vested in the Backup Servicer. The Administrative Agent shall have the same rights of removal and termination for cause with respect to any Successor Collateral Custodian as with respect to Lendbuzz Floorplan as the initial Collateral Custodian.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Collateral Custodian hereby agrees that upon any appointment of a Successor Collateral Custodian hereunder it shall take all necessary action reasonably necessary to transfer all of its control of any Receivables consisting of electronic chattel paper to the applicable Successor Collateral Custodian (including the transfer of such electronic chattel paper to a separate electronic vault at each Electronic Chattel Paper Sub-Custodian controlled by such Successor Collateral Custodian or to a separate electronic vault at such Successor Collateral Custodian or export of the electronic chattel paper from the applicable electronic vault and delivery of physical copies of exported Contracts to the Servicer).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Inspection</u>. The Collateral Custodian shall permit the Administrative Agent, the Servicer, the Backup Servicer, and each Lender or their designee, upon reasonable prior notice and during the Servicer's regular business hours and at the reasonable expense of the Borrower, to periodically, at the discretion of the Administrative Agent, the Servicer, the Backup Servicer and each Lender, conduct an audit of the Receivables and Receivable Files. Notwithstanding the foregoing, for so long as Lendbuzz Floorplan is both the Servicer and the Collateral Custodian, the right to conduct inspections of the Collateral Custodian shall instead be governed by the provisions of Section 7.07(d).

ARTICLE EIGHT

EVENTS OF DEFAULT

Section 8.01. <u>Events of Default</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each of the following events shall constitute an "<u>Event of Default</u>":

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) failure by (A) the Borrower, Lendbuzz or Lendbuzz Floorplan to make any payment, transfer, or deposit required by the terms of any Basic Document to which it is a party on the day such payment, transfer, or deposit is required to be made (including, with respect to the Borrower, any payment of Interest or Unused Commitment Fees on any Distribution Date but excluding payments of any Loans Outstanding), or (B) the Borrower to deliver the Monthly Report on the Reporting Date, and in each case, such failure continues unremedied for two (2) Business Days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) failure of the Borrower to (A) pay in full the Loans Outstanding by the Final Maturity Date, (B) to pay any outstanding principal amount of the Lender Advances when the same becomes due and payable pursuant to the terms of the Basic Documents and such failure continues unremedied for one (1) Business Day (other than a prepayment required pursuant to Section 2.06) or (C) to pay in full the Loans Outstanding plus accrued Interest and fees and other Aggregate Unpaids when the same becomes due and payable pursuant to Section 2.06 hereof;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any failure by the Borrower, Lendbuzz Floorplan, or Lendbuzz duly to observe or perform in any material respect any other covenant or agreement of the Borrower, Lendbuzz Floorplan, or Lendbuzz, respectively and, in each case, in any capacity, set forth in this Agreement or the other Basic Documents to which the Borrower, Lendbuzz Floorplan, or Lendbuzz, respectively, is a party, which failure remains unremedied for 30 days after the earlier of knowledge thereof by the Borrower, Lendbuzz Floorplan, or Lendbuzz, as applicable, or after the date on which written notice of such failure shall have been given by the other parties or by the Administrative Agent to the Borrower, Lendbuzz Floorplan, or Lendbuzz, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any representation, warranty, or certification made by the Borrower, Lendbuzz Floorplan, or Lendbuzz in any Basic Document to which it is a party or in any Funding Request, Monthly Report, Quarterly Report, or other report, certificate, or notice delivered pursuant to any Basic Document to which it is a party, shall prove to have been false or otherwise incorrect in any material respect when made, deemed made, or delivered, which such false or incorrect representation, warranty, or information, if able to be cured, shall not have been cured for 30 days after the earlier of the date on which the Borrower, Lendbuzz Floorplan, or Lendbuzz, as applicable, first has knowledge thereof or the date on which written notice of such failure shall have been given to the Borrower, Lendbuzz Floorplan, or Lendbuzz, as applicable; <u>provided</u>, that no Event of Default shall occur under this clause for breaches of representations or warranties that are to be cured by the repurchase of the related Receivable pursuant to Section 5.04 hereof, so long as the related repurchase has been made in accordance with such Section 5.04;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) an Insolvency Event shall occur with respect to the Borrower, Lendbuzz Floorplan, or Lendbuzz;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the Administrative Agent shall fail for any reason to have a valid, first priority perfected security interest in all, or any material portion of, the Collateral (other than (A) by reason of a release of such portion of the Collateral in accordance with the terms hereof or the other Basic Documents or (B) following the satisfaction in full of the Obligations and any other amounts due hereunder or any other Basic Document in accordance with the terms hereof or thereof on or after the Facility Termination Date), which failure shall not have been cured for two (2) Business Days after the earlier of the date on which the Borrower, Lendbuzz Floorplan, or Lendbuzz first has knowledge thereof or the date on which written notice of such failure shall have been given to the Borrower, Lendbuzz, or Lendbuzz Floorplan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) (A) one or more final nonappealable judgments shall be entered against the Borrower, Lendbuzz, or Lendbuzz Floorplan by one or more courts of competent jurisdiction (x) assessing monetary damages, individually or in the aggregate over any calendar year, in excess of $50,000 with respect to the Borrower or (y) which judgment would reasonably be expected to have a Material Adverse Effect on Lendbuzz or Lendbuzz Floorplan, as applicable (with respect to Lendbuzz or Lendbuzz Floorplan); or (B) one or more monetary settlements shall be entered into by the Borrower, Lendbuzz, or Lendbuzz Floorplan with any Person, individually or in the

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aggregate over any calendar year, (x) in excess of $50,000 (with respect to the Borrower) or (y) which settlement would reasonably be expected to have a Material Adverse Effect on Lendbuzz or Lendbuzz Floorplan, as applicable (with respect to Lendbuzz or Lendbuzz Floorplan); (C) the IRS shall file notice of a Lien pursuant to Section 6323 of the Code with regard to any assets of the Borrower, Lendbuzz, or Lendbuzz Floorplan and such Lien shall not have been released within 30 days; or (iv) the Pension Benefit Guaranty Corporation shall file notice of a Lien pursuant to Section 4068 of ERISA with regard to any of the assets of the Borrower, Lendbuzz, or Lendbuzz Floorplan and such Lien shall not have been released within 30 days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the Borrower, Lendbuzz or Lendbuzz Floorplan shall default under any Indebtedness having a principal amount of $50,000 or greater (with respect to the Borrower) or $5,000,000 or greater (with respect to Lendbuzz or Lendbuzz Floorplan), and (A) such default continues after the applicable grace period, if any, specified in the agreements or instruments relating to such Indebtedness and (B) such default has not been waived by the required lenders, creditors, or similarly denominated parties under the agreements or instruments relating to such Indebtedness and in the manner specified in such agreements or instruments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) any Change in Control shall occur without the prior consent of the Administrative Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) the Maximum Advance Rate Test shall fail to be satisfied and has not been cured for three (3) or more Business Days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) either (A) any Basic Document or any lien granted thereunder shall, in whole or in part, terminate, cease to be effective or, with respect to such Basic Documents, cease to be the legally valid, binding, and enforceable obligation of the Borrower, the Borrower, Lendbuzz, or Lendbuzz Floorplan (in each case, in any capacity) or (B) any of the Borrower, Lendbuzz, or Lendbuzz Floorplan (in each case, in any capacity) shall, directly or indirectly, contest in any manner such effectiveness, validity, binding nature, or enforceability of, or assert that it is not bound by, or shall otherwise seek to terminate or disaffirm its obligations under, any Basic Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) any Financial Covenant shall fail to be satisfied;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) the Borrower shall fail to have an Independent Manager as required by Section 6.01(o) at any time; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) any of the Borrower, Lendbuzz, or Lendbuzz Floorplan shall (A) become a "covered fund" under regulations adopted to implement section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act or (B) be required to register as an "investment company" within the meaning of the Investment Company Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon the occurrence of any Event of Default, the Administrative Agent shall, at the request, or may with the consent, of the Required Lenders, by notice to the Borrower, declare the

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Final Maturity Date to have occurred, without demand, protest, or future notice of any kind, all of which are hereby expressly waived by the Borrower, and, upon such declaration, all Loans and all other amounts owing by the Borrower under this Agreement shall be accelerated and become immediately due and payable; <u>provided</u>, that in the event that an Event of Default described in Section 8.01(a)(v) has occurred, the Final Maturity Date shall automatically occur, without demand, protest, or any notice of any kind, all of which are hereby expressly waived by the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon the automatic occurrence or declaration of the occurrence of the Final Maturity Date in accordance with Section 8.01(b), the Revolving Period or Amortization Period, as applicable, shall terminate and no further Loans will be made.

Section 8.02. <u>Actions Upon Declaration of the Occurrence of the Final Maturity Date</u>. Upon the automatic occurrence or declaration of the occurrence of the Final Maturity Date following the occurrence of an Event of Default in accordance with Section 8.01(b), the Administrative Agent may, or at the direction of the Required Lenders, shall, exercise in respect of the Collateral the following remedial actions, in addition to any and all other rights and remedies otherwise available to it, including rights available hereunder and all of the rights and remedies of a secured party upon default under the UCC (such rights and remedies to be cumulative and nonexclusive):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Administrative Agent may, without notice to the Borrower except as required by law and at any time or from time to time, charge, set-off, and otherwise apply all or any part of the Loans Outstanding, any Interest accrued thereon and/or any other amount due and owing to any Secured Party against amounts payable to the Borrower from the Collection Account or any part of such account in accordance with the priorities required by Section 2.07.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Administrative Agent may take any action permitted under the Basic Documents, including, without limitation, delivering any shifting control or similar notice under the Blocked Account Control Agreement or the Control Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Consistent with the rights and remedies of a secured party under the UCC (and except as otherwise required by the UCC), the Administrative Agent may, on behalf of itself and the Lenders and without notice except as specified below, solicit and accept bids for and sell the Collateral or any part of the Collateral in one or more parcels at public or private sale, at any exchange, broker's board or at the Administrative Agent's offices or elsewhere, for cash, on credit, or for future delivery, and upon such other terms as the Administrative Agent may deem commercially reasonable. The Borrower agrees that, to the extent notice of sale shall be required by law, at least ten Business Days' notice to the Borrower of the time and place of any public sale or the time after which any private sale is to be made shall constitute reasonable notification. The Administrative Agent shall not be obligated to make any sale of Collateral regardless of notice of sale having been given. The Administrative Agent may adjourn any public or private sale from time to time by announcement at the time and place fixed for such sale, and such sale may, without further notice, be made at the time and place to which it was so adjourned. Every such sale shall operate to divest all right, title, interest, claim, and demand whatsoever of the Borrower in and to the Collateral so sold, and shall be a perpetual bar, both at law and in equity, against the Borrower or any Person claiming the Collateral sold through the Borrower and its successors or assigns.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Upon the completion of any sale under Section 8.02(c), the Borrower will deliver or cause to be delivered all of the Collateral sold to the purchaser or purchasers at such sale on the date of sale, or within a reasonable time thereafter if it shall be impractical to make immediate delivery, but in any event full title and right of possession to such property shall pass to such purchaser or purchasers forthwith upon the completion of such sale. Nevertheless, if so requested by the Administrative Agent or by any purchaser, the Borrower shall confirm any such sale or transfer by executing and delivering to such purchaser all proper instruments of conveyance and transfer and release as may be designated in any such request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) At any sale under Section 8.02(c), Lendbuzz, Lendbuzz Floorplan, the Administrative Agent, or any Secured Party may bid for and purchase the property offered for sale and, upon compliance with the terms of sale, may hold, retain, and dispose of such property without further accountability therefor. Any Secured Party purchasing property at a sale under Section 8.02(c) may set off the purchase price of such property against amounts owing to such Secured Party in full payment of such purchase price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Administrative Agent may direct the Servicer to direct Collections to an account other than the Remittance Account or the Collection Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Administrative Agent may exercise, at the Borrower's sole expense, any and all rights and remedies of the Borrower under or in connection with the Collateral.

Section 8.03. <u>Exercise of Remedies</u>. No failure or delay on the part of the Administrative Agent to exercise any right, power, or privilege under this Agreement and no course of dealing between the Borrower, on the one hand, and the Administrative Agent or the Secured Parties, on the other hand, shall operate as a waiver of such right, power or privilege, nor shall any single or partial exercise of any right, power, or privilege under this Agreement preclude any other or further exercise of such right, power, or privilege or the exercise of any other right, power or privilege. The rights and remedies expressly provided in this Agreement are cumulative and not exclusive of any rights or remedies which the Secured Parties would otherwise have pursuant to law or equity. No notice to or demand on any party in any case shall entitle such party to any other or further notice or demand in similar or other circumstances, or constitute a waiver of the right of the other party to any other or further action in any circumstances without notice or demand.

Section 8.04. <u>Waiver of Certain Laws</u>. The Borrower agrees, to the full extent that it may lawfully so agree, that neither it nor anyone claiming through or under it will set up, claim, or seek to take advantage of any appraisal, valuation, stay, extension, or redemption law now or hereafter in force in any locality where any Collateral may be situated in order to prevent, hinder, or delay the enforcement or foreclosure of this Agreement, or the absolute sale of any of the Collateral or any part thereof, or the final and absolute putting into possession thereof, immediately after such sale, of the purchasers thereof, and the Borrower, for itself and all who may at any time claim through or under it, hereby waives, to the full extent that it may be lawful so to do, the benefit of all such laws, and any and all right to have any of the properties or assets constituting the Collateral marshaled upon any such sale, and agrees that the Administrative Agent or any court having jurisdiction to foreclose the security interests granted in this Agreement may sell the Collateral as an entirety or such parcels as the Administrative Agent or such court may determine.

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Section 8.05. <u>Power of Attorney</u>. The Borrower hereby irrevocably appoints the Administrative Agent its true and lawful attorney (with full power of substitution) in its name, place, and stead and at its expense, in connection with the enforcement of the rights and remedies provided for in this Article, including: (i) to give any necessary receipts or acquittance for amounts collected or received hereunder, (ii) to make all necessary transfers of the Collateral in connection with any sale or other disposition made pursuant hereto, (iii) to execute and deliver for value all necessary or appropriate bills of sale, assignments, and other instruments in connection with any such sale or other disposition, the Borrower thereby ratifying and confirming all that such attorney (or any substitute) shall lawfully do hereunder and pursuant hereto, and (iv) to sign any agreements, orders, or other documents in connection with or pursuant to any Basic Document. In furtherance of the foregoing, the Borrower shall deliver to the Administrative Agent an executed power of attorney in the form of Exhibit D on the Closing Date. If so requested by the Administrative Agent, directly or through a purchaser of any of the Collateral, the Borrower shall ratify and confirm any such sale or other disposition by executing and delivering to the Administrative Agent or such purchaser all proper bills of sale, assignments, releases, and other instruments as may be designated in any such request.

ARTICLE NINE

INDEMNIFICATION

Section 9.01. <u>Indemnities by the Borrower</u>. Without limiting any other rights which the Administrative Agent, each Lender or its assignee, the Backup Servicer (including in its capacity as Successor Servicer), the Account Bank, the Collateral Custodian (if not Lendbuzz Floorplan), the Servicer (if not Lendbuzz Floorplan), or any of their respective Affiliates may have hereunder or under Applicable Law, the Borrower hereby agrees to indemnify the Administrative Agent, each Lender, the Backup Servicer, including if it is then acting as Successor Servicer, the Account Bank, the Collateral Custodian (if not Lendbuzz Floorplan), the Servicer (if not Lendbuzz Floorplan), and each of their respective Affiliates and officers, directors, employees and agents thereof (collectively, the "<u>Indemnified Parties</u>") from and against any and all reasonable and documented fees, damages, losses, claims, liabilities and related costs and expenses, including reasonable attorneys' fees, court costs, and expenses (collectively, the "<u>Indemnified Amounts</u>") awarded against or incurred by, any such Indemnified Party arising out of or as a result of this Agreement, excluding, however, Indemnified Amounts to the extent resulting from the gross negligence, bad faith, or willful misconduct on the part of any Indemnified Party. Without limiting the foregoing, the Borrower shall indemnify the Indemnified Parties for Indemnified Amounts relating to or resulting from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any Receivable represented by the Borrower to be an Eligible Receivable which is not at the applicable time an Eligible Receivable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) reliance on any representation or warranty made or deemed made by the Borrower or any of its respective officers under or in connection with this Agreement or any other Basic Document, which shall have been false or incorrect in any material respect when made or deemed made or delivered;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the failure by the Borrower to comply with any term, provision, or covenant contained in this Agreement or any other Basic Document, or a failure by the Borrower to comply with any Applicable Law with respect to any Contract or Receivable, the related Financed Vehicle or the non-conformity of any Contract with any such Applicable Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the failure to vest and maintain vested in the Administrative Agent a valid and enforceable security interest in any or all of the Collateral or a valid and enforceable first priority perfected security interest in any or all of the Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the failure to file, or any delay in filing, financing statements or other similar instruments or documents under the UCC of any applicable jurisdiction or other Applicable Laws with respect to the Collateral, whether at the time of a Loan or at any subsequent time and as required by the Basic Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any dispute, claim, offset, or defense (other than the discharge in bankruptcy of the related Dealer) of a Dealer to the payment of any Receivable comprising a portion of the Collateral which is, or is purported to be, an Eligible Receivable (including a defense based on the Contract not being a legal, valid, and binding obligation of such Dealer enforceable against it in accordance with its terms) or any other claim resulting from the sale or financing of the Financed Vehicle related to such Receivable (other than as a result of the bankruptcy or insolvency of the related Dealer);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) any products liability claim or personal injury or property damage suit or other similar or related claim or action of whatever sort arising out of or in connection with any Contract or the related Financed Vehicle;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the failure by the Borrower to pay when due any Taxes for which the Borrower is liable, including sales, excise or personal property taxes payable in connection with the Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) any repayment or disgorgement by any Secured Party of any amount previously distributed in reduction of the Loans Outstanding or payment of Interest, any other Obligation or any other amount due hereunder or under any Hedging Agreement, in each case which amount such entity believes in good faith is required to be repaid or disgorged;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) any litigation, proceeding, or investigation relating to arising from the Basic Documents, the transactions contemplated hereby and thereby, the use of proceeds of the Loans or any other investigation, litigation or proceeding relating to the Borrower in which any Indemnified Party becomes involved as a result of any of the transactions contemplated by the Basic Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) the use of the proceeds of any Loan;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) any failure by the Borrower to give reasonably equivalent value to the Seller in consideration for the transfer by the Seller to the Borrower of any of the Receivables and the related Collateral or any attempt by any Person to void or otherwise avoid any such transfer under any statutory provision or common law or equitable action, including any provision of the Bankruptcy Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) the commingling by the Borrower of any Collections with other funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) any claim brought by any Person arising from any activity by the Borrower in servicing, administering or collecting any Receivable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) the failure of the Remittance Account Bank or the Account Bank, respectively, to remit any amounts or items of payment held in the Remittance Account or the Collection Account pursuant to the instructions of the Administrative Agent given in accordance with this Agreement or the other Basic Documents, whether by reason or the exercise of setoff rights or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) all reasonable and documented fees, costs, and expenses (including reasonable legal fees and expenses) incurred by any Lender or the Administrative Agent in connection with any amendments, supplements, waivers, or consents (including review and analysis thereof) with respect to the Basic Documents or any other document or instrument delivered pursuant hereto or thereto (whether or not the same is finally agreed to) if the same is requested by the Borrower, or is required or necessary under the Basic Documents; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) any and all Sanctions against, and all reasonable costs and expenses (including attorneys' fees and disbursements) incurred in connection with the defense thereof by the Administrative Agent or any Lender as a result of funding all or any portion of the Loans or the acceptance of payments or of Collateral due under the Basic Documents.

Notwithstanding the foregoing, in no event shall any Indemnified Party be indemnified against any Indemnified Amounts to the extent such Indemnified Amounts are or result from (A) Excluded Taxes (except as specified above in this Section 9.01 <u>or as may be described in clause (B)</u> <u>which follows</u>), (B) Taxes other than any Taxes that represent losses, claims, damages, etc. arising from any non-Tax claim, (C) non-payment by any Dealer of any amount that is due and payable under the related Receivable, or (D) any loss in value of any Financed Vehicle or Permitted Investments for reasons that are not caused by the Borrower. For the avoidance of doubt, the terms of this Section shall not duplicate any indemnification relating to Taxes that are indemnified by the terms of Section 2.12.

Any amounts subject to the indemnification provisions of this Section shall be paid by the Borrower solely pursuant to the provisions of Section 2.07 in the order and priority set forth therein not later than the first Distribution Date following written demand therefor.

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Section 9.02. <u>Indemnities by the Servicer and the Collateral Custodian</u>. Without limiting any other rights which the Administrative Agent, each Lender or its assignee, the Backup Servicer, the Account Bank, or any of their respective Affiliates may have hereunder or under Applicable Law, the initial Servicer and the initial Collateral Custodian each hereby agree to indemnify the Indemnified Parties from and against any and all Indemnified Amounts awarded against or incurred by, any such Indemnified Party arising out of or as a result of the failure of the initial Servicer or the initial Collateral Custodian, respectively, to perform its obligations under this Agreement, excluding, however, Indemnified Amounts to the extent resulting from the gross negligence, bad faith, or willful misconduct on the part of any Indemnified Party. Without limiting the foregoing, the initial Servicer and the initial Collateral Custodian shall each indemnify the Indemnified Parties for Indemnified Amounts relating to or resulting from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) reliance on any representation or warranty made or deemed made, respectively, by the Servicer or any of its respective officers or by the Collateral Custodian or any of its respective officers, in all cases under or in connection with this Agreement or any other Basic Document, which shall have been false or incorrect in any material respect when made or deemed made or delivered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the failure by the Servicer or the Collateral Custodian, respectively, to comply with any term, provision, or covenant contained in this Agreement or any other Basic Document to which it is a party or a failure by the Servicer or the Collateral Custodian, respectively, to comply with any term, provision, or covenant contained in any agreement executed in connection with this Agreement or any other Basic Document, or with any Applicable Law with respect to any Contract or Receivable, the related Financed Vehicles or the non-conformity of any Contract with any such Applicable Law and any failure by Lendbuzz Floorplan to perform its respective duties under the Contracts and Receivables included as a part of the Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) with respect to the Servicer only, the failure to vest and maintain vested in the Administrative Agent a valid and enforceable security interest in any or all of the Collateral or a valid and enforceable first priority perfected security interest in any or all of the Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) with respect to the Servicer only, the failure to file, or any delay in filing, financing statements or other similar instruments or documents under the UCC of any applicable jurisdiction or other Applicable Laws with respect to the Collateral, whether at the time of a Loan or at any subsequent time and as required by the Basic Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any failure by the Servicer or the Collateral Custodian, respectively, to perform its respective duties or obligations in accordance with the provisions of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the failure, respectively, by the Servicer to pay when due any Taxes for which the Servicer is liable or by the Collateral Custodian to pay when due any Taxes for which the Collateral Custodian is liable, in all cases including sales, excise, or personal property taxes payable in connection with the Collateral;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) any litigation, proceeding or investigation relating to or arising from the obligation of the Servicer or the Collateral Custodian, respectively, under the Basic Documents to which it is a party, the transactions contemplated hereby and thereby, or any other investigation, litigation or proceeding relating to the Servicer or the Collateral Custodian, respectively, in which any Indemnified Party becomes involved as a result of any of the transactions contemplated by such Basic Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) any claim brought by any Person arising from any activity by the Servicer or the Collateral Custodian, respectively, in servicing, administering or collecting any Receivable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) to the extent caused by actions or inactions of the Servicer or the Collateral Custodian, respectively, the failure of the Remittance Account Bank to remit any amounts or items of payment held in the Remittance Account pursuant to the instructions of the Administrative Agent given in accordance with this Agreement or the other Basic Documents, whether by reason or the exercise of setoff rights or otherwise; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) all reasonable and documented fees, costs and expenses (including reasonable legal fees and expenses) incurred by any Lender, or the Administrative Agent in connection with any amendments, supplements, waivers, or consents (including review and analysis thereof) with respect to the Basic Documents or any other document or instrument delivered pursuant hereto or thereto (whether or not the same is finally agreed to) if the same is requested by the Servicer or the Collateral Custodian, respectively.

Notwithstanding the foregoing, in no event shall any Indemnified Party be indemnified against any Indemnified Amounts to the extent such Indemnified Amounts are or result from (A) Excluded Taxes (except as specified above in this Section 9.02 <u>or as may be described in clause (B)</u> <u>which follows</u>), (B) Taxes other than any Taxes that represent losses, claims, damages, etc. arising from any non-Tax claim, (C) non-payment by any Dealer of any amount that is due and payable under the related Receivable, or (D) any loss in value of any Financed Vehicle or Permitted Investments for reasons that are not caused by the Servicer.

Any amounts subject to the indemnification provisions of this Section shall be paid by the Servicer or the Collateral Custodian, respectively, to the related Indemnified Party within 20 Business Days following written demand therefor.

Section 9.03. <u>Indemnities by the Backup Servicer in its Capacity as the Successor Servicer or Successor Collateral Custodian</u>. Notwithstanding any indemnification obligations that the Backup Servicer may assume in a Backup Servicing Agreement, in no event shall the Backup Servicer, in its capacity as Successor Servicer, have (a) any liability with respect to any obligation which was required to be performed by the predecessor Servicer prior to the date that the Backup Servicer becomes the Successor Servicer or any claim of a third party based on any alleged action

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or inaction of the predecessor Servicer or the predecessor Collateral Custodian, respectively, or (b) any liability or obligation with respect to any Servicer indemnification obligations of any prior Servicer, including, respectively, Lendbuzz Floorplan or Lendbuzz.

ARTICLE TEN

THE ADMINISTRATIVE AGENT

Section 10.01. <u>Authorization and Action</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Lender and each Secured Party (other than the Administrative Agent) hereby designates and appoints Regions Bank (and Regions Bank accepts such designation and appointment) as Administrative Agent hereunder, and authorizes the Administrative Agent to take such actions as agent on its behalf and to exercise such powers as are delegated to the Administrative Agent by the terms of this Agreement together with such powers as are reasonably incidental thereto. In performing its functions and duties hereunder, the Administrative Agent shall act solely as agent for the Secured Parties and does not assume nor shall be deemed to have assumed any obligation or relationship of trust or agency with or for the Borrower or any of its successors or assigns. The Administrative Agent shall not be required to take any action which exposes it to personal liability or which is contrary to this Agreement or Applicable Law. The appointment and authority of the Administrative Agent hereunder shall terminate at the indefeasible payment in full of the Aggregate Unpaids.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding any provision to the contrary elsewhere in this Agreement, the Administrative Agent shall not have any duties or responsibilities, except those expressly set forth herein, or any fiduciary relationship with any Lender, and no implied covenants, functions, responsibilities, duties, obligations, or liabilities shall be read into this Agreement or otherwise exist against the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Administrative Agent shall promptly distribute to each Lender all notices, requests for consent and other information received by the Administrative Agent under this Agreement.

Section 10.02. <u>Delegation of Duties</u>. The Administrative Agent may execute any of its duties under any of the Basic Documents by or through agents or attorneys-in-fact and shall be entitled to advice of counsel concerning all matters pertaining to such duties. The Administrative Agent shall not be responsible for the negligence or misconduct of any agents or attorneys-in-fact selected by it with reasonable care.

Section 10.03. <u>Exculpatory Provisions</u>. Neither the Administrative Agent nor any of its directors, officers, agents, or employees shall be (i) liable for any action lawfully taken or omitted to be taken by it or them under or in connection with this Agreement (except for its, their or such Person's own gross negligence or willful misconduct or, in the case of the Administrative Agent, the breach of its obligations expressly set forth in this Agreement) or (ii) responsible in any manner to any of the Secured Parties for any recitals, statements, representations, or warranties made by the Borrower, the Servicer, the Backup Servicer, the Limited Guarantor, or the Collateral Custodian contained in this Agreement or in any certificate, report, statement, or other document

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referred to or provided for in, or received under or in connection with, this Agreement or any other Basic Document to which it is a party for the value, validity, effectiveness, genuineness, enforceability, or sufficiency of this Agreement or any other document furnished in connection herewith, or for any failure of the Borrower to perform its obligations hereunder, or for the satisfaction of any condition specified in Article Four. The Administrative Agent shall not be under any obligation to any Secured Party to ascertain or to inquire as to the observance or performance of any of the agreements or covenants contained in, or conditions of, this Agreement, or to inspect the properties, books, or records of the Borrower.

Section 10.04. <u>Reliance</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Administrative Agent shall be entitled to rely, and shall be fully protected in relying, upon any writing, resolution, notice, consent, certificate, affidavit, letter, cablegram, telegram, telecopy, telex or teletype message, written statement, order, or other document or conversation believed by it to be genuine and correct and to have been signed, sent, or made by the proper Person or Persons and upon advice and statements of legal counsel (including counsel to the Administrative Agent), independent accountants, and other experts selected by the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Administrative Agent shall be fully justified in failing or refusing to take any action under any of the Basic Documents unless it shall first receive such advice or concurrence of the Required Lenders as it deems appropriate or it shall first be indemnified to its satisfaction by the Lenders against any and all liability and expense which may be incurred by it by reason of taking or continuing to take any such action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Administrative Agent shall in all cases be fully protected in acting, or in refraining from acting, under any of the Basic Documents in accordance with a request of the Required Lenders, and such request and any action taken or failure to act pursuant thereto shall be binding upon all present and future Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) [reserved]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of any breach of this Agreement or the occurrence of any Servicer Termination Event, Early Amortization Event, or Event of Default unless it has received notice from the Borrower, the Servicer, the Backup Servicer or any Lender, referring to this Agreement and describing such event. In the event that the Administrative Agent receives such a notice, it shall promptly give notice thereof to each Lender. The Administrative Agent shall take such action with respect to such event as shall be reasonably directed by the Required Lenders; <u>provided</u>, that unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such event as it shall deem advisable in the best interests of the Lenders.

Section 10.05. <u>Non-Reliance on Other Lenders</u>. Each Lender expressly acknowledges that neither the Administrative Agent nor any of its officers, directors, employees, agents, attorneys-in-fact, or Affiliates has made any representations or warranties to it and that no act by the Administrative Agent hereafter taken, including any review of the affairs of the Borrower, the

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Servicer, the Limited Guarantor, the Backup Servicer, or the Collateral Custodian shall be deemed to constitute any representation or warranty by the Administrative Agent to any Lender. Each Lender represents to the Administrative Agent that it has, independently and without reliance upon the Administrative Agent or any other Lender, and based on such documents and information as it has deemed appropriate, made its own appraisal of, and investigation into, the business, operations, property, financial, and other condition and creditworthiness of the Borrower, the Servicer, the Limited Guarantor, the Backup Servicer, the Collateral Custodian, and the Receivables and made its own decision to purchase its interest in the Loans hereunder and enter into this Agreement. Each Lender also represents that it will, independently and without reliance upon the Administrative Agent or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own analysis, appraisals, and decisions in taking or not taking action under any of the Basic Documents, and to make such investigation as it deems necessary to inform itself as to the business, operations, property, financial, and other condition and creditworthiness of the Borrower, the Servicer, the Limited Guarantor, the Backup Servicer or the Collateral Custodian and the Receivables. Except for notices, reports and other documents received by the Administrative Agent hereunder, the Administrative Agent shall not have any duty or responsibility to provide any Lender with any credit or other information concerning the business, operations, property, condition (financial or otherwise), prospects, or creditworthiness of the Borrower, the Servicer, the Limited Guarantor, the Backup Servicer, the Collateral Custodian, or the Receivables which may come into the possession of the Administrative Agent or any of its officers, directors, employees, agents, attorneys-in-fact, or affiliates.

Section 10.06. <u>Indemnification</u>. The Lenders agree to indemnify the Administrative Agent in its capacity as such (without limiting the obligation (if any) of the Borrower or the Servicer to reimburse the Administrative Agent for any such amounts), ratably according to their respective Commitments (or, if the Commitments have terminated, Invested Percentages), from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses, or disbursements of any kind whatsoever which may at any time (including at any time following the payment of the obligations under this Agreement, including the Loans Outstanding) be imposed on, incurred by or asserted against the Administrative Agent in any way relating to or arising out of this Agreement, or any documents contemplated by or referred to herein or the transactions contemplated hereby or any action taken or omitted by the Administrative Agent under or in connection with any of the foregoing; <u>provided</u>, that no Lender shall be liable for the payment of any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses, or disbursements of the Administrative Agent resulting from its own gross negligence or willful misconduct. The provisions of this Section shall survive the payment of the obligations under this Agreement, including the Loans Outstanding, the termination of this Agreement, and any resignation or removal of the Administrative Agent.

Section 10.07. <u>Administrative Agent in its Individual Capacity</u>. The Administrative Agent and its Affiliates may make loans to, accept deposits from, and generally engage in any kind of business with the Borrower and any other party to a Basic Document as though it were not the Administrative Agent hereunder. In addition, the Lenders acknowledge that the Administrative Agent may act (i) as administrator, sponsor, or agent for one or more Lenders and in such capacity act and may continue to act on behalf of each such Lender in connection with its business, and

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(ii) as the agent in various other capacities relating to the business of any such Lender under various agreements. The Administrative Agent shall not, by virtue of its acting in any such other capacities, be deemed to have duties or responsibilities hereunder or be held to a standard of care in connection with the performance of its duties as Administrative Agent other than as expressly provided in this Agreement. The Administrative Agent may act in such capacity without regard to and without additional duties or liabilities arising from its role as such administrator or agent or arising from its acting in any such other capacity. None of the provisions to this Agreement shall require the Administrative Agent to expend or risk its own funds or otherwise to incur any liability, financial or otherwise, in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers if it shall have reasonable grounds for believing that repayment of such funds or indemnity satisfactory to it against such risk or liability is not assured to it.

Section 10.08. <u>Successor Administrative Agent</u>. The Administrative Agent may assign its rights and obligations hereunder with the consent of the Required Lenders and the Borrower. The Administrative Agent may resign as Administrative Agent upon ten (10) days' notice to the Lenders and the Borrower with such resignation becoming effective upon a successor agent succeeding to the rights, powers and duties of the Administrative Agent pursuant to this Section. If the Administrative Agent shall resign as Administrative Agent under this Agreement, then the Required Lenders shall appoint a successor administrative agent. Any successor administrative agent shall succeed to the rights, powers and duties of resigning Administrative Agent, and the term "Administrative Agent" shall mean such successor administrative agent effective upon its appointment, and the former Administrative Agent's rights, powers and duties as Administrative Agent shall be terminated, without any other or further act or deed on the part of such former Administrative Agent or any of the parties to this Agreement. After the retiring Administrative Agent's resignation as Administrative Agent, the provisions of this Article shall inure to its benefit as to any actions taken or omitted to be taken by it while it was Administrative Agent under this Agreement.

Section 10.09. <u>Erroneous Payments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Lender hereby agrees that (i) if the Administrative Agent notifies such Lender that the Administrative Agent has determined in its sole discretion that any funds received by such Lender from the Administrative Agent or any of its Affiliates (whether as a payment, prepayment, or repayment of principal, interest, fees, or otherwise; individually and collectively, a "<u>Payment</u>") were erroneously transmitted to such Lender (whether or not known to such Lender), and demands the return of such Payment (or a portion thereof), such Lender shall promptly, but in no event later than one Business Day thereafter, return to the Administrative Agent the amount of any such Payment (or portion thereof) as to which such a demand was made in same day funds, together with interest thereon in respect of each day from and including the date such Payment (or portion thereof) was received by such Lender to the date such amount is repaid to the Administrative Agent at the greater of the NYFRB Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation from time to time in effect, and (ii) to the extent permitted by applicable law, such Lender shall not assert, and hereby waives, as to the Administrative Agent, any claim, counterclaim, defense, or right of set-off or recoupment with respect to any demand, claim, or counterclaim by the Administrative Agent for the return of any Payments received, including without limitation any defense based on "discharge for value" or any similar doctrine. A notice of the Administrative Agent to any Lender under this Section shall be conclusive, absent manifest error.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Lender hereby further agrees that if it receives a Payment from the Administrative Agent or any of its Affiliates (i) that is in a different amount than, or on a different date from, that specified in a notice of payment sent by the Administrative Agent (or any of its Affiliates) with respect to such Payment (a '<u>Payment Notice</u>') or (ii) that was not preceded or accompanied by a Payment Notice, it shall be on notice, in each such case, that an error has been made with respect to such Payment. Each Lender agrees that, in each such case, or if it otherwise becomes aware a Payment (or portion thereof) may have been sent in error, such Lender shall promptly notify the Administrative Agent of such occurrence and, upon demand from the Administrative Agent, it shall promptly, but in no event later than one Business Day thereafter, return to the Administrative Agent the amount of any such Payment (or portion thereof) as to which such a demand was made in same day funds, together with interest thereon in respect of each day from and including the date such Payment (or portion thereof) was received by such Lender to the date such amount is repaid to the Administrative Agent at the greater of the NYFRB Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation from time to time in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each party's obligations under this Section shall survive the resignation or replacement of the Administrative Agent or any transfer of rights or obligations by, or the replacement of, a Lender, the termination of the Commitments or the repayment, satisfaction, or discharge of all Obligations under any Basic Document.

ARTICLE ELEVEN

ASSIGNMENTS; PARTICIPATIONS

Section 11.01. <u>Assignments and Participations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Lender may, upon at least five (5) Business Days' notice to the Administrative Agent, assign to one or more banks or other entities all or a portion of its rights and obligations under this Agreement; <u>provided</u>, that (i) each such assignment shall be of a constant, and not a varying, percentage of all of the assigning Lender's rights and obligations under this Agreement, (ii) the amount of the Commitment of the assigning Lender being assigned pursuant to each such assignment (determined as of the date of the Assignment and Acceptance with respect to such assignment), except if being assigned to an Affiliate of the Lender, shall in no event be less than the lesser of (A) $5,000,000 or an integral multiple of $1,000,000 in excess of that amount and (B) the full amount of the assigning Lender's Commitment, (iii) each such assignment shall be to an Eligible Assignee, (iv) the parties to each such assignment shall execute and deliver to the Administrative Agent (with a copy to the Borrower), for its recording in the Lender Register, an Assignment and Acceptance, together with a processing and recordation fee of $3,500 or such lesser amount as shall be approved by the Administrative Agent, (v) the parties to each such assignment shall have agreed to reimburse the Administrative Agent for all reasonable fees, costs and expenses (including the reasonable fees and disbursements of counsel for the Administrative Agent) incurred by the Administrative Agent in connection with such assignment, (vi) each Person that becomes a Lender under an Assignment and Acceptance shall agree to be bound by the

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confidentiality provisions of Article Twelve, and (vii) there shall be no increased costs, expenses or Taxes incurred by the Administrative Agent or any Lender upon assignment or participation. Upon such execution, delivery and recording by the Administrative Agent, from and after the effective date specified in each Assignment and Acceptance, (i) the assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, have the rights and obligations of a Lender hereunder and (ii) the Lender assignor thereunder shall, to the extent that rights and obligations hereunder have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under this Agreement (and, in the case of an Assignment and Acceptance covering all or the remaining portion of an assigning Lender's rights and obligations under this Agreement, such Lender shall cease to be a party hereto).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) By executing and delivering an Assignment and Acceptance, the Lender assignor thereunder and the assignee thereunder confirm to and agree with each other and the other parties hereto as follows: (i) other than as provided in such Assignment and Acceptance, such assigning Lender makes no representation or warranty and assumes no responsibility with respect to any statements, warranties, or representations made in or in connection with this Agreement or the execution, legality, validity, enforceability, genuineness, sufficiency, or value of this Agreement or any other instrument or document furnished pursuant hereto; (ii) such assignee confirms that it has received a copy of this Agreement, together with copies of such financial statements and other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into such Assignment and Acceptance; (iii) such assignee will, independently and without reliance upon the Administrative Agent, such assigning Lender or any other Lender and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under this Agreement; (iv) such assigning Lender and such assignee confirm that such assignee is an Eligible Assignee; (v) such assignee appoints and authorizes the Administrative Agent to take such action as agent on its behalf and to exercise such powers under this Agreement as are delegated to such agent by the terms hereof, together with such powers as are reasonably incidental thereto; and (vi) such assignee agrees that it will perform in accordance with their terms all of the obligations which by the terms of this Agreement are required to be performed by it as a Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Administrative Agent, acting solely for this purpose as a non-fiduciary agent of the Borrower, shall maintain at its address referred to herein a copy of each Assignment and Acceptance delivered to it and a register for the recordation of the names, addresses and Commitment of each Lender and the Principal Amount (and stated interest) of each Loan made by each Lender from time to time (the "<u>Lender Register</u>"). The entries in the Lender Register shall be conclusive and binding for all purposes, absent manifest error, and the Borrower and the Lenders shall treat each Person whose name is recorded in the Lender Register as a Lender hereunder for all purposes of this Agreement. The Lender Register shall be available for inspection by any Lender at any reasonable time and from time to time upon reasonable prior notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Subject to the provisions of Section 11.01(a), upon its receipt of an Assignment and Acceptance executed by an assigning Lender and an assignee, the Administrative Agent shall, if such Assignment and Acceptance has been completed, accept such Assignment and Acceptance, and the Administrative Agent shall then record the information contained therein in the Lender Register.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Each Lender may sell participations to one or more banks or other entities in or to all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment and each Loan owned by it); <u>provided</u>, that (i) such Lender's obligations under this Agreement (including its Commitment hereunder) shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations, (iii) the Administrative Agent and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender's rights and obligations under this Agreement, (iv) the Borrower provides its prior written consent to the sale of such participation (such consent of the Borrower not to be unreasonably withheld), and (v) unless an Event of Default has occurred and is continuing, no participation may be sold to any Competitor unless approved by the Borrower in writing prior to such sale. Notwithstanding anything herein to the contrary, each participant shall have the rights of a Lender (including any right to receive payment) under Sections 2.11 and 2.12; <u>provided</u>, that no participant shall be entitled to receive payment under either such Section in excess of the amount that would have been payable under such Section by the Borrower to the Lender granting its participation had such participation not been granted, and no Lender granting a participation shall be entitled to receive payment under either such Section in an amount which exceeds the sum of (i) the amount to which such Lender is entitled under such Section with respect to any portion of any Loan owned by such Lender which is not subject to any participation <u>plus</u> (ii) the aggregate amount to which its participants are entitled under such Sections with respect to the amounts of their respective participations. With respect to any participation described in this Section, the participant's rights as set forth in the agreement between such participant and the applicable Lender to agree to or to restrict such Lender's ability to agree to any modification, waiver or release of any of the terms of this Agreement or to exercise or refrain from exercising any powers or rights which such Lender may have under or in respect of this Agreement shall be limited to the right to consent to any of the matters set forth in Section 11.01.

Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrower, maintain a register on which it enters the name and address of each participant and the principal amounts (and stated interest) of each participant's interest in the obligations under this Agreement (the "<u>Participant Register</u>"); <u>provided</u>, that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any participant or any information relating to a participant's interest in any Commitment or Loan or its other obligations under the Agreement) to any person except to (A) the Administrative Agent and (B) the extent that such disclosure is necessary to establish that such Commitment, Loan, or other obligation is in registered form under Treasury Regulations Section 5f.103-1(c). The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Each Lender may, in connection with any assignment or participation or proposed assignment or participation pursuant to this Section, disclose to the assignee or participant or proposed assignee or participant any information, including Confidential Information, relating to the Borrower furnished to such Lender by or on behalf of the Borrower.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Nothing herein shall prohibit any Lender from (i) pledging or assigning as Collateral any of its rights under this Agreement to any Federal Reserve Bank or any other Governmental Authority in accordance with Applicable Law or (ii) pledging or granting a security interest in all or any portion of its rights (including payments to it under this Agreement and the other Basic Documents) under this Agreement to a collateral trustee in order to comply with Rule 3a-7 under the Investment Company Act; <u>provided</u>, that in each case, (A) any such pledge or Collateral assignment may be made without compliance with Section 11.01(a) or 11.01(b) and (B) no such pledge or grant of a security interest shall release a Lender from any of its obligations hereunder or substitute any such pledgee or grantee for such Lender as a party hereto.

ARTICLE TWELVE

MUTUAL COVENANTS REGARDING CONFIDENTIALITY

Section 12.01. <u>Covenants of the Borrower, the Servicer, the Backup Servicer, the Account Bank and the Collateral Custodian</u>. Each of the Borrower, the Servicer, the Backup Servicer, the Account Bank, and the Collateral Custodian severally and with respect to itself only, covenants and agrees to hold in confidence, and not disclose to any Person, the terms of this Agreement (including any fees payable in connection with this Agreement or the identity of a Lender under this Agreement), except as the Administrative Agent and the Required Lenders may have consented to in writing prior to any proposed disclosure, except it may disclose such information (a) to its officers, directors, employees, agents, counsel, accountants, auditors, subservicers, advisors, or representatives, (b) to the extent such information has become available to the public other than as a result of a disclosure by or through the Borrower, the Servicer, the Backup Servicer, the Account Bank, or the Collateral Custodian, (c) to Regions Bank or its Affiliates, or (d) to the extent it should be (i) required by Applicable Law (including filing a copy of this Agreement and the other Basic Documents (other than the Fee Letter and excluding from any such copy the identity of each Lender)) as exhibits to filings required to be made with the Securities and Exchange Commission, or in connection with any legal or regulatory proceeding or (ii) requested by any Governmental Authority to disclose such information; <u>provided</u>, that in the case of clause (d)(i), the Borrower, the Servicer, the Backup Servicer, the Account Bank, or the Collateral Custodian, as applicable, will use all reasonable efforts to maintain confidentiality and will (unless otherwise prohibited by law) notify the Administrative Agent of its intention to make any such disclosure prior to making such disclosure.

Section 12.02. <u>Covenants of the Administrative Agent and the Lenders</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each of the Administrative Agent and each Lender covenants and agrees that it will not disclose any of the Confidential Information at any time received or obtained by it without the Borrower's prior written consent; <u>provided</u>, that it may disclose any such Confidential Information (i) in connection with participations and assignments pursuant to Section 11.01 or (ii) to its officers, directors, or employees, to Regions Bank or its Affiliates, each of which shall be informed by it of the confidential nature of the Confidential Information and shall have agreed to keep such information confidential, and (iii) to its or its Affiliates' Advisors (provided that such Advisors are advised of the confidential nature of such information and such Advisors are obligated to keep such information confidential pursuant to the terms of their engagement or applicable professional rules). Each of the Administrative Agent and each Lender agrees to be responsible for any breach

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of this Agreement by its Affiliates and Advisors, and it agrees that its Affiliates and Advisors will be advised by it of the confidential nature of such information and that it shall cause its Affiliates to be bound by this Agreement. Notwithstanding the foregoing, with respect to participations and assignments pursuant to Section 11.01 involving an Eligible Assignee other than an entity satisfying clause (i) of the definition of "Eligible Assignee", Confidential Information may not be provided to prospective participants or assignees before the execution of an Assignment and Acceptance, unless such Confidential Information is covered under a separate confidentiality agreement between the assigning Lender and such prospective participant or assignee pursuant to which such prospective participant or assignee shall agree to the provisions set forth in this Article.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each of the Administrative Agent and each Lender acknowledges and agrees that any Confidential Information provided to it, in whatever form, is the sole property of the Borrower or Lendbuzz Floorplan, as applicable. Neither such Person nor its Affiliates or Advisors shall use any of the Confidential Information now or hereafter received or obtained from or through the Borrower, Lendbuzz Floorplan, or any of their respective Affiliates for any purpose other than for purposes of engaging in, or as otherwise contemplated by, the transactions contemplated by the Basic Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the Administrative Agent, a Lender, or any of their respective Affiliates or Advisors are legally compelled (whether by deposition, interrogatory, request for documents, subpoena, civil investigation, demand or similar process) to disclose any Confidential Information, the related entity shall, to the extent permitted by law, promptly notify the Borrower and Lendbuzz Floorplan in writing of such requirement so that the Borrower and/or Lendbuzz Floorplan, at their sole cost and expense, may seek a protective order or other appropriate remedy and/or waive compliance with the provisions hereof. The Administrative Agent and each Lender or any of their respective Affiliates or Advisors agree to use its reasonable efforts, upon the written request of the Borrower or Lendbuzz Floorplan, as applicable, to obtain or assist the Borrower or Lendbuzz Floorplan, as applicable, in obtaining any such protective order. Failing the reasonably timely entry of a protective order or the reasonably timely receipt of a waiver hereunder, it may disclose, without liability hereunder, that portion (and only that portion) of the Confidential Information that in the opinion of such party's counsel, it is legally compelled to disclose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding the foregoing, it is understood that the Administrative Agent and each Lender or its Affiliates may be required to disclose (and may so disclose, without liability hereunder, provided that it complies with the following sentence) the Confidential Information or portions thereof (i) at the request of a bank examiner or other regulatory authority or in connection with an examination of it or its Affiliates by a bank examiner or other regulatory authority, including in connection with the regulator compliance policy of Administrative Agent or any Lender, (ii) to any nationally recognized statistical rating organization (within the meaning of the Exchange Act) (an "<u>NRSRO</u>") in compliance with Rule 17g-5 under the Exchange Act (or any similar rule or regulation in any relevant jurisdiction), which shall be informed by Administrative Agent such Lender, or such Affiliate, as applicable, of the confidential nature of the Confidential Information and shall have agreed to keep such information confidential, or (iii) to any collateral trustee appointed by such Lender to comply with Rule 3a-7 under the Investment Company Act; <u>provided</u>, that such collateral trustee is informed of the confidential nature of such information and such collateral trustee agrees in writing to keep such Confidential Information subject to an agreement with substantially similar terms as provided herein.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) It is understood and agreed that no failure or delay by the Borrower, the Servicer, the Backup Servicer, the Collateral Custodian, the Administrative Agent, the Account Bank or any Lender in exercising any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any right, power or privilege hereunder.

Section 12.03. <u>Non-Confidentiality of Tax Treatment and Tax Structure</u>. Notwithstanding anything to the contrary contained herein or in any document related to the transactions contemplated hereby, in connection with Treasury Regulations Section 1.6011-4, Section 301.6111-1T and Section 301.6112-1, the parties hereby agree that, from the commencement of discussions with respect to the transactions described herein, each party hereto (and each of its employees, representatives, Advisors, Affiliates, or agents) is permitted to disclose to any and all persons of any kind (other than limitations imposed by State or federal securities laws), the structure and tax aspects of the transactions, and all materials of any kind (including opinions or other tax analyses) that are provided to each such party related to such structure and tax aspects. In this regard, each party hereto acknowledges and agrees that this disclosure of the structure or tax aspects of the transactions is not limited in any way by an express or implied understanding or agreement, oral or written (whether or not such understanding or agreement is legally binding) except as is reasonably necessary to comply with state and federal securities laws. Furthermore, each party hereto acknowledges and agrees that it does not know or have reason to know that its use or disclosure of information relating to the structure or tax aspects of the transactions is limited in any other manner (such as where the transactions are claimed to be proprietary or exclusive) for the benefit of any other Person (other than as it may be limited by State or federal securities laws).

ARTICLE THIRTEEN

MISCELLANEOUS

Section 13.01. <u>Amendments and Waivers</u>. This Agreement may be amended, waived, or modified by the written agreement of the Borrower, the Administrative Agent and the Required Lenders. The Administrative Agent shall provide a copy of each such proposed amendment, waiver or other modification to the Account Bank and the Backup Servicer.

No amendment, waiver, or other modification which could have a material adverse effect on the rights or obligations of the Account Bank, the Servicer or the Backup Servicer (including, in its capacity as Successor Servicer), shall be effective against the Account Bank, the Servicer or the Backup Servicer, as applicable, without the prior written agreement of the Account Bank, the Servicer or the Backup Servicer, as applicable.

Notwithstanding anything in this Section or in any Basic Document to the contrary, following the determination of a Benchmark Replacement, this Agreement may be amended by the Administrative Agent without the consent of any other Person and, except as provided in Section 2.17(d), without satisfying any other amendment provisions of this Agreement or any other Basic Document, to implement a Benchmark Replacement and any Benchmark Replacement Conforming Changes. For the avoidance of doubt, any Benchmark Replacement Conforming Changes in any amendment to this Agreement may be retroactive (including retroactive to, but not before, the Benchmark Replacement Date) and this Agreement may be amended more than once in connection with any Benchmark Replacement Conforming Changes.

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Section 13.02. <u>Notices, Etc.</u> All notices and other communications provided for hereunder shall, unless otherwise stated herein, be in writing (including communication by e-mail or facsimile copy) and e-mailed, mailed, transmitted or delivered, as to each party hereto, at its address set forth under its name on the signature pages hereof or specified in such party's Assignment and Acceptance or at such other address as shall be designated by such party in a written notice to the other parties hereto. All such notices and communications shall be effective, upon receipt, or in the case of notice by (a) mail, five days after being deposited in the United States mail, first class postage prepaid, (b) facsimile copy, when receipt is confirmed by telephone, except that notices and communications pursuant to Article Two shall not be effective until received with respect to any notice sent by mail, or (c) notice by an e-mail, when receipt is confirmed by telephone or by reply e-mail from the recipient.

Section 13.03. <u>No Waiver, Rights and Remedies</u>. No failure on the part of the Administrative Agent or any Secured Party or any assignee of any Secured Party to exercise, and no delay in exercising, any right or remedy hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right or remedy hereunder preclude any other or further exercise thereof or the exercise of any other right. The rights and remedies herein provided are cumulative and not exclusive of any rights and remedies provided by law.

Section 13.04. <u>Binding Effect</u>. This Agreement shall be binding upon and inure to the benefit of the Borrower, the Servicer, the Backup Servicer, the Collateral Custodian, the Account Bank, the Administrative Agent, the Secured Parties, and their respective successors and permitted assigns.

Section 13.05. <u>Term of this Agreement</u>. This Agreement shall remain in full force and effect until the Facility Termination Date; <u>provided</u>, that (a) the rights and remedies with respect to any breach of any representation and warranty made or deemed made by the Borrower pursuant to Article Five and the indemnification and payment provisions of Article Nine and Section 2.12, (b) the confidentiality provisions of Article Twelve, (c) the provisions of Section 13.10, and (d) any other provision of this Agreement expressly stated to survive, shall be continuing and shall survive any termination of this Agreement.

Section 13.06. **<u>GOVERNING LAW; CONSENT TO JURISDICTION; WAIVER OF OBJECTION TO VENUE</u>. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REFERENCE TO ITS CONFLICTS OF LAW PROVISIONS (OTHER THAN § 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW). EACH OF THE PARTIES HERETO HEREBY AGREES TO THE NON-EXCLUSIVE JURISDICTION OF ANY FEDERAL COURT LOCATED WITHIN THE STATE OF NEW YORK. EACH OF THE PARTIES HERETO HEREBY WAIVES ANY OBJECTION BASED ON FORUM NON CONVENIENS, AND ANY OBJECTION TO VENUE, OF ANY ACTION INSTITUTED HEREUNDER IN ANY OF THE AFOREMENTIONED COURTS AND CONSENTS TO THE GRANTING OF SUCH LEGAL OR EQUITABLE RELIEF AS IS DEEMED APPROPRIATE BY SUCH COURT.**

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Section 13.07. **<u>WAIVER OF JURY TRIAL</u>. TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH OF THE PARTIES HERETO WAIVES ANY RIGHT TO HAVE A JURY PARTICIPATE IN RESOLVING ANY DISPUTE, WHETHER SOUNDING IN CONTRACT, TORT, OR OTHERWISE BETWEEN THE PARTIES HERETO ARISING OUT OF, CONNECTED WITH, RELATED TO, OR INCIDENTAL TO THE RELATIONSHIP BETWEEN ANY OF THEM IN CONNECTION WITH THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. INSTEAD, ANY SUCH DISPUTE RESOLVED IN COURT WILL BE RESOLVED IN A BENCH TRIAL WITHOUT A JURY.**

Section 13.08. <u>Costs and Expenses</u>. In addition to the rights of indemnification granted to the Administrative Agent, the Secured Parties, the Account Bank, the Collateral Custodian, and the Backup Servicer and its or their Affiliates and officers, directors, employees and agents thereof under Article Nine, the Borrower agrees to pay on demand all reasonable out-of-pocket costs and expenses (other than Taxes imposed on net income for services or otherwise arising in connection with the performance of services) of the Administrative Agent, the Secured Parties, the Account Bank, and the Backup Servicer incurred in connection with the administration (including periodic auditing), amendment or modification of, or any waiver or consent issued in connection with, this Agreement and the other documents to be delivered hereunder or in connection herewith, including the reasonable fees and out-of-pocket expenses of counsel for the Administrative Agent, the other Secured Parties, the Account Bank, the Collateral Custodian, and the Backup Servicer (including, if it is then acting as the Successor Servicer) with respect thereto and with respect to advising such entities as to their respective rights and remedies under this Agreement and the other documents to be delivered hereunder or in connection herewith, and all costs and expenses, if any (including reasonable counsel fees and expenses), incurred by such entities in connection with the enforcement of this Agreement and the other documents to be delivered hereunder or in connection herewith.

Section 13.09. <u>No Insolvency Proceedings</u>. Notwithstanding any prior termination of this Agreement, no Lender shall, prior to the date which is one year and one day after the final payment of the Aggregate Unpaids, petition, cooperate with or encourage any other Person in petitioning or otherwise invoke the process of any Governmental Authority for the purpose of commencing or sustaining an Insolvency Proceeding against the Borrower under any United States federal or State Insolvency Laws or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator, or other similar official of the Borrower or any substantial part of its property or ordering the winding up or liquidation of the affairs of the Borrower.

Section 13.10. <u>Recourse Against Certain Parties</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No recourse under or with respect to any obligation, covenant, or agreement (including the payment of any fees or any other obligations) of the Administrative Agent or any Secured Party as contained in this Agreement or any other agreement, instrument, or document entered into by it pursuant hereto or in connection herewith shall be had against any such Person or any manager or administrator of such Person or any incorporator, affiliate, stockholder, officer, employee, or director of such Person or of the Borrower or of any such manager or administrator, as such, by the enforcement of any assessment or by any legal or equitable proceeding, by virtue of any statute or otherwise; it being expressly agreed and understood that the agreements of the

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Administrative Agent and any Secured Party contained in this Agreement and all of the other agreements, instruments, and documents entered into by it pursuant hereto or in connection herewith are, in each case, solely the corporate obligations of such Person, and that no personal liability whatsoever shall attach to or be incurred by any administrator of any such Person or any incorporator, stockholder, affiliate, officer, employee, or director of such Person or of any such administrator, as such, or any other of them, under or by reason of any of the obligations, covenants, or agreements of such Person contained in this Agreement or in any other such instruments, documents, or agreements, or that are implied therefrom, and that any and all personal liability of every such administrator of such Person and each incorporator, stockholder, affiliate, officer, employee, or director of such Person or of any such administrator, or any of them, for breaches by such Person of any such obligations, covenants, or agreements, which liability may arise either at common law or at equity, by statute or constitution, or otherwise, is hereby expressly waived as a condition of and in consideration for the execution of this Agreement. The provisions of this Section shall survive the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The provisions of this Section shall survive the termination of this Agreement.

Section 13.11. <u>Patriot Act Compliance</u>. The Administrative Agent hereby notifies the Borrower that pursuant to the requirements of the Patriot Act, it, and each other Lender and the Account Bank, may be required to obtain, verify and record information that identifies the Borrower, which information includes the name and address of the Borrower, organizational documentation, director and shareholder information, and other information that will allow the Administrative Agent, each Lender and the Account Bank to identify the Borrower in accordance with the Patriot Act. This notice is given in accordance with the requirements of the Patriot Act and is effective for the Administrative Agent, each Lender and the Account Bank.

Section 13.12. <u>Execution in Counterparts; Electronic Signatures; Severability; Integration</u>. This Agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same agreement. Delivery of an executed counterpart of a signature page to this Agreement by facsimile or by electronic mail in a ".pdf" file shall be effective as delivery of a manually executed counterpart of this Agreement. Each party agrees that this Agreement and any other documents to be delivered in connection herewith may be electronically signed, and that any electronic signatures appearing on this Agreement or such other documents are the same as handwritten signatures for the purposes of validity, enforceability, and admissibility. In case any provision in or obligation under this Agreement shall be invalid, illegal or unenforceable in any jurisdiction, the validity, legality, and enforceability of the remaining provisions or obligations, or of such provision or obligation in any other jurisdiction, shall not in any way be affected or impaired thereby. This Agreement contains the final and complete integration of all prior expressions by the parties hereto with respect to the subject matter hereof and shall constitute the entire agreement among the parties hereto with respect to the subject matter hereof, superseding all prior oral or written understandings other than any fee letter contemplated hereby.

[Remainder intentionally left blank]

------

IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by their respective officers thereunto duly authorized, as of the date first above written.

---

| | | |
|:---|:---|:---|
| THE BORROWER: | LENDBUZZ FLOORPLAN SPV I, LLC | LENDBUZZ FLOORPLAN SPV I, LLC |
|  | By: |  |
|  |  | Name: |
|  |  | Title: |
|  | Address for Notices: | Address for Notices: |
|  | Lendbuzz Floorplan SPV I, LLC<br> 100 Summer Street<br> Boston, Massachusetts 02110<br> Attention: George Sclavos, Chief Financial Officer<br> E-mail: [\*\*\*] | Lendbuzz Floorplan SPV I, LLC<br> 100 Summer Street<br> Boston, Massachusetts 02110<br> Attention: George Sclavos, Chief Financial Officer<br> E-mail: [\*\*\*] |
| THE SERVICER AND THE COLLATERAL CUSTODIAN: | LENDBUZZ FLOORPLAN, LLC | LENDBUZZ FLOORPLAN, LLC |
|  | By: |  |
|  |  | Name: |
|  |  | Title: |
|  | Address for Notices:<br>Lendbuzz Floorplan, LLC<br> 100 Summer Street<br> Boston, Massachusetts 02110<br> Attention: George Sclavos, Chief Financial Officer<br> E-mail: [\*\*\*] | Address for Notices:<br>Lendbuzz Floorplan, LLC<br> 100 Summer Street<br> Boston, Massachusetts 02110<br> Attention: George Sclavos, Chief Financial Officer<br> E-mail: [\*\*\*] |

---

[Loan Agreement]

------

---

| | | |
|:---|:---|:---|
| THE ADMINISTRATIVE AGENT: | REGIONS BANK | REGIONS BANK |
|  | By: |  |
|  |  | Name: |
|  |  | Title: |
|  | Address for Notices: | Address for Notices: |
|  |  | <u>For Operational Matters:</u><br> Regions Bank<br> 1180 W Peachtree St NW, Suite 1400<br> Atlanta, GA 30309<br> Attention: Valencia Jackson<br> Telephone: [\*\*\*]<br> Email: [\*\*\*]<br>Attention: Tamika Ben (back-up contact)<br> Telephone: [\*\*\*]<br> Email: [\*\*\*]<br><u>For Reporting and Compliance Matters:</u><br> Regions Bank<br> 1180 W Peachtree St NW, Suite 1400<br> Atlanta, GA 30309<br> Attention: Ellis Ryan<br> Telephone: [\*\*\*]<br> Email: [\*\*\*]<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[\*\*\*] |

---

[Loan Agreement]

------

---

| | | |
|:---|:---|:---|
| LENDER: | REGIONS BANK, N.A. | REGIONS BANK, N.A. |
|  | By: |  |
|  |  | Name: |
|  |  | Title: |
|  | Address for Notices: | Address for Notices: |
|  |  | <u>For Operational Matters:</u><br> Regions Bank<br> 1180 W Peachtree St NW, Suite 1400<br> Atlanta, GA 30309<br> Attention: Valencia Jackson<br> Telephone: [\*\*\*]<br> Email: [\*\*\*]<br>Attention: Tamika Ben (back-up contact)<br> Telephone: [\*\*\*]<br> Email: [\*\*\*]<br><u>For Reporting and Compliance Matters:</u><br> Regions Bank<br> 1180 W Peachtree St NW, Suite 1400<br> Atlanta, GA 30309<br> Attention: Ellis Ryan<br> Telephone: [\*\*\*]<br> Email: [\*\*\*]<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[\*\*\*] |

---

[Loan Agreement]

------

---

| | | |
|:---|:---|:---|
| ACKNOWLEDGED AND AGREED BY THE LIMITED GUARANTOR: | LENDBUZZ INC. | LENDBUZZ INC. |
|  | By: |  |
|  |  | Name: |
|  |  | Title: |
|  | Address for Notices: | Address for Notices: |
|  | Lendbuzz Inc.<br> 100 Summer Street<br> Boston, Massachusetts 02110<br> Attention: George Sclavos, Chief Financial Officer<br> E-mail: [\*\*\*] | Lendbuzz Inc.<br> 100 Summer Street<br> Boston, Massachusetts 02110<br> Attention: George Sclavos, Chief Financial Officer<br> E-mail: [\*\*\*] |

---

[Loan Agreement]

------

EXHIBIT A

FORM OF FUNDING REQUEST

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 20

Regions Bank,

as Administrative Agent

1180 W Peachtree St NW, Suite 1400

Atlanta, GA 30309

Re: <u>Lendbuzz Floorplan SPV I, LLC</u><u> </u><u>– Loan Agreement</u>

Ladies and Gentlemen:

The undersigned is a Responsible Officer of Lendbuzz Floorplan SPV I, LLC (the "<u>Borrower</u>") and is authorized to execute and deliver this Funding Request on behalf of the Borrower pursuant to the Loan Agreement, dated as of August 30, 2022 (as amended, restated, supplemented or otherwise modified from time to time, the "<u>Loan Agreement</u>"), by and among the Borrower, Lendbuzz Floorplan, LLC, as servicer and as collateral custodian, the Lenders from time to time party thereto, and Regions Bank, as administrative agent. Capitalized terms used herein that are not otherwise defined shall have the meanings ascribed thereto in the Loan Agreement.

The Borrower hereby requests that a Loan be made under the Loan Agreement on , in the amount of $.

In connection with the foregoing, the undersigned hereby certifies, on behalf of the Borrower, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. As of the date hereof, the Borrowing Base is . After giving effect to the requested Loan, the Loans Outstanding will not exceed the Borrowing Base and the Maximum Advance Rate Test will be satisfied. Attached to this Funding Request is a true, complete and correct calculation of such Borrowing Base and all components thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. As of the date hereof, the Excess Concentration Amount after giving effect to the requested Loan will be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. All of the conditions applicable to the requested Loan as set forth in the Loan Agreement have been satisfied as of the date hereof and will remain satisfied to the date of such Loan, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) each of the representations and warranties contained in Article Five of the Loan Agreement are true and correct in all respects on and as of the date hereof, before and after giving effect to the Loan and to the application of the proceeds therefrom as though made on and as of the date hereof;

Ex. A-1

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) no event has occurred and is continuing, or would result from such Loan or from the application of the proceeds therefrom, which constitutes an Event of Default or Unmatured Event of Default;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Borrower is in material compliance with each of its agreements set forth in the Loan Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) no Servicer Termination Event or Unmatured Servicer Termination Event has occurred; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) no adverse selection procedures were used by the Borrower with respect to the Receivables which will become a part of the Collateral on the Funding Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The requested Loan will not, on the Funding Date, exceed the Available Amount and after giving effect to the requested Loan, the Loans Outstanding will not exceed the Borrowing Base.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Attached hereto is a true, correct and complete Schedule A to the Purchase Agreement, reflecting all Receivables which will become part of the Collateral on the Funding Date, each Receivable reflected thereon being an Eligible Receivable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The Cutoff Date with respect to the Receivables is , 20 .

---

| | |
|:---|:---|
| LENDBUZZ FLOORPLAN SPV I, LLC | LENDBUZZ FLOORPLAN SPV I, LLC |
| By: |  |
|  | Name: |
|  | Title: |

---

Ex. A-2

------

EXHIBIT B

FORM OF ASSIGNMENT AND ACCEPTANCE

Dated , 20

Reference is made to the Loan Agreement, dated as of August 30, 2022 (as amended, restated, supplemented or otherwise modified from time to time, the "<u>Loan Agreement</u>"), by and among Lendbuzz Floorplan SPV I, LLC, as borrower, Lendbuzz Floorplan, LLC, as servicer and as collateral custodian, the Lenders from time to time party thereto and Regions Bank, as administrative agent. Capitalized terms used herein that are not otherwise defined herein shall have the meanings ascribed thereto in the Loan Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(the "<u>Assignor</u>") and (the "<u>Assignee</u>") agree as follows:

The Assignor hereby sells and assigns to the Assignee, and the Assignee hereby purchases and assumes from the Assignor, that interest in and to all of the Assignor's rights and obligations under the Loan Agreement as of the date hereof which represents the percentage interest specified in Section 1 of Schedule 1 hereto of all outstanding rights and obligations of the Assignor under the Loan Agreement, including such interest in the Commitment of the Assignor and the Lender Advances made by the Assignor. After giving effect to such sale and assignment, the Commitment and the amount of Lender Advances made by the Assignee will be as set forth in Section 2 of Schedule 1 hereto.

The Assignor represents and warrants that it is the legal and beneficial owner of the interest being assigned by it hereunder and that ` interest is free and clear of any Lien.

The Assignor and the Assignee confirm to and agree with each other and the other parties to Loan Agreement that: (i) other than as provided herein, the Assignor makes no representation or warranty and assumes no responsibility with respect to any statements, warranties or, representations made in or in connection with the Loan Agreement or the execution, legality, validity, enforceability, genuineness, sufficiency, or value of the Loan Agreement or any other instrument or document furnished pursuant thereto; (ii) the Assignee confirms that it has received a copy of the Loan Agreement, together with copies of such financial statements and other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into such Assignment and Acceptance; (iii) the Assignee will, independently and without reliance upon the Administrative Agent, the Assignor or any other Lender party to the Loan Agreement and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Loan Agreement; (iv) the Assignor and the Assignee confirm that the Assignee is an Eligible Assignee; (v) the Assignee appoints and authorizes the Administrative Agent to take such action as agent on its behalf and to exercise such powers under this Agreement as are delegated to such agent by the terms hereof, together with such powers as are reasonably incidental thereto; (vi) the Assignee agrees that it will perform in accordance with their terms all of the obligations which by the terms of the Loan Agreement are required to be performed by it as a Lender, including the confidentiality provisions of Article Twelve; and (vii) this Assignment and Acceptance meets all other requirements for such an Assignment and Acceptance set forth in Article Eleven of the Loan Agreement.

Ex. B-1

------

Following the execution of this Assignment and Acceptance by the Assignor and the Assignee, it will be delivered to the Administrative Agent for acceptance. The effective date of this Assignment and Acceptance (the "<u>Assignment Date</u>") shall be the date of acceptance thereof by the Administrative Agent, unless a later date is specified in Section 3 of Schedule 1 hereto.

The Assignor and the Assignee agree to reimburse the Administrative Agent for all reasonable fees, costs, and expenses (including reasonable fees and out-of-pocket expenses of counsel for the Administrative Agent) incurred by the Administrative Agent in connection with this Assignment and Acceptance.

Upon such acceptance by the Administrative Agent, the Assignee shall be a party to the Loan Agreement and, to the extent provided in this Assignment and Acceptance, have the rights and obligations of a Lender thereunder, <u>provided</u>, that the Assignor shall, to the extent such rights have been assigned by it under this Assignment and Acceptance, relinquish its assigned rights and be released from its assigned obligations under the Loan Agreement (and, in the case of an Assignment and Acceptance coving all or the remaining portion of an assigning Assignor's rights and obligations under the Loan Agreement, Assignor shall cease to be a party thereto).

Upon such acceptance by the Administrative Agent, from and after the Assignment Date, the Administrative Agent shall make, or cause to be made, all payments under the Loan Agreement in respect of the interest assigned hereby (including, without limitation, all payments of principal, interest and fees with respect thereto) to the Assignee. The Assignor and Assignee shall make all appropriate adjustments in payments under the Loan Agreement for periods prior to the Assignment Date directly between themselves.

THIS ASSIGNMENT AND ACCEPTANCE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

Ex. B-2

------

IN WITNESS WHEREOF, the Assignor and the Assignee have executed this Assignment and Acceptance as of the day of , 20 .

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, as Assignor | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, as Assignor |
| By: |  |
|  | Name: |
|  | Title: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, as Assignee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, as Assignee |
| By: |  |
|  | Name: |
|  | Title: |

---

Ex. B-3

------

Schedule 1

to

Assignment and Acceptance

Dated , 20

---

| | |
|:---|:---|
|  <u>Section 1</u>. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Percentage Interest: | % |
|  <u>Section 2</u>. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assignee's Commitment: | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aggregate Lender Advances Owing to the Assignee: | $— |
|  <u>Section 3</u>. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assignment Date: , 20  |  |

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Ex. B-4

------

EXHIBIT C

CREDIT AND COLLECTION POLICY

[On file with the Administrative Agent]

Ex. C-1

------

EXHIBIT D

FORM OF POWER OF ATTORNEY

This Power of Attorney (this "<u>Power of Attorney</u>") is executed and delivered by Lendbuzz Floorplan SPV I, LLC ("<u>Grantor</u>") to Regions Bank, as Administrative Agent ("<u>Attorney</u>"), pursuant to (i) the Loan Agreement, dated as of August 30, 2022 (as amended, restated, supplemented or otherwise modified from time to time, the "<u>Loan Agreement</u>"), by and among the Grantor, as borrower, Lendbuzz Floorplan, LLC, as servicer and as collateral custodian, the Lenders from time to time party thereto and Regions Bank, as administrative agent, and (ii) the other Basic Documents. Capitalized terms used herein that are not otherwise defined shall have the meanings ascribed thereto in the Loan Agreement.

No person to whom this Power of Attorney is presented, as authority for Attorney to take any action or actions contemplated hereby, shall inquire into or seek confirmation from Grantor as to the authority of Attorney to take any action described below, or as to the existence of or fulfillment of any condition to this Power of Attorney, which is intended to grant to Attorney unconditionally the authority to take and perform the actions contemplated herein, and Grantor irrevocably waives any right to commence any suit or action, in law or equity, against any person or entity that acts in reliance upon or acknowledges the authority granted under this Power of Attorney. The power of attorney granted hereby is coupled with an interest and may not be revoked or canceled by Grantor until all Aggregate Unpaids have been indefeasibly paid in full and Attorney has provided its written consent thereto.

Grantor hereby irrevocably constitutes and appoints Attorney (and all officers, employees, or agents designated by Attorney), with full power of substitution, as its true and lawful attorney-in-fact with full irrevocable power and authority in its place and stead and in its name or in Attorney's own name, from time to time in Attorney's discretion, to take any and all appropriate action and to execute and deliver any and all documents and instruments that may be necessary or desirable to accomplish the purposes of the Loan Agreement, and, without limiting the generality of the foregoing, hereby grants to Attorney the power and right, on its behalf, without notice to or assent by it, upon the occurrence and during the continuance of any Event of Default, to do the following: (a) exercise all rights and privileges of Grantor under the Purchase Agreement (including each Purchase Agreement Supplement); (b) pay or discharge any taxes, Liens, or other encumbrances levied or placed on or threatened against Grantor or Grantor's property; (c) defend any suit, action, or proceeding brought against Grantor if Grantor does not defend such suit, action, or proceeding or if Attorney believes that it is not pursuing such defense in a manner that will maximize the recovery to Attorney, and settle, compromise, or adjust any suit, action, or proceeding described above and, in connection therewith, give such discharges or releases as Attorney may deem appropriate; (d) file or prosecute any claim, litigation, suit, or proceeding in any court of competent jurisdiction or before any arbitrator, or take any other action otherwise deemed appropriate by Attorney for the purpose of collecting any and all such moneys due to Grantor whenever payable and to enforce any other right in respect of Grantor's property; (e) sell, transfer, pledge, make any agreement with respect to, or otherwise deal with, any of Grantor's property, and execute, in connection with such sale or action, any endorsements, assignments, or

Ex. D-1

------

other instruments of conveyance or transfer in connection therewith; and (f) cause the certified public accountants then engaged by Grantor to prepare and deliver to Attorney at any time and from time to time, promptly upon Attorney's request, any reports required to be prepared by or on behalf of Grantor under the Loan Agreement or any other Basic Document, all as though Attorney were the absolute owner of its property for all purposes, and to do, at Attorney's option and Grantor's expense, at any time or from time to time, all acts and other things that Attorney reasonably deems necessary to perfect, preserve, or realize upon its property or assets and the Liens of the Administrative Agent, as agent for the Secured Parties thereon, all as fully and effectively as it might do. Grantor hereby ratifies, to the extent permitted by law, all that said attorneys shall lawfully do or cause to be done by virtue hereof.

IN WITNESS WHEREOF, this Power of Attorney is executed by Grantor as of this day of 20 .

---

| |
|:---|
|  LENDBUZZ FLOORPLAN SPV I, LLC |
|  By: |
|  Name: |
|  Title: |

---

---

| |
|:---|
| Sworn to and subscribed before<br> me this day of , 20  |
| Notary Public |
| [NOTARY SEAL] |

---

Ex. D-2

------

EXHIBIT E

FORM OF TAKE-OUT RELEASE

Reference is hereby made to the Loan Agreement, dated as of August 30, 2022 (as amended, restated, supplemented or otherwise modified from time to time, the "<u>Loan Agreement</u>"), by and among Lendbuzz Floorplan SPV I, LLC, as borrower, Lendbuzz Floorplan, LLC, as servicer and as collateral custodian, the Lenders from time to time party thereto and Regions Bank, as administrative agent. Capitalized terms not defined herein shall have the meaning given such terms in the Loan Agreement.

The Borrower and the Servicer hereby represent and warrant that each condition in the Loan Agreement and each other Basic Document, to the consummation of the Take-out to which this Take-out Release relates, has been satisfied, including but not limited to delivery of (i) the executed Take-out Date Certificate, in substantially the form attached hereto as Annex 1 and (i) the executed notice, in substantially the form attached hereto as Annex 2.

Upon deposit in the Collection Account of $ in accordance with Section 2.13(a)(iv) of the Loan Agreement in immediately available funds, the Administrative Agent hereby releases all of its right, title and interest, including its Lien, in and to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Receivables to be transferred by the Borrower in the related Take-out and described in Schedule I hereto (the "<u>Take-out Receivables</u>" and such Schedule, the "<u>Schedule of Take-out Receivables</u>"), together with the related Floorplan Accounts and Contracts, whether now existing or hereafter acquired, and any accounts or obligations evidenced thereby, any guarantee thereof, all Collections related thereto, and all monies due (including any payments made under any guarantee or similar credit enhancement with respect to any such Take-out Receivables) to become due or received by any Person in payment of any of the foregoing on or after the related Take-out Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all of the Borrower's interest in the Financed Vehicles relating to the Take-out Receivables (including repossessed vehicles) or in any document or writing evidencing any security interest in any such Financed Vehicle and each security interest in each such Financed Vehicle, whether now existing or hereafter acquired, including all proceeds from any sale or other disposition of such Financed Vehicles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all Receivable Files and the Schedule of Take-out Receivables, relating to the Take-out Receivables, whether now existing or hereafter acquired, and all right, title and interest of the Borrower in and to the documents, agreements and instruments included in such Receivable Files, including rights of recourse of the Borrower against Lendbuzz Floorplan and/or any Dealer with respect to the Receivables;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) all of the Borrower's interest in all Records, documents and writings evidencing or related to the Take-out Receivables or the related Contracts;

Ex E-1

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) all of the Borrower's interest in all rights to payment under all Insurance Policies with respect to a Financed Vehicle related to a Take-out Receivable, including any monies collected from whatever source in connection with any default of a Dealer with respect to such Financed Vehicle and any proceeds from claims or refunds of premiums on any such Insurance Policy, whether now existing or hereafter acquired, and all proceeds thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) all of the Borrower's interest in all guaranties, indemnities, warranties, insurance (and proceeds and premium refunds thereof), and other agreements or arrangements of whatever character from time to time supporting or securing payment of the Take-out Receivables, whether pursuant to the related Contracts or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Liens, guaranties, and other encumbrances in favor of or assigned or transferred to the Borrower in and to the Take-out Receivables, whether now existing or hereafter acquired, and the related Financed Vehicles, whether now existing or hereafter acquired;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) all deposit accounts, monies, deposits, funds, accounts, and instruments relating to the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all of the Borrower's right, title, and interest in and to the Purchase Agreement (including each Purchase Agreement Supplement), relating to the Take-out Receivables and remedies thereunder and the assignment to the Administrative Agent of all UCC financing statements filed by the Borrower against Lendbuzz Floorplan under or in connection with the Purchase Agreement and relating to such Take-out Receivables; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) all income and proceeds of the foregoing.

[The Servicer and the Borrower hereby direct the Collateral Custodian to deliver the Receivable Files for the Take-out Receivables to .]

Ex E-2

------

Executed as of , 20 .

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| |
|:---|
|  LENDBUZZ FLOORPLAN SPV I, LLC,<br>as Borrower |
| By: |
| Name: |
| Title: |
|  LENDBUZZ FLOORPLAN, LLC,<br>as Servicer and as Collateral Custodian |
| By: |
| Name: |
| Title: |
|  REGIONS BANK,<br>as the Administrative Agent |
| By: |
| Name: |
| Title: |

---

Ex E-3

------

ANNEX 1

LENDBUZZ FLOORPLAN, LLC

TAKE-OUT DATE CERTIFICATE

PURSUANT TO SECTION 2.13(a)

OF THE LOAN AGREEMENT

Lendbuzz Floorplan, LLC ("<u>Lendbuzz Floorplan</u>"), as the servicer (the "<u>Servicer</u>"), delivers this certificate pursuant to Section 2.13(a) of the Loan Agreement, dated as of August 30, 2022 (as amended, restated, supplemented or otherwise modified from time to time, the "<u>Loan Agreement</u>"), by and among Lendbuzz Floorplan SPV I, LLC, as the borrower, the Servicer, Lendbuzz Floorplan, as collateral custodian, the lenders from time to time parties hereto and Regions Bank, as the administrative agent, and hereby certifies, as of the date hereof, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Borrower has sufficient funds on the related Take-out Date to effect the Take-out in accordance with the Loan Agreement (taking into account, to the extent necessary, the proceeds of sales of the Collateral in the Take-out, if applicable);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) after giving effect of the Take-out, the release by the Administrative Agent of the related Receivables on the Take-out Date and the transfer by the Borrower or the related Receivables on the Take-out Date, (1) the Maximum Advance Rate Test is satisfied, (2) none of an Unmatured Event of Default, an Event of Default, a Servicer Termination Event, or an event that with notice or the passage of time, or both, would be a Servicer Termination Event, has occurred or results from such Take-out, (3) the Excess Spread shall be no less than 3.5%, and (r) the proportion of Delinquent Receivables and Defaulted Receivables that will remain subject to the Loan Agreement shall be no higher after giving effect to such Take-out than prior to such Take-out [after giving effect to the proviso to Section 2.13(a)(iii) with respect to Delinquent Receivables having an aggregate Principal Balance of $ as of the Take-out Date and with respect to Defaulted Receivables having an aggregate Principal Balance of $ as of the Take-out Date];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Borrower has delivered to the Administrative Agent a list specifying all Contracts under which the Receivables not to be released pursuant to such Take-out arose; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Borrower has deposited in the Collection Account an amount equal to all Unreimbursed Servicer Advances associated with the Receivables to be released.

Capitalized terms used herein that are not otherwise defined shall have the meanings ascribed thereto in the Loan Agreement.

Ex E-4

------

IN WITNESS WHEREOF, the Servicer has caused this certificate to be executed on its behalf this day of , 20 .

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| |
|:---|
| LENDBUZZ FLOORPLAN, LLC |
| By: |
| Name: |
| Title: |

---

Ex E-5

------

ANNEX 2

FORM OF NOTICE

Lendbuzz Floorplan, LLC

100 Summer Street

Boston, Massachusetts 02110

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 20

Regions Bank,

as Administrative Agent

1180 W Peachtree St NW, Suite 1400

Atlanta, GA 30309

Re: <u>[ ] – Loan Agreement</u>

Ladies and Gentlemen:

Reference is made to the Loan Agreement, dated as of August 30, 2022 (as amended, restated, supplemented or otherwise modified from time to time, the "<u>Loan Agreement</u>"), by and among Lendbuzz Floorplan SPV I, LLC, as borrower (the "<u>Borrower</u>"), Lendbuzz Floorplan, LLC, as servicer and as collateral custodian, the lenders from time to time parties thereto and Regions Bank, as administrative agent (the "<u>Administrative Agent</u>").

Pursuant to Section 2.13(a)(i) of the Loan Agreement, the Borrower gives notice of its intent to effect a Take-out on or about , 20 (which date is no fewer than 15 Business Days after the date of delivery of this notice to the Administrative Agent).

Capitalized terms used herein that are not otherwise defined shall have the meanings ascribed thereto in the Loan Agreement.

Very truly yours,

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| |
|:---|
| LENDBUZZ FLOORPLAN, LLC |
| By: |
| Name: |
| Title: |

---

Ex E-6

------

Schedule I

to Take-out Release

SCHEDULE OF REMOVED RECEIVABLES

Ex E-7

------

EXHIBIT F

FORM OF MONTHLY REPORT

[On File with the Administrative Agent]

Ex. F-1

------

EXHIBIT G

FORMS OF U.S. TAX COMPLIANCE CERTIFICATES

Ex. G-1

------

EXHIBIT G-1

[FORM OF]

U.S. TAX COMPLIANCE CERTIFICATE

(For Foreign Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes)

Reference is hereby made to the Loan Agreement, dated as of August 30, 2022 (as amended, restated, supplemented or otherwise modified from time to time, the "<u>Loan Agreement</u>"), by and among Lendbuzz Floorplan SPV I, LLC, as borrower (the "<u>Borrower</u>"), Lendbuzz Floorplan, LLC, as servicer and as collateral custodian, the lenders from time to time parties thereto and Regions Bank., as administrative agent (the "<u>Administrative Agent</u>").

Pursuant to the provisions of Section 2.12 of the Loan Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial owner of the Loan(s) in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code and (iv) it is not a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code.

The undersigned has furnished the Administrative Agent and the Borrower with a certificate of its non-U.S. Person status on IRS Form W-8BEN or W-8BEN-E. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform the Borrower and the Administrative Agent, and (2) the undersigned shall have at all times furnished the Borrower and the Administrative Agent with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments.

Unless otherwise defined herein, terms defined in the Loan Agreement and used herein shall have the meanings given to them in the Loan Agreement.

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| | |
|:---|:---|
| [NAME OF LENDER] | [NAME OF LENDER] |
| By: |  |
|  | Name: |
|  | Title: |

---

Date: , 20[ ]

Ex. G-2

------

EXHIBIT G-2

[FORM OF]

U.S. TAX COMPLIANCE CERTIFICATE

(For Foreign Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes)

Reference is hereby made to the Loan Agreement, dated as of August 30, 2022 (as amended, restated, supplemented or otherwise modified from time to time, the "<u>Loan Agreement</u>"), by and among Lendbuzz Floorplan SPV I, LLC, as borrower (the "<u>Borrower</u>"), Lendbuzz Floorplan, LLC, as servicer and as collateral custodian, the lenders from time to time parties thereto and Regions Bank, as administrative agent (the "<u>Administrative Agent</u>").

Pursuant to the provisions of Section 2.12 of the Loan Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial owner of the participation in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code, and (iv) it is not a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code.

The undersigned has furnished its participating Lender with a certificate of its non-U.S. Person status on IRS Form W-8BEN or W-8BEN-E. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform such Lender in writing, and (2) the undersigned shall have at all times furnished such Lender with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments.

Unless otherwise defined herein, terms defined in the Loan Agreement and used herein shall have the meanings given to them in the Loan Agreement.

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| | |
|:---|:---|
| [NAME OF PARTICIPANT] | [NAME OF PARTICIPANT] |
| By: |  |
|  | Name: |
|  | Title: |

---

Date: , 20[ ]

Ex. G-3

------

EXHIBIT G-3

[FORM OF]

U.S. TAX COMPLIANCE CERTIFICATE

(For Foreign Participants That Are Partnerships For U.S. Federal Income Tax Purposes)

Reference is hereby made to the Loan Agreement, dated as of August 30, 2022 (as amended, restated, supplemented or otherwise modified from time to time, the "<u>Loan Agreement</u>"), by and among Lendbuzz Floorplan SPV I, LLC, as borrower (the "<u>Borrower</u>"), Lendbuzz Floorplan, LLC, as servicer and as collateral custodian, the lenders from time to time parties thereto and Regions Bank., as administrative agent (the "<u>Administrative Agent</u>").

Pursuant to the provisions of Section 2.12 of the Loan Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the participation in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial owners of such participation, (iii) with respect such participation, neither the undersigned nor any of its direct or indirect partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members is a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code, and (v) none of its direct or indirect partners/members is a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code.

The undersigned has furnished its participating Lender with IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or W-8BEN-E or (ii) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN or IRS Form W-8BEN-E from each of such partner's/member's beneficial owners that is claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform such Lender and (2) the undersigned shall have at all times furnished such Lender with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments.

Unless otherwise defined herein, terms defined in the Loan Agreement and used herein shall have the meanings given to them in the Loan Agreement.

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| | |
|:---|:---|
| [NAME OF PARTICIPANT] | [NAME OF PARTICIPANT] |
| By: |  |
|  | Name: |
|  | Title: |

---

Date: , 20[ ]

Ex. G-4

------

EXHIBIT G-4

[FORM OF]

U.S. TAX COMPLIANCE CERTIFICATE

(For Foreign Lenders That Are Partnerships For U.S. Federal Income Tax Purposes)

Reference is hereby made to the Loan Agreement, dated as of August 30, 2022 (as amended, restated, supplemented or otherwise modified from time to time, the "<u>Loan Agreement</u>"), by and among Lendbuzz Floorplan SPV I, LLC, as borrower (the "<u>Borrower</u>"), Lendbuzz Floorplan, LLC, as servicer and as collateral custodian, the lenders from time to time parties thereto and Regions Bank, as administrative agent (the "<u>Administrative Agent</u>").

Pursuant to the provisions of Section 2.12 of the Loan Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the Loan(s) in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial owners of such Loan(s), (iii) with respect to the extension of credit pursuant to this Loan Agreement or any other Borrower Basic Document, neither the undersigned nor any of its direct or indirect partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members is a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code, and (v) none of its direct or indirect partners/members is a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code.

The undersigned has furnished the Administrative Agent and the Borrower with IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or W-8BEN-E or (ii) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN or IRS Form W-8BEN-E from each of such partner's/member's beneficial owners that is claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform the Borrower and the Administrative Agent, and (2) the undersigned shall have at all times furnished the Borrower and the Administrative Agent with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments.

Unless otherwise defined herein, terms defined in the Loan Agreement and used herein shall have the meanings given to them in the Loan Agreement.

Ex. G-5

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| | |
|:---|:---|
| [NAME OF LENDER] | [NAME OF LENDER] |
| By: |  |
|  | Name: |
|  | Title: |

---

Date: , 20[ ]

Ex. G-6

## Exhibit 10.20

**Exhibit 10.20** 

**Execution Version** 

Certain information has been excluded from this agreement (indicated by "[\*\*\*]") because Lendbuzz Inc. has determined such information (i) is not material and (ii) is of the type that the registrant treats as private or confidential.

LENDBUZZ SPV VII, LLC,

as the Borrower,

LENDBUZZ FUNDING LLC,

as the Servicer and the Collateral Custodian

the LENDERS

from time to time parties hereto,

the AGENTS

from time to time parties hereto,

and

JPMORGAN CHASE BANK, N.A.,

as the Administrative Agent and the Account Bank

FOURTH AMENDED AND

RESTATED

LOAN AGREEMENT

Dated as of April 16, 2025

------

**TABLE OF CONTENTS**

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| | | |
|:---|:---|:---|
|  |  | Page |
| ARTICLE ONE DEFINITIONS; | ARTICLE ONE DEFINITIONS; | ARTICLE ONE DEFINITIONS; |
| CONSTRUCTION | CONSTRUCTION | CONSTRUCTION |
| Section 1.01. | Definitions | 2 |
| Section 1.02. | Accounting Terms and Determinations | 57 |
| Section 1.03. | Computation of Time Periods | 57 |
| Section 1.04. | Interpretation | 57 |
| ARTICLE TWO | ARTICLE TWO | ARTICLE TWO |
| LOANS | LOANS | LOANS |
| Section 2.01. | Aggregate Loan | 58 |
| Section 2.02. | Funding Mechanics | 58 |
| Section 2.03. | [Reserved] | 59 |
| Section 2.04. | [Reserved] | 59 |
| Section 2.05. | Interest | 59 |
| Section 2.06. | Payments | 59 |
| Section 2.07. | Settlement Procedures | 61 |
| Section 2.08. | Payments, Computations, Etc. | 70 |
| Section 2.09. | Collections and Allocations; Investment of Funds | 70 |
| Section 2.10. | Fees | 71 |
| Section 2.11. | Increased Cost and Reduced Return | 72 |
| Section 2.12. | Taxes | 73 |
| Section 2.13. | Optional Redemption | 78 |
| Section 2.14. | The Account Bank | 79 |
| Section 2.15. | Cost of Funds Disclosure and Exculpatory Language | 82 |
| Section 2.16. | Replacement of Lender Group | 83 |
| Section 2.17. | [Reserved] | 83 |
| Section 2.18. | Alternate Rate of Interest | 83 |
| ARTICLE THREE | ARTICLE THREE | ARTICLE THREE |
| SECURITY | SECURITY | SECURITY |
| Section 3.01. | Collateral | 85 |
| Section 3.02. | Release of Collateral; No Legal Title | 87 |
| Section 3.03. | Protection of Security Interest; Administrative Agent, as Attorney-in-Fact | 88 |
| Section 3.04. | Assignment of the Purchase Agreement | 88 |
| Section 3.05. | Waiver of Certain Laws | 89 |
| Section 3.06. | Remittance Account | 89 |

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i

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| | | |
|:---|:---|:---|
|  |  | Page |
| ARTICLE FOUR | ARTICLE FOUR | ARTICLE FOUR |
| CONDITIONS OF CLOSING | CONDITIONS OF CLOSING | CONDITIONS OF CLOSING |
| Section 4.01. | Conditions to Effectiveness of this Agreement | 90 |
| ARTICLE FIVE REPRESENTATIONS AND | ARTICLE FIVE REPRESENTATIONS AND | ARTICLE FIVE REPRESENTATIONS AND |
| WARRANTIES | WARRANTIES | WARRANTIES |
| Section 5.01. | Representations and Warranties of the Borrower | 90 |
| Section 5.02. | Representations and Warranties of the Borrower Relating to the Related Receivables | 94 |
| Section 5.03. | Representations and Warranties of Lendbuzz Funding | 94 |
| Section 5.04. | Retransfer of Certain Receivables | 96 |
| ARTICLE SIX | ARTICLE SIX | ARTICLE SIX |
| COVENANTS | COVENANTS | COVENANTS |
| Section 6.01. | Affirmative Covenants of the Borrower | 98 |
| Section 6.02. | Negative Covenants of the Borrower | 104 |
| Section 6.03. | Covenants of the Borrower Relating to Hedging | 106 |
| Section 6.04. | Affirmative Covenants of the Servicer and the Collateral Custodian | 108 |
| Section 6.05. | Negative Covenants of the Servicer and the Collateral Custodian | 111 |
| ARTICLE SEVEN | ARTICLE SEVEN | ARTICLE SEVEN |
| ADMINISTRATION AND SERVICING OF RECEIVABLES | ADMINISTRATION AND SERVICING OF RECEIVABLES | ADMINISTRATION AND SERVICING OF RECEIVABLES |
| Section 7.01. | Designation of Servicing | 113 |
| Section 7.02. | Servicing Compensation | 113 |
| Section 7.03. | Duties of the Servicer | 113 |
| Section 7.04. | Collection of Payments | 117 |
| Section 7.05. | Servicer Advances | 117 |
| Section 7.06. | Payment of Certain Expenses by Servicer | 117 |
| Section 7.07. | Reports and Audit | 118 |
| Section 7.08. | Backup Servicer | 119 |
| Section 7.09. | Rights After Assumption of Duties by Backup Servicer or Designation of Successor Servicer; Liability | 119 |
| Section 7.10. | Limitation on Liability of the Servicer, the Collateral Custodian, and Others | 120 |
| Section 7.11. | The Servicer and the Collateral Custodian Not to Resign | 120 |
| Section 7.12. | Servicer Termination Events | 121 |
| Section 7.13. | Appointment of Successor Servicer | 122 |
| Section 7.14. | Merger or Consolidation, Assumption of Obligations or Resignation of the Servicer | 124 |
| Section 7.15. | Responsibilities of the Borrower | 125 |
| Section 7.16. | Custody of Receivable Files | 125 |
| Section 7.17. | Duties of Collateral Custodian | 126 |

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ii

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| | | |
|:---|:---|:---|
|  |  | Page |
| ARTICLE EIGHT | ARTICLE EIGHT | ARTICLE EIGHT |
| EVENTS OF DEFAULT | EVENTS OF DEFAULT | EVENTS OF DEFAULT |
| Section 8.01. | Events of Default | 128 |
| Section 8.02. | Actions Upon Declaration of the Occurrence of the Termination Date | 132 |
| Section 8.03. | Exercise of Remedies | 133 |
| Section 8.04. | Waiver of Certain Laws | 133 |
| Section 8.05. | Power of Attorney | 134 |
| ARTICLE NINE | ARTICLE NINE | ARTICLE NINE |
| INDEMNIFICATION | INDEMNIFICATION | INDEMNIFICATION |
| Section 9.01. | Indemnities by the Borrower | 134 |
| Section 9.02. | Indemnities by the Servicer and the Collateral Custodian | 136 |
| Section 9.03. | Indemnities by the Backup Servicer in its Capacity as the Successor Servicer or Successor Collateral Custodian | 138 |
| ARTICLE TEN | ARTICLE TEN | ARTICLE TEN |
| THE ADMINISTRATIVE AGENT AND THE AGENTS | THE ADMINISTRATIVE AGENT AND THE AGENTS | THE ADMINISTRATIVE AGENT AND THE AGENTS |
| Section 10.01. | Authorization and Action | 139 |
| Section 10.02. | Delegation of Duties | 139 |
| Section 10.03. | Exculpatory Provisions | 140 |
| Section 10.04. | Reliance | 140 |
| Section 10.05. | Non-Reliance on Agents and Other Lenders | 141 |
| Section 10.06. | Indemnification | 141 |
| Section 10.07. | Agents in their Individual Capacity | 142 |
| Section 10.08. | Successor Administrative Agent | 142 |
| Section 10.09. | Erroneous Payments | 143 |
| ARTICLE ELEVEN | ARTICLE ELEVEN | ARTICLE ELEVEN |
| ASSIGNMENTS; PARTICIPATIONS | ASSIGNMENTS; PARTICIPATIONS | ASSIGNMENTS; PARTICIPATIONS |
| Section 11.01. | Assignments and Participations | 144 |
| ARTICLE TWELVE | ARTICLE TWELVE | ARTICLE TWELVE |
| MUTUAL COVENANTS REGARDING CONFIDENTIALITY | MUTUAL COVENANTS REGARDING CONFIDENTIALITY | MUTUAL COVENANTS REGARDING CONFIDENTIALITY |
| Section 12.01. | Covenants of the Borrower, the Servicer, the Backup Servicer, the Account Bank and the Collateral Custodian | 146 |
| Section 12.02. | Covenants of the Administrative Agent, the Agents and the Lenders | 147 |
| Section 12.03. | Non-Confidentiality of Tax Treatment and Tax Structure | 148 |

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iii

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| | | |
|:---|:---|:---|
|  |  | Page |
| ARTICLE THIRTEEN | ARTICLE THIRTEEN | ARTICLE THIRTEEN |
| MISCELLANEOUS | MISCELLANEOUS | MISCELLANEOUS |
| Section 13.01. | Amendments and Waivers | 149 |
| Section 13.02. | Notices, Etc. | 149 |
| Section 13.03. | No Waiver, Rights and Remedies | 150 |
| Section 13.04. | Binding Effect | 150 |
| Section 13.05. | Term of this Agreement | 150 |
| Section 13.06. | **GOVERNING LAW; CONSENT TO JURISDICTION; WAIVER OF OBJECTION TO VENUE** | 150 |
| Section 13.07. | **WAIVER OF JURY TRIAL** | 150 |
| Section 13.08. | Costs and Expenses | 151 |
| Section 13.09. | No Insolvency Proceedings | 151 |
| Section 13.10. | Recourse Against Certain Parties | 151 |
| Section 13.11. | Patriot Act Compliance | 152 |
| Section 13.12. | Execution in Counterparts; Electronic Signatures; Severability; Integration | 152 |
| Section 13.13. | Not a Novation | 153 |

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| | | |
|:---|:---|:---|
| ANNEXES | ANNEXES | ANNEXES |
| Annex A | Pool 4 Funding Mechanics | Annex A-1 |
| Annex B | Pool 5 Funding Mechanics | Annex B-1 |
| SCHEDULES | SCHEDULES | SCHEDULES |
| Schedule A | Lender Supplement (JPMorgan Lender Group) | SA-1 |
| Schedule B | Eligible Receivable Criteria | SB-1 |
| Schedule C-1 | Pool 1 Schedule of Receivables | SC1-1 |
| Schedule C-2 | Pool 2 Schedule of Receivables | SC2-1 |
| Schedule C-3 | Pool 3 Schedule of Receivables | SC3-1 |
| Schedule C-4 | Pool 4 Schedule of Receivables | SC4-1 |
| Schedule C-5 | Pool 5 Schedule of Receivables | SC5-1 |
| Schedule D | Location of Receivable Files | SD-1 |
| Schedule E | Schedule of Documents | SE-1 |
| Schedule F | Initial List of Competitors | SF-1 |

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iv

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| | | |
|:---|:---|:---|
|  |  | Page |
| EXHIBITS | EXHIBITS | EXHIBITS |
| Exhibit A | Form of Pool 4 and Pool 5 Funding Request | A-1 |
| Exhibit B | Form of Assignment and Acceptance | B-1 |
| Exhibit C | Credit and Collection Policy | C-1 |
| Exhibit D | Form of Power of Attorney | D-1 |
| Exhibit E | [Reserved] | E-1 |
| Exhibit F | Form of Monthly Report | F-1 |
| Exhibit G | Forms of U.S. Tax Compliance Certificates | G-1 |

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v

------

FOURTH AMENDED AND RESTATED LOAN AGREEMENT

This Fourth Amended and Restated Loan Agreement, dated as of April 16, 2025 (as amended, restated, supplemented or otherwise modified from time to time, this "<u>Agreement</u>"), is by and among LENDBUZZ SPV VII, LLC, a Delaware limited liability company, as borrower (the "<u>Borrower</u>"), LENDBUZZ FUNDING LLC, a Delaware limited liability company ("<u>Lendbuzz Funding</u>"), as servicer (in such capacity, the "<u>Servicer</u>") and as collateral custodian (in such capacity, the "<u>Collateral Custodian</u>") for the Secured Parties (as defined herein), the Lenders from time to time parties hereto (the "<u>Lenders</u>"), the Agents for the Lender Groups (as defined herein) from time to time parties hereto (the "<u>Agents</u>") and JPMORGAN CHASE BANK, N.A., as administrative agent for the Lenders and the Agents (in such capacity, the "<u>Administrative Agent</u>") and as account bank (in such capacity, the "<u>Account Bank</u>").

W I T N E S S E T H:

WHEREAS, the parties to this Agreement intend to amend and restate the Third Amended and Restated Loan Agreement, dated as of March 13, 2025 (the "<u>Original</u> <u>Agreement</u>"), on the terms and conditions contained in this Agreement;

WHEREAS, the Borrower was formed for the purpose of purchasing and holding various assets, including consumer loans secured by new and used automobiles, light duty trucks, vans, minivans, and sport utility vehicles, amounts received on or in respect of such loans, and proceeds of the foregoing;

WHEREAS, the Lenders previously made the Pool 1 Loan, the Pool 2 Loan, the Pool 3 Loan, and the Pool 4 Loan to the Borrower pursuant to the Original Agreement, the proceeds of which were used to finance the purchase price of certain such consumer loans as described herein;

WHEREAS, the Borrower wishes for the Lenders to make an additional loan to the Borrower pursuant hereto, the proceeds of which will be used to finance the purchase price of certain additional consumer loans as described herein; and

WHEREAS, the Lenders have agreed to make such additional loan to the Borrower upon the terms and subject to the conditions set forth herein;

WHEREAS, the parties hereto wish to amend and restate the terms of the Original Agreement (but not to enter into a novation of the Original Agreement) by entry into this Agreement;

NOW THEREFORE, in consideration of the premises and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

------

ARTICLE ONE

DEFINITIONS; CONSTRUCTION

Section 1.01. <u>Definitions</u>. Whenever used herein, unless the context otherwise requires, the following words and phrases shall have the following meanings:

"<u>Account Bank</u>" has the meaning given to such term in the Preamble.

"<u>Account Collateral</u>" means the Collection Account and the Remittance Account, together with all cash, securities, financial assets (as defined in Section 8-102(a)(9) of the UCC) and investments, and other property from time to time deposited or credited to the Collection Account or the Remittance Account, and all proceeds of the foregoing.

"<u>Adjusted Daily Simple SOFR</u>" means an interest rate *per annum* equal to (i) the Daily Simple SOFR <u>plus</u> (ii) 0.10%.

"<u>Administrative Agent</u>" has the meaning given to such term in the Preamble.

"<u>Administrative Agent's Account</u>" means the account or accounts identified by the Administrative Agent to the Borrower and each Agent as the Administrative Agent's Account hereunder.

"<u>Advisors</u>" means accountants, attorneys, consultants, advisors, credit enhancers, liquidity providers, and Persons similar to the foregoing and the respective directors, officers, employees, and managers of each of the foregoing.

"<u>Affiliate</u>" means, with respect to any Person, any other Person controlling, controlled by or under common control with such Person. For purposes of this definition, "control" when used with respect to any specified Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract, or otherwise; and the terms "controlling" or "controlled" have meanings correlative to the foregoing.

"<u>Agent</u>" means, with respect to any Lender Group, the Person as identified as the "Agent" for such Lender Group in the related Lender Supplement.

"<u>Agents</u>" means, as of any date, all Agents for all Lender Groups as of such date.

"<u>Aggregate Loan</u>" means the Pool 1 Loan together with the Pool 2 Loan, the Pool 3 Loan, the Pool 4 Loan, and the Pool 5 Loan.

"<u>Aggregate Loan Balance</u>" means, as of any date of determination, the sum of (i) the Pool 1 Loan Outstanding <u>plus</u> (ii) the Pool 2 Loan Outstanding <u>plus</u> (iii) the Pool 3 Loan Outstanding <u>plus</u> (iv) the Pool 4 Loan Outstanding <u>plus</u> (v) the Pool 5 Loan Outstanding.

"<u>Aggregate Principal Balance</u>" means, as of any date of determination, the sum of (i) the Pool 1 Aggregate Principal Balance <u>plus</u> (ii) the Pool 2 Aggregate Principal Balance <u>plus</u> (iii) the Pool 3 Aggregate Principal Balance <u>plus</u> (iv) the Pool 4 Aggregate Principal Balance <u>plus</u> (v) the Pool 5 Aggregate Principal Balance.

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"<u>Aggregate Unpaids</u>" means, with respect to any date, an amount equal to the sum of (i) the Loan Outstanding, (ii) all accrued but unpaid Pool 1 Interest, Pool 2 Interest, Pool 3 Interest, Pool 4 Interest, and Pool 5 Interest, and (iii) all Program Fees, Unused Fees, Structuring Fees, Hedge Breakage Costs, Indemnified Amounts, and other Obligations owed (whether due or accrued) by the Borrower, the initial Servicer, or the initial Collateral Custodian to the Secured Parties, the Administrative Agent, the Backup Servicer, the Account Bank, the Indemnified Parties, and any Successor Servicer under this Agreement and the other Basic Documents.

"<u>Agreement</u>" has the meaning given to such term in the Preamble.

"<u>AIRA Score</u>" means with respect to any Receivable, the "Artificial Intelligence Risk Analysis Score" that is generated in connection with the underwriting of such Receivable by Lendbuzz Funding, utilizing its underwriting and machine learning algorithms and in accordance with the Credit and Collection Policy.

"<u>Alternate Base Rate</u>" means, with respect to any date, a rate *per annum* equal to the greatest of (i) the Prime Rate in effect on such day, (ii) the NYFRB Rate in effect on such day plus <sup>1</sup>⁄<sub>2</sub> of 1% and (iii) Adjusted Daily Simple SOFR plus 1%. Any change in the Alternate Base Rate due to a change in the Prime Rate, the NYFRB Rate or Adjusted Daily Simple SOFR shall be effective from and including the effective date of such change in the Prime Rate, the NYFRB Rate or Adjusted Daily Simple SOFR, respectively. If the Alternate Base Rate is being used as an alternate rate of interest pursuant to Section 2.18 (for the avoidance of doubt, only until the Benchmark Replacement has been determined pursuant to Section 2.18(b)), then the Alternate Base Rate shall be the greater of clauses (i) and (ii) above and shall be determined without reference to clause (iii) above. For the avoidance of doubt, if the Alternate Base Rate as determined pursuant to the foregoing would be less than 0%, such rate shall be deemed to be 0% for purposes of this Agreement.

"<u>Ancillary Fees</u>" means (i) late fees, (ii) extension fees, (iii) liquidation fees, (iv) prepayment charges, (v) overdraft charges, and (vi) all other administrative fees or similar charges allowed by Applicable Law received by or on behalf of the Servicer with respect to the Receivables.

"<u>Annual Percentage Rate</u>" or "<u>APR</u>" means, with respect to a Receivable, the rate *per annum* of finance charges stated in such Receivable as the "annual percentage rate" (within the meaning of the Federal Truth-in-Lending Act). If, after the Related Closing Date, the rate *per annum* with respect to a Receivable as of the Related Closing Date is reduced (i) as a result of an Insolvency Proceeding involving the related Obligor or (ii) pursuant to the Servicemembers Civil Relief Act or similar State law, "Annual Percentage Rate" or "APR" with respect to such Receivable shall refer to such reduced rate.

"<u>Anti-Corruption Laws</u>" means all laws, rules, and regulations of the United States or any State that are applicable to Lendbuzz, Lendbuzz Funding, the Borrower, or any of their respective Affiliates or Subsidiaries from time to time concerning or relating to bribery or corruption.

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"<u>Applicable Law</u>" means, with respect to any Person, all existing and future applicable laws, rules, regulations (including Treasury Regulations), statutes, treaties, codes, ordinances, permits, certificates, orders and licenses of and interpretations by any Governmental Authority (including usury laws, the Federal Truth in Lending Act, the Equal Credit Opportunity Act, the Fair Credit Billing Act, the Fair Credit Reporting Act, the Fair Debt Collection Practices Act, the Federal Trade Commission Act, the Magnuson-Moss Warranty Act, the Servicemembers Civil Relief Act, Regulations B, U, T, X and Z of the Federal Reserve Board, the Dodd-Frank Act, the Gramm-Leach-Bliley Act, each applicable state Motor Vehicle Retail Installment Sales Act, and state adaptations of the National Consumer Act and of the Uniform Consumer Credit Code and all other consumer protection and usury laws), the customer identification program requirements established under the Patriot Act, the due diligence requirements established under the Customer Due Diligence Requirements for Financial Institutions, 31 CFR Section 1010.230 (2016), such other laws, rules, regulations and executive orders in effect from time to time applicable to banking institutions, and applicable judgments, decrees, injunctions, writs, orders or line action of any court, arbitrator or other administrative, judicial or quasi-judicial tribunal or agency of competent jurisdiction.

"<u>Applicable Margin</u>" has the meaning given to such term in the Fee Letter.

"<u>Assignment and Acceptance</u>" means an assignment and acceptance agreement between a Lender and an Eligible Assignee, in substantially the form of Exhibit B hereto.

"<u>Available Funds</u>" means (i) with respect to Pool 1, the Pool 1 Available Funds, (ii) with respect to Pool 2, the Pool 2 Available Funds, (iii) with respect to Pool 3, the Pool 3 Available Funds, (iv) with respect to Pool 4, the Pool 4 Available Funds, and (v) with respect to Pool 5, the Pool 5 Available Funds.

"<u>Backup Servicer</u>" means, (i) initially, Vervent Inc., a Delaware corporation or (ii) if the initial Backup Servicer has been terminated in accordance with the terms of the Backup Servicing Agreement, any other Person who has been appointed as "Backup Servicer" pursuant to a replacement "Backup Servicing Agreement" and that is acceptable to the Administrative Agent (in its sole discretion).

"<u>Backup Servicing Agreement</u>" means (i) for so long as Vervent Inc. is the Backup Servicer, the Backup Servicing Agreement, dated as of September 12, 2022, by and among the Borrower, the Servicer, the Administrative Agent, and Vervent Inc. (as the same may be amended, restated, or otherwise modified from time to time with the consent of the Administrative Agent) or (ii) if Vervent Inc. is no longer the Backup Servicer, any replacement "Backup Servicing Agreement" that is entered into by the Servicer, the Backup Servicer, and the Administrative Agent and that is in form and substance acceptable to the Administrative Agent (in its sole discretion).

"<u>Backup Servicing Fee</u>" means the fees payable to the Backup Servicer as set forth in the Backup Servicing Agreement.

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"<u>Backup Servicing Fee Rate</u>" means, for each Collection Period, (a) the percentage equivalent of a fraction, (1) the numerator of which is the Backup Servicing Fee and (2) the denominator of which is the average daily Pool Balance during the related Collection Period, <u>times</u> (b) 12.

"<u>Balloon Payment</u>" means (i) with respect to any Receivable for which the final Scheduled Payment differs more than minimally from the level monthly payments that are due during the remainder of the Contract's term, the portion of such final Scheduled Payment that is in excess of such level monthly payment amount or (ii) with respect to any Receivable for which more than one final Scheduled Payment differs more than minimally from the level monthly payments that are due during the remainder of the Contract's term, the sum of the portion of each such final Scheduled Payment that is in excess of such level monthly payment amount. For the avoidance of doubt, a Balloon Payment may be scheduled under a Receivable at the time of origination, or may arise after origination as the result of a modification or other amendment of the terms of the related Contract.

"<u>Bankruptcy Code</u>" means the United States Bankruptcy Code (Title 11 of the United States Code).

"<u>Basel II</u>" means the second Basel Accord issued by the Basel Committee on Banking Supervision.

"<u>Basel III</u>" means the third Basel Accord issued by the Basel Committee on Banking Supervision.

"<u>Basic Documents</u>" means this Agreement, the Purchase Agreement, the Fee Letter, all Hedging Agreements, the Blocked Account Control Agreement, the Control Agreement, the Performance Guaranty, the Backup Servicing Agreement, and any other document, certificate, opinion, agreement or writing the execution of which is necessary or incidental to carrying out the transactions contemplated by this Agreement or any of the other foregoing documents.

"<u>Benchmark</u>" means, with respect to the portion of the Loan Outstanding that is funded or maintained either (i) by a Conduit Lender other than by issuing Commercial Paper Notes or (ii) by a Credit Provider, initially, Daily Simple SOFR; <u>provided</u>, that if a Benchmark Transition Event and the related Benchmark Replacement Date have occurred with respect to Daily Simple SOFR or the then-current Benchmark, then "Benchmark" means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate pursuant to clause (b) of Section 2.18.

"<u>Benchmark Replacement</u>" means, with respect to the portion of the Loan Outstanding that is funded or maintained either (i) by a Conduit Lender other than by issuing Commercial Paper Notes or (ii) by a Credit Provider, the sum of: (a) the alternate benchmark rate that has been selected by the Administrative Agent and the Borrower as the replacement for the then- current Benchmark giving due consideration to (1) any selection or recommendation of a replacement benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body or (2) any evolving or then-prevailing market convention for determining a benchmark rate as a replacement for the then-current Benchmark for dollar-denominated syndicated credit facilities at such time in the United States and (b) the related Benchmark Replacement Adjustment. If the Benchmark Replacement as determined pursuant to the above would be less than the Floor, the Benchmark Replacement will be deemed to be the Floor for the purposes of this Agreement and the other Basic Documents.

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"<u>Benchmark Replacement Adjustment</u>" means, with respect to any replacement of the then-current Benchmark with an Unadjusted Benchmark Replacement for any setting of such Unadjusted Benchmark Replacement, the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected by the Administrative Agent and the Borrower giving due consideration to (i) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body on the applicable Benchmark Replacement Date and/or (ii) any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for dollar-denominated syndicated credit facilities at such time.

"<u>Benchmark Replacement Conforming Changes</u>" means, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of "Alternate Base Rate," the definition of "Business Day," the definition of "U.S. Government Securities Business Day," the definition of "Interest Period," timing and frequency of determining rates and making payments of interest, timing of borrowing requests or prepayment, conversion or continuation notices, length of lookback periods, the applicability of breakage provisions, and other technical, administrative, or operational matters) that the Administrative Agent decides may be appropriate to reflect the adoption and implementation of such Benchmark Replacement and to permit the administration thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent decides that adoption of any portion of such market practice is not administratively feasible or if the Administrative Agent determines that no market practice for the administration of such Benchmark Replacement exists, in such other manner of administration as the Administrative Agent decides is reasonably necessary in connection with the administration of this Agreement and the other Basic Documents).

"<u>Benchmark Replacement Date</u>" means, with respect to any Benchmark, the earliest to occur of the following events with respect to such then-current Benchmark:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in the case of clause (i) or (ii) of the definition of "Benchmark Transition Event," the later of (a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator of such Benchmark (or the published component used in the calculation thereof) permanently or indefinitely ceases to provide such Benchmark (or such component thereof); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the case of clause (iii) of the definition of "Benchmark Transition Event," the first date on which such Benchmark (or the published component used in the calculation thereof) has been determined and announced by the regulatory supervisor for the administrator of such Benchmark (or such component thereof) to be no longer representative; <u>provided</u>, that such non- representativeness will be determined by reference to the most recent statement or publication referenced in such clause (iii).

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For the avoidance of doubt, (1) if the event giving rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination and (2) the "Benchmark Replacement Date" will be deemed to have occurred in the case of clause (i) or (ii) with respect to any Benchmark upon the occurrence of the applicable event or events set forth therein with respect to such Benchmark (or the published component used in the calculation thereof).

"<u>Benchmark Transition Event</u>" means, with respect to any Benchmark, the occurrence of one or more of the following events with respect to such then-current Benchmark:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a public statement or publication of information by or on behalf of the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that such administrator has ceased or will cease to provide such Benchmark (or such component thereof), permanently or indefinitely; <u>provided</u>, that at the time of such statement or publication, there is no successor administrator that will continue to provide such Benchmark (or such component thereof);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof), the Federal Reserve Board, the NYFRB, an insolvency official with jurisdiction over the administrator for such Benchmark (or such component), a resolution authority with jurisdiction over the administrator for such Benchmark (or such component), or a court or an entity with similar insolvency or resolution authority over the administrator for such Benchmark (or such component), in each case, which states that the administrator of such Benchmark (or such component) has ceased or will cease to provide such Benchmark (or such component thereof) permanently or indefinitely; <u>provided</u>, that at the time of such statement or publication, there is no successor administrator that will continue to provide such Benchmark (or such component thereof); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that such Benchmark (or such component thereof) is no longer, or as of a specified future date will no longer be, representative.

For the avoidance of doubt, a "Benchmark Transition Event" will be deemed to have occurred with respect to any Benchmark if a public statement or publication of information set forth above has occurred with respect to such Benchmark (or the published component used in the calculation thereof).

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"'<u>Benchmark Unavailability Period</u>' means, with respect to any Benchmark, the period (if any) (i) beginning at the time that a Benchmark Replacement Date pursuant to clauses (i) or (ii) of that definition has occurred if, at such time, no Benchmark Replacement has replaced such then-current Benchmark for all purposes hereunder and under any Basic Document in accordance with Section 2.18 and (ii) ending at the time that a Benchmark Replacement has replaced such then-current Benchmark for all purposes hereunder and under any Basic Document in accordance with Section 2.18.

"<u>Beneficial Ownership Certification</u>" means a certification regarding beneficial ownership as required by the Beneficial Ownership Rule.

"<u>Beneficial Ownership Rule</u>" means 31 C.F.R. § 1010.230.

"<u>Benefit Plan</u>" means each (i) employee pension benefit plan (as defined in Section 3(2) of ERISA) that is subject to Title I of ERISA, (ii) plan described in Section 4975(e)(1) of the Code, including individual retirement accounts or Keogh Plans that is not exempt under Section 4975(g) of the Code and (iii) any entity whose underlying assets include "plan assets" (as defined in Section 3(42) of ERISA and Department of Labor Regulations Section 2510.3-101) by reason of an employee benefit plan's or plans' investment in such entities.

"<u>Blocked Account Control Agreement</u>" means the Blocked Account Control Agreement, by and among Lendbuzz Funding, the Administrative Agent, and the Remittance Account Bank, as the same may be amended, restated, or otherwise modified from time to time with the consent of the Administrative Agent.

"<u>Borrower</u>" has the meaning given to such term in the Preamble.

"<u>Borrower Basic Documents</u>" means all Basic Documents to which the Borrower is a party or by which it is bound.

"<u>Borrower's Account</u>" means the bank account of the Borrower, as notified to the Administrative Agent from time to time in writing by the Borrower.

"<u>Borrowing Base</u>" means (i) with respect to Pool 1 and the Pool 1 Loan, the Pool 1 Borrowing Base, (ii) with respect to Pool 2 and the Pool 2 Loan, the Pool 2 Borrowing Base, (iii) with respect to Pool 3 and the Pool 3 Loan, the Pool 3 Borrowing Base, (iv) with respect to Pool 4 and the Pool 4 Loan, the Pool 4 Borrowing Base, and (v) with respect to Pool 5 and the Pool 5 Loan, the Pool 5 Borrowing Base.

"<u>Business Day</u>" means, any day (other than a Saturday or a Sunday) on which banks are open for business in New York City, Wilmington, Delaware, or Boston, Massachusetts; <u>provided</u>, that in relation to Loans for which interest is computed by reference to Daily Simple SOFR and any interest rate settings, fundings, disbursements, settlements or payments of any such Loans, or any other dealings of such Loans, no such day will be a "Business Day" unless it is also a U.S. Government Securities Business Day.

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"<u>Certificate of Title</u>" means, with respect to a Financed Vehicle, (i) the original certificate of title relating thereto, (ii) if the applicable Registrar of Titles issues a letter or other form of evidence of lien in lieu of a certificate of title (including electronic titling), the original lien entry letter, or (iii) prior to the time that a certificate of title of the type described in clause (i) or (ii) is issued, copies of correspondence to the applicable Registrar of Titles, and all enclosures thereto, for issuance of the original certificate of title or the original lien entry letter or form, as applicable, and which, in all of the foregoing cases, shall name the related Obligor as the owner of such Financed Vehicle and Lendbuzz Funding, the Borrower or the Administrative Agent, as secured party. For Financed Vehicles registered in States that issue confirmation of the lienholder's interest electronically, the "Certificate of Title" may consist of notification of an electronic recordation, by either a third party service provider or the relevant Registrar of Titles, which indicates that the lien of the secured party on the Financed Vehicle is recorded on the original certificate of title on the electronic lien and title system of the applicable State.

"<u>Change in Control</u>" means (i) any Person or group of Persons (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act, but excluding any employee benefit plan of such person or its Subsidiaries, and any Person or entity acting in its capacity as trustee, agent or other fiduciary or administrator of any such plan) gains ownership or control, directly or indirectly, of more than 50% of the voting and equity interest in Lendbuzz, or (ii) Lendbuzz owns, directly or indirectly, less than 100% of the membership interests of the Borrower, or (iii) Lendbuzz owns, directly or indirectly, less than 51% of the voting and equity interests in Lendbuzz Funding.

"<u>Code</u>" means the Internal Revenue Code of 1986.

"<u>Collateral</u>" has the meaning given to such term in Section 3.01(a).

"<u>Collateral Custodian</u>" has the meaning given to such term in the Preamble.

"<u>Collection Account</u>" means a segregated account established by the initial Servicer, on behalf of the Borrower, with the Account Bank in the name of the Administrative Agent for the benefit of the Secured Parties, into which all Collections shall be deposited.

"<u>Collection Period</u>" means, with respect to any date of determination, the immediately preceding calendar month, except (i) in the case of the Pool 1 Receivables, for dates occurring on or prior to the first Distribution Date following the Pool 1 Closing Date, in which case such term means the period from but excluding the Cutoff Date for the Pool 1 Receivables to and including the last day of the calendar month in which the Pool 1 Closing Date occurs, (ii) in the case of the Pool 2 Receivables, for the dates occurring on or prior to the first Distribution Date following the Pool 2 Closing Date, in which case such term means the period from but excluding the Cutoff Date for the Pool 2 Receivables to and including the last day of the calendar month in which the Pool 2 Closing Date occurs, (iii) in the case of the Pool 3 Receivables, for the dates occurring on or prior to the first Distribution Date following the Pool 3 Closing Date, in which case such term means the period from but excluding the Cutoff Date for the Pool 3 Receivables to and including the last day of the calendar month in which the Pool 3 Closing Date occurs, (iv) in the case of the Pool 4 Receivables, for the dates occurring on or prior to the first Distribution Date following the Pool 4 Closing Date, in which case such term means the period from but excluding the Cutoff Date for the Pool 4 Receivables to and including the last day of the calendar month in which the Pool 4 Closing Date occurs, and (v) in the case of the Pool 5 Receivables, for the dates occurring on or prior to the first Distribution Date following the Pool 5 Closing Date, in which case such term means the period from but excluding the Cutoff Date for the Pool 5 Receivables to and including the last day of the calendar month in which the Pool 5 Closing Date occurs.

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"<u>Collections</u>" means (i) all cash collections or other cash proceeds of any Receivable received by the Servicer (including from Lendbuzz, Lendbuzz Funding, or the Borrower) from or on behalf of any Obligor in payment of any amounts owed in respect of such Receivable, including all Release Price amounts deposited in the Collection Account pursuant to Section 5.04, Insurance Proceeds, investment earnings in the Collection Account, and all Recoveries, (ii) any other funds received by the Servicer (including from Lendbuzz, Lendbuzz Funding, or the Borrower) with respect to any Receivable (exclusive of Ancillary Fees which may be retained by the Servicer), Financed Vehicle or any other Collateral, (iii) all payments received by the Borrower pursuant to any Hedging Agreement or Hedge Transaction, and (iv) any Servicer Advances.

"<u>Commercial Paper Notes</u>" means any short-term promissory notes issued by a Conduit Lender with respect to financing any portion of the Aggregate Loan hereunder.

"<u>Competitor</u>" means (i) any Person that is a direct competitor of Lendbuzz Funding or any Affiliate of Lendbuzz Funding and that is identified in writing as such by Lendbuzz Funding, in good faith, to the Administrative Agent and (ii) any Affiliate of any Person described in clause (i). The Competitors pursuant to clause (i) as of the Pool 1 Closing Date are identified on Schedule F attached hereto.

"<u>Conduit Lender</u>" means any Person that is designated as a "Conduit Lender" in the Lender Supplement or in the Assignment and Acceptance pursuant to which it became a party to this Agreement, and any assignee of such Conduit Lender to the extent of the portion of the Loan Outstanding assigned to such assignee pursuant to its respective Assignment and Acceptance.

"<u>Conduit Lenders</u>" means, as of any date, all Conduit Lenders that are parties to this Agreement as of such date.

"<u>Confidential Information</u>" means any information, data, documents and materials in any form and at any time (including prior to the date of this Agreement) with respect to the Borrower, Lendbuzz, Lendbuzz Funding, or any of their Affiliates and their respective businesses and financial information, the Receivables, and the "Serviced Portfolio" and includes (i) information transmitted in written, oral, magnetic, or any other medium, (ii) all copies and reproductions, in whole or in part, of such information and (iii) all summaries, analyses, compilations, studies, notes, or other records which contain, reflect or are generated from such information; <u>provided</u>, that "Confidential Information" does not include, with respect to a Person, information that (a) was already known to such Person and such knowledge was not obtained from any other entity who was known by such Person to be subject to an obligation of confidentiality or otherwise prohibited from transmitting such information to such Person, (b) is or has become part of the public domain through no act or omission of such Person, (c) is or was lawfully disclosed to such Person without restriction on disclosure by a third party, (d) is or was developed independently by such Person, or (e) is or was lawfully and independently provided to

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such Person prior to disclosure hereunder, from a third party who is not known by such Person to be subject to an obligation of confidentiality or otherwise prohibited from transmitting such information. For purposes of this definition, "Serviced Portfolio" means the Servicer's entire portfolio of motor vehicle loans that (1) are originated, directly or indirectly, by Lendbuzz Funding in accordance with the Credit and Collection Policy (other than motor vehicle loans that are held for sale by Lendbuzz Funding), (2) are serviced by Lendbuzz Funding, and (3) are owned by Lendbuzz, Lendbuzz Funding, or an Affiliate or a Subsidiary of either Lendbuzz or Lendbuzz Funding.

"<u>Connection Income Taxes</u>" means Other Connection Taxes that are imposed on or measured by net income (however denominated) or that are franchise Taxes or branch profits Taxes.

"<u>Consent</u>" or "<u>Consented</u>" means a consent or an action of the Administrative Agent that has been approved by the Required Lenders.

"<u>Contract</u>" means the loan agreement or promissory note executed by an Obligor pursuant to which a loan is made by Lendbuzz Funding to such Obligor, which loan is secured by the related Financed Vehicle.

"<u>Contractual Obligation</u>" means, with respect to any Person, any provision of any securities issued by such Person or any indenture, mortgage, deed of trust, contract, undertaking, agreement, instrument or other document to which such Person is a party or by which it or any of its property is bound or is subject.

"<u>Control Agreement</u>" means that certain Escrow and Control Agreement, dated as of September 12, 2022, by and among the Borrower, JPMorgan Chase Bank, N.A., as escrow agent and bank, and the Administrative Agent.

"<u>CP Rate</u>" means, with respect to a Conduit Lender, the rate identified as its "CP Rate" in the Lender Supplement for the related Lender Group.

"<u>Credit and Collection Policy</u>" means, with respect to (i) the initial Servicer, the credit and collection policies of the Servicer as are in effect on the Pool 1 Closing Date (a copy of which is attached hereto as Exhibit C), as the same may be amended, modified, or supplemented from time to time in accordance with this Agreement, or (ii) any Successor Servicer, the customary credit and collection policies of such Successor Servicer, in each case as revised from time to time in accordance with this Agreement.

"<u>Credit Provider</u>" means any provider of a Liquidity Facility.

"<u>Credit Provider Rate</u>" means, with respect to any date during an Interest Period on which all or any portion of the Aggregate Loan is funded by a Credit Provider, an interest rate *per annum* equal to the sum of (i) Adjusted Daily Simple SOFR on such date <u>plus</u> (ii) the Applicable Margin.

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"<u>Cutoff Date</u>" means (i) with respect to the Pool 1 Receivables and the Pool 1 Loan, August 31, 2022, (ii) with respect to the Pool 2 Receivables and the Pool 2 Loan, April 4, 2024, (iii) with respect to the Pool 3 Receivables and the Pool 3 Loan, January 13, 2025, (iv) with respect to the Pool 4 Receivables identified in a particular Pool 4 Funding Request and the Pool 4 Loan, the date specified in such Pool 4 Funding Request, and (v) with respect to the Pool 5 Receivables identified in a particular Pool 5 Funding Request and the Pool 5 Loan, the date specified in such Pool 5 Funding Request.

"<u>Daily Simple SOFR</u>" means, with respect to any date (a "<u>SOFR Rate Day</u>"), a rate *per annum* equal to the greater of (i) SOFR for the day (such day, the related "<u>SOFR Determination</u> <u>Date</u>") that is five U.S. Government Securities Business Day prior to (a) if such SOFR Rate Day is a U.S. Government Securities Business Day, such SOFR Rate Day, or (b) if such SOFR Rate Day is not a U.S. Government Securities Business Day, the U.S. Government Securities Business Day immediately preceding such SOFR Rate Day, in each case, as such SOFR is published by the SOFR Administrator on the SOFR Administrator's Website and (ii) 0%. Any change in Daily Simple SOFR due to a change in SOFR shall be effective from and including the effective date of such change in SOFR without notice to the Borrower.

"<u>Dealer</u>" means a dealer of Financed Vehicles through which Lendbuzz Funding originated the respective Receivable to the related Obligor.

"<u>Debt-to-TNW Ratio</u>" means, with respect to any date of determination, (i) an amount equal to Lendbuzz's aggregate Indebtedness <u>divided by</u> (ii) an amount equal to Lendbuzz's Tangible Net Worth.

"<u>Default Rate</u>" means a *per annum* rate equal to (i) with respect to the Pool 1 Loan, the sum of (A) the Alternate Base Rate <u>plus</u> (B) 4.00%, (ii) with respect to the Pool 2 Loan, the sum of (A) the Alternate Base Rate <u>plus</u> (B) 3.25%, (iii) with respect to the Pool 3 Loan, the sum of (A) the Alternate Base Rate <u>plus</u> (B) 2.95%, (iv) with respect to the Pool 4 Loan, the sum of (A) the Alternate Base Rate <u>plus</u> (B) 2.95%, and (v) with respect to the Pool 5 Loan, the sum of (A) the Alternate Base Rate <u>plus</u> (B) 3.25%.

"<u>Delinquent Receivable</u>" means any Receivable, (i) with respect to which the greater of (a) $50 and (b) 10% or more of any Scheduled Payment remains unpaid for 60 or more days from the related due date and (ii) that is not a Liquidated Receivable. For the avoidance of doubt, any Collections received upon the disposition of the Financed Vehicle related to a Receivable will be applied against any outstanding Scheduled Payments on such Receivable in accordance with the Credit and Collection Policy and, if neither clause (i) or (ii) is satisfied after such application, then such Receivable shall no longer be a Delinquent Receivable until such time as either clause (i) or (ii) is thereafter satisfied.

"<u>Derivatives</u>" means any (i) exchange-traded or over-the-counter forward, future, option, swap, cap, collar, floor or foreign exchange contract or any combination of the foregoing, whether for physical delivery or cash settlement, relating to any interest rate, interest rate index, currency, currency exchange rate, currency exchange rate index, debt instrument, debt price, debt index, depository instrument, depository price, depository index, equity instrument, equity price, equity index, commodity, commodity price or commodity index, (ii) similar transaction, contract, instrument, undertaking or security or (iii) transaction, contract, instrument, undertaking or security containing any of the foregoing.

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"<u>Distribution Date</u>" means the 15<sup>th</sup> day of each calendar month or, if any such day is not a Business Day, the next succeeding Business Day, commencing on October 17, 2022.

"<u>Dodd-Frank Act</u>" means The Dodd-Frank Wall Street Reform and Consumer Protection Act (Pub.L. 111-203, H.R. 4173).

"<u>Dollars</u>" or "<u>$</u>" means the lawful currency of the United States.

"<u>Down Payment</u>" means, with respect to a Receivable, the percentage equivalent of a fraction the numerator of which is the amount of any cash payment made by the related Obligor at the time of origination of such Receivable in connection with its purchase of the related Financed Vehicle and the denominator of which is the book value of such Financed Vehicle at the date of underwriting, where such book value is the selling price as determined in accordance with the Credit and Collection Policy.

"<u>Early Adoption Increased Costs</u>" has the meaning given to such term in Section 2.11(a).

"<u>Early Adoption Increased Costs Representation</u>" has the meaning given to such term in Section 2.11(a).

"<u>Electronic Chattel Paper Sub-Custodian</u>" means eOriginal, Inc. or another econtracting facilitator engaged by the Servicer or the Custodian with the consent of the Administrative Agent.

"<u>Eligible Assignee</u>" means (i) J.P. Morgan Chase Bank, N.A., (ii) a multi-seller commercial asset-backed paper conduit (A) that is administered by a Lender, an Agent, or the Administrative Agent or an Affiliate of any of them and (B) the Commercial Paper Notes of which are rated at least "A-1" by Standard & Poor's and "Prime-1" by Moody's, (iii) any Credit Provider (A) that is designated as a "Credit Provider" in the Lender Supplement or in the Assignment and Acceptance pursuant to which it became a party to this Agreement or (B) that was otherwise approved by the Borrower in writing prior to such assignment (such consent of the Borrower not to be unreasonably withheld), or (iv) any other Person (A) that is acceptable to the Agent related to the portion of the Loan Outstanding being assigned and (B) that was approved by the Borrower in writing prior to such assignment (such consent of the Borrower not to be unreasonably withheld); <u>provided</u>, that no consent of the Borrower described in clause (iii) or (iv) shall be required during the occurrence and continuation of a Servicer Termination Event or Event of Default; <u>provided</u> <u>further</u>, that unless an Event of Default has occurred and is continuing, no Competitor shall be an Eligible Assignee unless approved by the Borrower in writing prior to such assignment.

"<u>Eligible Receivable</u>" means, as of any date of determination, any Receivable (i) for which the related Receivable File is in the possession of the Collateral Custodian, (ii) which was identified on the Related Schedule of Receivables delivered by the Borrower to the Administrative Agent, and (iii) which satisfied each of the eligibility requirements set forth on Schedule B hereto as of the related Cutoff Date.

"<u>ERISA</u>" means the Employee Retirement Income Security Act of 1974, and the regulations promulgated and rulings issued thereunder.

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"<u>ERISA Affiliate</u>" means (i) any corporation which is a member of the same controlled group of corporations (within the meaning of Section 414(b) of the Code) as the Borrower, (ii) a trade or business (whether or not incorporated) under common control (within the meaning of Section 414(c) of the Code) with the Borrower, or (iii) a member of the same affiliated service group (within the meaning of Section 414(m) of the Code) as the Borrower, any corporation described in clause (i) above or any trade or business described in clause (ii) above.

"<u>Event of Default</u>" has the meaning given to such term in Section 8.01(a).

"<u>Exchange Act</u>" means the Securities Exchange Act of 1934, as amended.

"<u>Excluded Taxes</u>" means any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or deducted from a payment to a Recipient, (i) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (a) imposed as a result of such Recipient being organized under the laws of, or having its principal office or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (b) that are Other Connection Taxes, (ii) in the case of a Lender, U.S. federal withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in the Aggregate Loan pursuant to a law in effect on the date on which (a) such Lender acquires such interest in the Aggregate Loan or (b) such Lender changes its lending office, except in each case to the extent that, pursuant to Section 2.12, amounts with respect to such Taxes were payable either to such Lender's assignor immediately before such Lender became a party hereto or to such Lender immediately before it changed its lending office, (iii) Taxes attributable to such Recipient's failure to comply with Section 2.12(g) and (iv) any withholding Taxes imposed under FATCA.

"<u>Extended Receivable</u>" means any Receivable with respect to which an Extension has been granted.

"<u>Extension</u>" means, with respect to any Receivable, a payment extension or deferral that is granted by the Servicer to an Obligor whereby (i) either (a) the due date for all or any portion of one or more Scheduled Payments is extended to a date that is later than the current due date or (b) all or any portion of one or more Scheduled Payments is waived for the related due date and (ii) such extended or waived amount is due from such Obligor by no later than the final due date for the related Contract (which final due date may have been extended by the Servicer in connection with such extension or deferral).

"<u>Facility Termination Date</u>" means the date on which all Aggregate Unpaids have been indefeasibly paid in full.

"<u>FATCA</u>" means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof and any applicable agreement entered into pursuant to Section 1471(b)(1) of the Code, any applicable intergovernmental agreement with respect to the foregoing, and any regulations and official administrative guidance thereunder.

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"<u>Federal Funds Effective Rate</u>" means, for any day, the rate calculated by the NYFRB based on such day's federal funds transactions by depositary institutions, as determined in such manner as shall be set forth on the NYFRB's Website from time to time, and published on the next succeeding Business Day by the NYFRB as the effective federal funds rate; <u>provided</u>, that if the Federal Funds Effective Rate as so determined would be less than 0%, such rate shall be deemed to be 0% for the purposes of this Agreement.

"<u>Federal Reserve Board</u>" means the Board of Governors of the Federal Reserve System.

"<u>Fee Letter</u>" means the "Fourth Amended and Restated Fee Letter", dated as of April 16, 2025, by and among the Borrower, the initial Servicer, and the Administrative Agent, setting forth, among other things, the Structuring Fee, the Program Fee Rate, the Unused Fee Rate, and the Applicable Margin.

"<u>FICO Score</u>" means, with respect to any Receivable, the credit score provided by Fair Isaac Corporation for the related Obligor at the time of underwriting for such Receivable.

"<u>Final Maturity Date</u>" means the Distribution Date occurring in April 2031.

"<u>Financed Vehicle</u>" means, with respect to a Receivable, any new or used automobile, light-duty truck, van, minivan or sport utility vehicle, together with all accessions thereto, securing the related Obligor's indebtedness thereunder.

"<u>Financial Covenants</u>" means each of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Lendbuzz's Tangible Net Worth for the most recently ended fiscal quarter shall at least equal the sum of (a) $57,000,000 plus (b) 50% of Lendbuzz's cumulative positive net income for each fiscal quarter that has ended since September 30, 2021 plus (c) 65% of net proceeds received by Lendbuzz in connection with its issuance and sale of any equity interests (as determined in accordance with GAAP) after September 30, 2021;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Lendbuzz's Debt-to-TNW Ratio for the most recently ended fiscal quarter shall not exceed 7.0 to 1.0; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the aggregate amount of unused borrowing or financing capacity that is available to Lendbuzz or its wholly-owned Subsidiaries as of the end of the most recently ended fiscal quarter under (a) this Agreement, (b) any other asset-backed warehouse facilities maintained by such entities, (c) any term asset-backed securitizations with respect to which any such entity is the "sponsor" (as such term is defined in Regulation RR (17 CFR § 246.1, et seq.)) and that include a revolving feature allowing for the addition of receivables after the initial closing date that are purchased by the related issuing entity with collections previously received on the receivables included in such securitization (rather than with amounts held back from closing proceeds in a "prefunding account" or similar feature), or (d) any committed forward flow purchase facility with respect to which receivables may be sold to a third-party by any such entity, shall be at least $75,000,000; provided, that unused borrowing, financing, sale, or similar capacity under any such facility or transaction that is ineligible to be drawn, borrowed, or otherwise utilized at the related time due to any event of default, termination event, or any other condition or state of affairs existing at such time (other than a lack of availability of qualifying receivables to pledge, sell, contribute, or otherwise convey in order to effect the related draw, borrowing, or similar utilization) shall not be included in such aggregate amount.

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"<u>Floor</u>" means the benchmark rate floor, if any, provided in this Agreement initially (as of the execution of this Agreement, the modification, amendment or renewal of this Agreement or otherwise) with respect to the CP Rate or Daily Simple SOFR, as applicable. For the avoidance of doubt the initial Floor for each of the CP Rate or Adjusted Daily Simple SOFR shall be 0%.

"<u>Foreign Lender</u>" means a Lender that is not a U.S. Person.

"<u>Formation Documents</u>" means, with respect to (i) the Borrower, its limited liability company agreement and certificate of formation, (ii) Lendbuzz Funding, its limited liability company agreement and certificate of formation, and (iii) Lendbuzz, its certificate of incorporation and bylaws.

"<u>GAAP</u>" means generally accepted accounting principles as in effect from time to time in the United States.

"<u>Governmental Authority</u>" means, with respect to any Person, any nation or government, any State or other political subdivision thereof, any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government and any court or arbitrator having jurisdiction over such Person.

"<u>Hedge Breakage Costs</u>" means, with respect to any Hedge Transaction, any amount payable by the Borrower to the related Hedge Counterparty upon the early termination of such Hedge Transaction or any portion thereof.

"<u>Hedge Collateral</u>" means all of the rights of the Borrower, whether now existing and hereafter acquired, in and to all Hedging Agreements, Hedge Transactions and all present and future amounts payable by all Hedge Counterparties to the Borrower under or in connection with such Hedging Agreements and Hedge Transactions with such Hedge Counterparties.

"<u>Hedge Counterparty</u>" means any entity that on the date of entering into any Hedge Transaction is (i) JPMorgan Chase Bank, N.A. or an Affiliate thereof or (ii) (a) is an interest rate swap dealer, (b) whose debt ratings satisfy each of the Long-Term Rating Requirement and the Short-Term Rating Requirement and (c) agrees that in the event that Moody's or Standard & Poor's reduces its long-term unsecured debt rating below the Long-Term Rating Requirement or its short-term unsecured debt rating below the Short-Term Rating Requirement, it shall (1) transfer its rights and obligations under each Hedge Transaction to another entity that meets the requirements of this definition and has entered into a Hedging Agreement with the Borrower on or prior to the date of such transfer, (2) post collateral in an amount satisfactory to the Required Lenders, or (3) obtain a guaranty of its obligations under each Hedge Transaction that is satisfactory to the Required Lenders from another entity whose debt ratings satisfy each of the Long-Term Rating Requirement and the Short-Term Rating Requirement. Each Hedge Counterparty must consent to the assignment of the Borrower's rights under the Hedging Agreement to the Administrative Agent pursuant to Section 6.03(h).

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"<u>Hedge Transaction</u>" means each interest rate hedge transaction between the Borrower and a Hedge Counterparty that is entered into pursuant to Section 6.03 and is governed by a Hedging Agreement.

"<u>Hedging Agreement</u>" means each agreement between the Borrower and a Hedge Counterparty which governs one or more Hedge Transactions entered into pursuant to Section 6.03, which agreement shall be reasonably acceptable to the Administrative Agent and shall consist of a "Master Agreement" in a form published by the International Swaps and Derivatives Association, Inc., together with a "Schedule" thereto, any applicable credit support annex, and each "Confirmation" thereunder confirming the specific terms of each such Hedge Transaction.

"<u>Indebtedness</u>" means, with respect to any Person and any day, without duplication, (i) all indebtedness of such Person for borrowed money or for the deferred purchase price of property or services (other than current liabilities incurred in the ordinary course of business and payable in accordance with customary trade practices) or which is evidenced by a note, bond, debenture or similar instrument, (ii) all obligations of such Person under capital leases, (iii) all obligations of such Person in respect of acceptances issued or created for the account of such Person, (iv) all liabilities secured by any Lien on any property owned by such Person even though such Person has not assumed or otherwise become liable for the payment thereof and (v) all indebtedness, obligations or liabilities of that Person in respect of Derivatives.

"<u>Indemnified Amounts</u>" has the meaning given to such term in Section 9.01.

"<u>Indemnified Party</u>" has the meaning given to such term in Section 9.01.

"<u>Indemnified Taxes</u>" means (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of the Borrower under any Borrower Basic Document and (b) to the extent not otherwise described in (a), Other Taxes.

"<u>Independent Manager</u>" means a natural Person who either (i) (a) is provided by a nationally recognized provider of independent directors; (b) is not and has not been employed by Lendbuzz or Lendbuzz Funding or any of their respective Subsidiaries or Affiliates as an officer, director, partner, manager, member (other than as a special member in the case of single member Delaware limited liability companies), employee, attorney or counsel of, Lendbuzz or Lendbuzz Funding or any of their respective Affiliates within the five (5) years immediately prior to such individual's appointment as an Independent Manager, provided that this paragraph (b) shall not apply to any person who serves as an independent director or an independent manager for any Affiliate of any of Lendbuzz or Lendbuzz Funding; (c) is not, and has not been within the five (5) years immediately prior to such individual's appointment as an Independent Manager, a customer or creditor of, or supplier to, Lendbuzz or Lendbuzz Funding or any of their respective Affiliates who derives any of its purchases or revenue from its activities with Lendbuzz or Lendbuzz Funding or any of their respective Affiliates thereof (other than a *de minimis* amount); (d) is not, and has not been within the five (5) years immediately prior to such individual's

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appointment as an Independent Manager, a person who controls or is under common control with any Person described by (b) or (c); (e) does not have, and has not had within the five (5) years immediately prior to such individual's appointment as an Independent Manager, a personal services contract with Lendbuzz or Lendbuzz Funding or any of their respective Subsidiaries or Affiliates, from which fees and other compensation received by the person pursuant to such personal services contract would exceed 5% of his or her gross revenues during the preceding calendar year; (f) is not affiliated with a tax-exempt entity that receives, or has received within the five (5) years prior to such appointment as an Independent Manager, contributions from Lendbuzz or Lendbuzz Funding or any of their respective Subsidiaries or Affiliates, in excess of the lesser of (i) 3% of the consolidated gross revenues of Lendbuzz Funding and its Subsidiaries during such fiscal year and (ii) 5% of the contributions received by the tax-exempt entity during such fiscal year; (g) is not and has not been a shareholder (or other equity owner) of any of Lendbuzz or Lendbuzz Funding or any of their respective Affiliates within the five (5) years immediately prior to such individual's appointment as an Independent Manager; (h) is not a member of the immediate family of any Person described by (b) through (g); (i) is not, and was not within the five (5) years prior to such appointment as an Independent Manager, an employee of a financial institution to which Lendbuzz or Lendbuzz Funding or any of their respective Subsidiaries or Affiliates owes outstanding Indebtedness for borrowed money in a sum exceeding more than 5% of Lendbuzz Funding total consolidated assets; (j) has prior experience as an independent director or manager for a corporation or limited liability company whose charter documents required the unanimous consent of all independent directors thereof before such corporation or limited liability company could consent to the institution of bankruptcy or insolvency proceedings against it or could file a petition seeking relief under any applicable federal or state law relating to bankruptcy; and (k) has at least three (3) years of employment experience with one or more entities that provide, in the ordinary course of their respective businesses, advisory, management or placement services to issuers of securitization or structured finance instruments, agreements or securities; or (ii) has otherwise been approved in writing by the Administrative Agent.

"<u>Ineligible Receivable</u>" means, as of any date of determination, a Receivable that is not an Eligible Receivable.

"<u>Insolvency Event</u>" means, with respect to a specified Person, (i) the filing of a decree or order for relief by a court having jurisdiction in the premises in respect of such Person or any substantial part of its property in an involuntary case under any applicable Insolvency Law now or hereafter in effect, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator, or similar official for such Person or for any substantial part of its property, or ordering the winding-up or liquidation of such Person's affairs, and such decree or order shall remain unstayed and in effect for a period of 60 consecutive days or (ii) the commencement by such Person of a voluntary case under any Insolvency Law now or hereafter in effect, or the consent by such Person to the entry of an order for relief in an involuntary case under any such law, or the consent by such Person to the appointment of or taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator, or similar official for such Person or for any substantial part of its property, or the making by such Person of any general assignment for the benefit of creditors, or the failure by such Person generally to pay its debts as such debts become due, or the taking of action by such Person in furtherance of any of the foregoing.

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"<u>Insolvency Laws</u>" means the Bankruptcy Code and all other applicable liquidation, conservatorship, bankruptcy, moratorium, arrangement, rearrangement, receivership, insolvency, reorganization, suspension of payments, marshaling of assets and liabilities, or similar debtor relief laws from time to time in effect affecting the rights of creditors generally.

"<u>Insolvency Proceeding</u>" means, with respect to any Person, any bankruptcy, insolvency, arrangement, rearrangement, conservatorship, moratorium, suspension of payments, readjustment of debt, reorganization, receivership, liquidation, marshaling of assets and liabilities, or similar proceeding of or relating to such Person under any Insolvency Laws.

"<u>Instrument</u>" means any "instrument" (as defined in Article 9 of the UCC), other than an instrument that constitutes part of chattel paper.

"<u>Insurance Policy</u>" means, with respect to any Receivable, (i) an insurance policy covering physical damage to or loss of the related Financed Vehicle or (ii) any lender's single interest, credit life, disability, hospitalization and similar insurance policies with respect to the related Obligor.

"<u>Insurance Proceeds</u>" means any amounts payable or any payments made under any Insurance Policy.

"<u>Interest</u>" means, with respect to (i) the Pool 1 Loan, Pool 1 Interest, (ii) the Pool 2 Loan, Pool 2 Interest, (iii) the Pool 3 Loan, Pool 3 Interest, (iv) the Pool 4 Loan, Pool 4 Interest, and (v) the Pool 5 Loan, Pool 5 Interest.

"<u>Interest Period</u>" means, with respect to each Distribution Date, the immediately preceding Collection Period, except (i) in the case of the Pool 1 Loan and the first Distribution Date following the Pool 1 Closing Date, the period from and including the Pool 1 Closing Date through and including the last day of the calendar month in which the Pool 1 Closing Date occurs, (ii) in the case of the Pool 2 Loan and the first Distribution Date following the Pool 2 Closing Date, the period from and including the Pool 2 Closing Date through and including the last day of the calendar month in which the Pool 2 Closing Date occurs, (iii) in the case of the Pool 3 Loan and the first Distribution Date following the Pool 3 Closing Date, the period from and including the Pool 3 Closing Date through and including the last day of the calendar month in which the Pool 3 Closing Date occurs, (iv) in the case of the Pool 4 Loan and the first Distribution Date following the Pool 4 Closing Date, the period from and including the Pool 4 Closing Date through and including the last day of the calendar month in which the Pool 4 Closing Date occurs, or (v) in the case of the Pool 5 Loan and the first Distribution Date following the Pool 5 Closing Date, the period from and including the Pool 5 Closing Date through and including the last day of the calendar month in which the Pool 5 Closing Date occurs.

"<u>Invested Percentage</u>" means, for a Lender as of any date of determination, the percentage equivalent of (i) the sum of (a) the portion of the Loan Outstanding (if any) funded by such Lender on or prior to such day, <u>plus</u> (b) with duplication of any amount in clause (a), any portion of the Loan Outstanding acquired by such Lender on or prior to such day as an assignee from another Lender pursuant to an Assignment and Acceptance, <u>minus</u> (c) any portion of the Loan Outstanding assigned by such Lender to an assignee on or prior to such day pursuant to an Assignment and Acceptance, <u>divided by</u> (ii) the Loan Outstanding on such day.

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"<u>Investment</u>" means, with respect to any Person, any direct or indirect loan, advance or investment by such Person in any other Person, whether by means of share purchase, capital contribution, loan or otherwise, and excluding commission, travel and similar advances to officers, employees and directors made in the ordinary course of business.

"<u>Investment Company Act</u>" means the Investment Company Act of 1940, as amended.

"<u>IRS</u>" means the U.S. Internal Revenue Service.

"<u>ISDA Definitions</u>" means the 2006 ISDA Definitions published by the International Swaps and Derivatives Association, Inc. or any successor thereto, as amended or supplemented from time to time, or any successor definitional booklet for interest rate derivatives published from time to time by the International Swaps and Derivatives Association, Inc. or such successor thereto.

"<u>JPMorgan Agent</u>" means JPMorgan Chase Bank, in its capacity as Agent for the JPMorgan Lender Group, and its successors in such capacity.

"<u>JPMorgan Chase Bank</u>" means JPMorgan Chase Bank, N.A.

"<u>JPMorgan Lender Group</u>" means the group of Lenders consisting of (a**)** the Conduit Lender identified on the Lender Supplement attached hereto as Schedule A, (b) the Credit Provider identified on the Lender Supplement attached hereto as Schedule A, and (c) the JPMorgan Agent.

"<u>Lendbuzz</u>" means Lendbuzz Inc., a Delaware corporation.

"<u>Lendbuzz Funding</u>" has the meaning given to such term in the Preamble.

"<u>Lender Advance</u>" means, with respect to a Lender and as of any date, (i) with respect to the Pool 1 Loan, the portion of the Pool 1 Loan Outstanding held by such Lender as of such date, (ii) with respect to the Pool 2 Loan, the portion of the Pool 2 Loan Outstanding held by such Lender as of such date, (iii) with respect to the Pool 3 Loan, the portion of the Pool 3 Loan Outstanding held by such Lender as of such date, (iv) with respect to the Pool 4 Loan, the portion of the Pool 4 Loan Outstanding held by such Lender as of such date, and (v) with respect to the Pool 5 Loan, the portion of the Pool 5 Loan Outstanding held by such Lender as of such date.

"<u>Lender Group</u>" means each group of Lenders consisting of (i) one or more Lenders and (ii) an Agent, in each case as indicated on the related Lender Supplement. As of the Pool 5 Closing Date, the sole Lender Group is the JPMorgan Lender Group.

"<u>Lender Register</u>" has the meaning given to such term in Section 11.01(c).

"<u>Lenders</u>" means, collectively, the Conduit Lenders and the Credit Providers.

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"<u>Lender Supplement</u>" means (i) with respect to the JPMorgan Lender Group, the information set forth in Schedule A to this Agreement and (ii) with respect to any other Lender Group, the information set forth in the related Lender Supplement, in each case as the same may be amended or otherwise modified from time to time, with, in the case of changes to the definition of CP Rate, the consent of the Borrower. With respect to the Lender Supplement for any Lender Group other than the JPMorgan Lender Group, such Lender Supplement shall contain substantially similar information to that set forth in Schedule A with respect to the JPMorgan Lender Group.

"<u>Liability</u>" means any duty, responsibility, obligation or liability.

"<u>Lien</u>" means any mortgage, lien, pledge, charge, claim, security interest or encumbrance of any kind.

"<u>Liquidated Receivable</u>" means any Receivable with respect to which (i) all or any portion of one or more scheduled monthly payments of principal and/or interest remains unpaid with respect to such Receivable for a period of 120 days or more past the scheduled due date for such payment, (ii) an Insolvency Event has occurred with respect to the related Obligor, or (iii) the related Obligor is deceased.

"<u>Liquidity Facility</u>" means, with respect to each Conduit Lender, any of the committed loan facilities, lines of credit and other financial accommodations available to such Conduit Lender through a Credit Provider to support the liquidity of such Conduit Lender's Commercial Paper Notes.

"<u>Loan-to-Value Ratio</u>" means, with respect to a Receivable, the percentage equivalent of a fraction, (i) the numerator of which is the Principal Balance of such Receivable as of its date of disbursement and (ii) the denominator of which is the lesser of (a) the NADA clean retail value of the related Financed Vehicle (or, if such value is not available, the Carfax retail value of such Financed Vehicle) and (b) the purchase price of such Financed Vehicle.

"<u>Loan Outstanding</u>" means, as of any date of determination, the sum of (i) the Pool 1 Loan Outstanding <u>plus</u> (ii) the Pool 2 Loan Outstanding <u>plus</u> (iii) the Pool 3 Loan Outstanding <u>plus</u> (iv) the Pool 4 Loan Outstanding <u>plus</u> (v) the Pool 5 Loan Outstanding.

"<u>Long-Term Rating Requirement</u>" means, with respect to any Person, that such Person has a long-term unsecured debt rating of not less than "A" by Standard & Poor's and not less than "A2" by Moody's.

"<u>Material Adverse Change</u>" means any event or condition which would reasonably be expected to have a material adverse effect on (i) the collectability of all or a material portion of the Receivables, (ii) the condition (financial or otherwise), business or properties of the Borrower, (iii) the ability of the Servicer to collect on the Receivables, (iv) the condition (financial or otherwise), business or properties of Lendbuzz Funding, or (v) the condition (financial or otherwise), businesses or investments of Lendbuzz. For the avoidance of doubt, the following is a non-exclusive list of changes to the Credit and Collection Policy which, if reasonably likely to negatively impact the creditworthiness or collectability of any Receivables, will be deemed to constitute a "Material Adverse Change" unless such changes are made with the

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consent of the Administrative Agent in the manner set forth in this Agreement (which consent shall not be unreasonably withheld, conditioned, or delayed): changes that would modify any of (a) the maximum allowable threshold limitations for substantial underwriting criteria, including but not limited to those related to loan term, required Down Payment, Payment-to-Income Ratio, and Loan-to-Value Ratio; (b) the categorization of receivables as delinquent, non-performing, defaulted or charged-off; (c) material collection processes relating, without limitation, to delinquent, non-performing, defaulted or charged-off receivables, loan loss recognition, loan modification (including extensions and deferrals), end-of-term recovery and processing, and collateral recovery; (d) any provisions for credit exceptions; (e) stated creditworthiness thresholds required for obligors; and (f) any substantive calculations or components affecting the determination of AIRA Scores (but excluding any modifications that reflect the ordinary course machine learning processes that adjust such calculations and/or components from time to time).

"<u>Material Adverse Effect</u>" means, with respect to any Person and to any event or circumstance, a material adverse effect on (i) the business, condition (financial or otherwise), operations, performance, properties or prospects of such Person (including any such change or effect resulting from the introduction of or change in any Applicable Laws or any ruling, order or other action by any Governmental Authority), taken as a whole, (ii) the validity or enforceability of this Agreement or any other Basic Document or the validity, enforceability or collectability of a material portion of (a) the Contracts (taken as a whole), (b) the Receivables (taken as a whole) or (c) any other Collateral (taken as a whole), (iii) the rights and remedies of the Administrative Agent and Secured Parties under the Basic Documents, (iv) the ability of such Person to perform its obligations under this Agreement or any other Basic Document to which it is a party, or (v) the status, existence, perfection, priority or enforceability of the interest of the Administrative Agent or the Lenders in the Collateral.

"<u>Maximum Lawful Rate</u>" means the highest rate of interest permissible under Applicable Law.

"<u>Member</u>" has the meaning set forth in the Borrower's Formation Documents.

"<u>Monthly Backup Servicer Certificate</u>" means a monthly report of the Backup Servicer in the form prescribed by the Backup Servicing Agreement and relating to the end of the Collection Period immediately preceding the date on which such certificate is delivered.

"<u>Monthly Report</u>" means a monthly statement of the Servicer delivered pursuant to Section 7.07(a) on each Reporting Date with respect to the related Collection Period, substantially in the form of Exhibit F.

"<u>Moody's</u>" means Moody's Investors Service, Inc.

"<u>Multiemployer Plan</u>" means a "multiemployer plan" as defined in Section 4001(a)(3) of ERISA which is or was at any time during the current year or the immediately preceding five years contributed to by the Borrower, Lendbuzz Funding, Lendbuzz or any ERISA Affiliate on behalf of their employees.

"<u>Non-JPMorgan Hedge Counterparty</u>" means any Hedge Counterparty other than a Hedge Counterparty as defined in clause (i) of the definition thereof.

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"<u>NRSRO</u>" has the meaning assigned to it in Section 12.021(d)

"<u>NYFRB</u>" means the Federal Reserve Bank of New York.

"<u>NYFRB Rate</u>" means, for any day, the greater of (a) the Federal Funds Effective Rate in effect on such day and (b) the Overnight Bank Funding Rate in effect on such day (or for any day that is not a Business Day, for the immediately preceding Business Day); <u>provided</u>, that if none of such rates are published for any day that is a Business Day, the term 'NYFRB Rate' means the rate for a federal funds transaction quoted at 11:00 a.m. on such day received by the Administrative Agent from a federal funds broker of recognized standing selected by it; <u>provided</u>, <u>further</u>, that if any of the aforesaid rates as so determined be less than 0%, such rate shall be deemed to be 0% for purposes of this Agreement.

"<u>NYFRB's Website</u>" means the website of the NYFRB at http://www.newyorkfed.org, or any successor source.

"<u>Obligations</u>" means all loans, advances, debts, liabilities, indemnities and obligations for monetary amounts owing by the Borrower to the Secured Parties, the Collateral Custodian, the Backup Servicer, any Successor Servicer, the Administrative Agent, the Agents or any of their respective assigns, as the case may be, whether due or to become due, matured or unmatured, liquidated or unliquidated, contingent or non-contingent and all covenants and duties regarding such amounts, of any kind or nature, present or future, arising under or in respect of any of the Aggregate Loan or any Hedging Agreement, whether or not evidenced by any separate note, agreement or other instrument, including all principal, interest (including interest that accrues after the commencement against the Borrower of any action under the Bankruptcy Code), amounts payable pursuant to Section 2.12, Hedge Breakage Costs, fees, including any and all arrangement fees, loan fees, Program Fees, Unused Fees, Structuring Fees, and all other fees, expenses, costs or other sums (including attorney fees and disbursements) chargeable to the Borrower under the Basic Documents.

"<u>Obligor</u>" means each Person obligated to make payments pursuant to a Receivable, including any guarantor thereof.

"<u>Officer's Certificate</u>" means a certificate signed by any Responsible Officer of the Borrower, the Servicer, the Backup Servicer, the Collateral Custodian, Lendbuzz, or Lendbuzz Funding, as the case may be, and delivered to the Administrative Agent.

"<u>Opinion of Counsel</u>" means, with respect to any Person, a written opinion of counsel, who is reasonably acceptable to the Administrative Agent.

"<u>Optional Redemption</u>" has the meaning set forth in Section 2.13.

"<u>Optional Redemption Date</u>" means the date that an Optional Redemption is consummated.

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"<u>Other Connection Taxes</u>" means, with respect to any Recipient, Taxes imposed as a result of a present or former connection between such Recipient and the jurisdiction imposing such Tax (other than connections arising from such Recipient having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Borrower Basic Document, or sold or assigned an interest in the Aggregate Loan or Borrower Basic Document).

"<u>Other Taxes</u>" means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Borrower Basic Document, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment (other than an assignment pursuant to Section 2.12(j)).

"<u>Overnight Bank Funding Rate</u>" means, for any date, the rate comprised of both overnight federal funds and overnight eurodollar transactions denominated in Dollars by U.S.- managed banking offices of depository institutions, as such composite rate shall be determined by the NYFRB as set forth on the NYFRB's Website from time to time, and published on the next succeeding Business Day by the NYFRB as an overnight bank funding rate.

"<u>Owners</u>" means the Lenders that are owners of record of any portion of the Aggregate Loan or, with respect to any portion of the Aggregate Loan owned by an Agent hereunder as nominee on behalf of Lenders in the related Lender Group, the Lenders that are beneficial owners of such portion of the Aggregate Loan as reflected on the books of such Agent in accordance with this Agreement and the other Basic Documents.

"<u>Participant Register</u>" has the meaning given to such term in Section 11.01(e).

"<u>Patriot Act</u>" means the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)).

"<u>Payment</u>" has the meaning assigned to it in Section 10.09.

"<u>Payment Notice</u>" has the meaning assigned to it in Section 10.09.

"<u>Payment-to-Income Ratio</u>" means, with respect to any Receivable as of the date of underwriting, the ratio (expressed as a percentage) of (i) the monthly payment owed by the related Obligor pursuant to the related Contract to (ii) the sum of all of the related Obligor's and any related co-obligor's (but no related guarantor's) monthly gross income (as determined by Lendbuzz Funding in connection with its determination of the AIRA Score for such Obligor) for the calendar month immediately preceding the date such Receivable was originated, as determined by Lendbuzz Funding in accordance with the Credit and Collection Policy in effect at such time.

"<u>Pension Plan</u>" means an "employee pension benefit plan," as such term is defined in Section 3(2) of ERISA and that is a defined benefit plan, maintained by the Borrower, Lendbuzz, Lendbuzz Funding, or any ERISA Affiliate, or in which employees of the Borrower are entitled to participate, as from time to time in effect.

"<u>Performance Guarantor</u>" means Lendbuzz.

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"<u>Performance Guaranty</u>" means the Performance Guaranty, dated as of September 12, 2022, by the Performance Guarantor in favor of the Secured Parties.

"<u>Permitted Investments</u>" means any of the following types of investments:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) marketable obligations of the United States, the full and timely payment of which are backed by the full faith and credit of the United States and which have a maturity of not more than 30 days from the date of acquisition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) bankers' acceptances and certificates of deposit and other interest-bearing obligations (in each case having a maturity of not more than 30 days from the date of acquisition) denominated in Dollars and issued by any bank with capital, surplus and undivided profits aggregating at least $100,000,000, the short-term obligations of which meet or exceed the Short-Term Rating Requirement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) commercial paper rated at least A-1 by Standard & Poor's and Prime-1 by Moody's;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) money market funds registered under the Investment Company Act having a rating, at the time of such investment, of not less than Aaa by Moody's and AAAm by Standard & Poor's;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) interest-bearing demand deposits, time deposits or certificates of deposit (having original maturities of no more than 365 days) of depository institutions or trust companies incorporated under the laws of the United States or any State (or domestic branches of any foreign bank) and subject to supervision and examination by federal or State banking or depository institution authorities; <u>provided</u>, that at the time such investment, or the commitment to make such investment, is entered into, the short-term debt rating of such depository institution or trust company shall meet or exceed the Short-Term Rating Requirement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any other investments approved in writing by the Administrative Agent;

<u>provided</u>, that each of the Permitted Investments may be purchased from the Administrative Agent, the Account Bank or any of their respective Affiliates.

"<u>Permitted Liens</u>" means (i) Liens in favor of the Borrower created pursuant to the Purchase Agreement, (ii) Liens in favor of any Agent or the Administrative Agent, as agent for the Secured Parties, created pursuant to this Agreement or any other Basic Document, (iii) Liens for taxes and assessments not yet due or for taxes which the Borrower is contesting in good faith and by appropriate legal proceedings the validity, applicability, or amount thereof and such contest does not materially endanger any right or interest of the Secured Parties under the Basic Documents, (iv) Liens arising in the ordinary course of business by virtue of any contractual, statutory, or common law provision relating to banker's Liens, rights of set-off, or similar rights and remedies covering deposit or securities accounts (including funds or other assets credited thereto) or other funds maintained with a depository institution or securities intermediary, (v) Liens created pursuant to the Blocked Account Control Agreement and the Control Agreement, and (vi) mechanics' liens, tax Liens related to a Financed Vehicle, and other liens arising by operation of law.

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"<u>Person</u>" means an individual, partnership, corporation, trust (including a business or statutory trust), limited liability company, joint stock company, unincorporated association, sole proprietorship, joint venture, government (or any agency or political subdivision thereof), or other entity.

"<u>Plan Event</u>" means the occurrence of any of the following: (i) a notice of intent to terminate a Pension Plan has been filed; (ii) a Pension Plan termination under Section 4041(f) of ERISA; (iii) the Pension Benefit Guaranty Corporation institutes proceedings to terminate, or appoint a trustee to administer any Pension Plan; or (iv) the occurrence of an event or existence of any condition that might constitute grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, a Pension Plan.

"<u>Pool 1 Aggregate Principal Balance</u>" means the difference of (i) the aggregate Principal Balance of all Pool 1 Receivables that are Eligible Receivables as of such date <u>minus</u> (ii) the aggregate Principal Balance of all Pool 1 Receivables that are Liquidated Receivables as of such date.

"<u>Pool 1 Allocation Percentage</u>" means the difference of (i) 100% <u>minus</u> (2) the Pool 2 Allocation Percentage <u>minus</u> (3) the Pool 3 Allocation Percentage <u>minus</u> (4) the Pool 4 Allocation Percentage <u>minus</u> (5) the Pool 5 Allocation Percentage.

"<u>Pool 1 Available Funds</u>" with respect to any Distribution Date and the related Collection Period, Collections on deposit in the Collection Account, to the extent received during such related Collection Period with respect to the Pool 1 Receivables.

"<u>Pool 1 Backup Servicing Fee Payment</u>" means, for any Distribution Date, the product of (i) the Backup Servicing Fee for such Distribution Date <u>times</u> (ii) the Pool 1 Allocation Percentage for such Distribution Date.

"<u>Pool 1 Borrowing Base</u>" means, as of any date of determination, an amount equal to the difference of (i) the Pool 1 Aggregate Principal Balance <u>minus</u> (ii) the Pool 1 Required Overcollateralization as of such date.

"<u>Pool 1 Closing Date</u>" means September 12, 2022.

"<u>Pool 1 Conduit Portfolio Extension Ratio</u>" means, with respect to any date of determination, the percentage equivalent of a fraction, (i) the numerator of which is the aggregate Principal Balance of all Pool 1 Receivables that became Extended Receivables during the most recently completed Collection Period and (ii) the denominator of which is the Pool 1 Pool Balance as of the last day of such Collection Period.

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"<u>Pool 1 Conduit Portfolio Net Loss Trigger Event</u>" means, with respect to any Reporting Date, that the percentage equivalent of a fraction, (i) the numerator of which is the difference of (a) the aggregate Principal Balance of all Pool 1 Receivables that became Liquidated Receivables since the Pool 1 Closing Date and through the end of the most recently completed Collection Period <u>minus</u> (b) all Recoveries on Pool 1 Receivables received since the Pool 1 Closing Date and through the end of such Collection Period and (ii) the denominator of which is the Pool 1 Aggregate Principal Balance as of the related Cutoff Date, exceeds the "Trigger Level" set forth in the table below for the related Reporting Date:

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| | |
|:---|:---|
| Reporting Date<br> Occurring in Month: | Trigger Level: |
|  September 2022 – November 2022 | 0.35% |
|  December 2022 – February 2023 | 0.50% |
|  March 2023 – May 2023 | 0.90% |
|  June 2023 – August 2023 | 1.25% |
|  September 2023 – November 2023 | 1.70% |
|  December 2023 – February 2024 | 2.05% |
|  March 2024 | 2.50% |
|  April 2024 | 2.90% |
|  May 2024 – July 2024 | 3.15% |
|  August 2024 – October 2024 | 3.50% |
|  November 2024 – January 2025 | 3.85% |
|  February 2025 – April 2025 | 4.10% |
|  May 2025 and Thereafter | 4.25% |

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"<u>Pool 1 Cross-Collateralization Amount</u>" means, (i) with respect to the Pool 2 Loan, for any Distribution Date occurring either after (a) the first Distribution Date on which the Pool 2 Loan Outstanding is first reduced to the Pool 2 Borrowing Base through the application of Collections on the Pool 2 Receivables or (b) the occurrence of a Rapid Amortization Event with respect to the Pool 2 Loan, the lesser of (1) the amount of Pool 1 Available Funds that are available to be applied pursuant to Section 2.07(a)(viii) on such Distribution Date (after giving effect to all payments pursuant to subclauses (i) through (vii) of Section 2.07(a) on such Distribution Date) and (2) the amount that is necessary to pay any portion of the Pool 2 Monthly Principal Payment Amount that remains unpaid following the application of Collections on the Pool 2 Receivables on such Distribution Date, (ii) with respect to the Pool 3 Loan, for any Distribution Date occurring either after (a) the first Distribution Date on which the Pool 3 Loan Outstanding is first reduced to the Pool 3 Borrowing Base through the application of Collections on the Pool 3 Receivables or (b) the occurrence of a Rapid Amortization Event with respect to the Pool 3 Loan, the lesser of (1) the amount of Pool 1 Available Funds that are available to be applied pursuant to Section 2.07(a)(viii) on such Distribution Date (after giving effect to all payments pursuant to subclauses (i) through (vii) of Section 2.07(a) on such Distribution Date) and (2) the amount that is necessary to pay any portion of the Pool 3 Monthly Principal Payment Amount that remains unpaid following the application of Collections on the Pool 3 Receivables on such Distribution Date, (iii) with respect to the Pool 4 Loan, for any Distribution Date occurring either after (a) the first Distribution Date on which the Pool 4 Loan Outstanding is first reduced to the Pool 4 Borrowing Base through the application of Collections on the Pool 4 Receivables or (b) the occurrence of a Rapid Amortization Event with respect to the Pool 4

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Loan, the lesser of (1) the amount of Pool 1 Available Funds that are available to be applied pursuant to Section 2.07(a)(viii) on such Distribution Date (after giving effect to all payments pursuant to subclauses (i) through (vii) of Section 2.07(a) on such Distribution Date) and (2) the amount that is necessary to pay any portion of the Pool 4 Monthly Principal Payment Amount that remains unpaid following the application of Collections on the Pool 4 Receivables on such Distribution Date, and (iv) with respect to the Pool 5 Loan, for any Distribution Date occurring either after (a) the first Distribution Date on which the Pool 5 Loan Outstanding is first reduced to the Pool 5 Borrowing Base through the application of Collections on the Pool 5 Receivables or (b) the occurrence of a Rapid Amortization Event with respect to the Pool 5 Loan, the lesser of (1) the amount of Pool 1 Available Funds that are available to be applied pursuant to Section 2.07(a)(viii) on such Distribution Date (after giving effect to all payments pursuant to subclauses (i) through (vii) of Section 2.07(a) on such Distribution Date) and (2) the amount that is necessary to pay any portion of the Pool 5 Monthly Principal Payment Amount that remains unpaid following the application of Collections on the Pool 5 Receivables on such Distribution Date; <u>provided</u>, that if on any Distribution Date amounts are due pursuant to two or more of clause (i), clause (ii), clause (iii) and clause (iv) of this definition and the aggregate amounts that are so due exceed the amount of Pool 1 Available Funds that are available to be applied pursuant to Section 2.07(a)(viii) on such Distribution Date (after giving effect to all payments pursuant to subclauses (i) through (vii) of Section 2.07(a) on such Distribution Date), then such Pool 1 Available Funds will be allocated ratably to the Pool 2 Loan, the Pool 3 Loan, the Pool 4 Loan, and the Pool 5 Loan, based on the amounts due, respectively, pursuant to clause (i), clause (ii), clause (iii) and clause (iv) of this definition.

"<u>Pool 1 Interest</u>" means, for any Interest Period, interest on the Pool 1 Loan Outstanding as computed pursuant to Sections 2.05(b) and 2.06(b); <u>provided</u>, that (i) no provision of this Agreement shall require or permit the collection of Pool 1 Interest in excess of the Maximum Lawful Rate and (ii) Pool 1 Interest shall not be considered paid by any distribution if at any time such distribution is rescinded or must otherwise be returned for any reason.

"<u>Pool 1 Loan</u>" has the meaning given to such term in Section 2.01(a).

"<u>Pool 1 Loan Outstanding</u>" means, as of any date of determination, the difference of (i) the initial principal amount of the Pool 1 Loan on the Pool 1 Closing Date <u>minus</u> (ii) all payments and distributions made in respect of Pool 1 Monthly Principal Payment Amounts, Pool 2 Cross-Collateralization Amounts, Pool 3 Cross-Collateralization Amounts, Pool 4 Cross- Collateralization Amounts, and Pool 5 Cross-Collateralization Amounts prior to such date of determination.

"<u>Pool 1 Monthly Principal Payment Amount</u>" means either (i) with respect to any Distribution Date occurring prior to the occurrence of a Rapid Amortization Event with respect to Pool 1, the positive difference (if any) of (a) the Pool 1 Loan Outstanding on such date <u>minus</u> (b) the Pool 1 Borrowing Base as of the last day of the related Collection Period or (ii) with respect to any Distribution Date occurring on or after the occurrence of a Rapid Amortization Event with respect to Pool 1, the lesser of (a) the Pool 1 Loan Outstanding on such date and (b) the amount of Pool 1 Available Funds that are available to be applied pursuant to Section 2.07(a)(v)(B) on such Distribution Date (after giving effect to all payments pursuant to subclauses (i) through (iv) of Section 2.07(a) on such Distribution Date).

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"<u>Pool 1 Pool Balance</u>" means, as of any date of determination, the sum of the Principal Balances of all Pool 1 Receivables as of such date.

"<u>Pool 1 Program Fee</u>" means, for any Collection Period, the fee payable by the Borrower on the related Distribution Date in an amount equal to the product of (i) the related Program Fee Rate <u>times</u> (ii) the average daily Pool 1 Loan Outstanding during such Collection Period funded by Commercial Paper Notes <u>times</u> (iii) a fraction, (a) the numerator of which is the actual number of days during such Collection Period and (b) the denominator of which is 360.

"<u>Pool 1 Receivables</u>" means each Receivable that was sold to the Borrower on the Pool 1 Closing Date and that is listed on the Pool 1 Schedule of Receivables.

"<u>Pool 1 Required Overcollateralization</u>" means, as of any date, an amount equal to the greater of (i) the product of (a) 16.50% <u>times</u> (b) the Pool 1 Aggregate Principal Balance as of such date and (ii) $9,042,956.00.

"<u>Pool 1 Schedule of Receivables</u>" mean the schedule of Receivables attached hereto as Schedule C-1.

"<u>Pool 1 Senior Monthly Interest and Fees</u>" means, for any Distribution Date, the sum of (i) the amount of any accrued and unpaid Pool 1 Interest for such Distribution Date, calculated at a *per annum* rate equal to the related CP Rate <u>plus</u> (ii) the Pool 1 Program Fee for such Distribution Date.

"<u>Pool 1 Servicing Fee Payment</u>" means, for any Distribution Date, the product of (i) the Servicing Fee for such Distribution Date <u>times</u> (ii) the Pool 1 Allocation Percentage for such Distribution Date.

"<u>Pool 1 Subordinated Monthly Interest Payment Amount</u>" means, for any Distribution Date, the difference of (i) the sum of (a) the amount of any accrued and unpaid Pool 1 Interest for such Distribution Date, calculated pursuant to Sections 2.05 and 2.06 <u>plus</u> (b) the Pool 1 Program Fee, if applicable <u>minus</u> (ii) the Pool 1 Senior Monthly Interest and Fees.

"<u>Pool 2 Aggregate Principal Balance</u>" means the difference of (i) the aggregate Principal Balance of all Pool 2 Receivables that are Eligible Receivables as of such date <u>minus</u> (ii) the aggregate Principal Balance of all Pool 2 Receivables that are Liquidated Receivables as of such date.

"<u>Pool 2 Allocation Percentage</u>" means, with respect to any Distribution Date, the percentage equivalent of a fraction, (i) the numerator of which is the Pool 2 Loan Outstanding immediately prior to any payments that are to be made on such Distribution Date and (ii) the denominator of which is the Aggregate Loan Balance immediately prior to any payments that are to be made on such Distribution Date.

"<u>Pool 2 Available Funds</u>" with respect to any Distribution Date and the related Collection Period, Collections on deposit in the Collection Account, to the extent received during such related Collection Period with respect to the Pool 2 Receivables.

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"<u>Pool 2 Backup Servicing Fee Payment</u>" means, for any Distribution Date, the product of (i) the Backup Servicing Fee for such Distribution Date <u>times</u> (ii) the Pool 2 Allocation Percentage for such Distribution Date.

"<u>Pool 2 Borrowing Base</u>" means, as of any date of determination, an amount equal to the difference of (i) the Pool 2 Aggregate Principal Balance <u>minus</u> (ii) the Pool 2 Required Overcollateralization as of such date.

"<u>Pool 2 Closing Date</u>" means April 26, 2024.

"<u>Pool 2 Conduit Portfolio Extension Ratio</u>" means, with respect to any date of determination, the percentage equivalent of a fraction, (i) the numerator of which is the aggregate Principal Balance of all Pool 2 Receivables that became Extended Receivables during the most recently completed Collection Period and (ii) the denominator of which is the Pool 2 Pool Balance as of the last day of such Collection Period.

"<u>Pool 2 Conduit Portfolio Net Loss Trigger Event</u>" means, with respect to any Reporting Date, that the percentage equivalent of a fraction, (i) the numerator of which is the difference of (a) the aggregate Principal Balance of all Pool 2 Receivables that became Liquidated Receivables since the Pool 2 Closing Date and through the end of the most recently completed Collection Period <u>minus</u> (b) all Recoveries on Pool 2 Receivables received since the Pool 2 Closing Date and through the end of such Collection Period and (ii) the denominator of which is the Pool 2 Aggregate Principal Balance as of the related Cutoff Date, exceeds the "Trigger Level" set forth in the table below for the related Reporting Date:

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| | |
|:---|:---|
| Reporting Date<br> Occurring in Month: | Trigger Level: |
|  May 2024 | 1.00% |
|  June 2024 | 1.50% |
|  July 2024 | 2.00% |
|  August 2024 | 2.50% |
|  September 2024 | 3.00% |
|  October 2024 | 4.00% |
|  November 2024 | 4.50% |
|  December 2024 – January 2025 | 5.00% |
|  February 2025 | 5.50% |
|  March 2025 | 6.00% |
|  April 2025 | 6.25% |
|  May 2025 | 6.75% |
|  June 2025 | 7.00% |
|  July 2025 | 7.25% |
|  August 2025 | 7.50% |
|  September 2025 – October 2025 | 7.75% |
|  November 2025 | 8.00% |
|  December 2025 – January 2026 | 8.25% |
|  February 2026 | 8.50% |
|  March 2026 – April 2026 | 8.75% |
|  May 2026 – July 2026 | 9.00% |
|  August 2026 | 9.25% |
|  September 2026 and Thereafter | 9.50% |

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"<u>Pool 2 Cross-Collateralization Amount</u>" means, (i) with respect to the Pool 1 Loan, for any Distribution Date occurring either after (a) the first Distribution Date on which the Pool 1 Loan Outstanding is first reduced to the Pool 1 Borrowing Base through the application of Collections on the Pool 1 Receivables or (b) the occurrence of a Rapid Amortization Event with respect to the Pool 1 Loan, the lesser of (1) the amount of Pool 2 Available Funds that are available to be applied pursuant to Section 2.07(b)(viii) on such Distribution Date (after giving effect to all payments pursuant to subclauses (i) through (vii) of Section 2.07(b) on such Distribution Date) and (2) the amount that is necessary to pay any portion of the Pool 1 Monthly Principal Payment Amount that remains unpaid following the application of Collections on the Pool 1 Receivables on such Distribution Date, (ii) with respect to the Pool 3 Loan, for any Distribution Date occurring either after (a) the first Distribution Date on which the Pool 3 Loan Outstanding is first reduced to the Pool 3 Borrowing Base through the application of Collections on the Pool 3 Receivables or (b) the occurrence of a Rapid Amortization Event with respect to the Pool 3 Loan, the lesser of (1) the amount of Pool 2 Available Funds that are available to be applied pursuant to Section 2.07(b)(viii) on such Distribution Date (after giving effect to all payments pursuant to subclauses (i) through (vii) of Section 2.07(b) on such Distribution Date) and (2) the amount that is necessary to pay any portion of the Pool 3 Monthly Principal Payment Amount that remains unpaid following the application of Collections on the Pool 3 Receivables on such Distribution Date, (iii) with respect to the Pool 4 Loan, for any Distribution Date occurring either after (a) the first Distribution Date on which the Pool 4 Loan Outstanding is first reduced to the Pool 4 Borrowing Base through the application of Collections on the Pool 4 Receivables or (b) the occurrence of a Rapid Amortization Event with respect to the Pool 4 Loan, the lesser of (1) the amount of Pool 2 Available Funds that are available to be applied pursuant to Section 2.07(b)(viii) on such Distribution Date (after giving effect to all payments pursuant to subclauses (i) through (vii) of Section 2.07(b) on such Distribution Date) and (2) the amount that is necessary to pay any portion of the Pool 4 Monthly Principal Payment Amount that remains unpaid following the application of Collections on the Pool 4 Receivables on such Distribution Date, and (iv) with respect to the Pool 5 Loan, for any Distribution Date occurring either after (a) the first Distribution Date on which the Pool 5 Loan Outstanding is first reduced to the Pool 5 Borrowing Base through the application of Collections on the Pool 5 Receivables or (b) the occurrence of a Rapid Amortization Event with respect to the Pool 5 Loan, the lesser of (1) the amount of Pool 2 Available Funds that are available to be applied pursuant to Section 2.07(b)(viii) on such Distribution Date (after giving effect to all payments pursuant to subclauses (i) through (vii) of Section 2.07(b) on such Distribution Date) and (2) the amount that is necessary to pay any portion of the Pool 5 Monthly Principal Payment Amount that remains unpaid following the application of Collections on the Pool 5 Receivables on such Distribution Date; <u>provided</u>, that if on any Distribution Date amounts are due pursuant to two or more of clause (i), clause (ii), clause (iii), and clause (iv) of this definition and the aggregate amounts that are so due exceed the amount of Pool 2 Available Funds that are available to be applied pursuant to Section 2.07(b)(viii) on such Distribution Date (after giving effect to all payments pursuant to subclauses (i) through (vii) of Section 2.07(b) on such Distribution Date), then such Pool 2 Available Funds will be allocated ratably to the Pool 1 Loan, the Pool 3 Loan, the Pool 4 Loan, and the Pool 5 Loan based on the amounts due, respectively, pursuant to clause (i), clause (ii), clause (iii), and clause (iv) of this definition.

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"<u>Pool 2 Excess Spread</u>" means, with respect to a Related Loan and as of any date of determination, the difference of (i) the weighted average of the rate *per annum* of finance charges as of such date of determination for all Pool 2 Receivables <u>minus</u> (ii) the sum of (a) the related Program Fee Rate <u>plus</u> (b) the Servicing Fee Rate <u>plus</u> (c) the fixed rate payable by the Borrower under the Hedge Transaction related to the Pool 2 Loan.

"<u>Pool 2 Interest</u>" means, for any Interest Period, interest on the Pool 2 Loan Outstanding as computed pursuant to Sections 2.05(b) and 2.06(b); <u>provided</u>, that (i) no provision of this Agreement shall require or permit the collection of Pool 2 Interest in excess of the Maximum Lawful Rate and (ii) Pool 2 Interest shall not be considered paid by any distribution if at any time such distribution is rescinded or must otherwise be returned for any reason.

"<u>Pool 2 Loan</u>" has the meaning given to such term in Section 2.01(a).

"<u>Pool 2 Loan Outstanding</u>" means, as of any date of determination, the difference of (i) the initial principal amount of the Pool 2 Loan on the Pool 2 Closing Date <u>minus</u> (ii) all payments and distributions made in respect of Pool 2 Monthly Principal Payment Amounts, Pool 1 Cross-Collateralization Amounts, Pool 3 Cross-Collateralization Amounts, Pool 4 Cross- Collateralization Amounts, and Pool 5 Cross-Collateralization Amounts prior to such date of determination.

"<u>Pool 2 Monthly Principal Payment Amount</u>" means either (i) with respect to any Distribution Date occurring prior to the occurrence of a Rapid Amortization Event with respect to Pool 2, the positive difference (if any) of (a) the Pool 2 Loan Outstanding on such date <u>minus</u> (b) the Pool 2 Borrowing Base as of the last day of the related Collection Period or (ii) with respect to any Distribution Date occurring on or after the occurrence of a Rapid Amortization Event with respect to Pool 2, the lesser of (a) the Pool 2 Loan Outstanding on such date and (b) the amount of Pool 2 Available Funds that are available to be applied pursuant to Section 2.07(b)(v)(B) on such Distribution Date (after giving effect to all payments pursuant to subclauses (i) through (iv) of Section 2.07(b) on such Distribution Date).

"<u>Pool 2 Pool Balance</u>" means, as of any date of determination, the sum of the Principal Balances of all Pool 2 Receivables as of such date.

"<u>Pool 2 Program Fee</u>" means, for any Collection Period, the fee payable by the Borrower on the related Distribution Date in an amount equal to the product of (i) the related Program Fee Rate <u>times</u> (ii) the average daily Pool 2 Loan Outstanding during such Collection Period funded by Commercial Paper Notes <u>times</u> (iii) a fraction, (a) the numerator of which is the actual number of days during such Collection Period and (b) the denominator of which is 360.

"<u>Pool 2 Receivables</u>" means each Receivable that was sold to the Borrower on the Pool 2 Closing Date and that is listed on the Pool 2 Schedule of Receivables.

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"<u>Pool 2 Required Overcollateralization</u>" means, as of any date, an amount equal to the greater of (i) the product of (a) 20.50% <u>times</u> (b) the Pool 2 Aggregate Principal Balance as of such date and (ii) $12,719,779.

"<u>Pool 2 Schedule of Receivables</u>" mean the schedule of Receivables attached hereto as Schedule C-2.

"<u>Pool 2 Senior Monthly Interest and Fees</u>" means, for any Distribution Date, the sum of (i) the amount of any accrued and unpaid Pool 2 Interest for such Distribution Date, calculated at a *per annum* rate equal to the related CP Rate <u>plus</u> (ii) the Pool 2 Program Fee for such Distribution Date.

"<u>Pool 2 Servicing Fee Payment</u>" means, for any Distribution Date, the product of (i) the Servicing Fee for such Distribution Date <u>times</u> (ii) the Pool 2 Allocation Percentage for such Distribution Date.

"<u>Pool 2 Subordinated Monthly Interest Payment Amount</u>" means, for any Distribution Date, the difference of (i) the sum of (a) the amount of any accrued and unpaid Pool 2 Interest for such Distribution Date, calculated pursuant to Sections 2.05 and 2.06 <u>plus</u> (b) the Pool 2 Program Fee, if applicable <u>minus</u> (ii) the Pool 2 Senior Monthly Interest and Fees.

"<u>Pool 3 Aggregate Principal Balance</u>" means the difference of (i) the aggregate Principal Balance of all Pool 3 Receivables that are Eligible Receivables as of such date <u>minus</u> (ii) the aggregate Principal Balance of all Pool 3 Receivables that are Liquidated Receivables as of such date.

"<u>Pool 3 Allocation Percentage</u>" means, with respect to any Distribution Date, the percentage equivalent of a fraction, (i) the numerator of which is the Pool 3 Loan Outstanding immediately prior to any payments that are to be made on such Distribution Date and (ii) the denominator of which is the Aggregate Loan Balance immediately prior to any payments that are to be made on such Distribution Date.

"<u>Pool 3 Available Funds</u>" with respect to any Distribution Date and the related Collection Period, Collections on deposit in the Collection Account, to the extent received during such related Collection Period with respect to the Pool 3 Receivables.

"<u>Pool 3 Backup Servicing Fee Payment</u>" means, for any Distribution Date, the product of (i) the Backup Servicing Fee for such Distribution Date <u>times</u> (ii) the Pool 3 Allocation Percentage for such Distribution Date.

"<u>Pool 3 Borrowing Base</u>" means, as of any date of determination, an amount equal to the difference of (i) the Pool 3 Aggregate Principal Balance <u>minus</u> (ii) the Pool 3 Required Overcollateralization as of such date.

"<u>Pool 3 Closing Date</u>" means January 23, 2025.

"<u>Pool 3 Conduit Portfolio Extension Ratio</u>" means, with respect to any date of determination, the percentage equivalent of a fraction, (i) the numerator of which is the aggregate Principal Balance of all Pool 3 Receivables that became Extended Receivables during the most recently completed Collection Period and (ii) the denominator of which is the Pool 3 Pool Balance as of the last day of such Collection Period.

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"<u>Pool 3 Conduit Portfolio Net Loss Trigger Event</u>" means, with respect to any Reporting Date, that the percentage equivalent of a fraction, (i) the numerator of which is the difference of (a) the aggregate Principal Balance of all Pool 3 Receivables that became Liquidated Receivables since the Pool 3 Loan Transition Date and through the end of the most recently completed Collection Period <u>minus</u> (b) all Recoveries on Pool 3 Receivables received since the Pool 3 Loan Transition Date and through the end of such Collection Period and (ii) the denominator of which is the Pool 3 Aggregate Principal Balance as of the related Cutoff Date, exceeds the "Trigger Level" set forth in the table below for the related Reporting Date:

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| | |
|:---|:---|
| Reporting Date<br> Occurring in Month: | Trigger Level: |
|  June 2025 | 1.00% |
|  July 2025 | 1.50% |
|  August 2025 | 1.75% |
|  September 2025 | 2.25% |
|  October 2025 | 2.75% |
|  November 2025 | 3.50% |
|  December 2025 | 3.75% |
|  January 2026 | 4.25% |
|  February 2026 | 4.50% |
|  March 2026 | 5.00% |
|  April 2026 | 5.25% |
|  May 2026 | 5.50% |
|  June 2026 | 5.75% |
|  July 2026 | 6.00% |
|  August 2026 | 6.25% |
|  September 2026 | 6.50% |
|  October 2026 | 6.75% |
|  November 2026 | 7.00% |
|  December 2026 | 7.00% |
|  January 2027 | 7.25% |
|  February 2027 | 7.50% |
|  March 2027 | 7.75% |
|  April 2027 | 8.00% |

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"<u>Pool 3 Cross-Collateralization Amount</u>" means, (i) with respect to the Pool 1 Loan, for any Distribution Date occurring either after (a) the first Distribution Date on which the Pool 1 Loan Outstanding is first reduced to the Pool 1 Borrowing Base through the application of Collections on the Pool 1 Receivables or (b) the occurrence of a Rapid Amortization Event with respect to the Pool 1 Loan, the lesser of (1) the amount of Pool 3 Available Funds that are available to be applied pursuant to Section 2.07(c)(viii) on such Distribution Date (after giving effect to all payments pursuant to subclauses (i) through (vii) of Section 2.07(c) on such Distribution Date) and (2) the amount that is necessary to pay any portion of the Pool 1 Monthly

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Principal Payment Amount that remains unpaid following the application of Collections on the Pool 1 Receivables on such Distribution Date, (ii) with respect to the Pool 2 Loan, for any Distribution Date occurring either after (a) the first Distribution Date on which the Pool 2 Loan Outstanding is first reduced to the Pool 2 Borrowing Base through the application of Collections on the Pool 2 Receivables or (b) the occurrence of a Rapid Amortization Event with respect to the Pool 2 Loan, the lesser of (1) the amount of Pool 3 Available Funds that are available to be applied pursuant to Section 2.07(c)(viii) on such Distribution Date (after giving effect to all payments pursuant to subclauses (i) through (vii) of Section 2.07(c) on such Distribution Date) and (2) the amount that is necessary to pay any portion of the Pool 2 Monthly Principal Payment Amount that remains unpaid following the application of Collections on the Pool 2 Receivables on such Distribution Date, (iii) with respect to the Pool 4 Loan, for any Distribution Date occurring either after (a) the first Distribution Date on which the Pool 4 Loan Outstanding is first reduced to the Pool 4 Borrowing Base through the application of Collections on the Pool 4 Receivables or (b) the occurrence of a Rapid Amortization Event with respect to the Pool 4 Loan, the lesser of (1) the amount of Pool 3 Available Funds that are available to be applied pursuant to Section 2.07(c)(viii) on such Distribution Date (after giving effect to all payments pursuant to subclauses (i) through (vii) of Section 2.07(c) on such Distribution Date) and (2) the amount that is necessary to pay any portion of the Pool 4 Monthly Principal Payment Amount that remains unpaid following the application of Collections on the Pool 4 Receivables on such Distribution Date, and (iv) with respect to the Pool 5 Loan, for any Distribution Date occurring either after (a) the first Distribution Date on which the Pool 5 Loan Outstanding is first reduced to the Pool 5 Borrowing Base through the application of Collections on the Pool 5 Receivables or (b) the occurrence of a Rapid Amortization Event with respect to the Pool 5 Loan, the lesser of (1) the amount of Pool 3 Available Funds that are available to be applied pursuant to Section 2.07(c)(viii) on such Distribution Date (after giving effect to all payments pursuant to subclauses (i) through (vii) of Section 2.07(c) on such Distribution Date) and (2) the amount that is necessary to pay any portion of the Pool 5 Monthly Principal Payment Amount that remains unpaid following the application of Collections on the Pool 5 Receivables on such Distribution Date; <u>provided</u>, that if on any Distribution Date amounts are due pursuant to two or more of clause (i), clause (ii), clause (iii), and clause (iv) of this definition and the aggregate amounts that are so due exceed the amount of Pool 3 Available Funds that are available to be applied pursuant to Section 2.07(c)(viii) on such Distribution Date (after giving effect to all payments pursuant to subclauses (i) through (vii) of Section 2.07(c) on such Distribution Date), then such Pool 3 Available Funds will be allocated ratably to the Pool 1 Loan, the Pool 2 Loan, the Pool 4 Loan, and the Pool 5 Loan, based on the amounts due, respectively, pursuant to clause (i), clause (ii), clause (iii), and clause (iv) of this definition.

"<u>Pool 3 Excess Spread</u>" means, with respect to a Related Loan and as of any date of determination, the difference of (i) the weighted average of the rate *per annum* of finance charges as of such date of determination for all Pool 3 Receivables <u>minus</u> (ii) the sum of (a) the related Program Fee Rate <u>plus</u> (b) the Servicing Fee Rate <u>plus</u> (c) the fixed rate payable by the Borrower under the Hedge Transaction related to the Pool 3 Loan.

"<u>Pool 3 Interest</u>" means, for any Interest Period, interest on the Pool 3 Loan Outstanding as computed pursuant to Sections 2.05(b) and 2.06(b); <u>provided</u>, that (i) no provision of this Agreement shall require or permit the collection of Pool 3 Interest in excess of the Maximum Lawful Rate and (ii) Pool 3 Interest shall not be considered paid by any distribution if at any time such distribution is rescinded or must otherwise be returned for any reason.

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"<u>Pool 3 Loan</u>" has the meaning given to such term in Section 2.01(a).

"<u>Pool 3 Loan Hedge Transition Date</u>" means June 19, 2025.

"<u>Pool 3 Loan Outstanding</u>" means, as of any date of determination, the difference of (i) the initial principal amount of the Pool 3 Loan on the Pool 3 Closing Date <u>minus</u> (ii) all payments and distributions made in respect of Pool 3 Monthly Principal Payment Amounts, Pool 1 Cross-Collateralization Amounts, Pool 2 Cross-Collateralization Amounts, Pool 4 Cross- Collateralization Amounts, and Pool 5 Cross-Collateralization Amounts prior to such date of determination.

"<u>Pool 3 Loan Transition Date</u>" means May 20, 2025.

"<u>Pool 3 Monthly Principal Payment Amount</u>" means either (i) with respect to any Distribution Date occurring prior to the occurrence of a Rapid Amortization Event with respect to Pool 3, the positive difference (if any) of (a) the Pool 3 Loan Outstanding on such date <u>minus</u> (b) the Pool 3 Borrowing Base as of the last day of the related Collection Period or (ii) with respect to any Distribution Date occurring on or after the occurrence of a Rapid Amortization Event with respect to Pool 3, the lesser of (a) the Pool 3 Loan Outstanding on such date and (b) the amount of Pool 3 Available Funds that is available to be applied pursuant to Section 2.07(c)(v)(B) on such Distribution Date (after giving effect to all payments pursuant to subclauses (i) through (iv) of Section 2.07(c) on such Distribution Date).

"<u>Pool 3 Pool Balance</u>" means, as of any date of determination, the sum of the Principal Balances of all Pool 3 Receivables as of such date.

"<u>Pool 3 Program Fee</u>" means, for any Collection Period, the fee payable by the Borrower on the related Distribution Date in an amount equal to the product of (i) the related Program Fee Rate <u>times</u> (ii) the average daily Pool 3 Loan Outstanding during such Collection Period funded by Commercial Paper Notes <u>times</u> (iii) a fraction, (a) the numerator of which is the actual number of days during such Collection Period and (b) the denominator of which is 360.

"<u>Pool 3 Receivables</u>" means each Receivable that was sold to the Borrower on the Pool 3 Closing Date and that is listed on the Pool 3 Schedule of Receivables.

"<u>Pool 3 Required Overcollateralization</u>" means, as of any date, an amount equal to the product of (i) 18.0% <u>times</u> (ii) the Pool 3 Aggregate Principal Balance as of the Pool 3 Closing Date.

"<u>Pool 3 Schedule of Receivables</u>" mean the schedule of Receivables attached hereto as Schedule C-3.

"<u>Pool 3 Senior Monthly Interest and Fees</u>" means, for any Distribution Date, the sum of (i) the amount of any accrued and unpaid Pool 3 Interest for such Distribution Date, calculated at a *per annum* rate equal to the related CP Rate <u>plus</u> (ii) the Pool 3 Program Fee for such Distribution Date.

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"<u>Pool 3 Servicing Fee Payment</u>" means, for any Distribution Date, the product of (i) the Servicing Fee for such Distribution Date <u>times</u> (ii) the Pool 3 Allocation Percentage for such Distribution Date.

"<u>Pool 3 Subordinated Monthly Interest Payment Amount</u>" means, for any Distribution Date, the difference of (i) the sum of (a) the amount of any accrued and unpaid Pool 3 Interest for such Distribution Date, calculated pursuant to Sections 2.05 and 2.06 <u>plus</u> (b) the Pool 3 Program Fee, if applicable <u>minus</u> (ii) the Pool 3 Senior Monthly Interest and Fees.

"<u>Pool 4 Aggregate Principal Balance</u>" means the difference of (i) the aggregate Principal Balance of all Pool 4 Receivables that are Eligible Receivables as of such date <u>minus</u> (ii) the aggregate Principal Balance of all Pool 4 Receivables that are Liquidated Receivables as of such date.

"<u>Pool 4 Allocation Percentage</u>" means, with respect to any Distribution Date, the percentage equivalent of a fraction, (i) the numerator of which is the Pool 4 Loan Outstanding immediately prior to any payments that are to be made on such Distribution Date and (ii) the denominator of which is the Aggregate Loan Balance immediately prior to any payments that are to be made on such Distribution Date.

"<u>Pool 4 Available Amount</u>" means, with respect to any date (a) during the Pool 4 Funding Period, the positive amount, if any, equal to the difference of (i) the Pool 4 Maximum Loan Amount <u>minus</u> (ii) the Pool 4 Loans Outstanding on such day and (ii) after the Pool 4 Funding Period, $0.

"<u>Pool 4 Available Funds</u>" with respect to any Distribution Date and the related Collection Period, Collections on deposit in the Collection Account, to the extent received during such related Collection Period with respect to the Pool 4 Receivables.

"<u>Pool 4 Backup Servicing Fee Payment</u>" means, for any Distribution Date, the product of (i) the Backup Servicing Fee for such Distribution Date <u>times</u> (ii) the Pool 4 Allocation Percentage for such Distribution Date.

"<u>Pool 4 Borrowing Base</u>" means, as of any date of determination, an amount equal to the difference of (i) the Pool 4 Aggregate Principal Balance <u>minus</u> (ii) the Pool 4 Required Overcollateralization as of such date.

"<u>Pool 4 Closing Date</u>" means (i) March 13, 2025 and (ii) any other Pool 4 Funding Date, in each case with respect to the related portion of the Pool 4 Loan that is funded on such date.

"<u>Pool 4 Concentration Limits</u>" means, as of any date of determination, and calculated with respect to all Pool 4 Receivables constituting Collateral as of such date of determination (including all Pool 4 Receivables to be sold to the Borrower on such date and any Pool 4 Receivables previously sold to the Borrower prior to such date):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the weighted average Loan-to-Value Ratio of all Pool 4 Receivables at the time of underwriting of such Pool 4 Receivables does not exceed 112.0%;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the weighted average AIRA Score of the related Obligor of all Pool 4 Receivables is not less than 505;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) no more than 92.0% of the Pool 4 Aggregate Principal Balance relates to Pool 4 Receivables for which the related Financed Vehicle was a Used Vehicle at the time such Pool 4 Receivable was originated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the weighted average original term to maturity of all Pool 4 Receivables at the time of underwriting of such Pool 4 Receivables does not exceed 70 months;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the weighted average Down Payment of all Pool 4 Receivables is not less than 14.0%;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the weighted average FICO Score of the related Obligor (excluding Obligors who do not have a FICO Score) of all Pool 4 Receivables at the time of underwriting is not less than 610; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) no less than 60.0% of the Pool 4 Aggregate Principal Balance relates to Pool 4 Receivables which are originated by a Dealer that is franchised.

"<u>Pool 4 Conduit Portfolio Extension Ratio</u>" means, with respect to any date of determination, the percentage equivalent of a fraction, (i) the numerator of which is the aggregate Principal Balance of all Pool 4 Receivables that became Extended Receivables during the most recently completed Collection Period and (ii) the denominator of which is the Pool 4 Pool Balance as of the last day of such Collection Period.

"<u>Pool 4 Conduit Portfolio Net Loss Trigger Event</u>" means, with respect to any Reporting Date, that the percentage equivalent of a fraction, (i) the numerator of which is the difference of (a) the aggregate Principal Balance of all Pool 4 Receivables that became Liquidated Receivables since the Pool 4 Loan Transition Date and through the end of the most recently completed Collection Period <u>minus</u> (b) all Recoveries on Pool 4 Receivables received since the Pool 4 Loan Transition Date and through the end of such Collection Period and (ii) the denominator of which is the Pool 4 Aggregate Principal Balance as of the related Cutoff Date, exceeds the "Trigger Level" set forth in the table below for the related Reporting Date:

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| | |
|:---|:---|
| Reporting Date<br> Occurring in Month: | Trigger Level: |
|  August 2025 | 1.00% |
|  September 2025 | 1.50% |
|  October 2025 | 1.75% |
|  November 2025 | 2.25% |
|  December 2025 | 2.75% |

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| | |
|:---|:---|
|  January 2026 | 3.5% |
|  February 2026 | 3.75% |
|  March 2026 | 4.25% |
|  April 2026 | 4.5% |
|  May 2026 | 5.0% |
|  June 2026 | 5.25% |
|  July 2026 | 5.5% |
|  August 2026 | 5.75% |
|  September 2026 | 6.0% |
|  October 2026 | 6.25% |
|  November 2026 | 6.5% |
|  December 2026 | 6.75% |
|  January 2027 | 7.0% |
|  February 2027 | 7.0% |
|  March 2027 | 7.25% |
|  April 2027 | 7.5% |
|  May 2027 | 7.75% |
|  June 2027 | 8.0% |

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"<u>Pool 4 Cross-Collateralization Amount</u>" means, (i) with respect to the Pool 1 Loan, for any Distribution Date occurring either after (a) the first Distribution Date on which the Pool 1 Loan Outstanding is first reduced to the Pool 1 Borrowing Base through the application of Collections on the Pool 1 Receivables or (b) the occurrence of a Rapid Amortization Event with respect to the Pool 1 Loan, the lesser of (1) the amount of Pool 4 Available Funds that are available to be applied pursuant to Section 2.07(d)(viii) on such Distribution Date (after giving effect to all payments pursuant to subclauses (i) through (vii) of Section 2.07(d) on such Distribution Date) and (2) the amount that is necessary to pay any portion of the Pool 1 Monthly Principal Payment Amount that remains unpaid following the application of Collections on the Pool 1 Receivables on such Distribution Date, (ii) with respect to the Pool 2 Loan, for any Distribution Date occurring either after (a) the first Distribution Date on which the Pool 2 Loan Outstanding is first reduced to the Pool 2 Borrowing Base through the application of Collections on the Pool 2 Receivables or (b) the occurrence of a Rapid Amortization Event with respect to the Pool 2 Loan, the lesser of (1) the amount of Pool 4 Available Funds that are available to be applied pursuant to Section 2.07(d)(viii) on such Distribution Date (after giving effect to all payments pursuant to subclauses (i) through (vii) of Section 2.07(d) on such Distribution Date) and (2) the amount that is necessary to pay any portion of the Pool 2 Monthly Principal Payment Amount that remains unpaid following the application of Collections on the Pool 2 Receivables on such Distribution Date, (iii) with respect to the Pool 3 Loan, for any Distribution Date occurring either after (a) the first Distribution Date on which the Pool 3 Loan Outstanding is first reduced to the Pool 3 Borrowing Base through the application of Collections on the Pool 3 Receivables or (b) the occurrence of a Rapid Amortization Event with respect to the Pool 3 Loan, the lesser of (1) the amount of Pool 4 Available Funds that are available to be applied pursuant to Section 2.07(d)(viii) on such Distribution Date (after giving effect to all payments pursuant to subclauses (i) through (vii) of Section 2.07(d) on such Distribution Date) and (2) the amount that is necessary to pay any portion of the Pool 3 Monthly Principal Payment Amount that remains unpaid following the application of Collections on the Pool 3 Receivables on such

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Distribution Date, and (iv) with respect to the Pool 5 Loan, for any Distribution Date occurring either after (a) the first Distribution Date on which the Pool 5 Loan Outstanding is first reduced to the Pool 5 Borrowing Base through the application of Collections on the Pool 5 Receivables or (b) the occurrence of a Rapid Amortization Event with respect to the Pool 5 Loan, the lesser of (1) the amount of Pool 4 Available Funds that are available to be applied pursuant to Section 2.07(d)(viii) on such Distribution Date (after giving effect to all payments pursuant to subclauses (i) through (vii) of Section 2.07(d) on such Distribution Date) and (2) the amount that is necessary to pay any portion of the Pool 5 Monthly Principal Payment Amount that remains unpaid following the application of Collections on the Pool 5 Receivables on such Distribution Date; <u>provided</u>, that if on any Distribution Date amounts are due pursuant to two or more of clause (i), clause (ii), clause (iii), and clause (iv) of this definition and the aggregate amounts that are so due exceed the amount of Pool 4 Available Funds that are available to be applied pursuant to Section 2.07(d)(viii) on such Distribution Date (after giving effect to all payments pursuant to subclauses (i) through (vii) of Section 2.07(d) on such Distribution Date), then such Pool 4 Available Funds will be allocated ratably to the Pool 1 Loan, the Pool 2 Loan, the Pool 3 Loan, and the Pool 5 Loan based on the amounts due, respectively, pursuant to clause (i), clause (ii), clause (iii), and clause (iv) of this definition.

"<u>Pool 4 Excess Spread</u>" means, with respect to a Related Loan and as of any date of determination, the difference of (i) the weighted average of the rate *per annum* of finance charges as of such date of determination for all Pool 4 Receivables <u>minus</u> (ii) the sum of (a) the related Program Fee Rate <u>plus</u> (b) the Servicing Fee Rate <u>plus</u> (c) the fixed rate payable by the Borrower under the Hedge Transaction related to the Pool 4 Loan <u>plus</u> (d) the related Unused Fee Rate.

"<u>Pool 4 Funding Date</u>" means any Business Day during the Pool 4 Funding Period that is identified as such in a Pool 4 Funding Request and on which an advance is made by the Lenders to the Borrower and Pool 4 Receivables are added to the Collateral in connection with such advance.

"<u>Pool 4 Funding Period</u>" means the period beginning on the Pool 4 Closing Date and ending on the April 12, 2025.

"<u>Pool 4 Funding Request</u>" means a written notice from the Borrower requesting a Pool 4 Loan and including the items required by Annex A, substantially in the form of Exhibit A hereto.

"<u>Pool 4 Interest</u>" means, for any Interest Period, interest on the Pool 4 Loan Outstanding as computed pursuant to Sections 2.05(b) and 2.06(b); <u>provided</u>, that (i) no provision of this Agreement shall require or permit the collection of Pool 4 Interest in excess of the Maximum Lawful Rate and (ii) Pool 4 Interest shall not be considered paid by any distribution if at any time such distribution is rescinded or must otherwise be returned for any reason.

"<u>Pool 4 Loan</u>" has the meaning given to such term in Section 2.01(a).

"<u>Pool 4 Loan Hedge Transition Date</u>" means August 12, 2025.

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"<u>Pool 4 Loan Outstanding</u>" means, as of any date of determination, the difference of (i) the principal amount of the Pool 4 Loan as of such date of determination <u>minus</u> (ii) all payments and distributions made in respect of Pool 4 Monthly Principal Payment Amounts, Pool 1 Cross- Collateralization Amounts, Pool 2 Cross-Collateralization Amounts, and Pool 3 Cross- Collateralization Amounts prior to such date of determination.

"<u>Pool 4 Loan Transition Date</u>" means July 12, 2025.

"<u>Pool 4 Maximum Loan Amount</u>" means $120,000,000.

"<u>Pool 4 Monthly Principal Payment Amount</u>" means either (i) with respect to any Distribution Date occurring prior to the occurrence of a Rapid Amortization Event with respect to Pool 4 the positive difference (if any) of (a) the Pool 4 Loan Outstanding on such date <u>minus</u> (b) the Pool 4 Borrowing Base as of the last day of the related Collection Period or (ii) with respect to any Distribution Date occurring on or after the occurrence of a Rapid Amortization Event with respect to Pool 4, the lesser of (a) the Pool 4 Loan Outstanding on such date and (b) the amount of Pool 4 Available Funds that is available to be applied pursuant to Section 2.07(d)(v)(B) on such Distribution Date (after giving effect to all payments pursuant to subclauses (i) through (iv) of Section 2.07(d) on such Distribution Date).

"<u>Pool 4 Pool Balance</u>" means, as of any date of determination, the sum of the Principal Balances of all Pool 4 Receivables as of such date.

"<u>Pool 4 Program Fee</u>" means, for any Collection Period, the fee payable by the Borrower on the related Distribution Date in an amount equal to the product of (i) the related Program Fee Rate <u>times</u> (ii) the average daily Pool 4 Loan Outstanding during such Collection Period funded by Commercial Paper Notes <u>times</u> (iii) a fraction, (a) the numerator of which is the actual number of days during such Collection Period and (b) the denominator of which is 360.

"<u>Pool 4 Receivables</u>" means each Receivable that was sold to the Borrower during the Pool 4 Funding Period and that is listed on the Pool 4 Schedule of Receivables.

"<u>Pool 4 Required Overcollateralization</u>" means (i) as of any date during the Pool 4 Funding Period, an amount equal to the product of (a) 20.0% <u>times</u> (b) the Pool 4 Aggregate Principal Balance as of such date, (ii) as of any date after the Pool 4 Funding Period but prior to the Pool 4 Loan Transition Date, an amount equal to the product of (a) 20.0% <u>times</u> (b) the Pool 4 Aggregate Principal Balance as of as of the last day of the Pool 4 Funding Period and (iii) as of any date on or after to the Pool 4 Loan Transition Date, an amount equal to the product of (a) 22.0% <u>times</u> (b) the Pool 4 Aggregate Principal Balance as of the last day of the Pool 4 Funding Period.

"<u>Pool 4 Schedule of Receivables</u>" mean the schedule of Receivables attached hereto as Schedule C-4, which will be updated from time to time to reflect any additional Pool 4 Receivables sold to the Borrower during the Pool 4 Funding Period, as reflected on each related Pool 4 Funding Request.

"<u>Pool 4 Senior Monthly Interest and Fees</u>" means, for any Distribution Date, the sum of (i) the amount of any accrued and unpaid Pool 4 Interest for such Distribution Date, calculated at a *per annum* rate equal to the related CP Rate <u>plus</u> (ii) the Pool 4 Program Fee for such Distribution Date <u>plus</u> (iii) the Pool 4 Unused Fee for such Distribution Date.

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"<u>Pool 4 Servicing Fee Payment</u>" means, for any Distribution Date, the product of (i) the Servicing Fee for such Distribution Date <u>times</u> (ii) the Pool 4 Allocation Percentage for such Distribution Date.

"<u>Pool 4 Subordinated Monthly Interest Payment Amount</u>" means, for any Distribution Date, the difference of (i) the sum of (a) the amount of any accrued and unpaid Pool 4 Interest for such Distribution Date, calculated pursuant to Sections 2.05 and 2.06 <u>plus</u> (b) the Pool 4 Program Fee, if applicable, <u>plus</u> (c) the Pool 4 Unused Fee, if applicable <u>minus</u> (ii) the Pool 4 Senior Monthly Interest and Fees.

"<u>Pool 4 Unused Fee</u>" means, for any Interest Period occurring in full or in part during the Pool 4 Funding Period, the fee payable by the Borrower on the related Distribution Date in an amount equal to product of (i) the related Unused Fee Rate <u>times</u> (ii) the average daily Pool 4 Available Amount for each day during such Interest Period that occurs during the Pool 4 Funding Period <u>times</u> (iii) a fraction, (A) the numerator of which is the actual number of days during such Interest Period that occur during the Pool 4 Funding Period and (B) the denominator of which is 360.

"<u>Pool 5 Aggregate Principal Balance</u>" means the difference of (i) the aggregate Principal Balance of all Pool 5 Receivables that are Eligible Receivables as of such date <u>minus</u> (ii) the aggregate Principal Balance of all Pool 5 Receivables that are Liquidated Receivables as of such date.

"<u>Pool 5 Allocation Percentage</u>" means, with respect to any Distribution Date, the percentage equivalent of a fraction, (i) the numerator of which is the Pool 5 Loan Outstanding immediately prior to any payments that are to be made on such Distribution Date and (ii) the denominator of which is the Aggregate Loan Balance immediately prior to any payments that are to be made on such Distribution Date.

"<u>Pool 5 Available Amount</u>" means, with respect to any date (a) during the Pool 5 Funding Period, the positive amount, if any, equal to the difference of (i) the Pool 5 Maximum Loan Amount <u>minus</u> (ii) the Pool 5 Loans Outstanding on such day and (ii) after the Pool 5 Funding Period, $0.

"<u>Pool 5 Available Funds</u>" with respect to any Distribution Date and the related Collection Period, Collections on deposit in the Collection Account, to the extent received during such related Collection Period with respect to the Pool 5 Receivables.

"<u>Pool 5 Backup Servicing Fee Payment</u>" means, for any Distribution Date, the product of (i) the Backup Servicing Fee for such Distribution Date <u>times</u> (ii) the Pool 5 Allocation Percentage for such Distribution Date.

"<u>Pool 5 Borrowing Base</u>" means, as of any date of determination, an amount equal to the difference of (i) the Pool 5 Aggregate Principal Balance <u>minus</u> (ii) the Pool 5 Required Overcollateralization as of such date.

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"<u>Pool 5 Closing Date</u>" means (i) April 16, 2025 and (ii) any other Pool 5 Funding Date, in each case with respect to the related portion of the Pool 5 Loan that is funded on such date.

"<u>Pool 5 Concentration Limits</u>" means, as of any date of determination, and calculated with respect to all Pool 5 Receivables constituting Collateral as of such date of determination (including all Pool 5 Receivables to be sold to the Borrower on such date and any Pool 5 Receivables previously sold to the Borrower prior to such date):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the weighted average Loan-to-Value Ratio of all Pool 5 Receivables at the time of underwriting of such Pool 5 Receivables does not exceed 112.0%;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the weighted average AIRA Score of the related Obligor of all Pool 5 Receivables is not less than 505;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) no more than 92.0% of the Pool 5 Aggregate Principal Balance relates to Pool 5 Receivables for which the related Financed Vehicle was a Used Vehicle at the time such Pool 5 Receivable was originated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the weighted average original term to maturity of all Pool 5 Receivables at the time of underwriting of such Pool 5 Receivables does not exceed 70 months;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the weighted average Down Payment of all Pool 5 Receivables is not less than 14.0%;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the weighted average FICO Score of the related Obligor (excluding Obligors who do not have a FICO Score) of all Pool 5 Receivables at the time of underwriting is not less than 610; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) no less than 60.0% of the Pool 5 Aggregate Principal Balance relates to Pool 5 Receivables which are originated by a Dealer that is franchised.

"<u>Pool 5 Conduit Portfolio Extension Ratio</u>" means, with respect to any date of determination, the percentage equivalent of a fraction, (i) the numerator of which is the aggregate Principal Balance of all Pool 5 Receivables that became Extended Receivables during the most recently completed Collection Period and (ii) the denominator of which is the Pool 5 Pool Balance as of the last day of such Collection Period.

"<u>Pool 5 Conduit Portfolio Net Loss Trigger Event</u>" means, with respect to any Reporting Date, that the percentage equivalent of a fraction, (i) the numerator of which is the difference of (a) the aggregate Principal Balance of all Pool 5 Receivables that became Liquidated Receivables since the Pool 5 Loan Transition Date and through the end of the most recently completed Collection Period <u>minus</u> (b) all Recoveries on Pool 5 Receivables received since the Pool 5 Loan Transition Date and through the end of such Collection Period and (ii) the denominator of which is the Pool 5 Aggregate Principal Balance as of the related Cutoff Date, exceeds the "Trigger Level" set forth in the table below for the related Reporting Date:

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| | |
|:---|:---|
| Reporting Date<br> Occurring in Month: | Trigger Level: |
|  August 2025 | 1.00% |
|  September 2025 | 1.50% |
|  October 2025 | 1.75% |
|  November 2025 | 2.25% |
|  December 2025 | 2.75% |
|  January 2026 | 3.50% |
|  February 2026 | 3.75% |
|  March 2026 | 4.25% |
|  April 2026 | 4.50% |
|  May 2026 | 5.00% |
|  June 2026 | 5.25% |
|  July 2026 | 5.50% |
|  August 2026 | 5.75% |
|  September 2026 | 6.00% |
|  October 2026 | 6.25% |
|  November 2026 | 6.50% |
|  December 2026 | 6.75% |
|  January 2027 | 7.00% |
|  February 2027 | 7.00% |
|  March 2027 | 7.25% |
|  April 2027 | 7.50% |
|  May 2027 | 7.75% |
|  June 2027 | 8.00% |

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"<u>Pool 5 Cross-Collateralization Amount</u>" means, (i) with respect to the Pool 1 Loan, for any Distribution Date occurring either after (a) the first Distribution Date on which the Pool 1 Loan Outstanding is first reduced to the Pool 1 Borrowing Base through the application of Collections on the Pool 1 Receivables or (b) the occurrence of a Rapid Amortization Event with respect to the Pool 1 Loan, the lesser of (1) the amount of Pool 5 Available Funds that are available to be applied pursuant to Section 2.07(e)(viii) on such Distribution Date (after giving effect to all payments pursuant to subclauses (i) through (vii) of Section 2.07(e) on such Distribution Date) and (2) the amount that is necessary to pay any portion of the Pool 1 Monthly Principal Payment Amount that remains unpaid following the application of Collections on the Pool 1 Receivables on such Distribution Date, (ii) with respect to the Pool 2 Loan, for any Distribution Date occurring either after (a) the first Distribution Date on which the Pool 2 Loan Outstanding is first reduced to the Pool 2 Borrowing Base through the application of Collections on the Pool 2 Receivables or (b) the occurrence of a Rapid Amortization Event with respect to the Pool 2 Loan, the lesser of (1) the amount of Pool 5 Available Funds that are available to be applied pursuant to Section 2.07(e)(viii) on such Distribution Date (after giving effect to all payments pursuant to subclauses (i) through (vii) of Section 2.07(e) on such Distribution Date) and (2) the amount that is necessary to pay any portion of the Pool 2 Monthly Principal Payment Amount that remains unpaid following the application of Collections on the Pool 2 Receivables on such Distribution Date, (iii) with respect to the Pool 3 Loan, for any Distribution Date occurring either after (a) the first Distribution Date on which the Pool 3 Loan Outstanding is first

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reduced to the Pool 3 Borrowing Base through the application of Collections on the Pool 3 Receivables or (b) the occurrence of a Rapid Amortization Event with respect to the Pool 3 Loan, the lesser of (1) the amount of Pool 5 Available Funds that are available to be applied pursuant to Section 2.07(e)(viii) on such Distribution Date (after giving effect to all payments pursuant to subclauses (i) through (vii) of Section 2.07(e) on such Distribution Date) and (2) the amount that is necessary to pay any portion of the Pool 3 Monthly Principal Payment Amount that remains unpaid following the application of Collections on the Pool 3 Receivables on such Distribution Date, and (iv) with respect to the Pool 4 Loan, for any Distribution Date occurring either after (a) the first Distribution Date on which the Pool 4 Loan Outstanding is first reduced to the Pool 4 Borrowing Base through the application of Collections on the Pool 4 Receivables or (b) the occurrence of a Rapid Amortization Event with respect to the Pool 4 Loan, the lesser of (1) the amount of Pool 5 Available Funds that are available to be applied pursuant to Section 2.07(e)(viii) on such Distribution Date (after giving effect to all payments pursuant to subclauses (i) through (vii) of Section 2.07(e) on such Distribution Date) and (2) the amount that is necessary to pay any portion of the Pool 4 Monthly Principal Payment Amount that remains unpaid following the application of Collections on the Pool 4 Receivables on such Distribution Date; <u>provided</u>, that if on any Distribution Date amounts are due pursuant to two or more of clause (i), clause (ii), clause (iii) and clause (iv) of this definition and the aggregate amounts that are so due exceed the amount of Pool 5 Available Funds that are available to be applied pursuant to Section 2.07(e)(viii) on such Distribution Date (after giving effect to all payments pursuant to subclauses (i) through (vii) of Section 2.07(e) on such Distribution Date), then such Pool 5 Available Funds will be allocated ratably to the Pool 1 Loan, the Pool 2 Loan, the Pool 3 Loan, and the Pool 4 Loan based on the amounts due, respectively, pursuant to clause (i), clause (ii), clause (iii), and clause (iv) of this definition.

"<u>Pool 5 Excess Spread</u>" means, with respect to a Related Loan and as of any date of determination, the difference of (i) the weighted average of the rate *per annum* of finance charges as of such date of determination for all Pool 5 Receivables <u>minus</u> (ii) the sum of (a) the related Program Fee Rate <u>plus</u> (b) the Servicing Fee Rate <u>plus</u> (c) the fixed rate payable by the Borrower under the Hedge Transaction related to the Pool 5 Loan <u>plus</u> (d) the related Unused Fee Rate.

"<u>Pool 5 Funding Date</u>" means any Business Day during the Pool 5 Funding Period that is identified as such in a Pool 5 Funding Request and on which an advance is made by the Lenders to the Borrower and Pool 5 Receivables are added to the Collateral in connection with such advance.

"<u>Pool 5 Funding Period</u>" means the period beginning on the Pool 5 Closing Date and ending on the May 16, 2025.

"<u>Pool 5 Funding Request</u>" means a written notice from the Borrower requesting a Pool 5 Loan and including the items required by Annex A, substantially in the form of Exhibit A hereto.

"<u>Pool 5 Interest</u>" means, for any Interest Period, interest on the Pool 5 Loan Outstanding as computed pursuant to Sections 2.05(b) and 2.06(b); <u>provided</u>, that (i) no provision of this Agreement shall require or permit the collection of Pool 5 Interest in excess of the Maximum Lawful Rate and (ii) Pool 5 Interest shall not be considered paid by any distribution if at any time such distribution is rescinded or must otherwise be returned for any reason.

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"<u>Pool 5 Loan</u>" has the meaning given to such term in Section 2.01(a).

"<u>Pool 5 Loan Hedge Transition Date</u>" means September 16, 2025.

"<u>Pool 5 Loan Outstanding</u>" means, as of any date of determination, the difference of (i) the principal amount of the Pool 5 Loan as of such date of determination <u>minus</u> (ii) all payments and distributions made in respect of Pool 5 Monthly Principal Payment Amounts, Pool 1 Cross- Collateralization Amounts, Pool 2 Cross-Collateralization Amounts, Pool 3 Cross- Collateralization Amounts, and Pool 4 Cross-Collateralization Amounts prior to such date of determination.

"<u>Pool 5 Loan Transition Date</u>" means August 15, 2025.

"<u>Pool 5 Maximum Loan Amount</u>" means $120,000,000.

"<u>Pool 5 Monthly Principal Payment Amount</u>" means either (i) with respect to any Distribution Date occurring prior to the occurrence of a Rapid Amortization Event with respect to Pool 5 the positive difference (if any) of (a) the Pool 5 Loan Outstanding on such date <u>minus</u> (b) the Pool 5 Borrowing Base as of the last day of the related Collection Period or (ii) with respect to any Distribution Date occurring on or after the occurrence of a Rapid Amortization Event with respect to Pool 5, the lesser of (a) the Pool 5 Loan Outstanding on such date and (b) the amount of Pool 5 Available Funds that is available to be applied pursuant to Section 2.07(e)(v)(B) on such Distribution Date (after giving effect to all payments pursuant to subclauses (i) through (iv) of Section 2.07(e) on such Distribution Date).

"<u>Pool 5 Pool Balance</u>" means, as of any date of determination, the sum of the Principal Balances of all Pool 5 Receivables as of such date.

"<u>Pool 5 Program Fee</u>" means, for any Collection Period, the fee payable by the Borrower on the related Distribution Date in an amount equal to the product of (i) the related Program Fee Rate <u>times</u> (ii) the average daily Pool 5 Loan Outstanding during such Collection Period funded by Commercial Paper Notes <u>times</u> (iii) a fraction, (a) the numerator of which is the actual number of days during such Collection Period and (b) the denominator of which is 360.

"<u>Pool 5 Receivables</u>" means each Receivable that was sold to the Borrower during the Pool 5 Funding Period and that is listed on the Pool 5 Schedule of Receivables.

"<u>Pool 5 Required Overcollateralization</u>" means (i) as of any date during the Pool 5 Funding Period, an amount equal to the product of (a) 20.0% <u>times</u> (b) the Pool 5 Aggregate Principal Balance as of such date, (ii) as of any date after the Pool 5 Funding Period but prior to the Pool 5 Loan Transition Date, an amount equal to the product of (a) 20.0% <u>times</u> (b) the Pool 5 Aggregate Principal Balance as of as of the last day of the Pool 5 Funding Period and (iii) as of any date on or after to the Pool 5 Loan Transition Date, an amount equal to the product of (a) 22.0% <u>times</u> (b) the Pool 5 Aggregate Principal Balance as of the last day of the Pool 5 Funding Period.

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"<u>Pool 5 Schedule of Receivables</u>" mean the schedule of Receivables attached hereto as Schedule C-5, which will be updated from time to time to reflect any additional Pool 5 Receivables sold to the Borrower during the Pool 5 Funding Period, as reflected on each related Pool 5 Funding Request.

"<u>Pool 5 Senior Monthly Interest and Fees</u>" means, for any Distribution Date, the sum of (i) the amount of any accrued and unpaid Pool 5 Interest for such Distribution Date, calculated at a *per annum* rate equal to the related CP Rate <u>plus</u> (ii) the Pool 5 Program Fee for such Distribution Date <u>plus</u> (iii) the Pool 5 Unused Fee for such Distribution Date.

"<u>Pool 5 Servicing Fee Payment</u>" means, for any Distribution Date, the product of (i) the Servicing Fee for such Distribution Date <u>times</u> (ii) the Pool 5 Allocation Percentage for such Distribution Date.

"<u>Pool 5 Subordinated Monthly Interest Payment Amount</u>" means, for any Distribution Date, the difference of (i) the sum of (a) the amount of any accrued and unpaid Pool 5 Interest for such Distribution Date, calculated pursuant to Sections 2.05 and 2.06 <u>plus</u> (b) the Pool 5 Program Fee, if applicable, <u>plus</u> (c) the Pool 5 Unused Fee, if applicable <u>minus</u> (ii) the Pool 5 Senior Monthly Interest and Fees.

"<u>Pool 5 Unused Fee</u>" means, for any Interest Period occurring in full or in part during the Pool 5 Funding Period, the fee payable by the Borrower on the related Distribution Date in an amount equal to product of (i) the related Unused Fee Rate <u>times</u> (ii) the average daily Pool 5 Available Amount for each day during such Interest Period that occurs during the Pool 5 Funding Period <u>times</u> (iii) a fraction, (A) the numerator of which is the actual number of days during such Interest Period that occur during the Pool 5 Funding Period and (B) the denominator of which is 360.

"<u>Pool Balance</u>" means, as of any date of determination, the sum of (i) the Pool 1 Pool Balance <u>plus</u> (ii) the Pool 2 Pool Balance <u>plus</u> (iii) the Pool 3 Pool Balance <u>plus</u> (iv) the Pool 4 Pool Balance <u>plus</u> (v) the Pool 5 Pool Balance.

"<u>Prime Rate</u>" means the rate of interest last quoted by The Wall Street Journal as the 'Prime Rate' in the U.S. or, if The Wall Street Journal ceases to quote such rate, the highest *per annum* interest rate published by the Federal Reserve Board in Federal Reserve Statistical Release H.15 (519) (Selected Interest Rates) as the 'bank prime loan' rate or, if such rate is no longer quoted therein, any similar rate quoted therein (as determined by the Administrative Agent) or any similar release by the Federal Reserve Board (as determined by the Administrative Agent). Each change in the Prime Rate shall be effective from and including the date such change is publicly announced or quoted as being effective.

"<u>Principal Balance</u>" means, with respect to any Receivable and as of any date of determination, the outstanding principal amount of such Receivable as of such date (excluding any capitalized interest).

"<u>Program Fee</u>" means, for any Collection Period, the Pool 1 Program Fee together with the Pool 2 Program Fee, the Pool 3 Program Fee, the Pool 4 Program Fee, and the Pool 5 Program Fee.

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"<u>Program Fee Rate</u>" has the meaning given to such term in the Fee Letter.

"<u>Purchase Agreement</u>" means the Fourth Amended and Restated Purchase Agreement, dated as of April 16, 2025, by and between Lendbuzz Funding and the Borrower.

"<u>Qualified Institution</u>" means any depository institution or trust company organized under the laws of the United States or any State (or any domestic branch of a foreign bank), (i) (a) that meets (or the parent of which meets) either (1) the Long-Term Rating Requirement or (2) the Short-Term Rating Requirement or (b) is otherwise acceptable to the Administrative Agent and (ii) whose deposits are insured by the Federal Deposit Insurance Corporation.

"<u>Quarterly Report</u>" means a data tape, which shall include as to each Receivable such information as shall be agreed upon by the Administrative Agent and the initial Servicer or the Successor Servicer, as applicable, including such information as the Administrative Agent may reasonably request from time to time to satisfy or fulfill regulatory requirements applicable to the Secured Parties, including capital treatment under Basel II or Basel III.

"<u>Rapid Amortization Event</u>" means, as of any Reporting Date, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any Servicer Termination Event has occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any Event of Default has occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any Material Adverse Change has occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) a Pool 1 Conduit Portfolio Net Loss Trigger Event has occurred, which shall constitute a Rapid Amortization Event exclusively with respect to the Pool 1 Loan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) a Pool 2 Conduit Portfolio Net Loss Trigger Event has occurred, which shall constitute a Rapid Amortization Event exclusively with respect to the Pool 2 Loan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) on the Pool 3 Loan Transition Date or on any date thereafter, a Pool 3 Conduit Portfolio Net Loss Trigger Event has occurred, which shall constitute a Rapid Amortization Event exclusively with respect to the Pool 3 Loan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) on the Pool 4 Loan Transition Date or on any date thereafter, a Pool 4 Conduit Portfolio Net Loss Trigger Event has occurred, which shall constitute a Rapid Amortization Event exclusively with respect to the Pool 4 Loan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) on the Pool 5 Loan Transition Date or on any date thereafter, a Pool 5 Conduit Portfolio Net Loss Trigger Event has occurred, which shall constitute a Rapid Amortization Event exclusively with respect to the Pool 5 Loan;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) the arithmetic mean of the Pool 1 Conduit Portfolio Extension Ratio for the three Collection Periods immediately preceding such Reporting Date is greater than 3.50%, which shall constitute a Rapid Amortization Event exclusively with respect to the Pool 1 Loan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) the arithmetic mean of the Pool 2 Conduit Portfolio Extension Ratio for the three Collection Periods immediately preceding such Reporting Date is greater than (A) 3.75% (with respect to the Reporting Date occurring in January 2025) or (B) 3.50% (with respect to all other Reporting Dates), which shall constitute a Rapid Amortization Event exclusively with respect to the Pool 2 Loan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) on the Pool 3 Loan Transition Date or on any date thereafter, the arithmetic mean of the Pool 3 Conduit Portfolio Extension Ratio for the three Collection Periods immediately preceding such Reporting Date is greater than 3.50%, which shall constitute a Rapid Amortization Event exclusively with respect to the Pool 3 Loan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) on the Pool 4 Loan Transition Date or on any date thereafter, the arithmetic mean of the Pool 4 Conduit Portfolio Extension Ratio for the three Collection Periods immediately preceding such Reporting Date is greater than 3.50%, which shall constitute a Rapid Amortization Event exclusively with respect to the Pool 4 Loan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) on the Pool 5 Loan Transition Date or on any date thereafter, the arithmetic mean of the Pool 5 Conduit Portfolio Extension Ratio for the three Collection Periods immediately preceding such Reporting Date is greater than 3.50%, which shall constitute a Rapid Amortization Event exclusively with respect to the Pool 5 Loan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) Borrower fails to deliver the legal opinions described in Item 8 of the Schedule of Documents that was in effect on the Pool 3 Closing Date, in form and substance satisfactory to the Administrative Agent, by the Pool 3 Loan Transition Date, which shall constitute a Rapid Amortization Event exclusively with respect to the Pool 3 Loan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) Borrower fails to deliver the legal opinions described in Item 8 of the Schedule of Documents, in form and substance satisfactory to the Administrative Agent, by the Pool 4 Loan Transition Date, which shall constitute a Rapid Amortization Event exclusively with respect to the Pool 4 Loan; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) Borrower fails to deliver the legal opinions described in Item 8 of the Schedule of Documents, in form and substance satisfactory to the Administrative Agent, by the Pool 5 Loan Transition Date, which shall constitute a Rapid Amortization Event exclusively with respect to the Pool 5 Loan.

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"<u>Receivable</u>" means Indebtedness owed by an Obligor under a Contract included as part of the Collateral, whether constituting an account, chattel paper, instrument or general intangible, arising out of or in connection with the financing of a Financed Vehicle in connection therewith, and including the right of payment of any finance charges and other obligations of the Obligor with respect thereto. Notwithstanding the foregoing, once the Administrative Agent has released its security interest in a Receivable and the related Contract in accordance with the terms of this Agreement, such Receivable shall no longer be a Receivable hereunder.

"<u>Receivable File</u>" means, with respect to each Receivable, a file containing each of the following documents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) an application of the related Obligor for credit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a copy of the related Contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) copies of all instruments modifying the terms and conditions of the related Contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) a copy of the Certificate of Title for the related Financed Vehicle or a copy of the application therefor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) a certificate of insurance, an application therefor, or a notice to provide insurance, in each case with respect to the related Financed Vehicle;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the invoice for (or, if the related Financed Vehicle is a Used Vehicle, evidence of book value for) the related Financed Vehicle;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the Obligors' order for the related Financed Vehicle and a writing specifying the related Down Payment, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) a copy of the service contract for the related Financed Vehicle, if applicable and if the same has been provided to the Servicer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) a copy of the GAP protection agreement for the related Financed Vehicle, if applicable and if the same has been provided to the Servicer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) such other documents that the Servicer customarily maintains in order to accomplish its duties and obligations under this Agreement.

"<u>Recipient</u>" means the Administrative Agent or any Lender.

"<u>Records</u>" means, with respect to any Contract, all documents, books, records and other information (including computer programs, tapes, disks, punch cards, data processing software and related property and rights) maintained with respect to any related item of Collateral and the related Obligor.

"<u>Recoveries</u>" means, with respect to any Liquidated Receivable and Collection Period, all monies collected from whatever source during such Collection Period in respect of such Liquidated Receivable, including Insurance Proceeds but excluding payment of the related Release Price, net of any amounts required by Applicable Law to be remitted to the related Obligor and net of the Servicer's expenses (other than overhead) incurred in connection with the liquidation of such Liquidated Receivable and the related Financed Vehicle.

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"<u>Reference Time</u>" means, with respect to any setting of the then-current Benchmark, (i) if such Benchmark is Daily Simple SOFR, then four Business Days prior to such setting or (ii) if such Benchmark is not Daily Simple SOFR, the time determined by the Administrative Agent in its reasonable discretion.

"<u>Registrar of Titles</u>" means, with respect to any State, the governmental agency or body responsible for the registration of, and the issuance of certificates of title relating to, motor vehicles and liens thereon.

"<u>Regulatory Requirement</u>" has the meaning set forth in Section 2.11(a).

"<u>Related Closing Date</u>" means (i) with respect to the Pool 1 Receivables and the Pool 1 Loan, the Pool 1 Closing Date, (ii) with respect to the Pool 2 Receivables and the Pool 2 Loan, the Pool 2 Closing Date, (iii) with respect to the Pool 3 Receivables and the Pool 3 Loan, the Pool 3 Closing Date, (iv) with respect to the related Pool 4 Receivables and the related portion of the Pool 4 Loan, the related Pool 4 Closing Date, and (v) with respect to the related Pool 5 Receivables and the related portion of the Pool 5 Loan, the related Pool 5 Closing Date.

"<u>Related Loan</u>" means (i) with respect to the Pool 1 Receivables and the Pool 1 Closing Date, the Pool 1 Loan, (ii) with respect to the Pool 2 Receivables and the Pool 2 Closing Date, the Pool 2 Loan, (iii) with respect to the Pool 3 Receivables and the Pool 3 Closing Date, the Pool 3 Loan, (iv) with respect to the Pool 4 Receivables and the related Pool 4 Closing Date, the Pool 4 Loan, and (v) with respect to the Pool 5 Receivables and the related Pool 5 Closing Date, the Pool 5 Loan.

"<u>Related Pool Balance</u>" means (i) with respect to the Pool 1 Loan and the Pool 1 Receivables, the Pool 1 Pool Balance, (ii) with respect to the Pool 2 Loan and the Pool 2 Receivables, the Pool 2 Pool Balance, (iii) with respect to the Pool 3 Loan and the Pool 3 Receivables, the Pool 3 Pool Balance, (iv) with respect to the Pool 4 Loan and the Pool 4 Receivables, the Pool 4 Pool Balance, and (v) with respect to the Pool 5 Loan and the Pool 5 Receivables, the Pool 5 Pool Balance.

"<u>Related Receivables</u>" means (i) with respect to the Pool 1 Loan and the Pool 1 Closing Date, the Pool 1 Receivables, (ii) with respect to the Pool 2 Loan and the Pool 2 Closing Date, the Pool 2 Receivables, (iii) with respect to the Pool 3 Loan and the Pool 3 Closing Date, the Pool 3 Receivables, (iv) with respect to the Pool 4 Loan either (A) with respect to the sale of Pool 4 Receivables to the Borrower on any Pool 4 Funding Date, the Pool 4 Receivables sold to the Borrower on such date or, (B) for all other purposes, the Pool 4 Receivables, and (v) with respect to the Pool 5 Loan either (A) with respect to the sale of Pool 5 Receivables to the Borrower on any Pool 5 Funding Date, the Pool 5 Receivables sold to the Borrower on such date or, (B) for all other purposes, the Pool 5 Receivables.

"<u>Related Schedule of Receivables</u>" means (i) with respect to the Pool 1 Receivables, the Pool 1 Schedule of Receivables, (ii) with respect to the Pool 2 Receivables, the Pool 2 Schedule of Receivables, (iii) with respect to the Pool 3 Receivables, the Pool 3 Schedule of Receivables, (iv) with respect to the Pool 4 Receivables, the Pool 4 Schedule of Receivables, and (v) with respect to the Pool 5 Receivables, the Pool 5 Schedule of Receivables.

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"<u>Release Price</u>" means an amount equal to the sum of (i) the Principal Balance of each Receivable retransferred pursuant to Section 5.04(a) or 5.04(b), as applicable <u>plus</u> (ii) accrued interest on each such Receivable (at the related APR) through the date of repurchase <u>plus</u> (iii)) all Hedge Breakage Costs due to the relevant Hedge Counterparties for any termination, in whole or in part, of one or more Hedge Transactions related to the relevant Hedging Agreement as a result of the related retransfer pursuant to Section 5.04(a) or 5.04(b), as required by the terms of any Hedging Agreement.

"<u>Relevant Governmental Body</u>" means, the Federal Reserve Board and/or the NYFRB, as applicable, or a committee officially endorsed or convened by the Federal Reserve Board and/or the NYFRB or, in each case, any successor thereto.

"<u>Remittance Account</u>" means one or more deposit accounts established and maintained at the Remittance Account Bank pursuant to the Blocked Account Control Agreement, for the benefit of the "Secured Parties" (as defined in the Blocked Account Control Agreement), and to which all Obligors are instructed to make payments in respect of the Receivables.

"<u>Remittance Account Bank</u>" means, initially, Wells Fargo Bank, National Association, or any other bank as agreed to by the Borrower, the Administrative Agent and the Required Lenders.

"<u>Reportable Event</u>" means any of the events set forth in Section 4043(c) of ERISA for which the 30-day notice provision has not been waived.

"<u>Reporting Date</u>" means, with respect to any Distribution Date and the related Collection Period, the second Business Day prior to such Distribution Date.

"<u>Required Lenders</u>" means at a particular time, Lenders holding in the aggregate 100% of the Loan Outstanding.

"<u>Requirements of Law</u>" means, with respect to any Person, the certificate of incorporation or articles of association and by-laws or other organizational or governing documents of such Person, and any law, treaty, rule or regulation, or order or determination of an arbitrator or Governmental Authority, in each case applicable to or binding upon such Person or to which such Person is subject, whether federal, State or local (including usury laws, the Federal Truth in Lending Act, the Equal Credit Opportunity Act, the Fair Credit Billing Act, the Fair Credit Reporting Act, the Fair Debt Collection Practices Act, the Federal Trade Commission Act, the Magnuson-Moss Warranty Act, the Servicemembers Civil Relief Act, Regulations B, U, T, X and Z of the Federal Reserve Board, the Dodd-Frank Act, the Gramm-Leach-Bliley Act, each applicable state Motor Vehicle Retail Installment Sales Act, and state adaptations of the National Consumer Act and of the Uniform Consumer Credit Code and all other consumer protection and usury laws).

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"<u>Responsible Officer</u>" means, when used with respect to any Person, any officer of such Person, including any president, vice president, assistant vice president, secretary, assistant secretary, or any other officer thereof customarily performing functions similar to those performed by the individuals who at the time shall be such officers, respectively, or to whom any matter is referred because of such officer's knowledge of or familiarity with the particular subject.

"<u>Sanctioned Country</u>" means, at any time, a country or territory which is the subject or target of any Sanctions.

"<u>Sanctioned Person</u>" means, at any time, (i) any Person listed in any Sanctions-related list of designated Persons maintained by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State, (ii) any Person operating, organized or resident in a Sanctioned Country or (iii) any Person controlled by any such Person.

"<u>Sanctions</u>" means economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by the U.S. government, including those administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State.

"<u>Schedule of Documents</u>" means the schedule of documents attached hereto as Schedule E.

"<u>Schedule of Receivables</u>" means the Pool 1 Schedule of Receivables together with the Pool 2 Schedule of Receivables, the Pool 3 Schedule of Receivables, the Pool 4 Schedule of Receivables, and the Pool 5 Schedule of Receivables.

"<u>Scheduled Payments</u>" means, with respect to each Receivable, the regularly scheduled payments to be made by the related Obligor pursuant to the terms of the related Contract.

"<u>Secured Party</u>" means (i) the Administrative Agent, (ii) each Lender and (iii) each Hedge Counterparty.

"<u>Securities Act</u>" means the Securities Act of 1933, as amended.

"<u>Seller</u>" means Lendbuzz Funding, in its capacity as Seller under the Purchase Agreement.

"<u>Servicer</u>" has the meaning given to such term in the Preamble.

"<u>Servicer Advance</u>" means an advance made by the initial Servicer pursuant to Section 7.05.

"<u>Servicer Basic Documents</u>" means all Basic Documents to which the initial Servicer is a party or by which it is bound.

"<u>Servicer Termination Event</u>" has the meaning given to such term in Section 7.12.

"<u>Servicer Termination Notice</u>" has the meaning given to such term in Section 7.12.

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"<u>Servicing Fee</u>" means the fee payable to the Servicer on each Distribution Date in accordance with Section 2.07 in an amount equal to either (i) in the case of the initial Servicer, the product of (a) one-twelfth <u>times</u> (b) the Servicing Fee Rate <u>times</u> (c) the average daily Principal Balance of the Receivables during the related Collection Period or (ii) in the case of the Backup Servicer in its capacity as Successor Servicer, the related fees set forth in the Backup Servicing Agreement; <u>provided</u>, that the Servicing Fee for a Successor Servicer may be subject to a minimum monthly fee to be mutually agreed upon by the Required Lenders and such Successor Servicer.

"<u>Servicing Fee Rate</u>" means in the case of the initial Servicer, a rate *per annum* equal to 2.00%.

"<u>Short-Term Rating Requirement</u>" means, with respect to any Person, that such Person has a short-term unsecured debt rating of not less than A-1 by Standard & Poor's and not less than Prime-1 by Moody's.

"<u>Simple Interest Method</u>" means the method of allocating a fixed level payment to principal and interest, pursuant to which the portion of such payment that is allocated to interest is equal to the product of the fixed rate of interest multiplied by the unpaid principal balance multiplied by the period of time elapsed since the preceding payment of interest was made.

"<u>SOFR</u>" means a rate equal to the secured overnight financing rate as administered by the SOFR Administrator.

"<u>SOFR Administrator</u>" means the NYFRB (or a successor administrator of the secured overnight financing rate).

"<u>SOFR Administrator's Website</u>" means the NYFRB's website, currently at http://www.newyorkfed.org, or any successor source for the secured overnight financing rate identified as such by the SOFR Administrator from time to time.

"<u>SOFR Determination Date</u>" has the meaning given to such term in the definition of "Daily Simple SOFR."

"<u>SOFR Rate Day</u>" has the meaning given to such term in the definition of "Daily Simple SOFR."

"<u>Solvent</u>" means, as to any Person at any time, having a state of affairs such that (i) the fair value of the property owned by such Person is greater than the amount of such Person's liabilities (including disputed, contingent, and unliquidated liabilities) as such value is established and liabilities evaluated for purposes of Section 101(32) of the Bankruptcy Code; (ii) the present fair salable value of the property owned by such Person in an orderly liquidation of such Person is not less than the amount that will be required to pay the probable liability of such Person on its debts as they become absolute and matured; (iii) such Person is able to realize upon its property and pay its debts and other liabilities (including disputed, contingent and unliquidated liabilities) as they mature in the normal course of business; (iv) such Person does not intend to, and does not believe that it will, incur debts or liabilities beyond such Person's ability to pay as such debts and liabilities mature; and (v) such Person is not engaged in business or a transaction, and is not about to engage in a business or a transaction, for which such Person's property would constitute unreasonably small capital.

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"<u>Standard</u> <u>& Poor's</u>" means S&P Global Ratings, a Standard & Poor's Financial Services LLC business.

"<u>State</u>" means any state of the United States or the District of Columbia.

"<u>Structuring Fee</u>" has the meaning given to such term in the Fee Letter.

"<u>Subordinated Hedge Breakage Costs</u>" means Hedge Breakage Costs payable by the Borrower to a Hedge Counterparty in connection with the termination of a Hedge Transaction where either (i) such Hedge Counterparty is a "Defaulting Party" (as such term is defined in the related Hedging Agreement) or (ii) such Hedge Counterparty is the sole "Affected Party" with respect to a "Termination Event" (as such terms are defined in the related Hedging Agreement), other than a Termination Event relating to illegality, force majeure and taxes, which by its terms applies to such Hedge Counterparty, in all cases other than to the extent of a return of equivalent collateral (and income thereon).

"<u>Subsidiary</u>" means, with respect to a Person, any entity with respect to which more than 50% of the outstanding voting securities shall at any time be owned or controlled, directly or indirectly, by such Person and/or one or more of its Subsidiaries, or any similar business organization which is so owned or controlled.

"<u>Successor Collateral Custodian</u>" has the meaning given to such term in Section 7.17(f)

"<u>Successor Servicer</u>" has the meaning given to such term in Section 7.13(b).

"<u>Tangible Net Worth</u>" means at any time with respect to Lendbuzz, the difference of Lendbuzz's (i) assets (including servicing assets and deferred tax assets) minus (ii) liabilities minus (iii) without duplication, intangible assets, including goodwill, franchises, licenses, patents, trademarks, trade names, copyrights and service marks, in all cases calculated on a consolidated basis and in accordance with GAAP; provided, that any obligations of Lendbuzz under any simple agreement for future equity or other similar instrument however styled which (a) does not have a maturity date, (b) does not require a coupon to be paid and (c) converts to equity shares upon a conversion event, shall not constitute 'liabilities' for purposes of this definition.

"<u>Tax</u>" or "<u>Taxes</u>" means all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax, additional amounts or penalties applicable thereto.

"<u>Termination Date</u>" means, with respect to each Related Loan, the date of the automatic occurrence of or declaration of the Termination Date pursuant to Section 8.01(b) following the occurrence of an Event of Default.

"<u>Transition Expenses</u>" has the meaning given to such term in Section 7.13(f).

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"<u>Treasury Regulations</u>" shall mean regulations, including proposed or temporary regulations, promulgated under the Code. References in this Agreement to specific provisions of proposed or temporary regulations shall include analogous provisions of final Treasury Regulations or other successor Treasury Regulations.

"<u>U.S. Government Securities Business Day</u>" means any day except for (i) a Saturday, (ii) a Sunday or (iii) a day on which the Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in United States government securities.

"<u>U.S. Person</u>" means any Person that is a "United States person" as defined in Section 7701(a)(30) of the Code.

"<u>U.S. Tax Compliance Certificate</u>" has the meaning specified in Section 2.12(g)(ii)(B)(3).

"<u>UCC</u>" means the Uniform Commercial Code as from time to time in effect in the applicable jurisdiction.

"<u>Unadjusted Benchmark Replacement</u>" means the applicable Benchmark Replacement excluding the related Benchmark Replacement Adjustment.

"<u>United States</u>" or "<u>U.S.</u>" means the United States of America.

"<u>Unmatured Event of Default</u>" means any event that, with the giving of notice or the lapse of time, or both, would become an Event of Default.

"<u>Unmatured Servicer Termination Event</u>" means any event that, with the giving of notice or the lapse of time, or both, would become a Servicer Termination Event. For the avoidance of doubt, the failure of any Financial Covenant to be satisfied on any date other than the related testing date specified for such Financial Covenant in the definition of "Financial Covenants" shall not constitute an Unmatured Servicer Termination Event.

"<u>Unreimbursed Servicer Advances</u>" means, at any time, the amount of all previous Servicer Advances (or portions thereof) as to which the Servicer has not been reimbursed as of such time pursuant to Section 2.07 or otherwise.

"<u>Unused Fee</u>" means, for any Collection Period, (i) the Pool 4 Unused Fee and (ii) the Pool 5 Unused Fee.

"<u>Unused Fee Rate</u>" has the meaning given to such term in the Fee Letter.

"<u>Used Vehicle</u>" means a Financed Vehicle that was designated as a used vehicle by the applicable Dealer when such Financed Vehicle was sold to the related Obligor.

"<u>Withholding Agent</u>" means the Borrower and the Administrative Agent.

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Section 1.02. <u>Accounting Terms and Determinations</u>. Unless otherwise defined or specified herein, all accounting terms shall be construed herein, all accounting determinations hereunder shall be made, all financial statements required to be delivered hereunder shall be prepared and all financial records shall be maintained in accordance with GAAP.

Section 1.03. <u>Computation of Time Periods</u>. Unless otherwise stated in this Agreement, in the computation of a period of time from a specified date to a later specified date, the word "from" means "from and including" and the words "to" and "until" each mean "to but excluding".

Section 1.04. <u>Interpretation</u>. When used in this Agreement, unless a contrary intention appears: (i) a term has the meaning assigned to it; (ii) "or" is not exclusive; (iii) "including" means including without limitation; (iv) words in the singular include the plural and words in the plural include the singular; (v) any agreement, instrument or statute defined or referred to herein or in any instrument or certificate delivered in connection herewith means such agreement, instrument or statute as from time to time amended, modified or supplemented and includes (in the case of agreements or instruments) references to all attachments thereto and instruments incorporated therein; (vi) references to a Person are also to its successors and permitted assigns; (vii) the words "hereof", "herein" and "hereunder" and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision hereof; (viii) references contained herein to Section, Schedule and Exhibit, as applicable, are references to Sections, Schedules and Exhibits in this Agreement unless otherwise specified; (ix) references to "writing" include printing, typing, lithography and other means of reproducing words in a visible form; and (x) the term "proceeds" has the meaning set forth in the applicable UCC.

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ARTICLE TWO

LOANS

Section 2.01. <u>Aggregate Loan.</u>On the terms and conditions set forth herein, including this Section and Article Four, the Borrower hereby requests that the Lenders make an advance to the Borrower on the Pool 1 Closing Date in the aggregate amount of $150,000,000 (the "<u>Pool 1</u> <u>Loan</u>"). On the terms and conditions set forth herein, including this Section and Article Four, the Borrower hereby requests that the Lenders make an advance to the Borrower on the Pool 2 Closing Date in the aggregate amount of $85,985,702.84 (the "<u>Pool 2 Loan</u>"). On the terms and conditions set forth herein, including this Section and Article Four, the Borrower hereby requests that the Lenders make an advance to the Borrower on the Pool 3 Closing Date in the aggregate amount of $43,889,083 (the "<u>Pool 3 Loan</u>"). On the terms and conditions set forth herein, including this Section and Article Four, the Borrower hereby requests that the Lenders make one or more advances to the Borrower from time to time on each Pool 4 Funding Date during the Pool 4 Funding Period in an aggregate amount not to exceed the Pool 4 Maximum Loan Amount (the aggregate amount of such advances made to the Borrower during the Pool 4 Funding Period, the "<u>Pool 4 Loan</u>"). On the terms and conditions set forth herein, including this Section and Article Four, the Borrower hereby requests that the Lenders make one or more advances to the Borrower from time to time on each Pool 5 Funding Date during the Pool 5 Funding Period in an aggregate amount not to exceed the Pool 5 Maximum Loan Amount (the aggregate amount of such advances made to the Borrower during the Pool 5 Funding Period, the "<u>Pool 5 Loan</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) On each Related Closing Date, each Lender severally agrees to make its Lender Advance of the Related Loan, subject to the conditions contained herein, in an aggregate amount equal to the Related Loan so requested.

Section 2.02. <u>Funding Mechanics</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As a condition to the Lenders funding any Related Loan, the Borrower represents that all conditions precedent to the making of such Related Loan have been satisfied or will be satisfied as of the Related Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) With respect to each Related Loan other than the Pool 4 Loan and the Pool 5 Loan, each Lender's Lender Advance of a Related Loan shall be made available to the Agent for its Lender Group, subject to the fulfillment of the applicable conditions set forth in Article Four, at or prior to 1:00 p.m., New York City time, on the Related Closing Date, by deposit of immediately available funds to the Administrative Agent's Account. The Administrative Agent shall promptly notify the Borrower and the related Agent in the event that any Lender Group either fails to make such funds available before such time or notifies the Administrative Agent that it will not make such funds available before such time. Subject to the fulfillment of the applicable conditions set forth in Article Four, as determined by the Administrative Agent, the Administrative Agent will not later than 12:00 p.m., New York City time, on the Related Closing Date make all such funds deposited to the Administrative Agent's Account by the Agents available, in the same type of funds received, by wire transfer thereof to the Borrower's Account. If any Lender Group makes available to the Administrative Agent funds for the Related Loan to be made by such Lender Group as provided in the foregoing provisions of this Article, and such

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funds are not made available to the Borrower by the Administrative Agent because the conditions to the Related Loan set forth in Article Four are not satisfied or waived in accordance with the terms hereof, the Administrative Agent shall return such funds (in like funds as received from such Lender) to the related Agent for such Lender Group, without interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Solely with respect to the Pool 4 Loan and the Pool 5 Loan and notwithstanding anything to the contrary set forth in this Section 2.02, the funding mechanics relating to the Pool 4 Loan and the Pool 5 Loan shall be as set forth in Annex A and Annex B hereto, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The failure of any Lender to fund its related Lender Advance shall not relieve any other Lender of its obligations hereunder.

Section 2.03. <u>[Reserved]</u>

Section 2.04. <u>[Reserved].</u>

Section 2.05. <u>Interest</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Related Loan shall bear interest at a rate *per annum* calculated in accordance with this Section 2.05 and with Section 2.06.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Interest computed by reference to a CP Rate or Daily Simple SOFR hereunder shall be computed on the basis of a year of 360 days. Interest computed by reference to the Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year). In each case interest shall be payable for the actual number of days elapsed (including the first day but excluding the last day). All interest hereunder on a Related Loan shall be computed on a daily basis based upon the outstanding principal amount of the Related Loan, respectively, as of the applicable date of determination. The applicable Alternate Base Rate, Adjusted Daily Simple SOFR, or Daily Simple SOFR shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error. The CP Rate shall be determined by the related Conduit Lender, and such determination shall be conclusive absent manifest error.

Section 2.06. <u>Payments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower shall pay (i) Pool 1 Interest on the Pool 1 Loan Outstanding for the period from the Pool 1 Closing Date until the date that the Pool 1 Loan shall be paid in full, (ii) Pool 2 Interest on the Pool 2 Loan Outstanding for the period from the Pool 2 Closing Date until the date that the Pool 2 Loan shall be paid in full, (iii) Pool 3 Interest on the Pool 3 Loan Outstanding for the period from the Pool 3 Closing Date until the date that the Pool 3 Loan shall be paid in full, (iv) Pool 4 Interest on the Pool 4 Loan Outstanding for the period from the Pool 4 Closing Date until the date that the Pool 4 Loan shall be paid in full, and (v) Pool 5 Interest on the Pool 5 Loan Outstanding for the period from the Pool 5 Closing Date until the date that the Pool 5 Loan shall be paid in full. Interest shall accrue during each Interest Period and be payable on each of the Pool 1 Loan Outstanding, the Pool 2 Loan Outstanding, the Pool 3 Loan Outstanding, the Pool 4 Loan Outstanding, and the Pool 5 Loan Outstanding on each Distribution Date in accordance with Section 2.07.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Prior to the declaration of the occurrence of the Termination Date pursuant to Section 8.01(b), (i) the portion of any Loan Outstanding that is funded or maintained by a Conduit Lender by issuing Commercial Paper Notes shall accrue interest on each day during the related Interest Period at a rate *per annum* equal to such Conduit Lender's CP Rate for such Interest Period and (ii) the portion of any Loan Outstanding that is funded or maintained either (A) by a Conduit Lender other than by issuing Commercial Paper Notes or (B) by a Credit Provider, shall accrue interest on each day during the related Interest Period at a rate *per annum* equal to the related Credit Provider Rate for such Credit Provider for such day. After the declaration of the occurrence of the Termination Date pursuant to Section 8.01(b), each Lender's Invested Percentage of any Loan Outstanding, respectively, shall accrue Interest on each day during the related Interest Period at a *per annum* rate equal to the related Default Rate for such day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The principal of and Interest on each Related Loan shall be paid as provided herein. In the case of any portion of a Related Loan owned by an Agent as agent for its Lender Group, such Agent shall allocate to the members of its Lender Group each payment in respect of the Related Loan received by such Agent as provided herein. Payments in respect of principal and Interest (including pursuant to Section 2.13) shall be allocated and applied to Owners of such Related Loan based on their respective Invested Percentages, or in any such case in such other proportions as each affected Lender may agree upon in writing from time to time with such Agent and the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The interest rate on any Related Loan may be derived from an interest rate benchmark that may be discontinued or is, or may in the future become, the subject of regulatory reform. Upon the occurrence of a Benchmark Transition Event, Section 2.18(b) provides a mechanism for determining an alternative rate of interest. The Administrative Agent does not warrant or accept any responsibility for, and shall not have any liability with respect to, the administration, submission, performance or any other matter related to any interest rate used in this Agreement, or with respect to any alternative or successor rate thereto, or replacement rate thereof, including without limitation, whether the composition or characteristics of any such alternative, successor or replacement reference rate will be similar to, or produce the same value or economic equivalence of, the existing interest rate being replaced or have the same volume or liquidity as did any existing interest rate prior to its discontinuance or unavailability. The Administrative Agent and its affiliates and/or other related entities may engage in transactions that affect the calculation of any interest rate used in this Agreement or any alternative, successor or alternative rate (including any Benchmark Replacement) and/or any relevant adjustments thereto, in each case, in a manner adverse to the Borrower. The Administrative Agent may select information sources or services in its reasonable discretion to ascertain any interest rate used in this Agreement, any component thereof, or rates referenced in the definition thereof, in each case pursuant to the terms of this Agreement, and shall have no liability to the Borrower, any Lender or any other person or entity for damages of any kind, including direct or indirect, special, punitive, incidental or consequential damages, costs, losses or expenses (whether in tort, contract or otherwise and whether at law or in equity), for any error or calculation of any such rate (or component thereof) provided by any such information source or service.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) At or before 3:00 p.m., New York City time, on the third Business Day prior to each Reporting Date, (i) each Lender shall notify the Agent for its Lender Group of (A) Daily Simple SOFR in effect for each day during the related Interest Period, and (B) if applicable, the date on which the Alternate Base Rate became applicable to its Invested Percentage of any Loan Outstanding or a portion thereof. At or before 5:00 p.m., New York City time, on the third Business Day prior to each Reporting Date, the Agents shall then notify the Borrower of all such rates. For such purposes, the Agents may rely conclusively on notices from Lenders as to the interest rate or rates from time to time applicable to their respective Invested Percentage of any Loan Outstanding. Each determination by a Lender of Daily Simple SOFR pursuant to this Agreement shall be conclusive and binding on the Lenders, each Agent, the Borrower, the Servicer, and the Collateral Custodian, in the absence of manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Notwithstanding any other provision of this Agreement or the other Basic Documents, if at any time the rate of interest payable by any Person under the Basic Documents exceeds the Maximum Lawful Rate, then, so long as the Maximum Lawful Rate would be exceeded, such rate of interest shall be equal to the Maximum Lawful Rate. If at any time thereafter the rate of interest so payable is less than the Maximum Lawful Rate, such Person shall continue to pay Interest at the Maximum Lawful Rate until such time as the total interest received from such Person is equal to the total Interest that would have been received had Applicable Law not limited the interest rate so payable. In no event shall the total amount of interest received by a Lender under this Agreement and the other Basic Documents exceed the amount which such Lender could lawfully have received, had such interest due been calculated from the Related Closing Date at the Maximum Lawful Rate.

Section 2.07. <u>Settlement Procedures</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On each Distribution Date, the Servicer shall instruct the Account Bank to pay, to the following Persons, from the Collection Account to the extent of Pool 1 Available Funds the following amounts in the following order of priority, as set forth in the related Monthly Report:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) First, to the Servicer, an amount equal to any Unreimbursed Servicer Advances related to Pool 1 Receivables, to the extent not previously retained by the Servicer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Second, *pro rata* (A) to the Servicer (including any Successor Servicer), the accrued and unpaid Pool 1 Servicing Fee Payment and all Ancillary Fees related to Pool 1 Receivables to the extent not previously retained by the Servicer and (B) to any Successor Servicer, any out-of-pocket expenses and indemnities due to the Successor Servicer; <u>provided</u>, that aggregate amounts payable to any Successor Servicer pursuant to this clause, together with amounts paid pursuant to Sections 2.07(b)(ii), 2.07(c)(ii), 2.07(d)(ii), and 2.07(e)(ii), may not exceed $100,000 in any calendar year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Third, to the Backup Servicer, the Pool 1 Backup Servicing Fee Payment, any out-of-pocket expenses that are reimbursable to the Backup Servicer pursuant to the Backup Servicing Agreement (including any Transition Expenses, but only if the Backup Servicer is not the Successor Servicer) that are related to the Pool 1

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Receivables, and an amount equal to the product of (A) the Pool 1 Allocation Percentage <u>times</u> (B) any indemnifiable amounts due to the Backup Servicer; <u>provided</u>, that Transition Expenses payable to the Backup Servicer pursuant to this clause, together with amounts paid pursuant to Sections 2.07(b)(iii), 2.07(c)(iii), 2.07(d)(iii), and 2.07(e)(iii), may not exceed $100,000 in any calendar year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Fourth, *pro rata* (A) to each Hedge Counterparty (based on amounts due to each Hedge Counterparty pursuant to this subclause), any net payments due and payable under the related Hedging Agreement relating to the Pool 1 Receivables (other than Hedge Breakage Costs), and (B) to each Agent (based on amounts due to the members of each Lender Group with respect to the Pool 1 Loan pursuant to this subclause), for further payment to each related Lender with respect to the Pool 1 Loan, an amount equal to the portion of Pool 1 Senior Monthly Interest and Fees due to members of the related Lender Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Fifth, *pro rata* (A) to each Hedge Counterparty that has any due and payable Hedge Breakage Costs under a Hedging Agreement relating to the Pool 1 Receivables (other than Subordinated Hedge Breakage Costs), such Hedge Breakage Costs, and (B) to each Agent (*pro rata*, based on each Lender's Lender Advance with respect to the Pool 1 Loan) for further payment to each related Lender with respect to the Pool 1 Loan, the Pool 1 Monthly Principal Payment Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Sixth, *pro rata* to each Agent (based on the amount of the Pool 1 Subordinated Monthly Interest Payment Amount due to members of the related Lender Group), for further payment to each related Lender with respect to the Pool 1 Loan, the Pool 1 Subordinated Monthly Interest Payment Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Seventh, *pro rata* to each Hedge Counterparty that has any due and payable Subordinated Hedge Breakage Costs under a Hedging Agreement relating to the Pool 1 Receivables (based on such amounts due), such Subordinated Hedge Breakage Costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Eighth, to each Agent (*pro rata*, based on each Lender's Lender Advance) for further payment to each related Lender with respect to the Pool 2 Loan, the Pool 3 Loan, the Pool 4 Loan, and the Pool 5 Loan, as required, the Pool 1 Cross-Collateralization Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) Ninth, *pro rata* to each Agent (based on such amounts due) for further payment to the related Lender or the related Indemnified Parties, all other Aggregate Unpaids related to the Pool 1 Loan and/or the Pool 1 Receivables (other than the principal amount of the Pool 1 Loan Outstanding) then due to the Lenders with respect to the Pool 1 Loan and Indemnified Parties under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) Tenth, *pro rata* (based on such amounts due) to each of the following Persons an amount equal to the product of the Pool 1 Allocation Percentage multiplied by the related amount due: (A) to the Successor Servicer, any fees, expenses (including Transition Expenses), and indemnities not paid pursuant to clause

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(ii), above, or Sections 2.07(b)(ii), 2.07(c)(ii), 2.07(d)(ii), or 2.07(e)(ii), (B) to the Backup Servicer, any fees, expenses (including Transition Expense), and indemnities not paid pursuant to clause (iii), above, or Sections 2.07(b)(iii), 2.07(c)(iii), 2.07(d)(iii), or 2.07(e)(iii), and (C) to the Account Bank, any reasonable fees and expenses owing to the Account Bank in connection with the maintenance of the Collection Account (to the extent such amounts have not previously been paid to the Account Bank by the Servicer); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) Eleventh, any remaining amount shall be distributed to, or as otherwise directed by, the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) On each Distribution Date, the Servicer shall instruct the Account Bank to pay, to the following Persons, from the Collection Account to the extent of Pool 2 Available Funds the following amounts in the following order of priority, as set forth in the related Monthly Report:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) First, to the Servicer, an amount equal to any Unreimbursed Servicer Advances related to Pool 2 Receivables, to the extent not previously retained by the Servicer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Second, *pro rata* (A) to the Servicer (including any Successor Servicer), the accrued and unpaid Pool 2 Servicing Fee Payment and all Ancillary Fees related to Pool 2 Receivables to the extent not previously retained by the Servicer and (B) to any Successor Servicer, any out-of-pocket expenses and indemnities due to the Successor Servicer; <u>provided</u>, that aggregate amounts payable to any Successor Servicer pursuant to this clause, together with amounts paid pursuant to Sections 2.07(a)(ii), 2.07(c)(ii), 2.07(d)(ii), and 2.07(e)(ii), may not exceed $100,000 in any calendar year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Third, to the Backup Servicer, the Pool 2 Backup Servicing Fee Payment, any out-of-pocket expenses that are reimbursable to the Backup Servicer pursuant to the Backup Servicing Agreement (including any Transition Expenses, but only if the Backup Servicer is not the Successor Servicer) that are related to the Pool 2 Receivables, and an amount equal to the product of (A) the Pool 2 Allocation Percentage <u>times</u> (B) any indemnifiable amounts due to the Backup Servicer; <u>provided</u>, that Transition Expenses payable to the Backup Servicer pursuant to this clause, together with amounts paid pursuant to Sections 2.07(a)(iii), 2.07(c)(iii), 2.07(d)(iii), and 2.07(e)(iii), may not exceed $100,000 in any calendar year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Fourth, *pro rata* (A) to each Hedge Counterparty (based on amounts due to each Hedge Counterparty pursuant to this subclause), any net payments due and payable under the related Hedging Agreement relating to the Pool 2 Receivables (other than Hedge Breakage Costs), and (B) to each Agent (based on amounts due to the members of each Lender Group with respect to the Pool 2 Loan pursuant to this subclause), for further payment to each related Lender with respect to the Pool 2 Loan, an amount equal to the portion of Pool 2 Senior Monthly Interest and Fees due to members of the related Lender Group;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Fifth, *pro rata* (A) to each Hedge Counterparty that has any due and payable Hedge Breakage Costs under a Hedging Agreement relating to the Pool 2 Receivables (other than Subordinated Hedge Breakage Costs), such Hedge Breakage Costs, and (B) to each Agent (*pro rata*, based on each Lender's Lender Advance with respect to the Pool 2 Loan) for further payment to each related Lender with respect to the Pool 2 Loan, the Pool 2 Monthly Principal Payment Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Sixth, *pro rata* to each Agent (based on the amount of the Pool 2 Subordinated Monthly Interest Payment Amount due to members of the related Lender Group), for further payment to each related Lender with respect to the Pool 2 Loan, the Pool 2 Subordinated Monthly Interest Payment Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Seventh, *pro rata* to each Hedge Counterparty that has any due and payable Subordinated Hedge Breakage Costs under a Hedging Agreement relating to the Pool 2 Receivables (based on such amounts due), such Subordinated Hedge Breakage Costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Eighth, to each Agent (*pro rata*, based on each Lender's Lender Advance) for further payment to each related Lender with respect to the Pool 1 Loan, the Pool 3 Loan, the Pool 4 Loan, and the Pool 5 Loan, as required, the Pool 2 Cross-Collateralization Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) Ninth, *pro rata* to each Agent (based on such amounts due) for further payment to the related Lender or the related Indemnified Parties, all other Aggregate Unpaids related to the Pool 2 Loan and/or the Pool 2 Receivables (other than the principal amount of the Pool 2 Loan Outstanding) then due to the Lenders with respect to the Pool 2 Loan and Indemnified Parties under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) Tenth, *pro rata* (based on such amounts due) to each of the following Persons an amount equal to the product of the Pool 2 Allocation Percentage multiplied by the related amount due: (A) to the Successor Servicer, any fees, expenses (including Transition Expenses), and indemnities not paid pursuant to clause (ii), above, or Sections 2.07(a)(ii), 2.07(c)(ii), 2.07(d)(ii), or 2.07(e)(ii), (B) to the Backup Servicer, any fees, expenses (including Transition Expense), and indemnities not paid pursuant to clause (iii), above, or Sections 2.07(a)(iii), 2.07(c)(iii), 2.07(d)(iii), or 2.07(e)(iii), and (C) to the Account Bank, any reasonable fees and expenses owing to the Account Bank in connection with the maintenance of the Collection Account (to the extent such amounts have not previously been paid to the Account Bank by the Servicer); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) Eleventh, any remaining amount shall be distributed to, or as otherwise directed by, the Borrower.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) On each Distribution Date, the Servicer shall instruct the Account Bank to pay, to the following Persons, from the Collection Account to the extent of Pool 3 Available Funds the following amounts in the following order of priority, as set forth in the related Monthly Report:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) First, to the Servicer, an amount equal to any Unreimbursed Servicer Advances related to Pool 3 Receivables, to the extent not previously retained by the Servicer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Second, *pro rata* (A) to the Servicer (including any Successor Servicer), the accrued and unpaid Pool 3 Servicing Fee Payment and all Ancillary Fees related to Pool 3 Receivables to the extent not previously retained by the Servicer and (B) to any Successor Servicer, any out-of-pocket expenses and indemnities due to the Successor Servicer; <u>provided</u>, that aggregate amounts payable to any Successor Servicer pursuant to this clause, together with amounts paid pursuant to Section 2.07(a)(ii), 2.07(b)(ii), 2.07(d)(ii), and 2.07(e)(ii), may not exceed $100,000 in any calendar year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Third, to the Backup Servicer, the Pool 3 Backup Servicing Fee Payment, any out-of-pocket expenses that are reimbursable to the Backup Servicer pursuant to the Backup Servicing Agreement (including any Transition Expenses, but only if the Backup Servicer is not the Successor Servicer) that are related to the Pool 3 Receivables, and an amount equal to the product of (A) the Pool 3 Allocation Percentage <u>times</u> (B) any indemnifiable amounts due to the Backup Servicer; <u>provided</u>, that Transition Expenses payable to the Backup Servicer pursuant to this clause, together with amounts paid pursuant to Sections 2.07(a)(iii), 2.07(b)(iii), 2.07(d)(iii), and 2.07(e)(iii), may not exceed $100,000 in any calendar year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Fourth, *pro rata* (A) to each Hedge Counterparty (based on amounts due to each Hedge Counterparty pursuant to this subclause), any net payments due and payable under the related Hedging Agreement relating to the Pool 3 Receivables (other than Hedge Breakage Costs), and (B) to each Agent (based on amounts due to the members of each Lender Group with respect to the Pool 3 Loan pursuant to this subclause), for further payment to each related Lender with respect to the Pool 3 Loan, an amount equal to the portion of Pool 3 Senior Monthly Interest and Fees due to members of the related Lender Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Fifth, *pro rata* (A) to each Hedge Counterparty that has any due and payable Hedge Breakage Costs under a Hedging Agreement relating to the Pool 3 Receivables (other than Subordinated Hedge Breakage Costs), such Hedge Breakage Costs, and (B) to each Agent (*pro rata*, based on each Lender's Lender Advance with respect to the Pool 3 Loan) for further payment to each related Lender with respect to the Pool 3 Loan, the Pool 3 Monthly Principal Payment Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Sixth, *pro rata* to each Agent (based on the amount of the Pool 3 Subordinated Monthly Interest Payment Amount due to members of the related Lender Group), for further payment to each related Lender with respect to the Pool 3 Loan, the Pool 3 Subordinated Monthly Interest Payment Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Seventh, *pro rata* to each Hedge Counterparty that has any due and payable Subordinated Hedge Breakage Costs under a Hedging Agreement relating to the Pool 3 Receivables (based on such amounts due), such Subordinated Hedge Breakage Costs;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Eighth, to each Agent (*pro rata*, based on each Lender's Lender Advance) for further payment to each related Lender with respect to the Pool 1 Loan, the Pool 2 Loan, the Pool 4 Loan, and the Pool 5 Loan, as required, the Pool 3 Cross-Collateralization Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) Ninth, *pro rata* to each Agent (based on such amounts due) for further payment to the related Lender or the related Indemnified Parties, all other Aggregate Unpaids related to the Pool 3 Loan and/or the Pool 3 Receivables (other than the principal amount of the Pool 3 Loan Outstanding) then due to the Lenders with respect to the Pool 3 Loan and Indemnified Parties under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) Tenth, *pro rata* (based on such amounts due) to each of the following Persons an amount equal to the product of the Pool 3 Allocation Percentage multiplied by the related amount due: (A) to the Successor Servicer, any fees, expenses (including Transition Expenses), and indemnities not paid pursuant to clause (ii), above, or Sections 2.07(a)(ii), 2.07(b)(ii), 2.07(d)(ii), or 2.07(e)(ii), (B) to the Backup Servicer, any fees, expenses (including Transition Expense), and indemnities not paid pursuant to clause (iii), above, or Sections 2.07(a)(iii), 2.07(b)(iii), 2.07(d)(iii), or 2.07(d)(iii), and (C) to the Account Bank, any reasonable fees and expenses owing to the Account Bank in connection with the maintenance of the Collection Account (to the extent such amounts have not previously been paid to the Account Bank by the Servicer); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) Eleventh, any remaining amount shall be distributed to, or as otherwise directed by, the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) On each Distribution Date, the Servicer shall instruct the Account Bank to pay, to the following Persons, from the Collection Account to the extent of Pool 4 Available Funds the following amounts in the following order of priority, as set forth in the related Monthly Report:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) First, to the Servicer, an amount equal to any Unreimbursed Servicer Advances related to Pool 4 Receivables, to the extent not previously retained by the Servicer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Second, *pro rata* (A) to the Servicer (including any Successor Servicer), the accrued and unpaid Pool 4 Servicing Fee Payment and all Ancillary Fees related to Pool 4 Receivables to the extent not previously retained by the Servicer and (B) to any Successor Servicer, any out-of-pocket expenses and indemnities due to the Successor Servicer; <u>provided</u>, that aggregate amounts payable to any Successor Servicer pursuant to this clause, together with amounts paid pursuant to Section 2.07(a)(ii), 2.07(b)(ii), 2.07(c)(ii), and 2.07(e)(ii), may not exceed $100,000 in any calendar year;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Third, to the Backup Servicer, the Pool 4 Backup Servicing Fee Payment, any out-of-pocket expenses that are reimbursable to the Backup Servicer pursuant to the Backup Servicing Agreement (including any Transition Expenses, but only if the Backup Servicer is not the Successor Servicer) that are related to the Pool 4 Receivables, and an amount equal to the product of (A) the Pool 4 Allocation Percentage <u>times</u> (B) any indemnifiable amounts due to the Backup Servicer; <u>provided</u>, that Transition Expenses payable to the Backup Servicer pursuant to this clause, together with amounts paid pursuant to Sections 2.07(a)(iii), 2.07(b)(iii), 2.07(c)(iii), and 2.07(e)(iii), may not exceed $100,000 in any calendar year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Fourth, *pro rata* (A) to each Hedge Counterparty (based on amounts due to each Hedge Counterparty pursuant to this subclause), any net payments due and payable under the related Hedging Agreement relating to the Pool 4 Receivables (other than Hedge Breakage Costs), and (B) to each Agent (based on amounts due to the members of each Lender Group with respect to the Pool 4 Loan pursuant to this subclause), for further payment to each related Lender with respect to the Pool 4 Loan, an amount equal to the portion of Pool 4 Senior Monthly Interest and Fees due to members of the related Lender Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Fifth, *pro rata* (A) to each Hedge Counterparty that has any due and payable Hedge Breakage Costs under a Hedging Agreement relating to the Pool 4 Receivables (other than Subordinated Hedge Breakage Costs), such Hedge Breakage Costs, and (B) to each Agent (*pro rata*, based on each Lender's Lender Advance with respect to the Pool 4 Loan) for further payment to each related Lender with respect to the Pool 4 Loan, the Pool 4 Monthly Principal Payment Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Sixth, *pro rata* to each Agent (based on the amount of the Pool 4 Subordinated Monthly Interest Payment Amount due to members of the related Lender Group), for further payment to each related Lender with respect to the Pool 4 Loan, the Pool 4 Subordinated Monthly Interest Payment Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Seventh, *pro rata* to each Hedge Counterparty that has any due and payable Subordinated Hedge Breakage Costs under a Hedging Agreement relating to the Pool 4 Receivables (based on such amounts due), such Subordinated Hedge Breakage Costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Eighth, to each Agent (*pro rata*, based on each Lender's Lender Advance) for further payment to each related Lender with respect to the Pool 1 Loan, the Pool 2 Loan, the Pool 3 Loan, and the Pool 5 Loan, as required, the Pool 4 Cross-Collateralization Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) Ninth, *pro rata* to each Agent (based on such amounts due) for further payment to the related Lender or the related Indemnified Parties, all other Aggregate Unpaids related to the Pool 4 Loan and/or the Pool 4 Receivables (other than the principal amount of the Pool 4 Loan Outstanding) then due to the Lenders with respect to the Pool 4 Loan and Indemnified Parties under this Agreement;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) Tenth, *pro rata* (based on such amounts due) to each of the following Persons an amount equal to the product of the Pool 4 Allocation Percentage multiplied by the related amount due: (A) to the Successor Servicer, any fees, expenses (including Transition Expenses), and indemnities not paid pursuant to clause (ii), above, or Sections 2.07(a)(ii), 2.07(b)(ii), 2.07(c)(ii), or 2.07(e)(ii), (B) to the Backup Servicer, any fees, expenses (including Transition Expense), and indemnities not paid pursuant to clause (iii), above, or Sections 2.07(a)(iii), 2.07(b)(iii), 2.07(c)(iii), or 2.07(e)(iii), and (C) to the Account Bank, any reasonable fees and expenses owing to the Account Bank in connection with the maintenance of the Collection Account (to the extent such amounts have not previously been paid to the Account Bank by the Servicer); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) Eleventh, any remaining amount shall be distributed to, or as otherwise directed by, the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) On each Distribution Date, the Servicer shall instruct the Account Bank to pay, to the following Persons, from the Collection Account to the extent of Pool 5 Available Funds the following amounts in the following order of priority, as set forth in the related Monthly Report:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) First, to the Servicer, an amount equal to any Unreimbursed Servicer Advances related to Pool 5 Receivables, to the extent not previously retained by the Servicer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Second, *pro rata* (A) to the Servicer (including any Successor Servicer), the accrued and unpaid Pool 5 Servicing Fee Payment and all Ancillary Fees related to Pool 5 Receivables to the extent not previously retained by the Servicer and (B) to any Successor Servicer, any out of pocket expenses and indemnities due to the Successor Servicer; provided, that aggregate amounts payable to any Successor Servicer pursuant to this clause, together with amounts paid pursuant to Section 2.07(a)(ii), 2.07(b)(ii), 2.07(c)(ii), and 2.07(d)(ii), may not exceed $100,000 in any calendar year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Third, to the Backup Servicer, the Pool 5 Backup Servicing Fee Payment, any out-of-pocket expenses that are reimbursable to the Backup Servicer pursuant to the Backup Servicing Agreement (including any Transition Expenses, but only if the Backup Servicer is not the Successor Servicer) that are related to the Pool 5 Receivables, and an amount equal to the product of (A) the Pool 5 Allocation Percentage times (B) any indemnifiable amounts due to the Backup Servicer; provided, that Transition Expenses payable to the Backup Servicer pursuant to this clause, together with amounts paid pursuant to Sections 2.07(a)(iii), 2.07(b)(iii), 2.07(c)(iii), and 2.07(d)(iii), may not exceed $100,000 in any calendar year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Fourth, pro rata (A) to each Hedge Counterparty (based on amounts due to each Hedge Counterparty pursuant to this subclause), any net payments due and payable under the related Hedging Agreement relating to the Pool 5 Receivables (other than Hedge Breakage Costs), and (B) to each Agent (based on amounts due to the members of each Lender Group with respect to the Pool 5 Loan pursuant to this subclause), for further payment to each related Lender with respect to the Pool 5 Loan, an amount equal to the portion of Pool 5 Senior Monthly Interest and Fees due to members of the related Lender Group;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Fifth, pro rata (A) to each Hedge Counterparty that has any due and payable Hedge Breakage Costs under a Hedging Agreement relating to the Pool 5 Receivables (other than Subordinated Hedge Breakage Costs), such Hedge Breakage Costs, and (B) to each Agent (pro rata, based on each Lender's Lender Advance with respect to the Pool 5 Loan) for further payment to each related Lender with respect to the Pool 5 Loan, the Pool 5 Monthly Principal Payment Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Sixth, *pro rata* to each Agent (based on the amount of the Pool 5 Subordinated Monthly Interest Payment Amount due to members of the related Lender Group), for further payment to each related Lender with respect to the Pool 5 Loan, the Pool 5 Subordinated Monthly Interest Payment Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Seventh, *pro rata* to each Hedge Counterparty that has any due and payable Subordinated Hedge Breakage Costs under a Hedging Agreement relating to the Pool 5 Receivables (based on such amounts due), such Subordinated Hedge Breakage Costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Eighth, to each Agent (*pro rata*, based on each Lender's Lender Advance) for further payment to each related Lender with respect to the Pool 1 Loan, the Pool 2 Loan, the Pool 3 Loan, and the Pool 4 Loan, as required, the Pool 5 Cross-Collateralization Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) Ninth, *pro rata* to each Agent (based on such amounts due) for further payment to the related Lender or the related Indemnified Parties, all other Aggregate Unpaids related to the Pool 5 Loan and/or the Pool 5 Receivables (other than the principal amount of the Pool 5 Loan Outstanding) then due to the Lenders with respect to the Pool 5 Loan and Indemnified Parties under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) Tenth, *pro rata* (based on such amounts due) to each of the following Persons an amount equal to the product of the Pool 5 Allocation Percentage multiplied by the related amount due: (A) to the Successor Servicer, any fees, expenses (including Transition Expenses), and indemnities not paid pursuant to clause (ii), above, or Sections 2.07(a)(ii), 2.07(b)(ii), 2.07(c)(ii), or 2.07(d)(ii), (B) to the Backup Servicer, any fees, expenses (including Transition Expense), and indemnities not paid pursuant to clause (iii), above, or Sections 2.07(a)(iii), 2.07(b)(iii), 2.07(c)(iii), or 2.07(d)(iii), and (C) to the Account Bank, any reasonable fees and expenses owing to the Account Bank in connection with the maintenance of the Collection Account (to the extent such amounts have not previously been paid to the Account Bank by the Servicer); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) Eleventh, any remaining amount shall be distributed to, or as otherwise directed by, the Borrower.

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Section 2.08. <u>Payments, Computations, Etc.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless otherwise expressly provided herein, all amounts to be paid or deposited by the Borrower hereunder shall be paid or deposited in accordance with the terms hereof no later than 3:00 p.m., New York City time, on the day when due in Dollars in immediately available funds to the Administrative Agent's Account, for further payment by the Administrative Agent to the Persons to who such amounts are due and payable.

(b)Whenever any payment hereunder (i) shall be stated to be due on a day other than a Business Day, such payment shall be made on the next succeeding Business Day, except in the case where the next succeeding Business Day would occur in the succeeding calendar month, in which case such payment shall be due on the preceding Business Day or (ii) is received after 3:00 p.m., New York City time, such payment shall be deemed to have been received on the next succeeding Business Day, and any such extension of time shall in such case be included in the computation of payment of Interest, other interest or any fee payable hereunder, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) [Reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) All payments hereunder shall be made without set-off or counterclaim and in such amounts as may be necessary in order that all such payments shall not be less than the amounts otherwise specified to be paid under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) To the extent that (i) any Person makes a payment to the Borrower, the Administrative Agent, the Servicer, the Backup Servicer, the Collateral Custodian, or any Lender or Agent or (ii) the Borrower, the Administrative Agent, the Servicer, the Backup Servicer, the Collateral Custodian, or any Lender or Agent receives or is deemed to have received any payment or proceeds for application to an obligation, which payment or proceeds or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside or required to be repaid to a trustee, receiver or any other party under any Insolvency Law, State or federal law, common law or for equitable cause, then, to the extent such payment or proceeds are set aside, the obligation or part thereof intended to be satisfied shall be revived and continue in full force and effect, as if such payment or proceeds had not been received or deemed received by the Borrower, the Administrative Agent, the Servicer, the Backup Servicer, the Collateral Custodian, or any Lender or Agent, as the case may be.

Section 2.09. <u>Collections and Allocations; Investment of Funds</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On or before each Related Closing Date, the Borrower or the Servicer shall direct and instruct all related Obligors to make payments in respect of the related Receivables to be made to the Remittance Account. On and after each Related Closing Date, the Borrower and the Servicer shall use commercially reasonable efforts to ensure that all Collections are deposited to the Remittance Account (unless this Agreement specifically provides that such Collections are to be deposited directly to the Collection Account).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Servicer shall instruct the Remittance Account Bank to remove all Collections from the Remittance Account and deposit such amounts into the Collection Account within two Business Days of their deposit to the Remittance Account and identification thereof.

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The Servicer and the Borrower shall deposit all Collections that are not received in the Remittance Account to the Remittance Account within two Business Days after receipt and identification thereof (for further transfer to the Collection Account within two Business Days after such deposit to the Remittance Account), and at all times prior to such deposit to the Collection Account the Servicer or the Borrower, as applicable, shall hold such Collections in trust for the benefit of the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The initial Servicer shall have access to the Remittance Account at all times until the occurrence of an Event of Default and the delivery by the Administrative Agent of a shifting control or similar notice under the Blocked Account Control Agreement, following which time the Administrative Agent shall have the exclusive right to give instructions to the Remittance Account Bank directing the disposition of funds on deposit in the Remittance Account, without further consent by the Borrower. The Servicer shall be entitled to retain and to reimbursement of all amounts remitted by or on behalf of the Obligors to the Servicer under the terms of, or with respect to, the related Receivables, that represent Ancillary Fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To the extent there are uninvested amounts on deposit in the Collection Account, such amounts shall be invested in Permitted Investments that mature no later than the Business Day before the next Distribution Date, which Permitted Investments shall be selected (i) prior to the occurrence of any Event of Default, by the Borrower or (ii) from and after the occurrence of any Event of Default, by the Administrative Agent. No Permitted Investment may be purchased at a premium. Any earnings (and losses) on the foregoing investments shall be for the account of the Borrower.

Section 2.10. <u>Fees</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower hereby agrees to pay to each Agent, to the extent of Available Funds, for the account of the related Lenders, monthly in arrears, the Program Fee and the Unused Fee from the Collection Account in accordance with Section 2.07. Payments of the Program Fee and the Unused Fee shall be allocated and paid to Owners based upon their respective Invested Percentages for the applicable Interest Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Servicer and the Backup Servicer shall be entitled to receive any accrued and unpaid fees due to them, respectively, in accordance with Section 2.07

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Borrower shall pay to the Administrative Agent on each Related Closing Date the related Structuring Fee (except for the Structuring Fee in connection with the Pool 5 Loan, which payment shall be due and payable on the earlier of (i) the initial Pool 5 Funding Date and (ii) five (5) Business Days after the Pool 5 Closing Date) and from time to time any reasonable out-of-pocket expenses (including fees charged by any nationally recognized statistical rating organization in connection with reviewing the transactions contemplated by this Agreement) in immediately available funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Borrower shall pay to Katten Muchin Rosenman LLP, counsel to the Administrative Agent and the Lenders, in immediately available funds, (i) on the Pool 1 Closing Date, its reasonable fees accrued through and including the Pool 1 Closing Date and out-of- pocket expenses for services rendered through and including the Pool 1 Closing Date, (ii) on the

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Pool 3 Closing Date, its reasonable fees accrued through and including the Pool 3 Closing Date and out-of-pocket expenses for services rendered through and including the Pool 3 Closing Date, (iii) within 30 days after the Pool 4 Closing Date, its reasonable fees accrued through and including the Pool 4 Closing Date and out-of-pocket expenses for services rendered through and including the Pool 4 Closing Date, (iv) within 30 days after the Pool 5 Closing Date, its reasonable fees accrued through and including the Pool 5 Closing Date and out-of-pocket expenses for services rendered through and including the Pool 5 Closing Date, and (v) within 30 days after receiving an invoice for the related amounts, any additional reasonable fees and out- of-pocket expenses incurred by such counsel for services rendered to the Administrative Agent and the Lenders after the Pool 1 Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Borrower shall pay to the Administrative Agent from time to time the reasonable out-of-pocket expenses of any on-going surveillance fees charged by any nationally recognized statistical rating organization in connection with reviewing the transactions contemplated by this Agreement.

Section 2.11. <u>Increased Cost and Reduced Return</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If any Regulatory Requirement (i) subjects any Lender or Credit Provider to any charge or withholding on or with respect to any Liquidity Facility or this Agreement or a Lender or Credit Provider's obligations under a Liquidity Facility or this Agreement or on or with respect to the Receivables, or changes the basis of taxation of payments to any Lender or any Credit Provider of any amounts payable under any Liquidity Facility or this Agreement (except for changes in the rate of Tax on the overall net income of a Lender or Credit Provider, Indemnified Taxes or Excluded Taxes), (ii) imposes, modifies or deems applicable any reserve, assessment, fee, tax (other than (A) Indemnified Taxes, (B) Taxes described in clauses (ii) through (iv) of the definition of Excluded Taxes, and (C) Connection Income Taxes), insurance charge, special deposit or similar requirement against assets of, deposits with or for the account of, or liabilities of a Credit Provider or a Lender, or credit extended by a Credit Provider or a Lender pursuant to a Liquidity Facility or this Agreement or, (iii) imposes any other condition the result of which is to increase the cost to a Credit Provider or a Lender of performing its obligations under a Liquidity Facility or this Agreement, or to reduce the rate of return on a Credit Provider's or Lender's capital or assets as a consequence of its obligations under a Liquidity Facility or this Agreement, or to reduce the amount of any sum received or receivable by a Credit Provider or a Lender under a Liquidity Facility or this Agreement, or to require any payment calculated by reference to the amount of interests or loans held or interest received by it, then, upon demand by the Administrative Agent, the Borrower shall pay to the Administrative Agent, for the benefit of the relevant Credit Provider or Lender, such amounts charged to such Credit Provider or Lender or such amounts to otherwise compensate such Credit Provider or such Lender for such increased cost or such reduction.

The term "<u>Regulatory Requirement</u>" shall mean (i) the adoption after the date hereof of any applicable law, rule or regulation (including any applicable law, rule or regulation regarding capital adequacy or liquidity coverage) or any change therein after the date hereof, or (ii) any change after the date hereof in the interpretation or administration thereof by any governmental authority, central bank or comparable agency charged with the interpretation or administration thereof, or compliance with any request or directive (whether or not having the force of law) of

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any such authority, central bank or comparable agency; <u>provided</u>, that for purposes of this definition, (A) the Dodd-Frank Act and all requests, rules, guidelines or directives thereunder, issued in connection therewith or in implementation thereof, and (B) all requests, rules, guidelines and directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel II or Basel III, shall in each case be deemed to be a "Regulatory Requirement", regardless of the date enacted, adopted, issued or implemented. The Borrower acknowledges that any Lender or Credit Provider may institute measures in anticipation of a Regulatory Requirement and may commence allocating charges to or seeking compensation from the Borrower under this Section in connection with such measures, in advance of the effective date of such Regulatory Requirement (such charges or compensation, "<u>Early Adoption Increased Costs</u>"). The Borrower agrees to pay Early Adoption Increased Costs to the Administrative Agent, for the benefit of such Lender or Credit Provider, which are incurred by such Lender or Credit Provider, beginning sixty (60) days after delivery by such Lender or Credit Provider (or the Agent on its behalf) to the Borrower of a written representation and warranty (an "<u>Early Adoption Increased Costs Representation</u>") to the effect that such Lender or Credit Provider is (x) recognizing Early Adoption Increased Costs, (y) setting forth the amount or amounts necessary to compensate such Lender or Credit Provider and (z) that such Lender or Credit Provider actually incurred such costs. The Borrower further acknowledges that any charge or compensation demanded hereunder may take the form of a monthly charge to be assessed by such Lender or Credit Provider. For the avoidance of doubt, the Borrower shall not be required to pay any Early Adoption Increased Costs incurred by any Lender or Credit Provider prior to the expiration of sixty (60) days after receipt by the Borrower of the Early Adoption Increased Costs Representation from or on behalf of such Lender or Credit Provider. The Early Adoption Increased Costs Representation shall be conclusive absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Failure or delay on the part of any Lender or Credit Provider to demand compensation pursuant to this Section shall not constitute a waiver of such Lender's or Credit Provider's right to demand such compensation; <u>provided</u>, that the Borrower shall not be required to compensate a Lender or Credit Provider pursuant to this Section for any increased costs incurred or reductions suffered more than six months prior to the date that such Lender or Credit Provider, as the case may be, notifies the Borrower of the Regulatory Requirement giving rise to such increased costs or reductions, and of such Lender's or Credit Provider's intention to claim compensation therefor (except that, if the Regulatory Requirement giving rise to such increased costs or reductions is retroactive, then the nine-month period referred to above shall be extended to include the period of retroactive effect thereof).

Section 2.12. <u>Taxes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Defined Term</u>. For purposes of this Section, the term "applicable law" includes FATCA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Payments Free of Taxes</u>. Any and all payments by or on account of any obligation of the Borrower under any Borrower Basic Document shall be made without deduction or withholding for any Taxes, except as required by applicable law. If any applicable law (as determined in the good faith discretion of an applicable Withholding Agent) requires the

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deduction or withholding of any Tax from any such payment by a Withholding Agent, then the applicable Withholding Agent shall be entitled to make such deduction or withholding and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with applicable law and, if such Tax is an Indemnified Tax, then the sum payable by the Borrower shall be increased as necessary so that after such deduction or withholding has been made (including such deductions and withholdings applicable to additional sums payable under this Section) the applicable Recipient receives an amount equal to the sum it would have received had no such deduction or withholding been made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Payment of Other Taxes by the Borrower</u>. The Borrower shall timely pay to the relevant Governmental Authority in accordance with applicable law, or at the option of the Administrative Agent timely reimburse it for the payment of, any Other Taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Indemnification by the Borrower</u>. The Borrower shall indemnify each Recipient, within 10 days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section) payable or paid by such Recipient or required to be withheld or deducted from a payment to such Recipient and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to the Borrower by a Lender (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Indemnification by the Lenders</u>. Each Lender shall severally indemnify the Administrative Agent, within 10 days after demand therefor, for (i) any Indemnified Taxes attributable to such Lender (but only to the extent that the Borrower has not already indemnified the Administrative Agent for such Indemnified Taxes and without limiting the obligation of the Borrower to do so), (ii) any Taxes attributable to such Lender's failure to comply with the provisions of Section 11.01(e) relating to the maintenance of a Participant Register and (iii) any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the Administrative Agent in connection with any Borrower Basic Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error. Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under any Borrower Basic Document or otherwise payable by the Administrative Agent to the Lender from any other source against any amount due to the Administrative Agent under this paragraph (e).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Evidence of Payments</u>. As soon as practicable after any payment of Taxes by the Borrower to a Governmental Authority pursuant to this Section, the Borrower shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Status of Lenders</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Borrower Basic Document shall deliver to the Borrower and the Administrative Agent, at the time or times reasonably requested by the Borrower or the Administrative Agent, such properly completed and executed documentation reasonably requested by the Borrower or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if reasonably requested by the Borrower or the Administrative Agent, shall deliver such other documentation prescribed by applicable law or reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent to determine whether or not such Lender is subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set forth in Section 2.12(g)(ii)(A), (ii)(B) and (ii)(D) below) shall not be required if in the Lender's reasonable judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Without limiting the generality of the foregoing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) any Lender that is a U.S. Person shall deliver to the Borrower and the Administrative Agent on or prior to the date on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), executed copies of IRS Form W-9 certifying that such Lender is not subject to U.S. federal backup withholding tax;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), whichever of the following is applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) in the case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party (x) with respect to payments of interest under any Borrower Basic Document, executed copies of IRS Form W-8BEN or W-8BEN-E establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the "interest" article of such tax treaty and (y) with respect to any other applicable payments under any Borrower Basic Document, IRS Form W-8BEN or W- 8BEN-E establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the "business profits" or "other income" article of such tax treaty;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) executed copies of IRS Form W-8ECI;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code, (x) a certificate substantially in the form of Exhibit G-1 to the effect that such Foreign Lender is not a "bank" within the meaning of Section 881(c)(3)(A) of the Code, a "10 percent shareholder" of the Borrower within the meaning of Section 871(h)(3)(B) of the Code, or a "controlled foreign corporation" described in Section 881(c)(3)(C) of the Code (a "<u>U.S. Tax Compliance Certificate</u>") and (y) executed copies of IRS Form W-8BEN or W-8BEN-E; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) to the extent a Foreign Lender is not the beneficial owner, executed copies of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN or IRS Form W-8BEN-E, a U.S. Tax Compliance Certificate substantially in the form of Exhibit G-2 or Exhibit G-3, IRS Form W-9, and/or other certification documents from each beneficial owner, as applicable; <u>provided</u>, that if the Foreign Lender is a partnership and one or more direct or indirect partners of such Foreign Lender are claiming the portfolio interest exemption, such Foreign Lender may provide a U.S. Tax Compliance Certificate substantially in the form of Exhibit G-4 on behalf of each such direct and indirect partner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), executed copies of any other form prescribed by applicable law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by applicable law to permit the Borrower or the Administrative Agent to determine the withholding or deduction required to be made; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) if a payment made to a Lender under any Borrower Basic Document would be subject to U.S. federal withholding Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Borrower and the Administrative Agent at the time or times

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prescribed by law and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply with their obligations under FATCA and to determine that such Lender has complied with such Lender's obligations under FATCA or to determine the amount to deduct and withhold from such payment, if any. Solely for purposes of this clause, "FATCA" shall include any amendments made to FATCA after the date of this Agreement.

Each Lender agrees that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or within five Business Days of its knowledge thereof notify the Borrower and the Administrative Agent in writing of its legal inability to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Treatment of Certain Refunds</u>. If any party determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes as to which it has been indemnified pursuant to this Section (including by the payment of additional amounts pursuant to this Section), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made under this Section with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of such indemnified party and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid over pursuant to this paragraph (h) (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event that such indemnified party is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this paragraph (h), in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this paragraph (h) the payment of which would place the indemnified party in a less favorable net after-Tax position than the indemnified party would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid. This paragraph shall not be construed to require any indemnified party to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying party or any other Person

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Survival</u>. Each party's obligations under this Section shall survive the resignation or replacement of the Administrative Agent or any assignment of rights by, or the replacement of, a Lender, and the repayment, satisfaction or discharge of all obligations under any Borrower Basic Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) If the Borrower is required to pay additional amounts to or for the benefit of any Lender or Credit Provider pursuant to this Section as a result of a change of law or treaty occurring after such Lender or Credit Provider first became a party to this Agreement, such Lender or Credit Provider will, at the Borrower's request, change the jurisdiction of its applicable

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lending office if, in the sole judgment of such Lender or Credit Provider, such change (i) will eliminate or reduce any such additional payment which may thereafter accrue and (ii) will not, in the judgment of such Lender or Credit Provider, be otherwise disadvantageous to it or inconsistent with its internal policies.

Section 2.13. <u>Optional Redemption</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On any Business Day occurring on or after the first date on which (1) the Pool 1 Loan Outstanding is less than or equal to ten percent (10%) of the sum of the initial principal amount of the Pool 1 Loan on the Pool 1 Closing Date and (2) the Pool 2 Loan has been repaid in full, the Borrower shall have the right to prepay all of the Pool 1 Loan Outstanding and require the Administrative Agent to release its security interest and Lien on all outstanding Pool 1 Receivables. On any Business Day occurring on or after the first date on which (A) the Pool 2 Loan Outstanding is less than or equal to ten percent (10%) of the sum of the initial principal amount of the Pool 2 Loan on the Pool 2 Closing Date and (B) the Pool 1 Loan has been repaid in full, the Borrower shall have the right to prepay all of the Pool 2 Loan Outstanding and require the Administrative Agent to release its security interest and Lien on all outstanding Pool 1 Receivables. On any Business Day, the Borrower shall have the right to prepay all of the Pool 3 Loan Outstanding in full and require the Administrative Agent to release its security interest and Lien on all outstanding Pool 3 Receivables. On any Business Day, the Borrower shall have the right to prepay all of the Pool 4 Loan Outstanding in full and require the Administrative Agent to release its security interest and Lien on all outstanding Pool 4 Receivables. On any Business Day, the Borrower shall have the right to prepay all of the Pool 5 Loan Outstanding in full and require the Administrative Agent to release its security interest and Lien on all outstanding Pool 5 Receivables. Any such prepayment of the Pool 1 Loan Outstanding, the Pool 2 Loan Outstanding, the Pool 3 Loan Outstanding, the Pool 4 Loan Outstanding, or the Pool 5 Loan Outstanding shall be an "<u>Optional Redemption</u>" with respect to the Related Loan). Any Optional Redemption will be subject to the following terms and conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Borrower shall have given the Administrative Agent, each Agent, the Servicer and the Backup Servicer at least ten Business Days' prior written notice of its intent to effect the Optional Redemption;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the initial Servicer shall deliver to the Administrative Agent evidence to the reasonable satisfaction of the Administrative Agent that the Borrower shall have sufficient funds on the Optional Redemption Date to effect the Optional Redemption in accordance with this Agreement, which funds may come from the proceeds of sales of the Receivables; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) on the Optional Redemption Date, the Servicer shall have received an amount equal to all Unreimbursed Servicer Advances associated with the Related Receivables and the Administrative Agent shall have received, for the benefit of the Lenders and the Hedge Counterparties, as applicable, in immediately available funds, and shall then distribute to the applicable entities, an amount equal to the sum of (A) the Pool 1 Loan Outstanding, the Pool 2 Loan Outstanding, the Pool 3 Loan Outstanding, the Pool 4 Loan Outstanding, or the Pool 5 Loan Outstanding, as applicable, (B) an aggregate amount equal to the sum of all other amounts due

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and owing to the Administrative Agent, the Lenders with respect to the Pool 1 Loan, the Pool 2 Loan, the Pool 3 Loan, the Pool 4 Loan, or the Pool 5 Loan, as applicable, and the Hedge Counterparties, as applicable, under this Agreement and the other Basic Documents, to the extent accrued to such date (including Hedge Breakage Costs) and to the extent related to the Related Receivables, and (C) all other related Aggregate Unpaids with respect to the Pool 1 Loan, the Pool 2 Loan, the Pool 3 Loan, the Pool 4 Loan, or the Pool 5 Loan, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Borrower hereby agrees to pay the reasonable legal fees and out-of-pocket expenses of the Administrative Agent, the Lenders, and the Account Bank in connection with any Optional Redemption Date (including expenses incurred in connection with the release of the Lien of the Administrative Agent, the Lenders and any other party having such an interest in the Related Receivables).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In connection with any Optional Redemption Date, on such Optional Redemption Date, subject to satisfaction of the conditions referred to in this Section, the Administrative Agent shall, at the expense of the Borrower (i) execute such instruments of release with respect to the Related Receivables (and the other related Collateral) in favor of the Borrower as the Borrower may reasonably request, (ii) deliver, or cause to be delivered, the Related Receivables (and the other related Collateral) to the Borrower, and (iii) otherwise take such actions, and cause or permit the Collateral Custodian to take such actions, as are necessary and appropriate to release the Lien of the Administrative Agent on the Related Receivables (and the other related Collateral) and deliver to the Borrower such Related Receivables and related Collateral.

Section 2.14. <u>The Account Bank</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower hereby appoints JPMorgan Chase Bank, N.A. as the initial Account Bank. All payments of amounts due and payable in respect of the Obligations that are to be made from amounts withdrawn from the Collection Account shall be made on behalf of the Borrower by the Account Bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Account Bank shall not be charged with knowledge of any Rapid Amortization Event, Event of Default, or Unmatured Event of Default unless a Responsible Officer of the Account Bank obtains actual knowledge of such event or the Account Bank receives written notice of such event from the Borrower, the Servicer or any Secured Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Without limiting the generality of this Section, the Account Bank shall have no duty (i) to see to any recording, filing or depositing of this Agreement or any agreement referred to herein or any financing statement or continuation statement evidencing a security interest in the Collateral, or to see to the maintenance of any such recording or filing or depositing or to any recording, refiling or redepositing of any thereof, (ii) to see to any insurance of the Financed Vehicles or Obligors or to effect or maintain any such insurance, (iii) to see to the payment or discharge of any Tax, assessment or other governmental charge or any Lien or encumbrance of any kind owing with respect to, assessed or levied against, any part of the Contracts, (iv) to confirm or verify the contents of any reports or certificates of the Servicer or the Borrower delivered to the Account Bank pursuant to this Agreement believed by the Account Bank to be genuine and to have been signed or presented by the proper party or parties, or (v) to inspect the

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Financed Vehicles at any time or ascertain or inquire as to the performance or observance of any of the Borrower's or the Servicer's representations, warranties or covenants or the initial Servicer's duties and obligations as Servicer and as custodian of books, records, files and computer records relating to the Contracts under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Account Bank shall not be required to expend or risk its own funds or otherwise incur financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if there shall be reasonable ground for believing that the repayment of such funds or adequate indemnity against such risk or liability shall not be reasonably assured to it, and none of the provisions contained in this Agreement shall in any event require the Account Bank to perform, or be responsible for the manner of performance of, any of the obligations of the Servicer under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Account Bank may rely and shall be protected in acting or refraining from acting upon any resolution, Officer's Certificate, any Monthly Report, certificate of auditors or any other certificate, statement, instrument, opinion, report, notice, request, consent, order, appraisal, bond or other paper or document reasonably believed by it to be genuine and to have been signed or presented by the proper party or parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Account Bank may consult with counsel of its choice with regard to legal questions arising out of or in connection with this Agreement and the advice or opinion of such counsel shall be full and complete authorization and protection in respect of any action taken, omitted or suffered by the Account Bank in good faith in accordance therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Account Bank shall be under no obligation to exercise any of the rights, powers or remedies vested in it by this Agreement (except to comply with its obligations under this Agreement and any other Basic Document to which it is a party) or to institute, conduct or defend any litigation under this Agreement or in relation to this Agreement, at the request, order or direction of the Administrative Agent pursuant to the provisions of this Agreement, unless the Administrative Agent, on behalf of the Secured Parties, shall have offered to the Account Bank reasonable security or indemnity against the costs, expenses and liabilities that may be incurred therein or thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Account Bank shall not be bound to make any investigation into the facts of matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, approval, bond or other paper or document, unless requested in writing so to do by a Secured Party; <u>provided</u>, that if the payment within a reasonable time to the Account Bank of the costs, expenses or liabilities likely to be incurred by it in the making of such investigation shall be, in the opinion of the Account Bank, not reasonably assured by the Borrower, the Account Bank may require reasonable indemnity against such cost, expense or liability as a condition to so proceeding. The reasonable expense of every such examination shall be paid by the Borrower or, if paid by the Account Bank, shall be reimbursed by the Borrower upon demand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Account Bank may execute any of the trusts or powers hereunder or perform any duties under this Agreement either directly or by or through agents or attorneys or a custodian. The Account Bank shall not be responsible for any misconduct or negligence of any such agent or custodian appointed with due care by it hereunder.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) (i) The Account Bank shall have no duties or responsibilities except those that are specifically set forth herein, and no implied covenants or obligations shall be read into this Agreement against the Account Bank. If the Account Bank shall request instructions from the Administrative Agent or the Servicer with respect to any act, action or failure to act in connection with and as set forth in this Agreement, the Account Bank shall be entitled to refrain from taking such action and continue to refrain from acting unless and until the Account Bank shall have received written instructions from the Administrative Agent or the Servicer, as applicable without incurring any liability therefor to the Administrative Agent, the Borrower, the Servicer or any other person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Account Bank may act in reliance upon any written communication of the Administrative Agent concerning the delivery of Collateral pursuant to this Agreement. The Account Bank does not assume and shall have no responsibility for, and makes no representation as to, monitoring the value of the Contracts and other Collateral. The Account Bank shall not be liable for any action or omission to act hereunder, except for its own gross negligence, bad faith or willful misconduct.

THE FOREGOING PROVISIONS SHALL APPLY WHETHER OR NOT SUCH LIABILITIES ARE IN ANY WAY OR TO ANY EXTENT OWED, IN WHOLE OR IN PART, UNDER ANY CLAIM OR THEORY OF STRICT LIABILITY, OR ARE CAUSED, IN WHOLE OR IN PART, BY ANY NEGLIGENT ACT OR OMISSION OF ANY KIND BY THE ACCOUNT BANK.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Control Provisions</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The parties acknowledge and agree that the Collection Account is intended to be a "securities account" (as defined in Section 8-501 of the UCC), and the Account Bank shall be the "securities intermediary" with respect to the Collection Account. Notwithstanding such intention, (x) if the Collection Account constitutes a "deposit account" (as defined in Section 9-102(a)(29) of the UCC), the provisions of this Agreement governing a "deposit account" shall apply to such Collection Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) All securities or other property, including Permitted Investments, constituting financial assets credited to the Collection Account (other than cash) shall be registered in the name of the Account Bank, indorsed to the Account Bank or in blank or credited to another securities account maintained in the name of the Account Bank, and in no case will any financial asset credited to the Collection Account be registered in the name of the Borrower or any other person, payable to the order of the Borrower or any other person or specially indorsed to the Borrower or any other person except to the extent the foregoing have been specially indorsed to the Account Bank or in blank.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) All property delivered to the Account Bank pursuant to this Agreement that is granted to the Administrative Agent, as agent for the Secured Parties shall be promptly credited to the Collection Account in accordance with the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Collection Account is an account to which financial assets or other property are or may be credited, and the Account Bank shall, subject to the terms of this Agreement, treat the Borrower as entitled to exercise the rights that comprise any financial asset or other property credited to such account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The Account Bank hereby agrees that each item of property (whether investment property, financial asset, security, instrument, general intangible or cash) credited to the Collection Account to the extent that it constitutes a securities account shall be treated as a "financial asset" within the meaning of Section 8- 102(a)(9) of the UCC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) If at any time the Account Bank shall receive any order from the Administrative Agent as agent for the Secured Parties directing transfer or redemption of any financial asset relating to the Collection Account or any instruction originated by the Secured Party directing the disposition of funds in the Collection Account, the Account Bank shall comply with such entitlement order or instruction without further consent by the Borrower or any other person. If the Borrower is otherwise entitled to issue entitlement orders or instructions and such entitlement orders or instructions conflict with any entitlement order or instruction issued by the Secured Party, the Account Bank shall follow the entitlement orders or instructions issued by the Secured Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Regardless of any provision in any other agreement, for purposes of the UCC, New York shall be deemed to be the "bank's jurisdiction" (within the meaning of Section 9-304 of the UCC) and the "securities intermediary's jurisdiction" (within the meaning of Section 8-110 of the UCC).

Section 2.15. <u>Cost of Funds Disclosure and Exculpatory Language</u>. JPMorgan Chase Bank hereby notifies the Borrower and the initial Servicer that: (i) JPMorgan Chase Bank and/or its affiliates may from time to time purchase, hold or sell, as principal and/or agent, Commercial Paper Notes issued by any Conduit Lender that is a member of the JPMorgan Lender Group; (ii) JPMorgan Chase Bank and/or its affiliates act as administrative agent for such Conduit Lenders, and as administrative agent JPMorgan Chase Bank manages such Conduit Lenders' issuance of Commercial Paper Notes, including the selection of amount and tenor of Commercial Paper Notes issuance, and the discount or interest rate applicable thereto; (iii) JPMorgan Chase Bank and/or its affiliates act as a Commercial Paper Notes dealer for such Conduit Lenders; and (iv) JPMorgan Chase Bank's activities as administrative agent and Commercial Paper Notes dealer for such Conduit Lenders, and as a purchaser or seller of Commercial Paper Notes, impact the interest or discount rate applicable to the Commercial Paper Notes issued by each such Conduit Lender, which impact the CP Rate paid by the Borrower hereunder. By execution hereof, each of the Borrower and the initial Servicer hereby (x) acknowledges the foregoing and agrees that JPMorgan Chase Bank does not warrant or accept any responsibility for, and shall not have any

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liability with respect to, the interest or discount rate paid by any Conduit Lender in the JPMorgan Lender Group in connection with its Commercial Paper Notes issuance; (y) acknowledges that the discount or interest rate at which JPMorgan Chase Bank and/or its affiliates purchase or sell Commercial Paper Notes will be determined by JPMorgan Chase Bank and/or its affiliates in their sole discretion and may differ from the discount or interest rate applicable to comparable transactions entered into by JPMorgan Chase Bank and/or its affiliates on the relevant date; and (z) waives any conflict of interest arising by reason of JPMorgan Chase Bank and/or its affiliates acting as administrative agent and Commercial Paper Notes dealer for any such Conduit Lender while acting as purchaser or seller of Commercial Paper Notes.

Section 2.16. <u>Replacement of Lender Group</u>. If any Lender or Credit Provider requests compensation under Section 2.11, then the Borrower may, at its sole expense and effort, upon notice to the related Agent and the Administrative Agent, require each Lender in such Agent's Lender Group to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 11.01), all of its respective interests, rights and obligations under this Agreement to an assignee that shall assume such obligations (which assignee may be another Lender if a Lender accepts such assignment); <u>provided</u>, that (i) the Borrower shall have received the prior written consent of the Administrative Agent with respect to any assignee that is not already a member of a Lender Group hereunder, which consent shall not be unreasonably withheld, conditioned, or delayed, (ii) each member of such assigning Lender Group shall have received payment of an amount equal to all outstanding Loans funded or maintained by such Lender Group, together with all accrued Interest thereon and all accrued Program Fees and Unused Fees, as applicable, and any other Obligations payable to them hereunder and under the Basic Documents, from the assignee (to the extent of such outstanding Loans) or Seller (in the case of all other amounts), and (iii) in the case of any such assignment resulting from a claim for compensation under Section 2.11, such assignment will result in a reduction in such compensation or payments. A Lender shall not be required to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to exist.

Section 2.17. <u>[Reserved].</u>

Section 2.18. <u>Alternate Rate of Interest</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to clauses (b), (c), (d) and (e) of this Section 2.18, if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Administrative Agent determines (which determination shall be conclusive absent manifest error) at any time, that adequate and reasonable means do not exist for ascertaining the applicable Adjusted Daily Simple SOFR or Daily Simple SOFR; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Administrative Agent is advised by the Required Lenders that at any time, the applicable Adjusted Daily Simple SOFR or Daily Simple SOFR will not adequately and fairly reflect the cost to such Lenders (or Lender) of making or maintaining their Loans Outstanding (or its Loan Outstanding) included in such Borrowing;

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then the Administrative Agent shall give notice thereof to the Borrower and the Lenders by telephone, telecopy or electronic mail as promptly as practicable thereafter and, until the Administrative Agent notifies the Borrower and the Lenders that the circumstances giving rise to such notice no longer exist with respect to the relevant Benchmark, the Loans shall bear interest at the Alternate Base Rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding anything to the contrary herein or in any other Basic Document (and any Hedging Agreements shall be deemed not to be a "Basic Document" for purposes of this Section 2.18), if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred prior to the Reference Time in respect of any setting of the then-current Benchmark, then such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Basic Document in respect of any Benchmark setting at or after 5:00 p.m. (New York City time) on the fifth Business Day after the date notice of such Benchmark Replacement is provided to the Lenders without any amendment to, or further action or consent of any other party to, this Agreement or any other Basic Document so long as the Administrative Agent has not received, by such time, written notice of objection to such Benchmark Replacement from Lenders comprising the Required Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding anything to the contrary herein or in any other Basic Document, the Administrative Agent will have the right to make Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Basic Document, any amendments implementing such Benchmark Replacement Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any other Basic Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Administrative Agent will promptly notify the Borrower and the Lenders of (i) any occurrence of a Benchmark Transition Event, (ii) the implementation of any Benchmark Replacement, (iii) the effectiveness of any Benchmark Replacement Conforming Changes, and (iv) the commencement or conclusion of any Benchmark Unavailability Period. Any determination, decision or election that may be made by the Administrative Agent or, if applicable, any Lender (or group of Lenders) pursuant to this Section 2.18, including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or any selection, will be conclusive and binding absent manifest error and may be made in its or their sole discretion and without consent from any other party to this Agreement or any other Basic Document, except, in each case, as expressly required pursuant to this Section 2.18.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Upon the Borrower's receipt of notice of the commencement of a Benchmark Unavailability Period, and at all times during the continuation of a Benchmark Unavailability Period, the Loans will bear interest at the Alternate Base Rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Notwithstanding anything to the contrary herein or in any other Basic Document, at any time (including in connection with the implementation of a Benchmark Replacement), (i) if the then-current Benchmark is a term rate (including Term SOFR or LIBOR) and either (A) any tenor for such Benchmark is not displayed on a screen or other information service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion or (B) the regulatory supervisor for the administrator of such Benchmark has provided

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a public statement or publication of information announcing that any tenor for such Benchmark is or will be no longer representative, then the Administrative Agent may modify the definition of 'Interest Period' for any Benchmark settings at or after such time to remove such unavailable or non-representative tenor and (ii) if a tenor that was removed pursuant to clause (i) above either (A) is subsequently displayed on a screen or information service for a Benchmark (including a Benchmark Replacement) or (B) is not, or is no longer, subject to an announcement that it is or will no longer be representative for a Benchmark (including a Benchmark Replacement), then the Administrative Agent may modify the definition of 'Interest Period' for all Benchmark settings at or after such time to reinstate such previously removed tenor.

ARTICLE THREE

SECURITY

Section 3.01. <u>Collateral</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The parties hereto intend that this Agreement constitute a security agreement and the transactions effected hereby constitute secured loans by the Lenders to the Borrower under Applicable Law. As collateral security for the prompt, complete and indefeasible payment and performance in full when due, whether by lapse of time, acceleration or otherwise, of the Obligations, the Borrower hereby grants to the Administrative Agent, as agent for the Secured Parties, a lien on and security interest in all of the Borrower's right, title and interest in, to and under the following, whether now existing or owned or hereafter arising or acquired by the Borrower (collectively, the "<u>Collateral</u>"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Receivables and the related Contracts (including the right to service the Receivables in connection therewith) and any accounts or obligations evidenced thereby, any guarantee thereof, all Collections and all monies due (including any payments made under any guarantee or similar credit enhancement with respect to any such Receivables) or to become due or received by any Person in payment of any of the foregoing on or after the related Cutoff Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Financed Vehicles related to such Receivables (including Financed Vehicles that have been repossessed) or in any document or writing evidencing any security interest in any Financed Vehicle and each security interest in each Financed Vehicle securing each such Receivable, including all proceeds from any sale or other disposition of such Financed Vehicles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Account Collateral (subject to the Blocked Account Control Agreement, with respect to the Remittance Account, and subject to the Control Agreement, with respect to the Collection Account);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) all Hedge Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) all Receivable Files, the Schedule of Receivables, and all documents, agreements and instruments included in the Receivable Files, including rights of recourse of the Borrower against Lendbuzz, Lendbuzz Funding, and/or any Dealer with respect to the Receivables;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) all Records, documents and writings evidencing or related to the Receivables or the Contracts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) all rights to payment under all Insurance Policies with respect to a Financed Vehicle, including any monies collected from whatever source in connection with any default of an Obligor with respect to a Financed Vehicle and any proceeds from claims or refunds of premiums on any Insurance Policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) all guaranties, indemnities, warranties, insurance (and proceeds and premium refunds thereof) and other agreements or arrangements of whatever character from time to time supporting or securing payment of the Receivables, whether pursuant to the related Contracts or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) all rights to payment under all service contracts and other contracts and agreements associated with the Receivables;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) all security interests, Liens, guaranties and other encumbrances in favor of or assigned or transferred to the Borrower in and to the Receivables and Financed Vehicles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) all deposit accounts, monies, deposits, funds, accounts and instruments relating to the foregoing (subject to the Blocked Account Control Agreement and the Control Agreement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) the Purchase Agreement and remedies thereunder and the assignment to the Administrative Agent of all UCC financing statements filed by the Borrower against Lendbuzz Funding under or in connection with the Purchase Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) all income and proceeds of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The grant under this Section does not constitute and is not intended to result in a creation or an assumption by the Administrative Agent, any Agent, or any other Secured Party of any obligation of the Borrower or any other Person in connection with any or all of the Collateral or under any agreement or instrument relating thereto. Anything herein to the contrary notwithstanding, (i) the Borrower shall remain liable under the Contracts to the extent set forth therein to perform all of its duties and obligations thereunder to the same extent as if this Agreement had not been executed, (ii) the exercise by the Administrative Agent of any of its rights in the Collateral shall not release the Borrower from any of its duties or obligations under the Collateral and (iii) none of the Administrative Agent, any Agent, or any other Secured Party shall have any obligations or liability under the Collateral by reason of this Agreement, nor shall any of the Administrative Agent, any Agent, or any other Secured Party be obligated to perform any of the obligations or duties of the Borrower thereunder or to take any action to collect or enforce any claim for payment assigned hereunder. Each of Lendbuzz, Lendbuzz Funding, and the Borrower represents and warrants as to itself that each remittance of Collections by Lendbuzz, Lendbuzz Funding, or the Borrower to the Administrative Agent or any Lender hereunder will have been (A) in payment of a debt incurred by the Borrower in the ordinary course of business or financial affairs of the Lenders and the Borrower and (B) made in the ordinary course of business or financial affairs of the Lenders and the Borrower.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding the foregoing grant of security interest, no account, instrument, chattel paper or other obligation or property of any kind due from, owned by or belonging to a Sanctioned Person shall be Collateral.

Section 3.02. <u>Release of Collateral; No Legal Title</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) At the same time as any Contract (i) expires by its terms or (ii) has been prepaid in full, and in each case all amounts in respect thereof have been paid by the related Obligor and subsequently deposited into the Remittance Account or the Collection Account, the Administrative Agent will, to the extent requested by the Servicer, promptly release its interest and lien in such Contract and the related Collateral. In connection with any sale of a Financed Vehicle, after the deposit by the Servicer of the proceeds of such sale into the Remittance Account and subsequent deposit within two Business Days thereafter into the Collection Account, the Administrative Agent will, at the sole expense of the Servicer (which, in the case of any Successor Servicer, shall be reimbursable in accordance with the provisions of Section 2.07), promptly execute and deliver to the Servicer any assignments, bills of sale, termination statements and any other releases and instruments as the Servicer may reasonably request in order to effect the release and transfer of such Financed Vehicle; <u>provided</u>, that the Administrative Agent will not make any representation or warranty, express or implied, with respect to any such Financed Vehicle in connection with such sale or transfer and assignment. Nothing in this Section shall diminish the Servicer's obligations pursuant to Section 7.03 with respect to the proceeds of any such sale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the Pool 1 Loan is repaid in full, then at the request of the Borrower the Administrative Agent will promptly release its interest in all Pool 1 Receivables and the related Collateral; <u>provided</u>, that if a Rapid Amortization Event exists at such time with respect to the Pool 2 Loan, the Pool 3 Loan, the Pool 4 Loan, or the Pool 5 Loan, such release will not occur unless the Administrative Agent, acting in its sole discretion, elects to release such interest. If the Pool 2 Loan is repaid in full, then at the request of the Borrower the Administrative Agent will promptly release its interest in all Pool 2 Receivables and the related Collateral; <u>provided</u>, that if a Rapid Amortization Event exists at such time with respect to the Pool 1 Loan, the Pool 3 Loan, the Pool 4 Loan, or the Pool 5 Loan, such release will not occur unless the Administrative Agent, acting in its sole discretion, elects to release such interest. If the Pool 3 Loan is repaid in full, then at the request of the Borrower the Administrative Agent will promptly release its interest in all Pool 3 Receivables and the related Collateral; <u>provided</u>, that if a Rapid Amortization Event exists at such time with respect to the Pool 1 Loan, the Pool 2 Loan, the Pool 4 Loan, or the Pool 5 Loan, such release will not occur unless the Administrative Agent, acting in its sole discretion, elects to release such interest. If the Pool 4 Loan is repaid in full, then at the request of the Borrower the Administrative Agent will promptly release its interest in all Pool 4 Receivables and the related Collateral; <u>provided</u>, that if a Rapid Amortization Event exists at such time with respect to the Pool 1 Loan, the Pool 2 Loan, the Pool 3 Loan, or the Pool 5 Loan such release will not occur unless the Administrative Agent, acting in its sole discretion, elects to release such interest. If the Pool 5 Loan is repaid in full, then at the request of the Borrower the Administrative Agent will promptly release its interest in all Pool 5 Receivables and the related Collateral; <u>provided</u>, that if a Rapid Amortization Event exists at such time with respect to the Pool 1 Loan, the Pool 2 Loan, the Pool 3 Loan, or the Pool 4 Loan such release will not occur unless the Administrative Agent, acting in its sole discretion, elects to release such interest.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon the Facility Termination Date, the Administrative Agent, at the Borrower's expense, upon payment in full of the related Aggregate Unpaids, shall execute and file a full release or a full assignment of financing statements and other documents and instruments as may be reasonably requested by the Borrower to effectuate the release of the Collateral.

Section 3.03. <u>Protection of Security Interest; Administrative Agent, as Attorney-in-Fact</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower agrees that from time to time, at its expense, it will promptly execute and deliver all instruments and documents, and take all actions, that may reasonably be necessary or desirable, or that the Administrative Agent may deem necessary, to perfect, protect, or more fully evidence the security interest granted to the Administrative Agent in the Receivables and the other Collateral, or to enable the Secured Parties to exercise and enforce their rights and remedies hereunder and thereunder; <u>provided</u>, that prior to the declaration of an Event of Default, the Borrower shall in no case be required to relien a security interest on any Financed Vehicle in favor of the Administrative Agent or other Secured Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the Borrower fails to perform any of its obligations hereunder after five Business Days' notice from any Secured Party, such Secured Party may (but shall not be required to) perform, or cause performance of, such obligation; and the reasonable costs and expenses of such Secured Party incurred in connection therewith shall be payable by the Borrower as provided in Article Nine. The Borrower irrevocably authorizes the Administrative Agent and appoints the Administrative Agent, as its attorney-in-fact to act on behalf of the Borrower, (i) to execute or cause to be executed on behalf of the Borrower as debtor and to file financing statements necessary or desirable in the Administrative Agent's sole discretion to perfect and to maintain the perfection and priority of the interest of the Secured Parties in the Receivables and the other Collateral and (ii) to file a carbon, photographic, or other reproduction of this Agreement or any financing statement with respect to the Receivables and the other Collateral, as a financing statement in such offices as the Administrative Agent in its sole discretion deems necessary or desirable to perfect and to maintain the perfection and priority of the interests of the Secured Parties in the Receivables and the other Collateral. Such financing statements may describe the Collateral in the same manner as described herein or may contain an indication or description of collateral that describes such property in any other manner as the Administrative Agent may determine, in its reasonable discretion, is necessary, advisable, or prudent to ensure the perfection of the security interest in the Collateral granted to the Administrative Agent herein. The Borrower hereby authorizes the filing of financing statements describing the collateral as "All assets of the debtor, whether now owned or existing or hereafter acquired or arising and wherever located, and all proceeds and products thereof" or words to that effect. This appointment is coupled with an interest and is irrevocable.

Section 3.04. <u>Assignment of the Purchase Agreement</u>. The Borrower hereby represents, warrants and confirms to the Administrative Agent that the Borrower has assigned to the Administrative Agent, for the ratable benefit of the Secured Parties hereunder, all of the Borrower's right and title to and interest in the Purchase Agreement. The Borrower agrees that,

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for so long as Lendbuzz Funding is the Servicer, the Administrative Agent may direct the Borrower to enforce any and all rights of the Borrower under the Purchase Agreement, including the Borrower's right to require Lendbuzz Funding to repurchase Receivables for breaches of representations and warranties made by Lendbuzz Funding, and that if Lendbuzz Funding is no longer the Servicer, that the Servicer shall enforce all such rights on behalf of the Borrower pursuant to Section 7.03(c)(i). The Borrower confirms that, during the continuation of an Event of Default, the Administrative Agent shall have the sole right to enforce the Borrower's rights and remedies under the Purchase Agreement for the benefit of the Secured Parties, but without any obligation on the part of the Secured Parties or any of their respective Affiliates, to perform any of the obligations of the Borrower under the Purchase Agreement. The Borrower further confirms and agrees that such assignment to the Administrative Agent shall terminate upon the Facility Termination Date; <u>provided</u>, that the rights of the Secured Parties pursuant to such assignment with respect to rights and remedies in connection with any indemnities and any breach of any representation, warranty or covenants made by Lendbuzz Funding pursuant to the Purchase Agreement, which rights and remedies survive the termination of the Purchase Agreement, shall be continuing and shall survive any termination of such assignment.

Section 3.05. <u>Waiver of Certain Laws</u>. Each of the Borrower, the Servicer, the Backup Servicer, and the Collateral Custodian agrees, to the full extent that it may lawfully so agree, that neither it nor anyone claiming through or under it will set up, claim or seek to take advantage of any appraisement, valuation, stay, extension or redemption law now or hereafter in force in any locality where any part of the Collateral may be situated in order to prevent, hinder or delay the enforcement or foreclosure of this Agreement, or the absolute sale of any of the Collateral or any part thereof, or the final and absolute putting into possession thereof, immediately after such sale, of the purchasers thereof, and each of the Borrower, the Servicer, the Backup Servicer and the Collateral Custodian, for itself and all who may at any time claim through or under it, hereby waives, to the full extent that it may be lawful so to do, the benefit of all such laws, and any and all right to have any of the properties or assets constituting the Collateral marshaled upon any such sale, and agrees that the Administrative Agent or any court having jurisdiction to foreclose the security interests granted in this Agreement may sell the Collateral as an entirety or in such parcels as the Administrative Agent or such court may determine.

Section 3.06. <u>Remittance Account</u>. Lendbuzz Funding hereby grants a security interest in the Remittance Account to the Administrative Agent on behalf of the Secured Parties, as security for the payment and performance of its obligations to the Administrative Agent, the Secured Parties, and the Borrower set forth herein, and Lendbuzz Funding hereby agrees that the security interest granted pursuant to this Section shall be for the benefit of, and the remedies provided for herein and in the Blocked Account Control Agreement with respect thereto shall be exercisable by, the Administrative Agent on behalf of the Secured Parties.

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ARTICLE FOUR

CONDITIONS OF CLOSING

Section 4.01. <u>Conditions to Effectiveness of this Agreement</u>. The Related Closing Date shall not occur for the applicable Related Loan and no party hereto will be obligated to take, fulfill or perform any action hereunder as it relates to the Related Loan or the Related Receivables, until each of the following conditions have been satisfied, in the sole discretion of the Administrative Agent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Basic Document (other than any Hedging Agreements and the Blocked Account Control Agreement) shall have been duly executed by, and delivered to, the parties hereto and thereto and the Administrative Agent shall have received complete and, where applicable, executed versions of all other documents, instruments, agreements and legal opinions specified in the Schedule of Documents, each in form and substance satisfactory to the Administrative Agent; <u>provided</u>, that delivery of the legal opinions described in Item 8 of the Schedule of Documents will not be a condition to the Pool 3 Closing Date, the Pool 4 Closing Date, or the Pool 5 Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Administrative Agent shall have received (i) satisfactory evidence that the Borrower, Lendbuzz, Lendbuzz Funding, and the Account Bank have obtained all required consents and approvals of all Persons, including all requisite Governmental Authorities, to the execution, delivery and performance of this Agreement and the other Basic Documents to which each is a party and the consummation of the transactions contemplated hereby or thereby or (ii) an Officer's Certificate from each of the Borrower, Lendbuzz, Lendbuzz Funding, and the Account Bank, in form and substance satisfactory to the Administrative Agent, affirming that no such consents or approvals are required; it being understood that the acceptance of such evidence or Officer's Certificate shall in no way limit the recourse of the Administrative Agent or any Secured Party against Lendbuzz, Lendbuzz Funding, or the Borrower for a breach of Lendbuzz's, Lendbuzz Funding's, or the Borrower's representation or warranty that all such consents and approvals have, in fact, been obtained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Borrower, the Lendbuzz, and Lendbuzz Funding shall each be in compliance in all material respects with all Applicable Laws and shall have delivered an Officer's Certificate to the Administrative Agent as to this and other closing matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Borrower shall have paid all fees required to be paid by it on the Related Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) No Event of Default or Unmatured Event of Default shall have occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) No Servicer Termination Event or Unmatured Servicer Termination Event shall have occurred.

ARTICLE FIVE

REPRESENTATIONS AND WARRANTIES

Section 5.01. <u>Representations and Warranties of the Borrower</u>. The Borrower represents and warrants as of each Related Closing Date, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Organization and Good Standing</u>. The Borrower has been duly organized, and is validly existing as a limited liability company in good standing under the laws of the State of Delaware, with all requisite power and authority to own or lease its properties and conduct its business as such business is presently conducted, and the Borrower had at all relevant times, and now has all necessary power, authority and legal right to acquire, own, sell and pledge the Receivables and the other Collateral.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Due Qualification</u>. The Borrower is duly qualified to do business and is in good standing as a limited liability company, and has obtained all necessary licenses and approvals in all jurisdictions in which the ownership or lease of property or the conduct of its business (including, as applicable, the purchase, sale, and pledge of the Receivables) requires such qualifications, licenses, or approvals, except those jurisdictions in which failure to be so qualified would not have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Power and Authority; Due Authorization</u>. The Borrower (i) has all necessary power, authority and legal right to (A) execute and deliver the Borrower Basic Documents, (B) carry out the terms of the Borrower Basic Documents, and (C) grant the security interest in the Collateral on the terms and conditions herein provided and (ii) has duly authorized by all necessary limited liability company action the execution, delivery, and performance of the Borrower Basic Documents and the grant of the security interest in the Collateral on the terms and conditions herein and therein provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Binding Obligation</u>. Each Borrower Basic Document constitutes a legal, valid and binding obligation of the Borrower, enforceable against the Borrower in accordance with its respective terms, except as such enforceability may be limited by Insolvency Laws and except as such enforceability may be limited by general principles of equity (whether considered in a suit at law or in equity).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>No Violation</u>. The execution and delivery of the Borrower Basic Documents, the consummation of the transactions contemplated by the Borrower Basic Documents ,and the fulfillment of the terms hereof and thereof will not (i) conflict in any material respect with, result in any material breach of any of the terms and provisions of, or constitute (with or without notice or lapse of time or both) a default under the Borrower's Formation Documents or a default in any material respect under any Contractual Obligation of the Borrower, (ii) result in the creation or imposition of any Lien upon any of the Borrower's properties (other than Permitted Liens), or (iii) violate any Applicable Law, the violation of which could reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>No Proceedings</u>. There is no litigation, proceeding, or investigation pending or, to the best knowledge of the Borrower, threatened against the Borrower, before any Governmental Authority (i) asserting the invalidity of any Borrower Basic Document, (ii) seeking to prevent the consummation of any of the transactions contemplated by any Borrower Basic Document, or (iii) seeking any determination or ruling that could reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>All Consents Required</u>. All approvals, authorizations, consents, orders, licenses, or other actions of any Person or of any Governmental Authority required for the due execution, delivery, and performance by the Borrower of the Borrower Basic Documents have been obtained.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Bulk Sales</u>. The execution, delivery, and performance of the Borrower Basic Documents do not require compliance with any "bulk sales" act or similar law by the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Solvency</u>. The transactions contemplated by the Borrower Basic Documents do not and will not cause the Borrower not to be Solvent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Taxes</u>. The Borrower has filed or caused to be filed all federal, state, and other tax returns that are required to be filed by it. The Borrower has paid or made adequate provisions for the payment of all Taxes made against it or any of its property (other than any amount of Tax the validity of which is currently being contested in good faith by appropriate proceedings and with respect to which reserves in accordance with GAAP have been provided on the books of the Borrower), and no Tax lien has been filed and, to the Borrower's knowledge, no claim is being asserted, with respect to any such Tax.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Quality of Title</u>. Each Receivable, together with the Contract related thereto, shall, at all times, be owned by the Borrower free and clear of any Lien except for Permitted Liens, and on the Related Closing Date the Administrative Agent, as agent for the Secured Parties, shall acquire a valid and perfected first priority security interest in each Receivable and in the related Collateral then existing or thereafter arising, free and clear of any Lien, other than Permitted Liens. No effective financing statement or other instrument similar in effect covering any portion of the Collateral shall at any time be on file in any recording office except such as may be filed in favor of (i) the Borrower in accordance with the Purchase Agreement or (ii) the Administrative Agent in accordance with this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Security Interest</u>. The Borrower has granted a security interest (as defined in the UCC) to the Administrative Agent, as agent for the Secured Parties, in the Collateral, which is enforceable in accordance with Applicable Law upon execution and delivery of this Agreement. Upon the filing of UCC-1 financing statements describing the Collateral, naming the Administrative Agent as secured party, and naming the Borrower as debtor, the Administrative Agent, as agent for the Secured Parties, shall have a first priority (except for any Permitted Liens) perfected security interest in the Collateral. All filings (including UCC filings) as are necessary in any jurisdiction to perfect the interest of the Administrative Agent, as agent for the Secured Parties, in the Collateral have been made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>[Reserved]</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>Location of Offices</u>. The principal place of business and chief executive office of the Borrower are located at the address of the Borrower referred to in Section 13.02 (or at such other locations as to which the notice and other requirements specified in Section 6.02(f) shall have been satisfied) and has been since the Borrower was formed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) <u>Remittance Account; Collection Account</u>. None of the Remittance Account, the Collection Account, or any interest in either the Remittance Account or the Collection Account has been pledged or assigned to any party other than the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) <u>Tradenames</u>. The Borrower has no trade names, fictitious names, assumed names, or "doing business as" names or other names under which it has done or is doing business.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) <u>Purchase Agreement</u>. The Purchase Agreement is the only agreement pursuant to which the Borrower purchases Receivables and the related Contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) <u>Value Given</u>. The Borrower shall have given reasonably equivalent value to Lendbuzz Funding in consideration for the transfer to the Borrower of the Receivables and the related Collateral under the Purchase Agreement, no such transfer shall have been made for or on account of an antecedent debt owed by Lendbuzz Funding to the Borrower and no such transfer is or may be voidable or subject to avoidance under any section of the Bankruptcy Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) <u>Accounting</u>. The Borrower accounts for the transfers to it from Lendbuzz Funding of the Receivables and related Collateral under the Purchase Agreement as true sales/true contributions of such Receivables and related Collateral in its books, records and financial statements, in each case consistent with GAAP and with the requirements set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) <u>Special Purpose Entity</u>. The Borrower is in compliance with Section 6.01(o).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) <u>Confirmations from Lendbuzz and Lendbuzz Funding</u>. The Borrower has received confirmations from each of Lendbuzz and Lendbuzz Funding that, so long as the Borrower is not "insolvent" within the meaning of the Bankruptcy Code or otherwise unable to pay its debts as they become due, neither Lendbuzz nor Lendbuzz Funding will cause the Borrower to file a voluntary petition under the Bankruptcy Code or any other Insolvency Laws. Each of the Borrower, Lendbuzz, and Lendbuzz Funding is aware that in light of the circumstances described in the preceding sentence and other relevant facts, the filing of a voluntary petition under the Bankruptcy Code for the purpose of making any Receivable or any other assets of the Borrower available to satisfy claims of the creditors of Lendbuzz and/or Lendbuzz Funding would not result in making such assets available to satisfy such creditors under the Bankruptcy Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>ERISA Matters</u>. The Borrower is not a "benefit plan investor" (as defined under Section 3(42) of ERISA). The Borrower does not sponsor, maintain or contribute to any Pension Plan or Multiemployer Plan. Neither the Borrower nor any ERISA Affiliate has any liability (contingent or otherwise) with respect to any Pension Plan or Multiemployer Plan except to the extent such liability could not reasonably be expected to have a Material Adverse Effect. Each Pension Plan sponsored, maintained or contributed to by Lendbuzz, Lendbuzz Funding, or any ERISA Affiliate of the Borrower, under which employees of the Borrower participate in or participated in, complies in all respects with ERISA and all other applicable laws except to the extent the failure to comply could not reasonably be expected to have a Material Adverse Effect. No Plan Event has occurred or is reasonably expected to occur that might result, directly or indirectly, in any material lien being imposed on the property or assets of the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) <u>Investment Company Act</u>. The Borrower (i) is not a "covered fund" under regulations adopted to implement section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, commonly known as the "Volcker Rule" and (ii) is not, and after giving effect to the transactions contemplated hereby, will not be required to register as an "investment company" within the meaning of the Investment Company Act. In determining that the Borrower is not an "investment company" within the meaning of the Investment Company Act, the Borrower is entitled to either the benefit of the exemption provided under Section 3(c)(5) of the Investment Company Act or the exclusion for loan securitizations in the Volcker Rule under 17 C.F.R. 75.10(c)(8).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) <u>Accuracy of Representations and Warranties</u>. Each representation or warranty by the Borrower contained herein, in any other Basic Document or in any certificate or other document furnished by the Borrower pursuant hereto or thereto or in connection herewith or therewith is true and correct in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) <u>Anti-Corruption Laws and Sanctions</u>. The Borrower is subject to policies and procedures of Lendbuzz that are designed to ensure compliance by Lendbuzz and its Subsidiaries, directors, officers, employees, and agents with Anti-Corruption Laws and applicable Sanctions. The Borrower, its officers, directors, and employees are in compliance with Anti-Corruption Laws and applicable Sanctions in all material respects. None of (a) the Borrower or any of its directors, officers, or employees, or (b) to the knowledge of the Borrower, any agent of the Borrower that will act in any capacity in connection with or benefit from the facility established hereby, is a Sanctioned Person. No Loan, use of proceeds, or other transaction contemplated by this Agreement will violate Anti-Corruption Laws or applicable Sanctions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) <u>Beneficial Ownership Rule</u>. At least 51% of the equity interests in the Borrower is owned, directly or indirectly, by a listed entity, and the Borrower is excluded on that basis from the definition of "Legal Entity Customer" as defined in the Beneficial Ownership Rule.

Section 5.02. <u>Representations and Warranties of the Borrower Relating to the Related</u> <u>Receivables</u>. The Borrower hereby represents and warrants as of each Related Closing Date as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Related Schedule of Receivables is an accurate and complete listing in all material respects of the Related Receivables and the information contained therein with respect to the identity of such Related Receivables and the amounts owing thereunder is true and correct in all material respects as of the related Cutoff Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) each Related Receivable listed on such Related Schedule of Receivables is an Eligible Receivable.

Section 5.03. <u>Representations and Warranties of Lendbuzz Funding</u>. Lendbuzz Funding represents and warrants as of each Related Closing Date as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Organization and Good Standing</u>. Lendbuzz Funding has been duly organized and is validly existing as a limited liability company in good standing under the laws of the State of Delaware, with all requisite power and authority to own or lease its properties and to conduct its business as such business is presently conducted and to enter into and perform its obligations pursuant to this Agreement, except as would not reasonably be expected (either individually or in the aggregate) to result in a Material Adverse Effect.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Due Qualification</u>. Lendbuzz Funding is duly qualified to do business and is in good standing as a limited liability company, and has obtained all necessary licenses and approvals in all jurisdictions in which the ownership or lease of its property and or the conduct of its business, including the underwriting, servicing, and custody of the Receivables, requires such qualification, licenses, or approvals, except to the extent the failure to obtain such consents or approvals could not reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Power and Authority; Due Authorization</u>. Lendbuzz Funding (i) has all necessary power, authority and legal right to (A) execute and deliver the Servicer Basic Documents and (B) carry out the terms of the Servicer Basic Documents and (ii) has duly authorized by all necessary corporate action the execution, delivery and performance of the Servicer Basic Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Binding Obligation</u>. Each Servicer Basic Document constitutes a legal, valid, and binding obligation of Lendbuzz Funding enforceable against Lendbuzz Funding in accordance with its respective terms except as such enforceability may be limited by Insolvency Laws and except as such enforceability may be limited by general principles of equity (whether considered in a suit at law or in equity).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>No Violation</u>. The execution and delivery of the Servicer Basic Documents, the consummation of the transactions contemplated by the Servicer Basic Documents, and the fulfillment of the terms hereof and thereof will not (i) conflict in any material respect with, result in any material breach of any of the terms and provisions of, or constitute (with or without notice or lapse of time or both) a default under, its Formation Documents or, in any material respect, any Contractual Obligation of Lendbuzz Funding, (ii) result in the creation or imposition of any Lien upon any of Lendbuzz Funding's properties (other than Permitted Liens), or (iii) violate any Applicable Law, the violation of which could reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>No Proceedings</u>. There is no litigation, proceeding or investigation pending or, to the best knowledge of Lendbuzz Funding, threatened against Lendbuzz Funding, before any Governmental Authority (i) asserting the invalidity of any Servicer Basic Document, (ii) seeking to prevent the consummation of any of the transactions contemplated by any Servicer Basic Document, (iii) challenging the enforceability of a material portion of the Receivables, or (iv) seeking any determination or ruling that could reasonably be expected to have Material Adverse Effect with respect to Lendbuzz Funding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>All Consents Required</u>. All approvals, authorizations, consents, orders, or other actions of any Person or of any Governmental Authority (if any) required for the due execution, delivery and performance by Lendbuzz Funding of the Servicer Basic Documents have been obtained, except those which if not obtained would not reasonably be expected (either individually or in the aggregate) to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>[Reserved]</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Lendbuzz Funding 's Performance</u>. Lendbuzz Funding has the knowledge, the experience, and the systems, financial, and operational capacity available to timely perform each of its obligations hereunder in all material respects.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Accounts</u> Lendbuzz Funding has neither pledged nor entered into a control agreement (other than the Blocked Account Control Agreement) with respect to the Remittance Account or amounts on deposit therein. Lendbuzz Funding has neither pledged nor entered into a control agreement (other than the Control Agreement) with respect to the Collection Account or amounts on deposit therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Tradenames and Place of Business</u>. Except as otherwise indicated in this Agreement or as the same may be changed in accordance with Section 6.05(b), (i) Lendbuzz Funding has no trade names, fictitious names, assumed names, or "doing business as" names or other names under which it has done or is doing business and (ii) the principal place of business and chief executive office of Lendbuzz Funding are located at the address of Lendbuzz Funding set forth on the signature pages hereto and has been so for the last four months.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Compliance with the Credit and Collection Policy</u>. Lendbuzz Funding has, with respect to the Receivables, complied in all material respects with the Credit and Collection Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>ERISA Matters</u>. No Plan Event has occurred or is reasonably expected to occur that might result, directly or indirectly, in any lien being imposed on the property of Lendbuzz Funding which could result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>Investment Company Act</u>. Lendbuzz Funding is not an "investment company" within the meaning of the Investment Company Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) <u>Anti-Corruption Laws and Sanctions</u>. Lendbuzz Funding is subject to policies and procedures of Lendbuzz that are designed to ensure compliance by Lendbuzz and its Subsidiaries, directors, officers, employees, and agents with Anti-Corruption Laws and applicable Sanctions. Lendbuzz Funding, its officers, directors, and employees are in compliance with Anti-Corruption Laws and applicable Sanctions in all material respects. None of (a) Lendbuzz Funding or any of its directors, officers, or employees, or (b) to the knowledge of Lendbuzz Funding, any agent of Lendbuzz Funding that will act in any capacity in connection with or benefit from the facility established hereby, is a Sanctioned Person.

Section 5.04. <u>Retransfer of Certain Receivables</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Retransfer of an Ineligible Receivable</u>. If a Receivable is an Ineligible Receivable on the Related Closing Date, then no later than the earlier of (i) knowledge by the Borrower of such Receivable having been an Ineligible Receivable when it was so pledged and (ii) receipt by the Borrower from the Administrative Agent or the initial Servicer of written notice thereof (which notice the initial Servicer shall be required to give within two Business Days of any of its Responsible Officers having actual knowledge thereof), the Borrower shall (A) disclose the identity of such Ineligible Receivable on the next Monthly Report and (B) on or before the next Distribution Date, to the extent such breach has not been cured or waived, make a deposit of the Release Price for each such Ineligible Receivable to the Collection Account in immediately available funds and accept the release of each such Ineligible Receivable. The Administrative Agent shall be deemed, upon deposit of the Release Price into the Collection Account, to convey to the Borrower, without recourse, representation, or warranty, all of its right, title, and interest in

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such Ineligible Receivable and the Borrower shall accept the release of each such Ineligible Receivable from the Administrative Agent, and the Related Pool Balance shall be reduced by the Principal Balance (as of the end of the most recent Collection Period) of each such Ineligible Receivable. Upon each release to the Borrower of such Ineligible Receivable, the Administrative Agent shall automatically and without further action be deemed to transfer, assign, and set-over to the Borrower, without recourse, representation, or warranty, all the right, title, and interest of the Administrative Agent in, to, and under such Ineligible Receivable and all future monies due or to become due with respect thereto, all proceeds of such Ineligible Receivable and Recoveries and Insurance Proceeds relating thereto, all rights to security for any such Ineligible Receivable, and all proceeds and products of the foregoing. The Administrative Agent shall, at the sole expense of the Servicer (which, in the case of any Successor Servicer, shall be reimbursable in accordance with the provisions of Section 2.07), execute such documents and instruments of release as may be prepared by the Servicer on behalf of the Borrower and take such other actions as shall reasonably be requested by the Borrower to effect the release of such Ineligible Receivable pursuant to this subsection.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Retransfer of Receivables for Breach of Servicing Covenant</u>. In the event that the initial Servicer breaches a servicing covenant pursuant to Section 7.03(c)(i) with respect to any Receivable, which breach adversely affects the Receivable or the interests of the Lenders, no later than the earlier of (i) knowledge by the initial Servicer of such event or (ii) receipt by the initial Servicer from the Administrative Agent or the Borrower of written notice thereof, the initial Servicer shall (A) disclose the identity of such Receivable on the next Monthly Report and (B) on or before the next Distribution Date, to the extent such breach has not been cured or waived, make a deposit of the Release Price for each such Receivable into the Collection Account in immediately available funds, and the initial Servicer shall accept the release of such Receivable(s), in each case as described in Section 5.04(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Notice of Retransfer</u>. The Borrower or the Servicer, as applicable, shall provide written notice to the Administrative Agent and each Hedge Counterparty on the Monthly Report of any release of Receivables pursuant to Sections 5.04(a) and (b). With respect to any such release, the Borrower shall provide written notice to the Administrative Agent and each Hedge Counterparty of any release of Receivables prior to 3:00 p.m., New York City time, three Business Days prior to the related repurchase date, and such notice shall include a calculation of the related Borrowing Base after giving effect to such release, as well as representations and warranties by the Borrower that no Event of Default or Servicer Termination Event has occurred, that the Borrowing Base calculation included with such notice is accurate and that any required Hedging Agreements are in full effect.

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ARTICLE SIX

COVENANTS

Section 6.01. <u>Affirmative Covenants of the Borrower</u>. From the first Related Closing Date until the Facility Termination Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Compliance with Laws</u>. The Borrower will comply in all material respects with all Applicable Laws, including those with respect to the Receivables and related Financed Vehicles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Preservation of Existence</u>. The Borrower will preserve and maintain its existence, rights, franchises and privileges in the State of Delaware, and qualify and remain qualified in good standing as a foreign limited liability company in each jurisdiction where the failure to preserve and maintain such existence, rights, franchises, privileges, and qualification has had, or could reasonably be expected to have, a material adverse effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Performance and Compliance with Agreements</u>. The Borrower will, at its expense, timely and fully perform and comply (or cause the Seller to perform and comply pursuant to this Agreement and the Purchase Agreement), in all material respects, all provisions, covenants and other promises required to be observed by it under the Basic Documents and the Contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Keeping of Records and Books of Account</u>. To the extent not maintained and implemented by the Servicer, the Borrower will maintain and implement administrative and operating procedures (including an ability to recreate records evidencing Receivables in the event of the destruction of the originals thereof), and keep and maintain all documents, books, records, financial statements, and other information reasonably necessary or advisable for the collection of all Receivables. Such books and records shall include reports adequate to permit the daily identification of each new Receivable and all Collections of and adjustments to each existing Receivable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Borrower Assets</u>. With respect to each Receivable, the Borrower will: (i) acquire such Receivable pursuant to and in accordance with the terms of the Purchase Agreement, (ii) take all action necessary to perfect, protect, and more fully evidence the Borrower's ownership of such Receivable, including (A) filing and maintaining effective financing statements (Form UCC-1) listing Lendbuzz Funding as debtor in all necessary filing offices (and will cause Lendbuzz Funding to obtain similar financing statements from each entity from which it acquired the Receivables), and filing continuation statements, amendments, or assignments with respect thereto in such filing offices and (B) executing or causing to be executed such other instruments or notices as may be necessary, and (iii) take all additional action that the Administrative Agent may reasonably request, including the filing of financing statements listing the Administrative Agent as secured party to perfect, protect, and more fully evidence the respective interests of the parties to this Agreement in the Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Delivery of Collections</u>. The Borrower will deliver to the Servicer, for further remittance to the Collection Account, all Collections received by Borrower in respect of the Receivables no later than two Business Days after the Borrower's receipt thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Separate Corporate Existence</u>. The Borrower shall be in compliance with the special purpose entity requirements set forth in Section 6.01(o).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Credit and Collection Policy</u>. The Borrower will, or will cause Lendbuzz Funding or the Servicer to, as the case may be, (i) with respect to each Receivable, comply with the Credit and Collection Policy (which may include originating or servicing Receivables in accordance with those discretionary exceptions that are set forth therein) and (ii) furnish to the Administrative Agent written notice of any material changes to the Credit and Collection Policy and revised versions of the Credit and Collection Policy containing such changes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Notice of Certain Events</u>. The Borrower will provide the Administrative Agent with written notice within one Business Day of the date on which the Borrower receives notice of, or obtains knowledge of, the occurrence of any Event of Default, Unmatured Event of Default, Rapid Amortization Event, Servicer Termination Event, and Unmatured Servicer Termination Event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Taxes</u>. The Borrower will file and pay any and all Taxes, including those required to meet the obligations of the Basic Documents, except for Taxes that the Borrower is contesting in good faith and by appropriate legal proceedings the validity, applicability or amount thereof with such proceedings diligently conducted, and adequate reserves in accordance with GAAP are being maintained by the Borrower, except to the extent that such contest does not materially endanger any right or interest of the Secured Parties under the Basic Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Liens</u>. The Borrower will not create, or participate in the creation of, or permit to exist, any Liens (other than Permitted Liens) with respect to the Remittance Account or the Collection Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Reporting</u>. The Borrower will furnish or cause to be furnished to the Administrative Agent, each Agent and, to the extent requested by a Hedge Counterparty, such Hedge Counterparty:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Monthly Report</u>. Not later than each Reporting Date, a Monthly Report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Quarterly Report</u>. By the 15<sup>th</sup> of each February, May, August and November, a Quarterly Report, including information as of the previous month-end, as to the Receivables such as collections, delinquencies, losses, recoveries, cash flows, and such other information as reasonably requested by the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Financial Statements</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Within 60 days after the end of the first three quarterly fiscal periods of each fiscal year of the Performance Guarantor, the unaudited consolidated balance sheets of the Performance Guarantor as at the end of such period and the related unaudited consolidated statements of income and retained earnings for the Performance Guarantor for such period, setting forth in comparative figures for the previous quarter (to the extent such prior quarter financial statements were delivered pursuant to this Section or are otherwise available), accompanied by a certificate of a Responsible Officer of the Performance Guarantor, which certificate shall state that each such consolidated financial statement fairly presents the financial condition of the Performance Guarantor in accordance with

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GAAP, consistently applied, as at the end of, and for, such period (subject to normal year end audit adjustments). Notwithstanding the foregoing, if any such report is timely filed with the Securities and Exchange Commission and is publicly available on its the Electronic Data Gathering, Analysis and Retrieval (EDGAR) system on the date that the related report would otherwise be due hereunder, such report shall be deemed to have been timely delivered in accordance with this subclause.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Within 120 days after each fiscal year of the Performance Guarantor, the audited consolidated balance sheets of the Performance Guarantor as at the end of such fiscal year and the related audited consolidated statements of income and retained earnings and of cash flows for the Performance Guarantor for such year, setting forth in comparative form the figures for the previous year, accompanied by an opinion thereon of independent certified public accountants of recognized national standing, which opinion shall not be qualified as to scope of audit or going concern and shall state that each consolidated financial statement fairly presents the financial condition and results of operations of the Performance Guarantor at the end of, and for, such fiscal year in accordance with GAAP. Notwithstanding the foregoing, if any such report is timely filed with the Securities and Exchange Commission and is publicly available on its the Electronic Data Gathering, Analysis and Retrieval (EDGAR) system on the date that the related report would otherwise be due hereunder, such report shall be deemed to have been timely delivered in accordance with this subclause.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) Within 120 days of the end of each fiscal year of the Performance Guarantor, a certificate of a Responsible Officer of the Performance Guarantor, which certificate shall state that the audited consolidated balance sheets of the Performance Guarantor delivered, or deemed to have been delivered, pursuant to subclause (B) fairly present the financial condition of the Performance Guarantor in accordance with GAAP, consistently applied, as at the end of, and for, such fiscal year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>Representations</u>. Promptly following the Borrower's obtaining knowledge of the same, the Borrower shall notify the Administrative Agent that any representation or warranty set forth in Section 5.01 or 5.02 was incorrect in any material respect at the time it was given or deemed to have been given, and at the same time shall deliver to the Administrative Agent a written notice setting forth in reasonable detail the nature of such facts and circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Proceedings</u>. As soon as possible and in any event within two Business Days of the date on which the Borrower receives notice of, or obtains knowledge of, the same, the Borrower shall provide notice of any settlement of, material judgment (including a material judgment with respect to the liability phase of a bifurcated trial) in or commencement of any labor controversy (of a material nature), litigation, action, suit, or proceeding before any court or Governmental Authority, domestic or foreign, affecting the Borrower or any of its Affiliates that would reasonably be expected to have a Material Adverse Effect.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) <u>Notice of Material Events</u>. Promptly following any Responsible Officer of the Borrower obtaining knowledge the same, the Borrower shall provide notice of any other event or circumstances that, in the reasonable judgment of the Borrower, would reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>Anti-Corruption Laws and Sanctions</u>. The Borrower will remain subsect to, and enforce, Lendbuzz's policies and procedures designed to ensure compliance by Lendbuzz and its Subsidiaries and each of their respective Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>Beneficial Ownership Certification</u>. From time to time any Lender that has a reasonable basis for requesting such a certification may request that the Borrower deliver, and within five Business Days of each such request the Borrower shall execute and deliver to such Lender, a Beneficial Ownership Certification, in form and substance reasonably acceptable to such Lender. Furthermore, promptly following any change that would result in a change to the status of the Borrower as an excluded "Legal Entity Customer" under the Beneficial Ownership Rule, the Borrower shall execute and deliver to each Lender a Beneficial Ownership Certification, in form and substance reasonably acceptable to each such Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) <u>Special Purpose Entity</u>. The Borrower shall take or perform each of the following actions (and the Borrower has not heretofore failed to take or perform any such actions in the past):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) maintain its own separate deposit and other bank accounts and funds to which no other Person has any access (except to the extent permitted under the Basic Documents) which accounts shall be maintained in the name of the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) maintain full books of accounts and records (financial or other) and financial statements separate from those of any other Person (including, all resolutions, records, agreements, or instruments underlying or regarding the transactions contemplated by the Basic Documents or otherwise) (<u>provided</u>, that this provision shall not limit the Borrower's financial and operating results from being consolidated with those of its ultimate parent company in consolidated financial statements);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) at all times hold itself out to the public and all other Persons as a legal entity separate from the and any other Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) have its own board of managers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) file its own tax returns separate from those of any other Person, if any, as may be required under applicable law, to the extent (A) not part of a consolidated group filing a consolidated return or returns or (B) not treated as a division for tax purposes of another taxpayer, and pay any taxes so required to be paid under applicable law;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) ensure that any consolidated financial statements of any Affiliate or any other Person that are filed with the Securities Exchange Commission or any other governmental authority or are furnished to any creditors of any Affiliate or any other Person include notes clearly stating that the Borrower is a separate corporate entity and that its assets are available first and foremost to satisfy the claims of the creditors of the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) except as contemplated by the Basic Documents, not commingle its assets with assets of any other Person and maintain the assets of the Borrower in such a manner that it is not costly or difficult to segregate, identify, or ascertain its individual assets from those of any other Person, including any Affiliate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) conduct its business in its own name and strictly comply with all organizational formalities to maintain its separate existence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) disclose, and cause each Member to disclose, in its financial statements the effects of all transactions between such Member and the Borrower in a manner which makes it clear that (A) the Borrower is a separate legal entity, (B) the assets of the Borrower are not assets of any Affiliate and are not available to pay creditors of any Affiliate, and (C) neither such Member nor any Affiliate thereof is liable or responsible for the debts of the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) pay its own liabilities and expenses only out of its own funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) except for capital contributions or capital distributions permitted under the terms and conditions of the Borrower's Formation Documents and the Basic Documents, not enter into any transaction with an Affiliate of the Borrower except on arm's length terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) compensate (either directly or through reimbursement of the Borrower's allocable share of any shared expenses) all employees, consultants, and agents and Affiliates, to the extent applicable, for services provided to the Borrower by such employees, consultants, and agents or Affiliates, in each case, from the Borrower's own funds and either maintain a sufficient number of employees, and/or employ sufficient consultants or agents, in light of its contemplated operations; <u>provided</u>, that the foregoing shall not require the Members to make any additional capital contributions to the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) except as expressly permitted under any of the Basic Documents, pay from its own bank accounts for accounting and payroll services, rent, lease, and other expenses (or the Borrower's allocable share of any such amounts provided by one or more other Affiliates) and not have such operating expenses (or the Borrower's allocable share thereof) paid by any Affiliates; <u>provided</u>, the foregoing shall not require the Members to make any additional capital contributions to the Borrower;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) not hold out its credit or assets as being available to satisfy the obligations of any other Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) to the extent that the Borrower maintains office space, maintain such office space separate and clearly delineated from the office space of any Affiliate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) to the extent that the Borrower incurs any overhead expenses that are shared with an Affiliate, including for shared office space and for services performed by an employee of an Affiliate, allocate fairly and reasonably such overhead expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) cause (A) all written communications, including letters, invoices, purchase orders, and contracts, of the Borrower to be made solely in the name of the Borrower, (B) the Borrower to have its own tax identification number, stationery, checks, and business forms, separate from those of any other Person, (C) all Affiliates not to use the stationery or business forms of the Borrower, and cause the Borrower not to use the stationery or business forms of any Affiliate, and (D) all Affiliates not to conduct business in the name of the Borrower, and cause the Borrower not to conduct business in the name of any Affiliate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) except as expressly permitted by any of the Basic Documents, direct creditors of the Borrower to send invoices and other statements of account of the Borrower directly to the Borrower and not to any Affiliate and cause the Affiliates to direct their creditors not to send invoices and other statements of accounts of such Affiliates to the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) except as expressly permitted by any of the Basic Documents, not acquire obligations or securities of or make loans or advances to or grant a security interest in or pledge its assets for the benefit of the Member, any Affiliate or any other Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) correct any known misunderstanding regarding its separate identity and not identify itself as a department or division of any other Person except as may be required for income tax purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi) maintain adequate capital in light of its contemplated business purpose, transactions and liabilities, and refrain from engaging in a business for which its remaining property represents an unreasonably small capital; <u>provided</u>, that the foregoing shall not require the Members to make any additional capital contributions to the Borrower;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxii) practice and adhere to all limited liability company procedures and formalities to the extent required by the Borrower's Formation Documents or all other appropriate constituent documents and applicable law in all material respects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiii) except for the other Basic Documents, not acquire any obligations or securities of the Member or of any Affiliate of the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiv) cause the managers, officers, agents, and other representatives of the Borrower to act at all times with respect to the Borrower consistently and in furtherance of the foregoing and in the best interests of the Borrower; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxv) at all times will have at least one manager that qualifies as an Independent Manager.

Section 6.02. <u>Negative Covenants of the Borrower</u>. From the date hereof until the Facility Termination Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Other Business</u>. The Borrower will not (i) engage in any business other than the transactions contemplated by the Basic Documents, (ii) incur any Indebtedness, obligation, liability or contingent obligation of any kind (including guaranteeing any obligation) other than pursuant to this Agreement, any other Basic Document or under any Hedging Agreement required by Section 6.03, or (iii) form any Subsidiary or make any Investments in any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Receivables Not to be Evidenced by Instruments</u>. The Borrower will take no action to cause any Receivable that is not evidenced by an Instrument as of the related Cutoff Date to be so evidenced except in connection with the enforcement or collection of such Receivable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Security Interests</u>. The Borrower will not sell, pledge, assign, or transfer to any other Person, or grant, create, incur, assume, or suffer to exist any Lien (other than Permitted Liens) on any portion of the Collateral, whether now existing or hereafter transferred hereunder, or any interest therein, and the Borrower will not sell, pledge, assign, or suffer to exist any Lien on its interest, if any, hereunder. The Borrower will promptly notify the Administrative Agent of the existence of any Lien (other than a Permitted Lien) on any portion of the Collateral and the Borrower shall defend the right, title, and interest of the Administrative Agent in, to and under such Collateral, against all claims of third parties; <u>provided</u>, that nothing in this subsection shall prevent or be deemed to prohibit the Borrower from suffering to exist Permitted Liens upon any portion of the Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Mergers, Acquisitions, Sales, Etc</u>. The Borrower will not be a party to any merger or consolidation, or purchase or otherwise acquire all or substantially all of the assets or any stock or membership interests of any class of, or any partnership or joint venture interest in, any other Person, or, sell, transfer, convey, or lease all or any substantial part of its assets, or sell or assign with or without recourse any portion of the Collateral or any interest therein (other than pursuant hereto).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Distributions</u>. The Borrower shall not declare or pay, directly or indirectly, any dividend or make any other distribution (whether in cash or other property) with respect to the profits, assets, or capital of the Borrower or any Person's interest therein, or purchase, redeem, or otherwise acquire for value any of its capital stock now or hereafter outstanding, except that so long as no Event of Default or Unmatured Event of Default has occurred and is continuing or would result therefrom, the Borrower may distribute to holders of its membership interest funds distributed to the Borrower pursuant to Section 2.07(xi), subject to Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Change of Name or Location of Receivable Files</u>. The Borrower shall not (i) change its name or state of organization, move the location of its principal place of business and chief executive office, and the offices where it keeps the Records from the location referred to in Section 13.02 or (ii) move, or consent to the Collateral Custodian or the Servicer moving, the Receivable Files from the location thereof on the Pool 1 Closing Date, unless the Borrower has given at least 30 days' written notice to the Administrative Agent and has taken all actions required under the UCC of each relevant jurisdiction in order to continue the first priority perfected security interest of the Administrative Agent in the Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>True Sale</u>. Except for purposes of GAAP, the Borrower will not account for or treat the transactions contemplated by the Purchase Agreement in any manner other than as the sale, or absolute assignment, of the Receivables and other Collateral by Lendbuzz Funding to the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>ERISA Matters</u>. The Borrower will not (i) establish, maintain or contribute to or have any liability (contingent or otherwise) with respect to any Pension Plan or Multiemployer Plan or (ii) be a "benefit plan investor" under Section 3(42) of ERISA. With respect to any Pension Plan, the Borrower will not engage or permit any ERISA Affiliate to engage in any prohibited transaction under Section 406 of ERISA or Section 4975 of the Code for which an exemption is not available or has not previously been obtained from the United States Department of Labor and which would result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Formation Documents; Purchase Agreement</u>. The Borrower will not amend, modify, waive, or terminate any provision of its Formation Documents or of the Purchase Agreement without the prior, written consent of the Administrative Agent; <u>provided</u>, that if the Borrower has provided the Administrative Agent with written notice of its intention to make any such amendment, modification, waiver, or termination and the Administrative Agent has not provided a response either granting or withholding its consent thereto within ten Business Days, then the Borrower may proceed with the related amendment, modification, wavier, or termination as if the Administrative Agent had provided its consent thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Changes in Payment Instructions</u>. The Borrower will not add or make any change, or permit the Servicer to make any change, in its instructions to Obligors regarding payments to be made to the Borrower or the Servicer or payments to be made to the Remittance Account, unless the Administrative Agent has Consented to such change in writing and has received duly executed copies of all documentation related thereto, which documentation shall be satisfactory in form and substance to the Administrative Agent.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Extension or Amendment</u>. The Borrower will not, except as otherwise permitted in Section 7.03(c)(i), extend, amend or otherwise modify, or permit the Servicer to extend, amend, or otherwise modify, the terms of any Contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>No Assignments</u>. The Borrower will not assign or delegate, grant any interest in, or permit any Lien (other than Permitted Liens) to exist upon any of its rights, obligations, or duties under this Agreement without the prior written Consent of the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>Anti-Corruption Laws and Sanctions</u>. The Borrower will not request the Loan, and the Borrower shall not use the Loan, and shall procure that its directors, officers, employees and agents (if any) shall not use, the proceeds of the Loan (i) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws, (ii) for the purpose of funding, financing, or facilitating any activities, business, or transaction of or with any Sanctioned Person, or in any Sanctioned Country, or (iii) in any manner that would result in the violation of any Sanctions applicable to any party hereto.

Section 6.03. <u>Covenants of the Borrower Relating to Hedging</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower shall at all times maintain either (i) a single Hedge Transaction in form and substance satisfactory to the Administrative Agent (A) that is in the form of an interest rate cap transaction, (B) that at all times has a notional amount that equals at least (1) prior to the Pool 3 Loan Hedge Transition Date, the sum of (x) the Pool 1 Loan Outstanding <u>plus</u> (y) the Pool 2 Loan Outstanding, (2) on and after the Pool 3 Loan Hedge Transition Date but prior to the Pool 4 Loan Hedge Transition Date, the sum of (x) the Pool 1 Loan Outstanding <u>plus</u> (y) the Pool 2 Loan Outstanding <u>plus</u> (z) the Pool 3 Loan Outstanding, (3) on and after the Pool 4 Loan Hedge Transition Date but prior to the Pool 5 Loan Hedge Transition Date, the sum of (w) the Pool 1 Loan Outstanding <u>plus</u> (x) the Pool 2 Loan Outstanding <u>plus</u> (y) the Pool 3 Loan Outstanding <u>plus</u> (z) the Pool 4 Loan Outstanding or (4) on and after the Pool 5 Loan Hedge Transition Date, 100% of the Loan Outstanding, (C) for so long as the Pool 2 Loan Outstanding is greater than zero, that has a strike rate that results in Pool 2 Excess Spread equal to at least 5.00% (calculated on the date that such Hedge Transaction is entered into) for the Pool 2 Loan, (D) on and after the Pool 3 Loan Hedge Transition Date and for so long as the Pool 3 Loan Outstanding is greater than zero, that has a strike rate that results in Pool 3 Excess Spread equal to at least 7.00% (calculated on the date that such Hedge Transaction is entered into) for the Pool 3 Loan, (E) on and after the Pool 4 Loan Hedge Transition Date and for so long as the Pool 4 Loan Outstanding is greater than zero, that has a strike rate that results in Pool 4 Excess Spread equal to at least 7.00% (calculated on the date that such Hedge Transaction is entered into) for the Pool 4 Loan and (F) on and after the Pool 5 Loan Hedge Transition Date and for so long as the Pool 5 Loan Outstanding is greater than zero, that has a strike rate that results in Pool 5 Excess Spread equal to at least 7.00% (calculated on the date that such Hedge Transaction is entered into) for the Pool 5 Loan or (ii) one Hedge Transaction with respect to each of the Pool 1 Loan, the Pool 2 Loan, beginning on the Pool 3 Loan Hedge Transition Date, the Pool 3 Loan, beginning on the Pool 4 Loan Hedge Transition Date, the Pool 4 Loan, and beginning on the Pool 5 Loan Hedge Transition Date, the Pool 5 Loan, each of which is in form and substance satisfactory to the Administrative Agent, (A) each of which is in the form of an interest rate cap transaction, (B) each of which at all times has a notional amount that equals at least 100% of the

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Pool 1 Loan Outstanding, the Pool 2 Loan Outstanding, the Pool 3 Loan Outstanding, the Pool 4 Loan Outstanding, or the Pool 5 Loan Outstanding, as applicable, (C) with respect to the Hedge Transaction relating to the Pool 2 Loan only, that has a strike rate that results in Pool 2 Excess Spread equal to at least 5.00% (calculated on the date that the related Hedge Transaction is entered into) for the Pool 2 Loan, (D) with respect to the Hedge Transaction relating to the Pool 3 Loan only, that has a strike rate that results in Pool 3 Excess Spread equal to at least 7.00% (calculated on the date that the related Hedge Transaction is entered into) for the Pool 3 Loan, (E) with respect to the Hedge Transaction relating to the Pool 4 Loan only, that has a strike rate that results in Pool 4 Excess Spread equal to at least 7.00% (calculated on the date that the related Hedge Transaction is entered into) for the Pool 4 Loan, and (F) with respect to the Hedge Transaction relating to the Pool 5 Loan only, that has a strike rate that results in Pool 5 Excess Spread equal to at least 7.00% (calculated on the date that the related Hedge Transaction is entered into) for the Pool 5 Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Hedge Transaction shall be entered into with a Hedge Counterparty and be governed by a Hedging Agreement. Furthermore, (i) the notional amount, duration, and amortization of each such Hedge Transaction shall be agreed upon by the Borrower and the Administrative Agent and (ii) with respect to each Hedge Transaction that is entered into with a Non-JPM Counterparty, the "Termination Events" and "Events of Default" that are applicable under each such Hedge Transaction and any provisions in the related Hedging Agreement relating to the obligations of such Non-JPMorgan Hedge Counterparty if an "Event of Default" occurs under such Hedge Transaction and such Non-JPMorgan Hedge Counterparty is a "Defaulting Party" or a "Termination Event" occurs under such Hedge Transaction and such Non-JPMorgan Hedge Counterparty is an "Affected Party," shall have been approved by the Required Lenders to the Administrative Agent prior to the effectiveness of such Hedge Transaction, which approval (A) may not be unreasonably withheld, (B) will be deemed to have been granted if the Required Lenders have not provided notice of their approval or their rejection of such applicable terms within five Business Days of the date on which their approval is first sought, and (C) will be deemed to have been granted with respect to any such terms for which such an approval was previously obtained with respect to such Non-JPMorgan Hedge Counterparty. If a Non-JPMorgan Counterparty met the Short-Term Ratings Requirement and/or the Long-Term Ratings Requirement at the time the related Hedge Transaction was entered into and is downgraded or has any ratings withdrawn such that it no longer meets the Short-Term Ratings Requirement and/or the Long-Term Ratings Requirement, as applicable, then within thirty (30) days of the related downgrade or withdrawal either (A) the Borrower must enter into a new Hedging Agreement, (B) the Hedge Counterparty must post collateral pursuant to a credit support annex in an amount satisfactory to the Required Lenders, or (C) the Hedge Counterparty must obtain a guaranty of its obligations under the Hedging Agreement that is satisfactory to the Required Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) [Reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) [Reserved].

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If, with respect to any Hedge Transactions the Borrower has entered into with a Non-JPM Hedge Counterparty, either an "Event of Default" occurs and such Non-JPMorgan Hedge Counterparty is a "Defaulting Party" or a "Termination Event" occurs under such Hedge Transaction and such Non-JPMorgan Hedge Counterparty is an "Affected Party," then the Borrower shall promptly cause such Hedge Counterparty to take all actions it is required to take pursuant to the related Hedging Agreements as a result of the occurrence of such "Event of Default" or "Termination Event."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Borrower shall deliver to the Administrative Agent a copy of all documents related to any Hedging Agreement, including confirmations, schedules, and an aggregate notional amortization schedule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) All reasonably documented out-of-pocket costs and expenses (including reasonable legal fees and disbursements) incurred by the Administrative Agent and the Lenders incurred with each Hedge Transaction shall be paid by the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) As additional security hereunder, the Borrower has granted a security interest to the Administrative Agent all right, title and interest of the Borrower in the Hedge Collateral. The Borrower acknowledges that, as a result of that pledge, the Borrower may not, without the prior written Consent of the Administrative Agent, exercise any rights under any Hedging Agreement or Hedge Transaction, except for the Borrower's right under any Hedging Agreement to enter into Hedge Transactions in order to meet the Borrower's obligations hereunder. Nothing herein shall have the effect of releasing the Borrower from any of its obligations under any Hedging Agreement or any Hedge Transaction, nor be construed as requiring the consent of any Secured Party for the performance by the Borrower of any such obligations.

Section 6.04. <u>Affirmative Covenants of the Servicer and the Collateral Custodian</u>. From the first Related Closing Date until the Facility Termination Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Compliance with Law</u>. The Servicer and the Collateral Custodian will each comply in all material respects with all Applicable Laws, including those with respect to the Contracts, the Receivables, the related Financed Vehicles, the Receivable Files, or any part thereof and any collection efforts on behalf of the Receivables or related Financed Vehicles that such party takes, except to the extent that such party's failure to so comply would not have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Preservation of Corporate Existence</u>. The Servicer and the Collateral Custodian will each preserve and maintain its existence, rights, franchises, and privileges in its State of formation, and shall qualify and remain qualified in good standing as a foreign limited liability company or corporation, as applicable, in each jurisdiction where the failure to preserve and maintain such existence, rights, franchises, privileges and qualification has had, or could reasonably be expected to have, a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Obligations and Compliance with Receivables</u>. The Servicer will fulfill and comply in all material respects with all obligations on the part of the Borrower to be fulfilled or complied with under or in connection with each Receivable. Neither the Servicer nor the Collateral Custodian will do anything to impair the rights of the Administrative Agent in, to, and under the Collateral. The Servicer will comply in all material respects with the terms and conditions of this Agreement relating to the obligation of the Borrower to remove Receivables from the Collateral pursuant to this Agreement and the obligation of the Seller, under the Purchase Agreement, to reacquire Receivables from the Borrower pursuant to the Purchase Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Performance and Compliance with Basic Documents</u>. The Servicer will timely and fully perform and comply in all material respects with all provisions, covenants, and other promises required to be observed by it under the Servicer Basic Documents. The Collateral Custodian will timely and fully perform and comply in all material respects with all provisions, covenants, and other promises required to be observed by it under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Keeping of Records and Books of Account</u>. The Servicer and the Collateral Custodian will each maintain and implement administrative and operating procedures (including an ability to recreate records evidencing Receivables, including the Receivable Files, in the event of the destruction of the originals thereof), and keep and maintain all documents, books, records and other information reasonably necessary or advisable for the collection of all Receivables, including the Receivable Files.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Preservation of Security Interest</u>. The Servicer will execute and file such <u>financing</u> and continuation statements and any other documents that may be required by any law or regulation of any Governmental Authority to preserve and protect fully the security interest of the Administrative Agent in, to, and under the Collateral; <u>provided</u>, that in the case of any Successor Servicer, the Successor Servicer shall execute and file such documents (as prepared by the Borrower or the Administrative Agent) only upon the written direction of the Borrower or the Administrative Agent and any action taken by the Successor Servicer pursuant to this clause shall be a reimbursable expense paid in accordance with the provisions of Section 2.07. The Servicer will defend the right, title, and interest of the Borrower, the Secured Parties, the Administrative Agent and the Collateral Custodian in, to and under the Collateral against all claims of third parties claiming through or under the Servicer; <u>provided</u>, that in the case of any Successor Servicer, such action or defense shall only be taken at the written direction of the Borrower or the Administrative Agent and, so long as the need for such defense or action was not caused by the Successor Servicer's gross negligence, bad faith, or willful misconduct, any action taken by the Successor Servicer pursuant to this clause shall be a reimbursable expense paid in accordance with the provisions of Section 2.07.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Credit and Collection Policy</u>. The Servicer will comply in all material respects with the Credit and Collection Policy in regard to each Receivable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Monthly Reports</u>. Not later than each Reporting Date, the Servicer will provide to the Administrative Agent and, to the extent requested or required by a Hedge Counterparty, such Hedge Counterparty, a Monthly Report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Events of Default and Servicer Termination Events</u>. Each of the Servicer and the Collateral Custodian will furnish to the Administrative Agent, the Backup Servicer and each Hedge Counterparty, within two Business Days after a Responsible Officer of the Servicer or the Collateral Custodian, as applicable, has actual knowledge thereof, notice of the occurrence of an Unmatured Event of Default, an Event of Default, an Unmatured Servicer Termination Event or a Servicer Termination Event.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Other</u>. The Servicer and the Collateral Custodian will each furnish to the Administrative Agent, from time to time, such other information, documents, records or reports respecting the Collateral or the condition or operations, financial or otherwise, of the Servicer or the Collateral Custodian, as applicable, as the Administrative Agent may from time to time reasonably request in order to protect the interests of the Administrative Agent or Lenders under or as contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Notices Regarding Collateral</u>. The Servicer and the Collateral Custodian shall each advise the other and the Administrative Agent in writing in reasonable detail promptly following its actual knowledge or receipt of written notice of (i) the occurrence of any breach in any material respect by the Servicer or the Collateral Custodian, respectively, of any of its representations, warranties, and covenants contained herein relating to the Receivables, and (ii) the occurrence of any other event which would reasonably be expected to have a material adverse effect on the security interest of the Administrative Agent on behalf of the Secured Parties in the Collateral or the collectability of all or a material portion of the Receivables. Furthermore, the Servicer shall include in each Monthly Report (A) a listing of any Liens (other than Permitted Liens) that were asserted or claims that were made against any portion of the Collateral through the end of the related Collection Period and (B) a listing of any Receivables with respect to which any proceeding is pending in which any defense, claim of offset, counterclaim, or claim of recoupment has been alleged by the related Obligor or any Governmental Authority through the end of the related Collection Period, and the Servicer shall promptly provide further information regarding such Liens, proceedings, and/or the affected Collateral if requested by the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Additional Information</u>. The Servicer and the Collateral Custodian shall each, within five Business Days of its receipt thereof, respond to reasonable written directions or written requests for information that the other, the Borrower, the Administrative Agent, or any Lender might have with respect to the administration of the Receivables.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>Financial Statements</u>. The initial Servicer shall cause the Performance Guarantor to provide to the Administrative Agent, each Agent, and each Lender, the financial statements with respect to Lendbuzz described in Section 6.01(l)(iii).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>Accounting Policy</u>. The initial Servicer will notify the Administrative Agent within ten Business Days of its implementation of any material change in its accounting policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) <u>Additional Covenants</u>. The Servicer shall (i) promptly notify the Borrower, the Administrative Agent, and the Collateral Custodian of the occurrence of any event which would require that the Borrower make or cause to be made any filings, reports, notices, or applications or seek any consents or authorizations from any and all Governmental Authorities in accordance with the relevant UCC and any State vehicle license or registration authority as may be necessary or advisable to create, maintain, and protect a first priority security interest of the Administrative Agent in, to and on the Financed Vehicles and a first priority security interest of the Administrative Agent in, to and on the Collateral, and (ii) take all reasonable action necessary to maximize the returns pursuant to the Insurance Policies.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) <u>Anti-Corruption Laws and Sanctions</u>. The initial Servicer and the initial Collateral Custodian will each remain subject to and enforce Lendbuzz's policies and procedures designed to ensure compliance by Lendbuzz and its Subsidiaries and each of their respective Subsidiaries and their respective directors, officers, employees, and agents with Anti-Corruption Laws and applicable Sanctions

Section 6.05. <u>Negative Covenants of the Servicer and the Collateral Custodian</u>. From the first Related Closing Date until the Facility Termination Date

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Accounts</u>. Neither the Servicer nor the Collateral Custodian shall create or participate in the creation of, or solely in the case of the initial Servicer and the initial Collateral Custodian, permit to exist, any Liens (other than Permitted Liens) with respect to the Remittance Account or the Collection Account. Neither the Servicer nor the Collateral Custodian shall enter into any 'control agreement' (as defined in the relevant UCC) with respect to the Remittance Account (other than the Blocked Account Control Agreement) or the Collection Account (other than the Control Agreement). Without the prior written Consent of the Administrative Agent, neither the Servicer nor the Collateral Custodian shall move the Remittance Account or the Collection Account to an institution other than the one at which it is held as of the Pool 1 Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Change of Name or Location of Receivable Files</u>. Neither the initial Servicer nor the initial Collateral Custodian shall change its name or its state of organization, move the location of its principal place of business and chief executive office, or the offices where it keeps records concerning the Receivables (including the Receivable Files, with respect to the initial Collateral Custodian) from the location referred to in Section 7.17 or Section 13.02, unless the initial Servicer or the initial Collateral Custodian, respectively, has provided prior written notice to the Administrative Agent and has taken all actions required under the UCC of each relevant jurisdiction in order to continue the first priority perfected security interest of the Administrative Agent, as agent for the Secured Parties, in the Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Credit and Collection Policy</u>. The Servicer will not amend, modify, restate or replace, in whole or in part, in any material respect, the Credit and Collection Policy, without the prior written Consent of the Administrative Agent, which consent shall not be unreasonably withheld.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Change in Payment Instructions to Obligors</u>. The initial Servicer will not make any change in its instructions to the Obligors regarding payments to be made to the Borrower or the Servicer, except as otherwise permitted by the Credit and Collection Policy, or payments to be made to the Remittance Account, unless the Administrative Agent has Consented to such change and has received duly executed documentation related thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Extension or Amendment of Contracts</u>. The Servicer will not, except as otherwise permitted in Section 7.03(c)(i), extend, amend or otherwise modify the terms of any Contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>No Instruments</u>. Neither the Servicer nor the Collateral Custodian shall take any action to cause any Receivable to be evidenced by any Instrument or "tangible chattel paper" (as defined in the UCC).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>ERISA</u>. Neither the Servicer nor the Collateral Custodian will (A) with respect to any Pension Plan, engage or permit any ERISA Affiliate to engage in any prohibited transaction for which an exemption is not available or has not previously been obtained from the United States Department of Labor and which would result in a Material Adverse Effect, or (B) to the extent it would result in a Material Adverse Effect (i) permit to exist any accumulated funding deficiency, as defined in Section 302(a) of ERISA and Section 412(a) of the Code, or funding deficiency with respect to any Pension Plan other than a Multiemployer Plan, (ii) fail to make any payments to a Multiemployer Plan that the Servicer or any such ERISA Affiliate may be required to make under the agreement relating to such Multiemployer Plan or any law pertaining thereto, (iii) terminate any Pension Plan so as to result in any liability, or (iv) permit to exist any occurrence of any Reportable Event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Anti-Corruption Laws and Sanctions</u>. Neither the initial Servicer nor the initial Collateral Custodian will cause the Borrower to request the Loan, and none of the initial Servicer, the initial Collateral Custodian, or any Subsidiary or Affiliate of the initial Servicer or the initial Collateral Custodian shall use, and each shall procure that its Subsidiaries and its or their respective directors, officers, employees and agents shall not use, the proceeds of the Loan (i) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws, (ii) for the purpose of funding, financing or facilitating any activities, business or transaction of or with any Sanctioned Person, or in any Sanctioned Country, or (iii) in any manner that would result in the violation of any Sanctions applicable to any party hereto.

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ARTICLE SEVEN

ADMINISTRATION AND SERVICING OF RECEIVABLES

Section 7.01. <u>Designation of Servicing</u>. The Administrative Agent and the Borrower, at the direction of and on behalf of the Administrative Agent, hereby appoint Lendbuzz Funding, as Servicer to manage, collect, and administer each of the Receivables and the other Collateral, and to enforce its respective rights and interests in and under the Collateral and Lendbuzz Funding hereby accepts such appointment and agrees to perform the duties and responsibilities of the Servicer pursuant to the terms hereof.

Section 7.02. <u>Servicing Compensation</u>. As compensation for its servicing activities hereunder and reimbursement for its expenses, the Servicer shall be entitled to receive the Servicing Fee to the extent of funds available therefor pursuant to Section 2.07(ii). The Servicer shall further be entitled to retain as additional servicing compensation any and all Ancillary Fees from Obligors.

Section 7.03. <u>Duties of the Servicer</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Standard of Care</u>. The Servicer agrees that its servicing and collection of the Receivables shall be carried out in accordance with the Credit and Collection Policy and Applicable Law and, to the extent more exacting, the degree of skill and attention that the Servicer exercises with respect to all comparable motor vehicle receivables that it services for itself or others.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Records Held in Trust</u>. The Servicer shall hold in trust for the Secured Parties all records which evidence or relate to all or any part of the Collateral. The outgoing Servicer shall promptly deliver to any Successor Servicer, and the Successor Servicer shall hold in trust for the Borrower and the Secured Parties, all records which evidence or relate to all or any part of the Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Collection Practices</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Servicer shall be responsible for collection of payments called for under the terms and provisions of the Contracts related to the Receivables, as and when the same shall become due. The Servicer, in making collection of Receivable payments pursuant to this Agreement, shall be acting as agent for the Borrower, and shall be deemed to be holding such funds in trust on behalf of and as agent for the Borrower. The Servicer, consistent with the Credit and Collection Policy in effect at the time of acting, shall service, manage, administer, and make collections on the Receivables on behalf of the Borrower and shall have full power and authority to do any and all things which it may deem necessary or desirable in connection therewith which are consistent with this Agreement. The Servicer may in its discretion grant extensions, rebates, or adjustments on a Contract or amend or modify any Contract (including modifying the APR or the amount of the Scheduled Payments) as permitted by the Credit and Collection Policy then in effect. If any such modification occurs after the Termination Date for a Related Loan, such Receivable

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must be repurchased by the initial Servicer pursuant to Section 5.04(b). The Servicer may in its discretion waive any late payment charge or any other fees, not including interest on the Principal Balance, that may be collected in the ordinary course of servicing a Receivable. If Lendbuzz Funding is no longer the Servicer, the Servicer shall also enforce any and all rights of the Borrower under the Purchase Agreement, including the right to require Lendbuzz Funding to repurchase Receivables for breaches of representations and warranties made by Lendbuzz Funding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Consistent with the Credit and Collection Policy, if any Receivable is past due or delinquent, in whole or in part, the Servicer will make reasonable and customary efforts to contact the Obligor. The Servicer shall continue its efforts to obtain payment from an Obligor who is past due or delinquent on a Receivable until the related Financed Vehicle has been repossessed and sold or the Servicer has determined that all amounts collectable on the Receivable have been collected. The Servicer shall use commercially reasonable efforts, consistent with the Credit and Collection Policy and the standard of care set forth in Section 7.03(a), to collect funds on a Liquidated Receivable and by the close of business on the second Business Day following receipt of such Collections to cause such Collections to be deposited into the Collection Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) In the event a Receivable becomes a Liquidated Receivable, the Servicer, itself or through the use of independent contractors or agents shall, consistent with the Credit and Collection Policy, repossess or otherwise convert the ownership of the Financed Vehicle securing any such Receivable. All costs and expenses incurred by the Servicer in connection with the repossession of the Financed Vehicles securing such Receivables shall be reimbursed to the Servicer (other than overhead), to the extent not previously recouped by the Servicer from Recoveries on the Distribution Date immediately succeeding the Collection Period in which the Servicer delivered to the Administrative Agent an itemized statement of such costs and expenses. Notwithstanding the foregoing and consistent with the terms of this Agreement, the Servicer shall not be obligated to repossess or take any action with respect to a Liquidated Receivable if, in its reasonable judgment consistent with the Credit and Collection Policy, the Recoveries would not be increased.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Servicer shall deposit or cause to be deposited by electronic funds transfer all Collections to the Collection Account no later than two Business Days after deposit of such amounts into the Remittance Account and identification thereof; <u>provided</u>, to the extent that any Collections are not received in the Remittance Account, the Servicer shall deposit such Collections to the Remittance Account within two Business Days the deposit of such amounts and identification thereof (for further transfer to the Collection Account within two Business Days after such deposit to the Remittance Account). The Servicer shall employ commercially reasonable efforts to ensure that all amounts deposited to the Remittance Account are identified promptly. Notwithstanding the foregoing, in no event shall any Successor Servicer be obligated to transfer funds in excess of the available funds in the Remittance Account.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Collection; Recourse; Sales of Financed Vehicles</u>. The Servicer, itself or through the use of independent contractors or agents, is authorized to follow practices consistent with the Credit and Collection Policy in its servicing of automotive receivables, which may include reasonable efforts to realize rights of recourse against any Dealer and selling a Financed Vehicle at public or private sale; <u>provided</u>, that the Servicer, itself or through the use of independent contractor or agents shall, in accordance with the Credit and Collection Policy, attempt to maximize the sales proceeds for each repossessed Financed Vehicle. The foregoing shall be subject to the provision that, in any case in which a Financed Vehicle shall have suffered damage, the Servicer shall not expend funds for the repair or the repossession of such Financed Vehicle unless the Servicer shall determine in its discretion that such repair or repossession would increase the Recoveries in an amount greater than the cost of repairs. Notwithstanding the foregoing and consistent with the terms of this Agreement, the Servicer shall not be obligated to repossess or take any action with respect to a repossessed Financed Vehicle if, in its reasonable judgment and consistent with the Credit and Collection Policy, the Recoveries would not be increased.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Insurance</u>. The Servicer shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) on behalf of the Borrower, administer and enforce all rights and responsibilities of the Borrower, as owner of the Receivables, provided for in the Insurance Policies relating to the Receivables;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) administer the filings of claims under the Insurance Policies by filing the appropriate notices related to claims, including initial notices of loss, as well as claims with the respective carriers or their authorized agents all in accordance with the terms of the Insurance Policies; and use reasonable efforts to file such claims on a timely basis after obtaining knowledge of the events giving rise to such claims.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) utilize such notices, claim forms and claim procedures as are required by the respective insurance carriers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) upon receipt of notice that an Obligor's physical damage insurance covering a Financed Vehicle related to a Receivable has lapsed or is otherwise not in force, notify such Obligor that each Obligor is required to maintain physical damage insurance covering a Financed Vehicle throughout the term of the related Receivable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) not be required to pay any premiums or, other than administering the filing of claims and performing reporting requirements specified in the Insurance Policies in connection with filing such claims, perform any obligations of the named insured under such Insurance Policies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) not be responsible to the Borrower, the Secured Parties or the Collateral Custodian for any (A) act or omission to act done in order to comply with the requirements or satisfy any provisions of the Insurance Policies or (B) act, absent willful misconduct or negligence, or omission to act done in compliance with this Agreement.

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In the case of any inconsistency between this Agreement and the terms of any Insurance Policy, the Servicer shall comply with the latter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Obligation to Restore</u>. In the event of any physical loss or damage to a Financed Vehicle related to a Receivable from any cause, whether through accidental means or otherwise, the Servicer shall have no obligation to cause the affected Financed Vehicle to be restored or repaired. However, the Servicer shall comply with the provisions of any insurance policy or policies directly or indirectly related to any physical loss or damage to a Financed Vehicle.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Realization on Financed Vehicles</u>. The Servicer represents, warrants and covenants that in the event that the Servicer realizes upon any Financed Vehicle, the methods utilized by the Servicer to realize upon such Receivable or otherwise enforce any provisions of such Receivable, will be conducted in all material respects in accordance with the provisions of this Agreement, the Credit and Collection Policy, and Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Recordkeeping</u>. The Servicer shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) maintain legible copies (in electronic or hard-copy form, in the discretion of the Servicer) or originals of all documents in its Receivable File with respect to each Receivable and the Financed Vehicle related thereto; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) keep books and records, reasonably satisfactory to the Administrative Agent, pertaining to each Receivable and shall make periodic reports in accordance with this Agreement; such records may not be destroyed or otherwise disposed of except as provided herein and as allowed by Applicable Law, all documents, whether developed or originated by the Servicer or not, reasonably required to document or to properly administer any Receivable shall remain at all times the property of the Borrower and shall be held in trust by the Servicer; the Servicer shall not acquire any property rights with respect to such records, and shall not have the right to possession of them except as subject to the conditions stated in this Agreement; and the Servicer shall bear the entire cost of restoration in the event any Receivable File shall become damaged, lost or destroyed while in the Servicer's possession or control.

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Section 7.04. <u>Collection of Payments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Payments to the Remittance Account</u>. On or before each Related Closing Date, the initial Servicer shall have instructed all related Obligors to make all payments in respect of the related Receivables directly to the Remittance Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Establishment of the Collection Account</u>. On or before the first Related Closing Date, the Servicer shall cause the Collection Account to be established with the Account Bank in the name of the Borrower. The Collection Account shall at all times be subject to the Control Agreement. Any reasonable fees and expenses owing to the Account Bank in connection with the maintenance of the Collection Account shall be payable in accordance with the provisions of Section 2.07 to the extent that the Servicer has not elected to pay such amounts from its own account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Adjustments</u>. If the Servicer (i) makes a deposit into the Collection Account in respect of a collection of a Receivable and such collection was received by the Servicer in the form of a check that is not honored for any reason, (ii) makes a mistake with respect to the amount of any collection and deposits an amount that is less than or more than the actual amount of such collection or (iii) is entitled to reimbursement of any Ancillary Fees in accordance with Section 7.02, the Servicer shall appropriately adjust the amount subsequently deposited into the Collection Account to reflect such dishonored check, mistake or reimbursement (as applicable). Any Scheduled Payment in respect of which a dishonored check is received shall be deemed not to have been paid.

Section 7.05. <u>Servicer Advances</u>. For each Collection Period, if the Servicer determines that any Scheduled Payment (or portion thereof) that was due and payable pursuant to a Receivable during such Collection Period was not received prior to the last day of such Collection Period, the Servicer may, but is not obligated to, make an advance in an amount up to the amount of such delinquent Scheduled Payment (or portion thereof); in addition, if on any day there are not sufficient funds on deposit in the Collection Account to pay accrued Interest, the Servicer may, but is not obligated to, make an advance in the amount necessary to pay such Interest (each, a "<u>Servicer Advance</u>"), in each case if the Servicer reasonably believes that the Servicer Advance will be recovered from subsequent payments with respect to such Receivable. The Servicer will deposit any Servicer Advances into the Collection Account on or prior to 2:00 p.m., New York City time, on the related Distribution Date, in immediately available funds. The Servicer shall be entitled to reimbursement of Servicer Advances from subsequent payments on or in respect of the Receivable with respect to which a Servicer Advance was made, including collections of any prepayments, amounts deposited in the Collection Account for the repurchase of the Receivable for a breach of a representation or warranty and, if the Servicer determines that a Servicer Advance will not be recovered from the Receivable to which it relates, from collections related to other Receivables. Notwithstanding anything to the contrary set forth herein, no Successor Servicer will be required to make any Servicer Advance.

Section 7.06. <u>Payment of Certain Expenses by Servicer</u>. Except for such amounts and expenses for which the Servicer is entitled to reimbursement as provided herein, the Servicer will be required to pay all expenses incurred by it in connection with its activities under this Agreement, including Taxes imposed on the Servicer, expenses incurred in connection with payments and reports pursuant to this Agreement, fees and expenses of subservicers and agents of the Servicer, and all other fees and expenses not expressly stated under this Agreement for the account of the Borrower.

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Section 7.07. <u>Reports and Audit</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Monthly Reports</u>. On each Reporting Date, the Servicer will provide to the Borrower, the Administrative Agent, the Backup Servicer, and, to the extent requested or required by a Hedge Counterparty, such Hedge Counterparty, a Monthly Report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Quarterly Report</u>. By the 15<sup>th</sup> of each February, May, August and November, commencing in November 2022, the Servicer will provide a Quarterly Report to the Administrative Agent and, to the extent requested or required by a Hedge Counterparty, such Hedge Counterparty. The Administrative Agent or a Hedge Counterparty may request such report more frequently if required by regulators or to comply with Applicable Law (including Basel II and Basel III).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>[Reserved]</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Audit</u>. Both (i) once during each calendar year, commencing in the calendar year when the "Facility Termination Date" occurs with respect to, and as defined in, the Loan Agreement, dated as of January 18, 2022 (as the same may be amended, restated, supplemented or otherwise modified from time to time), by and among Lendbuzz SPV V, LLC, Lendbuzz Funding, as servicer and as collateral custodian, the lenders from time to time parties thereto, the agents from time to time parties thereto, and JPMorgan Chase Bank, as administrative agent and as account bank, and (ii) at any time after the occurrence and during the continuation of an Event of Default or Servicer Termination Event, at the request of the Administrative Agent and in all cases following the delivery to the Borrower, the Servicer, or the Collateral Custodian, as applicable, of prior written notice from the Administrative Agent, each of the Borrower, the Servicer, or the Collateral Custodian, as the case may be, shall permit such Person or Persons as the Administrative Agent may designate (including the Backup Servicer or an independent accounting firm), with the approval of the Required Lenders, to conduct, on behalf of all of them, audits or to visit and inspect any of the properties of the Borrower, the Servicer, or the Collateral Custodian where the Receivable Files are located, as the case may be, to examine the Receivable Files, internal controls and procedures maintained by the Borrower, the Servicer, or the Collateral Custodian, as the case may be, and take copies and extracts therefrom (provided that the parties seeking to take such copies and extracts have executed a confidentiality agreement with respect to such materials that is reasonably acceptable to the Borrower, the Servicer, or the Collateral Custodian, as applicable), and to discuss the affairs of the Borrower, the Servicer, or the Collateral Custodian with their respective officers and employees (provided that such discussions will be scheduled so as to not materially disrupt the operations of the Borrower, the Server, or the Collateral Custodian, as applicable) and, upon written notice to the Borrower, the Servicer, or the Collateral Custodian, as the case may be, their respective independent accountants. Each of the Borrower, the Servicer, and the Collateral Custodian hereby authorizes their respective such officers, employees and independent accountants to discuss with the Administrative Agent and its representatives, the affairs of the Borrower, the Servicer, or the Collateral Custodian, as the case may be. With respect to any such audit, visit, and/or inspection that occurs at any time after the occurrence and during the continuation of an Event of Default or

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Servicer Termination Event, the Servicer shall reimburse the Administrative Agent for all reasonable fees, costs and expenses incurred by or on behalf of the Secured Parties in connection with the foregoing actions promptly upon receipt of a written invoice therefor. Nothing in this subsection shall affect the obligation of the Servicer and the Collateral Custodian to observe any Applicable Law prohibiting the disclosure of information regarding the Obligors, and the failure of the Servicer or the Collateral Custodian to provide access to information as a result of such obligation shall not constitute a breach of this subsection. In the case of any Successor Servicer, any fees or expenses of the Servicer referenced in this Section shall be reimbursable in accordance with the provisions of Section 2.07.

Section 7.08. <u>Backup Servicer</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Servicer shall perform all of its duties under the Backup Servicing Agreement. Furthermore, the Borrower shall both perform all of its duties under the Backup Servicing Agreement and shall also cause the Servicer to consult with the Backup Servicer as may be necessary from time to time to perform or carry out the Backup Servicer's obligations thereunder, including the obligation, if requested in writing by the Administrative Agent, to succeed to the duties and obligations of the Servicer pursuant hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Backup Servicer shall be entitled to recover its fees and reimbursable costs as set forth in the Backup Servicing Agreement in accordance with Section 2.07 (but only to the extent that the same have not been paid by the Servicer).

Section 7.09. <u>Rights After Assumption of Duties by Backup Servicer or Designation of</u> <u>Successor Servicer; Liability</u>. At any time following the assumption of the duties of the Servicer by the Backup Servicer, in its capacity as Successor Servicer, or the designation of a Successor Servicer (other than the Backup Servicer) pursuant to Section 7.13 as a result of the occurrence of a Servicer Termination Event:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Servicer, on behalf of the Borrower, shall, at the Administrative Agent's request, (i) assemble all of the records relating to the Collateral, including all Receivable Files (to the extent such Receivable Files are in the possession of the Servicer and not the Collateral Custodian), and shall make the same available to the Administrative Agent, the Backup Servicer, or any Successor Servicer at a place selected by the Administrative Agent, and (ii) segregate all cash, checks, and other instruments received by it from time to time constituting Collections of Collateral in a manner acceptable to the Administrative Agent, the Backup Servicer, or such other Successor Servicer and shall, no later than two Business Days after receipt, remit all such cash, checks, and instruments, duly endorsed or with duly executed instruments of transfer, to, or at the direction of, the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Borrower hereby authorizes the Administrative Agent to take or cause to be taken any and all steps in the Borrower's name and on behalf of the Borrower necessary or desirable, in the determination of the Administrative Agent, to collect all amounts due under the Collateral, including endorsing the Borrower's name on checks and other instruments representing Collections and enforcing the Receivables.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Successor Servicer shall be liable in accordance herewith only to the extent of the obligations specifically undertaken by the Successor Servicer in such capacity herein. Such liability is limited to only those actions taken or omitted to be taken by the Successor Servicer and caused through its gross negligence, bad faith, or willful misconduct. No implied covenants or obligations shall be read into this Agreement against the Successor Servicer and, in the absence of bad faith on its part, the Successor Servicer may conclusively rely on the truth of the statements and the correctness of the opinions expressed in any certificates or opinions furnished to the Successor Servicer and conforming to the requirements of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Successor Servicer shall not be charged with actual or constructive knowledge of any Event of Default or Unmatured Event of Default unless a Responsible Officer of the Successor Servicer obtains actual knowledge of such event or the Successor Servicer receives written notice of such event from the Borrower, the Servicer, or the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Successor Servicer shall not be required to expend or risk its own funds or otherwise incur financial liability in the performance of its duties hereunder, or in the exercise of any of its rights or powers, if the repayment of such funds or adequate indemnity against such risks or liability is not reasonably assured to it in writing prior to the expenditure of such funds or the incurrence of financial liability.

Section 7.10. <u>Limitation on Liability of the Servicer, the Collateral Custodian, and</u> <u>Others</u>. Except as expressly provided herein, neither the Servicer, the Collateral Custodian, nor any of their respective directors, officers, employees, or agents shall be under any liability to the Secured Parties or any other Person for any action taken or for refraining from the taking of any action pursuant to this Agreement; <u>provided</u>, that this provision shall not protect the Servicer, the Collateral Custodian, or any other such Person against any liability that would otherwise be imposed by reason of its willful misconduct, bad faith, or negligence in the performance of duties or by reason of its willful misconduct hereunder.

Section 7.11. <u>The Servicer and the Collateral Custodian Not to Resign</u>. Neither the Servicer nor the Collateral Custodian shall resign unless such party has obtained the prior written consent of the Administrative Agent (acting at the direction of the Required Lenders), or unless the Servicer or the Collateral Custodian, respectively, provides an Opinion of Counsel to the Administrative Agent to the effect that the Servicer or the Collateral Custodian, as applicable, is no longer permitted by law to act as the Servicer or the Collateral Custodian, respectively, hereunder. No termination or resignation of the Servicer or the Collateral Custodian hereunder shall be effective until a Successor Servicer or Successor Collateral Custodian, in each case acceptable to the Administrative Agent, has accepted its appointment as Successor Servicer or Successor Collateral Custodian, respectively, hereunder and has agreed to be bound by the terms of this Agreement.

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Section 7.12. <u>Servicer Termination Events</u>. The occurrence and continuance of any of the following events shall constitute a "<u>Servicer Termination Event</u>" hereunder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any failure by the Servicer to make any payment, transfer, or deposit as required by it as required by any Basic Document, to which it is a party, which failure is not remedied within two Business Days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any failure by the Servicer to deliver the Monthly Report by the Reporting Date, which failure is not remedied within two Business Days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) an Insolvency Event shall occur with respect to the Servicer or any Subsidiary of the Servicer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any failure by the Servicer duly to observe or perform in any material respect any other covenant or agreement of the Servicer set forth in this Agreement or the other Basic Documents to which the Servicer is a party, which such failure remains unremedied for 30 days after the earlier of knowledge thereof by the Servicer or after the date on which written notice of such failure shall have been given to the Servicer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any representation, warranty, or certification made by the Servicer in any Basic Document to which it is a party or in any certificate delivered pursuant to any Basic Document to which it is a party shall prove to have been false or otherwise incorrect in any respect when made, deemed made, or delivered, which such incorrect representation, warranty, or certification materially and adversely affects the rights or interests of the Secured Parties and, if able to be cured, shall not have been cured for 30 days after the earlier of the date on which the Servicer first has knowledge thereof or the date on which written notice of such failure shall have been given to the Servicer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) with respect to the initial Servicer only, either Lendbuzz Funding or a Subsidiary of Lendbuzz Funding shall default under any Indebtedness having a principal amount of $5,000,000 or greater, and (i) such default continues after the applicable grace period, if any, specified in the agreements or instruments relating to such Indebtedness, (ii) such default has not been waived by the required lenders, creditors, or similarly denominated parties under the agreements or instruments relating to such Indebtedness and in the manner specified in such agreements or instruments, and (iii) as a consequence of such default, either the required lenders, creditors, or similarly denominated parties have accelerated the maturity of such Indebtedness, or the acceleration of the maturity of such Indebtedness has occurred automatically, in all cases as specified in the agreements or instruments relating to such Indebtedness and in all cases the result of which acceleration (regardless of how it is denominated in such agreements or instruments) is to require the immediate repayment of principal on such Indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any material provision of any Basic Document to which the Servicer is a party shall in whole or in part, cease to be in full force and effect or cease to be the legally valid, binding and enforceable obligation of the Servicer;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) (i) one or more final nonappealable judgments shall be entered against the Servicer by one or more courts of competent jurisdiction assessing monetary damages, individually or in the aggregate over any calendar year, in excess of $5,000,000; (ii) one or more monetary settlements shall be entered into by the Servicer with any Person, individually or in the aggregate over any calendar year, in excess of $5,000,000; (iii) the IRS shall file notice of a Lien pursuant to Section 6323 of the Code with regard to any assets of the Servicer and such Lien shall not have been released within 30 days; or (iv) the Pension Benefit Guaranty Corporation shall file notice of a Lien pursuant to Section 4068 of ERISA with regard to any of the assets of the Servicer and such Lien shall not have been released within 30 days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any Change in Control shall occur with respect to Lendbuzz Funding without the prior Consent of the Administrative Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) an Event of Default shall have occurred and is continuing and shall not have been waived;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) with respect to the initial Servicer, a Material Adverse Change with respect to Lendbuzz Funding shall have occurred and is continuing and shall not have been waived; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) the Performance Guaranty shall cease to be in full force and effect (other than in accordance with its terms) or the Performance Guarantor shall assert that it is not bound by, or otherwise seek to terminate or disaffirm its obligations under, the Performance Guaranty, or shall otherwise claim that the Performance Guaranty is in any way invalid or unenforceable.

Upon the occurrence of any of the foregoing, notwithstanding anything herein to the contrary, the Termination Date with respect to each Related Loan shall occur and, so long as any such Servicer Termination Event shall not have been remedied within any applicable cure period or waived in writing by the Required Lenders, the following shall immediately occur without further action: (i) [Reserved]; (ii) the Administrative Agent (acting at the direction of or with the consent of the Required Lenders) by written notice to the Servicer (with a copy to each Agent, Lender, Hedge Counterparty, the Backup Servicer, and the Collateral Custodian) (a "<u>Servicer</u> <u>Termination Notice</u>"), may terminate all of the rights and obligations of the Servicer as Servicer under this Agreement; (iii) the Administrative Agent may direct the Servicer to direct Collections to an account other than the Remittance Account or the Collection Account; and (iv) the Administrative Agent may terminate the Collateral Custodian (if the Collateral Custodian is Lendbuzz Funding or an Affiliate of Lendbuzz Funding) and cause the Collateral Custodian to deliver, or cause to be delivered, the Receivable Files and the related accounts and records maintained by the Collateral Custodian to the Administrative Agent, or its agent or designee, at such place as the Administrative Agent may reasonably designate.

Section 7.13. <u>Appointment of Successor Servicer</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On and after the receipt by the Servicer of a Servicer Termination Notice, the Servicer shall continue to perform all servicing functions under this Agreement until the date specified in the Servicer Termination Notice or otherwise specified by the Administrative Agent in writing or, if no such date is specified in such Servicer Termination Notice or otherwise specified by the Administrative Agent, until a date mutually agreed upon by the Servicer, the Administrative Agent, and the Backup Servicer. The Administrative Agent may, in its discretion, at the time described in the immediately preceding sentence, appoint the Backup Servicer as the Successor Servicer hereunder in accordance with this Agreement and the Backup

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Servicing Agreement, in which case the Backup Servicer shall assume all obligations of the Servicer hereunder, and all authority and power of the Servicer under this Agreement shall pass to and be vested in the Backup Servicer as Successor Servicer. All actions taken by the Administrative Agent pursuant to this Section shall be taken upon the request or approval of the Required Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event that there is no Backup Servicer at the time that the Servicer is terminated hereunder, or the Administrative Agent does not so appoint the Backup Servicer to succeed the Servicer as Successor Servicer hereunder, or the Backup Servicer is unable to assume such obligations on such date, the Administrative Agent shall as promptly as possible appoint a successor servicer (each such party so appointed or, as applicable, the Backup Servicer as successor to the Servicer, collectively, the "<u>Successor Servicer</u>"), and such Successor Servicer shall accept its appointment by a written assumption in a form acceptable to the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon the termination and removal of the Servicer, the predecessor Servicer shall cooperate with the Successor Servicer in effecting the termination of the rights and responsibilities of the predecessor Servicer under this Agreement, including the transfer to the Successor Servicer for administration by it of all cash amounts that shall at the time be held by the predecessor Servicer for deposit, or shall thereafter be received, with respect to a Receivable, and the related accounts and records maintained by the Servicer. In the case that the Successor Servicer shall not agree to perform any duties or obligations of the Servicer hereunder, such duties or obligations may be performed or delegated by the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Administrative Agent shall have the same rights of removal and termination for cause with respect to any Successor Servicer as with respect to Lendbuzz Funding as the Servicer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Successor Servicer shall act as Servicer hereunder and shall, subject to the availability of sufficient funds in the Collection Account pursuant to Section 2.07 (up to the Servicing Fee), receive as compensation therefor the Servicing Fee pursuant to Section 2.07.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) All reasonable out-of-pocket costs and expenses (including attorneys' fees and disbursements) incurred in connection with the transferring of Receivables to the Successor Servicer, converting the Servicer's data to the computer system of the Successor Servicer, and amending this Agreement to reflect such succession as Servicer pursuant to this Section shall be paid by the predecessor Servicer upon presentation of reasonable transition expenses (the "<u>Transition Expenses</u>"). In no event shall the Successor Servicer be responsible for any Transition Expenses. If the predecessor Servicer fails to pay the Transition Expenses, the Transition Expenses shall be payable pursuant to Section 2.07.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Upon its appointment, the Successor Servicer shall be the successor in all respects to the Servicer with respect to servicing functions under this Agreement and shall be subject to all the responsibilities, duties and liabilities relating thereto placed on the Servicer by the terms and provisions hereof, and all references in this Agreement to the Servicer shall be deemed to refer to the Successor Servicer; <u>provided</u>, that any Successor Servicer shall have (i) no liability with respect to any obligation which was required to be performed by the predecessor Servicer

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prior to the date that the successor becomes the Successor Servicer or any claim of a third party based on any alleged action or inaction of the predecessor Servicer; (ii) no obligation to perform any repurchase or advancing obligations, if any, of the Servicer; (iii) no obligation to pay any Taxes required to be paid by the Servicer; (iv) no obligation to pay any of the fees and expenses of any other party to this Agreement; (v) no liability or obligation with respect to any Servicer indemnification obligations of any prior Servicer, including Lendbuzz Funding; and (vi) no obligation to service the Receivables in accordance with the Credit and Collection Policy, but shall use its customary credit and collection policies for similar assets or those policies to be agreed to with the Administrative Agent. The indemnification obligations of the Successor Servicer are expressly limited to those instances of gross negligence, bad faith or willful misconduct of the Successor Servicer. Furthermore, to the extent that the Backup Servicing Agreement provides that any representations, warranties, covenants, or other agreements made hereunder by the Servicer, or obligations undertaken hereunder by the Servicer, shall not be made or performed, or shall be made or performed in an alternative manner, by the Backup Servicer in the event that the Backup Servicer becomes the Successor Servicer hereunder, the Borrower, the Administrative Agent, the Agents, the Collateral Custodian, and the Lenders agree that the representations, warranties, covenants, other agreement and other obligations of the Servicer hereunder shall not be applicable with respect to, or shall be modified with respect to, the Backup Servicer in its capacity as Successor Servicer and in the manner set forth in the Backup Servicing Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) All authority and power granted to the Servicer under this Agreement shall automatically cease and terminate upon termination of this Agreement and shall pass to and be vested in the Borrower and the Borrower is hereby authorized and empowered to execute and deliver, on behalf of the Servicer, as attorney-in-fact or otherwise, all documents and other instruments, and to do and accomplish all other acts or things necessary or appropriate to effect the purposes of such transfer of servicing rights. The Servicer agrees to cooperate with the Borrower in effecting the termination of the responsibilities and rights of the Servicer to conduct servicing of the Receivables.

Section 7.14. <u>Merger or Consolidation, Assumption of Obligations or Resignation of the</u> <u>Servicer</u>. Any Person (a) into which the Servicer may be merged or consolidated, (b) which may result from any merger or consolidation to which the Servicer may be a party, (c) which may succeed to the properties and assets of the Servicer substantially as a whole, or (d) which may succeed to the duties and obligations of the Servicer under this Agreement following the resignation of the Servicer, which Person executes an agreement of assumption acceptable to the Administrative Agent to perform every obligation of the Servicer hereunder, shall, with the prior written Consent of the Administrative Agent (which Consent shall not be unreasonably withheld), be the successor to the Servicer under this Agreement without further act on the part of any of the parties to this Agreement; <u>provided</u>, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) prior written notice of such consolidation, merger, succession, or resignation shall be delivered by the Servicer to the Administrative Agent and the Collateral Custodian;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) immediately after giving effect to such consolidation, merger, succession, or resignation, no Servicer Termination Event shall have occurred and is continuing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) no Event of Default or Unmatured Event of Default would occur as result of such consolidation, merger, succession, or resignation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Servicer shall have delivered to the Borrower, the Administrative Agent, and the Collateral Custodian an Officer's Certificate and an Opinion of Counsel, each stating that such consolidation, merger, succession, or resignation and such agreement of assumption comply with this Section and that all conditions precedent provided for in this Agreement and the other Basic Documents to which it is a party relating to such transaction have been complied with and, in the case of the Opinion of Counsel, that such agreement of assumption is legal, valid, and binding with respect to the Servicer and such other matters as the Administrative Agent may reasonably request; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Servicer shall have delivered to the Borrower, the Administrative Agent, and the Collateral Custodian an Opinion of Counsel to the effect that either: (A) in the opinion of such counsel, all financing statements, continuation statements and amendments and notations on Certificates of Title thereto have been executed and filed that are necessary to preserve and protect the interest of the Borrower, the Secured Parties, the Administrative Agent, and the Collateral Custodian in the Receivables and reciting the details of such filings or (B) no such action shall be necessary to preserve and protect such interest.

Section 7.15. <u>Responsibilities of the Borrower</u>. Anything herein to the contrary notwithstanding, the Borrower shall (i) perform, or cause the Servicer to perform, all of its obligations under the Receivables to the same extent as if a security interest in such Receivables had not been granted hereunder, and the exercise by the Administrative Agent of its rights hereunder shall not relieve the Borrower from such obligations and (ii) pay when due, from funds available to the Borrower under Section 2.07(xi), any Taxes, including any sales taxes payable in connection with the Receivables and their creation and satisfaction. No Secured Party shall have any obligation or liability with respect to any Receivable, nor shall any of them be obligated to perform any of the obligations of the Borrower thereunder.

Section 7.16. <u>Custody of Receivable Files</u>. To assure uniform quality in servicing the Receivables and to reduce administrative costs, the Administrative Agent, on behalf of the Secured Parties, hereby revocably appoints the Collateral Custodian as its agent, and the Collateral Custodian hereby accepts such appointment, to act as custodian, on behalf of the Secured Parties, of the Receivables and the Receivable Files.

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Section 7.17. <u>Duties of Collateral Custodian</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Safekeeping</u>. With respect to the documents constituting each Receivable File, the Collateral Custodian shall (i) act exclusively as the custodian for, and the agent and bailee (as such term is used in Section 9-313 of the UCC) of, the Secured Parties, (ii) hold all documents constituting such Receivable Files received by it for the exclusive use and benefit of the Secured Parties, and (iii) make disposition thereof only in accordance with the terms of this Agreement or with written instructions furnished by the Administrative Agent. The Collateral Custodian shall maintain such accurate and complete accounts, records and computer systems pertaining to each Receivable File as shall enable the Servicer and the Borrower to comply with this Agreement. In performing its duties as custodian, the Collateral Custodian shall act with reasonable care, using that degree of skill and attention that it exercises with respect to the files of comparable motor vehicle installment sale contracts and installment loans that the Collateral Custodian holds for itself or others. The Collateral Custodian shall maintain continuous custody of the Receivable Files and such other documents received by it in secure, fire resistant facilities; <u>provided</u>, that the Collateral Custodian may, in accordance with its customary custodial practices, (A) maintain all or a portion of the Receivable Files in electronic form, (B) maintain custody of all or any portion of the Receivable Files with an Electronic Chattel Paper Sub-Custodian. Each Receivable shall be identified on the books and records of the Collateral Custodian in a manner that (x) indicates that the Receivable is held by the Collateral Custodian on behalf of the Secured Parties and (y) is otherwise necessary, as reasonably determined by the Collateral Custodian to comply with the terms of this Agreement. The Collateral Custodian shall report to the Administrative Agent any failure on its part to hold the Receivable Files and to maintain its accounts, records, and computer systems as herein provided and take appropriate action to remedy any such failure. Nothing herein shall be deemed to require an initial review or any periodic review of the Receivable Files by the Secured Parties, and none of the Secured Parties shall be liable or responsible for any action or failure to act by the Servicer in its capacity as custodian hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Maintenance of and Access to Records</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Except to the extent such Receivable Files are maintained in electronic form, the Collateral Custodian shall maintain each Receivable File at one of the locations specified in Schedule D or at such other location as shall be specified to the Administrative Agent, each Agent and each Lender, by five days' prior written notice. The Collateral Custodian may temporarily move individual Receivable Files or any portion thereof without notice as requested by the Servicer as necessary to conduct collection and other servicing activities in accordance with its customary practices and procedures. The Collateral Custodian shall make available to the Secured Parties or their duly authorized representatives, attorneys or auditors a list of locations of the Receivable Files, the Receivable Files and the related accounts, records and computer systems maintained by the Collateral Custodian at such times during normal business hours as any Secured Party shall reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The authoritative copy of each Contract that constitutes or evidences a Receivable which is electronic chattel paper will be maintained by an Electronic Chattel Paper Sub-Custodian on behalf of the Collateral Custodian for the benefit of the Secured Parties. The Collateral Custodian will confirm that the authoritative copy of each Contract that constitutes or evidences a Receivable which is electronic chattel paper does not have any marks or notations indicating it has been pledged, assigned or otherwise conveyed to any Person other than the Administrative Agent. The Collateral Custodian will maintain "control" (as defined in Section 9-105 of the UCC) of Receivables that are electronic chattel paper. The Collateral Custodian

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will confirm that each Receivable which is electronic chattel paper has been established in a manner such that (a) all copies or revisions that add or change an identified assignee of the authoritative copy of each contract that constitutes or evidences the Receivable must be made with the participation of the Collateral Custodian on behalf of the Administrative Agent and (b) all revisions of the authoritative copy of each Contract that constitutes or evidences the Receivables must be readily identifiable as an authorized or unauthorized revision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Title to Receivables</u>. The Receivable Files and the other documents delivered to the Collateral Custodian will be delivered from time to time to the Collateral Custodian for the sole purpose of holding for safekeeping. The Collateral Custodian shall not at any time have, or in any way attempt to assert, any interest in any Receivable held by it as custodian hereunder or in the related Receivable File, other than for collecting or enforcing such Receivable for the benefit of the Administrative Agent on behalf of the Secured Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Instructions; Authority to Act</u>. The Collateral Custodian shall be deemed to have received proper instructions with respect to the Receivable Files upon its receipt of written instructions signed by a Responsible Officer of the Administrative Agent (acting at the direction of the Required Lenders).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Indemnification by Collateral Custodian</u>. The Collateral Custodian, in its capacity as custodian of the Receivable Files, shall indemnify and hold harmless the Secured Parties and each of their respective officers, directors, employees and agents from and against any and all loss, liability or expense that may be imposed on, incurred or asserted against the Secured Parties and each of their respective officers, directors, employees and agents as the result of the Collateral Custodian's willful misconduct, bad faith, or gross negligence relating to the maintenance and custody of the Receivable Files by the Collateral Custodian; <u>provided</u>, that the Collateral Custodian shall not be liable for any portion of any such loss, liability, or expense resulting from the willful misfeasance, bad faith, or gross negligence of any Secured Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Effective Period and Termination</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Collateral Custodian's appointment as custodian shall become effective as of the Pool 1 Closing Date and shall continue in full force and effect until terminated pursuant to this Section. If the initial Servicer is terminated following a Servicer Termination Event, the appointment of the Collateral Custodian as custodian hereunder may be terminated by the Administrative Agent. As soon as practicable after any such resignation or termination of such appointment, the Administrative Agent shall appoint a successor Collateral Custodian (such party, a "<u>Successor Collateral Custodian</u>") to be custodian of the Receivable Files and the accounts and records relating thereto and the Collateral Custodian shall, at its sole cost and expense, (i) deliver, or cause to be delivered, the Receivable Files and the related accounts and records maintained by the Collateral Custodian to such Successor Collateral Custodian, or its agent or designee, as the case may be, at such place as such Successor Collateral Custodian may reasonably designate and (ii) otherwise cooperate with the Successor Collateral Custodian in affecting the termination of the rights and responsibilities of the predecessor Collateral Custodian under this Agreement. From

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and after the appointment of a Successor Collateral Custodian, the predecessor Collateral Custodian shall continue to perform all custodial functions under this Agreement until the date specified by the Administrative Agent in writing or, if no such date is specified, until a date mutually agreed upon by the predecessor Collateral Custodian and the Administrative Agent. The Administrative Agent may, in its discretion, at the time described in immediately preceding sentence, appoint the Backup Servicer as the Successor Collateral Custodian hereunder, and the Backup Servicer shall on such date assume all obligations of the Collateral Custodian hereunder, and all authority and power of the predecessor Collateral Custodian under this Agreement shall pass to and be vested in the Backup Servicer. The Administrative Agent shall have the same rights of removal and termination for cause with respect to the Backup Servicer or any other Successor Collateral Custodian as with respect to Lendbuzz as the Collateral Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Collateral Custodian hereby agrees that upon any appointment of a Successor Collateral Custodian hereunder it shall take all necessary action reasonably necessary to transfer all of its control of any Receivables consisting of electronic chattel paper to the applicable Successor Collateral Custodian (including the transfer of such electronic chattel paper to a separate electronic vault at each Electronic Chattel Paper Sub-Custodian controlled by such Successor Collateral Custodian or to a separate electronic vault at such Successor Collateral Custodian or export of the electronic chattel paper from the applicable electronic vault and delivery of physical copies of exported Contracts to the Servicer).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Inspection</u>. The Collateral Custodian shall permit the Administrative Agent, the Servicer, the Backup Servicer, and each Lender or their designee, upon reasonable prior notice and during the Servicer's regular business hours and at the reasonable expense of the Borrower, to periodically, at the discretion of the Administrative Agent (acting at the direction of the Required Lenders), the Servicer, the Backup Servicer and each Lender, conduct an audit of the Receivables and Receivable Files. Notwithstanding the foregoing, for so long as Lendbuzz Funding is both the Servicer and the Collateral Custodian, the right to conduct inspections of the Collateral Custodian shall instead be governed by the provisions of Section 7.07(d).

ARTICLE EIGHT

EVENTS OF DEFAULT

Section 8.01. <u>Events of Default</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each of the following events shall constitute an "<u>Event of Default</u>":

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) failure by the Borrower to (A) make any payment, transfer, or deposit required by the terms of any Basic Document on the day such payment, transfer, or deposit is required to be made (including any payment of Interest, Program Fees, or Unused Fees on any Distribution Date but excluding payments of the Loan Outstanding), or (B) deliver the Monthly Report on the Reporting Date, and in each case, such failure continues unremedied for two Business Days;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) failure of the Borrower to pay in full (A) the Loan Outstanding by the Final Maturity Date or (B) any Pool 1 Monthly Principal Payment Amount, Pool 2 Monthly Principal Payment Amount, Pool 3 Monthly Principal Payment Amount, Pool 4 Monthly Principal Payment Amount, or Pool 5 Monthly Principal Payment Amount when the same becomes due and payable pursuant to the terms of the Basic Documents and such failure continues unremedied for one Business Day;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any failure by the Borrower, Lendbuzz Funding, or Lendbuzz duly to observe or perform in any material respect any other covenant or agreement of the Borrower, Lendbuzz Funding, or Lendbuzz, respectively and, in each case, in any capacity, set forth in this Agreement or the other Basic Documents to which the Borrower, Lendbuzz Funding, or Lendbuzz, respectively, is a party, which failure remains unremedied for 30 days after the earlier of knowledge thereof by the Borrower, Lendbuzz Funding, or Lendbuzz, as applicable, or after the date on which written notice of such failure shall have been given by the other parties or by the Administrative Agent to the Borrower, Lendbuzz Funding, or Lendbuzz, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any representation, warranty, or certification made by the Borrower, Lendbuzz Funding, or Lendbuzz in any Basic Document to which it is a party or in any Monthly Report, Quarterly Report, or other report, certificate, or notice delivered pursuant to any Basic Document to which it is a party, shall prove to have been false or otherwise incorrect in any material respect when made, deemed made, or delivered, which such false or incorrect representation, warranty, or information, if able to be cured, shall not have been cured for 30 days after the earlier of the date on which the Borrower, Lendbuzz Funding, or Lendbuzz, as applicable, first has knowledge thereof or the date on which written notice of such failure shall have been given to the Borrower, Lendbuzz Funding, or Lendbuzz, as applicable; <u>provided</u>, that no Event of Default shall occur under this clause for breaches of representations or warranties that are to be cured by the repurchase of the related Receivable pursuant to Section 5.04 hereof, so long as the related repurchase has been made in accordance with such Section 5.04;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) an Insolvency Event shall occur with respect to the Borrower, Lendbuzz Funding, or Lendbuzz;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the Administrative Agent shall fail for any reason to have a valid, first priority perfected security interest in all, or any material portion of, the Collateral (other than (A) by reason of a release of such portion of the Collateral in accordance with the terms hereof or the other Basic Documents or (B) following the satisfaction in full of the Obligations and any other amounts due hereunder or any other Basic Document in accordance with the terms hereof or thereof on or after the Facility Termination Date), which failure shall not have been cured for 10 days after the earlier of the date on which the Borrower, Lendbuzz Funding, or Lendbuzz first has knowledge thereof or the date on which written notice of such failure shall have been given to the Borrower, Lendbuzz, or Lendbuzz Funding;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) (A) one or more final nonappealable judgments shall be entered against the Borrower, Lendbuzz, or Lendbuzz Funding by one or more courts of competent jurisdiction assessing monetary damages, individually or in the aggregate over any calendar year, in excess of $25,000, $5,000,000 or $5,000,000, respectively; or (B) one or more monetary settlements shall be entered into by the Borrower, Lendbuzz, or Lendbuzz Funding with any Person, individually or in the aggregate over any calendar year, in excess of $25,000, $5,000,000 or $5,000,000 respectively; (C) the IRS shall file notice of a Lien pursuant to Section 6323 of the Code with regard to any assets of the Borrower, Lendbuzz, or Lendbuzz Funding and such Lien shall not have been released within 30 days; or (iv) the Pension Benefit Guaranty Corporation shall file notice of a Lien pursuant to Section 4068 of ERISA with regard to any of the assets of the Borrower, Lendbuzz, or Lendbuzz Funding and such Lien shall not have been released within 30 days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the Borrower, Lendbuzz, or Lendbuzz Funding shall default under any Indebtedness having a principal amount of $0 or greater (with respect to the Borrower) or $5,000,000 or greater (with respect to Lendbuzz or Lendbuzz Funding), and (A) such default continues after the applicable grace period, if any, specified in the agreements or instruments relating to such Indebtedness, (B) such default has not been waived by the required lenders, creditors, or similarly denominated parties under the agreements or instruments relating to such Indebtedness and in the manner specified in such agreements or instruments, and (C) as a consequence of such default, either the required lenders, creditors, or similarly denominated parties have accelerated the maturity of such Indebtedness, or the acceleration of the maturity of such Indebtedness has occurred automatically, in all cases as specified in the agreements or instruments relating to such Indebtedness and in all cases the result of which acceleration (regardless of how it is denominated in such agreements or instruments) is to require the immediate repayment of principal on such Indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) any Change in Control shall occur without the prior consent of the Administrative Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) at any time (A) the Pool 1 Loan Outstanding exceeds the Pool 1 Aggregate Principal Balance, (B) the Pool 2 Loan Outstanding exceeds the Pool 2 Aggregate Principal Balance, (C) the Pool 3 Loan Outstanding exceeds the Pool 3 Aggregate Principal Balance, (D) the Pool 4 Loan Outstanding exceeds the Pool 4 Aggregate Principal Balance, or (E) the Pool 5 Loan Outstanding exceeds the Pool 5 Aggregate Principal Balance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) either (A) any Basic Document shall, in whole or in part, terminate, cease to be effective or cease to be the legally valid, binding, and enforceable obligation of the Borrower, the Borrower, Lendbuzz, or Lendbuzz Funding (in each case, in any capacity) or (B) any of the Borrower, Lendbuzz, or Lendbuzz Funding (in each case, in any capacity) shall, directly or indirectly, contest in any manner such effectiveness, validity, binding nature, or enforceability of, or assert that it is not bound by, or shall otherwise seek to terminate or disaffirm its obligations under, any Basic Document;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) any Servicer Termination Event occurs and is continuing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) any Financial Covenant shall fail to be satisfied;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) either (A) failure on the part of the Borrower by the Pool 3 Loan Hedge Transition Date to have entered into any Hedge Transactions that it is required by Section 6.03 to enter into by no later the Pool 3 Loan Hedge Transition Date, (B) failure on the part of the Borrower by the Pool 4 Loan Hedge Transition Date to have entered into any Hedge Transactions that it is required by Section 6.03 to enter into by no later the Pool 4 Loan Hedge Transition Date, (C) failure on the part of the Borrower by the Pool 5 Loan Hedge Transition Date to have entered into any Hedge Transactions that it is required by Section 6.03 to enter into by no later the Pool 5 Loan Hedge Transition Date, or (D) any other failure on the part of the Borrower at any time to maintain one or more Hedge Transactions in fulfillment of the requirements set forth in Section 6.03, which failure in the case of this clause (D) remains unremedied for 30 days after the Borrower or the initial Servicer has knowledge of such failure or receives notice of such failure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) the Borrower shall fail to have an Independent Manager as required by Section 6.01(o) at any time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) the Borrower shall fail to enter into a Blocked Account Control Agreement in form and substance acceptable to the Administrative Agent by the 120<sup>th</sup> calendar day following the Pool 1 Closing Date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) any of the Borrower, Lendbuzz, or Lendbuzz Funding shall (A) become a "covered fund" under regulations adopted to implement section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act or (B) be required to register as an "investment company" within the meaning of the Investment Company Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon the occurrence of any Event of Default, the Administrative Agent shall, at the request, or may with the consent, of the Required Lenders, by notice to the Borrower, declare the Termination Date to have occurred, without demand, protest, or future notice of any kind, all of which are hereby expressly waived by the Borrower, and, upon such declaration, the Aggregate Loan and all other amounts owing by the Borrower under this Agreement shall be accelerated and become immediately due and payable; <u>provided</u>, that in the event that an Event of Default described in Section 8.01(a)(v) has occurred, the Termination Date shall automatically occur, without demand, protest, or any notice of any kind, all of which are hereby expressly waived by the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon the automatic occurrence or declaration of the occurrence of the Termination Date in accordance with Section 8.01(b), the following shall immediately occur without further action: Interest on the Pool 1 Loan Outstanding, the Pool 2 Loan Outstanding, the Pool 3 Loan Outstanding, the Pool 4 Loan Outstanding, and the Pool 5 Loan Outstanding will be calculated using the Default Rate, and no further Program Fees will accrue with respect to the Pool 1 Loan Outstanding, the Pool 2 Loan Outstanding, the Pool 3 Loan Outstanding, the Pool 4 Loan Outstanding, or the Pool 5 Loan Outstanding.

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Section 8.02. <u>Actions Upon Declaration of the Occurrence of the Termination Date</u>. Upon the automatic occurrence or declaration of the occurrence of the Termination Date following the occurrence of an Event of Default in accordance with Section 8.01(b), the Administrative Agent may, or at the direction of the Required Lenders, shall, exercise in respect of the Collateral the following remedial actions, in addition to any and all other rights and remedies otherwise available to it, including rights available hereunder and all of the rights and remedies of a secured party upon default under the UCC (such rights and remedies to be cumulative and nonexclusive):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Administrative Agent may, without notice to the Borrower except as required by law and at any time or from time to time, charge, set-off, and otherwise apply all or any part of the Loan Outstanding, any Interest accrued thereon and/or any other amount due and owing to any Secured Party against amounts payable to the Borrower from the Collection Account or any part of such account in accordance with the priorities required by Section 2.07.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Administrative Agent may take any action permitted under the Basic Documents, including, without limitation, delivering any shifting control or similar notice under the Blocked Account Control Agreement or the Control Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Consistent with the rights and remedies of a secured party under the UCC (and except as otherwise required by the UCC), the Administrative Agent may, on behalf of itself and the Lenders and without notice except as specified below, solicit and accept bids for and sell the Collateral or any part of the Collateral in one or more parcels at public or private sale, at any exchange, broker's board or at the Administrative Agent's offices or elsewhere, for cash, on credit, or for future delivery, and upon such other terms as the Administrative Agent may deem commercially reasonable. The Borrower agrees that, to the extent notice of sale shall be required by law, at least ten Business Days' notice to the Borrower of the time and place of any public sale or the time after which any private sale is to be made shall constitute reasonable notification. The Administrative Agent shall not be obligated to make any sale of Collateral regardless of notice of sale having been given. The Administrative Agent may adjourn any public or private sale from time to time by announcement at the time and place fixed for such sale, and such sale may, without further notice, be made at the time and place to which it was so adjourned. Every such sale shall operate to divest all right, title, interest, claim, and demand whatsoever of the Borrower in and to the Collateral so sold, and shall be a perpetual bar, both at law and in equity, against the Borrower or any Person claiming the Collateral sold through the Borrower and its successors or assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Upon the completion of any sale under Section 8.02(c), the Borrower will deliver or cause to be delivered all of the Collateral sold to the purchaser or purchasers at such sale on the date of sale, or within a reasonable time thereafter if it shall be impractical to make immediate delivery, but in any event full title and right of possession to such property shall pass to such purchaser or purchasers forthwith upon the completion of such sale. Nevertheless, if so requested by the Administrative Agent or by any purchaser, the Borrower shall confirm any such sale or transfer by executing and delivering to such purchaser all proper instruments of conveyance and transfer and release as may be designated in any such request.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) At any sale under Section 8.02(c), Lendbuzz, Lendbuzz Funding, the Administrative Agent, or any Secured Party may bid for and purchase the property offered for sale and, upon compliance with the terms of sale, may hold, retain, and dispose of such property without further accountability therefor. Any Secured Party purchasing property at a sale under Section 8.02(c) may set off the purchase price of such property against amounts owing to such Secured Party in full payment of such purchase price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Administrative Agent may direct the Servicer to direct Collections to an account other than the Remittance Account or the Collection Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Administrative Agent may exercise, at the Borrower's sole expense, any and all rights and remedies of the Borrower under or in connection with the Collateral.

Section 8.03. <u>Exercise of Remedies</u>. No failure or delay on the part of the Administrative Agent to exercise any right, power, or privilege under this Agreement and no course of dealing between the Borrower, on the one hand, and the Administrative Agent, any Agent or the Secured Parties, on the other hand, shall operate as a waiver of such right, power or privilege, nor shall any single or partial exercise of any right, power, or privilege under this Agreement preclude any other or further exercise of such right, power, or privilege or the exercise of any other right, power or privilege. The rights and remedies expressly provided in this Agreement are cumulative and not exclusive of any rights or remedies which the Secured Parties would otherwise have pursuant to law or equity. No notice to or demand on any party in any case shall entitle such party to any other or further notice or demand in similar or other circumstances, or constitute a waiver of the right of the other party to any other or further action in any circumstances without notice or demand.

Section 8.04. <u>Waiver of Certain Laws</u>. The Borrower agrees, to the full extent that it may lawfully so agree, that neither it nor anyone claiming through or under it will set up, claim, or seek to take advantage of any appraisal, valuation, stay, extension, or redemption law now or hereafter in force in any locality where any Collateral may be situated in order to prevent, hinder, or delay the enforcement or foreclosure of this Agreement, or the absolute sale of any of the Collateral or any part thereof, or the final and absolute putting into possession thereof, immediately after such sale, of the purchasers thereof, and the Borrower, for itself and all who may at any time claim through or under it, hereby waives, to the full extent that it may be lawful so to do, the benefit of all such laws, and any and all right to have any of the properties or assets constituting the Collateral marshaled upon any such sale, and agrees that the Administrative Agent or any court having jurisdiction to foreclose the security interests granted in this Agreement may sell the Collateral as an entirety or such parcels as the Administrative Agent or such court may determine.

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Section 8.05. <u>Power of Attorney</u>. The Borrower hereby irrevocably appoints the Administrative Agent its true and lawful attorney (with full power of substitution) in its name, place, and stead and at its expense, in connection with the enforcement of the rights and remedies provided for in this Article, including: (i) to give any necessary receipts or acquittance for amounts collected or received hereunder, (ii) to make all necessary transfers of the Collateral in connection with any sale or other disposition made pursuant hereto, (iii) to execute and deliver for value all necessary or appropriate bills of sale, assignments, and other instruments in connection with any such sale or other disposition, the Borrower thereby ratifying and confirming all that such attorney (or any substitute) shall lawfully do hereunder and pursuant hereto, and (iv) to sign any agreements, orders, or other documents in connection with or pursuant to any Basic Document. In furtherance of the foregoing, the Borrower shall deliver to the Administrative Agent an executed power of attorney in the form of Exhibit D on the Pool 1 Closing Date. If so requested by the Administrative Agent, directly or through a purchaser of any of the Collateral, the Borrower shall ratify and confirm any such sale or other disposition by executing and delivering to the Administrative Agent or such purchaser all proper bills of sale, assignments, releases, and other instruments as may be designated in any such request.

ARTICLE NINE

INDEMNIFICATION

Section 9.01. <u>Indemnities by the Borrower</u>. Without limiting any other rights which the Administrative Agent, each Agent, each Lender or its assignee, the Backup Servicer (including in its capacity as Successor Servicer), the Account Bank, the Collateral Custodian (if not Lendbuzz Funding), the Servicer (if not Lendbuzz Funding), or any of their respective Affiliates may have hereunder or under Applicable Law, the Borrower hereby agrees to indemnify the Administrative Agent, each Agent, each Secured Party, the Backup Servicer, including if it is then acting as Successor Servicer, the Account Bank, the Collateral Custodian (if not Lendbuzz Funding), the Servicer (if not Lendbuzz Funding), and each of their respective Affiliates and officers, directors, employees and agents thereof (collectively, the "<u>Indemnified Parties</u>") from and against any and all reasonable and documented fees, damages, losses, claims, liabilities and related costs and expenses, including reasonable attorneys' fees, court costs, and expenses (collectively, the "<u>Indemnified Amounts</u>") awarded against or incurred by, any such Indemnified Party arising out of or as a result of this Agreement, excluding, however, Indemnified Amounts to the extent resulting from the gross negligence, bad faith, or willful misconduct on the part of any Indemnified Party. Without limiting the foregoing, the Borrower shall indemnify the Indemnified Parties for Indemnified Amounts relating to or resulting from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any Receivable represented by the Borrower to be an Eligible Receivable which is not at the applicable time an Eligible Receivable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) reliance on any representation or warranty made or deemed made by the Borrower or any of its respective officers under or in connection with this Agreement or any other Basic Document, which shall have been false or incorrect in any material respect when made or deemed made or delivered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the failure by the Borrower to comply with any term, provision, or covenant contained in this Agreement or any other Basic Document, or a failure by the Borrower to comply with any Applicable Law with respect to any Contract or Receivable, the related Financed Vehicle or the non-conformity of any Contract with any such Applicable Law;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the failure to vest and maintain vested in the Administrative Agent a valid and enforceable security interest in any or all of the Collateral or a valid and enforceable first priority perfected security interest in any or all of the Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the failure to file, or any delay in filing, financing statements or other similar instruments or documents under the UCC of any applicable jurisdiction or other Applicable Laws with respect to the Collateral, whether at the time of the Loan or at any subsequent time and as required by the Basic Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any dispute, claim, offset, or defense (other than the discharge in bankruptcy of the related Obligor) of an Obligor to the payment of any Receivable comprising a portion of the Collateral which is, or is purported to be, an Eligible Receivable (including a defense based on the Contract not being a legal, valid, and binding obligation of such Obligor enforceable against it in accordance with its terms) or any other claim resulting from the sale or financing of the Financed Vehicle related to such Receivable (other than as a result of the bankruptcy or insolvency of the related Obligor);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) any products liability claim or personal injury or property damage suit or other similar or related claim or action of whatever sort arising out of or in connection with any Contract or the related Financed Vehicle;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the failure by the Borrower to pay when due any Taxes for which the Borrower is liable, including sales, excise or personal property taxes payable in connection with the Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) any repayment or disgorgement by any Agent or a Secured Party of any amount previously distributed in reduction of the Loan Outstanding or payment of Interest, any other Obligation or any other amount due hereunder or under any Hedging Agreement, in each case which amount such entity believes in good faith is required to be repaid or disgorged;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) any litigation, proceeding, or investigation relating to arising from the Basic Documents, the transactions contemplated hereby and thereby, the use of proceeds of the Loans or any other investigation, litigation or proceeding relating to the Borrower in which any Indemnified Party becomes involved as a result of any of the transactions contemplated by the Basic Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) the use of the proceeds of the Loan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) any failure by the Borrower to give reasonably equivalent value to the Seller in consideration for the transfer by the Seller to the Borrower of any of the Receivables and the related Collateral or any attempt by any Person to void or otherwise avoid any such transfer under any statutory provision or common law or equitable action, including any provision of the Bankruptcy Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) the commingling by the Borrower of any Collections with other funds;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) any claim brought by any Person arising from any activity by the Borrower in servicing, administering or collecting any Receivable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) the failure of the Remittance Account Bank (for so long as JPMorgan Chase Bank is not the Remittance Account Bank) or the Account Bank (for so long as JPMorgan Chase Bank is not the Account Bank), respectively, to remit any amounts or items of payment held in the Remittance Account or the Collection Account pursuant to the instructions of the Administrative Agent given in accordance with this Agreement or the other Basic Documents, whether by reason or the exercise of setoff rights or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) all reasonable and documented fees, costs, and expenses (including reasonable legal fees and expenses) incurred by any Lender, their respective Credit Providers, or the Administrative Agent in connection with any amendments, supplements, waivers, or consents (including review and analysis thereof) with respect to the Basic Documents or any other document or instrument delivered pursuant hereto or thereto (whether or not the same is finally agreed to) if the same is requested by the Borrower, or is required or necessary under the Basic Documents; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) any and all Sanctions against, and all reasonable costs and expenses (including attorneys' fees and disbursements) incurred in connection with the defense thereof by the Administrative Agent or any Lender or Agent as a result of funding all or any portion of the Loans or the acceptance of payments or of Collateral due under the Basic Documents.

Notwithstanding the foregoing, in no event shall any Indemnified Party be indemnified against any Indemnified Amounts to the extent such Indemnified Amounts are or result from (A) Excluded Taxes, (B) non-payment by any Obligor of any amount that is due and payable under the related Receivable, or (C) any loss in value of any Financed Vehicle or Permitted Investments for reasons that are not caused by the Borrower. For the avoidance of doubt, the terms of this Section shall not apply to any indemnification relating to Taxes that are governed by the terms of Section 2.12.

Any amounts subject to the indemnification provisions of this Section shall be paid by the Borrower solely pursuant to the provisions of Section 2.07 in the order and priority set forth therein not later than the first Distribution Date following written demand therefor.

Section 9.02. <u>Indemnities by the Servicer and the Collateral Custodian</u>. Without limiting any other rights which the Administrative Agent, each Agent, each Lender or its assignee, the Backup Servicer, the Account Bank, or any of their respective Affiliates may have hereunder or under Applicable Law, the initial Servicer and the initial Collateral Custodian each hereby agree to indemnify the Indemnified Parties from and against any and all Indemnified Amounts awarded against or incurred by, any such Indemnified Party arising out of or as a result of the failure of the initial Servicer or the initial Collateral Custodian, respectively, to perform its obligations under this Agreement, excluding, however, Indemnified Amounts to the extent resulting from the gross negligence, bad faith, or willful misconduct on the part of any Indemnified Party. Without limiting the foregoing, the initial Servicer and the initial Collateral Custodian shall each indemnify the Indemnified Parties for Indemnified Amounts relating to or resulting from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) reliance on any representation or warranty made or deemed made, respectively, by the Servicer or any of its respective officers or by the Collateral Custodian or any of its respective officers, in all cases under or in connection with this Agreement or any other Basic Document, which shall have been false or incorrect in any material respect when made or deemed made or delivered;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the failure by the Servicer or the Collateral Custodian, respectively, to comply with any term, provision, or covenant contained in this Agreement or any other Basic Document to which it is a party or a failure by the Servicer or the Collateral Custodian, respectively, to comply with any term, provision, or covenant contained in any agreement executed in connection with this Agreement or any other Basic Document, or with any Applicable Law with respect to any Contract or Receivable, the related Financed Vehicle or the non-conformity of any Contract with any such Applicable Law and any failure by Lendbuzz Funding to perform its respective duties under the Contracts and Receivables included as a part of the Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) with respect to the Servicer only, the failure to vest and maintain vested in the Administrative Agent a valid and enforceable security interest in any or all of the Collateral or a valid and enforceable first priority perfected security interest in any or all of the Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) with respect to the Servicer only, the failure to file, or any delay in filing, financing statements or other similar instruments or documents under the UCC of any applicable jurisdiction or other Applicable Laws with respect to the Collateral, whether at the time of the Loan or at any subsequent time and as required by the Basic Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any failure by the Servicer or the Collateral Custodian, respectively, to perform its respective duties or obligations in accordance with the provisions of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the failure, respectively, by the Servicer to pay when due any Taxes for which the Servicer is liable or by the Collateral Custodian to pay when due any Taxes for which the Collateral Custodian is liable, in all cases including sales, excise, or personal property taxes payable in connection with the Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) any litigation, proceeding or investigation relating to or arising from the obligation of the Servicer or the Collateral Custodian, respectively, under the Basic Documents to which it is a party, the transactions contemplated hereby and thereby, or any other investigation, litigation or proceeding relating to the Servicer or the Collateral Custodian, respectively, in which any Indemnified Party becomes involved as a result of any of the transactions contemplated by such Basic Documents;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) any claim brought by any Person arising from any activity by the Servicer or the Collateral Custodian, respectively, in servicing, administering or collecting any Receivable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) to the extent caused by actions or inactions of the Servicer or the Collateral Custodian, respectively, the failure of the Remittance Account Bank to remit any amounts or items of payment held in the Remittance Account pursuant to the instructions of the Administrative Agent given in accordance with this Agreement or the other Basic Documents, whether by reason or the exercise of setoff rights or otherwise; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) all reasonable and documented fees, costs and expenses (including reasonable legal fees and expenses) incurred by any Lender, their respective Credit Providers or the Administrative Agent in connection with any amendments, supplements, waivers, or consents (including review and analysis thereof) with respect to the Basic Documents or any other document or instrument delivered pursuant hereto or thereto (whether or not the same is finally agreed to) if the same is requested by the Servicer or the Collateral Custodian, respectively.

Notwithstanding the foregoing, in no event shall any Indemnified Party be indemnified against any Indemnified Amounts to the extent such Indemnified Amounts are or result from (A) Excluded Taxes, (B) non-payment by any Obligor of any amount that is due and payable under the related Receivable, or (C) any loss in value of any Financed Vehicle or Permitted Investments for reasons that are not caused by the Servicer.

Any amounts subject to the indemnification provisions of this Section shall be paid by the Servicer or the Collateral Custodian, respectively, to the related Indemnified Party within 20 Business Days following written demand therefor.

Section 9.03. <u>Indemnities by the Backup Servicer in its Capacity as the Successor</u> <u>Servicer or Successor Collateral Custodian</u>. Notwithstanding any indemnification obligations that the Backup Servicer may assume in a Backup Servicing Agreement, in no event shall the Backup Servicer, in its capacity as Successor Servicer or Successor Collateral Custodian, have (a) any liability with respect to any obligation which was required to be performed by the predecessor Servicer or the predecessor Collateral Custodian, respectively, prior to the date that the Backup Servicer becomes the Successor Servicer or the Successor Collateral Custodian, respectively, or any claim of a third party based on any alleged action or inaction of the predecessor Servicer or the predecessor Collateral Custodian, respectively, or (b) any liability or obligation with respect to any Servicer or Collateral Custodian indemnification obligations of any prior Servicer or Collateral Custodian, including, respectively, Lendbuzz Funding or Lendbuzz.

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ARTICLE TEN

THE ADMINISTRATIVE AGENT AND THE AGENTS

Section 10.01. <u>Authorization and Action</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Lender and each Secured Party (other than the Administrative Agent) hereby designates and appoints JPMorgan Chase Bank (and JPMorgan Chase Bank accepts such designation and appointment) as Administrative Agent hereunder, and authorizes the Administrative Agent to take such actions as agent on its behalf and to exercise such powers as are delegated to the Administrative Agent by the terms of this Agreement together with such powers as are reasonably incidental thereto. In performing its functions and duties hereunder, the Administrative Agent shall act solely as agent for the Secured Parties and does not assume nor shall be deemed to have assumed any obligation or relationship of trust or agency with or for the Borrower or any of its successors or assigns. The Administrative Agent shall not be required to take any action which exposes it to personal liability or which is contrary to this Agreement or Applicable Law. The appointment and authority of the Administrative Agent hereunder shall terminate at the indefeasible payment in full of the Aggregate Unpaids.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Lender hereby irrevocably designates and appoints the related Agent as the agent of such Lender under this Agreement, and each such Lender irrevocably authorizes such Agent, as the agent for such Lender, to take such action on its behalf under the provisions of the Basic Documents and to exercise such powers and perform such duties thereunder as are expressly delegated to such Agent by the terms of this Agreement, together with such other powers as are reasonably incidental thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding any provision to the contrary elsewhere in this Agreement, neither the Administrative Agent nor any Agent (the Administrative Agent and each Agent being referred to in this Article as an "<u>Agent</u>") shall have any duties or responsibilities, except those expressly set forth herein, or any fiduciary relationship with any Lender, and no implied covenants, functions, responsibilities, duties, obligations, or liabilities shall be read into this Agreement or otherwise exist against the Administrative Agent or any Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Administrative Agent shall promptly distribute to each Agent (if such Agent is not otherwise required to receive such notice), who shall promptly distribute to each related Lender all notices, requests for consent and other information received by the Administrative Agent under this Agreement.

Section 10.02. <u>Delegation of Duties</u>. Each Agent may execute any of its duties under any of the Basic Documents by or through agents or attorneys-in-fact and shall be entitled to advice of counsel concerning all matters pertaining to such duties. No Agent shall be responsible for the negligence or misconduct of any agents or attorneys-in-fact selected by it with reasonable care.

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Section 10.03. <u>Exculpatory Provisions</u>. Neither any Agent nor any of its directors, officers, agents, or employees shall be (i) liable for any action lawfully taken or omitted to be taken by it or them under or in connection with this Agreement (except for its, their or such Person's own gross negligence or willful misconduct or, in the case of any Agent, the breach of its obligations expressly set forth in this Agreement) or (ii) responsible in any manner to any of the Secured Parties for any recitals, statements, representations, or warranties made by the Borrower, the Servicer, the Backup Servicer, the Performance Guarantor, or the Collateral Custodian contained in this Agreement or in any certificate, report, statement, or other document referred to or provided for in, or received under or in connection with, this Agreement or any other Basic Document to which it is a party for the value, validity, effectiveness, genuineness, enforceability, or sufficiency of this Agreement or any other document furnished in connection herewith, or for any failure of the Borrower to perform its obligations hereunder, or for the satisfaction of any condition specified in Article Four. No Agent shall be under any obligation to any Secured Party to ascertain or to inquire as to the observance or performance of any of the agreements or covenants contained in, or conditions of, this Agreement, or to inspect the properties, books, or records of the Borrower. No Agent shall be deemed to have knowledge of any Event of Default, Servicer Termination Event, or Rapid Amortization Event unless it has received written notice thereof from the Borrower, the Servicer, or a Secured Party.

Section 10.04. <u>Reliance</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Agent shall be entitled to rely, and shall be fully protected in relying, upon any writing, resolution, notice, consent, certificate, affidavit, letter, cablegram, telegram, telecopy, telex or teletype message, written statement, order, or other document or conversation believed by it to be genuine and correct and to have been signed, sent, or made by the proper Person or Persons and upon advice and statements of legal counsel (including counsel to the Agent), independent accountants, and other experts selected by such Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Agent shall be fully justified in failing or refusing to take any action under any of the Basic Documents unless it shall first receive such advice or concurrence of the Required Lenders as it deems appropriate or it shall first be indemnified to its satisfaction by, in the case of (i) the Administrative Agent, the Lenders or (ii) an Agent, the Lenders or by the Lenders in its Lender Group, against any and all liability and expense which may be incurred by it by reason of taking or continuing to take any such action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Administrative Agent shall in all cases be fully protected in acting, or in refraining from acting, under any of the Basic Documents in accordance with a request of the Required Lenders (or their Agents), and such request and any action taken or failure to act pursuant thereto shall be binding upon all present and future Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each Agent shall in all cases be fully protected in acting, or in refraining from acting, under any of the Basic Documents in accordance with a request of (i) Owners in its Lender Group having Invested Percentages aggregating greater than 50% of the aggregate Invested Percentages of all Owners in such Lender Group and (ii) Lenders in its Lender Group with Invested Percentages aggregating greater than 50% of the aggregate Invested Percentage held by all Lenders in such Lender Group, and such request and any action taken or failure to act pursuant thereto shall be binding upon all present and future Lenders in such Lender Group.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) No Agent shall be deemed to have knowledge or notice of the occurrence of any breach of this Agreement or the occurrence of any Servicer Termination Event, Rapid Amortization Event, or Event of Default unless it has received notice from the Borrower, the Servicer, the Backup Servicer or any Lender, referring to this Agreement and describing such event. In the event that the Administrative Agent receives such a notice, it shall promptly give notice thereof to each Agent, and in the event any Agent receives such a notice, it shall promptly give notice thereof to the Lenders in its Lender Group. The Administrative Agent shall take such action with respect to such event as shall be reasonably directed by the Required Lenders, and each Agent shall take such action with respect to such event as shall be reasonably directed by (i) all Owners in its Lender Group and (ii) all Lenders in its Lender Group; <u>provided</u>, that unless and until such Agent shall have received such directions, such Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such event as it shall deem advisable in the best interests of the Lenders or of the Lenders in its Lender Group, as applicable.

Section 10.05. <u>Non-Reliance on Agents and Other Lenders</u>. Each Lender expressly acknowledges that no Agent nor any of its officers, directors, employees, agents, attorneys-in- fact, or Affiliates has made any representations or warranties to it and that no act by any Agent hereafter taken, including any review of the affairs of the Borrower, the Servicer, the Performance Guarantor, the Backup Servicer, or the Collateral Custodian shall be deemed to constitute any representation or warranty by any Agent to any Lender. Each Lender represents to each Agent that it has, independently and without reliance upon any Agent or any other Lender, and based on such documents and information as it has deemed appropriate, made its own appraisal of, and investigation into, the business, operations, property, financial, and other condition and creditworthiness of the Borrower, the Servicer, the Performance Guarantor, the Backup Servicer, the Collateral Custodian, and the Receivables and made its own decision to purchase its interest in the Loans hereunder and enter into this Agreement. Each Lender also represents that it will, independently and without reliance upon any Agent or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own analysis, appraisals, and decisions in taking or not taking action under any of the Basic Documents, and to make such investigation as it deems necessary to inform itself as to the business, operations, property, financial, and other condition and creditworthiness of the Borrower, the Servicer, the Performance Guarantor, the Backup Servicer or the Collateral Custodian and the Receivables. Except for notices, reports and other documents received by an Agent hereunder, no Agent shall have any duty or responsibility to provide any Lender with any credit or other information concerning the business, operations, property, condition (financial or otherwise), prospects, or creditworthiness of the Borrower, the Servicer, the Performance Guarantor, the Backup Servicer, the Collateral Custodian, or the Receivables which may come into the possession of such Agent or any of its officers, directors, employees, agents, attorneys- in-fact, or affiliates.

Section 10.06. <u>Indemnification</u>. The Lenders (i) agree to indemnify the Administrative Agent in its capacity as such (without limiting the obligation (if any) of the Borrower or the Servicer to reimburse the Administrative Agent for any such amounts), ratably according to their respective Invested Percentages and (ii) in each Lender Group agree to indemnify the Agent for such Lender Group in its capacity as such (without limiting the obligation (if any) of the Borrower and the Servicer to reimburse such Agent for any such amounts), ratably according to their respective Invested Percentages, in each case from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses, or

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disbursements of any kind whatsoever which may at any time (including at any time following the payment of the obligations under this Agreement, including the Loan Outstanding) be imposed on, incurred by or asserted against such Agent in any way relating to or arising out of this Agreement, or any documents contemplated by or referred to herein or the transactions contemplated hereby or any action taken or omitted by the Agent under or in connection with any of the foregoing; <u>provided</u>, that no Lender shall be liable for the payment of any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses, or disbursements of an Agent resulting from its own gross negligence or willful misconduct. The provisions of this Section shall survive the payment of the obligations under this Agreement, including the Loan Outstanding, the termination of this Agreement, and any resignation or removal of the applicable Agent.

Section 10.07. <u>Agents in their Individual Capacity</u>. Each Agent and its Affiliates may make loans to, accept deposits from, and generally engage in any kind of business with the Borrower and any other party to a Basic Document as though it were not an Agent hereunder. In addition, the Lenders acknowledge that one or more Persons which are Agents may act (i) as administrator, sponsor, or agent for one or more Lenders and in such capacity act and may continue to act on behalf of each such Lender in connection with its business, and (ii) as the agent for certain financial institutions under the liquidity and credit enhancement agreements relating to this Agreement to which any one or more Lenders is party and in various other capacities relating to the business of any such Lender under various agreements. Any such Person, in its capacity as Agent, shall not, by virtue of its acting in any such other capacities, be deemed to have duties or responsibilities hereunder or be held to a standard of care in connection with the performance of its duties as an Agent other than as expressly provided in this Agreement. Any Person which is an Agent may act as an Agent without regard to and without additional duties or liabilities arising from its role as such administrator or agent or arising from its acting in any such other capacity. None of the provisions to this Agreement shall require the Administrative Agent to expend or risk its own funds or otherwise to incur any liability, financial or otherwise, in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers if it shall have reasonable grounds for believing that repayment of such funds or indemnity satisfactory to it against such risk or liability is not assured to it.

Section 10.08. <u>Successor Administrative Agent</u>. The Administrative Agent may assign its rights and obligations hereunder with the consent of the Required Lenders and the Borrower. The Administrative Agent may resign as Administrative Agent upon ten days' notice to the Lenders, each Agent and the Borrower with such resignation becoming effective upon a successor agent succeeding to the rights, powers and duties of the Administrative Agent pursuant to this Section. If the Administrative Agent shall resign as Administrative Agent under this Agreement, then the Required Lenders shall appoint a successor administrative agent. Any successor administrative agent shall succeed to the rights, powers and duties of resigning Administrative Agent, and the term "Administrative Agent" shall mean such successor administrative agent effective upon its appointment, and the former Administrative Agent's rights, powers and duties as Administrative Agent shall be terminated, without any other or further act or deed on the part of such former Administrative Agent or any of the parties to this Agreement. After the retiring Administrative Agent's resignation as Administrative Agent, the provisions of this Article shall inure to its benefit as to any actions taken or omitted to be taken by it while it was Administrative Agent under this Agreement.

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Section 10.09. <u>Erroneous Payments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Lender hereby agrees that (i) if the Administrative Agent notifies such Lender that the Administrative Agent has determined in its sole discretion that any funds received by such Lender from the Administrative Agent or any of its Affiliates (whether as a payment, prepayment, or repayment of principal, interest, fees, or otherwise; individually and collectively, a "<u>Payment</u>") were erroneously transmitted to such Lender (whether or not known to such Lender), and demands the return of such Payment (or a portion thereof), such Lender shall promptly, but in no event later than one Business Day thereafter, return to the Administrative Agent the amount of any such Payment (or portion thereof) as to which such a demand was made in same day funds, together with interest thereon in respect of each day from and including the date such Payment (or portion thereof) was received by such Lender to the date such amount is repaid to the Administrative Agent at the greater of the NYFRB Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation from time to time in effect, and (ii) to the extent permitted by applicable law, such Lender shall not assert, and hereby waives, as to the Administrative Agent, any claim, counterclaim, defense, or right of set-off or recoupment with respect to any demand, claim, or counterclaim by the Administrative Agent for the return of any Payments received, including without limitation any defense based on "discharge for value" or any similar doctrine. A notice of the Administrative Agent to any Lender under this Section shall be conclusive, absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Lender hereby further agrees that if it receives a Payment from the Administrative Agent or any of its Affiliates (i) that is in a different amount than, or on a different date from, that specified in a notice of payment sent by the Administrative Agent (or any of its Affiliates) with respect to such Payment (a "<u>Payment Notice</u>") or (ii) that was not preceded or accompanied by a Payment Notice, it shall be on notice, in each such case, that an error has been made with respect to such Payment. Each Lender agrees that, in each such case, or if it otherwise becomes aware a Payment (or portion thereof) may have been sent in error, such Lender shall promptly notify the Administrative Agent of such occurrence and, upon demand from the Administrative Agent, it shall promptly, but in no event later than one Business Day thereafter, return to the Administrative Agent the amount of any such Payment (or portion thereof) as to which such a demand was made in same day funds, together with interest thereon in respect of each day from and including the date such Payment (or portion thereof) was received by such Lender to the date such amount is repaid to the Administrative Agent at the greater of the NYFRB Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation from time to time in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each party's obligations under this Section shall survive the resignation or replacement of the Administrative Agent or any transfer of rights or obligations by, or the replacement of, a Lender, or the repayment, satisfaction, or discharge of all Obligations under any Basic Document.

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ARTICLE ELEVEN

ASSIGNMENTS; PARTICIPATIONS

Section 11.01. <u>Assignments and Participations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Lender may, upon at least 30 days' notice to the Administrative Agent and the Agents, assign to one or more banks or other entities all or a portion of its rights and obligations under this Agreement; <u>provided</u>, that (i) each such assignment shall be of a constant, and not a varying, percentage of all of the assigning Lender's rights and obligations under this Agreement, (ii) the amount of the Loan Outstanding of the assigning Lender being assigned pursuant to each such assignment (determined as of the date of the Assignment and Acceptance with respect to such assignment), except if being assigned to an Affiliate of the Lender, shall in no event be less than the lesser of (A) $5,000,000 or an integral multiple of $1,000,000 in excess of that amount and (B) the full amount of the assigning Lender's Invested Percentage, (iii) each such assignment shall be to an Eligible Assignee, (iv) the parties to each such assignment shall execute and deliver to the Administrative Agent (with a copy to the Borrower), for its recording in the Lender Register, an Assignment and Acceptance, together with a processing and recordation fee of $[\*\*\*] or such lesser amount as shall be approved by the Administrative Agent, (v) the parties to each such assignment shall have agreed to reimburse the Administrative Agent for all reasonable fees, costs and expenses (including the reasonable fees and disbursements of counsel for the Administrative Agent) incurred by the Administrative Agent in connection with such assignment, (vi) each Person that becomes a Lender under an Assignment and Acceptance shall agree to be bound by the confidentiality provisions of Article Twelve, and (vii) there shall be no increased costs, expenses or Taxes incurred by the Administrative Agent or any Lender Group upon assignment or participation. Upon such execution, delivery and recording by the Administrative Agent, from and after the effective date specified in each Assignment and Acceptance, (i) the assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, have the rights and obligations of a Lender hereunder and (ii) the Lender assignor thereunder shall, to the extent that rights and obligations hereunder have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under this Agreement (and, in the case of an Assignment and Acceptance covering all or the remaining portion of an assigning Lender's rights and obligations under this Agreement, such Lender shall cease to be a party hereto).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) By executing and delivering an Assignment and Acceptance, the Lender assignor thereunder and the assignee thereunder confirm to and agree with each other and the other parties hereto as follows: (i) other than as provided in such Assignment and Acceptance, such assigning Lender makes no representation or warranty and assumes no responsibility with respect to any statements, warranties, or representations made in or in connection with this Agreement or the execution, legality, validity, enforceability, genuineness, sufficiency, or value of this Agreement or any other instrument or document furnished pursuant hereto; (ii) such assignee confirms that it has received a copy of this Agreement, together with copies of such financial statements and other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into such Assignment and Acceptance; (iii) such assignee will, independently and without reliance upon the Administrative Agent, such assigning Lender or any

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other Lender and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under this Agreement; (iv) such assigning Lender and such assignee confirm that such assignee is an Eligible Assignee; (v) such assignee appoints and authorizes the Administrative Agent to take such action as agent on its behalf and to exercise such powers under this Agreement as are delegated to such agent by the terms hereof, together with such powers as are reasonably incidental thereto; and (vi) such assignee agrees that it will perform in accordance with their terms all of the obligations which by the terms of this Agreement are required to be performed by it as a Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Administrative Agent, acting solely for this purpose as a non-fiduciary agent of the Borrower, shall maintain at its address referred to herein a copy of each Assignment and Acceptance delivered to it and a register for the recordation of the names, addresses and Invested Percentages of each Lender and the principal amount (and stated interest) of each Related Loan made by each Lender from time to time (the "<u>Lender Register</u>"). The entries in the Lender Register shall be conclusive and binding for all purposes, absent manifest error, and the Borrower and the Lenders shall treat each Person whose name is recorded in the Lender Register as a Lender hereunder for all purposes of this Agreement. The Lender Register shall be available for inspection by any Agent or Lender at any reasonable time and from time to time upon reasonable prior notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Subject to the provisions of Section 11.01(a), upon its receipt of an Assignment and Acceptance executed by an assigning Lender and an assignee, the Administrative Agent shall, if such Assignment and Acceptance has been completed, accept such Assignment and Acceptance, and the Administrative Agent shall then record the information contained therein in the Lender Register.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Each Lender may sell participations to one or more banks or other entities in or to all or a portion of its rights and obligations under this Agreement (including all or a portion of the Loan Outstanding owned by it); <u>provided</u>, that (i) such Lender's obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations, (iii) the Administrative Agent and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender's rights and obligations under this Agreement, (iv) the Borrower provides its prior written consent to the sale of such participation (such consent of the Borrower not to be unreasonably withheld), and (v) unless an Event of Default has occurred and is continuing, no participation may be sold to any Competitor unless approved by the Borrower in writing prior to such sale. Notwithstanding anything herein to the contrary, each participant shall have the rights of a Lender (including any right to receive payment) under Sections 2.11 and 2.12; <u>provided</u>, that no participant shall be entitled to receive payment under either such Section in excess of the amount that would have been payable under such Section by the Borrower to the Lender granting its participation had such participation not been granted, and no Lender granting a participation shall be entitled to receive payment under either such Section in an amount which exceeds the sum of (i) the amount to which such Lender is entitled under such Section with respect to any portion of the Loan owned by such Lender which is not subject to any participation <u>plus</u> (ii) the aggregate amount to which its participants are entitled under such Sections with respect to the amounts of their respective participations. With respect to any participation described in this

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Section, the participant's rights as set forth in the agreement between such participant and the applicable Lender to agree to or to restrict such Lender's ability to agree to any modification, waiver or release of any of the terms of this Agreement or to exercise or refrain from exercising any powers or rights which such Lender may have under or in respect of this Agreement shall be limited to the right to consent to any of the matters set forth in Section 11.01.

Each Lender that sells a participation shall, acting solely for this purpose as a non- fiduciary agent of the Borrower, maintain a register on which it enters the name and address of each participant and the principal amounts (and stated interest) of each participant's interest in the obligations under this Agreement (the "<u>Participant Register</u>"); <u>provided</u>, that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any participant or any information relating to a participant's interest in the Loan or its other obligations under the Agreement) to any person except to (A) the Administrative Agent and (B) the extent that such disclosure is necessary to establish that such Loan or other obligation is in registered form under Treasury Regulations Section 5f.103-1(c). The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Each Lender may, in connection with any assignment or participation or proposed assignment or participation pursuant to this Section, disclose to the assignee or participant or proposed assignee or participant any information, including Confidential Information, relating to the Borrower furnished to such Lender by or on behalf of the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Nothing herein shall prohibit any Lender from (i) pledging or assigning as Collateral any of its rights under this Agreement to any Federal Reserve Bank or any other Governmental Authority in accordance with Applicable Law or (ii) pledging or granting a security interest in all or any portion of its rights (including payments to it under this Agreement and the other Basic Documents) under this Agreement to a collateral trustee in order to comply with Rule 3a-7 under the Investment Company Act; <u>provided</u>, that in each case, (A) any such pledge or Collateral assignment may be made without compliance with Section 11.01(a) or 11.01(b) and (B) no such pledge or grant of a security interest shall release a Lender from any of its obligations hereunder or substitute any such pledgee or grantee for such Lender as a party hereto.

ARTICLE TWELVE

MUTUAL COVENANTS REGARDING CONFIDENTIALITY

Section 12.01. <u>Covenants of the Borrower, the Servicer, the Backup Servicer, the</u> <u>Account Bank and the Collateral Custodian</u>. Each of the Borrower, the Servicer, the Backup Servicer, the Account Bank, and the Collateral Custodian severally and with respect to itself only, covenants and agrees to hold in confidence, and not disclose to any Person, the terms of this Agreement (including any fees payable in connection with this Agreement or the identity of a Lender under this Agreement), except as the Administrative Agent and the Required Lenders

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may have consented to in writing prior to any proposed disclosure, except it may disclose such information (a) to its officers, directors, employees, agents, counsel, accountants, auditors, subservicers, advisors, or representatives, (b) to the extent such information has become available to the public other than as a result of a disclosure by or through the Borrower, the Servicer, the Backup Servicer, the Account Bank, or the Collateral Custodian, (c) to JPMorgan Chase Bank or its Affiliates, or (d) to the extent it should be (i) required by Applicable Law (including filing a copy of this Agreement and the other Basic Documents (other than the Fee Letter and excluding from any such copy the identity of each Lender)) as exhibits to filings required to be made with the Securities and Exchange Commission, or in connection with any legal or regulatory proceeding or (ii) requested by any Governmental Authority to disclose such information; <u>provided</u>, that in the case of clause (d)(i), the Borrower, the Servicer, the Backup Servicer, the Account Bank, or the Collateral Custodian, as applicable, will use all reasonable efforts to maintain confidentiality and will (unless otherwise prohibited by law) notify the Administrative Agent and each Agent of its intention to make any such disclosure prior to making such disclosure.

Section 12.02. <u>Covenants of the Administrative Agent, the Agents and the Lenders</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each of the Administrative Agent, each Agent, and each Lender covenants and agrees that it will not disclose any of the Confidential Information at any time received or obtained by it without the Borrower's prior written consent; <u>provided</u>, that it may disclose any such Confidential Information (i) in connection with participations and assignments pursuant to Section 11.01, (ii) to its officers, directors, or employees, to JPMorgan Chase Bank or its Affiliates, to any Credit Provider or to any nationally recognized statistical ratings organization that rates the Commercial Paper Notes issued by a Conduit Lender, each of which shall be informed by it of the confidential nature of the Confidential Information and shall have agreed to keep such information confidential, and (iii) to its or its Affiliates' Advisors (provided that such Advisors are advised of the confidential nature of such information and such Advisors are obligated to keep such information confidential pursuant to the terms of their engagement or applicable professional rules). Each of the Administrative Agent, each Agent, and each Lender agrees to be responsible for any breach of this Agreement by its Affiliates and Advisors, and it agrees that its Affiliates and Advisors will be advised by it of the confidential nature of such information and that it shall cause its Affiliates to be bound by this Agreement. Notwithstanding the foregoing, with respect to participations and assignments pursuant to Section 11.01 involving an Eligible Assignee other than an entity satisfying clause (i) of the definition of "Eligible Assignee", Confidential Information may not be provided to prospective participants or assignees before the execution of an Assignment and Acceptance, unless such Confidential Information is covered under a separate confidentiality agreement between the assigning Lender and such prospective participant or assignee pursuant to which such prospective participant or assignee shall agree to the provisions set forth in this Article.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each of the Administrative Agent, each Agent, and each Lender acknowledges and agrees that any Confidential Information provided to it, in whatever form, is the sole property of the Borrower or Lendbuzz Funding, as applicable. Neither such Person nor its Affiliates or Advisors shall use any of the Confidential Information now or hereafter received or obtained from or through the Borrower, Lendbuzz Funding, or any of their respective Affiliates for any purpose other than for purposes of engaging in, or as otherwise contemplated by, the transactions contemplated by the Basic Documents.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the Administrative Agent, any Agent, a Lender, or any of their respective Affiliates or Advisors are legally compelled (whether by deposition, interrogatory, request for documents, subpoena, civil investigation, demand or similar process) to disclose any Confidential Information, the related entity shall, to the extent permitted by law, promptly notify the Borrower and Lendbuzz Funding in writing of such requirement so that the Borrower and/or Lendbuzz Funding, at their sole cost and expense, may seek a protective order or other appropriate remedy and/or waive compliance with the provisions hereof. The Administrative Agent, each Agent, and each Lender or any of their respective Affiliates or Advisors agree to use its reasonable efforts, upon the written request of the Borrower or Lendbuzz Funding, as applicable, to obtain or assist the Borrower or Lendbuzz Funding, as applicable, in obtaining any such protective order. Failing the reasonably timely entry of a protective order or the reasonably timely receipt of a waiver hereunder, it may disclose, without liability hereunder, that portion (and only that portion) of the Confidential Information that in the opinion of such party's counsel, it is legally compelled to disclose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding the foregoing, it is understood that the Administrative Agent, each Agent, and each Lender or its Affiliates may be required to disclose (and may so disclose, without liability hereunder, provided that it complies with the following sentence) the Confidential Information or portions thereof (i) at the request of a bank examiner or other regulatory authority or in connection with an examination of it or its Affiliates by a bank examiner or other regulatory authority, including in connection with the regulator compliance policy of Administrative Agent, any Agent, or any Lender, (ii) to any nationally recognized statistical rating organization (within the meaning of the Exchange Act) (an "<u>NRSRO</u>") either (A) in compliance with Rule 17g-5 under the Exchange Act (or any similar rule or regulation in any relevant jurisdiction) or (B) in connection with the rating or reaffirmation of the rating of the Commercial Paper Notes, each of which shall be informed by Administrative Agent, such Agent, such Lender, or such Affiliate, as applicable, of the confidential nature of the Confidential Information and shall have agreed to keep such information confidential, or (iii) to any collateral trustee appointed by such Lender to comply with Rule 3a-7 under the Investment Company Act; <u>provided</u>, that such collateral trustee is informed of the confidential nature of such information and such collateral trustee agrees in writing to keep such Confidential Information subject to an agreement with substantially similar terms as provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) It is understood and agreed that no failure or delay by the Borrower, the Servicer, the Backup Servicer, the Collateral Custodian, the Administrative Agent, the Account Bank, each Agent, or any Lender in exercising any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any right, power or privilege hereunder.

Section 12.03. <u>Non-Confidentiality of Tax Treatment and Tax Structure</u>. Notwithstanding anything to the contrary contained herein or in any document related to the transactions contemplated hereby, in connection with Treasury Regulations Section 1.6011-4, Section 301.6111-1T and Section 301.6112-1, the parties hereby agree that, from the commencement of discussions with respect to the transactions described herein, each party

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hereto (and each of its employees, representatives, Advisors, Affiliates, or agents) is permitted to disclose to any and all persons of any kind (other than limitations imposed by State or federal securities laws), the structure and tax aspects of the transactions, and all materials of any kind (including opinions or other tax analyses) that are provided to each such party related to such structure and tax aspects. In this regard, each party hereto acknowledges and agrees that this disclosure of the structure or tax aspects of the transactions is not limited in any way by an express or implied understanding or agreement, oral or written (whether or not such understanding or agreement is legally binding) except as is reasonably necessary to comply with state and federal securities laws. Furthermore, each party hereto acknowledges and agrees that it does not know or have reason to know that its use or disclosure of information relating to the structure or tax aspects of the transactions is limited in any other manner (such as where the transactions are claimed to be proprietary or exclusive) for the benefit of any other Person (other than as it may be limited by State or federal securities laws).

ARTICLE THIRTEEN

MISCELLANEOUS

Section 13.01. <u>Amendments and Waivers</u>. This Agreement may be amended, waived, or modified by the written agreement of the Borrower and the Required Lenders. The Administrative Agent shall provide a copy of each such proposed amendment, waiver or other modification to the Account Bank, the Backup Servicer, and each Hedge Counterparty.

No amendment, waiver, or other modification which could have a material adverse effect on the rights or obligations of the Account Bank, the Backup Servicer (including, in its capacity as Successor Servicer), or any Hedge Counterparty shall be effective against the Account Bank, the Backup Servicer, or such Hedge Counterparty, as applicable, without the prior written agreement of the Account Bank, the Backup Servicer, or such Hedge Counterparty, as applicable.

Notwithstanding anything in this Section or in any Basic Document to the contrary, following the determination of a Benchmark Replacement, this Agreement may be amended by the Administrative Agent without the consent of any other Person and, except as provided in Section 2.18(d), without satisfying any other amendment provisions of this Agreement or any other Basic Document, to implement a Benchmark Replacement and any Benchmark Replacement Conforming Changes. For the avoidance of doubt, any Benchmark Replacement Conforming Changes in any amendment to this Agreement may be retroactive (including retroactive to, but not before, the Benchmark Replacement Date) and this Agreement may be amended more than once in connection with any Benchmark Replacement Conforming Changes.

Section 13.02. <u>Notices, Etc.</u> All notices and other communications provided for hereunder shall, unless otherwise stated herein, be in writing (including communication by e- mail or facsimile copy) and e-mailed, mailed, transmitted or delivered, as to each party hereto, at its address set forth under its name on the signature pages hereof or specified in such party's Assignment and Acceptance or at such other address as shall be designated by such party in a written notice to the other parties hereto. All such notices and communications shall be effective, upon receipt, or in the case of notice by (a) mail, five days after being deposited in the

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United States mail, first class postage prepaid, (b) facsimile copy, when receipt is confirmed by telephone, except that notices and communications pursuant to Article Two shall not be effective until received with respect to any notice sent by mail, or (c) notice by an e-mail, when receipt is confirmed by telephone or by reply e-mail from the recipient.

Section 13.03. <u>No Waiver, Rights and Remedies</u>. No failure on the part of any Agent or any Secured Party or any assignee of any Secured Party to exercise, and no delay in exercising, any right or remedy hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right or remedy hereunder preclude any other or further exercise thereof or the exercise of any other right. The rights and remedies herein provided are cumulative and not exclusive of any rights and remedies provided by law.

Section 13.04. <u>Binding Effect</u>. This Agreement shall be binding upon and inure to the benefit of the Borrower, the Servicer, the Backup Servicer, the Collateral Custodian, the Account Bank, the Administrative Agent, each Agent, the Secured Parties, and their respective successors and permitted assigns and, in addition, each Hedge Counterparty shall be an express third-party beneficiary of this Agreement.

Section 13.05. <u>Term of this Agreement</u>. This Agreement shall remain in full force and effect until the Facility Termination Date; <u>provided</u>, that (a) the rights and remedies with respect to any breach of any representation and warranty made or deemed made by the Borrower pursuant to Article Five and the indemnification and payment provisions of Article Nine and Section 2.12, (b) the confidentiality provisions of Article Twelve, (c) the provisions of Section 13.10, and (d) any other provision of this Agreement expressly stated to survive, shall be continuing and shall survive any termination of this Agreement.

Section 13.06. <u>**GOVERNING LAW; CONSENT TO JURISDICTION; WAIVER OF OBJECTION TO VENUE**.</u> **THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REFERENCE TO ITS CONFLICTS OF LAW PROVISIONS (OTHER THAN § 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW). EACH OF THE PARTIES HERETO HEREBY AGREES TO THE NON-EXCLUSIVE JURISDICTION OF ANY FEDERAL COURT LOCATED WITHIN THE STATE OF NEW YORK. EACH OF THE PARTIES HERETO HEREBY WAIVES ANY OBJECTION BASED ON FORUM NON CONVENIENS, AND ANY OBJECTION TO VENUE, OF ANY ACTION INSTITUTED HEREUNDER IN ANY OF THE AFOREMENTIONED COURTS AND CONSENTS TO THE GRANTING OF SUCH LEGAL OR EQUITABLE RELIEF AS IS DEEMED APPROPRIATE BY SUCH COURT.**

Section 13.07. **<u>WAIVER OF JURY TRIAL</u>**. **TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH OF THE PARTIES HERETO WAIVES ANY RIGHT TO HAVE A JURY PARTICIPATE IN RESOLVING ANY DISPUTE, WHETHER SOUNDING IN CONTRACT, TORT, OR OTHERWISE BETWEEN THE PARTIES HERETO ARISING OUT OF, CONNECTED WITH, RELATED TO, OR INCIDENTAL TO THE RELATIONSHIP BETWEEN ANY OF THEM IN CONNECTION WITH THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. INSTEAD, ANY SUCH DISPUTE RESOLVED IN COURT WILL BE RESOLVED IN A BENCH TRIAL WITHOUT A JURY.**

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Section 13.08. <u>Costs and Expenses</u>. In addition to the rights of indemnification granted to the Administrative Agent, each Agent, the Secured Parties, the Account Bank, the Collateral Custodian, and the Backup Servicer and its or their Affiliates and officers, directors, employees and agents thereof under Article Nine, the Borrower agrees to pay on demand all reasonable out- of-pocket costs and expenses (other than Taxes) of the Administrative Agent, each Agent, the Secured Parties, the Account Bank, and the Backup Servicer incurred in connection with the administration (including periodic auditing), amendment or modification of, or any waiver or consent issued in connection with, this Agreement and the other documents to be delivered hereunder or in connection herewith, including the reasonable fees and out-of-pocket expenses of counsel for the Administrative Agent, each Agent, the other Secured Parties, the Account Bank, the Collateral Custodian, and the Backup Servicer (including, if it is then acting as the Successor Servicer) with respect thereto and with respect to advising such entities as to their respective rights and remedies under this Agreement and the other documents to be delivered hereunder or in connection herewith, and all costs and expenses, if any (including reasonable counsel fees and expenses), incurred by such entities in connection with the enforcement of this Agreement and the other documents to be delivered hereunder or in connection herewith.

Section 13.09. <u>No Insolvency Proceedings</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding any prior termination of this Agreement, no Lender shall, prior to the date which is one year and one day after the final payment of the Aggregate Unpaids, petition, cooperate with or encourage any other Person in petitioning or otherwise invoke the process of any Governmental Authority for the purpose of commencing or sustaining an Insolvency Proceeding against the Borrower under any United States federal or State Insolvency Laws or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator, or other similar official of the Borrower or any substantial part of its property or ordering the winding up or liquidation of the affairs of the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding any prior termination of this Agreement, each party to this Agreement hereby agrees that it shall not institute against, or join any other person in instituting against, any Lender any Insolvency Proceeding, for one year and one day after the latest maturing Commercial Paper Note or other debt security issued by such Lender is paid.

Section 13.10. <u>Recourse Against Certain Parties</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No recourse under or with respect to any obligation, covenant, or agreement (including the payment of any fees or any other obligations) of each Agent or any Secured Party as contained in this Agreement or any other agreement, instrument, or document entered into by it pursuant hereto or in connection herewith shall be had against any such Person or any manager or administrator of such Person or any incorporator, affiliate, stockholder, officer, employee, or director of such Person or of the Borrower or of any such manager or administrator, as such, by the enforcement of any assessment or by any legal or equitable proceeding, by virtue of any statute or otherwise; it being expressly agreed and understood that the agreements of the Agents and any Secured Party contained in this Agreement and all of the other agreements, instruments,

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and documents entered into by it pursuant hereto or in connection herewith are, in each case, solely the corporate obligations of such Person, and that no personal liability whatsoever shall attach to or be incurred by any administrator of any such Person or any incorporator, stockholder, affiliate, officer, employee, or director of such Person or of any such administrator, as such, or any other of them, under or by reason of any of the obligations, covenants, or agreements of such Person contained in this Agreement or in any other such instruments, documents, or agreements, or that are implied therefrom, and that any and all personal liability of every such administrator of such Person and each incorporator, stockholder, affiliate, officer, employee, or director of such Person or of any such administrator, or any of them, for breaches by such Person of any such obligations, covenants, or agreements, which liability may arise either at common law or at equity, by statute or constitution, or otherwise, is hereby expressly waived as a condition of and in consideration for the execution of this Agreement. The provisions of this Section shall survive the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding anything in this Agreement or any other Basic Document to the contrary, the obligations of any Lender under this Agreement are solely the obligations of such Lender and shall be payable at such time as funds are received by or are available to such Lender in excess of funds necessary to pay in full all outstanding Commercial Paper Notes of such Lender, and, to the extent funds are not available to pay such obligations, the claims relating thereto shall not constitute a claim against such Lender but shall continue to accrue. Each Agent, each Secured Party, and each other party to this Agreement agrees that the payment of any claim (as defined in the Bankruptcy Code) of any such party shall be subordinated to the payment in full of all Commercial Paper Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The provisions of this Section shall survive the termination of this Agreement.

Section 13.11. <u>Patriot Act Compliance</u>. The Administrative Agent hereby notifies the Borrower that pursuant to the requirements of the Patriot Act, it, and each other Lender and the Account Bank, may be required to obtain, verify and record information that identifies the Borrower, which information includes the name and address of the Borrower, organizational documentation, director and shareholder information, and other information that will allow the Administrative Agent, each Lender and the Account Bank to identify the Borrower in accordance with the Patriot Act. This notice is given in accordance with the requirements of the Patriot Act and is effective for the Administrative Agent, each Lender and the Account Bank.

Section 13.12. <u>Execution in Counterparts; Electronic Signatures; Severability; Integration</u>. This Agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same agreement. Delivery of an executed counterpart of a signature page to this Agreement by facsimile or by electronic mail in a ".pdf" file shall be effective as delivery of a manually executed counterpart of this Agreement. Each party agrees that this Agreement and any other documents to be delivered in connection herewith may be electronically signed, and that any electronic signatures appearing on this Agreement or such other documents are the same as handwritten signatures for the purposes of validity, enforceability, and admissibility. In case any provision in or obligation under this Agreement shall be invalid, illegal or unenforceable in any jurisdiction, the validity, legality, and enforceability of the remaining provisions or obligations, or of such provision or

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obligation in any other jurisdiction, shall not in any way be affected or impaired thereby. This Agreement contains the final and complete integration of all prior expressions by the parties hereto with respect to the subject matter hereof and shall constitute the entire agreement among the parties hereto with respect to the subject matter hereof, superseding all prior oral or written understandings other than any fee letter contemplated hereby.

Section 13.13. <u>Not a Novation</u>. Each party hereto acknowledges and agrees that this Agreement is intended only to amend and restate their continuing obligations under the Original Agreement in the manner set forth herein, and is not intended as a novation thereof.

[Remainder intentionally left blank]

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IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by their respective officers thereunto duly authorized, as of the date first above written.

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| | | |
|:---|:---|:---|
| THE BORROWER: | LENDBUZZ SPV VII, LLC | LENDBUZZ SPV VII, LLC |
|  | By: | /s/ George Sclavos |
|  |  | Name: George Sclavos |
|  |  | Title: CFO |
|  | Address for Notices: | Address for Notices: |
|  | Lendbuzz SPV VII, LLC | Lendbuzz SPV VII, LLC |
|  | 100 Summer Street | 100 Summer Street |
|  | Boston, Massachusetts 02110 | Boston, Massachusetts 02110 |
|  | Attention: George Sclavos, Chief Financial Officer | Attention: George Sclavos, Chief Financial Officer |
|  | E-mail: [\*\*\*] | E-mail: [\*\*\*] |
| THE SERVICER AND THE | LENDBUZZ FUNDING LLC | LENDBUZZ FUNDING LLC |
| COLLATERAL CUSTODIAN: |  |  |
|  | By: | /s/ George Sclavos |
|  |  | Name: George Sclavos |
|  |  | Title: CFO |
|  | Address for Notices: | Address for Notices: |
|  | Lendbuzz Funding LLC | Lendbuzz Funding LLC |
|  | 100 Summer Street | 100 Summer Street |
|  | Boston, Massachusetts 02110 | Boston, Massachusetts 02110 |
|  | Attention: George Sclavos, Chief Financial Officer | Attention: George Sclavos, Chief Financial Officer |
|  | E-mail: [\*\*\*] | E-mail: [\*\*\*] |

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[Fourth Amended and Restated Loan Agreement]

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| | | |
|:---|:---|:---|
| THE ADMINISTRATIVE AGENT<br> AND ACCOUNT BANK: | JPMORGAN CHASE BANK, N.A. | JPMORGAN CHASE BANK, N.A. |
|  | By: | /s/ Elizabeth S. Trainor |
|  |  | Name: Elizabeth S. Trainor |
|  |  | Title: Executive Director |
|  | Address for Notices: | Address for Notices: |
|  | JPMorgan Chase Bank, N.A. | JPMorgan Chase Bank, N.A. |
|  | Chase Tower, 7<sup>th</sup> Floor | Chase Tower, 7<sup>th</sup> Floor |
|  | 10 South Dearborn Street | 10 South Dearborn Street |
|  | Mail Code IL1-0079 | Mail Code IL1-0079 |
|  | Chicago, Illinois 60603 | Chicago, Illinois 60603 |
|  | Attention: Asset-Backed Securities Conduit Group | Attention: Asset-Backed Securities Conduit Group |
|  | Telephone: [\*\*\*] | Telephone: [\*\*\*] |
|  | e-mail: [\*\*\*] | e-mail: [\*\*\*] |
|  | [\*\*\*] | [\*\*\*] |
|  | [\*\*\*] | [\*\*\*] |
|  | [\*\*\*] | [\*\*\*] |

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[Fourth Amended and Restated Loan Agreement]

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| | |
|:---|:---|
| CONDUIT LENDER: | [\*\*\*] |
|  | By: JPMORGAN CHASE BANK, N.A., as its attorney-in-fact |
|  | /s/ Elizabeth S. Trainor |
|  | Name: Elizabeth S. Trainor |
|  | Title: Executive Director |
|  | Address for Notices: |
|  | [\*\*\*] |
|  | c/o JPMorgan Chase Bank, N.A. |
|  | Chase Tower, 7<sup>th</sup> Floor |
|  | 10 South Dearborn Street |
|  | Mail Code IL1-0079 |
|  | Chicago, Illinois 60603 |
|  | Attention: Asset-Backed Securities Conduit Group |
|  | Telephone: [\*\*\*] |
|  | e-mail: [\*\*\*] |
|  | [\*\*\*] |
|  | [\*\*\*] |
|  | [\*\*\*] |

---

[Fourth Amended and Restated Loan Agreement]

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| | | |
|:---|:---|:---|
| CREDIT PROVIDER: | JPMORGAN CHASE BANK, N.A. | JPMORGAN CHASE BANK, N.A. |
|  | By: | /s/ Elizabeth S. Trainor |
|  |  | Name: Elizabeth S. Trainor |
|  |  | Title: Executive Director |
|  | Address for Notices: | Address for Notices: |
|  | [\*\*\*] | [\*\*\*] |
|  | c/o JPMorgan Chase Bank, N.A. | c/o JPMorgan Chase Bank, N.A. |
|  | Chase Tower, 7<sup>th</sup> Floor | Chase Tower, 7<sup>th</sup> Floor |
|  | 10 South Dearborn Street | 10 South Dearborn Street |
|  | Mail Code IL1-0079 | Mail Code IL1-0079 |
|  | Chicago, Illinois 60603 | Chicago, Illinois 60603 |
|  | Attention: Asset-Backed Securities Conduit Group | Attention: Asset-Backed Securities Conduit Group |
|  | Telephone: [\*\*\*] | Telephone: [\*\*\*] |
|  | e-mail: [\*\*\*] | e-mail: [\*\*\*] |
|  | [\*\*\*] | [\*\*\*] |
|  | [\*\*\*] | [\*\*\*] |
|  | [\*\*\*] | [\*\*\*] |

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| | | |
|:---|:---|:---|
| JPMORGAN AGENT: | JPMORGAN CHASE BANK, N.A. | JPMORGAN CHASE BANK, N.A. |
|  | By: | /s/ Elizabeth S. Trainor |
|  |  | Name: Elizabeth S. Trainor |
|  |  | Title: Executive Director |
|  | Address for Notices: | Address for Notices: |
|  | JPMorgan Chase Bank, N.A. | JPMorgan Chase Bank, N.A. |
|  | Chase Tower, 7<sup>th</sup> Floor | Chase Tower, 7<sup>th</sup> Floor |
|  | 10 South Dearborn Street | 10 South Dearborn Street |
|  | Mail Code IL1-0079 | Mail Code IL1-0079 |
|  | Chicago, Illinois 60603 | Chicago, Illinois 60603 |
|  | Attention: Asset-Backed Securities Conduit Group | Attention: Asset-Backed Securities Conduit Group |
|  | Telephone: [\*\*\*] | Telephone: [\*\*\*] |
|  | e-mail: [\*\*\*] | e-mail: [\*\*\*] |
|  | [\*\*\*] | [\*\*\*] |
|  | [\*\*\*] | [\*\*\*] |
|  | [\*\*\*] | [\*\*\*] |

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[Fourth Amended and Restated Loan Agreement]

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| | | |
|:---|:---|:---|
| ACKNOWLEDGED AND AGREED BY<br> THE PERFORMANCE GUARANTOR: | LENDBUZZ INC. | LENDBUZZ INC. |
|  | By: | /s/ George Sclavos |
|  |  | Name: George Sclavos |
|  |  | Title: CFO |
|  | Address for Notices: | Address for Notices: |
|  | Lendbuzz Inc. | Lendbuzz Inc. |
|  | 100 Summer Street | 100 Summer Street |
|  | Boston, Massachusetts 02110 | Boston, Massachusetts 02110 |
|  | Attention: George Sclavos, Chief Financial Officer | Attention: George Sclavos, Chief Financial Officer |
|  | E-mail: [\*\*\*] | E-mail: [\*\*\*] |

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[Fourth Amended and Restated Loan Agreement]

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EXHIBIT A

FORM OF [POOL 4][POOL 5] FUNDING REQUEST

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 20

JPMorgan Chase Bank, N.A.,

as Administrative Agent, Account Bank and as JPMorgan Agent

Chase Tower, 16<sup>th</sup> Floor

10 South Dearborn Street

Mail Code IL1-0079

Chicago, Illinois 60603

Attention: Asset-Backed Securities

Portfolio Management

Re: <u>Lendbuzz SPV VII, LLC – Loan Agreement</u>

Ladies and Gentlemen:

The undersigned is a Responsible Officer of Lendbuzz SPV VII, LLC (the "<u>Borrower</u>") and is authorized to execute and deliver this Pool [4][5] Funding Request on behalf of the Borrower pursuant to the Fourth Amended and Restated Loan Agreement, dated as of April 16, 2025 (as amended, restated, supplemented or otherwise modified from time to time, the "<u>Loan</u> <u>Agreement</u>"), by and among the Borrower, Lendbuzz Funding LLC, as servicer and as collateral custodian, the Lenders from time to time party thereto, the Agents from time to time parties thereto, and JPMorgan Chase Bank, N.A., as administrative agent and account bank. Capitalized terms used herein that are not otherwise defined shall have the meanings ascribed thereto in the Loan Agreement.

The Borrower hereby requests that an advance with respect to the Pool [4][5] Loan be made under the Loan Agreement on<u> </u>,<u> </u> (the "<u>Pool [4][5] Funding Date</u>") in the amount of $.

In connection with the foregoing, the undersigned hereby certifies, on behalf of the Borrower, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. As of the date hereof, the Pool [4][5] Borrowing Base is<u> </u>. After giving effect to the requested Pool [4][5] Loan, the Pool [4][5] Loan Outstanding will not exceed the Pool [4][5] Borrowing Base. Attached to this Pool [4][5] Funding Request is a true, complete and correct calculation of such Pool [4][5] Borrowing Base and all components thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. All of the conditions applicable to the requested Pool [4][5] Loan as set forth in the Loan Agreement have been satisfied as of the date hereof and will remain satisfied to the date of such Pool 4 Loan, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) each of the representations and warranties contained in Article Five of the Loan Agreement are true and correct in all respects on and as of the date hereof, before and after giving effect to the Pool [4][5] Loan and to the application of the proceeds therefrom as though made on and as of the date hereof;

Ex. A-1

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) no event has occurred and is continuing, or would result from such Pool [4][5] Loan or from the application of the proceeds therefrom, which constitutes an Event of Default or Unmatured Event of Default;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Borrower is in material compliance with each of its agreements set forth in the Loan Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) no Servicer Termination Event or Unmatured Servicer Termination Event has occurred; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) no adverse selection procedures were used by the Borrower with respect to the Pool [4][5] Receivables which will become a part of the Collateral on the Pool [4][5] Funding Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The requested Pool [4][5] Loan will not, on the Pool [4][5] Funding Date, exceed the Pool [4][5] Available Amount and after giving effect to the requested Pool [4][5] Loan, the Pool [4][5] Loan Outstanding will not exceed the Pool [4][5] Borrowing Base.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. After giving effect to the requested Pool [4][5] Loan on the related Pool [4][5] Funding Date, the Pool [4][5] Receivables, in the aggregate, will not breach any of the Pool [4][5] Concentration Limits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Attached hereto is a true, correct and complete Exhibit [A-4][A-5] to the Purchase Agreement, reflecting all Pool [4][5] Receivables which will become part of the Collateral on the Pool [4][5] Funding Date, each Pool [4][5] Receivable reflected thereon being an Eligible Receivable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The Cutoff Date with respect to the Pool [4][5] Receivables which will become part of the Collateral on the Pool [4][5] Funding Date is<u> </u>, 20 .

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| | |
|:---|:---|
| LENDBUZZ SPV VII, LLC | LENDBUZZ SPV VII, LLC |
| By: |  |
|  | Name: |
|  | Title: |

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Ex. A-2

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EXHIBIT B

FORM OF ASSIGNMENT AND ACCEPTANCE

Dated<u> </u>, 20

Reference is made to the Fourth Amended and Restated Loan Agreement, dated as of April 16, 2025 (as amended, restated, supplemented or otherwise modified from time to time, the "<u>Loan Agreement</u>"), by and among Lendbuzz SPV VII, LLC, as borrower, Lendbuzz Funding LLC, as servicer and as collateral custodian, the Lenders from time to time party thereto, the Agents for the Lender Groups from time to time parties thereto, and JPMorgan Chase Bank, N.A., as administrative agent and account bank. Capitalized terms used herein that are not otherwise defined herein shall have the meanings ascribed thereto in the Loan Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (the "<u>Assignor</u>") and (the "<u>Assignee</u>") agree as follows:

The Assignor hereby sells and assigns to the Assignee, and the Assignee hereby purchases and assumes from the Assignor, that interest in and to all of the Assignor's rights and obligations under the Loan Agreement as of the date hereof which represents the percentage interest specified in Section 1 of Schedule 1 hereto of all outstanding rights and obligations of the Assignor under the Related Loan specified in Section 2 of Schedule I hereto and the Loan Agreement, including such interest in the Lender Advance made by the Assignor. After giving effect to such sale and assignment, the amount of Lender Advance made by the Assignee will be as set forth in Section 3 of Schedule 1 hereto .

The Assignor represents and warrants that it is the legal and beneficial owner of the interest being assigned by it hereunder and that interest is free and clear of any Lien.

The Assignor and the Assignee confirm to and agree with each other and the other parties to Loan Agreement that: (i) other than as provided herein, the Assignor makes no representation or warranty and assumes no responsibility with respect to any statements, warranties or, representations made in or in connection with the Loan Agreement or the execution, legality, validity, enforceability, genuineness, sufficiency, or value of the Loan Agreement or any other instrument or document furnished pursuant thereto; (ii) the Assignee confirms that it has received a copy of the Loan Agreement, together with copies of such financial statements and other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into such Assignment and Acceptance; (iii) the Assignee will, independently and without reliance upon the Administrative Agent, the Assignor or any other Lender party to the Loan Agreement and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Loan Agreement; (iv) the Assignor and the Assignee confirm that the Assignee is an Eligible Assignee; (v) the Assignee appoints and authorizes the Administrative Agent to take such action as agent on its behalf and to exercise such powers under this Agreement as are delegated to such agent by the terms hereof, together with such powers as are reasonably incidental thereto; (vi) the Assignee agrees that it will perform in accordance with their terms all of the obligations which by the terms of the Loan Agreement are required to be performed by it as a Lender, including the confidentiality provisions of Article Twelve; and (vii) this Assignment and Acceptance meets all other requirements for such an Assignment and Acceptance set forth in Article Eleven of the Loan Agreement.

Ex. B-1

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Following the execution of this Assignment and Acceptance by the Assignor and the Assignee, it will be delivered to the Administrative Agent for acceptance. The effective date of this Assignment and Acceptance (the "<u>Assignment Date</u>") shall be the date of acceptance thereof by the Administrative Agent, unless a later date is specified in Section 4 of Schedule 1 hereto.

The Assignor and the Assignee agree to reimburse the Administrative Agent for all reasonable fees, costs, and expenses (including reasonable fees and out-of-pocket expenses of counsel for the Administrative Agent) incurred by the Administrative Agent in connection with this Assignment and Acceptance.

Upon such acceptance by the Administrative Agent, the Assignee shall be a party to the Loan Agreement and, to the extent provided in this Assignment and Acceptance, have the rights and obligations of a Lender thereunder, <u>provided</u>, that the Assignor shall, to the extent such rights have been assigned by it under this Assignment and Acceptance, relinquish its assigned rights and be released from its assigned obligations under the Loan Agreement (and, in the case of an Assignment and Acceptance coving all or the remaining portion of an assigning Assignor's rights and obligations under the Loan Agreement, Assignor shall cease to be a party thereto).

Upon such acceptance by the Administrative Agent, from and after the Assignment Date, the Administrative Agent shall make, or cause to be made, all payments under the Loan Agreement in respect of the interest assigned hereby (including, without limitation, all payments of principal, interest and fees with respect thereto) to the Assignee. The Assignor and Assignee shall make all appropriate adjustments in payments under the Loan Agreement for periods prior to the Assignment Date directly between themselves.

THIS ASSIGNMENT AND ACCEPTANCE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

Ex. B-2

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IN WITNESS WHEREOF, the Assignor and the Assignee have executed this Assignment and Acceptance as of the<u> </u> day of<u> </u>, 20 .

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| | |
|:---|:---|
| , as Assignor | , as Assignor |
| By: |  |
|  | Name: |
|  | Title: |
| , as Assignee | , as Assignee |
| By: |  |
|  | Name: |
|  | Title: |

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Ex. B-3

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Schedule 1

to

Assignment and Acceptance

Dated<u> </u>, 20

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| | |
|:---|:---|
|  <u>Section 1</u>. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Related Loan: |  |
|  <u>Section 2</u>. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Percentage Interest: | % |
|  <u>Section 3</u>. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aggregate Lender Advance Owing to the Assignee: | $— |
|  <u>Section 4</u>. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assignment Date:<u> </u>, 20  |  |

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Ex. B-4

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EXHIBIT C

CREDIT AND COLLECTION POLICY

[On file with the Administrative Agent]

Ex. C-1

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EXHIBIT D

FORM OF POWER OF ATTORNEY

This Power of Attorney (this "<u>Power of Attorney</u>") is executed and delivered by Lendbuzz SPV VII, LLC ("<u>Grantor</u>") to JPMorgan Chase Bank, N.A., as Administrative Agent ("<u>Attorney</u>"), pursuant to (i) the Loan Agreement, dated as of September 12, 2022 (as amended, restated, supplemented or otherwise modified from time to time, the "<u>Loan Agreement</u>"), by and among the Grantor, as borrower, Lendbuzz Funding LLC, as servicer and as collateral custodian, the Lenders from time to time party thereto, the Agents for the Lender Groups from time to time parties thereto, and JPMorgan Chase Bank, N.A., as administrative agent and account bank, and (ii) the other Basic Documents. Capitalized terms used herein that are not otherwise defined shall have the meanings ascribed thereto in the Loan Agreement.

No person to whom this Power of Attorney is presented, as authority for Attorney to take any action or actions contemplated hereby, shall inquire into or seek confirmation from Grantor as to the authority of Attorney to take any action described below, or as to the existence of or fulfillment of any condition to this Power of Attorney, which is intended to grant to Attorney unconditionally the authority to take and perform the actions contemplated herein, and Grantor irrevocably waives any right to commence any suit or action, in law or equity, against any person or entity that acts in reliance upon or acknowledges the authority granted under this Power of Attorney. The power of attorney granted hereby is coupled with an interest and may not be revoked or canceled by Grantor until all Aggregate Unpaids have been indefeasibly paid in full and Attorney has provided its written consent thereto.

Grantor hereby irrevocably constitutes and appoints Attorney (and all officers, employees, or agents designated by Attorney), with full power of substitution, as its true and lawful attorney-in-fact with full irrevocable power and authority in its place and stead and in its name or in Attorney's own name, from time to time in Attorney's discretion, to take any and all appropriate action and to execute and deliver any and all documents and instruments that may be necessary or desirable to accomplish the purposes of the Loan Agreement, and, without limiting the generality of the foregoing, hereby grants to Attorney the power and right, on its behalf, without notice to or assent by it, upon the occurrence and during the continuance of any Event of Default, to do the following: (a) exercise all rights and privileges of Grantor under the Purchase Agreement; (b) pay or discharge any taxes, Liens, or other encumbrances levied or placed on or threatened against Grantor or Grantor's property; (c) defend any suit, action, or proceeding brought against Grantor if Grantor does not defend such suit, action, or proceeding or if Attorney believes that it is not pursuing such defense in a manner that will maximize the recovery to Attorney, and settle, compromise, or adjust any suit, action, or proceeding described above and, in connection therewith, give such discharges or releases as Attorney may deem appropriate; (d) file or prosecute any claim, litigation, suit, or proceeding in any court of competent jurisdiction or before any arbitrator, or take any other action otherwise deemed appropriate by Attorney for the purpose of collecting any and all such moneys due to Grantor whenever payable and to enforce any other right in respect of Grantor's property; (e) sell, transfer, pledge, make any agreement with respect to, or otherwise deal with, any of Grantor's property, and execute, in connection with such sale or action, any endorsements, assignments, or other instruments of

Ex. D-1

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conveyance or transfer in connection therewith; and (f) cause the certified public accountants then engaged by Grantor to prepare and deliver to Attorney at any time and from time to time, promptly upon Attorney's request, any reports required to be prepared by or on behalf of Grantor under the Loan Agreement or any other Basic Document, all as though Attorney were the absolute owner of its property for all purposes, and to do, at Attorney's option and Grantor's expense, at any time or from time to time, all acts and other things that Attorney reasonably deems necessary to perfect, preserve, or realize upon its property or assets and the Liens of the Administrative Agent, as agent for the Secured Parties thereon, all as fully and effectively as it might do. Grantor hereby ratifies, to the extent permitted by law, all that said attorneys shall lawfully do or cause to be done by virtue hereof.

IN WITNESS WHEREOF, this Power of Attorney is executed by Grantor as of this<u> </u> day of 20 .

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| |
|:---|
| LENDBUZZ SPV VII, LLC |
| By: |

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Name: <br> Title:

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| |
|:---|
| Sworn to and subscribed before |
| me this<u> </u> day of<u> </u>, 20 |
| Notary Public |
| [NOTARY SEAL] |

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Ex. D-2

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EXHIBIT E

[RESERVED]

Ex E-1

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EXHIBIT F

FORM OF MONTHLY REPORT

[On File with the Administrative Agent]

Ex. F-1

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EXHIBIT G

FORMS OF U.S. TAX COMPLIANCE CERTIFICATES

Ex. G-1

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EXHIBIT G-1

[FORM OF]

U.S. TAX COMPLIANCE CERTIFICATE

(For Foreign Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes)

Reference is hereby made to the Fourth Amended and Restated Loan Agreement, dated as of April 16, 2025 (as amended, restated, supplemented or otherwise modified from time to time, the "<u>Loan Agreement</u>"), by and among Lendbuzz SPV VII, LLC, as borrower (the "<u>Borrower</u>"), Lendbuzz Funding LLC, as servicer and as collateral custodian, the lenders from time to time parties thereto, the agents from time to time parties thereto, and JPMorgan Chase Bank, N.A., as administrative agent (the "<u>Administrative Agent</u>") and account bank.

Pursuant to the provisions of Section 2.12 of the Loan Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial owner of the Loan(s) in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code and (iv) it is not a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code.

The undersigned has furnished the Administrative Agent and the Borrower with a certificate of its non-U.S. Person status on IRS Form W-8BEN or W-8BEN-E. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform the Borrower and the Administrative Agent, and (2) the undersigned shall have at all times furnished the Borrower and the Administrative Agent with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments.

Unless otherwise defined herein, terms defined in the Loan Agreement and used herein shall have the meanings given to them in the Loan Agreement.

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| | |
|:---|:---|
| [NAME OF LENDER] | [NAME OF LENDER] |
| By: |  |
|  | Name: |
|  | Title: |
| Date:<u> </u><u> </u>, 20[ ] | Date:<u> </u><u> </u>, 20[ ] |

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Ex. G-2

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EXHIBIT G-2

[FORM OF]

U.S. TAX COMPLIANCE CERTIFICATE

(For Foreign Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes)

Reference is hereby made to the Fourth Amended and Restated Loan Agreement, dated as of April 16, 2025 (as amended, restated, supplemented or otherwise modified from time to time, the "<u>Loan Agreement</u>"), by and among Lendbuzz SPV VII, LLC, as borrower (the "<u>Borrower</u>"), Lendbuzz Funding LLC, as servicer and as collateral custodian, the lenders from time to time parties thereto, the agents from time to time parties thereto, and JPMorgan Chase Bank, N.A., as administrative agent (the "<u>Administrative Agent</u>") and account bank.

Pursuant to the provisions of Section 2.12 of the Loan Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial owner of the participation in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code, and (iv) it is not a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code.

The undersigned has furnished its participating Lender with a certificate of its non-U.S. Person status on IRS Form W-8BEN or W-8BEN-E. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform such Lender in writing, and (2) the undersigned shall have at all times furnished such Lender with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments.

Unless otherwise defined herein, terms defined in the Loan Agreement and used herein shall have the meanings given to them in the Loan Agreement.

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| | |
|:---|:---|
| [NAME OF PARTICIPANT] | [NAME OF PARTICIPANT] |
| By: |  |
|  | Name: |
|  | Title: |
| Date:<u> </u><u> </u>, 20[ ] | Date:<u> </u><u> </u>, 20[ ] |

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Ex. G-3

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EXHIBIT G-3

[FORM OF]

U.S. TAX COMPLIANCE CERTIFICATE

(For Foreign Participants That Are Partnerships For U.S. Federal Income Tax Purposes)

Reference is hereby made to the Fourth Amended and Restated Loan Agreement, dated as of April 16, 2025 (as amended, restated, supplemented or otherwise modified from time to time, the "<u>Loan Agreement</u>"), by and among Lendbuzz SPV VII, LLC, as borrower (the "<u>Borrower</u>"), Lendbuzz Funding LLC, as servicer and as collateral custodian, the lenders from time to time parties thereto, the agents from time to time parties thereto, and JPMorgan Chase Bank, N.A., as administrative agent (the "<u>Administrative Agent</u>") and account bank.

Pursuant to the provisions of Section 2.12 of the Loan Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the participation in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial owners of such participation, (iii) with respect such participation, neither the undersigned nor any of its direct or indirect partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members is a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code, and (v) none of its direct or indirect partners/members is a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code.

The undersigned has furnished its participating Lender with IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or W-8BEN-E or (ii) an IRS Form W- 8IMY accompanied by an IRS Form W-8BEN or IRS Form W-8BEN-E from each of such partner's/member's beneficial owners that is claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform such Lender and (2) the undersigned shall have at all times furnished such Lender with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments.

Unless otherwise defined herein, terms defined in the Loan Agreement and used herein shall have the meanings given to them in the Loan Agreement.

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| | |
|:---|:---|
| [NAME OF PARTICIPANT] | [NAME OF PARTICIPANT] |
| By: |  |
|  | Name: |
|  | Title: |
| Date:<u> </u><u> </u>, 20[ ] | Date:<u> </u><u> </u>, 20[ ] |

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Ex. G-4

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EXHIBIT G-4

[FORM OF]

U.S. TAX COMPLIANCE CERTIFICATE

(For Foreign Lenders That Are Partnerships For U.S. Federal Income Tax Purposes)

Reference is hereby made to the Fourth Amended and Restated Loan Agreement, dated as of April 16, 2025 (as amended, restated, supplemented or otherwise modified from time to time, the "<u>Loan Agreement</u>"), by and among Lendbuzz SPV VII, LLC, as borrower (the "<u>Borrower</u>"), Lendbuzz Funding LLC, as servicer and as collateral custodian, the lenders from time to time parties thereto, the agents from time to time parties thereto, and JPMorgan Chase Bank, N.A., as administrative agent (the "<u>Administrative Agent</u>") and account bank.

Pursuant to the provisions of Section 2.12 of the Loan Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the Loan(s) in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial owners of such Loan(s), (iii) with respect to the extension of credit pursuant to this Loan Agreement or any other Borrower Basic Document, neither the undersigned nor any of its direct or indirect partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members is a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code, and (v) none of its direct or indirect partners/members is a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code.

The undersigned has furnished the Administrative Agent and the Borrower with IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or W-8BEN-E or (ii) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN or IRS Form W-8BEN-E from each of such partner's/member's beneficial owners that is claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform the Borrower and the Administrative Agent, and (2) the undersigned shall have at all times furnished the Borrower and the Administrative Agent with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments.

Unless otherwise defined herein, terms defined in the Loan Agreement and used herein shall have the meanings given to them in the Loan Agreement.

Ex. G-5

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| | |
|:---|:---|
| [NAME OF LENDER] | [NAME OF LENDER] |
| By: |  |
|  | Name: |
|  | Title: |
| Date:<u> </u><u> </u>, 20[ ] | Date:<u> </u><u> </u>, 20[ ] |

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Ex. G-6

## Exhibit 10.21

**Exhibit 10.21** 

EXECUTION VERSION

Certain information has been excluded from this agreement (indicated by "[\*\*\*]") because Lendbuzz Inc. has determined such information (i) is not material and (ii) is of the type that the registrant treats as private or confidential.

**SEVENTH AMENDMENT TO LOAN AGREEMENT** 

This SEVENTH AMENDMENT TO LOAN AGREEMENT (this "*Amendment*"), dated as of March 25, 2025, is made by and among LENDBUZZ SPV VIII, LLC, a Delaware limited liability company, as borrower (the "<u>Borrower</u>"), LENDBUZZ FUNDING LLC, a Delaware limited liability company ("<u>Lendbuzz Funding</u>"), as servicer (in such capacity, the "<u>Servicer</u>") and as collateral custodian (in such capacity, the "<u>Collateral Custodian</u>") for the Secured Parties, the Lenders (the "<u>Lenders</u>"), and REGIONS BANK, as administrative agent for the Lenders (in such capacity, the "<u>Administrative Agent</u>").

WHEREAS, the Borrower, the Servicer, the Lenders, and the Administrative Agent entered into that certain Loan Agreement, dated as of October 28, 2022 (as amended, restated, supplemented or otherwise modified from time to time, the "*Loan Agreement*"); and

WHEREAS, in accordance with <u>Section 13.01</u> of the Loan Agreement, the parties hereto desire to amend certain provisions of the Loan Agreement, subject to the terms hereof;

NOW, THEREFORE, in consideration of the premises and of the mutual covenants contained herein, and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows:

SECTION 1. DEFINED TERMS.

Unless otherwise defined herein, all capitalized terms used herein have the meanings assigned to such terms in the Loan Agreement.

SECTION 2. AMENDMENTS.

Subject to the satisfaction of the conditions precedent set forth in Section 3 below, the Loan Agreement is hereby amended by incorporating the changes shown on the marked copy of the Loan Agreement attached hereto as Exhibit A (it being understood that the language which appears "struck out" has been deleted and language which appears as "<u>double-underlined</u>" has been added). Attached hereto as <u>Exhibit B</u> is a clean copy of the Loan Agreement conformed through the Seventh Amendment.

SECTION 3. CONDITIONS PRECEDENT

This Amendment shall become effective as of the close of business on the date first written above, subject to the satisfaction of the condition precedent that (a) each party, or such party's counsel, shall have received in form and substance satisfactory to such party counterpart signatures to this Amendment executed by the other parties and (b) the Administrative Agent shall have received payment, in immediately available funds, of all reasonable fees and expenses incurred in connection with the preparation, negotiation, execution and delivery of this Amendment.

SECTION 4. REPRESENTATIONS AND WARRANTIES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Binding Obligation</u>. Each party hereby represents and warrants to the other parties that each of this Amendment and the Loan Agreement (as amended hereby) constitutes its legal, valid and binding obligation, enforceable against such party in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency and other similar laws affecting creditors' rights generally and to general principles of equity.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>No Default</u>. The Borrower represents and warrants that (i) no event has occurred and is continuing, which constitutes an Event of Default or an Unmatured Event of Default or that has had or is likely to have a Material Adverse Effect on the Borrower or the Receivables, and (ii) the Facility Termination Date has not occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Ratification and Reaffirmation of Representations and Warranties</u>. The Borrower ratifies and reaffirms that all of its representations and warranties and covenants set forth in the Loan Agreement and the other Basic Documents are true and correct in all material respects as of the date hereof as though made on and as of the date hereof (where not already qualified by materiality, otherwise in all respects), except to the extent the same expressly relate to an earlier date, in which case they shall be true and correct in all material respects (where not already qualified by materiality, otherwise in all respects) as of such earlier date.

SECTION 5. EXECUTION IN COUNTERPARTS.

This Amendment may be executed in any number of counterparts and by the different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same agreement. Delivery of a signature page to, or an executed counterpart of, this Amendment by facsimile, email transmission of a scanned image, or other electronic means, shall be effective as delivery of an originally executed counterpart. The parties hereto agree that "execution," "signed," "signature," and words of like import in this document shall be deemed to include electronic signatures, authentication, or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based record keeping system, as the case may be, to the extent and as provided for in any applicable law, including, without limitation, Electronic Signatures in Global and National Commerce Act, the Uniform Electronic Transactions Act, New York Electronic Signatures and Records Act (N.Y. State Tech. §§ 301-309), or the Uniform Commercial Code, and the parties hereto hereby waive any objection to the contrary.

SECTION 6. GOVERNING LAW.

THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REFERENCE TO ITS CONFLICTS OF LAW PROVISIONS (OTHER THAN § 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW). EACH OF THE PARTIES HERETO HEREBY AGREES TO THE NON-EXCLUSIVE JURISDICTION OF ANY FEDERAL COURT LOCATED WITHIN THE STATE OF NEW YORK. EACH OF THE PARTIES HERETO HEREBY WAIVES ANY OBJECTION BASED ON FORUM NON CONVENIENS, AND ANY OBJECTION TO VENUE, OF ANY ACTION INSTITUTED HEREUNDER IN ANY OF THE AFOREMENTIONED COURTS AND CONSENTS TO THE GRANTING OF SUCH LEGAL OR EQUITABLE RELIEF AS IS DEEMED APPROPRIATE BY SUCH COURT.

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SECTION 7. EFFECT OF AMENDMENT; REAFFIRMATION OF BASIC DOCUMENTS.

Except as specifically amended, waived or otherwise modified herein, the terms and conditions of the Loan Agreement and all other Basic Documents and any other documents, instruments and agreements executed and/or delivered in connection therewith, shall remain in full force and effect and, subject to such amendments, waivers and modifications herein set forth, are hereby ratified and confirmed.

**[*Signature Pages Follow*]** 

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed and delivered as of the date first above written.

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| | |
|:---|:---|
| LENDBUZZ SPV VIII, LLC | LENDBUZZ SPV VIII, LLC |
| By: | /s/ George Sclavos |
| Name: | George Sclavos |
| Title: | CFO |
| LENDBUZZ FUNDING LLC | LENDBUZZ FUNDING LLC |
| By: | /s/ George Sclavos |
| Name: | George Sclavos |
| Title: | CFO |

---

[Signature page to Seventh Amendment to Loan Agreement]

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| | |
|:---|:---|
| REGIONS BANK,<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;as Administrative Agent and as Lender | REGIONS BANK,<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;as Administrative Agent and as Lender |
| By: | /s/ Ellis Ryan |
|  | Name: Ellis Ryan |
|  | Title: Vice President |

---

[Signature page to Seventh Amendment to Loan Agreement]

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**EXHIBIT A** 

**Marked Loan Agreement** 

[See attached]

------

*CONFORMED COPY – NOT EXECUTED IN THIS FORM* 

*Incorporating the First Amendment to Loan Agreement, dated as of December 15, 2022;* 

*the Second Amendment to Loan Agreement, dated as of July 27, 2023;* 

*the Third Amendment to Loan Agreement, dated as of May 7, 2024;* 

*the Fourth Amendment to Loan Agreement, dated as of September 17, 2024;* 

*the Fifth Amendment to Loan Agreement, dated as of December 10, 2024;* 

*and the Sixth Amendment to Loan Agreement, dated as of February 20, <u>2025;</u>* 

*<u>and the Seventh Amendment to Loan Agreement, dated as of March 25,</u> 2025.* 

LENDBUZZ SPV VIII, LLC,

as the Borrower,

LENDBUZZ FUNDING LLC,

as the Servicer and the Collateral Custodian,

the LENDERS

from time to time parties hereto,

and

REGIONS BANK,

as the Administrative Agent and the Account Bank

LOAN AGREEMENT

Dated as of October 28, 2022

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the Eligible Pool Balance on such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the positive difference, if any, of (a) the aggregate Principal Balance of the Eligible Receivables for which the related Obligor has a billing address in any State other than those States accounted for in clauses (i) and (ii), above, <u>minus</u> (b) an amount equal to the product of (1) [\*\*\*] <u>times</u> (2) the Eligible Pool Balance on such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the positive difference, if any, of (a) the aggregate Principal Balance of the Eligible Receivables for which the related Obligors had FICO Scores and such FICO Scores were less than 620 <u>minus</u> (b) the product of (1)<u>(i) from the Seventh Amendment Effective Date until May 23, 2025, [\*\*\*] or (ii) on and after May 23, 2025, 2025,</u> [\*\*\*] <u>times</u> (2) the Eligible Pool Balance on such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the positive difference, if any, of (a) the aggregate Principal Balance of the Eligible Receivables for which the related Obligors had FICO Scores of less than or equal to 680 <u>minus</u> (b) the product of (1) [\*\*\*] <u>times</u> (2) the Eligible Pool Balance on such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the positive difference, if any, of (a) the aggregate Principal Balance of the Eligible Receivables for which the related Obligors did not have a FICO Score or had a FICO Score of zero <u>minus</u> (b) the product of (1) [\*\*\*] <u>times</u> (2) the Eligible Pool Balance as of such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the aggregate Principal Balance of the Eligible Receivables with the lowest FICO Scores that would need to be subtracted from the Eligible Pool Balance on such date in order to cause the weighted average FICO Score of those Eligible Receivables that both (A) constitute a Long Term Loan and (B) have a FICO Score to equal <u>to (i) from the Seventh Amendment Effective Date until May 23, 2025, [\*\*\*] or (ii) on and after May 23, 2025,</u> [\*\*\*];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the positive difference, if any, of (a) the aggregate Principal Balance of the Eligible Receivables for which the related Obligors had AIRA Scores of less than 450 <u>minus</u> (b) the product of (1) [\*\*\*]; <u>times</u> (2) the Eligible Pool Balance as of such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) the aggregate Principal Balance of the Eligible Receivables with the lowest AIRA Scores that would need to be subtracted from the Eligible Pool Balance on such date in order to cause the weighted average AIRA Score of those Eligible Receivables that both (A) constitute a Long Term Loan and (B) have an AIRA Score to equal <u>to (i) from the Seventh Amendment Effective Date until May 23, 2025, [\*\*\*] or (ii) on and after May 23, 2025,</u> [\*\*\*];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) the positive difference, if any, of (a) the aggregate Principal Balance of the Eligible Receivables for which the related Obligors had AIRA Scores of less than or equal to [\*\*\*] <u>minus</u> (b) the product of (1) [\*\*\*], or [\*\*\*] for the [\*\*\*] days following any Take-out, <u>times</u> (2) the Eligible Pool Balance on such date;

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<u>"Seventh Amendment Effective Date" means March 25, 2025.</u>

"<u>Short-Term Rating Requirement</u>" means, with respect to any Person, that such Person has a short-term unsecured debt rating of not less than A-1 by Standard & Poor's and not less than Prime-1 by Moody's.

"<u>Simple Interest Method</u>" means the method of allocating a fixed level payment to principal and interest, pursuant to which the portion of such payment that is allocated to interest is equal to the product of the fixed rate of interest multiplied by the unpaid principal balance multiplied by the period of time elapsed since the preceding payment of interest was made.

"<u>SOFR</u>" means a rate equal to the secured overnight financing rate as administered by the SOFR Administrator.

"<u>SOFR Administrator</u>" means the NYFRB (or a successor administrator of the secured overnight financing rate).

"<u>SOFR Administrator's Website</u>" means the NYFRB's website, currently at http://www.newyorkfed.org, or any successor source for the secured overnight financing rate identified as such by the SOFR Administrator from time to time.

"<u>SOFR Determination Date</u>" has the meaning given to such term in the definition of "Daily Simple SOFR."

"<u>SOFR Rate Day</u>" has the meaning given to such term in the definition of "Daily Simple SOFR."

"<u>Solvent</u>" means, as to any Person at any time, having a state of affairs such that (i) the fair value of the property owned by such Person is greater than the amount of such Person's liabilities (including disputed, contingent, and unliquidated liabilities) as such value is established and liabilities evaluated for purposes of Section 101(32) of the Bankruptcy Code; (ii) the present fair salable value of the property owned by such Person in an orderly liquidation of such Person is not less than the amount that will be required to pay the probable liability of such Person on its debts as they become absolute and matured; (iii) such Person is able to realize upon its property and pay its debts and other liabilities (including disputed, contingent and unliquidated liabilities) as they mature in the normal course of business; (iv) such Person does not intend to, and does not believe that it will, incur debts or liabilities beyond such Person's ability to pay as such debts and liabilities mature; and (v) such Person is not engaged in business or a transaction, and is not about to engage in a business or a transaction, for which such Person's property would constitute unreasonably small capital.

"<u>Standard</u> <u>& Poor's</u>" means S&P Global Ratings, a Standard & Poor's Financial Services LLC business.

"<u>State</u>" means any state of the United States or the District of Columbia.

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**EXHIBIT B** 

**Conformed Loan Agreement** 

**(Seventh Amendment)** 

[See attached]

------

*CONFORMED COPY – NOT EXECUTED IN THIS FORM* 

*Incorporating the First Amendment to Loan Agreement, dated as of December 15, 2022;* 

*the Second Amendment to Loan Agreement, dated as of July 27, 2023;* 

*the Third Amendment to Loan Agreement, dated as of May 7, 2024;* 

*the Fourth Amendment to Loan Agreement, dated as of September 17, 2024;* 

*the Fifth Amendment to Loan Agreement, dated as of December 10, 2024;* 

*the Sixth Amendment to Loan Agreement, dated as of February 20, 2025;* 

*and the Seventh Amendment to Loan Agreement, dated as of March 25, 2025.* 

LENDBUZZ SPV VIII, LLC,

as the Borrower,

LENDBUZZ FUNDING LLC,

as the Servicer and the Collateral Custodian,

the LENDERS

from time to time parties hereto,

and

REGIONS BANK,

as the Administrative Agent and the Account Bank

LOAN AGREEMENT

Dated as of October 28, 2022

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**TABLE OF CONTENTS** 

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| | | |
|:---|:---|:---|
|  |  | Page |
| ARTICLE ONE | ARTICLE ONE | ARTICLE ONE |
| DEFINITIONS; CONSTRUCTION | DEFINITIONS; CONSTRUCTION | DEFINITIONS; CONSTRUCTION |
|  Section 1.01. | Definitions | 1 |
|  Section 1.02. | Accounting Terms and Determinations | 39 |
|  Section 1.03. | Computation of Time Periods | 39 |
|  Section 1.04. | Interpretation | 40 |
| ARTICLE TWO | ARTICLE TWO | ARTICLE TWO |
| LOANS | LOANS | LOANS |
|  Section 2.01. | Loans | 40 |
|  Section 2.02. | Funding Mechanics | 41 |
|  Section 2.03. | Reduction of Commitments | 42 |
|  Section 2.04. | Reserved | 42 |
|  Section 2.05. | Interest | 42 |
|  Section 2.06. | Payments | 43 |
|  Section 2.07. | Settlement Procedures | 44 |
|  Section 2.08. | Payments, Computations, Etc. | 46 |
|  Section 2.09. | Collections and Allocations; Investment of Funds | 47 |
|  Section 2.10. | Fees | 48 |
|  Section 2.11. | Increased Cost and Reduced Return | 49 |
|  Section 2.12. | Taxes | 50 |
|  Section 2.13. | Take-outs | 54 |
|  Section 2.14. | The Account Bank. | 56 |
|  Section 2.15. | Reserved | 59 |
|  Section 2.16. | Replacement of Lenders | 59 |
|  Section 2.17. | Defaulting Lenders | 60 |
|  Section 2.18. | Alternate Rate of Interest | 60 |
| ARTICLE THREE | ARTICLE THREE | ARTICLE THREE |
| SECURITY | SECURITY | SECURITY |
|  Section 3.01. | Collateral | 62 |
|  Section 3.02. | Release of Collateral; No Legal Title | 64 |
|  Section 3.03. | Protection of Security Interest; Administrative Agent, as Attorney-in-Fact | 65 |
|  Section 3.04. | Assignment of the Purchase Agreement | 65 |
|  Section 3.05. | Waiver of Certain Laws | 66 |
|  Section 3.06. | Remittance Account | 66 |

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i

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| | | |
|:---|:---|:---|
|  |  | Page |
| ARTICLE FOUR | ARTICLE FOUR | ARTICLE FOUR |
| CONDITIONS OF CLOSING AND LOANS | CONDITIONS OF CLOSING AND LOANS | CONDITIONS OF CLOSING AND LOANS |
|  Section 4.01. | Conditions to Effectiveness of this Agreement | 66 |
|  Section 4.02. | Conditions Precedent to All Loans | 67 |
| ARTICLE FIVE | ARTICLE FIVE | ARTICLE FIVE |
| REPRESENTATIONS AND WARRANTIES | REPRESENTATIONS AND WARRANTIES | REPRESENTATIONS AND WARRANTIES |
|  Section 5.01. | Representations and Warranties of the Borrower | 69 |
|  Section 5.02. | Representations and Warranties of the Borrower Relating to the Receivables | 73 |
|  Section 5.03. | Representations and Warranties of Lendbuzz Funding | 73 |
|  Section 5.04. | Retransfer of Certain Receivables | 75 |
| ARTICLE SIX | ARTICLE SIX | ARTICLE SIX |
| COVENANTS | COVENANTS | COVENANTS |
|  Section 6.01. | Affirmative Covenants of the Borrower | 76 |
|  Section 6.02. | Negative Covenants of the Borrower | 83 |
|  Section 6.03. | Covenants of the Borrower Relating to Hedging | 85 |
|  Section 6.04. | Affirmative Covenants of the Servicer and the Collateral Custodian | 88 |
|  Section 6.05. | Negative Covenants of the Servicer and the Collateral Custodian | 91 |
| ARTICLE SEVEN | ARTICLE SEVEN | ARTICLE SEVEN |
| ADMINISTRATION AND SERVICING OF RECEIVABLES | ADMINISTRATION AND SERVICING OF RECEIVABLES | ADMINISTRATION AND SERVICING OF RECEIVABLES |
|  Section 7.01. | Designation of Servicing | 92 |
|  Section 7.02. | Servicing Compensation | 93 |
|  Section 7.03. | Duties of the Servicer | 93 |
|  Section 7.04. | Collection of Payments | 96 |
|  Section 7.05. | Servicer Advances | 97 |
|  Section 7.06. | Payment of Certain Expenses by Servicer | 97 |
|  Section 7.07. | Reports and Audit | 98 |
|  Section 7.08. | Backup Servicer | 99 |
|  Section 7.09. | Rights After Assumption of Duties by Backup Servicer or Designation of Successor Servicer; Liability | 99 |
|  Section 7.10. | Limitation on Liability of the Servicer, the Collateral Custodian, and Others | 100 |
|  Section 7.11. | The Servicer and the Collateral Custodian Not to Resign | 100 |
|  Section 7.12. | Servicer Termination Events | 101 |
|  Section 7.13. | Appointment of Successor Servicer | 103 |
|  Section 7.14. | Merger or Consolidation, Assumption of Obligations or Resignation of the Servicer | 105 |

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ii

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| | | |
|:---|:---|:---|
|  |  | Page |
|  Section 7.15. | Responsibilities of the Borrower | 106 |
|  Section 7.16. | Custody of Receivable Files | 106 |
|  Section 7.17. | Duties of Collateral Custodian | 106 |
| ARTICLE EIGHT | ARTICLE EIGHT | ARTICLE EIGHT |
| EVENTS OF DEFAULT | EVENTS OF DEFAULT | EVENTS OF DEFAULT |
|  Section 8.01. | Events of Default | 109 |
|  Section 8.02. | Actions Upon Declaration of the Occurrence of the Final Maturity Date | 112 |
|  Section 8.03. | Exercise of Remedies | 114 |
|  Section 8.04. | Waiver of Certain Laws | 114 |
|  Section 8.05. | Power of Attorney | 114 |
| ARTICLE NINE | ARTICLE NINE | ARTICLE NINE |
| INDEMNIFICATION | INDEMNIFICATION | INDEMNIFICATION |
|  Section 9.01. | Indemnities by the Borrower | 115 |
|  Section 9.02. | Indemnities by the Servicer and the Collateral Custodian | 117 |
|  Section 9.03. | Indemnities by the Backup Servicer in its Capacity as the Successor Servicer or Successor Collateral Custodian | 119 |
| ARTICLE TEN | ARTICLE TEN | ARTICLE TEN |
| THE ADMINISTRATIVE AGENT | THE ADMINISTRATIVE AGENT | THE ADMINISTRATIVE AGENT |
|  Section 10.01. | Authorization and Action | 119 |
|  Section 10.02. | Delegation of Duties | 120 |
|  Section 10.03. | Exculpatory Provisions | 120 |
|  Section 10.04. | Reliance | 120 |
|  Section 10.05. | Non-Reliance on Other Lenders | 121 |
|  Section 10.06. | Indemnification | 122 |
|  Section 10.07. | Administrative Agent in its Individual Capacity | 122 |
|  Section 10.08. | Successor Administrative Agent | 123 |
|  Section 10.09. | Erroneous Payments | 123 |
| ARTICLE ELEVEN | ARTICLE ELEVEN | ARTICLE ELEVEN |
| ASSIGNMENTS; PARTICIPATIONS | ASSIGNMENTS; PARTICIPATIONS | ASSIGNMENTS; PARTICIPATIONS |
|  Section 11.01. | Assignments and Participations | 124 |

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| | | |
|:---|:---|:---|
|  |  | Page |
| ARTICLE TWELVE | ARTICLE TWELVE | ARTICLE TWELVE |
| MUTUAL COVENANTS REGARDING CONFIDENTIALITY | MUTUAL COVENANTS REGARDING CONFIDENTIALITY | MUTUAL COVENANTS REGARDING CONFIDENTIALITY |
|  Section 12.01. | Covenants of the Borrower, the Servicer, the Backup Servicer, the Account Bank and the Collateral Custodian | 127 |
|  Section 12.02. | Covenants of the Administrative Agent and the Lenders | 127 |
|  Section 12.03. | Non-Confidentiality of Tax Treatment and Tax Structure | 129 |
| ARTICLE THIRTEEN | ARTICLE THIRTEEN | ARTICLE THIRTEEN |
| MISCELLANEOUS | MISCELLANEOUS | MISCELLANEOUS |
|  Section 13.01. | Amendments and Waivers | 129 |
|  Section 13.02. | Notices, Etc. | 130 |
|  Section 13.03. | No Waiver, Rights and Remedies | 130 |
|  Section 13.04. | Binding Effect | 130 |
|  Section 13.05. | Term of this Agreement | 130 |
|  Section 13.06. | **GOVERNING LAW; CONSENT TO JURISDICTION; WAIVER OF OBJECTION TO VENUE** | 130 |
|  Section 13.07. | **WAIVER OF JURY TRIAL** | 131 |
|  Section 13.08. | Costs and Expenses | 131 |
|  Section 13.09. | No Insolvency Proceedings | 131 |
|  Section 13.10. | Recourse Against Certain Parties | 131 |
|  Section 13.11. | Patriot Act Compliance | 132 |
|  Section 13.12. | Execution in Counterparts; Electronic Signatures; Severability; Integration | 132 |

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| | | |
|:---|:---|:---|
|  | **SCHEDULES** | |
|  Schedule A | Lender Supplement (JPMorgan Lender Group) | SA-1 |
|  Schedule B | Eligible Receivable Criteria | SB-1 |
|  Schedule C | Schedule of Receivables | SC-1 |
|  Schedule D | Location of Receivable Files | SD-1 |
|  Schedule E | Schedule of Documents | SE-1 |
|  Schedule F | Initial List of Competitors | SF-1 |
|  | **EXHIBITS** |  |
|  Exhibit A | Form of Funding Request | A-1 |
|  Exhibit B | Form of Assignment and Acceptance | B-1 |
|  Exhibit C | Credit and Collection Policy | C-1 |
|  Exhibit D | Form of Power of Attorney | D-1 |
|  Exhibit E | Form of Take-out Release | E-1 |
|  Exhibit F | Form of Monthly Report | F-1 |
|  Exhibit G | Forms of U.S. Tax Compliance Certificates | G-1 |

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iv

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LOAN AGREEMENT

This Loan Agreement, dated as of October 28, 2022 (as amended, restated, supplemented or otherwise modified from time to time, this "<u>Agreement</u>"), is by and among LENDBUZZ SPV VIII, LLCf, a Delaware limited liability company, as borrower (the "<u>Borrower</u>"), LENDBUZZ FUNDING LLC, a Delaware limited liability company ("<u>Lendbuzz Funding</u>"), as servicer (in such capacity, the "<u>Servicer</u>") and as collateral custodian (in such capacity, the "<u>Collateral</u> <u>Custodian</u>") for the Secured Parties (as defined herein), the Lenders from time to time parties hereto (the "<u>Lenders</u>"), and REGIONS BANK, as administrative agent for the Lenders (in such capacity, the "<u>Administrative Agent</u>") and as account bank (in such capacity, the "<u>Account Bank</u>").

W I T N E S S E T H:

WHEREAS, the Borrower was formed for the purpose of purchasing and holding various assets, including consumer loans secured by new and used automobiles, light duty trucks, vans, minivans, and sport utility vehicles, amounts received on or in respect of such loans, and proceeds of the foregoing;

WHEREAS, the Borrower has requested that the Lenders make loans to the Borrower from time to time, the proceeds of which will be used to finance the purchase price of such consumer loans as described herein; and

WHEREAS, the Lenders have agreed to make such loans to the Borrower upon the terms and subject to the conditions set forth herein;

NOW THEREFORE, in consideration of the premises and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

ARTICLE ONE

DEFINITIONS; CONSTRUCTION

Section 1.01. <u>Definitions</u>. Whenever used herein, unless the context otherwise requires, the following words and phrases shall have the following meanings:

"<u>Account Bank</u>" has the meaning given to such term in the Preamble.

"<u>Account Collateral</u>" means the Collection Account, the Remittance Account, and the Hedge Reserve Account, together with all cash, securities, financial assets (as defined in Section 8-102(a)(9) of the UCC) and investments, and other property from time to time deposited or credited to the Collection Account, the Remittance Account, or the Hedge Reserve Account, and all proceeds of the foregoing.

"<u>Administrative Agent</u>" has the meaning given to such term in the Preamble.

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"<u>Administrative Agent's Account</u>" means the account or accounts identified by the Administrative Agent to the Borrower as the Administrative Agent's Account hereunder.

"<u>Advisors</u>" means accountants, attorneys, consultants, advisors, credit enhancers, liquidity providers, and Persons similar to the foregoing and the respective directors, officers, employees, and managers of each of the foregoing.

"<u>Affiliate</u>" means, with respect to any Person, any other Person controlling, controlled by or under common control with such Person. For purposes of this definition, "control" when used with respect to any specified Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract, or otherwise; and the terms "controlling" or "controlled" have meanings correlative to the foregoing.

"<u>Aggregate Commitment</u>" means, with respect to any date, the sum of the Commitments of each Lender.

"<u>Aggregate Unpaids</u>" means, with respect to any date, an amount equal to the sum of (i) the Loans Outstanding, (ii) all accrued but unpaid Interest, and (iii) all Upfront Fees, Unused Commitment Fees, Hedge Breakage Costs, Indemnified Amounts, and other Obligations owed (whether due or accrued) by the Borrower, the initial Servicer, or the initial Collateral Custodian to the Secured Parties, the Administrative Agent, the Backup Servicer, the Account Bank, the Indemnified Parties, and any Successor Servicer under this Agreement and the other Basic Documents.

"<u>Agreement</u>" has the meaning given to such term in the Preamble.

"<u>AIRA Score</u>" means with respect to any Receivable, the "Artificial Intelligence Risk Analysis Score" that is generated in connection with the underwriting of such Receivable by Lendbuzz Funding, utilizing its underwriting and machine learning algorithms and in accordance with the Credit and Collection Policy.

"<u>Alternate Base Rate</u>" means, with respect to any date, a rate per annum equal to the greatest of (i) the Prime Rate in effect on such day, (ii) the NYFRB Rate in effect on such day plus <sup>1</sup>⁄<sub>2</sub> of 1% and (iii) Daily Simple SOFR plus 1%. Any change in the Alternate Base Rate due to a change in the Prime Rate, the NYFRB Rate or Daily Simple SOFR shall be effective from and including the effective date of such change in the Prime Rate, the NYFRB Rate or Daily Simple SOFR, respectively. If the Alternate Base Rate is being used as an alternate rate of interest pursuant to Section 2.18 (for the avoidance of doubt, only until the Benchmark Replacement has been determined pursuant to Section 2.18(b)), then the Alternate Base Rate shall be the greater of clauses (i) and (ii) above and shall be determined without reference to clause (iii) above. For the avoidance of doubt, if the Alternate Base Rate as determined pursuant to the foregoing would be less than 0%, such rate shall be deemed to be 0% for purposes of this Agreement.

"<u>Amortization Period</u>" means the period commencing on the Scheduled Revolving Period Termination Date and ending on the earliest to occur of (a) the occurrence and continuation of an Early Amortization Event or (b) the Final Maturity Date.

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"<u>Ancillary Fees</u>" means (i) late fees, (ii) extension fees, (iii) liquidation fees, (iv) prepayment charges, (v) overdraft charges, and (vi) all other administrative fees or similar charges allowed by Applicable Law received by or on behalf of the Servicer with respect to the Receivables.

"<u>Annual Percentage Rate</u>" or "<u>APR</u>" means, with respect to a Receivable, the rate per annum of finance charges stated in such Receivable as the "annual percentage rate" (within the meaning of the Federal Truth-in-Lending Act). If, after the applicable Funding Date, the rate per annum with respect to a Receivable as of such Funding Date is reduced (i) as a result of an Insolvency Proceeding involving the related Obligor or (ii) pursuant to the Servicemembers Civil Relief Act or similar State law, "Annual Percentage Rate" or "APR" with respect to such Receivable shall refer to such reduced rate.

"<u>Anti-Corruption Laws</u>" means all laws, rules, and regulations of the United States or any State that are applicable to Lendbuzz, Lendbuzz Funding, the Borrower, or any of their respective Affiliates or Subsidiaries from time to time concerning or relating to bribery or corruption.

"<u>Applicable Law</u>" means, with respect to any Person, all existing and future applicable laws, rules, regulations (including Treasury Regulations), statutes, treaties, codes, ordinances, permits, certificates, orders and licenses of and interpretations by any Governmental Authority (including usury laws, the Federal Truth in Lending Act, the Equal Credit Opportunity Act, the Fair Credit Billing Act, the Fair Credit Reporting Act, the Fair Debt Collection Practices Act, the Federal Trade Commission Act, the Magnuson-Moss Warranty Act, the Servicemembers Civil Relief Act, Regulations B, U, T, X and Z of the Federal Reserve Board, the Dodd-Frank Act, the Gramm-Leach-Bliley Act, each applicable state Motor Vehicle Retail Installment Sales Act, and state adaptations of the National Consumer Act and of the Uniform Consumer Credit Code and all other consumer protection and usury laws), the customer identification program requirements established under the Patriot Act, the due diligence requirements established under the Customer Due Diligence Requirements for Financial Institutions, 31 CFR Section 1010.230 (2016), such other laws, rules, regulations and executive orders in effect from time to time applicable to banking institutions, and applicable judgments, decrees, injunctions, writs, orders or line action of any court, arbitrator or other administrative, judicial or quasi-judicial tribunal or agency of competent jurisdiction.

"<u>Applicable Margin</u>" has the meaning given to such term in the Fee Letter.

"<u>Assignment and Acceptance</u>" means an assignment and acceptance agreement between a Lender and an Eligible Assignee, in substantially the form of Exhibit B hereto.

"<u>Available Amount</u>" means, with respect to any date, the positive amount, if any, by which the Facility Amount exceeds the Loans Outstanding on such day.

"<u>Available Funds</u>" means, with respect to any Distribution Date and the related Collection Period, Collections on deposit in the Collection Account, to the extent received during such related Collection Period.

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"<u>Backup Servicer</u>" means, (i) initially, Vervent Inc., a Delaware corporation or (ii) if the initial Backup Servicer has been terminated in accordance with the terms of the Backup Servicing Agreement, any other Person who has been appointed as "Backup Servicer" pursuant to a replacement "Backup Servicing Agreement" and that is acceptable to the Administrative Agent (in its sole discretion).

"<u>Backup Servicing Agreement</u>" means (i) for so long as Vervent Inc. is the Backup Servicer, the Backup Servicing Agreement by and among the Borrower, the Servicer, the Administrative Agent, and Vervent Inc. (as the same may be amended, restated, or otherwise modified from time to time with the consent of the Administrative Agent) or (ii) if Vervent Inc. is no longer the Backup Servicer, any replacement "Backup Servicing Agreement" that is entered into by the Servicer, the Backup Servicer, and the Administrative Agent and that is in form and substance acceptable to the Administrative Agent (in its sole discretion).

"<u>Backup Servicing Fee</u>" means the fees payable to the Backup Servicer as set forth in the Backup Servicing Agreement.

"<u>Backup Servicing Fee Rate</u>" means, for each Collection Period, (a) the percentage equivalent of a fraction, (1) the numerator of which is the Backup Servicing Fee and (2) the denominator of which is the average daily Pool Balance during the related Collection Period, <u>times</u> (b) 12.

"<u>Balloon Payment</u>" means (i) with respect to any Receivable for which the final Scheduled Payment differs more than minimally from the level monthly payments that are due during the remainder of the Contract's term, the portion of such final Scheduled Payment that is in excess of such level monthly payment amount or (ii) with respect to any Receivable for which more than one final Scheduled Payment differs more than minimally from the level monthly payments that are due during the remainder of the Contract's term, the sum of the portion of each such final Scheduled Payment that is in excess of such level monthly payment amount. For the avoidance of doubt, a Balloon Payment may be scheduled under a Receivable at the time of origination, or may arise after origination as the result of a modification or other amendment of the terms of the related Contract.

"<u>Bank Account Verified</u>" means, with respect to a Receivable, that in conjunction with the origination of such Receivable, Lendbuzz Funding confirmed the related Obligor's income through a review of such Obligor's bank records in accordance with the Credit and Collection Policy.

"<u>Bankruptcy Code</u>" means the United States Bankruptcy Code (Title 11 of the United States Code).

"<u>Basel II</u>" means the second Basel Accord issued by the Basel Committee on Banking Supervision.

"<u>Basel III</u>" means the third Basel Accord issued by the Basel Committee on Banking Supervision.

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"<u>Basic Documents</u>" means this Agreement, the Purchase Agreement, each Purchase Agreement Supplement, the Fee Letter, all Hedging Agreements, the Blocked Account Control Agreement, the Control Agreement, the Performance Guaranty, and any other document, certificate, opinion, agreement or writing the execution of which is necessary or incidental to carrying out the transactions contemplated by this Agreement or any of the other foregoing documents.

"<u>Benchmark</u>" means, initially, Daily Simple SOFR; <u>provided</u>, that if a Benchmark Transition Event and the related Benchmark Replacement Date have occurred with respect to Daily Simple SOFR or the then-current Benchmark, then "Benchmark" means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate pursuant to clause (b) of Section 2.18.

"<u>Benchmark Replacement</u>" means the sum of: (a) the alternate benchmark rate that has been selected by the Administrative Agent and the Borrower as the replacement for the then-current Benchmark giving due consideration to (1) any selection or recommendation of a replacement benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body or (2) any evolving or then-prevailing market convention for determining a benchmark rate as a replacement for the then-current Benchmark for dollar-denominated syndicated credit facilities at such time in the United States and (b) the related Benchmark Replacement Adjustment. If the Benchmark Replacement as determined pursuant to the above would be less than the Floor, the Benchmark Replacement will be deemed to be the Floor for the purposes of this Agreement and the other Basic Documents.

"<u>Benchmark Replacement Adjustment</u>" means, with respect to any replacement of the then-current Benchmark with an Unadjusted Benchmark Replacement for any setting of such Unadjusted Benchmark Replacement, the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected by the Administrative Agent and the Borrower giving due consideration to (i) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body on the applicable Benchmark Replacement Date and/or (ii) any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for dollar-denominated syndicated credit facilities at such time.

"<u>Benchmark Replacement Conforming Changes</u>" means, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of "Alternate Base Rate," the definition of "Business Day," the definition of "U.S. Government Securities Business Day," the definition of "Interest Period," timing and frequency of determining rates and making payments of interest, timing of borrowing requests or prepayment, conversion or continuation notices, length of lookback periods, the applicability of breakage provisions, and other technical, administrative, or operational matters) that the Administrative Agent decides may be appropriate to reflect the adoption and implementation of such Benchmark Replacement and to permit the administration thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent

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decides that adoption of any portion of such market practice is not administratively feasible or if the Administrative Agent determines that no market practice for the administration of such Benchmark Replacement exists, in such other manner of administration as the Administrative Agent decides is reasonably necessary in connection with the administration of this Agreement and the other Basic Documents).

"<u>Benchmark Replacement Date</u>" means, with respect to any Benchmark, the earliest to occur of the following events with respect to such then-current Benchmark:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in the case of clause (i) or (ii) of the definition of "Benchmark Transition Event," the later of (a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator of such Benchmark (or the published component used in the calculation thereof) permanently or indefinitely ceases to provide such Benchmark (or such component thereof); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the case of clause (iii) of the definition of "Benchmark Transition Event," the first date on which such Benchmark (or the published component used in the calculation thereof) has been determined and announced by the regulatory supervisor for the administrator of such Benchmark (or such component thereof) to be no longer representative; <u>provided</u>, that such non-representativeness will be determined by reference to the most recent statement or publication referenced in such clause (iii).

For the avoidance of doubt, (1) if the event giving rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination and (2) the "Benchmark Replacement Date" will be deemed to have occurred in the case of clause (i) or (ii) with respect to any Benchmark upon the occurrence of the applicable event or events set forth therein with respect to such Benchmark (or the published component used in the calculation thereof).

"<u>Benchmark Transition Event</u>" means, with respect to any Benchmark, the occurrence of one or more of the following events with respect to such then-current Benchmark:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a public statement or publication of information by or on behalf of the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that such administrator has ceased or will cease to provide such Benchmark (or such component thereof), permanently or indefinitely; <u>provided</u>, that at the time of such statement or publication, there is no successor administrator that will continue to provide such Benchmark (or such component thereof);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof), the Federal Reserve Board, the NYFRB, an insolvency official with jurisdiction over the administrator for such Benchmark (or such component), a resolution authority with jurisdiction over the administrator for such Benchmark (or such component), or a court or an entity with similar insolvency or resolution authority over the administrator for such Benchmark (or such component), in each case, which states that the administrator of such Benchmark (or such component) has ceased or will cease to provide such Benchmark (or such component thereof) permanently or indefinitely; <u>provided</u>, that at the time of such statement or publication, there is no successor administrator that will continue to provide such Benchmark (or such component thereof); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that such Benchmark (or such component thereof) is no longer, or as of a specified future date will no longer be, representative.

For the avoidance of doubt, a "Benchmark Transition Event" will be deemed to have occurred with respect to any Benchmark if a public statement or publication of information set forth above has occurred with respect to such Benchmark (or the published component used in the calculation thereof)."

"'<u>Benchmark Unavailability Period</u>' means, with respect to any Benchmark, the period (if any) (i) beginning at the time that a Benchmark Replacement Date pursuant to clauses (i) or (ii) of that definition has occurred if, at such time, no Benchmark Replacement has replaced such then-current Benchmark for all purposes hereunder and under any Basic Document in accordance with Section 2.18 and (ii) ending at the time that a Benchmark Replacement has replaced such then-current Benchmark for all purposes hereunder and under any Basic Document in accordance with Section 2.18.

"<u>Beneficial Ownership Certification</u>" means a certification regarding beneficial ownership as required by the Beneficial Ownership Rule.

"<u>Beneficial Ownership Rule</u>" means 31 C.F.R. § 1010.230.

"<u>Benefit Plan</u>" means each (i) employee pension benefit plan (as defined in Section 3(2) of ERISA) that is subject to Title I of ERISA, (ii) plan described in Section 4975(e)(1) of the Code, including individual retirement accounts or Keogh Plans that is not exempt under Section 4975(g) of the Code and (iii) any entity whose underlying assets include "plan assets" (as defined in Section 3(42) of ERISA and Department of Labor Regulations Section 2510.3-101) by reason of an employee benefit plan's or plans' investment in such entities.

"<u>Blocked Account Control Agreement</u>" means the Deposit Account Control Agreement by and among Lendbuzz Funding, the Administrative Agent, and the Remittance Account Bank, as the same may be amended, restated, or otherwise modified from time to time with the consent of the Administrative Agent.

"<u>Borrower</u>" has the meaning given to such term in the Preamble.

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"<u>Borrower Basic Documents</u>" means all Basic Documents to which the Borrower is a party or by which it is bound.

"<u>Borrower's Account</u>" means the bank account of the Borrower, as notified to the Administrative Agent from time to time in writing by the Borrower.

"<u>Borrowing Base</u>" means, as of any date of determination, an amount equal to the difference of (i) the Net Eligible Pool Balance as of such date, after giving effect to the related additions or removals of Receivables on such date, <u>minus</u> (ii) the Required Overcollateralization as of such date <u>plus</u> (iii) the amount of Collections in respect of principal payments that are on deposit in the Collection Account on such date.

"<u>Borrowing Base Deficiency</u>" means, as of any date of determination, the positive amount, if any, by which (i) the Loans Outstanding exceeds (ii) the Borrowing Base.

"<u>Breakage Costs</u>" means such amount or amounts due to any Lender pursuant to Section 2.08(c).

"<u>Business Day</u>" means, any day (other than a Saturday or a Sunday) on which banks are open for business in Atlanta, Georgia, Wilmington, Delaware, or Boston, Massachusetts; <u>provided</u>, that in relation to Loans for which interest is computed by reference to Daily Simple SOFR and any interest rate settings, fundings, disbursements, settlements or payments of any such Loans, or any other dealings of such Loans, no such day will be a "Business Day" unless it is also a U.S. Government Securities Business Day.

"<u>Certificate of Title</u>" means, with respect to a Financed Vehicle, (i) the original certificate of title relating thereto, (ii) if the applicable Registrar of Titles issues a letter or other form of evidence of lien in lieu of a certificate of title (including electronic titling), the original lien entry letter, or (iii) prior to the time that a certificate of title of the type described in clause (i) or (ii) is issued, copies of correspondence to the applicable Registrar of Titles, and all enclosures thereto, for issuance of the original certificate of title or the original lien entry letter or form, as applicable, and which, in all of the foregoing cases, shall name the related Obligor as the owner of such Financed Vehicle and Lendbuzz Funding, the Borrower or the Administrative Agent, as secured party. For Financed Vehicles registered in States that issue confirmation of the lienholder's interest electronically, the "Certificate of Title" may consist of notification of an electronic recordation, by either a third party service provider or the relevant Registrar of Titles, which indicates that the lien of the secured party on the Financed Vehicle is recorded on the original certificate of title on the electronic lien and title system of the applicable State.

"<u>Change in Control</u>" means (i) any Person or group of Persons (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act, but excluding any employee benefit plan of such person or its Subsidiaries, and any Person or entity acting in its capacity as trustee, agent or other fiduciary or administrator of any such plan) gains ownership or control, directly or indirectly, of more than 50% of the voting and equity interest in Lendbuzz, or (ii) Lendbuzz owns, directly or indirectly, less than 100% of the membership interests of the Borrower, or (iii) Lendbuzz owns, directly or indirectly, less than 51% of the voting and equity interests in Lendbuzz Funding.

"<u>Closing Date</u>" means October 28, 2022.

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"<u>Code</u>" means the Internal Revenue Code of 1986.

"<u>Collateral</u>" has the meaning given to such term in Section 3.01(a).

"<u>Collateral Custodian</u>" has the meaning given to such term in the Preamble.

"<u>Collection Account</u>" means a segregated account established by the initial Servicer, on behalf of the Borrower, with the Account Bank in the name of the Administrative Agent for the benefit of the Secured Parties, into which all Collections shall be deposited.

"<u>Collection Period</u>" means, with respect to any date of determination, the immediately preceding calendar month, except for dates occurring on or prior to the first Distribution Date, in which case such term means the period from but excluding the initial Cutoff Date to and including the last day of the calendar month in which the Initial Loan is funded hereunder.

"<u>Collections</u>" means (i) all cash collections or other cash proceeds of any Receivable received by the Servicer (including from Lendbuzz, Lendbuzz Funding, or the Borrower) from or on behalf of any Obligor in payment of any amounts owed in respect of such Receivable, including all Release Price amounts deposited in the Collection Account pursuant to Section 5.04, Insurance Proceeds, investment earnings in the Collection Account, and all Recoveries, (ii) any other funds received by the Servicer (including from Lendbuzz, Lendbuzz Funding, or the Borrower) with respect to any Receivable (exclusive of Ancillary Fees which may be retained by the Servicer), Financed Vehicle or any other Collateral, (iii) all payments received by the Borrower pursuant to any Hedging Agreement or Hedge Transaction, and (iv) any Servicer Advances.

"<u>Commitment</u>" means, with respect to any Lender, the commitment of such Lender to fund Loans in an aggregate amount not to exceed the amount set forth as the "Commitment" on Schedule A, as such amount may be modified from time to time in accordance with the terms hereof.

"<u>Commitment Termination Date</u>" means the earliest to occur of (i) the Scheduled Revolving Period Termination Date, (ii) the occurrence and continuation of an Event of Default, or (iii) the occurrence of an Early Amortization Event.

"<u>Competitor</u>" means (i) any Person that is a direct competitor of Lendbuzz Funding or any Affiliate of Lendbuzz Funding and that is identified in writing as such by Lendbuzz Funding, in good faith, to the Administrative Agent and (ii) any Affiliate of any Person described in clause (i). The Competitors pursuant to clause (i) as of the Closing Date are identified on Schedule F attached hereto.

"<u>Confidential Information</u>" means any information, data, documents and materials in any form and at any time (including prior to the date of this Agreement) with respect to the Borrower, Lendbuzz, Lendbuzz Funding, or any of their Affiliates and their respective businesses and financial information, the Receivables, and the Serviced Portfolio and includes (i) information transmitted in written, oral, magnetic, or any other medium, (ii) all copies and reproductions, in whole or in part, of such information and (iii) all summaries, analyses, compilations, studies, notes, or other records which contain, reflect or are generated from such

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information; <u>provided</u>, that "Confidential Information" does not include, with respect to a Person, information that (a) was already known to such Person and such knowledge was not obtained from any other entity who was known by such Person to be subject to an obligation of confidentiality or otherwise prohibited from transmitting such information to such Person, (b) is or has become part of the public domain through no act or omission of such Person, (c) is or was lawfully disclosed to such Person without restriction on disclosure by a third party, (d) is or was developed independently by such Person, or (e) is or was lawfully and independently provided to such Person prior to disclosure hereunder, from a third party who is not known by such Person to be subject to an obligation of confidentiality or otherwise prohibited from transmitting such information.

"<u>Connection Income Taxes</u>" means Other Connection Taxes that are imposed on or measured by net income (however denominated) or that are franchise Taxes or branch profits Taxes.

"<u>Consent</u>" or "<u>Consented</u>" means a consent or an action of the Administrative Agent that has been approved by the Required Lenders.

"<u>Contract</u>" means the loan agreement or promissory note executed by an Obligor pursuant to which a loan is made by Lendbuzz Funding to such Obligor, which loan is secured by the related Financed Vehicle.

"<u>Contractual Obligation</u>" means, with respect to any Person, any provision of any securities issued by such Person or any indenture, mortgage, deed of trust, contract, undertaking, agreement, instrument or other document to which such Person is a party or by which it or any of its property is bound or is subject.

"<u>Control Agreement</u>" means an account control agreement by and among the Borrower, the Account Bank and the Administrative Agent, if any, as such agreement may be required by the Administrative Agent upon reasonable advance written notice to the Borrower.

"<u>Credit and Collection Policy</u>" means, with respect to (i) the initial Servicer, the credit and collection policies of the Servicer with respect to the Serviced Portfolio as are in effect on the Closing Date (a copy of which is attached hereto as Exhibit C), as the same may be amended, modified, or supplemented from time to time in accordance with this Agreement, or (ii) any Successor Servicer, the customary credit and collection policies of such Successor Servicer, in each case as revised from time to time in accordance with this Agreement.

"<u>Credit Support Annex</u>" has the meaning given to such term in Section 6.03(d).

"<u>Cutoff Date</u>" means, with respect to Receivables transferred to the Borrower on a Funding Date, the close of business on the final day of the month immediately preceding the month during which such Funding Date occurs.

"<u>Daily Simple SOFR</u>" means, with respect to any date (a "<u>SOFR Rate Day</u>"), a rate per annum equal to the greater of (i) SOFR for the day (such day, the related "<u>SOFR Determination Date</u>") that is five U.S. Government Securities Business Day prior to (a) if such SOFR Rate Day is a U.S. Government Securities Business Day, such SOFR Rate Day, or (b) if such SOFR Rate

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Day is not a U.S. Government Securities Business Day, the U.S. Government Securities Business Day immediately preceding such SOFR Rate Day, in each case, as such SOFR is published by the SOFR Administrator on the SOFR Administrator's Website and (ii) 0%. Any change in Daily Simple SOFR due to a change in SOFR shall be effective from and including the effective date of such change in SOFR without notice to the Borrower.

"<u>Dealer</u>" means a dealer of Financed Vehicles through which Lendbuzz Funding originated the respective Receivable to the related Obligor.

"<u>Debt-to-TNW Ratio</u>" means, with respect to any date of determination, (i) an amount equal to Lendbuzz's aggregate Indebtedness <u>divided by</u> (ii) an amount equal to Lendbuzz's Tangible Net Worth.

"<u>Default Interest</u>" means, for any Interest Period, any portion of interest on the aggregate Loans Outstanding accrued during such Interest Period that is attributable to such Loan accruing interest at an Applicable Margin that has increased above the Applicable Margin level calculated pursuant to clause (i) of the definition of "Applicable Margin" as the result of the occurrence of an Early Amortization Event or an Event of Default pursuant to clauses (iii) or (iv) of the definition of "Applicable Margin", computed pursuant to Sections 2.05(b) and 2.06(b); <u>provided</u>, that (i) no provision of this Agreement shall require or permit the collection of Interest in excess of the Maximum Lawful Rate and (ii) Interest shall not be considered paid by any distribution if at any time such distribution is rescinded or must otherwise be returned for any reason. For the avoidance of doubt, only the portion of interest that is attributable to the difference between the Applicable Margin calculated pursuant to clauses (iii) or (iv) of the definition of "Applicable Margin", as applicable, and the Applicable Margin that would apply pursuant to clause (i) of the definition of "Applicable Margin" shall be considered the "Default Interest" for purposes of this Agreement.

"<u>Defaulting Lender</u>" means any Lender that, as determined by the Administrative Agent: (i) has failed to fund any of its obligations to make Loans in accordance with Section 2.01, notwithstanding that all conditions to funding under Section 4.02 and, with respect to the Initial Loan, Section 4.01 have been satisfied or waived in accordance with the terms thereof, within three Business Days of the date required to be funded by it hereunder, (ii) has notified the Administrative Agent or the Borrower in writing that it does not intend to comply with such funding obligations, or has made a public statement to that effect with respect to such funding obligations hereunder, or (iii) has become subject to an Insolvency Event; <u>provided</u>, that a Lender shall not be deemed to be a Defaulting Lender hereunder solely by virtue of any control of or ownership interest in, or the acquisition of any ownership interest in, such Lender (or its direct or indirect parent company) or the exercise of control over such Lender (or its direct or indirect parent company) by a Governmental Authority thereof, if and for so long as such ownership interest does not result in or provide such Lender (or its direct or indirect parent company) with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or its direct or indirect parent company) or such Governmental Authority to reject, repudiate, disavow or disaffirm obligations such as those under this Agreement.

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"<u>Delinquency Ratio</u>" means, with respect to any date of determination, the percentage equivalent of a fraction, (i) the numerator of which is the aggregate Principal Balance of all Delinquent Receivables as of the last day of the most recently completed Collection Period and (ii) the denominator of which is the Pool Balance as of the last day of such Collection Period.

"<u>Delinquent Receivable</u>" means any Receivable, (i) with respect to which the greater of (a) $50 and (b) 10% or more of any Scheduled Payment, including principal, interest or fees, remains unpaid for 60 or more days from the related due date and (ii) that is not a Liquidated Receivable. For the avoidance of doubt, any Collections received upon the disposition of the Financed Vehicle related to a Receivable will be applied against any outstanding Scheduled Payments on such Receivable in accordance with the Credit and Collection Policy and, if neither clause (i) or (ii) is satisfied after such application, then such Receivable shall no longer be a Delinquent Receivable until such time as either clause (i) or (ii) is thereafter satisfied.

"<u>Derivatives</u>" means any (i) exchange-traded or over-the-counter forward, future, option, swap, cap, collar, floor or foreign exchange contract or any combination of the foregoing, whether for physical delivery or cash settlement, relating to any interest rate, interest rate index, currency, currency exchange rate, currency exchange rate index, debt instrument, debt price, debt index, depository instrument, depository price, depository index, equity instrument, equity price, equity index, commodity, commodity price or commodity index, (ii) similar transaction, contract, instrument, undertaking or security or (iii) transaction, contract, instrument, undertaking or security containing any of the foregoing.

"<u>Distribution Date</u>" means the 15<sup>th</sup> day of each calendar month or, if any such day is not a Business Day, the next succeeding Business Day.

"<u>Dodd-Frank Act</u>" means The Dodd-Frank Wall Street Reform and Consumer Protection Act (Pub.L. 111-203, H.R. 4173).

"<u>Dollars</u>" or "<u>$</u>" means the lawful currency of the United States.

"<u>Down Payment</u>" means, with respect to a Receivable, the percentage equivalent of a fraction the numerator of which is the amount of any cash payment made by the related Obligor at the time of origination of such Receivable in connection with its purchase of the related Financed Vehicle and the denominator of which is the book value of such Financed Vehicle at the date of underwriting, where such book value is the selling price as determined in accordance with the Credit and Collection Policy.

"<u>Early Adoption Increased Costs</u>" has the meaning given to such term in Section 2.11(a).

"<u>Early Adoption Increased Costs Representation</u>" has the meaning given to such term in Section 2.11(a).

"<u>Early Amortization Event</u>" means, on any date of determination, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a Borrowing Base Deficiency exists that has not been cured for three or more Business Days; <u>provided</u>, that if such Borrowing Base Deficiency would not have occurred but for the occurrence of a Step-up Overcollateralization Trigger, then no Early Amortization Event will occur under this clause (i) unless such Borrowing Base Deficiency continues to exist as of the Reporting Date that occurs during the third Collection Period after the Collection Period during which such Borrowing Base Deficiency first existed;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any Servicer Termination Event has occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any Event of Default has occurred; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any Material Adverse Change has occurred.

"<u>Electronic Chattel Paper Sub-Custodian</u>" means eOriginal, Inc. or another econtracting facilitator engaged by the Servicer or the Collateral Custodian with the consent of the Administrative Agent.

"<u>Eligible Assignee</u>" means (i) Regions Bank, (ii) any other Lender, or (iii) any other Person (A) that is acceptable to the Administrative Agent and (B) that was approved by the Borrower in writing prior to such assignment (such consent of the Borrower not to be unreasonably withheld); <u>provided</u>, that no consent of the Borrower described in clause (iii) shall be required during the occurrence and continuation of a Servicer Termination Event or Event of Default; <u>provided</u> further, that unless an Event of Default has occurred and is continuing, no Competitor shall be an Eligible Assignee unless approved by the Borrower in writing prior to such assignment.

"<u>Eligible Pool Balance</u>" means, as of any date of determination, the sum of the Principal Balances of all Eligible Receivables as of such date.

"<u>Eligible Receivable</u>" means, as of any date of determination, any Receivable (i) for which the related Receivable File is in the possession of the Collateral Custodian, (ii) which was identified on the Schedule of Receivables delivered by the Borrower to the Administrative Agent as part of a Funding Request and (iii) which satisfies each of the eligibility requirements set forth on Schedule B hereto, in each case as of such date of determination.

"<u>ERISA</u>" means the Employee Retirement Income Security Act of 1974, and the regulations promulgated and rulings issued thereunder.

"<u>ERISA Affiliate</u>" means (i) any corporation which is a member of the same controlled group of corporations (within the meaning of Section 414(b) of the Code) as the Borrower, (ii) a trade or business (whether or not incorporated) under common control (within the meaning of Section 414(c) of the Code) with the Borrower, or (iii) a member of the same affiliated service group (within the meaning of Section 414(m) of the Code) as the Borrower, any corporation described in clause (i) above or any trade or business described in clause (ii) above.

"<u>Event of Default</u>" has the meaning given to such term in Section 8.01(a).

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"<u>Excess Concentration Amounts</u>" means, as of any date of determination and without duplication, the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the positive difference, if any, of (a) the aggregate Principal Balance of the Eligible Receivables for which the related Obligor has a billing address in the State with the highest concentration of Receivables by Obligor billing address as of such date <u>minus</u> (b) an amount equal to the product of (1) [\*\*\*] <u>times</u> (2) the Eligible Pool Balance on such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the positive difference, if any, of (a) the aggregate Principal Balance of the Eligible Receivables for which the related Obligor has a billing address in the State with the second highest concentration of Receivables by Obligor billing address as of such date <u>minus</u> (b) an amount equal to the product of (1) [\*\*\*] <u>times</u> (2) the Eligible Pool Balance on such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the positive difference, if any, of (a) the aggregate Principal Balance of the Eligible Receivables for which the related Obligor has a billing address in any State other than those States accounted for in clauses (i) and (ii), above, <u>minus</u> (b) an amount equal to the product of (1) [\*\*\*] <u>times</u> (2) the Eligible Pool Balance on such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the positive difference, if any, of (a) the aggregate Principal Balance of the Eligible Receivables for which the related Obligors had FICO Scores and such FICO Scores were less than [\*\*\*] <u>minus</u> (b) the product of (1)(i) from the Seventh Amendment Effective Date until May 23, 2025, [\*\*\*] or (ii) on and after May 23, 2025, 2025, [\*\*\*] <u>times</u> (2) the Eligible Pool Balance on such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the positive difference, if any, of (a) the aggregate Principal Balance of the Eligible Receivables for which the related Obligors had FICO Scores of less than or equal to [\*\*\*] <u>minus</u> (b) the product of (1) [\*\*\*] <u>times</u> (2) the Eligible Pool Balance on such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the positive difference, if any, of (a) the aggregate Principal Balance of the Eligible Receivables for which the related Obligors did not have a FICO Score or had a FICO Score of zero <u>minus</u> (b) the product of (1) [\*\*\*] <u>times</u> (2) the Eligible Pool Balance as of such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the aggregate Principal Balance of the Eligible Receivables with the lowest FICO Scores that would need to be subtracted from the Eligible Pool Balance on such date in order to cause the weighted average FICO Score of those Eligible Receivables that both (A) constitute a Long Term Loan and (B) have a FICO Score equal to (i) from the Seventh Amendment Effective Date until May 23, 2025, [\*\*\*] or (ii) on and after May 23, 2025, [\*\*\*];

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the positive difference, if any, of (a) the aggregate Principal Balance of the Eligible Receivables for which the related Obligors had AIRA Scores of less than [\*\*\*] <u>minus</u> (b) the product of (1) [\*\*\*] <u>times</u> (2) the Eligible Pool Balance as of such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) the aggregate Principal Balance of the Eligible Receivables with the lowest AIRA Scores that would need to be subtracted from the Eligible Pool Balance on such date in order to cause the weighted average AIRA Score of those Eligible Receivables that both (A) constitute a Long Term Loan and (B) have an AIRA Score equal to (i) from the Seventh Amendment Effective Date until May 23, 2025, [\*\*\*] or (ii) on and after May 23, 2025, [\*\*\*];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) the positive difference, if any, of (a) the aggregate Principal Balance of the Eligible Receivables for which the related Obligors had AIRA Scores of less than or equal to [\*\*\*] <u>minus</u> (b) the product of (1) [\*\*\*], or [\*\*\*] for the [\*\*\*] days following any Take-out, <u>times</u> (2) the Eligible Pool Balance on such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) the positive difference, if any, of (a) the aggregate Principal Balance of the Eligible Receivables for which the related Financed Vehicle was a Used Vehicle at the time such Receivable was originated minus (b) the product of (1) [\*\*\*] <u>times</u> (2) the Eligible Pool Balance as of such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) the positive difference, if any, of (a) the aggregate Principal Balance of the Eligible Receivables which constitute a Long Term Loan minus (b) the product of (1) [\*\*\*] <u>times</u> (2) the Eligible Pool Balance as of such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) the aggregate Principal Balance of the Eligible Receivables that (i) have Loan-to-Value Ratios as of such date that are greater than [\*\*\*] and (ii) that were originated through independent Dealers, that would need to be subtracted from the Eligible Pool Balance on such date in order to cause the weighted average Loan-to-Value Ratio of all Eligible Receivables as of such date to equal [\*\*\*];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) the aggregate Principal Balance of the Eligible Receivables, excluding Manual Verify Income Receivables, that had Payment-to-Income Ratios of greater than [\*\*\*] at the time of underwriting that would need to be subtracted from the Eligible Pool Balance on such date in order to cause the weighted average Payment-to-Income Ratios of all Eligible Receivables at the time of underwriting to equal [\*\*\*];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) the aggregate Principal Balance of the Eligible Receivables, excluding Refinanced Receivables, that had Down Payments of less than [\*\*\*] that would need to be subtracted from the Eligible Pool Balance on such date in order to cause the weighted average Down Payment for all Eligible Receivables to equal [\*\*\*];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) the positive difference, if any, of (a) the aggregate Principal Balance of the Eligible Receivables that are not Bank Account Verified <u>minus</u> (b) the product of (1) [\*\*\*] <u>times</u> (2) the Eligible Pool Balance on such date;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) the positive difference, if any, of (a) the aggregate Principal Balance of the Eligible Receivables that were originated through independent Dealers <u>minus</u> (b) the product of (1) [\*\*\*] <u>times</u> (2) the Eligible Pool Balance on such date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) the aggregate Principal Balance of the Eligible Receivables with the largest Balloon Payments that would need to be subtracted from the Eligible Pool Balance on such date in order to cause the aggregate amount of Balloon Payments related to all Eligible Receivables to be no greater than [\*\*\*] of the Eligible Pool Balance on such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) the positive difference, if any, of (a) the aggregate Principal Balance of the Eligible Receivables (1) which constitute a Long Term Loan and (2) that were originated through independent dealers minus (b) the product of (1) [\*\*\*] times (2) the aggregate Principal Balance of the Eligible Receivables which constitute a Long Term Loan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) the portion of the aggregate Principal Balance of the Eligible Receivables which (i) constitute a Long Term Loan and (ii) the related Financed Vehicle is a Financed Vehicle that had more than [\*\*\*] miles at the time of origination of the related Receivable, that needs to be removed from the Eligible Pool Balance in order to cause the weighted average car mileage of Financed Vehicles that relate to Eligible Receivables which constitute a Long Term Loan to be **[\*\*\*]** or less;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi) the aggregate Principal Balance of the Eligible Receivables that (i) have Loan-to-Value Ratios as of such date that are greater than [\*\*\*] and (ii) that were originated through franchise Dealers, that would need to be subtracted from the Eligible Pool Balance on such date in order to cause the weighted average Loan-to-Value Ratio of all Eligible Receivables as of such date to equal [\*\*\*];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxii) the positive difference, if any, of (a) the aggregate Principal Balance of the Eligible Receivables which constitute a Large Loan <u>minus</u> (b) the product of (1) [\*\*\*] <u>times</u> (2) the Eligible Pool Balance on such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiii) the positive difference, if any, of (a) the aggregate Principal Balance of the Eligible Receivables which constitute a Manual Verify Income Receivable <u>minus</u> (b) the product of (1) [\*\*\*] <u>times</u> (2) the Eligible Pool Balance on such date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiv) the positive difference, if any, of (a) the aggregate Principal Balance of the Eligible Receivables which constitute a Refinance Receivable minus (b) the product of (1) [\*\*\*] <u>times</u> (2) the Eligible Pool Balance on such date.

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"<u>Excess Spread</u>" means, as of any date of determination, the difference of (i) the weighted average APR of all Eligible Receivables (weighted by the Principal Balance of such Eligible Receivables) <u>minus</u> (ii) the Applicable Margin <u>minus</u> (iii) the Servicing Fee Rate <u>minus</u> (iv) the Weighted Average Hedge Rate as of such date <u>minus</u> (v) the Backup Servicing Fee Rate.

"<u>Exchange Act</u>" means the Securities Exchange Act of 1934, as amended.

"<u>Excluded Taxes</u>" means any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or deducted from a payment to a Recipient, (i) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (a) imposed as a result of such Recipient being organized under the laws of, or having its principal office or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (b) that are Other Connection Taxes, (ii) in the case of a Lender, U.S. federal withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan or Commitment pursuant to a law in effect on the date on which (a) such Lender acquires such interest in the Loan or Commitment (other than pursuant to an assignment request by the Borrower under Section 2.15) or (b) such Lender changes its lending office, except in each case to the extent that, pursuant to Section 2.12, amounts with respect to such Taxes were payable either to such Lender's assignor immediately before such Lender became a party hereto or to such Lender immediately before it changed its lending office, (iii) Taxes attributable to such Recipient's failure to comply with Section 2.12(g) and (iv) any U.S. federal withholding Taxes imposed under FATCA.

"<u>Extended Receivable</u>" means any Receivable or Serviced Portfolio Receivable with respect to which an Extension has been granted.

"<u>Extension</u>" means, with respect to any Receivable or Serviced Portfolio Receivable, a payment extension or deferral that is granted by the Servicer to an Obligor whereby (i) either (a) the due date for all or any portion of one or more Scheduled Payments is extended to a date that is later than the current due date or (b) all or any portion of one or more Scheduled Payments is waived for the related due date and (ii) such extended or waived amount is due from such Obligor by no later than the final due date for the related Contract (which final due date may have been extended by the Servicer in connection with such extension or deferral). For purposes of this definition, the "Scheduled Payment" and "Contract" for each Serviced Portfolio Receivable that is not a Receivable shall be determined as if it were a "Receivable" for purposes of all related defined terms.

"<u>Extension Ratio</u>" means, with respect to any date of determination, the percentage equivalent of a fraction, (i) the numerator of which is the aggregate Principal Balance of all Receivables that became Extended Receivables during the most recently completed Collection Period and (ii) the denominator of which is the Pool Balance as of the last day of such Collection Period.

"<u>Facility Amount</u>" means, as of any date of determination, (i) prior to the Commitment Termination Date, the Aggregate Commitment on such day and (ii) on and after the Commitment Termination Date, the Loans Outstanding.

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"<u>Facility Termination Date</u>" means the date following the Commitment Termination Date on which the Aggregate Unpaids have been indefeasibly paid in full.

"<u>FATCA</u>" means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof and any applicable agreement entered into pursuant to Section 1471(b)(1) of the Code.

"<u>Federal Funds Effective Rate</u>" means, for any day, the rate calculated by the NYFRB based on such day's federal funds transactions by depositary institutions, as determined in such manner as shall be set forth on the NYFRB's Website from time to time, and published on the next succeeding Business Day by the NYFRB as the effective federal funds rate; <u>provided</u>, that if the Federal Funds Effective Rate as so determined would be less than 0%, such rate shall be deemed to be 0% for the purposes of this Agreement.

"<u>Federal Reserve Board</u>" means the Board of Governors of the Federal Reserve System.

"<u>Fee Letter</u>" means the Amended and Restated Fee Letter, dated as of July 27, 2023, by and among the Borrower and the Administrative Agent, setting forth, among other things, the Applicable Margin, the Upfront Fees and the Unused Commitment Fee Rate.

"<u>FICO Score</u>" means, with respect to any Receivable, the credit score provided by Fair Isaac Corporation for the related Obligor at the time of underwriting for such Receivable.

"<u>Final Maturity Date</u>" means the earliest to occur of (i) the Distribution Date occurring in the 78<sup>th</sup> month following the Commitment Termination Date and (ii) the occurrence and continuation of an Event of Default.

"<u>Financed Vehicle</u>" means, with respect to a Receivable, any new or used automobile, light-duty truck, van, minivan or sport utility vehicle, together with all accessions thereto, securing the related Obligor's indebtedness thereunder.

"<u>Financial Covenants</u>" means each of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Lendbuzz's Tangible Net Worth for the most recently ended fiscal quarter shall at least equal the sum of (a) $57,000,000 <u>plus</u> (b) 50% of Lendbuzz's cumulative positive net income for each fiscal quarter that has ended since March 31, 2022;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Lendbuzz's Debt-to-TNW Ratio for the most recently ended fiscal quarter shall not exceed 7.0 to 1.0; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Lendbuzz shall have not less than $5,000,000 in unrestricted cash as of the end of the most recently ended financial quarter.

"<u>Floor</u>" means the benchmark rate floor, if any, provided in this Agreement initially (as of the execution of this Agreement, the modification, amendment or renewal of this Agreement or otherwise) with respect to Daily Simple SOFR. For the avoidance of doubt the initial Floor for Daily Simple SOFR shall be 0%.

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"<u>Foreign Lender</u>" means a Lender that is not a U.S. Person.

"<u>Formation Documents</u>" means, with respect to (i) the Borrower, its limited liability company agreement and certificate of formation, (ii) Lendbuzz Funding, its limited liability company agreement and certificate of formation, and (iii) Lendbuzz, its certificate of incorporation and bylaws.

"<u>Funding Date</u>" means each Business Day on which a Loan is made and Receivables are added to the Collateral in connection with such Loan.

"<u>Funding Request</u>" means a written notice from the Borrower requesting a Loan and including the items required by Section 2.01(b), substantially in the form of Exhibit A hereto.

"<u>GAAP</u>" means generally accepted accounting principles as in effect from time to time in the United States.

"<u>Governmental Authority</u>" means, with respect to any Person, any nation or government, any State or other political subdivision thereof, any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government and any court or arbitrator having jurisdiction over such Person.

"<u>Hedge Breakage Costs</u>" means, with respect to any Hedge Transaction, any amount payable by the Borrower to the related Hedge Counterparty upon the early termination of such Hedge Transaction or any portion thereof.

"<u>Hedge Collateral</u>" means all of the rights of the Borrower, whether now existing and hereafter acquired, in and to all Hedging Agreements, Hedge Transactions and all present and future amounts payable by all Hedge Counterparties to the Borrower under or in connection with such Hedging Agreements and Hedge Transactions with such Hedge Counterparties.

"<u>Hedge Counterparty</u>" means any entity that on the date of entering into any Hedge Transaction is (i) Regions Bank or an Affiliate thereof or (ii) (a) is an interest rate swap dealer, (b) whose debt ratings satisfy each of the Long-Term Rating Requirement and the Short-Term Rating Requirement and (c) agrees that in the event that Moody's or Standard & Poor's reduces its long-term unsecured debt rating below the Long-Term Rating Requirement or its short-term unsecured debt rating below the Short-Term Rating Requirement, it shall (1) transfer its rights and obligations under each Hedge Transaction to another entity that meets the requirements of this definition and has entered into a Hedging Agreement with the Borrower on or prior to the date of such transfer, (2) post collateral in an amount satisfactory to the Required Lenders, or (3) obtain a guaranty of its obligations under each Hedge Transaction that is satisfactory to the Required Lenders from another entity whose debt ratings satisfy each of the Long-Term Rating Requirement and the Short-Term Rating Requirement. Each Hedge Counterparty must consent to the assignment of the Borrower's rights under the Hedging Agreement to the Administrative Agent pursuant to Section 6.03(h).

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"<u>Hedge Counterparty Collateral Account</u>" has the meaning given to such term in Section 6.03(d).

"<u>Hedge Reserve Account</u>" means a segregated account established by the initial Servicer, on behalf of the Borrower, with the Account Bank in the name of the Administrative Agent for the benefit of the Secured Parties, into which amounts may be deposited by the Borrower in accordance with Section 6.03(a) and which, at all times from and after the time of its establishment, will be subject to the Control Agreement.

"<u>Hedge Reserve Account Required Amount</u>" means, as of any date of determination on which the aggregate notional amount of all outstanding Hedge Transactions is less than the Loans Outstanding (after giving effect to any changes to the Loans Outstanding on such date), an amount equal to the product of (i) 110% <u>times</u> (ii) the quoted purchase price from any Lender, or any Affiliate of any Lender or the Administrative Agent (which price shall be reasonably determined based on prevailing market conditions and such Lender or Administrative Agent's pricing of caps of a similar size, duration and cap rate) most recently received by the Borrower (or the Servicer on behalf of the Borrower) pursuant to Section 6.03(a)(ii) hereof (which quote shall, for purpose of this definition, continue in effect until the next succeeding date on which such a quote is received pursuant to Section 6.03(a)(ii) hereof), for an interest rate cap (A) that has a notional amount, duration, and amortization that is agreed upon by the Borrower and the Administrative Agent for such date and (B) the cap rate for which is the maximum cap rate that would cause the Excess Spread to equal 3.5% if a Hedge Transaction in the form of an interest rate cap having such strike rate and having the notional amount referenced in clause (A) was included in the calculation of 'Weighted Average Hedge Rate' on such date.

"<u>Hedge Transaction</u>" means each interest rate hedge transaction between the Borrower and a Hedge Counterparty that is entered into pursuant to Section 6.03 and is governed by a Hedging Agreement.

"<u>Hedging Agreement</u>" means each agreement between the Borrower and a Hedge Counterparty which governs one or more Hedge Transactions entered into pursuant to Section 6.03, which agreement shall be reasonably acceptable to the Administrative Agent and shall consist of a "Master Agreement" in a form published by the International Swaps and Derivatives Association, Inc., together with a "Schedule" thereto, any applicable Credit Support Annex and each "Confirmation" thereunder confirming the specific terms of each such Hedge Transaction.

"<u>Indebtedness</u>" means, with respect to any Person and any day, without duplication, (i) all indebtedness of such Person for borrowed money or for the deferred purchase price of property or services (other than current liabilities incurred in the ordinary course of business and payable in accordance with customary trade practices) or which is evidenced by a note, bond, debenture or similar instrument, (ii) all obligations of such Person under capital leases, (iii) all obligations of such Person in respect of acceptances issued or created for the account of such Person, (iv) all liabilities secured by any Lien on any property owned by such Person even though such Person has not assumed or otherwise become liable for the payment thereof and (v) all indebtedness, obligations or liabilities of that Person in respect of Derivatives.

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"<u>Indemnified Amounts</u>" has the meaning given to such term in Section 9.01.

"<u>Indemnified Party</u>" has the meaning given to such term in Section 9.01.

"<u>Indemnified Taxes</u>" means (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of the Borrower under any Basic Document and (b) to the extent not otherwise described in (a), Other Taxes.

"<u>Independent Manager</u>" means a natural Person who either (i) (a) is provided by a nationally recognized provider of independent directors; (b) is not and has not been employed by Lendbuzz or Lendbuzz Funding or any of their respective Subsidiaries or Affiliates as an officer, director, partner, manager, member (other than as a special member in the case of single member Delaware limited liability companies), employee, attorney or counsel of, Lendbuzz or Lendbuzz Funding or any of their respective Affiliates within the five (5) years immediately prior to such individual's appointment as an Independent Manager, provided that this paragraph (b) shall not apply to any person who serves as an independent director or an independent manager for any Affiliate of any of Lendbuzz or Lendbuzz Funding; (c) is not, and has not been within the five (5) years immediately prior to such individual's appointment as an Independent Manager, a customer or creditor of, or supplier to, Lendbuzz or Lendbuzz Funding or any of their respective Affiliates who derives any of its purchases or revenue from its activities with Lendbuzz or Lendbuzz Funding or any of their respective Affiliates thereof (other than a *de minimis* amount); (d) is not, and has not been within the five (5) years immediately prior to such individual's appointment as an Independent Manager, a person who controls or is under common control with any Person described by (b) or (c); (e) does not have, and has not had within the five (5) years immediately prior to such individual's appointment as an Independent Manager, a personal services contract with Lendbuzz or Lendbuzz Funding or any of their respective Subsidiaries or Affiliates, from which fees and other compensation received by the person pursuant to such personal services contract would exceed 5% of his or her gross revenues during the preceding calendar year; (f) is not affiliated with a tax-exempt entity that receives, or has received within the five (5) years prior to such appointment as an Independent Manager, contributions from Lendbuzz or Lendbuzz Funding or any of their respective Subsidiaries or Affiliates, in excess of the lesser of (i) 3% of the consolidated gross revenues of Lendbuzz Funding and its Subsidiaries during such fiscal year and (ii) 5% of the contributions received by the tax-exempt entity during such fiscal year; (g) is not and has not been a shareholder (or other equity owner) of any of Lendbuzz or Lendbuzz Funding or any of their respective Affiliates within the five (5) years immediately prior to such individual's appointment as an Independent Manager; (h) is not a member of the immediate family of any Person described by (b) through (g); (i) is not, and was not within the five (5) years prior to such appointment as an Independent Manager, an employee of a financial institution to which Lendbuzz or Lendbuzz Funding or any of their respective Subsidiaries or Affiliates owes outstanding Indebtedness for borrowed money in a sum exceeding more than 5% of Lendbuzz Funding total consolidated assets; (j) has prior experience as an independent director or manager for a corporation or limited liability company whose charter documents required the unanimous consent of all independent directors thereof before such corporation or limited liability company could consent to the institution of bankruptcy or insolvency proceedings against it or could file a petition seeking relief under any applicable federal or state law relating to bankruptcy; and (k) has at least three (3) years of employment experience with one or more entities that provide, in the ordinary course of their respective businesses, advisory, management or placement services to issuers of securitization or structured finance instruments, agreements or securities; or (ii) has otherwise been approved in writing by the Administrative Agent.

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"<u>Ineligible Receivable</u>" means, as of any date of determination, a Receivable that is not an Eligible Receivable.

"<u>Initial Loan</u>" means the first Loan made on or after the Closing Date.

"<u>Insolvency Event</u>" means, with respect to a specified Person, (i) the filing of a decree or order for relief by a court having jurisdiction in the premises in respect of such Person or any substantial part of its property in an involuntary case under any applicable Insolvency Law now or hereafter in effect, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator, or similar official for such Person or for any substantial part of its property, or ordering the winding-up or liquidation of such Person's affairs, and such decree or order shall remain unstayed and in effect for a period of 60 consecutive days or (ii) the commencement by such Person of a voluntary case under any Insolvency Law now or hereafter in effect, or the consent by such Person to the entry of an order for relief in an involuntary case under any such law, or the consent by such Person to the appointment of or taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator, or similar official for such Person or for any substantial part of its property, or the making by such Person of any general assignment for the benefit of creditors, or the failure by such Person generally to pay its debts as such debts become due, or the taking of action by such Person in furtherance of any of the foregoing.

"<u>Insolvency Laws</u>" means the Bankruptcy Code and all other applicable liquidation, conservatorship, bankruptcy, moratorium, arrangement, rearrangement, receivership, insolvency, reorganization, suspension of payments, marshaling of assets and liabilities, or similar debtor relief laws from time to time in effect affecting the rights of creditors generally.

"<u>Insolvency Proceeding</u>" means, with respect to any Person, any bankruptcy, insolvency, arrangement, rearrangement, conservatorship, moratorium, suspension of payments, readjustment of debt, reorganization, receivership, liquidation, marshaling of assets and liabilities, or similar proceeding of or relating to such Person under any Insolvency Laws.

"<u>Instrument</u>" means any "instrument" (as defined in Article 9 of the UCC), other than an instrument that constitutes part of chattel paper.

"<u>Insurance Policy</u>" means, with respect to any Receivable, (i) an insurance policy covering physical damage to or loss of the related Financed Vehicle or (ii) any lender's single interest, credit life, disability, hospitalization and similar insurance policies with respect to the related Obligor.

"<u>Insurance Proceeds</u>" means any amounts payable or any payments made under any Insurance Policy.

"<u>Interest</u>" means, for any Interest Period, interest on the aggregate Loans Outstanding during such Interest Period, computed pursuant to Sections 2.05(b) and 2.06(b); <u>provided</u>, that (i) no provision of this Agreement shall require or permit the collection of Interest in excess of the Maximum Lawful Rate and (ii) Interest shall not be considered paid by any distribution if at any time such distribution is rescinded or must otherwise be returned for any reason.

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"<u>Interest Period</u>" means, with respect to each Distribution Date, the immediately preceding Collection Period (or, in the case of the first Distribution Date, the period from and including the Closing Date through and including the last day of the calendar month in which the Initial Loan is funded hereunder); <u>provided</u>, that any Interest Period that commences before the Facility Termination Date that would otherwise end after the Facility Termination Date shall end on the Facility Termination Date.

"<u>Interest Rate</u>" means, with respect to any date during an Interest Period, an interest rate per annum equal to the sum of (i) Daily Simple SOFR on such date <u>plus</u> (ii) the Applicable Margin.

"<u>Invested Percentage</u>" means, for a Lender as of any date of determination, the percentage equivalent of (i) the sum of (a) the portion of the Loans Outstanding (if any) funded by such Lender on or prior to such day, <u>plus</u> (b) with duplication of any amount in clause (a), any portion of the Loans Outstanding acquired by such Lender on or prior to such day as an assignee from another Lender pursuant to an Assignment and Acceptance, <u>minus</u> (c) any portion of the Loans Outstanding assigned by such Lender to an assignee on or prior to such day pursuant to an Assignment and Acceptance, <u>divided by</u> (ii) the Loans Outstanding on such day.

"<u>Investment</u>" means, with respect to any Person, any direct or indirect loan, advance or investment by such Person in any other Person, whether by means of share purchase, capital contribution, loan or otherwise, and excluding commission, travel and similar advances to officers, employees and directors made in the ordinary course of business.

"<u>Investment Company Act</u>" means the Investment Company Act of 1940, as amended.

"<u>IRS</u>" means the U.S. Internal Revenue Service.

"<u>ISDA Definitions</u>" means the 2006 ISDA Definitions published by the International Swaps and Derivatives Association, Inc. or any successor thereto, as amended or supplemented from time to time, or any successor definitional booklet for interest rate derivatives published from time to time by the International Swaps and Derivatives Association, Inc. or such successor thereto.

"<u>Large Loans</u>" means Receivables with an original principal balance equal to or greater than $150,000.

"<u>Lendbuzz</u>" means Lendbuzz Inc., a Delaware corporation.

"<u>Lendbuzz Funding</u>" has the meaning given to such term in the Preamble.

"<u>Lender Advance</u>" means a Lender's Lender Percentage of the Principal Amount of a particular Loan to be made to the Borrower on a Funding Date.

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"<u>Lender Percentage</u>" means a Lender's Commitment as a percentage of the Aggregate Commitment.

"<u>Lender Register</u>" has the meaning given to such term in Section 11.01(c).

"<u>Lenders</u>" means Regions Bank and any other Person that is designated as a "Lender" on Schedule A hereto or in the Assignment and Acceptance pursuant to which it became a party to this Agreement, and any permitted assignee of such Lender to the extent of the portion of such Commitment assumed by such assignee pursuant to its respective Assignment and Acceptance.

"<u>Liability</u>" means any duty, responsibility, obligation or liability.

"<u>Lien</u>" means any mortgage, lien, pledge, charge, claim, security interest or encumbrance of any kind.

"<u>Liquidated Receivable</u>" means any Receivable with respect to which (i) all or any portion of one or more scheduled monthly payments of principal and/or interest remains unpaid with respect to such Receivable for a period of 120 days or more past the scheduled due date for such payment, (ii) an Insolvency Event has occurred with respect to the related Obligor, or (iii) the related Obligor is deceased.

"<u>Loan</u>" has the meaning given to such term in Section 2.01(a).

"<u>Loan-to-Value Ratio</u>" means, with respect to a Receivable, the percentage equivalent of a fraction, (i) the numerator of which is the Principal Balance of such Receivable as of its date of disbursement and (ii) the denominator of which is the lesser of (a) the NADA clean retail value of the related Financed Vehicle (or, if such value is not available, the Carfax retail value of such Financed Vehicle) and (b) the purchase price of such Financed Vehicle.

"<u>Loans Outstanding</u>" means, on any day, the aggregate Principal Amount of all Loans made on or prior to such day, reduced from time to time by payments and distributions in respect of principal of the Loans in accordance with the terms hereof.

"<u>Long Term Loans</u>" means Receivables with an original term to maturity of greater than 60 months.

"<u>Long-Term Rating Requirement</u>" means, with respect to any Person, that such Person has a long-term unsecured debt rating of not less than "A" by Standard & Poor's and not less than "A2" by Moody's.

"<u>Mandatory Hedging Condition</u>" means that, as of any date of determination, one or more of the following events has occurred and the occurrence of a Mandatory Hedging Condition has not been expressly waived in accordance with <u>Section 13.01</u> (regardless of whether any such event, or any other consequences of such event, have been waived, either in accordance with Section 13.01 or otherwise): (i) any Event of Default has occurred; (ii) any Servicer Termination Event has occurred; and (iii) the Commitment Termination Date occurs.

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"<u>Manual Verify Income Receivables</u>" means Receivables that, pursuant to Lendbuzz Funding's underwriting system, defaults to a 59% Payment-to-Income level.

"<u>Material Adverse Change</u>" means any event or condition which would reasonably be expected to have a material adverse effect on (i) the collectability of all or a material portion of the Receivables, (ii) the condition (financial or otherwise), business or properties of the Borrower, (iii) the ability of the Servicer to collect on the Receivables, (iv) the condition (financial or otherwise), business or properties of Lendbuzz Funding, or (v) the condition (financial or otherwise), businesses or investments of Lendbuzz. For the avoidance of doubt, the following is a non-exclusive list of changes to the Credit and Collection Policy which, if reasonably likely to negatively impact the creditworthiness or collectability of any Receivables, will be deemed to constitute a "Material Adverse Change" unless such changes are made with the consent of the Administrative Agent in the manner set forth in this Agreement (which consent shall not be unreasonably withheld, conditioned, or delayed): changes that would modify any of (a) the maximum allowable threshold limitations for substantial underwriting criteria, including but not limited to those related to loan term, required Down Payment, Payment-to-Income Ratio, and Loan-to-Value Ratio; (b) the categorization of receivables as delinquent, non-performing, defaulted or charged-off; (c) material collection processes relating, without limitation, to delinquent, non-performing, defaulted or charged-off receivables, loan loss recognition, loan modification (including extensions and deferrals), end-of-term recovery and processing, and collateral recovery; (d) any provisions for credit exceptions; (e) stated creditworthiness thresholds required for obligors; (f) any substantive calculations or components affecting the determination of AIRA Scores (but excluding any modifications that reflect the ordinary course machine learning processes that adjust such calculations and/or components from time to time), (g) monitoring policies and (g) insurance requirements.

"<u>Material Adverse Effect</u>" means, with respect to any Person and to any event or circumstance, a material adverse effect on (i) the business, condition (financial or otherwise), operations, performance, properties or prospects of such Person (including any such change or effect resulting from the introduction of or change in any Applicable Laws or any ruling, order or other action by any Governmental Authority), taken as a whole, (ii) the validity or enforceability of this Agreement or any other Basic Document or the validity, enforceability or collectability of a material portion of (a) the Contracts (taken as a whole), (b) the Receivables (taken as a whole) or (c) any other Collateral (taken as a whole), (iii) the rights and remedies of the Administrative Agent and Secured Parties under the Basic Documents, (iv) the ability of such Person to perform its obligations under this Agreement or any other Basic Document to which it is a party, or (v) the status, existence, perfection, priority or enforceability of the interest of the Administrative Agent or the Lenders in the Collateral.

"<u>Maximum Lawful Rate</u>" means the highest rate of interest permissible under Applicable Law.

"<u>Member</u>" has the meaning set forth in the Borrower's Formation Documents.

"<u>Monthly Backup Servicer Certificate</u>" means a monthly report of the Backup Servicer in the form prescribed by the Backup Servicing Agreement and relating to the end of the Collection Period immediately preceding the date on which such certificate is delivered.

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"<u>Monthly Interest and Fees</u>" means, for any Distribution Date, the sum of (i) the amount of any accrued and unpaid Interest for such Distribution Date plus (ii) the Unused Commitment Fee for such Distribution Date.

"<u>Monthly Report</u>" means a monthly statement of the Servicer delivered pursuant to Section 7.07(a) on each Reporting Date with respect to the related Collection Period, substantially in the form of Exhibit F.

"<u>Moody's</u>" means Moody's Investors Service, Inc.

"<u>Multiemployer Plan</u>" means a "multiemployer plan" as defined in Section 4001(a)(3) of ERISA which is or was at any time during the current year or the immediately preceding five years contributed to by the Borrower, Lendbuzz Funding, Lendbuzz or any ERISA Affiliate on behalf of their employees.

"<u>Net Eligible Pool Balance</u>" means, as of any date of determination, the difference of (i) the Eligible Pool Balance as of such date <u>minus</u> (ii) the Excess Concentration Amount as of such date.

"<u>Net Loss-to-Liquidation Ratio</u>" means, with respect to any date of determination, the percentage equivalent of a fraction, (i) the numerator of which is the difference of (a) the aggregate Principal Balance of all Receivables that became Liquidated Receivables during the most recently completed Collection Period <u>minus</u> (b) all Recoveries received during such Collection Period and (ii) the denominator of which is the sum of (a) the aggregate Principal Balance of all Receivables that became Liquidated Receivables during such Collection Period <u>plus</u> (b) the amount of Collections received by the Servicer in respect of principal payments on all Receivables during such Collection Period, provided, that if the foregoing calculation yields a result that is negative on any date of determination, then the Net Loss-to-Liquidation Ratio for such date shall be deemed to be 0.00%.

"<u>Non-Regions Hedge Counterparty</u>" means any Hedge Counterparty other than a Hedge Counterparty as defined in clause (i) of the definition thereof.

"<u>NRSRO</u>" has the meaning assigned to it in Section 12.02(d).

"<u>NYFRB</u>" means the Federal Reserve Bank of New York.

"<u>NYFRB Rate</u>" means, for any day, the greater of (a) the Federal Funds Effective Rate in effect on such day and (b) the Overnight Bank Funding Rate in effect on such day (or for any day that is not a Business Day, for the immediately preceding Business Day); <u>provided</u>, that if none of such rates are published for any day that is a Business Day, the term 'NYFRB Rate' means the rate for a federal funds transaction quoted at 11:00 a.m. on such day received by the Administrative Agent from a federal funds broker of recognized standing selected by it; <u>provided</u>, <u>further</u>, that if any of the aforesaid rates as so determined be less than 0%, such rate shall be deemed to be 0% for purposes of this Agreement.

"<u>NYFRB's Website</u>" means the website of the NYFRB at http://www.newyorkfed.org, or any successor source.

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"<u>Obligations</u>" means all loans, advances, debts, liabilities, indemnities and obligations for monetary amounts owing by the Borrower to the Secured Parties, the Collateral Custodian, the Backup Servicer, any Successor Servicer, the Administrative Agent or any of their respective assigns, as the case may be, whether due or to become due, matured or unmatured, liquidated or unliquidated, contingent or non-contingent and all covenants and duties regarding such amounts, of any kind or nature, present or future, arising under or in respect of any of the Loans or any Hedging Agreement, whether or not evidenced by any separate note, agreement or other instrument, including all principal, interest (including interest that accrues after the commencement against the Borrower of any action under the Bankruptcy Code), amounts payable pursuant to Section 2.12, Breakage Costs, Hedge Breakage Costs, fees, including any and all arrangement fees, loan fees, Upfront Fees, and Unused Commitment Fees and any and all other fees, expenses, costs or other sums (including attorney fees and disbursements) chargeable to the Borrower under the Basic Documents.

"<u>Obligor</u>" means each Person obligated to make payments pursuant to a Receivable or Serviced Portfolio Receivable, including any guarantor thereof.

"<u>Officer's Certificate</u>" means a certificate signed by any Responsible Officer of the Borrower, the Servicer, the Backup Servicer, the Collateral Custodian, Lendbuzz, or Lendbuzz Funding, as the case may be, and delivered to the Administrative Agent.

"<u>Opinion of Counsel</u>" means, with respect to any Person, a written opinion of counsel, who is reasonably acceptable to the Administrative Agent.

"<u>Other Connection Taxes</u>" means, with respect to any Recipient, Taxes imposed as a result of a present or former connection between such Recipient and the jurisdiction imposing such Tax (other than connections arising from such Recipient having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Basic Document, or sold or assigned an interest in any Loan or Basic Document).

"<u>Other Taxes</u>" means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Basic Document, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment (other than an assignment pursuant to Section 2.12(j)).

"<u>Overnight Bank Funding Rate</u>" means, for any date, the rate comprised of both overnight federal funds and overnight eurodollar transactions denominated in Dollars by U.S.-managed banking offices of depository institutions, as such composite rate shall be determined by the NYFRB as set forth on the NYFRB's Website from time to time, and published on the next succeeding Business Day by the NYFRB as an overnight bank funding rate.

"<u>Participant Register</u>" has the meaning given to such term in Section 11.01(e).

"<u>Patriot Act</u>" means the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)).

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"<u>Payment</u>" has the meaning assigned to it in Section 10.09.

"<u>Payment Notice</u>" has the meaning assigned to it in Section 10.09.

"<u>Payment-to-Income Ratio</u>" means, with respect to any Receivable as of the date of underwriting, the ratio (expressed as a percentage) of (i) the monthly payment owed by the related Obligor pursuant to the related Contract to (ii) the sum of all of the related Obligor's and any related co-obligor's (but no related guarantor's) monthly gross income (as determined by Lendbuzz Funding in connection with its determination of the AIRA Score for such Obligor) for the calendar month immediately preceding the date such Receivable was originated, as determined by Lendbuzz Funding in accordance with the Credit and Collection Policy in effect at such time.

"<u>Pension Plan</u>" means an "employee pension benefit plan," as such term is defined in Section 3(2) of ERISA and that is a defined benefit plan, maintained by the Borrower, Lendbuzz, Lendbuzz Funding, or any ERISA Affiliate, or in which employees of the Borrower are entitled to participate, as from time to time in effect.

"<u>Performance Guarantor</u>" means Lendbuzz.

"<u>Performance Guaranty</u>" means the Performance Guaranty, dated as of the Closing Date, by the Performance Guarantor in favor of the Secured Parties.

"<u>Permitted Investments</u>" means any of the following types of investments:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) marketable obligations of the United States, the full and timely payment of which are backed by the full faith and credit of the United States and which have a maturity of not more than 30 days from the date of acquisition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) bankers' acceptances and certificates of deposit and other interest-bearing obligations (in each case having a maturity of not more than 30 days from the date of acquisition) denominated in Dollars and issued by any bank with capital, surplus and undivided profits aggregating at least $100,000,000, the short-term obligations of which meet or exceed the Short-Term Rating Requirement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) commercial paper rated at least A-1 by Standard & Poor's and Prime-1 by Moody's;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) money market funds registered under the Investment Company Act having a rating, at the time of such investment, of not less than Aaa by Moody's and AAAm by Standard & Poor's;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) interest-bearing demand deposits, time deposits or certificates of deposit (having original maturities of no more than 365 days) of depository institutions or trust companies incorporated under the laws of the United States or any State (or domestic branches of any foreign bank) and subject to supervision and examination by federal or State banking or depository institution authorities;

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<u>provided</u>, that at the time such investment, or the commitment to make such investment, is entered into, the short-term debt rating of such depository institution or trust company shall meet or exceed the Short-Term Rating Requirement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any other investments approved in writing by the Administrative Agent;

<u>provided</u>, that each of the Permitted Investments may be purchased from the Administrative Agent, the Account Bank or any of their respective Affiliates.

"<u>Permitted Liens</u>" means (i) Liens in favor of the Borrower created pursuant to the Purchase Agreement, (ii) Liens in favor of the Administrative Agent, as agent for the Secured Parties, created pursuant to this Agreement or any other Basic Document, (iii) Liens for taxes and assessments not yet due or for taxes which the Borrower is contesting in good faith and by appropriate legal proceedings the validity, applicability, or amount thereof and such contest does not materially endanger any right or interest of the Secured Parties under the Basic Documents, (iv) Liens arising in the ordinary course of business by virtue of any contractual, statutory, or common law provision relating to banker's Liens, rights of set-off, or similar rights and remedies covering deposit or securities accounts (including funds or other assets credited thereto) or other funds maintained with a depository institution or securities intermediary, (v) Liens created pursuant to the Blocked Account Control Agreement and the Control Agreement, and (vi) mechanics' liens, tax Liens related to a Financed Vehicle, and other liens arising by operation of law.

"<u>Person</u>" means an individual, partnership, corporation, trust (including a business or statutory trust), limited liability company, joint stock company, unincorporated association, sole proprietorship, joint venture, government (or any agency or political subdivision thereof), or other entity.

"<u>Plan Event</u>" means the occurrence of any of the following: (i) a notice of intent to terminate a Pension Plan has been filed; (ii) a Pension Plan termination under Section 4041(f) of ERISA; (iii) the Pension Benefit Guaranty Corporation institutes proceedings to terminate, or appoint a trustee to administer any Pension Plan; or (iv) the occurrence of an event or existence of any condition that might constitute grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, a Pension Plan.

"<u>Pool Balance</u>" means, as of any date of determination, the sum of the Principal Balances of all Receivables as of such date.

"<u>Posted Collateral</u>" has the meaning given to such term in Section 6.03(d).

"<u>Prime Rate</u>" means the rate of interest last quoted by The Wall Street Journal as the 'Prime Rate' in the U.S. or, if The Wall Street Journal ceases to quote such rate, the highest per annum interest rate published by the Federal Reserve Board in Federal Reserve Statistical Release H.15 (519) (Selected Interest Rates) as the 'bank prime loan' rate or, if such rate is no longer quoted therein, any similar rate quoted therein (as determined by the Administrative Agent) or any similar release by the Federal Reserve Board (as determined by the Administrative Agent). Each change in the Prime Rate shall be effective from and including the date such change is publicly announced or quoted as being effective.

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"<u>Principal Amount</u>" means, with respect to any Loan, the aggregate amount advanced by the Lenders on the Funding Date in respect of such Loan.

"<u>Principal Balance</u>" means, with respect to any Receivable and as of any date of determination, the outstanding principal amount of such Receivable as of such date (excluding any capitalized interest).

"<u>Purchase Agreement</u>" means the Purchase Agreement, dated as of the Closing Date, by and between the Seller and the Borrower, together with each Purchase Agreement Supplement.

"<u>Purchase Agreement Supplement</u>" means a Purchase Agreement Supplement in substantially the form attached to the Purchase Agreement as Exhibit A, executed by the Borrower and the Seller in connection with a transfer of Receivables and the related Collateral on any Funding Date.

"<u>Qualified Institution</u>" means any depository institution or trust company organized under the laws of the United States or any State (or any domestic branch of a foreign bank), (i) (a) that meets (or the parent of which meets) either (1) the Long-Term Rating Requirement or (2) the Short-Term Rating Requirement or (b) is otherwise acceptable to the Administrative Agent and (ii) whose deposits are insured by the Federal Deposit Insurance Corporation.

"<u>Quarterly Report</u>" means a data tape, which shall include as to each Receivable such information as shall be agreed upon by the Administrative Agent and the initial Servicer or the Successor Servicer, as applicable, including such information as the Administrative Agent may reasonably request from time to time to satisfy or fulfill regulatory requirements applicable to the Secured Parties, including capital treatment under Basel II or Basel III.

"<u>Receivable</u>" means Indebtedness owed by an Obligor under a Contract included as part of the Collateral, whether constituting an account, chattel paper, instrument or general intangible, arising out of or in connection with the financing of a Financed Vehicle in connection therewith, and including the right of payment of any finance charges and other obligations of the Obligor with respect thereto. Notwithstanding the foregoing, once the Administrative Agent has released its security interest in a Receivable and the related Contract in accordance with the terms of this Agreement, such Receivable shall no longer be a Receivable hereunder.

"<u>Receivable File</u>" means, with respect to each Receivable, a file containing each of the following documents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) an application of the related Obligor for credit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a copy of the related Contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) copies of all instruments modifying the terms and conditions of the related Contract;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) a copy of the Certificate of Title for the related Financed Vehicle or a copy of the application therefor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) a certificate of insurance, an application therefor, or a notice to provide insurance, in each case with respect to the related Financed Vehicle;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the invoice for (or, if the related Financed Vehicle is a Used Vehicle, evidence of book value for) the related Financed Vehicle;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the Obligors' order for the related Financed Vehicle and a writing specifying the related Down Payment, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) a copy of the service contract for the related Financed Vehicle, if

applicable and if the same has been provided to the Servicer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) a copy of the GAP protection agreement for the related Financed Vehicle, if applicable and if the same has been provided to the Servicer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) such other documents that the Servicer customarily maintains in order to accomplish its duties and obligations under this Agreement.

"<u>Recipient</u>" means the Administrative Agent or any Lender.

"<u>Records</u>" means, with respect to any Contract, all documents, books, records and other information (including computer programs, tapes, disks, punch cards, data processing software and related property and rights) maintained with respect to any related item of Collateral and the related Obligor.

"<u>Recoveries</u>" means, with respect to any Liquidated Receivable and Collection Period, all monies collected from whatever source during such Collection Period in respect of such Liquidated Receivable, including Insurance Proceeds but excluding payment of the related Release Price, net of any amounts required by Applicable Law to be remitted to the related Obligor and net of the Servicer's expenses (other than overhead) incurred in connection with the liquidation of such Liquidated Receivable and the related Financed Vehicle.

"<u>Reference Time</u>" means, with respect to any setting of the then-current Benchmark, (i) if such Benchmark is Daily Simple SOFR, then four Business Days prior to such setting or (ii) if such Benchmark is not Daily Simple SOFR, the time determined by the Administrative Agent in its reasonable discretion.

"<u>Refinance Receivables</u>" means Receivables originated for the purpose of refinancing the related Financed Vehicle.

"<u>Registrar of Titles</u>" means, with respect to any State, the governmental agency or body responsible for the registration of, and the issuance of certificates of title relating to, motor vehicles and liens thereon.

"<u>Regulatory Requirement</u>" has the meaning set forth in Section 2.11(a).

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"<u>Release Price</u>" means an amount equal to the sum of (i) the Principal Balance of each Receivable retransferred pursuant to Section 5.04(a) or 5.04(b), as applicable <u>plus</u> (ii) accrued interest on each such Receivable (at the related APR) through the date of repurchase <u>plus</u> (iii) all related Breakage Costs <u>plus</u> (iv) all Hedge Breakage Costs due to the relevant Hedge Counterparties for any termination, in whole or in part, of one or more Hedge Transactions related to the relevant Hedging Agreement, as required by the terms of any Hedging Agreement.

"<u>Relevant Governmental Body</u>" means, the Federal Reserve Board and/or the NYFRB, as applicable, or a committee officially endorsed or convened by the Federal Reserve Board and/or the NYFRB or, in each case, any successor thereto.

"<u>Remittance Account</u>" means one or more deposit accounts established and maintained at the Remittance Account Bank pursuant to the Blocked Account Control Agreement, for the benefit of the "Secured Party" (as defined in the Blocked Account Control Agreement), and to which all Obligors are instructed to make payments in respect of the Receivables.

"<u>Remittance Account Bank</u>" means, initially, Regions Bank, or any other bank as agreed to by the Borrower and the Administrative Agent.

"<u>Reportable Event</u>" means any of the events set forth in Section 4043(c) of ERISA for which the 30-day notice provision has not been waived.

"<u>Reporting Date</u>" means, with respect to any Distribution Date and the related Collection Period, the second Business Day prior to such Distribution Date.

"<u>Required Lenders</u>" means at a particular time, Lenders with aggregate Commitments equal to 100% of the Aggregate Commitment.

"<u>Required Overcollateralization</u>" means, as of any date, an amount equal to the product of (i) Required Overcollateralization Percentage as of such date <u>times</u> (ii) the Net Eligible Pool Balance as of such date.

"<u>Required Overcollateralization Percentage</u>" means, (i) with respect to on any date of determination as of which no Step-up Overcollateralization Trigger has occurred and is continuing, 15.00% or (ii) on any date of determination as of which a Step-up Overcollateralization Trigger has occurred and is continuing, 20.00%.

"<u>Requirements of Law</u>" means, with respect to any Person, the certificate of incorporation or articles of association and by-laws or other organizational or governing documents of such Person, and any law, treaty, rule or regulation, or order or determination of an arbitrator or Governmental Authority, in each case applicable to or binding upon such Person or to which such Person is subject, whether federal, State or local (including usury laws, the Federal Truth in Lending Act, the Equal Credit Opportunity Act, the Fair Credit Billing Act, the Fair Credit Reporting Act, the Fair Debt Collection Practices Act, the Federal Trade Commission Act, the Magnuson-Moss Warranty Act, the Servicemembers Civil Relief Act, Regulations B, U, T, X and Z of the Federal Reserve Board, the Dodd-Frank Act, the Gramm-Leach-Bliley Act, each applicable state Motor Vehicle Retail Installment Sales Act, and state adaptations of the National Consumer Act and of the Uniform Consumer Credit Code and all other consumer protection and usury laws).

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"<u>Responsible Officer</u>" means, when used with respect to any Person, any officer of such Person, including any president, vice president, assistant vice president, secretary, assistant secretary, or any other officer thereof customarily performing functions similar to those performed by the individuals who at the time shall be such officers, respectively, or to whom any matter is referred because of such officer's knowledge of or familiarity with the particular subject.

"<u>Revolving Period</u>" means the period commencing on the Closing Date and ending on the day immediately preceding the Commitment Termination Date.

"<u>Sanctioned Country</u>" means, at any time, a country or territory which is the subject or target of any Sanctions.

"<u>Sanctioned Person</u>" means, at any time, (i) any Person listed in any Sanctions-related list of designated Persons maintained by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State, (ii) any Person operating, organized or resident in a Sanctioned Country or (iii) any Person controlled by any such Person.

"<u>Sanctions</u>" means economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by the U.S. government, including those administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State.

"<u>Schedule of Documents</u>" means the schedule of documents attached hereto as Schedule E.

"<u>Schedule of Receivables</u>" means the schedule of Receivables attached hereto as Schedule C, as updated from time to time in connection with each Funding Request and any Take-out Release.

"<u>Scheduled Payments</u>" means, with respect to each Receivable, the regularly scheduled payments to be made by the related Obligor pursuant to the terms of the related Contract.

"<u>Scheduled Revolving Period Termination Date</u>" means September 17, 2026 or such later date as may be agreed by the Borrower and each of the Lenders in writing and notified in writing to the Administrative Agent.

"<u>Secured Party</u>" means (i) the Administrative Agent, (ii) each Lender and (iii) each Hedge Counterparty.

"<u>Securities Act</u>" means the Securities Act of 1933, as amended.

"<u>Seller</u>" means Lendbuzz Funding, in its capacity as Seller under the Purchase Agreement.

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"<u>Serviced Portfolio</u>" means the Servicer's entire portfolio of motor vehicle loans that (i) are originated, directly or indirectly, by Lendbuzz Funding in accordance with the Credit and Collection Policy (other than motor vehicle loans that are held for sale by Lendbuzz Funding), (ii) are serviced by Lendbuzz Funding, (iii) are owned by Lendbuzz, Lendbuzz Funding, or an Affiliate or a Subsidiary of either Lendbuzz or Lendbuzz Funding, and (iv) satisfy each of the eligibility requirements set forth on Schedule B hereto. For the avoidance of doubt, any motor vehicle loans that previously were Receivables hereunder but were included in a Take-out or for any other reason are no longer included in the Collateral shall be included in the Serviced Portfolio so long as they satisfy each of the conditions set forth in the preceding sentence.

"<u>Serviced Portfolio Delinquency Ratio</u>" means, with respect to any date of determination, the percentage equivalent of a fraction, (i) the numerator of which is the aggregate Principal Balance of all Serviced Portfolio Delinquent Receivables as of the last day of the most recently completed Collection Period and (ii) the denominator of which is the Serviced Portfolio Pool Balance as of the last day of such Collection Period. For purposes of this definition, the "Principal Balance" for each Serviced Portfolio Receivable that is not a Receivable shall be determined as if it were a "Receivable" for purposes of all related defined terms.

"<u>Serviced Portfolio Delinquent Receivable</u>" means any Serviced Portfolio Receivable, (i) with respect to which the greater of (a) $50 and (b) 10% or more of any Scheduled Payment remains unpaid for 60 or more days from the related due date and (ii) that is not a Serviced Portfolio Liquidated Receivable. For purposes of this definition, the "Scheduled Payment" for each Serviced Portfolio Receivable that is not a Receivable shall be determined as if it were a "Receivable" for purposes of all related defined terms.

"<u>Serviced Portfolio Extension Ratio</u>" means, with respect to any date of determination, the percentage equivalent of a fraction, (i) the numerator of which is the aggregate Principal Balance of all Serviced Portfolio Receivables that became Extended Receivables during the most recently completed Collection Period and (ii) the denominator of which is the Serviced Portfolio Pool Balance as of the last day of such Collection Period.

"<u>Serviced Portfolio Liquidated Receivable</u>" means any Serviced Portfolio Receivable with respect to which (i) all or any portion of one or more scheduled monthly payments of principal and/or interest remains unpaid with respect to such Serviced Portfolio Receivable for a period of 120 days or more past the scheduled due date for such payment, (ii) an Insolvency Event has occurred with respect to the related Obligor, or (iii) the related Obligor is deceased.

"<u>Serviced Portfolio Net Loss-to-Liquidation Ratio</u>" means, with respect to any date of determination, the percentage equivalent of a fraction, (i) the numerator of which is the difference of (a) the aggregate Principal Balance of all Serviced Portfolio Receivables that became Serviced Portfolio Liquidated Receivables during the most recently completed Collection Period <u>minus</u> (b) all Recoveries with respect to Serviced Portfolio Receivables received during such Collection Period and (ii) the denominator of which is the sum of (a) the aggregate Principal Balance of all Serviced Portfolio Receivables that became Liquidated Receivables during such Collection Period <u>plus</u> (b) the amount of Collections received by the Servicer in respect of principal payments on all Serviced Portfolio Receivables during such Collection Period. For purposes of this definition, the "Principal Balance," "Recoveries," and "Collections" for each Serviced Portfolio Receivable that is not a Receivable shall be determined as if it were a "Receivable" for purposes of all related defined terms.

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"<u>Serviced Portfolio Pool Balance</u>" means, as of any date of determination, the sum of the Principal Balances of all Serviced Portfolio Receivables as of such date. For purposes of this definition, the "Principal Balance" for each Serviced Portfolio Receivable that is not a Receivable shall be determined as if it were a "Receivable" for purposes of all related defined terms.

"<u>Serviced Portfolio Receivable</u>" means any motor vehicle receivable that is included in the Serviced Portfolio.

"<u>Servicer</u>" has the meaning given to such term in the Preamble.

"<u>Servicer Advance</u>" means an advance made by the initial Servicer pursuant to Section 7.05.

"<u>Servicer Basic Documents</u>" means all Basic Documents to which the initial Servicer is a party or by which it is bound.

"<u>Servicer Termination Event</u>" has the meaning given to such term in Section 7.12.

"<u>Servicer Termination Notice</u>" has the meaning given to such term in Section 7.12.

"<u>Servicing Fee</u>" means the fee payable to the Servicer on each Distribution Date in accordance with Section 2.07 in an amount equal to either (i) in the case of the initial Servicer, the product of (a) one-twelfth <u>times</u> (b) the Servicing Fee Rate <u>times</u> (c) the average daily Principal Balance of the Receivables during the related Collection Period or (ii) in the case of the Backup Servicer in its capacity as Successor Servicer, the related fees set forth in the Backup Servicing Agreement; <u>provided</u>, that the Servicing Fee for a Successor Servicer may be subject to a minimum monthly fee to be mutually agreed upon by the Administrative Agent and such Successor Servicer.

"<u>Servicing Fee Rate</u>" means in the case of the initial Servicer, a rate per annum equal to 2.00%.

"<u>Seventh Amendment Effective Date</u>" means March 25, 2025.

"<u>Short-Term Rating Requirement</u>" means, with respect to any Person, that such Person has a short-term unsecured debt rating of not less than A-1 by Standard & Poor's and not less than Prime-1 by Moody's.

"<u>Simple Interest Method</u>" means the method of allocating a fixed level payment to principal and interest, pursuant to which the portion of such payment that is allocated to interest is equal to the product of the fixed rate of interest multiplied by the unpaid principal balance multiplied by the period of time elapsed since the preceding payment of interest was made.

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"<u>SOFR</u>" means a rate equal to the secured overnight financing rate as administered by the SOFR Administrator.

"<u>SOFR Administrator</u>" means the NYFRB (or a successor administrator of the secured overnight financing rate).

"<u>SOFR Administrator's Website</u>" means the NYFRB's website, currently at http://www.newyorkfed.org, or any successor source for the secured overnight financing rate identified as such by the SOFR Administrator from time to time.

"<u>SOFR Determination Date</u>" has the meaning given to such term in the definition of "Daily Simple SOFR."

"<u>SOFR Rate Day</u>" has the meaning given to such term in the definition of "Daily Simple SOFR."

"<u>Solvent</u>" means, as to any Person at any time, having a state of affairs such that (i) the fair value of the property owned by such Person is greater than the amount of such Person's liabilities (including disputed, contingent, and unliquidated liabilities) as such value is established and liabilities evaluated for purposes of Section 101(32) of the Bankruptcy Code; (ii) the present fair salable value of the property owned by such Person in an orderly liquidation of such Person is not less than the amount that will be required to pay the probable liability of such Person on its debts as they become absolute and matured; (iii) such Person is able to realize upon its property and pay its debts and other liabilities (including disputed, contingent and unliquidated liabilities) as they mature in the normal course of business; (iv) such Person does not intend to, and does not believe that it will, incur debts or liabilities beyond such Person's ability to pay as such debts and liabilities mature; and (v) such Person is not engaged in business or a transaction, and is not about to engage in a business or a transaction, for which such Person's property would constitute unreasonably small capital.

"<u>Standard & Poor's</u>" means S&P Global Ratings, a Standard & Poor's Financial Services LLC business.

"<u>State</u>" means any state of the United States or the District of Columbia.

"<u>Step-up Overcollateralization Trigger</u>" means the occurrence as of any Reporting Date occurring in or after January 28, 2023 of any of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the arithmetic mean of the Net Loss-to-Liquidation Ratio for the three Collection Periods immediately preceding such Reporting Date is greater than [\*\*\*];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the arithmetic mean of the Serviced Portfolio Net Loss-to-Liquidation Ratio for the three Collection Periods immediately preceding such Reporting Date is greater than [\*\*\*];

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the arithmetic mean of the Delinquency Ratio for the three Collection Periods immediately preceding such Reporting Date is greater than [\*\*\*];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the arithmetic mean of the Serviced Portfolio Delinquency Ratio for the three Collection Periods immediately preceding such Reporting Date is greater than [\*\*\*];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the arithmetic mean of the Extension Ratio for the three Collection Periods immediately preceding such Reporting Date is greater than [\*\*\*]; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the arithmetic mean of the Serviced Portfolio Extension Ratio for the three Collection Periods immediately preceding such Reporting Date is greater than [\*\*\*].

Any Step-up Overcollateralization Trigger that occurs will be deemed to be continuing until the first Reporting Date on which none of the events described above exists.

"<u>Subordinated Hedge Breakage Costs</u>" means Hedge Breakage Costs payable by the Borrower to a Hedge Counterparty in connection with the termination of a Hedge Transaction where either (i) such Hedge Counterparty is a "Defaulting Party" (as such term is defined in the related Hedging Agreement) or (ii) such Hedge Counterparty is the sole "Affected Party" with respect to a "Termination Event" (as such terms are defined in the related Hedging Agreement), other than a Termination Event relating to illegality, force majeure and taxes, which by its terms applies to such Hedge Counterparty, in all cases other than to the extent of a return of equivalent collateral (and income thereon).

"<u>Subsidiary</u>" means, with respect to a Person, any entity with respect to which more than 50% of the outstanding voting securities shall at any time be owned or controlled, directly or indirectly, by such Person and/or one or more of its Subsidiaries, or any similar business organization which is so owned or controlled.

"<u>Successor Collateral Custodian</u>" has the meaning given to such term in Section 7.17(f)

"<u>Successor Servicer</u>" has the meaning given to such term in Section 7.13(b).

"<u>Take-out</u>" means any transaction pursuant to which all or a portion of the Receivables are released from the Lien granted to the Administrative Agent hereunder, a corresponding portion of the Loans Outstanding are repaid, and such Receivables are transferred by the Borrower to the Seller or another Person.

"<u>Take-out Date</u>" means the date upon which a Take-out is consummated.

"<u>Take-out Date Certificate</u>" means a certificate delivered by a Responsible Officer of the Servicer on the Take-out Date indicating that the requirements set forth in this Agreement for a Take-out has been satisfied.

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"<u>Take-out Release</u>" means a release executed pursuant to Section 2.13, substantially in the form of Exhibit E.

"<u>Tangible Net Worth</u>" means at any time with respect to Lendbuzz, the difference of Lendbuzz's (i) assets (including servicing assets and deferred tax assets) <u>minus</u> (ii) liabilities <u>minus</u> (iii) without duplication, intangible assets, including goodwill, franchises, licenses, patents, trademarks, trade names, copyrights and service marks, in all cases calculated on a consolidated basis and in accordance with GAAP; provided, that any obligations of Lendbuzz under any simple agreement for future equity or other similar instrument however styled which (a) does not have a maturity date, (b) does not require a coupon to be paid and (c) converts to equity shares upon a conversion event, shall not constitute 'liabilities' for purposes of this definition.

"<u>Tax</u>" or "<u>Taxes</u>" means all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax, additional amounts or penalties applicable thereto.

"<u>Transition Expenses</u>" has the meaning given to such term in Section 7.13(f).

"<u>Treasury Regulations</u>" shall mean regulations, including proposed or temporary regulations, promulgated under the Code. References in this Agreement to specific provisions of proposed or temporary regulations shall include analogous provisions of final Treasury Regulations or other successor Treasury Regulations.

"<u>U.S. Government Securities Business Day</u>" means any day except for (i) a Saturday, (ii) a Sunday or (iii) a day on which the Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in United States government securities.

"<u>U.S. Person</u>" means any Person that is a "United States person" as defined in Section 7701(a)(30) of the Code.

"<u>U.S. Tax Compliance Certificate</u>" has the meaning specified in Section 2.12(g)(ii)(B)(3).

"<u>UCC</u>" means the Uniform Commercial Code as from time to time in effect in the applicable jurisdiction.

"<u>Unadjusted Benchmark Replacement</u>" means the applicable Benchmark Replacement excluding the related Benchmark Replacement Adjustment.

"<u>United States</u>" or "<u>U.S</u>." means the United States of America.

"<u>Unmatured Event of Default</u>" means any event that, with the giving of notice or the lapse of time, or both, would become an Event of Default.

"<u>Unmatured Servicer Termination Event</u>" means any event that, with the giving of notice or the lapse of time, or both, would become a Servicer Termination Event. For the avoidance of doubt, the failure of any Financial Covenant to be satisfied on any date other than the related testing date specified for such Financial Covenant in the definition of "Financial Covenants" shall not constitute an Unmatured Servicer Termination Event.

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"<u>Unreimbursed Servicer Advances</u>" means, at any time, the amount of all previous Servicer Advances (or portions thereof) as to which the Servicer has not been reimbursed as of such time pursuant to Section 2.07 or otherwise.

"<u>Unused Commitment Fee</u>" means, for any Interest Period prior to the Commitment Termination Date, the fee payable by the Borrower on the related Distribution Date in an amount equal to product of (i) the Unused Commitment Fee Rate <u>times</u> (ii) an amount equal to the positive difference, if any, of (a) the average daily Aggregate Commitment during such Interest Period <u>minus</u> (b) the average daily Loans Outstanding during such Interest Period <u>times</u> (iii) a fraction, (A) the numerator of which is the actual number of days during such Interest Period and (B) the denominator of which is 360.

"<u>Unused Commitment Fee Rate</u>" has the meaning given to such term in the Fee Letter.

"<u>Upfront Fees</u>" has the meaning given to such term in the Fee Letter.

"<u>Used Vehicle</u>" means a Financed Vehicle that was designated as a used vehicle by the applicable Dealer when such Financed Vehicle was sold to the related Obligor.

"<u>Weighted Average Hedge Rate</u>" means, as of any date of determination, either (i) if the Borrower is party to one or more Hedge Transactions on such date (after giving effect to any Hedge Transactions that the Borrower enters into or terminates on such date), the weighted average for all such Hedge Transactions (weighted by the notional amounts of such Hedge Transactions) of (a) with respect to any Hedge Transaction that is in the form of an interest rate cap transaction, the threshold rate above which payments are made by the related Hedge Counterparty to the Borrower, and (b) with respect to any Hedge Transaction that is in the form of an interest rate swap transaction, the fixed rate payable by the Borrower thereunder or (ii) if the Borrower is not party to any Hedge Transactions on such date (after giving effect to any Hedge Transactions that the Borrower enters into or terminates on such date), Daily Simple SOFR for such date.

"<u>Withholding Agent</u>" means the Borrower and the Administrative Agent.

Section 1.02. <u>Accounting Terms and Determinations</u>. Unless otherwise defined or specified herein, all accounting terms shall be construed herein, all accounting determinations hereunder shall be made, all financial statements required to be delivered hereunder shall be prepared and all financial records shall be maintained in accordance with GAAP.

Section 1.03. <u>Computation of Time Periods</u>. Unless otherwise stated in this Agreement, in the computation of a period of time from a specified date to a later specified date, the word "from" means "from and including" and the words "to" and "until" each mean "to but excluding".

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Section 1.04. <u>Interpretation</u>. When used in this Agreement, unless a contrary intention appears: (i) a term has the meaning assigned to it; (ii) "or" is not exclusive; (iii) "including" means including without limitation; (iv) words in the singular include the plural and words in the plural include the singular; (v) any agreement, instrument or statute defined or referred to herein or in any instrument or certificate delivered in connection herewith means such agreement, instrument or statute as from time to time amended, modified or supplemented and includes (in the case of agreements or instruments) references to all attachments thereto and instruments incorporated therein; (vi) references to a Person are also to its successors and permitted assigns; (vii) the words "hereof", "herein" and "hereunder" and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision hereof; (viii) references contained herein to Section, Schedule and Exhibit, as applicable, are references to Sections, Schedules and Exhibits in this Agreement unless otherwise specified; (ix) references to "writing" include printing, typing, lithography and other means of reproducing words in a visible form; and (x) the term "proceeds" has the meaning set forth in the applicable UCC.

ARTICLE TWO

LOANS

Section 2.01. <u>Loans</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On the terms and conditions set forth herein, including this Section and Article Four, the Borrower may from time to time on any Business Day during the Revolving Period request that each Lender make an advance (the aggregate amount of such advances on a Funding Date, a "<u>Loan</u>") in the amount of each such Lender's Lender Advance, to the Borrower on a Funding Date. For the avoidance of doubt, no Lender shall have any obligation on any date to fund an amount that would cause its Lender Percentage of the Loans Outstanding, determined after giving effect to such funding, to exceed its Commitment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No later than 3:00 p.m., Atlanta, Georgia time, two Business Days prior to a proposed Funding Date, the Borrower shall notify the Administrative Agent of such proposed Funding Date and Loan by delivering to the Administrative Agent (with a copy to the Account Bank):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a Funding Request, which will include, among other things, the proposed Funding Date, a calculation of the Borrowing Base as of the date the Loan is requested (including all components of such calculation, including any Excess Concentration Amounts) and the Principal Amount of the Loan requested, which shall be in an amount at least equal to $1,000,000 or integral multiples of $100,000 in excess thereof (or, if less, an amount equal to the Aggregate Commitment after giving effect to any payments on the related Distribution Date if the Funding Date occurs on a Distribution Date); <u>provided</u>, that the Administrative Agent and the Lenders may agree, each at their own discretion, to a lower Principal Amount for the related Loan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) an updated Schedule of Receivables that includes each Receivable that is the subject of the proposed Loan.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Following receipt by the Administrative Agent of a Funding Request, and prior to the Commitment Termination Date, each Lender severally agrees to make its Lender Advance of any Loan requested by the Borrower pursuant to Section 2.01(b), subject to the conditions contained herein, in an aggregate amount equal to the Loan so requested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In no event shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a Lender be required to fund a Principal Amount that would cause its Lender Percentage of the Loans Outstanding, determined after giving effect to such funding, to exceed its Commitment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any Loan be requested hereunder, nor shall any Lender be obligated to fund its Lender Advance of any Loan, to the extent that after giving effect to such Loan, the Loans Outstanding would exceed the Borrowing Base;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Principal Amount of any Loan exceeds the Available Amount on such day; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) more than one Loan be funded on any Business Day.

Section 2.02. <u>Funding Mechanics</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If any Funding Request is delivered to the Administrative Agent after 12:00 p.m., Atlanta, Georgia time, two (2) Business Days prior to the proposed Funding Date, such Funding Request shall be deemed to be received prior to 12:00 p.m., Atlanta, Georgia time, on the next succeeding Business Day and the proposed Funding Date of such proposed Loan shall be deemed to be the second Business Day following the date of such deemed receipt. Each Funding Request shall include a representation by the Borrower that (i) the requested Loan will not, on the related Funding Date, exceed the Available Amount and (ii) all conditions precedent to the making of such Loan have been satisfied or will be satisfied as of the proposed Funding Date. Any Funding Request shall be irrevocable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Lender's Lender Advance of a Loan shall be made available to the Administrative Agent, subject to the fulfillment of the applicable conditions set forth in Article Four, at or prior to 1:00 p.m., Atlanta, Georgia time, on the applicable Funding Date, by deposit of immediately available funds to the Administrative Agent's Account. The Administrative Agent shall promptly notify the Borrower in the event that any Lender either fails to make such funds available before such time or notifies the Administrative Agent that it will not make such funds available before such time. Subject to the fulfillment of the applicable conditions set forth in Article Four, as determined by the Administrative Agent, the Administrative Agent will not later than 12:00 p.m., Atlanta, Georgia time, on such Funding Date make all such funds deposited to the Administrative Agent's Account by the Lenders available, in the same type of funds received, by wire transfer thereof to, or at the direction of, the Borrower at the account specified in writing by the Borrower. If any Lender makes available to the Administrative Agent funds for any Loan to be made by such Lender as provided in the foregoing provisions of this Article, and such funds are not made available to the Borrower by the Administrative Agent because the conditions to the applicable Loan set forth in Article Four are not satisfied or waived in accordance with the terms hereof, the Administrative Agent shall return such funds (in like funds as received from such Lender) to the Lender, without interest.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The failure of any Lender to make any Loan required to be made by it shall not relieve any other Lender of its obligations hereunder.

Section 2.03. <u>Reduction of Commitments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) At any time the Borrower may, upon at least five (5) Business Days' prior written notice to the Administrative Agent, the Account Bank and each Hedge Counterparty, reduce the Facility Amount to an amount not less than the Loans Outstanding, which reduction shall be applied, unless otherwise Consented to by the Administrative Agent, to the Commitments of each Lender *pro rata* based on the Lender Percentage represented by such Commitment. If any such written notice is delivered after 3:00 p.m., Atlanta, Georgia time, five (5) Business Days prior, such notice shall be deemed to be received prior to 3:00 p.m., New York City time, on the next succeeding Business Day. Each partial reduction shall be in a minimum aggregate amount of $5,000,000 or integral multiples of $1,000,000 in excess thereof. Any request for a reduction in the Facility Amount shall be irrevocable and the Borrower shall deliver no more than four such requests in any 12-month period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In connection with any reduction of the Facility Amount, the Borrower shall remit to the Administrative Agent, for payment to each Lender, (i) instructions regarding such reduction and (ii) cash in an amount sufficient to pay any Aggregate Unpaids with respect to such reduction, including any associated Breakage Costs; <u>provided</u>, that no such reduction shall be given effect unless the Borrower has complied with the terms of any Hedging Agreement requiring that one or more Hedge Transactions be terminated in whole or in part as a result of any such reduction in the Loans Outstanding and the Borrower has paid all Hedge Breakage Costs due to the relevant Hedge Counterparty for any such termination. Upon receipt of any such amounts, the Administrative Agent and Agents shall apply such amounts first to the *pro rata* reduction of the Loans Outstanding, second to the payment of the remaining Aggregate Unpaids with respect thereto, including any Breakage Costs, by paying such amounts to the Lenders *pro rata*, based on their respective Lender Percentages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) On the Commitment Termination Date, the Commitments of all Lenders shall be automatically reduced to zero; <u>provided</u>, that if the Commitment Termination Date occurs solely due to the occurrence of an Early Amortization Event and all Lenders have consented to the waiver of such Early Amortization Event, then the Commitments of all Lenders shall remain at their levels immediately prior to the occurrence of such Early Amortization Event.

Section 2.04. <u>Reserved.</u>

Section 2.05. <u>Interest</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Loan shall bear interest at a rate per annum calculated in accordance with this Section 2.05 and with Section 2.06.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Interest computed by reference to Daily Simple SOFR hereunder shall be computed on the basis of a year of 360 days. Interest computed by reference to the Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year). In each case interest shall be payable for the actual number of days elapsed (including the first day but excluding the last day). All interest hereunder on any Loan shall be computed on a daily basis based upon the outstanding principal amount of such Loan as of the applicable date of determination. The applicable Alternate Base Rate, Daily Simple SOFR or Daily Simple SOFR shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.

Section 2.06. <u>Payments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower shall pay Interest on the unpaid Principal Amount of each Loan for the period from the related Funding Date until the date that such Loan shall be paid in full. Interest shall accrue during each Interest Period and be payable on the Loans Outstanding on each Distribution Date in accordance with Section 2.07.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Interest shall accrue on each day during the related Interest Period at a rate per annum equal to the Interest Rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The principal of and Interest on the Loans shall be paid as provided herein. Payments in respect of principal and Interest (including pursuant to Section 2.13) shall be allocated and applied to the Lenders based on their respective Invested Percentages, or in any such case in such other proportions as each affected Lender may agree upon in writing from time to time with the Administrative Agent and the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The interest rate on a Loan may be derived from an interest rate benchmark that may be discontinued or is, or may in the future become, the subject of regulatory reform. Upon the occurrence of a Benchmark Transition Event, Section 2.18(b) provides a mechanism for determining an alternative rate of interest. The Administrative Agent does not warrant or accept any responsibility for, and shall not have any liability with respect to, the administration, submission, performance or any other matter related to any interest rate used in this Agreement, or with respect to any alternative or successor rate thereto, or replacement rate thereof, including without limitation, whether the composition or characteristics of any such alternative, successor or replacement reference rate will be similar to, or produce the same value or economic equivalence of, the existing interest rate being replaced or have the same volume or liquidity as did any existing interest rate prior to its discontinuance or unavailability. The Administrative Agent and its affiliates and/or other related entities may engage in transactions that affect the calculation of any interest rate used in this Agreement or any alternative, successor or alternative rate (including any Benchmark Replacement) and/or any relevant adjustments thereto, in each case, in a manner adverse to the Borrower. The Administrative Agent may select information sources or services in its reasonable discretion to ascertain any interest rate used in this Agreement, any component thereof, or rates referenced in the definition thereof, in each case pursuant to the terms of this Agreement, and shall have no liability to the Borrower, any Lender or any other person or entity for damages of any kind, including direct or indirect, special, punitive, incidental or consequential damages, costs, losses or expenses (whether in tort, contract or otherwise and whether at law or in equity), for any error or calculation of any such rate (or component thereof) provided by any such information source or service.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) At or before 3:00 p.m., Atlanta, Georgia time, on the third Business Day prior to each Reporting Date, (i) each Lender shall notify the Administrative Agent of (A) Daily Simple SOFR in effect for each day during the related Interest Period, and (B) if applicable, the date on which the Alternate Base Rate became applicable to its Invested Percentage of the Loans Outstanding or a portion thereof. At or before 5:00 p.m., Atlanta, Georgia time, on the third Business Day prior to each Reporting Date, the Administrative Agent shall then notify the Borrower of all such rates. For such purposes, the Administrative Agent may rely conclusively on notices from Lenders as to the interest rate or rates from time to time applicable to their respective Invested Percentage of the Loans Outstanding. Each determination by a Lender of Daily Simple SOFR pursuant to this Agreement shall be conclusive and binding on the Lenders, the Administrative Agent, the Borrower, the Servicer, and the Collateral Custodian, in the absence of manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Notwithstanding any other provision of this Agreement or the other Basic Documents, if at any time the rate of interest payable by any Person under the Basic Documents exceeds the Maximum Lawful Rate, then, so long as the Maximum Lawful Rate would be exceeded, such rate of interest shall be equal to the Maximum Lawful Rate. If at any time thereafter the rate of interest so payable is less than the Maximum Lawful Rate, such Person shall continue to pay Interest at the Maximum Lawful Rate until such time as the total interest received from such Person is equal to the total Interest that would have been received had Applicable Law not limited the interest rate so payable. In no event shall the total Interest received by a Lender under this Agreement and the other Basic Documents exceed the amount which such Lender could lawfully have received, had the Interest due been calculated from the Closing Date at the Maximum Lawful Rate.

Section 2.07. <u>Settlement Procedures</u>. On each Distribution Date, the Servicer shall instruct the Account Bank to pay, to the following Persons, from the Collection Account to the extent of Available Funds the following amounts in the following order of priority, as set forth in the related Monthly Report:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) First, to the Servicer, an amount equal to any Unreimbursed Servicer Advances, to the extent not previously retained by the Servicer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Second, *pro rata* (A) to the Servicer (including any Successor Servicer), the accrued and unpaid Servicing Fee and all Ancillary Fees to the extent not previously retained by the Servicer and (B) to any Successor Servicer, any out-of-pocket expenses and indemnities due to the Successor Servicer; <u>provided</u>, that aggregate amounts payable to any Successor Servicer pursuant to this clause may not exceed $100,000 in any calendar year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Third, to the Backup Servicer, the Backup Servicing Fee, any out-of-pocket expenses that are reimbursable to the Backup Servicer pursuant to the Backup Servicing Agreement (including any Transition Expenses, but only if the Backup Servicer is not the Successor Servicer), and any indemnifiable amounts due to the Backup Servicer; <u>provided</u>, that Transition Expenses payable to the Backup Servicer pursuant to this clause may not exceed $100,000 in any calendar year;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Fourth, *pro rata* (A) to each Hedge Counterparty (based on amounts due to each Hedge Counterparty pursuant to this subclause), any net payments due and payable under the related Hedging Agreement (other than Hedge Breakage Costs), and (B) to the Administrative Agent, for further payment to each Lender, an amount equal to the sum of (1) the portion of Monthly Interest and Fees (other than Default Interest) due to each Lender <u>plus</u> (2) any Breakage Costs of any related Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Fifth, *pro rata* (A) to each Hedge Counterparty that has any due and payable Hedge Breakage Costs (other than Subordinated Hedge Breakage Costs), such Hedge Breakage Costs, and (B) to the Administrative Agent for further payment to each Lender,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I) prior to the Commitment Termination Date, if a Borrowing Base Deficiency has occurred and is continuing, to pay the Loans Outstanding for each Lender as of such date (*pro rata*, based on each Lender's Percentage) until such Borrowing Base Deficiency is cured (on a pro forma basis as at such Distribution Date); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(II) on or after the Commitment Termination Date, to pay the Loans Outstanding for each Lender (*pro rata*, based on each Lender's Percentage) until paid in full;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Sixth, to the Administrative Agent, for further payment to each Lender, an amount equal to all accrued and unpaid Default Interest due to the Lenders for the immediately preceding Interest Period, plus, if applicable, the amount of any such Default Interest payable for any prior Interest Period to the extent such amount has not been distributed to Lenders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Seventh, *pro rata* to each Hedge Counterparty that has any due and payable Subordinated Hedge Breakage Costs (based on such amounts due), such Subordinated Hedge Breakage Costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Eighth, to the Administrative Agent (based on such amounts due) for further payment to each Lender or the related Indemnified Parties, all other Aggregate Unpaids (other than the principal amount of the Loans Outstanding) then due to the Lenders and Indemnified Parties under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) Ninth, *pro rata* (based on such amounts due) to (A) the Successor Servicer, any fees, expenses (including Transition Expenses), and indemnities not paid pursuant to clause (ii), above, (B) the Backup Servicer, any fees, expenses (including Transition Expense), and indemnities not paid pursuant to clause (iii), above, and (C) the Account Bank, any reasonable fees and expenses owing to the Account Bank in connection with the maintenance of the Collection Account (to the extent such amounts have not previously been paid to the Account Bank by the Servicer); and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) Tenth, any remaining amount shall be distributed to, or as otherwise directed by, the Borrower.

Section 2.08. <u>Payments, Computations, Etc.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless otherwise expressly provided herein, all amounts to be paid or deposited by the Borrower hereunder shall be paid or deposited in accordance with the terms hereof no later than 3:00 p.m., Atlanta, Georgia time, on the day when due in Dollars in immediately available funds to the Administrative Agent's Account, for further payment by the Administrative Agent to the Persons to who such amounts are due and payable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Whenever any payment hereunder (i) shall be stated to be due on a day other than a Business Day, such payment shall be made on the next succeeding Business Day, except in the case where the next succeeding Business Day would occur in the succeeding calendar month, in which case such payment shall be due on the preceding Business Day or (ii) is received after 3:00 p.m., Atlanta, Georgia time, such payment shall be deemed to have been received on the next succeeding Business Day, and any such extension of time shall in such case be included in the computation of payment of Interest, other interest or any fee payable hereunder, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If any Loan requested by the Borrower and approved by a Lender and the Administrative Agent pursuant to Section 2.01 is not, for any reason other than due to the fault, gross negligence, or willful misconduct of a Lender or the Administrative Agent, made or effectuated, as the case may be, on the date specified therefor, the Borrower shall indemnify such Lender against any reasonable loss, cost or expense incurred by such Lender (other than any loss, cost, or expenses solely due to the gross negligence or willful misconduct of such Lender or Administrative Agent), including any loss (including cost of funds and reasonable out-of-pocket expenses), cost, or expense incurred by reason of the liquidation or reemployment of deposits or other funds acquired by such Lender to fund or maintain such Loan. Each Lender seeking indemnification under this clause (c) shall provide to the Borrower with documentation setting forth in reasonable detail the amounts of any related loss, cost, or expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) All payments hereunder shall be made without set-off or counterclaim and in such amounts as may be necessary in order that all such payments shall not be less than the amounts otherwise specified to be paid under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) To the extent that (i) any Person makes a payment to the Borrower, the Administrative Agent, the Servicer, the Backup Servicer, the Collateral Custodian, or any Lender or (ii) the Borrower, the Administrative Agent, the Servicer, the Backup Servicer, the Collateral Custodian, or any Lender receives or is deemed to have received any payment or proceeds for application to an obligation, which payment or proceeds or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside or required to be repaid to a trustee, receiver or any other party under any Insolvency Law, State or federal law, common law or for equitable cause, then, to the extent such payment or proceeds are set aside, the obligation or part thereof intended to be satisfied shall be revived and continue in full force and effect, as if such payment or proceeds had not been received or deemed received by the Borrower, the Administrative Agent, the Servicer, the Backup Servicer, the Collateral Custodian, or any Lender, as the case may be.

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Section 2.09. <u>Collections and Allocations; Investment of Funds</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On or before the applicable Funding Date, the Borrower or the Servicer shall direct and instruct all related Obligors to make payments in respect of the related Receivables to be made to the Remittance Account. On and after the applicable Funding Date, the Borrower and the Servicer shall use commercially reasonable efforts to ensure that all Collections are deposited to the Remittance Account (unless this Agreement specifically provides that such Collections are to be deposited directly to the Collection Account).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Servicer shall instruct the Remittance Account Bank to remove all Collections from the Remittance Account and deposit such amounts into the Collection Account within two (2) Business Days of their deposit to the Remittance Account and identification thereof. The Servicer and the Borrower shall deposit all Collections that are not received in the Remittance Account to the Remittance Account within two Business Days after receipt and identification thereof (for further transfer to the Collection Account within two (2) Business Days after such deposit to the Remittance Account), and at all times prior to such deposit to the Collection Account the Servicer or the Borrower, as applicable, shall hold such Collections in trust for the benefit of the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The initial Servicer shall have access to the Remittance Account at all times until the occurrence of a Termination Event and the delivery by the Administrative Agent of a shifting control or similar notice under the Blocked Account Control Agreement, following which time the Administrative Agent shall have the exclusive right to give instructions to the Remittance Account Bank directing the disposition of funds on deposit in the Remittance Account, without further consent by the Borrower. The Servicer shall be entitled to retain and to reimbursement of all amounts remitted by or on behalf of the Obligors to the Servicer under the terms of, or with respect to, the related Receivables, that represent Ancillary Fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To the extent there are uninvested amounts on deposit in the Collection Account or the Hedge Reserve Account, such amounts shall be invested in Permitted Investments that mature no later than the Business Day before the next Distribution Date, which Permitted Investments shall be selected (i) prior to the occurrence of any Event of Default, by the Borrower or (ii) from and after the occurrence of any Event of Default, by the Administrative Agent. No Permitted Investment may be purchased at a premium. Any earnings (and losses) on the foregoing investments shall be for the account of the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If on any Payment Date no Event of Default or Unmatured Event of Default has occurred and is continuing, then if the amount on deposit in the Hedge Reserve Account is greater than the Hedge Reserve Account Required Amount as of such Payment Date, the initial Servicer may withdraw such excess amount and pay such amount to, or at the direction of, the Borrower.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) At any time that any amounts are on deposit in the Hedge Reserve Account, (i) the Administrative Agent may, in its sole discretion, enter into one or more Hedge Transactions on behalf of the Borrower in the form of interest rate cap transactions, any up-front payments related to which will be paid with amounts that are withdrawn from the Hedge Reserve Account or (ii) if a Mandatory Hedging Condition exists, the Borrower may, in its sole discretion, enter into one or more Hedge Transactions in the form of interest rate cap transactions, any up-front payments related to which will be paid with amounts that are withdrawn from the Hedge Reserve Account. With respect to any Hedge Transaction entered into by the Administrative Agent pursuant to clause (i), the Administrative Agent shall provide a copy of all applicable documentation related to such Hedge Transaction to the Borrower and the Servicer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Any amounts remaining on deposit in the Hedge Reserve Account (i) while a Mandatory Hedging Condition exists shall be payable to reduce the Loans Outstanding pursuant to Section 2.07(v) and (ii) prior to the occurrence of a Mandatory Hedging Condition, at any time that the aggregate notional amount under all Hedge Transactions is at least equal to the amount described in the second proviso to <u>Section</u> <u>6.03(a)</u>, may be withdrawn from the Hedge Reserve Account by the initial Servicer and paid to, or as directed by, the Borrower.

Section 2.10. <u>Fees</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower hereby agrees to pay to the Administrative Agent, to the extent of Available Funds, for the account of each Lender, monthly in arrears, the Unused Commitment Fee from the Collection Account in accordance with Section 2.07. Payments of the Unused Commitment Fee shall be allocated and paid to Lenders based upon their respective Invested Percentages for the applicable Interest Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Servicer and the Backup Servicer shall be entitled to receive any accrued and unpaid fees due to them, respectively, in accordance with Section 2.07.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Borrower shall pay to the Administrative Agent on the Closing Date the Upfront Fees and from time to time any reasonable out-of-pocket expenses (including fees charged by any nationally recognized statistical rating organization in connection with reviewing the transactions contemplated by this Agreement) in immediately available funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Borrower shall pay to Chapman and Cutler LLP, counsel to the Administrative Agent and the Lenders, in immediately available funds, (i) on the Closing Date, its reasonable fees accrued through and including the Closing Date (subject to a cap of $150,000, unless otherwise agreed to by the Borrower and the Administrative Agent) and out-of-pocket expenses for services rendered through and including the Closing Date, and (ii) within 30 days after receiving an invoice for the related amounts, any additional reasonable fees and out-of-pocket expenses incurred by such counsel for services rendered to the Administrative Agent and the Lenders after the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Borrower shall pay to the Administrative Agent from time to time the reasonable out-of-pocket expenses of any on-going surveillance fees charged by any nationally recognized statistical rating organization in connection with reviewing the transactions contemplated by this Agreement.

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Section 2.11. <u>Increased Cost and Reduced Return</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If any Regulatory Requirement (i) subjects any Lender to any charge or withholding on or with respect to this Agreement or a Lender's obligations under this Agreement or on or with respect to the Receivables, or changes the basis of taxation of payments to any Lender of any amounts payable under this Agreement (except for changes in the rate of Tax on the overall net income of a Lender, Indemnified Taxes or Excluded Taxes), (ii) imposes, modifies or deems applicable any reserve, assessment, fee, tax (other than (A) Indemnified Taxes, (B) Taxes described in clauses (ii) through (iv) of the definition of Excluded Taxes, and (C) Connection Income Taxes), insurance charge, special deposit or similar requirement against assets of, deposits with or for the account of, or liabilities of a Lender, or credit extended by a Lender pursuant to this Agreement or, (iii) imposes any other condition the result of which is to increase the cost to a Lender of performing its obligations under this Agreement, or to reduce the rate of return on a Lender's capital or assets as a consequence of its obligations under this Agreement, or to reduce the amount of any sum received or receivable by a Lender under this Agreement, or to require any payment calculated by reference to the amount of interests or loans held or interest received by it, then, upon demand by the Administrative Agent, the Borrower shall pay to the Administrative Agent, for the benefit of the relevant Lender, such amounts charged to such Lender or such amounts to otherwise compensate such Lender for such increased cost or such reduction.

The term "<u>Regulatory Requirement</u>" shall mean (i) the adoption after the date hereof of any applicable law, rule or regulation (including any applicable law, rule or regulation regarding capital adequacy or liquidity coverage) or any change therein after the date hereof, or (ii) any change after the date hereof in the interpretation or administration thereof by any governmental authority, central bank or comparable agency charged with the interpretation or administration thereof, or compliance with any request or directive (whether or not having the force of law) of any such authority, central bank or comparable agency; <u>provided</u>, that for purposes of this definition, (A) the Dodd-Frank Act and all requests, rules, guidelines or directives thereunder, issued in connection therewith or in implementation thereof, and (B) all requests, rules, guidelines and directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel II or Basel III, shall in each case be deemed to be a "Regulatory Requirement", regardless of the date enacted, adopted, issued or implemented. The Borrower acknowledges that any Lender may institute measures in anticipation of a Regulatory Requirement and may commence allocating charges to or seeking compensation from the Borrower under this Section in connection with such measures, in advance of the effective date of such Regulatory Requirement (such charges or compensation, "<u>Early Adoption Increased Costs</u>"). The Borrower agrees to pay Early Adoption Increased Costs to the Administrative Agent, for the benefit of such Lender, which are incurred by such Lender, beginning sixty (60) days after delivery by such Lender to the Borrower of a written representation and warranty (an "<u>Early Adoption Increased Costs Representation</u>") to the effect that such Lender is (x) recognizing Early Adoption Increased Costs, (y) setting forth the amount or amounts necessary to compensate such Lender and (z) that such Lender actually incurred such costs. The Borrower further acknowledges that any charge or compensation demanded hereunder may take the form of a monthly charge to be assessed by such Lender. For the avoidance of doubt, the Borrower shall not be required to pay any Early Adoption Increased Costs incurred by any Lender prior to the expiration of sixty (60) days after receipt by the Borrower of the Early Adoption Increased Costs Representation from or on behalf of such Lender . The Early Adoption Increased Costs Representation shall be conclusive absent manifest error.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Failure or delay on the part of any Lender to demand compensation pursuant to this Section shall not constitute a waiver of such Lender's right to demand such compensation; <u>provided</u>, that the Borrower shall not be required to compensate a Lender pursuant to this Section for any increased costs incurred or reductions suffered more than six months prior to the date that such Lender notifies the Borrower of the Regulatory Requirement giving rise to such increased costs or reductions, and of such Lender's intention to claim compensation therefor (except that, if the Regulatory Requirement giving rise to such increased costs or reductions is retroactive, then the nine-month period referred to above shall be extended to include the period of retroactive effect thereof).

Section 2.12. <u>Taxes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Defined Term</u>. For purposes of this Section, the term "applicable law" includes FATCA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Payments Free of Taxes</u>. Any and all payments by or on account of any obligation of the Borrower under any Basic Document shall be made without deduction or withholding for any Taxes, except as required by applicable law. If any applicable law (as determined in the good faith discretion of an applicable Withholding Agent) requires the deduction or withholding of any Tax from any such payment by a Withholding Agent, then the applicable Withholding Agent shall be entitled to make such deduction or withholding and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with applicable law and, if such Tax is an Indemnified Tax, then the sum payable by the Borrower shall be increased as necessary so that after such deduction or withholding has been made (including such deductions and withholdings applicable to additional sums payable under this Section) the applicable Recipient receives an amount equal to the sum it would have received had no such deduction or withholding been made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Payment of Other Taxes by the Borrower</u>. The Borrower shall timely pay to the relevant Governmental Authority in accordance with applicable law, or at the option of the Administrative Agent timely reimburse it for the payment of, any Other Taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Indemnification by the Borrower</u>. The Borrower shall indemnify each Recipient, within 10 days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section) payable or paid by such Recipient or required to be withheld or deducted from a payment to such Recipient and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to the Borrower by a Lender (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Indemnification by the Lenders</u>. Each Lender shall severally indemnify the Administrative Agent, within 10 days after demand therefor, for (i) any Indemnified Taxes attributable to such Lender (but only to the extent that the Borrower has not already indemnified the Administrative Agent for such Indemnified Taxes and without limiting the obligation of the Borrower to do so), (ii) any Taxes attributable to such Lender's failure to comply with the provisions of Section 11.01(e) relating to the maintenance of a Participant Register and (iii) any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the Administrative Agent in connection with any Basic Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error. Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under any Basic Document or otherwise payable by the Administrative Agent to the Lender from any other source against any amount due to the Administrative Agent under this paragraph (e).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Evidence of Payments</u>. As soon as practicable after any payment of Taxes by the Borrower to a Governmental Authority pursuant to this Section, the Borrower shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Status of Lenders</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Loan shall deliver to the Borrower and the Administrative Agent, at the time or times reasonably requested by the Borrower or the Administrative Agent, such properly completed and executed documentation reasonably requested by the Borrower or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if reasonably requested by the Borrower or the Administrative Agent, shall deliver such other documentation prescribed by applicable law or reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent to determine whether or not such Lender is subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set forth in Section 2.12(g)(ii)(A), (ii)(B) and (ii)(D) below) shall not be required if in the Lender's reasonable judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Without limiting the generality of the foregoing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) any Lender that is a U.S. Person shall deliver to the Borrower and the Administrative Agent on or about the date on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), executed copies of IRS Form W-9 certifying that such Lender is not subject to U.S. federal backup withholding tax;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or about the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), whichever of the following is applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) in the case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party (x) with respect to payments of interest under any Loan, executed copies of IRS Form W-8BEN or W-8BEN-E establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the "interest" article of such tax treaty and (y) with respect to any other applicable payments under any Loan, IRS Form W-8BEN or W-8BEN-E establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the "business profits" or "other income" article of such tax treaty;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) executed copies of IRS Form W-8ECI;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code, (x) a certificate substantially in the form of Exhibit G-1 to the effect that such Foreign Lender is not a "bank" within the meaning of Section 881(c)(3)(A) of the Code, a "10 percent shareholder" of the Borrower within the meaning of Section 871(h)(3)(B) of the Code, or a "controlled foreign corporation" related to the Borrower described in Section 881(c)(3)(C) of the Code (a "<u>U.S. Tax Compliance Certificate</u>") and (y) executed copies of IRS Form W-8BEN or W-8BEN-E; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) to the extent a Foreign Lender is not the beneficial owner, executed copies of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN or IRS Form W-8BEN-E, a U.S. Tax Compliance Certificate substantially in the form of Exhibit G-2 or Exhibit G-3, IRS Form W-9, and/or other certification documents from each beneficial owner, as applicable; <u>provided</u>, that if the Foreign Lender is a partnership and one or more direct or indirect partners of such Foreign Lender are claiming the portfolio interest exemption, such Foreign Lender may provide a U.S. Tax Compliance Certificate substantially in the form of Exhibit G-4 on behalf of each such direct and indirect partner;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or about the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), executed copies of any other form prescribed by applicable law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by applicable law to permit the Borrower or the Administrative Agent to determine the withholding or deduction required to be made; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) if a payment made to a Lender under any Loan would be subject to U.S. federal withholding Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Borrower and the Administrative Agent at the time or times prescribed by law and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply with their obligations under FATCA and to determine that such Lender has complied with such Lender's obligations under FATCA or to determine the amount to deduct and withhold from such payment, if any. Solely for purposes of this clause, "FATCA" shall include any amendments made to FATCA after the date of this Agreement.

Each Lender agrees that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification promptly notify the Borrower and the Administrative Agent in writing of its legal inability to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Treatment of Certain Refunds</u>. If any party determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes as to which it has been indemnified pursuant to this Section (including by the payment of additional amounts pursuant to this Section), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made under this Section with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of such indemnified party and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid over pursuant to this paragraph (h) (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the

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event that such indemnified party is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this paragraph (h), in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this paragraph (h) the payment of which would place the indemnified party in a less favorable net after-Tax position than the indemnified party would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid. This paragraph shall not be construed to require any indemnified party to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying party or any other Person

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Survival</u>. Each party's obligations under this Section shall survive the resignation or replacement of the Administrative Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all obligations under any Basic Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) If the Borrower is required to pay additional amounts to or for the benefit of any Lender pursuant to this Section as a result of a change of law or treaty occurring after such Lender first became a party to this Agreement, such Lender will, at the Borrower's request, change the jurisdiction of its applicable lending office if, in the sole judgment of such Lender, such change (i) will eliminate or reduce any such additional payment which may thereafter accrue and (ii) will not, in the judgment of such Lender, be otherwise disadvantageous to it or inconsistent with its internal policies.

Section 2.13. <u>Take-outs</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On any Business Day, the Borrower shall have the right to prepay all or a portion of the Loans Outstanding and require the Administrative Agent to release its security interest and Lien on the related Receivables, subject to the following terms and conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Borrower shall have given the Administrative Agent and the Servicer at least five (5) Business Days' prior written notice of its intent to effect the related Take-out (provided, that the Borrower shall use commercially reasonable efforts to give the Administrative Agent at least ten (10) Business Days' verbal notice of its intent to effect the related Take-out);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) unless a Take-out is to be effected on a Distribution Date (in which case the relevant calculations with respect to such Take-out shall be reflected on the applicable Monthly Report), the initial Servicer shall deliver to the Administrative Agent on or before the related Take-out Date: (A) a Take-out Date Certificate (which shall include a calculation of the Borrowing Base after giving effect to such Take-out), together with evidence to the reasonable satisfaction of the Administrative Agent that the Borrower shall have sufficient funds on the related Take-out Date to effect such Take-out in accordance with this Agreement, which funds may come from the proceeds of sales of the Receivables in connection with such Take-out and (B) a computer tape of the Receivables, both before and after giving effect to such Take-out;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) on the related Take-out Date, the following shall be true and correct and the Borrower shall be deemed to have certified that after giving effect to the Take-out and the release to the Borrower of the related Receivables on the related Take-out Date, (A) no Borrowing Base Deficiency exists, (B) neither an Unmatured Event of Default nor an Event of Default has occurred, nor will either result from such Take-out, (C) the Excess Spread shall be no less than 3.5%, (D) the fractional portion of the Eligible Pool Balance that represents the aggregate Principal Balance of all Delinquent Receivables constituting Collateral will be no greater than the fractional portion of the Eligible Pool Balance that was represented by the aggregate Principal Balance of all Delinquent Receivables that constituted Collateral immediately prior to the release of the related Receivables and (E) the fractional portion of the Eligible Pool Balance that represents the aggregate Principal Balance of all Liquidated Receivables constituting Collateral will be no greater than the fractional portion of the Eligible Pool Balance that was represented by the aggregate Principal Balance of all Liquidated Receivables that constituted Collateral immediately prior to the release of the related Receivables (<u>provided</u>, that if subclause (D) and/or (E) would not be satisfied on any Take-out Date, then the Receivables that continue to be owned by the Borrower following the related Take-out and that cause subclause (D) and/or (E) not to be satisfied shall thereafter (I) be deemed to be Ineligible Receivables for purposes of determining the Borrowing Base, (II) be excluded from both the numerator and the denominator when calculating the Delinquency Ratio, and (III) be excluded from clause (a) (but not clause (b)) of the numerator, solely provided that the Recoveries in such clause (b) are received prior to and not within or after the sixth (6<sup>th</sup>) Collection Period following the Collection Period in which the Receivable became a Liquidated Receivable, and from the denominator when calculating the Net Loss-to-Liquidation Ratio);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) on the related Take-out Date, the Servicer shall have received an amount equal to all Unreimbursed Servicer Advances associated with the Receivables to be released and the Administrative Agent shall have received, for the benefit of the Lenders and the Hedge Counterparties, as applicable, in immediately available funds, and shall then distribute to the applicable entities, an amount equal to the sum of (A) the portion of the Loans Outstanding to be prepaid, (B) an aggregate amount equal to the sum of all other amounts due and owing to the Administrative Agent, the Lenders and the Hedge Counterparties, as applicable, under this Agreement and the other Basic Documents, to the extent accrued to such date (including Breakage Costs and Hedge Breakage Costs), and (C) all other Aggregate Unpaids with respect thereto; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) on or prior to the related Take-out Date, the Borrower shall have delivered to the Administrative Agent an updated Schedule of Receivables listing all Receivables that will continue to be owned by the Borrower immediately following the related Take-out.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Borrower hereby agrees to pay the reasonable legal fees and out-of-pocket expenses of the Administrative Agent, the Lenders, and the Account Bank in connection with any Take-out (including expenses incurred in connection with the release of the Lien of the Administrative Agent, the Lenders and any other party having such an interest in the Receivables in connection with such Take-out).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In connection with any Take-out, on the related Take-out Date, subject to satisfaction of the conditions referred to in this Section, the Administrative Agent shall, at the expense of the Borrower (i) execute such instruments of release with respect to the portion of the Receivables (and the other related Collateral) to be released to the Borrower, including a Take-out Release, in favor of the Borrower as the Borrower may reasonably request, (ii) deliver, or cause to be delivered, any portion of the Receivables (and the other related Collateral) to be released to the Borrower in its possession to the Borrower and (iii) otherwise take such actions, and cause or permit the Collateral Custodian to take such actions, as are necessary and appropriate to release the Lien of the Administrative Agent on the portion of the Receivables (and the other related Collateral) to be released to the Borrower and deliver to the Borrower such Receivables and related Collateral.

Section 2.14. <u>The Account Bank</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower hereby appoints Regions Bank as the initial Account Bank. All payments of amounts due and payable in respect of the Obligations that are to be made from amounts withdrawn from the Collection Account shall be made on behalf of the Borrower by the Account Bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Account Bank shall not be charged with knowledge of any Early Amortization Event, Event of Default, or Unmatured Event of Default unless a Responsible Officer of the Account Bank obtains actual knowledge of such event or the Account Bank receives written notice of such event from the Borrower, the Servicer or any Secured Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Without limiting the generality of this Section, the Account Bank shall have no duty (i) to see to any recording, filing or depositing of this Agreement or any agreement referred to herein or any financing statement or continuation statement evidencing a security interest in the Collateral, or to see to the maintenance of any such recording or filing or depositing or to any recording, refiling or redepositing of any thereof, (ii) to see to any insurance of the Financed Vehicles or Obligors or to effect or maintain any such insurance, (iii) to see to the payment or discharge of any Tax, assessment or other governmental charge or any Lien or encumbrance of any kind owing with respect to, assessed or levied against, any part of the Contracts, (iv) to confirm or verify the contents of any reports or certificates of the Servicer or the Borrower delivered to the Account Bank pursuant to this Agreement believed by the Account Bank to be genuine and to have been signed or presented by the proper party or parties, or (v) to inspect the Financed Vehicles at any time or ascertain or inquire as to the performance or observance of any of the Borrower's or the Servicer's representations, warranties or covenants or the initial Servicer's duties and obligations as Servicer and as custodian of books, records, files and computer records relating to the Contracts under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Account Bank shall not be required to expend or risk its own funds or otherwise incur financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if there shall be reasonable ground for believing that the repayment of such funds or adequate indemnity against such risk or liability shall not be reasonably assured to it, and none of the provisions contained in this Agreement shall in any event require the Account Bank to perform, or be responsible for the manner of performance of, any of the obligations of the Servicer under this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Account Bank may rely and shall be protected in acting or refraining from acting upon any resolution, Officer's Certificate, any Monthly Report, certificate of auditors or any other certificate, statement, instrument, opinion, report, notice, request, consent, order, appraisal, bond or other paper or document reasonably believed by it to be genuine and to have been signed or presented by the proper party or parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Account Bank may consult with counsel of its choice with regard to legal questions arising out of or in connection with this Agreement and the advice or opinion of such counsel shall be full and complete authorization and protection in respect of any action taken, omitted or suffered by the Account Bank in good faith in accordance therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Account Bank shall be under no obligation to exercise any of the rights, powers or remedies vested in it by this Agreement (except to comply with its obligations under this Agreement and any other Basic Document to which it is a party) or to institute, conduct or defend any litigation under this Agreement or in relation to this Agreement, at the request, order or direction of the Administrative Agent pursuant to the provisions of this Agreement, unless the Administrative Agent, on behalf of the Secured Parties, shall have offered to the Account Bank reasonable security or indemnity against the costs, expenses and liabilities that may be incurred therein or thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Account Bank shall not be bound to make any investigation into the facts of matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, approval, bond or other paper or document, unless requested in writing so to do by a Secured Party; <u>provided</u>, that if the payment within a reasonable time to the Account Bank of the costs, expenses or liabilities likely to be incurred by it in the making of such investigation shall be, in the opinion of the Account Bank, not reasonably assured by the Borrower, the Account Bank may require reasonable indemnity against such cost, expense or liability as a condition to so proceeding. The reasonable expense of every such examination shall be paid by the Borrower or, if paid by the Account Bank, shall be reimbursed by the Borrower upon demand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Account Bank may execute any of the trusts or powers hereunder or perform any duties under this Agreement either directly or by or through agents or attorneys or a custodian. The Account Bank shall not be responsible for any misconduct or negligence of any such agent or custodian appointed with due care by it hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) (i) The Account Bank shall have no duties or responsibilities except those that are specifically set forth herein, and no implied covenants or obligations shall be read into this Agreement against the Account Bank. If the Account Bank shall request instructions from the Administrative Agent or the Servicer with respect to any act, action or failure to act in connection with and as set forth in this Agreement, the Account Bank shall be entitled to refrain from taking such action and continue to refrain from acting unless and until the Account Bank shall have received written instructions from the Administrative Agent or the Servicer, as applicable without incurring any liability therefor to the Administrative Agent, the Borrower, the Servicer or any other person.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Account Bank may act in reliance upon any written communication of the Administrative Agent concerning the delivery of Collateral pursuant to this Agreement. The Account Bank does not assume and shall have no responsibility for, and makes no representation as to, monitoring the value of the Contracts and other Collateral. The Account Bank shall not be liable for any action or omission to act hereunder, except for its own gross negligence, bad faith or willful misconduct.

THE FOREGOING PROVISIONS SHALL APPLY WHETHER OR NOT SUCH LIABILITIES ARE IN ANY WAY OR TO ANY EXTENT OWED, IN WHOLE OR IN PART, UNDER ANY CLAIM OR THEORY OF STRICT LIABILITY, OR ARE CAUSED, IN WHOLE OR IN PART, BY ANY NEGLIGENT ACT OR OMISSION OF ANY KIND BY THE ACCOUNT BANK.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Control Provisions</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The parties acknowledge and agree that the Collection Account is intended to be a "securities account" (as defined in Section 8-501 of the UCC), and the Account Bank shall be the "securities intermediary" with respect to the Collection Account. Notwithstanding such intention, (x) if the Collection Account constitutes a "deposit account" (as defined in Section 9-102(a)(29) of the UCC), the provisions of this Agreement governing a "deposit account" shall apply to such Collection Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) All securities or other property, including Permitted Investments, constituting financial assets credited to the Collection Account (other than cash) shall be registered in the name of the Account Bank, indorsed to the Account Bank or in blank or credited to another securities account maintained in the name of the Account Bank, and in no case will any financial asset credited to the Collection Account be registered in the name of the Borrower or any other person, payable to the order of the Borrower or any other person or specially indorsed to the Borrower or any other person except to the extent the foregoing have been specially indorsed to the Account Bank or in blank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) All property delivered to the Account Bank pursuant to this Agreement that is granted to the Administrative Agent, as agent for the Secured Parties shall be promptly credited to the Collection Account in accordance with the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Collection Account is an account to which financial assets or other property are or may be credited, and the Account Bank shall, subject to the terms of this Agreement, treat the Borrower as entitled to exercise the rights that comprise any financial asset or other property credited to such account.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The Account Bank hereby agrees that each item of property (whether investment property, financial asset, security, instrument, general intangible or cash) credited to the Collection Account to the extent that it constitutes a securities account shall be treated as a "financial asset" within the meaning of Section 8-102(a)(9) of the UCC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) If at any time the Account Bank shall receive any order from the Administrative Agent as agent for the Secured Parties directing transfer or redemption of any financial asset relating to the Collection Account or any instruction originated by the Secured Party directing the disposition of funds in the Collection Account, the Account Bank shall comply with such entitlement order or instruction without further consent by the Borrower or any other person. If the Borrower is otherwise entitled to issue entitlement orders or instructions and such entitlement orders or instructions conflict with any entitlement order or instruction issued by the Secured Party, the Account Bank shall follow the entitlement orders or instructions issued by the Secured Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Regardless of any provision in any other agreement, for purposes of the UCC, New York shall be deemed to be the "bank's jurisdiction" (within the meaning of Section 9-304 of the UCC) and the "securities intermediary's jurisdiction" (within the meaning of Section 8-110 of the UCC).

Section 2.15. <u>Reserved</u>.

Section 2.16. <u>Replacement of Lenders</u>. If (a) any Lender requests compensation under Section 2.11 or (b) any Lender becomes a Defaulting Lender, then the Borrower may, at its sole expense and effort, upon notice to the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 11.01), all of its respective interests, rights and obligations under this Agreement to an assignee that shall assume such obligations (which assignee may be another Lender if a Lender accepts such assignment); <u>provided</u>, that (i) the Borrower shall have received the prior written consent of the Administrative Agent with respect to any assignee that is not already a Lender hereunder, which consent shall not be unreasonably withheld, conditioned, or delayed, (ii) the assigning Lender shall have received payment of an amount equal to all outstanding Loans funded or maintained by such Lender, together with all accrued Interest thereon and all accrued Unused Commitment Fees, as applicable, and any other Obligations payable to such Lender hereunder and under the Basic Documents, from the assignee (to the extent of such outstanding Loans) or Seller (in the case of all other amounts), and (iii) in the case of any such assignment resulting from a claim for compensation under Section 2.11, such assignment will result in a reduction in such compensation or payments. A Lender shall not be required to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to exist.

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Section 2.17. <u>Defaulting Lenders.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding any provision of this Agreement to the contrary, if any Lender becomes a Defaulting Lender, then the following provisions shall apply for so long as such Lender is a Defaulting Lender:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Unused Commitment Fees shall cease to accrue on the unfunded portion of the Commitment of such Defaulting Lender pursuant to Section 2.10(a);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) notwithstanding anything to the contrary contained in Section 2.03 hereof, the unused portion of the Commitment of such Defaulting Lender may be reduced to zero without any contemporaneous ratable reduction of the Commitments of the other Lenders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) neither the Commitment nor the portion of the Loans Outstanding (if any) funded by such Defaulting Lender shall be included in determining whether all Lenders, a majority of the Lenders or the Required Lenders have taken or may take any action hereunder and such Defaulting Lender shall not be included in determining whether all Lenders have taken or may take any action hereunder (including, in each case, any consent to any amendment or waiver pursuant to Section 13.01); <u>provided</u>, that any waiver, amendment or modification requiring the consent of all Lenders or each affected Lender, as applicable, which affects such Defaulting Lender differently than other affected Lenders shall require the consent of such Defaulting Lender; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Borrower may replace such Defaulting Lender in accordance with Section 2.17 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event that the Administrative Agent determines that a Defaulting Lender has adequately remedied all matters that caused such Lender to be a Defaulting Lender, then (i) the Lender Percentages shall be readjusted to reflect the inclusion of such Lender's Commitment and on such date such Lender shall purchase at par such of the Loans of the other Lenders as the Administrative Agent shall determine may be necessary in order for such Lender to hold such Loans in accordance with its Lender Percentage and (ii) the provisions of clause (a), above, shall, from and after such determination, cease to be of further force or effect with respect to such Lender.

Section 2.18. <u>Alternate Rate of Interest</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to clauses (b), (c), (d) and (e) of this Section 2.18, if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Administrative Agent determines (which determination shall be conclusive absent manifest error) at any time, that adequate and reasonable means do not exist for ascertaining the applicable Daily Simple SOFR or Daily Simple SOFR; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Administrative Agent is advised by the Required Lenders that at any time, the applicable Daily Simple SOFR or Daily Simple SOFR will not adequately and fairly reflect the cost to such Lenders (or Lender) of making or maintaining their Loans (or its Loan) included in such Borrowing;

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then the Administrative Agent shall give notice thereof to the Borrower and the Lenders by telephone, telecopy or electronic mail as promptly as practicable thereafter and, until the Administrative Agent notifies the Borrower and the Lenders that the circumstances giving rise to such notice no longer exist with respect to the relevant Benchmark, the Loans shall bear interest at the Alternate Base Rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding anything to the contrary herein or in any other Basic Document (and any Hedging Agreements shall be deemed not to be a "Basic Document" for purposes of this Section 2.18), if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred prior to the Reference Time in respect of any setting of the then-current Benchmark, then such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Basic Document in respect of any Benchmark setting at or after 5:00 p.m. (Atlanta, Georgia time) on the fifth Business Day after the date notice of such Benchmark Replacement is provided to the Lenders without any amendment to, or further action or consent of any other party to, this Agreement or any other Basic Document so long as the Administrative Agent has not received, by such time, written notice of objection to such Benchmark Replacement from Lenders comprising the Required Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding anything to the contrary herein or in any other Basic Document, the Administrative Agent will have the right to make Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Basic Document, any amendments implementing such Benchmark Replacement Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any other Basic Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Administrative Agent will promptly notify the Borrower and the Lenders of (i) any occurrence of a Benchmark Transition Event, (ii) the implementation of any Benchmark Replacement, (iii) the effectiveness of any Benchmark Replacement Conforming Changes, and (iv) the commencement or conclusion of any Benchmark Unavailability Period. Any determination, decision or election that may be made by the Administrative Agent or, if applicable, any Lender pursuant to this Section 2.16, including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or any selection, will be conclusive and binding absent manifest error and may be made in its or their sole discretion and without consent from any other party to this Agreement or any other Basic Document, except, in each case, as expressly required pursuant to this Section 2.18.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Upon the Borrower's receipt of notice of the commencement of a Benchmark Unavailability Period, and at all times during the continuation of a Benchmark Unavailability Period, the Loans will bear interest at the Alternate Base Rate.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Notwithstanding anything to the contrary herein or in any other Basic Document, at any time (including in connection with the implementation of a Benchmark Replacement), (i) if the then-current Benchmark is a term rate and either (A) any tenor for such Benchmark is not displayed on a screen or other information service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion or (B) the regulatory supervisor for the administrator of such Benchmark has provided a public statement or publication of information announcing that any tenor for such Benchmark is or will be no longer representative, then the Administrative Agent may modify the definition of 'Interest Period' for any Benchmark settings at or after such time to remove such unavailable or non-representative tenor and (ii) if a tenor that was removed pursuant to clause (i) above either (A) is subsequently displayed on a screen or information service for a Benchmark (including a Benchmark Replacement) or (B) is not, or is no longer, subject to an announcement that it is or will no longer be representative for a Benchmark (including a Benchmark Replacement), then the Administrative Agent may modify the definition of 'Interest Period' for all Benchmark settings at or after such time to reinstate such previously removed tenor.

ARTICLE THREE

SECURITY

Section 3.01. <u>Collateral</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The parties hereto intend that this Agreement constitute a security agreement and the transactions effected hereby constitute secured loans by the Lenders to the Borrower under Applicable Law. As collateral security for the prompt, complete and indefeasible payment and performance in full when due, whether by lapse of time, acceleration or otherwise, of the Obligations, the Borrower hereby grants to the Administrative Agent, as agent for the Secured Parties, a lien on and security interest in all of the Borrower's right, title and interest in, to and under the following, whether now existing or owned or hereafter arising or acquired by the Borrower (collectively, the "<u>Collateral</u>"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Receivables and the related Contracts (including the right to service the Receivables in connection therewith) and any accounts or obligations evidenced thereby, any guarantee thereof, all Collections and all monies due (including any payments made under any guarantee or similar credit enhancement with respect to any such Receivables) or to become due or received by any Person in payment of any of the foregoing on or after the related Cutoff Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Financed Vehicles related to such Receivables (including Financed Vehicles that have been repossessed) or in any document or writing evidencing any security interest in any Financed Vehicle and each security interest in each Financed Vehicle securing each such Receivable, including all proceeds from any sale or other disposition of such Financed Vehicles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Account Collateral (subject to the Blocked Account Control Agreement, with respect to the Remittance Account, and subject to the Control Agreement, with respect to the Collection Account and the Hedge Reserve Account);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) all Hedge Collateral;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) all Receivable Files, the Schedule of Receivables, and all documents, agreements and instruments included in the Receivable Files, including rights of recourse of the Borrower against Lendbuzz, Lendbuzz Funding, and/or any Dealer with respect to the Receivables;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) all Records, documents and writings evidencing or related to the Receivables or the Contracts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) all rights to payment under all Insurance Policies with respect to a Financed Vehicle, including any monies collected from whatever source in connection with any default of an Obligor with respect to a Financed Vehicle and any proceeds from claims or refunds of premiums on any Insurance Policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) all guaranties, indemnities, warranties, insurance (and proceeds and premium refunds thereof) and other agreements or arrangements of whatever character from time to time supporting or securing payment of the Receivables, whether pursuant to the related Contracts or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) all rights to payment under all service contracts and other contracts and agreements associated with the Receivables;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) all security interests, Liens, guaranties and other encumbrances in favor of or assigned or transferred to the Borrower in and to the Receivables and Financed Vehicles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) all deposit accounts, monies, deposits, funds, accounts and instruments relating to the foregoing (subject to the Blocked Account Control Agreement and the Control Agreement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) the Purchase Agreement (including each Purchase Agreement Supplement) and remedies thereunder and the assignment to the Administrative Agent of all UCC financing statements filed by the Borrower against Lendbuzz Funding under or in connection with the Purchase Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) all other personal and fixture property or assets of the Borrower of every kind and nature including, without limitation, all goods (including inventory, equipment and any accessions thereto), instruments (including promissory notes), documents, accounts, chattel paper (whether tangible or electronic), deposit accounts, securities accounts, securities entitlements, letter-of-credit rights, commercial tort claims, securities and all other investment property, supporting obligations, money, any other contract rights or rights to the payment of money, insurance claims and proceeds, and all general intangibles (including all payment intangibles) (each as defined in the UCC); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) all income and proceeds of the foregoing.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The grant under this Section does not constitute and is not intended to result in a creation or an assumption by the Administrative Agent or any other Secured Party of any obligation of the Borrower or any other Person in connection with any or all of the Collateral or under any agreement or instrument relating thereto. Anything herein to the contrary notwithstanding, (i) the Borrower shall remain liable under the Contracts to the extent set forth therein to perform all of its duties and obligations thereunder to the same extent as if this Agreement had not been executed, (ii) the exercise by the Administrative Agent of any of its rights in the Collateral shall not release the Borrower from any of its duties or obligations under the Collateral and (iii) none of the Administrative Agent or any other Secured Party shall have any obligations or liability under the Collateral by reason of this Agreement, nor shall any of the Administrative Agent or any other Secured Party be obligated to perform any of the obligations or duties of the Borrower thereunder or to take any action to collect or enforce any claim for payment assigned hereunder. Each of Lendbuzz, Lendbuzz Funding, and the Borrower represents and warrants as to itself that each remittance of Collections by Lendbuzz, Lendbuzz Funding, or the Borrower to the Administrative Agent or any Lender hereunder will have been (A) in payment of a debt incurred by the Borrower in the ordinary course of business or financial affairs of the Lenders and the Borrower and (B) made in the ordinary course of business or financial affairs of the Lenders and the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding the foregoing grant of security interest, no account, instrument, chattel paper or other obligation or property of any kind due from, owned by or belonging to a Sanctioned Person shall be Collateral.

Section 3.02. <u>Release of Collateral; No Legal Title</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) At the same time as any Contract (i) expires by its terms or (ii) has been prepaid in full, and in each case all amounts in respect thereof have been paid by the related Obligor and subsequently deposited into the Remittance Account or the Collection Account, the Administrative Agent will, to the extent requested by the Servicer, promptly release its interest and lien in such Contract and the related Collateral. In connection with any sale of a Financed Vehicle, after the deposit by the Servicer of the proceeds of such sale into the Remittance Account and subsequent deposit within two Business Days thereafter into the Collection Account, the Administrative Agent will, at the sole expense of the Servicer (which, in the case of any Successor Servicer, shall be reimbursable in accordance with the provisions of Section 2.07), promptly execute and deliver to the Servicer any assignments, bills of sale, termination statements and any other releases and instruments as the Servicer may reasonably request in order to effect the release and transfer of such Financed Vehicle; <u>provided</u>, that the Administrative Agent will not make any representation or warranty, express or implied, with respect to any such Financed Vehicle in connection with such sale or transfer and assignment. Nothing in this Section shall diminish the Servicer's obligations pursuant to Section 7.03 with respect to the proceeds of any such sale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon (i) the transfer of any Receivables and the related Collateral in connection with a Take-out or (ii) the Facility Termination Date, the Administrative Agent, at the Borrower's expense, upon payment in full of the related Aggregate Unpaids, shall execute and file such partial or full releases or partial or full assignments of financing statements and other documents and instruments as may be reasonably requested by the Borrower to effectuate the release of the relevant portion of the Collateral.

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Section 3.03. <u>Protection of Security Interest; Administrative Agent, as Attorney-in-Fact</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower agrees that from time to time, at its expense, it will promptly execute and deliver all instruments and documents, and take all actions, that may reasonably be necessary or desirable, or that the Administrative Agent may deem necessary, to perfect, protect, or more fully evidence the security interest granted to the Administrative Agent in the Receivables and the other Collateral, or to enable the Secured Parties to exercise and enforce their rights and remedies hereunder and thereunder; <u>provided</u>, that prior to the declaration of an Event of Default, the Borrower shall in no case be required to relien a security interest on any Financed Vehicle in favor of the Administrative Agent or other Secured Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the Borrower fails to perform any of its obligations hereunder after five Business Days' notice from any Secured Party, such Secured Party may (but shall not be required to) perform, or cause performance of, such obligation; and the reasonable costs and expenses of such Secured Party incurred in connection therewith shall be payable by the Borrower as provided in Article Nine. The Borrower irrevocably authorizes the Administrative Agent and appoints the Administrative Agent, as its attorney-in-fact to act on behalf of the Borrower, (i) to execute or cause to be executed on behalf of the Borrower as debtor and to file financing statements necessary or desirable in the Administrative Agent's sole discretion to perfect and to maintain the perfection and priority of the interest of the Secured Parties in the Receivables and the other Collateral and (ii) to file a carbon, photographic, or other reproduction of this Agreement or any financing statement with respect to the Receivables and the other Collateral, as a financing statement in such offices as the Administrative Agent in its sole discretion deems necessary or desirable to perfect and to maintain the perfection and priority of the interests of the Secured Parties in the Receivables and the other Collateral. Such financing statements may describe the Collateral in the same manner as described herein or may contain an indication or description of collateral that describes such property in any other manner as the Administrative Agent may determine, in its reasonable discretion, is necessary, advisable, or prudent to ensure the perfection of the security interest in the Collateral granted to the Administrative Agent herein. The Borrower hereby authorizes the filing of financing statements describing the collateral as "All assets of the debtor, whether now owned or existing or hereafter acquired or arising and wherever located, and all proceeds and products thereof" or words to that effect. This appointment is coupled with an interest and is irrevocable.

Section 3.04. <u>Assignment of the Purchase Agreement</u>. The Borrower hereby represents, warrants and confirms to the Administrative Agent that the Borrower has assigned to the Administrative Agent, for the ratable benefit of the Secured Parties hereunder, all of the Borrower's right and title to and interest in the Purchase Agreement (including each Purchase Agreement Supplement). The Borrower agrees that, for so long as Lendbuzz Funding is the Servicer, the Administrative Agent may direct the Borrower to enforce any and all rights of the Borrower under the Purchase Agreement (including each Purchase Agreement Supplement), including the Borrower's right to require Lendbuzz Funding to repurchase Receivables for breaches of representations and warranties made by Lendbuzz Funding, and that if Lendbuzz Funding is no longer the Servicer, that the Servicer shall enforce all such rights on behalf of the Borrower pursuant to Section 7.03(c)(i). The Borrower confirms that, during the continuation of an Event of Default, the Administrative Agent shall have the sole right to enforce the Borrower's rights and remedies under the Purchase Agreement or any Purchase Agreement Supplement for

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the benefit of the Secured Parties, but without any obligation on the part of the Secured Parties or any of their respective Affiliates, to perform any of the obligations of the Borrower under the Purchase Agreement or any Purchase Agreement Supplement. The Borrower further confirms and agrees that such assignment to the Administrative Agent shall terminate upon the Facility Termination Date; <u>provided</u>, that the rights of the Secured Parties pursuant to such assignment with respect to rights and remedies in connection with any indemnities and any breach of any representation, warranty or covenants made by Lendbuzz Funding pursuant to the Purchase Agreement, which rights and remedies survive the termination of the Purchase Agreement, shall be continuing and shall survive any termination of such assignment.

Section 3.05. <u>Waiver of Certain Laws</u>. Each of the Borrower, the Servicer, the Backup Servicer, and the Collateral Custodian agrees, to the full extent that it may lawfully so agree, that neither it nor anyone claiming through or under it will set up, claim or seek to take advantage of any appraisement, valuation, stay, extension or redemption law now or hereafter in force in any locality where any part of the Collateral may be situated in order to prevent, hinder or delay the enforcement or foreclosure of this Agreement, or the absolute sale of any of the Collateral or any part thereof, or the final and absolute putting into possession thereof, immediately after such sale, of the purchasers thereof, and each of the Borrower, the Servicer, the Backup Servicer and the Collateral Custodian, for itself and all who may at any time claim through or under it, hereby waives, to the full extent that it may be lawful so to do, the benefit of all such laws, and any and all right to have any of the properties or assets constituting the Collateral marshaled upon any such sale, and agrees that the Administrative Agent or any court having jurisdiction to foreclose the security interests granted in this Agreement may sell the Collateral as an entirety or in such parcels as the Administrative Agent or such court may determine.

Section 3.06. <u>Remittance Account</u>. Lendbuzz Funding hereby grants a security interest in the Remittance Account to the Administrative Agent on behalf of the Secured Parties, as security for the payment and performance of its obligations to the Administrative Agent, the Secured Parties, and the Borrower set forth herein, and Lendbuzz Funding hereby agrees that the security interest granted pursuant to this Section shall be for the benefit of, and the remedies provided for herein and in the Blocked Account Control Agreement with respect thereto shall be exercisable by, the Administrative Agent on behalf of the Secured Parties.

ARTICLE FOUR

CONDITIONS OF CLOSING AND LOANS

Section 4.01. <u>Conditions to Effectiveness of this Agreement</u>. The Closing Date shall not occur and no party hereto will be obligated to take, fulfill or perform any action hereunder, until each of the following conditions have been satisfied, in the sole discretion of the Administrative Agent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Basic Document (other than any Hedging Agreements and the Blocked Account Control Agreement) shall have been duly executed by, and delivered to, the parties hereto and thereto and the Administrative Agent shall have received complete and, where applicable, executed versions of all other documents, instruments, agreements and legal opinions specified in the Schedule of Documents, each in form and substance satisfactory to the Administrative Agent.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Administrative Agent shall have received (i) satisfactory evidence that the Borrower, Lendbuzz and Lendbuzz Funding have obtained all required consents and approvals of all Persons, including all requisite Governmental Authorities, to the execution, delivery and performance of this Agreement and the other Basic Documents to which each is a party and the consummation of the transactions contemplated hereby or thereby or (ii) an Officer's Certificate from each of the Borrower, Lendbuzz and Lendbuzz Funding, in form and substance satisfactory to the Administrative Agent, affirming that no such consents or approvals are required; it being understood that the acceptance of such evidence or Officer's Certificate shall in no way limit the recourse of the Administrative Agent or any Secured Party against Lendbuzz, Lendbuzz Funding, or the Borrower for a breach of Lendbuzz's, Lendbuzz Funding's, or the Borrower's representation or warranty that all such consents and approvals have, in fact, been obtained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Borrower, the Lendbuzz, and Lendbuzz Funding shall each be in compliance in all material respects with all Applicable Laws and shall have delivered an Officer's Certificate to the Administrative Agent as to this and other closing matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Borrower shall have paid all fees required to be paid by it on the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) No Event of Default or Unmatured Event of Default shall have occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) No Servicer Termination Event or Unmatured Servicer Termination Event shall have occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) At least five (5) days prior to the date of this Agreement, all documentation and other information required by bank regulatory authorities or reasonably requested by the Administrative Agent or any Lender under or in respect of applicable "know your customer" and anti-money laundering Legal Requirements including the PATRIOT Act and, if Borrower qualifies as a "legal entity customer" under the Beneficial Ownership Regulation, a Beneficial Ownership Certification in relation to Borrower that has been requested at least ten (10) Business Days prior to the date of this Agreement.

Section 4.02. <u>Conditions Precedent to All Loans</u>. Each request for a Loan (including the Initial Loan) by the Borrower to a Lender shall be subject to the conditions set forth in Section 4.01 and the further conditions precedent that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The initial Servicer shall have delivered to the Administrative Agent, on or prior to the date of such Loan, (i) a Funding Request and (ii) a Purchase Agreement Supplement (in the form of Exhibit A to the Purchase Agreement, including the Schedule of Receivables attached thereto), dated within two Business Days prior to the date of such Loan, in each case containing such additional information as may be reasonably requested by the Administrative Agent.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) On the date of such Loan, the following shall be true and correct and the Borrower shall be deemed to have certified that, after giving effect to the proposed Loan and pledge of the Collateral:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the representations and warranties contained in Sections 5.01 and 5.02 are true and correct on and as of such day as though made on and as of such day and shall be deemed to have been made on such day (except to the extent such representation or warranty expressly relates to a prior date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) no event has occurred and is continuing, or would result from such transaction that constitutes (A) an Event of Default or Unmatured Event of Default or (B) a Servicer Termination Event or Unmatured Servicer Termination Event;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) on and as of such day, after giving effect to such transaction, the aggregate Loan Outstanding does not exceed the Borrowing Base;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) on and as of each such day, the Borrower, the Servicer, and the Collateral Custodian each has performed all of the agreements contained in this Agreement and the other Basic Documents to be performed by it at or prior to such day; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) no law or regulation shall prohibit, and no order, judgment or decree of any federal, State or local court or governmental body, agency or instrumentality shall prohibit or enjoin, the making of such Loan by the Lenders in accordance with the provisions hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) After giving effect to the proposed Loan and the related pledge of Collateral:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the weighted average Loan-to-Value Ratio of all Eligible Receivables as of such date is less than or equal to [\*\*\*];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the weighted average Payment-to-Income Ratios of all Eligible Receivables at the time of underwriting is less than or equal to [\*\*\*];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the weighted average Down Payment for all Eligible Receivables is greater than or equal to [\*\*\*];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the aggregate amount of Balloon Payments related to all Eligible Receivables is less than or equal to [\*\*\*] of the Eligible Pool Balance on such date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Excess Spread shall be no less than [\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) With respect to first Loan to be funded on a Funding Date that occurs on or after the 90<sup>th</sup> day following the Closing Date only, the Blocked Account Control Agreement, in form and substance satisfactory to the Administrative Agent, shall have been duly executed by, and delivered to, the parties hereto and thereto.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) For each Loan other than the Initial Loan, the Borrower shall be in compliance with Section 6.03 and with all requirements of any Hedging Agreement required thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) On the date of such transaction, the Administrative Agent shall have received such other approvals, opinions, information or documents as the Administrative Agent may reasonably require.

ARTICLE FIVE

REPRESENTATIONS AND WARRANTIES

Section 5.01. <u>Representations and Warranties of the Borrower</u>. The Borrower represents and warrants, as of the Closing Date and each Funding Date, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Organization and Good Standing</u>. The Borrower has been duly organized, and is validly existing as a limited liability company in good standing under the laws of the State of Delaware, with all requisite power and authority to own or lease its properties and conduct its business as such business is presently conducted, and the Borrower had at all relevant times, and now has all necessary power, authority and legal right to acquire, own, sell and pledge the Receivables and the other Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Due Qualification</u>. The Borrower is duly qualified to do business and is in good standing as a limited liability company, and has obtained all necessary licenses and approvals in all jurisdictions in which the ownership or lease of property or the conduct of its business (including, as applicable, the purchase, sale, and pledge of the Receivables) requires such qualifications, licenses, or approvals, except those jurisdictions in which failure to be so qualified would not have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Power and Authority; Due Authorization</u>. The Borrower (i) has all necessary power, authority and legal right to (A) execute and deliver the Borrower Basic Documents, (B) carry out the terms of the Borrower Basic Documents, and (C) grant the security interest in the Collateral on the terms and conditions herein provided and (ii) has duly authorized by all necessary limited liability company action the execution, delivery, and performance of the Borrower Basic Documents and the grant of the security interest in the Collateral on the terms and conditions herein and therein provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Binding Obligation. Each Borrower Basic Document constitutes a legal, valid and binding obligation of the Borrower, enforceable against the Borrower in accordance with its respective terms, except as such enforceability may be limited by Insolvency Laws and except as such enforceability may be limited by general principles of equity (whether considered in a suit at law or in equity).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>No Violation</u>. The execution and delivery of the Borrower Basic Documents, the consummation of the transactions contemplated by the Borrower Basic Documents ,and the fulfillment of the terms hereof and thereof will not (i) conflict with, result in any breach of any of the material terms and provisions of, or constitute (with or without notice or lapse of time or both) a default under the Borrower's Formation Documents or a default under any Contractual Obligation of the Borrower, (ii) result in the creation or imposition of any Lien upon any of the Borrower's properties (other than Permitted Liens), or (iii) violate any Applicable Law in any material respect.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>No Proceedings</u>. There is no litigation, proceeding, or investigation pending or, to the best knowledge of the Borrower, threatened against the Borrower, before any Governmental Authority (i) asserting the invalidity of any Borrower Basic Document, (ii) seeking to prevent the consummation of any of the transactions contemplated by any Borrower Basic Document, or (iii) seeking any determination or ruling that could reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>All Consents Required</u>. All approvals, authorizations, consents, orders, licenses, or other actions of any Person or of any Governmental Authority required for the due execution, delivery, and performance by the Borrower of the Borrower Basic Documents have been obtained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Bulk Sales</u>. The execution, delivery, and performance of the Borrower Basic Documents do not require compliance with any "bulk sales" act or similar law by the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Solvency</u>. The transactions contemplated by the Borrower Basic Documents do not and will not cause the Borrower not to be Solvent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Taxes; Tax Status</u>. The Borrower has filed or caused to be filed all federal, state, and other tax returns that are required to be filed by it. The Borrower has paid or made adequate provisions for the payment of all Taxes made against it or any of its property (other than any amount of Tax the validity of which is currently being contested in good faith by appropriate proceedings diligently conducted and with respect to which reserves in accordance with GAAP have been provided on the books of the Borrower), and no Tax lien has been filed and, to the Borrower's knowledge, no claim is being asserted, with respect to any such Tax. The Borrower is and has at all times been, for United States federal income tax purposes, either (i) a "disregarded entity" beneficially owned by a "United States person" or (ii) a "domestic partnership" (and not a "publicly traded partnership" treated as a corporation) beneficially owned solely by such United States persons, and has not taken (or permitted any other Person to take) any action that could (or could reasonably be expected to) cause the Borrower to be classified as an association or as a publicly traded partnership treated as a corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Quality of Title</u>. Each Receivable, together with the Contract related thereto, shall, at all times, be owned by the Borrower free and clear of any Lien except for Permitted Liens, and upon the making of a Loan, the Administrative Agent, as agent for the Secured Parties, shall acquire a valid and perfected first priority security interest in each Receivable and in the related Collateral then existing or thereafter arising, free and clear of any Lien, other than Permitted Liens. No effective financing statement or other instrument similar in effect covering any portion of the Collateral shall at any time be on file in any recording office except such as may be filed in favor of (i) the Borrower in accordance with the Purchase Agreement or (ii) the Administrative Agent in accordance with this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Security Interest</u>. The Borrower has granted a security interest (as defined in the UCC) to the Administrative Agent, as agent for the Secured Parties, in the Collateral, which is enforceable in accordance with Applicable Law upon execution and delivery of this Agreement. Upon the filing of UCC-1 financing statements describing the Collateral, naming the Administrative Agent as secured party, and naming the Borrower as debtor, the Administrative Agent, as agent for the Secured Parties, shall have a first priority (except for any Permitted Liens) perfected security interest in the Collateral. All filings (including UCC filings) as are necessary in any jurisdiction to perfect the interest of the Administrative Agent, as agent for the Secured Parties, in the Collateral have been made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>Reports Accurate</u>. All Monthly Reports (if prepared by the Borrower, or to the extent that information contained therein is supplied by the Borrower, such portion supplied by the Borrower), information, exhibits, financial statements, documents, books, records, or reports furnished or to be furnished by the Borrower to the Administrative Agent, any Secured Party, the Backup Servicer and the Account Bank in connection with this Agreement are, to the Borrower's knowledge, true, complete, and correct in all material respects as of the date specified therein or the date so furnished, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>Location of Offices</u>. The principal place of business and chief executive office of the Borrower are located at the address of the Borrower referred to in Section 13.02 (or at such other locations as to which the notice and other requirements specified in Section 6.02(f) shall have been satisfied) and has been since the Borrower was formed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) <u>Remittance Account; Collection Account</u>. None of the Remittance Account, the Collection Account, or any interest in either the Remittance Account or the Collection Account has been pledged or assigned to any party other than the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) <u>Trade Names</u>. The Borrower has no trade names, fictitious names, assumed names, or "doing business as" names or other names under which it has done or is doing business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) <u>Purchase Agreement</u>. The Purchase Agreement is the only agreement pursuant to which the Borrower purchases Receivables and the related Contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) <u>Value Given</u>. The Borrower shall have given reasonably equivalent value to Lendbuzz Funding in consideration for the transfer to the Borrower of the Receivables and the related Collateral under the Purchase Agreement, no such transfer shall have been made for or on account of an antecedent debt owed by Lendbuzz Funding to the Borrower and no such transfer is or may be voidable or subject to avoidance under any section of the Bankruptcy Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) <u>Accounting</u>. The Borrower accounts for the transfers to it from Lendbuzz Funding of the Receivables and related Collateral under the Purchase Agreement as true sales/true contributions of such Receivables and related Collateral in its books, records and financial statements, in each case consistent with GAAP and with the requirements set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) <u>Special Purpose Entity</u>. The Borrower is in compliance with Section 6.01(o).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) <u>Confirmations from Lendbuzz and Lendbuzz Funding</u>. The Borrower has received confirmations from each of Lendbuzz and Lendbuzz Funding that, so long as the Borrower is not "insolvent" within the meaning of the Bankruptcy Code or otherwise unable to pay its debts as they become due, neither Lendbuzz nor Lendbuzz Funding will cause the Borrower to file a voluntary petition under the Bankruptcy Code or any other Insolvency Laws. Each of the Borrower, Lendbuzz, and Lendbuzz Funding is aware that in light of the circumstances described in the preceding sentence and other relevant facts, the filing of a voluntary petition under the Bankruptcy Code for the purpose of making any Receivable or any other assets of the Borrower available to satisfy claims of the creditors of Lendbuzz and/or Lendbuzz Funding would not result in making such assets available to satisfy such creditors under the Bankruptcy Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>ERISA Matters</u>. The Borrower is not a "benefit plan investor" (as defined under Section 3(42) of ERISA). The Borrower does not sponsor, maintain or contribute to any Pension Plan or Multiemployer Plan. Neither the Borrower nor any ERISA Affiliate has any liability (contingent or otherwise) with respect to any Pension Plan or Multiemployer Plan except to the extent such liability could not reasonably be expected to have a Material Adverse Effect. Each Pension Plan sponsored, maintained or contributed to by Lendbuzz, Lendbuzz Funding, or any ERISA Affiliate of the Borrower, under which employees of the Borrower participate in or participated in, complies in all respects with ERISA and all other applicable laws except to the extent the failure to comply could not reasonably be expected to have a Material Adverse Effect. No Plan Event has occurred or is reasonably expected to occur that might result, directly or indirectly, in any material lien being imposed on the property or assets of the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) <u>Investment Company Act</u>. The Borrower (i) is not a "covered fund" under regulations adopted to implement section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, commonly known as the "Volcker Rule" and (ii) is not, and after giving effect to the transactions contemplated hereby, will not be required to register as an "investment company" within the meaning of the Investment Company Act. In determining that the Borrower is not an "investment company" within the meaning of the Investment Company Act, the Borrower is entitled to either the benefit of the exemption provided under Section 3(c)(5) of the Investment Company Act or the exclusion for loan securitizations in the Volcker Rule under 17 C.F.R. 75.10(c)(8).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) <u>Accuracy of Representations and Warranties</u>. Each representation or warranty by the Borrower contained herein, in any other Basic Document or in any certificate or other document furnished by the Borrower pursuant hereto or thereto or in connection herewith or therewith is true and correct in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) <u>Anti-Corruption Laws and Sanctions</u>. The Borrower is subject to policies and procedures of Lendbuzz that are designed to ensure compliance by Lendbuzz and its Subsidiaries, directors, officers, employees, and agents with Anti-Corruption Laws and applicable Sanctions. The Borrower, its officers, directors, and employees are in compliance with Anti-Corruption Laws and applicable Sanctions in all material respects. None of (a) the Borrower or any of its directors, officers, or employees, or (b) to the knowledge of the Borrower, any agent of the Borrower that will act in any capacity in connection with or benefit from the facility established hereby, is a Sanctioned Person. No Loan, use of proceeds, or other transaction contemplated by this Agreement will violate Anti-Corruption Laws or applicable Sanctions.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) <u>Beneficial Ownership Rule</u>. At least 51% of the equity interests in the Borrower is owned, directly or indirectly, by a listed entity, and the Borrower is excluded on that basis from the definition of "Legal Entity Customer" as defined in the Beneficial Ownership Rule.

Section 5.02. <u>Representations and Warranties of the Borrower Relating to the Receivables</u>. The Borrower hereby represents and warrants as of each Funding Date, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule C and the information contained in the related Funding Request is an accurate and complete listing in all material respects of the Receivables (including the Receivables being transferred on such Funding Date) constituting a portion of the Collateral as of the date of the related Loan and the information contained therein with respect to the identity of such Receivables and the amounts owing thereunder is true and correct in all material respects as of the related Cutoff Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) each Receivable referenced on the related Funding Request is an Eligible Receivable.

Section 5.03. <u>Representations and Warranties of Lendbuzz Funding</u>. Lendbuzz Funding represents and warrants, as of the Closing Date and each Funding Date, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Organization and Good Standing</u>. Lendbuzz Funding has been duly organized and is validly existing as a limited liability company in good standing under the laws of the State of Delaware, with all requisite power and authority to own or lease its properties and to conduct its business as such business is presently conducted and to enter into and perform its obligations pursuant to this Agreement, except as would not reasonably be expected (either individually or in the aggregate) to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Due Qualification</u>. Lendbuzz Funding is duly qualified to do business and is in good standing as a limited liability company, and has obtained all necessary licenses and approvals in all jurisdictions in which the ownership or lease of its property and or the conduct of its business, including the underwriting, servicing, and custody of the Receivables, requires such qualification, licenses, or approvals, except to the extent the failure to obtain such consents or approvals could not reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Power and Authority; Due Authorization</u>. Lendbuzz Funding (i) has all necessary power, authority and legal right to (A) execute and deliver the Servicer Basic Documents and (B) carry out the terms of the Servicer Basic Documents and (ii) has duly authorized by all necessary corporate action the execution, delivery and performance of the Servicer Basic Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Binding Obligation</u>. Each Servicer Basic Document constitutes a legal, valid, and binding obligation of Lendbuzz Funding enforceable against Lendbuzz Funding in accordance with its respective terms except as such enforceability may be limited by Insolvency Laws and except as such enforceability may be limited by general principles of equity (whether considered in a suit at law or in equity).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>No Violation</u>. The execution and delivery of the Servicer Basic Documents, the consummation of the transactions contemplated by the Servicer Basic Documents, and the fulfillment of the terms hereof and thereof will not (i) conflict in any material respect with, result in any material breach of any of the terms and provisions of, or constitute (with or without notice or lapse of time or both) a default under, its Formation Documents or, in any material respect, any Contractual Obligation of Lendbuzz Funding, (ii) result in the creation or imposition of any Lien upon any of Lendbuzz Funding's properties (other than Permitted Liens), or (iii) violate any Applicable Law, except to the extent such violation could not reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>No Proceedings</u>. There is no litigation, proceeding or investigation pending or, to the best knowledge of Lendbuzz Funding, threatened against Lendbuzz Funding, before any Governmental Authority (i) asserting the invalidity of any Servicer Basic Document, (ii) seeking to prevent the consummation of any of the transactions contemplated by any Servicer Basic Document, (iii) challenging the enforceability of a material portion of the Receivables, or (iv) seeking any determination or ruling that could reasonably be expected to have Material Adverse Effect with respect to Lendbuzz Funding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>All Consents Required</u>. All approvals, authorizations, consents, orders, or other actions of any Person or of any Governmental Authority (if any) required for the due execution, delivery and performance by Lendbuzz Funding of the Servicer Basic Documents have been obtained, except those which if not obtained could not reasonably be expected (either individually or in the aggregate) to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Reports Accurate</u>. All Monthly Reports, information, exhibits, financial statements, documents, books, records or reports furnished or to be furnished by Lendbuzz Funding to any Secured Party, the Backup Servicer, and the Account Bank in connection with this Agreement are, to Lendbuzz Funding's knowledge, accurate, true, and correct in all material respects as of the date specified therein or the date so furnished, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Lendbuzz Funding 's Performance</u>. Lendbuzz Funding has the knowledge, the experience, and the systems, financial, and operational capacity available to timely perform each of its obligations hereunder in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Accounts</u>. Lendbuzz Funding has neither pledged nor entered into a control agreement (other than the Blocked Account Control Agreement) with respect to the Remittance Account or amounts on deposit therein. Lendbuzz Funding has neither pledged nor entered into a control agreement (other than the Control Agreement) with respect to the Collection Account or amounts on deposit therein or with respect to the Hedge Reserve Account or amounts on deposit therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Trade Names and Place of Business</u>. Except as otherwise indicated in this Agreement or as the same may be changed in accordance with Section 6.05(b), (i) Lendbuzz Funding has no trade names, fictitious names, assumed names, or "doing business as" names or other names under which it has done or is doing business and (ii) the principal place of business and chief executive office of Lendbuzz Funding are located at the address of Lendbuzz Funding set forth on the signature pages hereto and has been so for the last four months.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Compliance with the Credit and Collection Policy</u>. Lendbuzz Funding has, with respect to the Receivables, complied in all material respects with the Credit and Collection Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>ERISA Matters</u>. No Plan Event has occurred or is reasonably expected to occur that might result, directly or indirectly, in any lien being imposed on the property of Lendbuzz Funding which could result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>Investment Company Act</u>. Lendbuzz Funding is not an "investment company" within the meaning of the Investment Company Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) <u>Anti-Corruption Laws and Sanctions</u>. Lendbuzz Funding is subject to policies and procedures of Lendbuzz that are designed to ensure compliance by Lendbuzz and its Subsidiaries, directors, officers, employees, and agents with Anti-Corruption Laws and applicable Sanctions. Lendbuzz Funding, its officers, directors, and employees are in compliance with Anti-Corruption Laws and applicable Sanctions in all material respects. None of (a) Lendbuzz Funding or any of its directors, officers, or employees, or (b) to the knowledge of Lendbuzz Funding, any agent of Lendbuzz Funding that will act in any capacity in connection with or benefit from the facility established hereby, is a Sanctioned Person.

Section 5.04. <u>Retransfer of Certain Receivables</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Retransfer of an Ineligible Receivable</u>. If a Receivable is an Ineligible Receivable at the time it was initially pledged hereunder, no later than the earlier of (i) knowledge by the Borrower of such Receivable having been an Ineligible Receivable when it was so pledged and (ii) receipt by the Borrower from the Administrative Agent or the initial Servicer of written notice thereof (which notice the initial Servicer shall be required to give within two Business Days of any of its Responsible Officers having actual knowledge thereof), the Borrower shall (A) disclose the identity of such Ineligible Receivable on the next Monthly Report and (B) on or before the next Distribution Date, to the extent such breach has not been cured or waived, make a deposit of the Release Price for each such Ineligible Receivable to the Collection Account in immediately available funds and accept the release of each such Ineligible Receivable. The Administrative Agent shall be deemed, upon deposit of the Release Price into the Collection Account, to convey to the Borrower, without recourse, representation, or warranty, all of its right, title, and interest in such Ineligible Receivable and the Borrower shall accept the release of each such Ineligible Receivable from the Administrative Agent, and the aggregate Pool Balance shall be reduced by the Principal Balance (as of the end of the most recent Collection Period) of each such Ineligible Receivable. Upon each release to the Borrower of such Ineligible Receivable, the Administrative Agent shall automatically and without further action be deemed to transfer, assign, and set-over to the Borrower, without recourse, representation, or warranty, all the right, title, and interest of the Administrative Agent in, to, and under such Ineligible Receivable and all future monies due or to become due with respect thereto, all proceeds of such Ineligible Receivable and Recoveries and Insurance Proceeds relating thereto, all rights to security for any such Ineligible Receivable, and all proceeds and products of the foregoing. The Administrative Agent shall, at the sole expense of the Servicer (which, in the case of any Successor Servicer, shall be reimbursable in accordance with the provisions of Section 2.07), execute such documents and instruments of release as may be prepared by the Servicer on behalf of the Borrower and take such other actions as shall reasonably be requested by the Borrower to effect the release of such Ineligible Receivable pursuant to this subsection.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Retransfer of Receivables for Breach of Servicing Covenant</u>. In the event that the initial Servicer breaches a servicing covenant pursuant to Section 7.03(c)(i) with respect to any Receivable, which breach adversely affects the Receivable or the interests of the Lenders, no later than the earlier of (i) knowledge by the initial Servicer of such event or (ii) receipt by the initial Servicer from the Administrative Agent or the Borrower of written notice thereof, the initial Servicer shall (A) disclose the identity of such Receivable on the next Monthly Report and (B) on or before the next Distribution Date, to the extent such breach has not been cured or waived, make a deposit of the Release Price for each such Receivable into the Collection Account in immediately available funds, and the initial Servicer shall accept the release of such Receivable(s), in each case as described in Section 5.04(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Notice of Retransfer</u>. The Borrower or the Servicer, as applicable, shall provide written notice to the Administrative Agent and each Hedge Counterparty on the Monthly Report of any release of Receivables pursuant to Sections 5.04(a) and (b). With respect to any such release, the Borrower shall provide written notice to the Administrative Agent and each Hedge Counterparty of any release of Receivables prior to 3:00 p.m., Atlanta, Georgia time, three (3) Business Days prior to the related repurchase date, and such notice shall include a calculation of the Borrowing Base after giving effect to such release, as well as representations and warranties by the Borrower that no Event of Default or Servicer Termination Event has occurred, that the Borrowing Base calculation included with such notice is accurate.

ARTICLE SIX

COVENANTS

Section 6.01. <u>Affirmative Covenants of the Borrower</u>. From the Closing Date until the Facility Termination Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Compliance with Laws</u>. The Borrower will comply in all material respects with all Applicable Laws, including those with respect to the Receivables and related Financed Vehicles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Preservation of Existence</u>. The Borrower will preserve and maintain its existence, rights, franchises and privileges in the State of Delaware, and qualify and remain qualified in good standing as a foreign limited liability company in each jurisdiction where the failure to preserve and maintain such existence, rights, franchises, privileges, and qualification has had, or could reasonably be expected to have, a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Performance and Compliance with Agreements</u>. The Borrower will, at its expense, timely and fully perform and comply (or cause the Seller to perform and comply pursuant to this Agreement, the Purchase Agreement and all Purchase Agreement Supplements), in all material respects, all provisions, covenants and other promises required to be observed by it under the Basic Documents and the Contracts.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Keeping of Records and Books of Account</u>. To the extent not maintained and implemented by the Servicer, the Borrower will maintain and implement administrative and operating procedures (including an ability to recreate records evidencing Receivables in the event of the destruction of the originals thereof), and keep and maintain all documents, books, records, financial statements, and other information reasonably necessary or advisable for the collection of all Receivables. Such books and records shall include reports adequate to permit the daily identification of each new Receivable and all Collections of and adjustments to each existing Receivable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Borrower Assets</u>. With respect to each Receivable, the Borrower will: (i) acquire such Receivable pursuant to and in accordance with the terms of the Purchase Agreement, (ii) take all action necessary to perfect, protect, and more fully evidence the Borrower's ownership of such Receivable, including (A) filing and maintaining effective financing statements (Form UCC-1) listing Lendbuzz Funding as debtor in all necessary filing offices (and will cause Lendbuzz Funding to obtain similar financing statements from each entity from which it acquired the Receivables), and filing continuation statements, amendments, or assignments with respect thereto in such filing offices and (B) executing or causing to be executed such other instruments or notices as may be necessary, and (iii) take all additional action that the Administrative Agent may reasonably request, including the filing of financing statements listing the Administrative Agent as secured party to perfect, protect, and more fully evidence the respective interests of the parties to this Agreement in the Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Delivery of Collections</u>. The Borrower will deliver to the Servicer, for further remittance to the Collection Account, all Collections received by Borrower in respect of the Receivables no later than two Business Days after the Borrower's receipt thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Separate Corporate Existence</u>. The Borrower shall be in compliance with the special purpose entity requirements set forth in Section 6.01(o).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Credit and Collection Policy</u>. The Borrower will, or will cause Lendbuzz Funding or the Servicer to, as the case may be, (i) with respect to each Receivable, comply with the Credit and Collection Policy (which may include originating or servicing Receivables in accordance with those discretionary exceptions that are set forth therein) and (ii) furnish to the Administrative Agent written notice of any material changes to the Credit and Collection Policy and revised versions of the Credit and Collection Policy containing such changes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Notice of Certain Events</u>. The Borrower will provide the Administrative Agent with written notice within one Business Day of the date on which the Borrower receives notice of, or obtains knowledge of, the occurrence of any Event of Default, Unmatured Event of Default, Step-up Overcollateralization Trigger, Early Amortization Event, Servicer Termination Event, and Unmatured Servicer Termination Event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Taxes; Tax Status</u>. The Borrower will file all federal, state, and other tax returns that are required to be filed by it and will pay any and all Taxes, including those required to meet the obligations of the Basic Documents, except for Taxes that the Borrower is contesting in good faith and by appropriate legal proceedings the validity, applicability or amount thereof with such proceedings diligently conducted, and adequate reserves in accordance with GAAP are being

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maintained by the Borrower, except to the extent that such contest does not materially endanger any right or interest of the Secured Parties under the Basic Documents. The Borrower shall at all times maintain its status for United States federal income tax purposes as either (i) a "disregarded entity" beneficially owned by a "United States person" or (ii) a "domestic partnership" (other than a "publicly traded partnership" treated as a corporation) beneficially owned solely by such United States persons, and shall not take (or permit any other Person to take) any action that could (or could reasonably be expected to) cause the Borrower to be classified as an association or as a publicly traded partnership treated as a corporation. If the Borrower is classified as a partnership for U.S. federal income tax purposes, then the Borrower will, to the extent that it is eligible to do so, make, or cause to be made, the election under Code Section 6221(b) to be exempt from adjustments being made at the partnership level and take any other action necessary or appropriate for the election. If that election is not available, the Borrower will, to the extent that it is eligible to do so, make (or cause to be made) the election under Code Section 6226(a) for the alternative to payment of imputed underpayment by a partnership and take any other action necessary or appropriate for the election.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Liens</u>. The Borrower will not create, or participate in the creation of, or permit to exist, any Liens (other than Permitted Liens) with respect to the Remittance Account or the Collection Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Reporting</u>. The Borrower will furnish or cause to be furnished to the Administrative Agent and, to the extent requested by a Hedge Counterparty, such Hedge Counterparty:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Monthly Report</u>. Not later than each Reporting Date, a Monthly Report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Quarterly Report</u>. By the 15<sup>th</sup> of each February, May, August and November, a Quarterly Report, including information as of the previous month-end, as to the Receivables such as collections, delinquencies, losses, recoveries, cash flows, and such other information as reasonably requested by the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Financial Statements</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Within 60 days after the end of the first three quarterly fiscal periods of each fiscal year of the Performance Guarantor, the unaudited consolidated balance sheets of the Performance Guarantor as at the end of such period and the related unaudited consolidated statements of income and retained earnings for the Performance Guarantor for such period, setting forth in comparative figures for the previous quarter (to the extent such prior quarter financial statements were delivered pursuant to this Section or are otherwise available), accompanied by a certificate of a Responsible Officer of the Performance Guarantor, which certificate shall state that each such consolidated financial statement fairly presents the financial condition of the Performance Guarantor in accordance with GAAP, consistently applied, as at the end of, and for, such period (subject

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to normal year end audit adjustments). Notwithstanding the foregoing, if any such report is timely filed with the Securities and Exchange Commission and is publicly available on its the Electronic Data Gathering, Analysis and Retrieval (EDGAR) system on the date that the related report would otherwise be due hereunder, such report shall be deemed to have been timely delivered in accordance with this subclause.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Within 120 days after each fiscal year of the Performance Guarantor, the audited consolidated balance sheets of the Performance Guarantor as at the end of such fiscal year and the related audited consolidated statements of income and retained earnings and of cash flows for the Performance Guarantor for such year, setting forth in comparative form the figures for the previous year, accompanied by an opinion thereon of independent certified public accountants of recognized national standing, which opinion shall not be qualified as to scope of audit or going concern (other than a qualification as to going concern based solely on the tenor of the Commitments hereunder) and shall state that each consolidated financial statement fairly presents the financial condition and results of operations of the Performance Guarantor at the end of, and for, such fiscal year in accordance with GAAP. Notwithstanding the foregoing, if any such report is timely filed with the Securities and Exchange Commission and is publicly available on its the Electronic Data Gathering, Analysis and Retrieval (EDGAR) system on the date that the related report would otherwise be due hereunder, such report shall be deemed to have been timely delivered in accordance with this subclause.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) Within 120 days of the end of each fiscal year of the Performance Guarantor, a certificate of a Responsible Officer of the Performance Guarantor, which certificate shall state that the audited consolidated balance sheets of the Performance Guarantor delivered, or deemed to have been delivered, pursuant to subclause (B) fairly present the financial condition of the Performance Guarantor in accordance with GAAP, consistently applied, as at the end of, and for, such fiscal year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>Representations</u>. Promptly following the Borrower's obtaining knowledge of the same, the Borrower shall notify the Administrative Agent that any representation or warranty set forth in Section 5.01 or 5.02 was incorrect at the time it was given or deemed to have been given, and at the same time shall deliver to the Administrative Agent a written notice setting forth in reasonable detail the nature of such facts and circumstances. In particular, but without limiting the foregoing, the Borrower shall notify the Administrative Agent in the manner set forth in the preceding sentence before any Funding Date of any facts or circumstances within the knowledge of the Borrower which would render any of such representations and warranties untrue at the date when they were made or deemed to have been made.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Proceedings</u>. As soon as possible and in any event within two Business Days of the date on which the Borrower receives notice of, or obtains knowledge of, the same, the Borrower shall provide notice of any settlement of, material judgment (including a material judgment with respect to the liability phase of a bifurcated trial) in or commencement of any labor controversy (of a material nature), litigation, action, suit, or proceeding before any court or Governmental Authority, domestic or foreign, affecting the Borrower or any of its Affiliates that would reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) <u>Notice of Material Events</u>. Promptly following any Responsible Officer of the Borrower obtaining knowledge the same, the Borrower shall provide notice of any other event or circumstances that, in the reasonable judgment of the Borrower, would reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>Anti-Corruption Laws and Sanctions</u>. The Borrower will remain subsect to, and enforce, Lendbuzz's policies and procedures designed to ensure compliance by Lendbuzz and its Subsidiaries and each of their respective Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>Beneficial Ownership Certification</u>. From time to time any Lender that has a reasonable basis for requesting such a certification may request that the Borrower deliver, and within five Business Days of each such request the Borrower shall execute and deliver to such Lender, a Beneficial Ownership Certification, in form and substance reasonably acceptable to such Lender. Furthermore, promptly following any change that would result in a change to the status of the Borrower as an excluded "Legal Entity Customer" under the Beneficial Ownership Rule, the Borrower shall execute and deliver to each Lender a Beneficial Ownership Certification, in form and substance reasonably acceptable to each such Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) <u>Special Purpose Entity</u>. The Borrower shall take or perform each of the following actions (and the Borrower has not heretofore failed to take or perform any such actions in the past):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) maintain its own separate deposit and other bank accounts and funds to which no other Person has any access (except to the extent permitted under the Basic Documents) which accounts shall be maintained in the name of the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) maintain full books of accounts and records (financial or other) and financial statements separate from those of any other Person (including, all resolutions, records, agreements, or instruments underlying or regarding the transactions contemplated by the Basic Documents or otherwise) (provided, that this provision shall not limit the Borrower's financial and operating results from being consolidated with those of its ultimate parent company in consolidated financial statements);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) at all times hold itself out to the public and all other Persons as a legal entity separate from the and any other Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) have its own board of managers;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) file its own tax returns separate from those of any other Person, if any, as may be required under applicable law, to the extent (A) not part of a consolidated group filing a consolidated return or returns or (B) not treated as a division for tax purposes of another taxpayer, and pay any taxes so required to be paid under applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) ensure that any consolidated financial statements of any Affiliate or any other Person that are filed with the Securities Exchange Commission or any other governmental authority or are furnished to any creditors of any Affiliate or any other Person include notes clearly stating that the Borrower is a separate corporate entity and that its assets are available first and foremost to satisfy the claims of the creditors of the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) except as contemplated by the Basic Documents, not commingle its assets with assets of any other Person and maintain the assets of the Borrower in such a manner that it is not costly or difficult to segregate, identify, or ascertain its individual assets from those of any other Person, including any Affiliate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) conduct its business in its own name and strictly comply with all organizational formalities to maintain its separate existence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) disclose, and cause each Member to disclose, in its financial statements the effects of all transactions between such Member and the Borrower in a manner which makes it clear that (A) the Borrower is a separate legal entity, (B) the assets of the Borrower are not assets of any Affiliate and are not available to pay creditors of any Affiliate, and (C) neither such Member nor any Affiliate thereof is liable or responsible for the debts of the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) pay its own liabilities and expenses only out of its own funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) except for capital contributions or capital distributions permitted under the terms and conditions of the Borrower's Formation Documents and the Basic Documents, not enter into any transaction with an Affiliate of the Borrower except on arm's length terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) compensate (either directly or through reimbursement of the Borrower's allocable share of any shared expenses) all employees, consultants, and agents and Affiliates, to the extent applicable, for services provided to the Borrower by such employees, consultants, and agents or Affiliates, in each case, from the Borrower's own funds and either maintain a sufficient number of employees, and/or employ sufficient consultants or agents, in light of its contemplated operations; <u>provided</u>, that the foregoing shall not require the Members to make any additional capital contributions to the Borrower;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) except as expressly permitted under any of the Basic Documents, pay from its own bank accounts for accounting and payroll services, rent, lease, and other expenses (or the Borrower's allocable share of any such amounts provided by one or more other Affiliates) and not have such operating expenses (or the Borrower's allocable share thereof) paid by any Affiliates; <u>provided</u>, the foregoing shall not require the Members to make any additional capital contributions to the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) not hold out its credit or assets as being available to satisfy the obligations of any other Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) to the extent that the Borrower maintains office space, maintain such office space separate and clearly delineated from the office space of any Affiliate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) to the extent that the Borrower incurs any overhead expenses that are shared with an Affiliate, including for shared office space and for services performed by an employee of an Affiliate, allocate fairly and reasonably such overhead expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) cause (A) all written communications, including letters, invoices, purchase orders, and contracts, of the Borrower to be made solely in the name of the Borrower, (B) the Borrower to have its own tax identification number, stationery, checks, and business forms, separate from those of any other Person, (C) all Affiliates not to use the stationery or business forms of the Borrower, and cause the Borrower not to use the stationery or business forms of any Affiliate, and (D) all Affiliates not to conduct business in the name of the Borrower, and cause the Borrower not to conduct business in the name of any Affiliate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) except as expressly permitted by any of the Basic Documents, direct creditors of the Borrower to send invoices and other statements of account of the Borrower directly to the Borrower and not to any Affiliate and cause the Affiliates to direct their creditors not to send invoices and other statements of accounts of such Affiliates to the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) except as expressly permitted by any of the Basic Documents, not acquire obligations or securities of or make loans or advances to or grant a security interest in or pledge its assets for the benefit of the Member, any Affiliate or any other Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) correct any known misunderstanding regarding its separate identity and not identify itself as a department or division of any other Person except as may be required for income tax purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi) maintain adequate capital in light of its contemplated business purpose, transactions and liabilities, and refrain from engaging in a business for which its remaining property represents an unreasonably small capital; <u>provided</u>, that the foregoing shall not require the Members to make any additional capital contributions to the Borrower;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxii) practice and adhere to all limited liability company procedures and formalities to the extent required by the Borrower's Formation Documents or all other appropriate constituent documents and applicable law in all material respects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiii) except for the other Basic Documents, not acquire any obligations or securities of the Member or of any Affiliate of the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiv) cause the managers, officers, agents, and other representatives of the Borrower to act at all times with respect to the Borrower consistently and in furtherance of the foregoing and in the best interests of the Borrower; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxv) at all times will have at least one manager that qualifies as an Independent Manager.

Section 6.02. <u>Negative Covenants of the Borrower</u>. From the Closing Date until the Facility Termination Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Other Business</u>. The Borrower will not (i) engage in any business other than the transactions contemplated by the Basic Documents, (ii) incur any Indebtedness, obligation, liability or contingent obligation of any kind (including guaranteeing any obligation) other than pursuant to this Agreement, any other Basic Document or under any Hedging Agreement required by Section 6.03, or (iii) form any Subsidiary or make any Investments in any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Receivables Not to be Evidenced by Instruments</u>. The Borrower will take no action to cause any Receivable that is not, as of the related Funding Date, evidenced by an Instrument, to be so evidenced except in connection with the enforcement or collection of such Receivable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Security Interests</u>. The Borrower will not sell, pledge, assign, or transfer to any other Person, or grant, create, incur, assume, or suffer to exist any Lien (other than Permitted Liens) on any portion of the Collateral, whether now existing or hereafter transferred hereunder, or any interest therein, and the Borrower will not sell, pledge, assign, or suffer to exist any Lien on its interest, if any, hereunder. The Borrower will promptly notify the Administrative Agent of the existence of any Lien (other than a Permitted Lien) on any portion of the Collateral and the Borrower shall defend the right, title, and interest of the Administrative Agent in, to and under such Collateral, against all claims of third parties; provided, that nothing in this subsection shall prevent or be deemed to prohibit the Borrower from suffering to exist Permitted Liens upon any portion of the Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Mergers, Acquisitions, Sales, Etc</u>. The Borrower will not be a party to any merger or consolidation, or purchase or otherwise acquire all or substantially all of the assets or any stock or membership interests of any class of, or any partnership or joint venture interest in, any other Person, or, sell, transfer, convey, or lease all or any substantial part of its assets, or sell or assign with or without recourse any portion of the Collateral or any interest therein (other than pursuant hereto).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Distributions</u>. The Borrower shall not declare or pay, directly or indirectly, any dividend or make any other distribution (whether in cash or other property) with respect to the profits, assets, or capital of the Borrower or any Person's interest therein, or purchase, redeem, or otherwise acquire for value any of its capital stock now or hereafter outstanding, except that so long as no Event of Default or Unmatured Event of Default has occurred and is continuing or would result therefrom, the Borrower may distribute to holders of its membership interest funds distributed to the Borrower pursuant to Section 2.07(ix), subject to Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Change of Name or Location of Receivable Files</u>. The Borrower shall not (i) change its name or state of organization, move the location of its principal place of business and chief executive office, and the offices where it keeps the Records from the location referred to in Section 13.02 or (ii) move, or consent to the Collateral Custodian or the Servicer moving, the Receivable Files from the location thereof on the Closing Date, unless the Borrower has given at least 30 days' written notice to the Administrative Agent and has taken all actions required under the UCC of each relevant jurisdiction in order to continue the first priority perfected security interest of the Administrative Agent in the Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>True Sale</u>. Except for purposes of GAAP, the Borrower will not account for or treat the transactions contemplated by the Purchase Agreement in any manner other than as the sale, or absolute assignment, of the Receivables and other Collateral by Lendbuzz Funding to the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>ERISA Matters</u>. The Borrower will not (i) establish, maintain or contribute to or have any liability (contingent or otherwise) with respect to any Pension Plan or Multiemployer Plan or (ii) be a "benefit plan investor" under Section 3(42) of ERISA. With respect to any Pension Plan, the Borrower will not engage or permit any ERISA Affiliate to engage in any prohibited transaction under Section 406 of ERISA or Section 4975 of the Code for which an exemption is not available or has not previously been obtained from the United States Department of Labor and which would result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Formation Documents; Purchase Agreement</u>. The Borrower will not amend, modify, waive, or terminate any provision of its Formation Documents or of the Purchase Agreement (including any Purchase Agreement Supplement) without the prior, written consent of the Administrative Agent; <u>provided</u>, that if the Borrower has provided the Administrative Agent with written notice of its intention to make any such amendment, modification, waiver, or termination and the Administrative Agent has not provided a response either granting or withholding its consent thereto within fifteen (15) Business Days, then the Borrower may proceed with the related amendment, modification, wavier, or termination as if the Administrative Agent had provided its consent thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Changes in Payment Instructions</u>. The Borrower will not add or make any change, or permit the Servicer to make any change, in its instructions to Obligors regarding payments to be made to the Borrower or the Servicer or payments to be made to the Remittance Account, unless the Administrative Agent has Consented to such change in writing and has received duly executed copies of all documentation related thereto, which documentation shall be satisfactory in form and substance to the Administrative Agent.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Extension or Amendment</u>. The Borrower will not, except as otherwise permitted in Section 7.03(c)(i), extend, amend or otherwise modify, or permit the Servicer to extend, amend, or otherwise modify, the terms of any Contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>No Assignments</u>. The Borrower will not assign or delegate, grant any interest in, or permit any Lien (other than Permitted Liens) to exist upon any of its rights, obligations, or duties under this Agreement without the prior written Consent of the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>Anti-Corruption Laws and Sanctions</u>. The Borrower will not request any Loan, and the Borrower shall not use any Loan, and shall procure that its directors, officers, employees and agents (if any) shall not use, the proceeds of any Loan (i) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws, (ii) for the purpose of funding, financing, or facilitating any activities, business, or transaction of or with any Sanctioned Person, or in any Sanctioned Country, or (iii) in any manner that would result in the violation of any Sanctions applicable to any party hereto.

Section 6.03. <u>Covenants of the Borrower Relating to Hedging</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Beginning on the date that is thirty (30) days after the date of the Initial Loan, the Borrower shall at all times that the Loans Outstanding are greater than zero, (x) maintain one or more Hedge Transactions in form and substance satisfactory to the Administrative Agent, each of which may be in the form of an interest rate swap or an interest rate cap transaction, and/or (y) maintain amounts on deposit in the Hedge Reserve Account, in all cases so as to ensure that within thirty (30) days after each Funding Date (including the Funding Date relating to the Initial Loan) either (i) the aggregate notional amount under all Hedge Transactions equals at least 100% of the Loans Outstanding as of such Funding Date (after giving effect to any changes to the Loans Outstanding on such date) or (ii) if the aggregate notional amount under all Hedge Transactions is less than 100% of the Loans Outstanding as of such Funding Date (after giving effect to any changes to the Loans Outstanding on such date), the Hedge Reserve Account has been established and an amount not less than the Hedge Reserve Account Required Amount must be on deposit therein at all times thereafter; <u>provided</u>, that if on any date that is more than thirty (30) days after the Funding Date relating to the Initial Loan any Mandatory Hedging Condition exists, then within two (2) Business Days of such date the aggregate notional amount under all Hedge Transactions must equal at least 100% of the Loans Outstanding as of such date (if such date is a Funding Date, and after giving effect to any changes to the Loans Outstanding on such date) or as of the immediately succeeding Funding Date (if such date is not a Funding Date, and after giving effect to any changes to the Loans Outstanding on such Funding Date), regardless of whether any amounts are then on deposit in the Hedge Reserve Account. If at any time the Hedge Reserve Account Required Amount is greater than zero, then (A) no later than three (3) Business Days prior to each Funding Date and no later than three (3) Business Days prior to each Payment Date the Borrower (or the initial Servicer on behalf of the Borrower) shall obtain a quote for the purchase price of an interest rate cap that allows it to recalculate the Hedge Reserve Account Required Amount on such date and (B) beginning on the related Funding Date or Payment Date, as applicable, such quote shall be used to determine the 'Hedge Reserve Account Required Amount' until the next succeeding Funding Date or Payment Date, as applicable. It is acknowledged and agreed that any Hedge Transaction entered into by the Administrative Agent on behalf of the Borrower pursuant to <u>Section</u> <u>2.09(f)</u> shall be deemed to have been entered into by the Borrower for purposes of Borrower's obligations under this <u>Section</u> <u>6.03(a)</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Hedge Transaction shall be entered into with a Hedge Counterparty and be governed by a Hedging Agreement. Any Hedge Transaction that is in in the form of an interest rate swap shall provide for the payment on each Distribution Date to the Hedge Counterparty of an amount calculated by reference to the notional amount thereunder and a fixed rate of interest per annum and for the payment on each Distribution Date to the Borrower of an amount calculated by reference to the same notional amount thereunder and a floating rate of interest (per annum equal to SOFR or a related rate), in each case for each day during the related Interest Period. Furthermore, (i) the notional amount, duration, and amortization of each such Hedge Transaction shall be agreed upon by the Borrower and the Administrative Agent and (ii) with respect to each Hedge Transaction that is entered into with a Non-Regions Counterparty, the "Termination Events" and "Events of Default" that are applicable under each such Hedge Transaction and any provisions in the related Hedging Agreement relating to the obligations of such Non-Regions Hedge Counterparty if an "Event of Default" occurs under such Hedge Transaction and such Non-Regions Hedge Counterparty is a "Defaulting Party" or a "Termination Event" occurs under such Hedge Transaction and such Non-Regions Hedge Counterparty is an "Affected Party," shall have been approved by the Required Lenders to the Administrative Agent prior to the effectiveness of such Hedge Transaction, which approval (A) may not be unreasonably withheld, (B) will be deemed to have been granted if the Required Lenders have not provided notice of their approval or their rejection of such applicable terms within five (5) Business Days of the date on which their approval is first sought, and (C) will be deemed to have been granted with respect to any such terms for which such an approval was previously obtained with respect to such Non-Regions Hedge Counterparty. If a Non-Regions Counterparty met the Short-Term Ratings Requirement and/or the Long-Term Ratings Requirement at the time the related Hedge Transaction was entered into and is downgraded or has any ratings withdrawn such that it no longer meets the Short-Term Ratings Requirement and/or the Long-Term Ratings Requirement, as applicable, then within thirty (30) days of the related downgrade or withdrawal either (A) the Borrower must enter into a new Hedging Agreement, (B) the Hedge Counterparty must post collateral pursuant to a credit support annex in an amount satisfactory to the Required Lenders, or (C) the Hedge Counterparty must obtain a guaranty of its obligations under the Hedging Agreement that is satisfactory to the Required Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If on any date any Hedge Transactions are in the form of interest rate swaps and the aggregate notional amount under all outstanding Hedge Transactions as of such date is either (x) less than 95% of the Loans Outstanding as of such date (after giving effect to any changes to the Loans Outstanding on such date) or (y) more than 105% of the Loans Outstanding as of such date (after giving effect to any changes to the Loans Outstanding on such date), then the Administrative Agent may direct the Borrower to, within thirty (30) days of the date on which such direction is provided, enter into one or more Hedge Transactions, increase the notional amount of one or more Hedge Transactions, or decrease the notional amount of one or more Hedge Transactions, in all cases as necessary such that immediately thereafter the aggregate notional amount under all Hedge Transactions is neither (I) less than 95% of the Loans Outstanding as of the Adjustment Date (after giving effect to any changes to the Loans

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Outstanding on such date) nor (II) more than one 105% of the Loans Outstanding as of the Adjustment Date (after giving effect to any changes to the Loans Outstanding on such date). The "<u>Adjustment Date</u>" related to any direction provided by the Administrative Agent pursuant to this clause (b) shall be either the date on which such direction is provided by the Administrative Agent to the Borrower (if such date is a Distribution Date) or otherwise the next Distribution Date occurring after the date on which such direction is provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Borrower shall establish and thereafter maintain a segregated trust account in the name of the Borrower with respect to each Hedge Counterparty (each, a "Hedge <u>Counterparty Collateral Account</u>") with a Qualified Institution in trust and for the benefit of the Lenders and the related Hedge Counterparty. In the event that pursuant to the terms of the applicable Hedging Agreement, the related Hedge Counterparty is required to deposit cash or securities as collateral to secure its obligations ("<u>Posted Collateral</u>"), the Borrower shall deposit all Posted Collateral received from the Hedge Counterparty into the Hedge Counterparty Collateral Account. All sums on deposit and securities held in any Hedge Counterparty Collateral Account shall be used only for the purposes set forth in the related credit support annex ("<u>Credit Support Annex</u>") to the Hedging Agreement. The only permitted withdrawal from or application of funds on deposit in, or otherwise to the credit of, a Hedge Counterparty Collateral Account shall be (i) for application to the obligations of the applicable Hedge Counterparty under the related Hedging Agreement in accordance with the terms of the related Credit Support Annex and (ii) to return collateral to the Hedge Counterparty when and as required by the Credit Support Annex. Amounts on deposit in each Hedge Counterparty Collateral Account shall be invested at the written direction of the related Hedge Counterparty, and all investment earnings actually received on amounts on deposit in a Hedge Counterparty Collateral Account or distributions on securities held as Posted Collateral shall be distributed to the related Hedge Counterparty in accordance with the terms of the related Credit Support Annex. Any amounts applied by the Borrower to the obligations of the Hedge Counterparty under the Hedging Agreement in accordance with the terms of the Credit Support Annex shall be deposited in the Collection Account and applied in accordance with Section 2.07 of this Agreement. The Borrower agrees to give the Hedge Counterparty prompt notice if it obtains knowledge that the Hedge Counterparty Collateral Account or any funds on deposit therein or otherwise to the credit of the Hedge Counterparty Collateral Account, shall or have become subject to any writ, order, judgment, warrant of attachment, execution, or similar process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If, with respect to any Hedge Transactions the Borrower has entered into with a Non-Regions Hedge Counterparty, either an "Event of Default" occurs and such Non-Regions Hedge Counterparty is a "Defaulting Party" or a "Termination Event" occurs under such Hedge Transaction and such Non-Regions Hedge Counterparty is an "Affected Party," then the Borrower shall promptly cause such Hedge Counterparty to take all actions it is required to take pursuant to the related Hedging Agreements as a result of the occurrence of such "Event of Default" or "Termination Event."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Borrower shall deliver to the Administrative Agent a copy of all documents related to any Hedging Agreement, including confirmations, schedules, and an aggregate notional amortization schedule.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) All reasonably documented out-of-pocket costs and expenses (including reasonable legal fees and disbursements) incurred by the Administrative Agent and the Lenders incurred with each Hedge Transaction shall be paid by the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) As additional security hereunder, the Borrower has granted a security interest to the Administrative Agent all right, title and interest of the Borrower in the Hedge Collateral. The Borrower acknowledges that, as a result of that pledge, the Borrower may not, without the prior written Consent of the Administrative Agent, exercise any rights under any Hedging Agreement or Hedge Transaction, except for the Borrower's right under any Hedging Agreement to enter into Hedge Transactions in order to meet the Borrower's obligations hereunder. Nothing herein shall have the effect of releasing the Borrower from any of its obligations under any Hedging Agreement or any Hedge Transaction, nor be construed as requiring the consent of any Secured Party for the performance by the Borrower of any such obligations.

Section 6.04. <u>Affirmative Covenants of the Servicer and the Collateral Custodian</u>. From the Closing Date until the Facility Termination Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Compliance with Law</u>. The Servicer and the Collateral Custodian will <u>each</u> comply in all material respects with all Applicable Laws, including those with respect to the Contracts, the Receivables, the related Financed Vehicles, the Receivable Files, or any part thereof and any collection efforts on behalf of the Receivables or related Financed Vehicles that such party takes, except to the extent that such party's failure to so comply would not have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Preservation of Corporate Existence</u>. The Servicer and the Collateral Custodian will each preserve and maintain its existence, rights, franchises, and privileges in its State of formation, and shall qualify and remain qualified in good standing as a foreign limited liability company in each jurisdiction where the failure to preserve and maintain such existence, rights, franchises, privileges and qualification has had, or could reasonably be expected to have, a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Obligations and Compliance with Receivables</u>. The Servicer will fulfill and comply in all material respects with all obligations on the part of the Borrower to be fulfilled or complied with under or in connection with each Receivable. Neither the Servicer nor the Collateral Custodian will do anything to impair the rights of the Administrative Agent in, to, and under the Collateral. The Servicer will comply in all material respects with the terms and conditions of this Agreement relating to the obligation of the Borrower to remove Receivables from the Collateral pursuant to this Agreement and the obligation of the Seller, under the Purchase Agreement, to reacquire Receivables from the Borrower pursuant to the Purchase Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Performance and Compliance with Basic Documents</u>. The Servicer will timely and fully perform and comply in all material respects with all provisions and covenants required to be observed by it under the Servicer Basic Documents. The Collateral Custodian will timely and fully perform and comply in all material respects with all provisions and covenants required to be observed by it under this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Keeping of Records and Books of Account</u>. The Servicer and the Collateral Custodian will each maintain and implement administrative and operating procedures (including an ability to recreate records evidencing Receivables, including the Receivable Files, in the event of the destruction of the originals thereof), and keep and maintain all documents, books, records and other information reasonably necessary or advisable for the collection of all Receivables, including the Receivable Files.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Preservation of Security Interest</u>. The Servicer will execute and file such financing and continuation statements and any other documents that may be required by any law or regulation of any Governmental Authority to preserve and protect fully the security interest of the Administrative Agent in, to, and under the Collateral; <u>provided</u>, that in the case of any Successor Servicer, the Successor Servicer shall execute and file such documents (as prepared by the Borrower or the Administrative Agent) only upon the written direction of the Borrower or the Administrative Agent and any action taken by the Successor Servicer pursuant to this clause shall be a reimbursable expense paid in accordance with the provisions of Section 2.07. The Servicer will defend the right, title, and interest of the Borrower, the Secured Parties, the Administrative Agent and the Collateral Custodian in, to and under the Collateral against all claims of third parties claiming through or under the Servicer; provided, that in the case of any Successor Servicer, such action or defense shall only be taken at the written direction of the Borrower or the Administrative Agent and, so long as the need for such defense or action was not caused by the Successor Servicer's gross negligence, bad faith, or willful misconduct, any action taken by the Successor Servicer pursuant to this clause shall be a reimbursable expense paid in accordance with the provisions of Section 2.07.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Credit and Collection Policy</u>. The Servicer will comply in all material respects with the Credit and Collection Policy in regard to each Receivable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Monthly Reports</u>. Not later than each Reporting Date, the Servicer will provide to the Administrative Agent and, to the extent requested or required by a Hedge Counterparty, such Hedge Counterparty, a Monthly Report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Events of Default and Servicer Termination Events</u>. Each of the Servicer and the Collateral Custodian will furnish to the Administrative Agent, the Backup Servicer and each Hedge Counterparty, within two Business Days after a Responsible Officer of the Servicer or the Collateral Custodian, as applicable, has actual knowledge thereof, notice of the occurrence of an Unmatured Event of Default, an Event of Default, an Unmatured Servicer Termination Event or a Servicer Termination Event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Other</u>. The Servicer and the Collateral Custodian will each furnish to the Administrative Agent, from time to time, such other information, documents, records or reports respecting the Collateral or the condition or operations, financial or otherwise, of the Servicer or the Collateral Custodian, as applicable, as the Administrative Agent may from time to time reasonably request in order to protect the interests of the Administrative Agent or Lenders under or as contemplated by this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Notices Regarding Collateral</u>. The Servicer and the Collateral Custodian shall each advise the other and the Administrative Agent in writing in reasonable detail promptly following its actual knowledge or receipt of written notice of (i) the occurrence of any breach in any material respect by the Servicer or the Collateral Custodian, respectively, of any of its representations, warranties, and covenants contained herein relating to the Receivables, and (ii) the occurrence of any other event which would reasonably be expected to have a material adverse effect on the security interest of the Administrative Agent on behalf of the Secured Parties in the Collateral or the collectability of all or a material portion of the Receivables. Furthermore, the Servicer shall include in each Monthly Report (A) a listing of any Liens (other than Permitted Liens) that were asserted or claims that were made against any portion of the Collateral through the end of the related Collection Period and (B) a listing of any Receivables with respect to which any proceeding is pending in which any defense, claim of offset, counterclaim, or claim of recoupment has been alleged by the related Obligor or any Governmental Authority through the end of the related Collection Period, and the Servicer shall promptly provide further information regarding such Liens, proceedings, and/or the affected Collateral if requested by the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Additional Information</u>. The Servicer and the Collateral Custodian shall each, within five Business Days of its receipt thereof, respond to reasonable written directions or written requests for information that the other, the Borrower, the Administrative Agent, or any Lender might have with respect to the administration of the Receivables.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>Financial Statements</u>. The initial Servicer shall cause the Performance Guarantor to provide to the Administrative Agent, and each Lender, the financial statements with respect to Lendbuzz described in Section 6.01(l)(iii).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>Accounting Policy</u>. The initial Servicer will notify the Administrative Agent within ten (10) Business Days of its implementation of any material change in its accounting policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) <u>Additional Covenants</u>. The Servicer shall (i) promptly notify the Borrower, the Administrative Agent, and the Collateral Custodian of the occurrence of any event which would require that the Borrower make or cause to be made any filings, reports, notices, or applications or seek any consents or authorizations from any and all Governmental Authorities in accordance with the relevant UCC and any State vehicle license or registration authority as may be necessary or advisable to create, maintain, and protect a first priority security interest of the Administrative Agent in, to and on the Financed Vehicles and a first priority security interest of the Administrative Agent in, to and on the Collateral, and (ii) take all reasonable action necessary to maximize the returns pursuant to the Insurance Policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) <u>Anti-Corruption Laws and Sanctions</u>. The initial Servicer and the initial Collateral Custodian will each remain subject to and enforce Lendbuzz's policies and procedures designed to ensure compliance by Lendbuzz and its Subsidiaries and each of their respective Subsidiaries and their respective directors, officers, employees, and agents with Anti-Corruption Laws and applicable Sanctions.

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Section 6.05. <u>Negative Covenants of the Servicer and the Collateral Custodian</u>. From the date hereof until the Facility Termination Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Accounts</u>. Neither the Servicer nor the Collateral Custodian shall create or participate in the creation of, or solely in the case of the initial Servicer and the initial Collateral Custodian, permit to exist, any Liens (other than Permitted Liens) with respect to the Remittance Account, the Collection Account, or the Hedge Reserve Account. Neither the Servicer nor the Collateral Custodian shall enter into any 'control agreement' (as defined in the relevant UCC) with respect to the Remittance Account (other than the Blocked Account Control Agreement), the Collection Account (other than the Control Agreement), or the Hedge Reserve Account (other than the Control Agreement). Without the prior written Consent of the Administrative Agent, neither the Servicer nor the Collateral Custodian shall move the Remittance Account or the Collection Account to an institution other than the one at which it is held as of the Closing Date, and neither shall move the Hedge Reserve Account to an institution other than the one at which it is initially established.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Change of Name or Location of Receivable Files</u>. Neither the initial Servicer nor the initial Collateral Custodian shall change its name or its state of organization, move the location of its principal place of business and chief executive office, or the offices where it keeps records concerning the Receivables (including the Receivable Files, with respect to the initial Collateral Custodian) from the location referred to in Section 7.17 or Section 13.02, unless the initial Servicer or the initial Collateral Custodian, respectively, has provided prior written notice to the Administrative Agent and has taken all actions required under the UCC of each relevant jurisdiction in order to continue the first priority perfected security interest of the Administrative Agent, as agent for the Secured Parties, in the Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Credit and Collection Policy</u>. The Servicer will not amend, modify, restate or replace, in whole or in part, in any material respect, the Credit and Collection Policy, without the prior written Consent of the Administrative Agent, which consent shall not be unreasonably withheld.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Change in Payment Instructions to Obligors</u>. The initial Servicer will not make any change in its instructions to the Obligors regarding payments to be made to the Borrower or the Servicer, except as otherwise permitted by the Credit and Collection Policy, or payments to be made to the Remittance Account, unless the Administrative Agent has Consented to such change and has received duly executed documentation related thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Extension or Amendment of Contracts</u>. The Servicer will not, except as otherwise permitted in Section 7.03(c)(i), extend, amend or otherwise modify the terms of any Contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>No Instruments</u>. Neither the Servicer nor the Collateral Custodian shall take any action to cause any Receivable to be evidenced by any Instrument or "tangible chattel paper" (as defined in the UCC).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>ERISA</u>. Neither the Servicer nor the Collateral Custodian will (A) with respect to any Pension Plan, engage or permit any ERISA Affiliate to engage in any prohibited transaction for which an exemption is not available or has not previously been obtained from the United States Department of Labor and which would result in a Material Adverse Effect, or (B) to the extent it would result in a Material Adverse Effect (i) permit to exist any accumulated funding deficiency, as defined in Section 302(a) of ERISA and Section 412(a) of the Code, or funding deficiency with respect to any Pension Plan other than a Multiemployer Plan, (ii) fail to make any payments to a Multiemployer Plan that the Servicer or any such ERISA Affiliate may be required to make under the agreement relating to such Multiemployer Plan or any law pertaining thereto, (iii) terminate any Pension Plan so as to result in any liability, or (iv) permit to exist any occurrence of any Reportable Event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Anti-Corruption Laws and Sanctions</u>. Neither the initial Servicer nor the initial Collateral Custodian will cause the Borrower to request any Loan, and none of the initial Servicer, the initial Collateral Custodian, or any Subsidiary or Affiliate of the initial Servicer or the initial Collateral Custodian shall use, and each shall procure that its Subsidiaries and its or their respective directors, officers, employees and agents shall not use, the proceeds of any Loan (i) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws, (ii) for the purpose of funding, financing or facilitating any activities, business or transaction of or with any Sanctioned Person, or in any Sanctioned Country, or (iii) in any manner that would result in the violation of any Sanctions applicable to any party hereto.

ARTICLE SEVEN

ADMINISTRATION AND SERVICING OF RECEIVABLES

Section 7.01. <u>Designation of Servicing</u>. The Administrative Agent and the Borrower, at the direction of and on behalf of the Administrative Agent, hereby appoint Lendbuzz Funding, as Servicer to manage, collect, and administer each of the Receivables and the other Collateral, and to enforce its respective rights and interests in and under the Collateral and Lendbuzz Funding hereby accepts such appointment and agrees to perform the duties and responsibilities of the Servicer pursuant to the terms hereof.

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Section 7.02. <u>Servicing Compensation</u>. As compensation for its servicing activities hereunder and reimbursement for its expenses, the Servicer shall be entitled to receive the Servicing Fee to the extent of funds available therefor pursuant to Section 2.07(ii). The Servicer shall further be entitled to retain as additional servicing compensation any and all Ancillary Fees from Obligors.

Section 7.03. <u>Duties of the Servicer</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Standard of Care</u>. The Servicer agrees that its servicing and collection of the Receivables shall be carried out in accordance with the Credit and Collection Policy and Applicable Law and, to the extent more exacting, the degree of skill and attention that the Servicer exercises with respect to all comparable motor vehicle receivables that it services for itself or others.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Records Held in Trust</u>. The Servicer shall hold in trust for the Secured Parties all records which evidence or relate to all or any part of the Collateral. The outgoing Servicer shall promptly deliver to any Successor Servicer, and the Successor Servicer shall hold in trust for the Borrower and the Secured Parties, all records which evidence or relate to all or any part of the Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Collection Practices</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Servicer shall be responsible for collection of payments called for under the terms and provisions of the Contracts related to the Receivables, as and when the same shall become due. The Servicer, in making collection of Receivable payments pursuant to this Agreement, shall be acting as agent for the Borrower, and shall be deemed to be holding such funds in trust on behalf of and as agent for the Borrower. The Servicer, consistent with the Credit and Collection Policy in effect at the time of acting, shall service, manage, administer, and make collections on the Receivables on behalf of the Borrower and shall have full power and authority to do any and all things which it may deem necessary or desirable in connection therewith which are consistent with this Agreement. The Servicer may in its discretion grant extensions, rebates, or adjustments on a Contract or amend or modify any Contract (including modifying the APR or the amount of the Scheduled Payments) as permitted by the Credit and Collection Policy then in effect. If any such modification occurs after the Termination Date, such Receivable must be repurchased by the initial Servicer pursuant to Section 5.04(b). The Servicer may in its discretion waive any late payment charge or any other fees, not including interest on the Principal Balance, that may be collected in the ordinary course of servicing a Receivable. If Lendbuzz Funding is no longer the Servicer, the Servicer shall also enforce any and all rights of the Borrower under the Purchase Agreement (including each Purchase Agreement Supplement) including the right to require Lendbuzz Funding to repurchase Receivables for breaches of representations and warranties made by Lendbuzz Funding.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Consistent with the Credit and Collection Policy, if any Receivable is past due or delinquent, in whole or in part, the Servicer will make reasonable and customary efforts to contact the Obligor. The Servicer shall continue its efforts to obtain payment from an Obligor who is past due or delinquent on a Receivable until the related Financed Vehicle has been repossessed and sold or the Servicer has determined that all amounts collectable on the Receivable have been collected. The Servicer shall use commercially reasonable efforts, consistent with the Credit and Collection Policy and the standard of care set forth in Section 7.03(a), to collect funds on a Liquidated Receivable and by the close of business on the second Business Day following receipt of such Collections to cause such Collections to be deposited into the Collection Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) In the event a Receivable becomes a Liquidated Receivable, the Servicer, itself or through the use of independent contractors or agents shall, consistent with the Credit and Collection Policy, repossess or otherwise convert the ownership of the Financed Vehicle securing any such Receivable. All costs and expenses incurred by the Servicer in connection with the repossession of the Financed Vehicles securing such Receivables shall be reimbursed to the Servicer (other than overhead), to the extent not previously recouped by the Servicer from Recoveries on the Distribution Date immediately succeeding the Collection Period in which the Servicer delivered to the Administrative Agent an itemized statement of such costs and expenses. Notwithstanding the foregoing and consistent with the terms of this Agreement, the Servicer shall not be obligated to repossess or take any action with respect to a Liquidated Receivable if, in its reasonable judgment consistent with the Credit and Collection Policy, the Recoveries would not be increased.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Servicer shall deposit or cause to be deposited by electronic funds transfer all Collections to the Collection Account no later than two Business Days after deposit of such amounts into the Remittance Account and identification thereof; <u>provided</u>, to the extent that any Collections are not received in the Remittance Account, the Servicer shall deposit such Collections to the Remittance Account within two Business Days the deposit of such amounts and identification thereof (for further transfer to the Collection Account within two Business Days after such deposit to the Remittance Account). The Servicer shall employ commercially reasonable efforts to ensure that all amounts deposited to the Remittance Account are identified promptly. Notwithstanding the foregoing, in no event shall any Successor Servicer be obligated to transfer funds in excess of the available funds in the Remittance Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Collection; Recourse; Sales of Financed Vehicles</u>. The Servicer, itself or through the use of independent contractors or agents, is authorized to follow practices consistent with the Credit and Collection Policy in its servicing of automotive receivables, which may include reasonable efforts to realize rights of recourse against any Dealer and selling a Financed Vehicle at public or private sale; <u>provided,</u> that the Servicer, itself or through the use of independent

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contractor or agents shall, in accordance with the Credit and Collection Policy, attempt to maximize the sales proceeds for each repossessed Financed Vehicle. The foregoing shall be subject to the provision that, in any case in which a Financed Vehicle shall have suffered damage, the Servicer shall not expend funds for the repair or the repossession of such Financed Vehicle unless the Servicer shall determine in its discretion that such repair or repossession would increase the Recoveries in an amount greater than the cost of repairs. Notwithstanding the foregoing and consistent with the terms of this Agreement, the Servicer shall not be obligated to repossess or take any action with respect to a repossessed Financed Vehicle if, in its reasonable judgment and consistent with the Credit and Collection Policy, the Recoveries would not be increased.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Insurance</u>. The Servicer shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) on behalf of the Borrower, administer and enforce all rights and responsibilities of the Borrower, as owner of the Receivables, provided for in the Insurance Policies relating to the Receivables;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) administer the filings of claims under the Insurance Policies by filing the appropriate notices related to claims, including initial notices of loss, as well as claims with the respective carriers or their authorized agents all in accordance with the terms of the Insurance Policies; and use reasonable efforts to file such claims on a timely basis after obtaining knowledge of the events giving rise to such claims.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) utilize such notices, claim forms and claim procedures as are required by the respective insurance carriers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) upon receipt of notice that an Obligor's physical damage insurance covering a Financed Vehicle related to a Receivable has lapsed or is otherwise not in force, notify such Obligor that each Obligor is required to maintain physical damage insurance covering a Financed Vehicle throughout the term of the related Receivable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) not be required to pay any premiums or, other than administering the filing of claims and performing reporting requirements specified in the Insurance Policies in connection with filing such claims, perform any obligations of the named insured under such Insurance Policies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) not be responsible to the Borrower, the Secured Parties or the Collateral Custodian for any (A) act or omission to act done in order to comply with the requirements or satisfy any provisions of the Insurance Policies or (B) act, absent willful misconduct or negligence, or omission to act done in compliance with this Agreement.

In the case of any inconsistency between this Agreement and the terms of any Insurance Policy, the Servicer shall comply with the latter.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Obligation to Restore</u>. In the event of any physical loss or damage to a Financed Vehicle related to a Receivable from any cause, whether through accidental means or otherwise, the Servicer shall have no obligation to cause the affected Financed Vehicle to be restored or repaired. However, the Servicer shall comply with the provisions of any insurance policy or policies directly or indirectly related to any physical loss or damage to a Financed Vehicle.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Realization on Financed Vehicles</u>. The Servicer represents, warrants and covenants that in the event that the Servicer realizes upon any Financed Vehicle, the methods utilized by the Servicer to realize upon such Receivable or otherwise enforce any provisions of such Receivable, will be conducted in all material respects in accordance with the provisions of this Agreement, the Credit and Collection Policy, and Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Recordkeeping</u>. The Servicer shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) maintain legible copies (in electronic or hard-copy form, in the discretion of the Servicer) or originals of all documents in its Receivable File with respect to each Receivable and the Financed Vehicle related thereto; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) keep books and records, reasonably satisfactory to the Administrative Agent, pertaining to each Receivable and shall make periodic reports in accordance with this Agreement; such records may not be destroyed or otherwise disposed of except as provided herein and as allowed by Applicable Law, all documents, whether developed or originated by the Servicer or not, reasonably required to document or to properly administer any Receivable shall remain at all times the property of the Borrower and shall be held in trust by the Servicer; the Servicer shall not acquire any property rights with respect to such records, and shall not have the right to possession of them except as subject to the conditions stated in this Agreement; and the Servicer shall bear the entire cost of restoration in the event any Receivable File shall become damaged, lost or destroyed while in the Servicer's possession or control.

Section 7.04. <u>Collection of Payments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Payments to the Remittance Account</u>. On or before the relevant Funding Date, the initial Servicer shall have instructed all related Obligors to make all payments in respect of the related Receivables directly to the Remittance Account.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Establishment of the Collection Account</u>. On or before the Closing Date, the Servicer shall cause the Collection Account to be established with the Account Bank in the name of the Borrower. After the execution and delivery of the Control Agreement following the reasonable advance written request of the Administrative Agent, the Collection Account shall at all times be subject to the Control Agreement. Any reasonable fees and expenses owing to the Account Bank in connection with the maintenance of the Collection Account shall be payable in accordance with the provisions of Section 2.07 to the extent that the Servicer has not elected to pay such amounts from its own account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Adjustments</u>. If the Servicer (i) makes a deposit into the Collection Account in respect of a collection of a Receivable and such collection was received by the Servicer in the form of a check that is not honored for any reason, (ii) makes a mistake with respect to the amount of any collection and deposits an amount that is less than or more than the actual amount of such collection or (iii) is entitled to reimbursement of any Ancillary Fees in accordance with Section 7.02, the Servicer shall appropriately adjust the amount subsequently deposited into the Collection Account to reflect such dishonored check, mistake or reimbursement (as applicable). Any Scheduled Payment in respect of which a dishonored check is received shall be deemed not to have been paid.

Section 7.05. <u>Servicer Advances</u>. For each Collection Period, if the Servicer determines that any Scheduled Payment (or portion thereof) that was due and payable pursuant to a Receivable during such Collection Period was not received prior to the last day of such Collection Period, the Servicer may, but is not obligated to, make an advance in an amount up to the amount of such delinquent Scheduled Payment (or portion thereof); in addition, if on any day there are not sufficient funds on deposit in the Collection Account to pay accrued Interest, the Servicer may, but is not obligated to, make an advance in the amount necessary to pay such Interest (each, a "<u>Servicer Advance</u>"), in each case if the Servicer reasonably believes that the Servicer Advance will be recovered from subsequent payments with respect to such Receivable. The Servicer will deposit any Servicer Advances into the Collection Account on or prior to 2:00 p.m., Atlanta, Georgia time, on the related Distribution Date, in immediately available funds. The Servicer shall be entitled to reimbursement of Servicer Advances from subsequent payments on or in respect of the Receivable with respect to which a Servicer Advance was made, including collections of any prepayments, amounts deposited in the Collection Account for the repurchase of the Receivable for a breach of a representation or warranty and, if the Servicer determines that a Servicer Advance will not be recovered from the Receivable to which it relates, from collections related to other Receivables. Notwithstanding anything to the contrary set forth herein, no Successor Servicer will be required to make any Servicer Advance.

Section 7.06. <u>Payment of Certain Expenses by Servicer</u>. Except for such amounts and expenses for which the Servicer is entitled to reimbursement as provided herein, the Servicer will be required to pay all expenses incurred by it in connection with its activities under this Agreement, including Taxes imposed on the Servicer, expenses incurred in connection with payments and reports pursuant to this Agreement, fees and expenses of subservicers and agents of the Servicer, and all other fees and expenses not expressly stated under this Agreement for the account of the Borrower.

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Section 7.07. <u>Reports and Audit.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Monthly Reports</u>. On each Reporting Date, the Servicer will provide to the Borrower, the Administrative Agent, the Backup Servicer, and, to the extent requested or required by a Hedge Counterparty, such Hedge Counterparty, a Monthly Report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Quarterly Report</u>. By the 15<sup>th</sup> of each February, May, August and November, commencing in November 2022, the Servicer will provide a Quarterly Report to the Administrative Agent and, to the extent requested or required by a Hedge Counterparty, such Hedge Counterparty. The Administrative Agent or a Hedge Counterparty may request such report more frequently if required by regulators or to comply with Applicable Law (including Basel II and Basel III).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Serviced Portfolio Information.</u> Upon the reasonable request of the Administrative Agent, the initial Servicer shall provide, at its own expense, the Administrative Agent with information on the Serviced Portfolio regarding delinquencies, loss-to-liquidations, annualized losses, and such other information as the Administrative Agent may request, but solely to the extent that such data is available to the Servicer without undue administrative burden or cost.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Audit.</u> Once within the first six months following the Closing Date (which, for the avoidance of doubt, shall consist of the audit being conducted by Protiviti to which the Administrative Agent is joining) and once during each calendar year thereafter, at such times during normal business hours as are reasonably convenient to the Borrower, the Servicer, or the Collateral Custodian, as the case may be, at the sole cost and expense of the Servicer (provided, that such costs and expenses are reasonable and customary for similar types of inspections in the industry and, unless (i) an Event of Default, an Early Amortization Event or a Servicer Termination Event has occurred and is continuing, or (ii) the results of any audit performed pursuant to this clause (d) are deemed to be unsatisfactory due to material findings, thereby necessitating additional audit procedures, do not exceed [\*\*\*] *per annum*) and upon reasonable request of the Administrative Agent and prior written notice to the Borrower, the Servicer, or the Collateral Custodian, as the case may be, the Borrower, the Servicer, or the Collateral Custodian, as the case may be, shall permit such Person or Persons as the Administrative Agent may designate (including the Backup Servicer or an independent accounting firm), to conduct, on behalf of all of them, audits or to visit and inspect any of the properties of the Borrower, the Servicer, or the Collateral Custodian where the Receivable Files are located, as the case may be, to examine the Receivable Files, internal controls and procedures maintained by the Borrower, the Servicer, or the Collateral Custodian, as the case may be, and take copies and extracts therefrom (provided that the parties seeking to take such copies and extracts have executed a confidentiality agreement with respect to such materials that is reasonably acceptable to the Borrower, the Servicer, or the Collateral Custodian, as applicable), and to discuss the affairs of the Borrower, the Servicer, or the Collateral Custodian with their respective officers and employees (which employees, except after the occurrence and during the continuation of an Event of Default or Servicer Termination Event, shall be designated by the Borrower, the Servicer, or the Collateral Custodian, as the case may be, and provided that such discussions will be scheduled so as to not materially disrupt the operations of the Borrower, the Server, or the Collateral Custodian, as applicable) and, upon written notice to the Borrower, the Servicer, or the Collateral Custodian, as the case may be, independent accountants. The scope of

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any audit or inspection will be a scope agreed upon between the Servicer and the Administrative Agent. The Administrative Agent may request to take the foregoing actions more than once per calendar year if it has a commercially reasonable basis for requesting such actions, but any additional inspections and audits shall be at the expense of the Administrative Agent. After the occurrence and during the continuation of an Event of Default or Servicer Termination Event, the Administrative Agent, the Backup Servicer and their respective representatives shall be permitted to take the foregoing actions without being subject to any limitation on the number of audits, visits or inspections that may be conducted during a calendar year and such audits, visits or inspections shall be at the sole cost and expense of the Servicer; <u>provided</u>, that the Administrative Agent and its representatives shall make reasonable efforts to coordinate, and provide a prior written notice of, such audits, visits and inspections. The Borrower, the Servicer, or the Collateral Custodian, as the case may be, hereby authorizes such officers, employees and independent accountants to discuss with the Administrative Agent and its representatives, the affairs of the Borrower, the Servicer, or the Collateral Custodian, as the case may be. The Servicer shall reimburse the Administrative Agent for all reasonable fees, costs and expenses incurred by or on behalf of the Secured Parties in connection with the foregoing actions promptly upon receipt of a written invoice therefor. Nothing in this subsection shall affect the obligation of the Servicer and the Collateral Custodian to observe any Applicable Law prohibiting the disclosure of information regarding the Obligors, and the failure of the Servicer or the Collateral Custodian to provide access to information as a result of such obligation shall not constitute a breach of this subsection. In the case of any Successor Servicer, any fees or expenses of the Servicer referenced in this Section shall be reimbursable in accordance with the provisions of Section 2.07.

Section 7.08. <u>Backup Servicer.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) At all times that a Backup Servicing Agreement is in effect, (i) the Servicer shall perform all of its duties thereunder and (ii) the Borrower shall both perform all of its duties thereunder and shall cause the Servicer to consult with the Backup Servicer as may be necessary from time to time to perform or carry out the Backup Servicer's obligations thereunder, including the obligation, if requested in writing by the Administrative Agent, to succeed to the duties and obligations of the Servicer pursuant hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Backup Servicer shall be entitled to recover its fees and reimbursable costs as set forth in the Backup Servicing Agreement in accordance with Section 2.07 (but only to the extent that the same have not been paid by the Servicer).

Section 7.09. <u>Rights After Assumption of Duties by Backup Servicer or Designation of Successor Servicer; Liability</u>. At any time following the assumption of the duties of the Servicer by the Backup Servicer, in its capacity as Successor Servicer, or the designation of a Successor Servicer (other than the Backup Servicer) pursuant to Section 7.13 as a result of the occurrence of a Servicer Termination Event:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Servicer, on behalf of the Borrower, shall, at the Administrative Agent's request, (i) assemble all of the records relating to the Collateral, including all Receivable Files (to the extent such Receivable Files are in the possession of the Servicer and not the Collateral Custodian), and shall make the same available to the Administrative Agent, the Backup Servicer,

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or any Successor Servicer at a place selected by the Administrative Agent, and (ii) segregate all cash, checks, and other instruments received by it from time to time constituting Collections of Collateral in a manner acceptable to the Administrative Agent, the Backup Servicer, or such other Successor Servicer and shall, no later than two Business Days after receipt, remit all such cash, checks, and instruments, duly endorsed or with duly executed instruments of transfer, to, or at the direction of, the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Borrower hereby authorizes the Administrative Agent to take or cause to be taken any and all steps in the Borrower's name and on behalf of the Borrower necessary or desirable, in the determination of the Administrative Agent, to collect all amounts due under the Collateral, including endorsing the Borrower's name on checks and other instruments representing Collections and enforcing the Receivables.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Successor Servicer shall be liable in accordance herewith only to the extent of the obligations specifically undertaken by the Successor Servicer in such capacity herein. Such liability is limited to only those actions taken or omitted to be taken by the Successor Servicer and caused through its gross negligence, bad faith, or willful misconduct. No implied covenants or obligations shall be read into this Agreement against the Successor Servicer and, in the absence of bad faith on its part, the Successor Servicer may conclusively rely on the truth of the statements and the correctness of the opinions expressed in any certificates or opinions furnished to the Successor Servicer and conforming to the requirements of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Successor Servicer shall not be charged with actual or constructive knowledge of any Event of Default or Unmatured Event of Default unless a Responsible Officer of the Successor Servicer obtains actual knowledge of such event or the Successor Servicer receives written notice of such event from the Borrower, the Servicer, or the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Successor Servicer shall not be required to expend or risk its own funds or otherwise incur financial liability in the performance of its duties hereunder, or in the exercise of any of its rights or powers, if the repayment of such funds or adequate indemnity against such risks or liability is not reasonably assured to it in writing prior to the expenditure of such funds or the incurrence of financial liability.

Section 7.10. <u>Limitation on Liability of the Servicer, the Collateral Custodian, and Others</u>. Except as expressly provided herein, neither the Servicer, the Collateral Custodian, nor any of their respective directors, officers, employees, or agents shall be under any liability to the Secured Parties or any other Person for any action taken or for refraining from the taking of any action pursuant to this Agreement; <u>provided</u>, that this provision shall not protect the Servicer, the Collateral Custodian, or any other such Person against any liability that would otherwise be imposed by reason of its willful misconduct, bad faith, or negligence in the performance of duties or by reason of its willful misconduct hereunder.

Section 7.11. <u>The Servicer and the Collateral Custodian Not to Resign</u>. Neither the Servicer nor the Collateral Custodian shall resign unless such party has obtained the prior written consent of the Administrative Agent (acting at the direction of the Required Lenders), or unless the Servicer or the Collateral Custodian, respectively, provides an Opinion of Counsel to the

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Administrative Agent to the effect that the Servicer or the Collateral Custodian, as applicable, is no longer permitted by law to act as the Servicer or the Collateral Custodian, respectively, hereunder. No termination or resignation of the Servicer or the Collateral Custodian hereunder shall be effective until a Successor Servicer or Successor Collateral Custodian, in each case acceptable to the Administrative Agent, has accepted its appointment as Successor Servicer or Successor Collateral Custodian, respectively, hereunder and has agreed to be bound by the terms of this Agreement.

Section 7.12. <u>Servicer Termination Events</u>. The occurrence and continuance of any of the following events shall constitute a "<u>Servicer Termination Event</u>" hereunder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any failure by the Servicer to make any payment, transfer, or deposit as required by it as required by any Basic Document, to which it is a party, which failure is not remedied within two (2) Business Days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any failure by the Servicer to deliver the Monthly Report by the Reporting Date, which failure is not remedied within two (2) Business Days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) an Insolvency Event shall occur with respect to the Servicer or any Subsidiary of the Servicer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any failure by the Servicer duly to observe or perform in any material respect any other covenant or agreement of the Servicer set forth in this Agreement or the other Basic Documents to which the Servicer is a party, which such failure remains unremedied for thirty (30) days after the earlier of knowledge thereof by the Servicer or after the date on which written notice of such failure shall have been given to the Servicer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any representation, warranty, or certification made by the Servicer in any Basic Document to which it is a party or in any certificate delivered pursuant to any Basic Document to which it is a party shall prove to have been false or otherwise incorrect in any respect when made, deemed made, or delivered, which such incorrect representation, warranty, or certification materially and adversely affects the rights or interests of the Secured Parties and, if able to be cured, shall not have been cured for thirty (30) days after the earlier of the date on which the Servicer first has knowledge thereof or the date on which written notice of such failure shall have been given to the Servicer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) with respect to the initial Servicer only, either Lendbuzz Funding or a Subsidiary of Lendbuzz Funding shall default under any Indebtedness having a principal amount of $5,000,000 or greater, and (i) such default continues after the applicable grace period, if any, specified in the agreements or instruments relating to such Indebtedness, (ii) such default has not been waived by the required lenders, creditors, or similarly denominated parties under the agreements or instruments relating to such Indebtedness and in the manner specified in such agreements or instruments, and (iii) as a consequence of such default, either the required lenders, creditors, or similarly denominated parties have accelerated the maturity of such Indebtedness, or the acceleration of the maturity of such Indebtedness has occurred automatically, in all cases as specified in the agreements or instruments relating to such Indebtedness and in all cases the result of which acceleration (regardless of how it is denominated in such agreements or instruments) is to require the immediate repayment of principal on such Indebtedness;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any material provision of any Basic Document to which the Servicer is a party shall in whole or in part, cease to be in full force and effect or cease to be the legally valid, binding and enforceable obligation of the Servicer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) (i) one or more final nonappealable judgments shall be entered against the Servicer by one or more courts of competent jurisdiction which would reasonably be expected to have a Material Adverse Effect on the Servicer; (ii) one or more monetary settlements shall be entered into by the Servicer with any Person which would reasonably be expected to have a Material Adverse Effect on the Servicer; (iii) the IRS shall file notice of a Lien pursuant to Section 6323 of the Code with regard to any assets of the Servicer and such Lien shall not have been released within 30 days; or (iv) the Pension Benefit Guaranty Corporation shall file notice of a Lien pursuant to Section 4068 of ERISA with regard to any of the assets of the Servicer and such Lien shall not have been released within 30 days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any Change in Control shall occur with respect to Lendbuzz Funding without the prior Consent of the Administrative Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) an Event of Default shall have occurred and is continuing and shall not have been waived;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) any Regulatory Authority shall have condemned, seized or appropriated, or shall have assumed custody or control of all or any substantial part of the property of the Servicer, or shall have taken any action to displace the management of the Servicer or to curtail its authority in the conduct of its business as the Servicer, or shall have taken any action in the nature of enforcement to remove, limit or restrict the licensing or approval of the Servicer as a servicer of the Contracts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) with respect to the initial Servicer, a Material Adverse Change with respect to Lendbuzz Funding shall have occurred and is continuing and shall not have been waived; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) the Performance Guaranty shall cease to be in full force and effect (other than in accordance with its terms) or the Performance Guarantor shall assert that it is not bound by, or otherwise seek to terminate or disaffirm its obligations under, the Performance Guaranty, or shall otherwise claim that the Performance Guaranty is in any way invalid or unenforceable.

Upon the occurrence of any of the foregoing, notwithstanding anything herein to the contrary, the Final Maturity Date shall occur and, so long as any such Servicer Termination Event shall not have been remedied within any applicable cure period or waived in writing by the Required Lenders, the following shall immediately occur without further action: (i) the Revolving Period shall terminate and no further Loans will be made; (ii) the Administrative Agent (acting at the direction of or with the consent of the Required Lenders) by written notice to the Servicer (with a copy to each Lender, Hedge Counterparty, the Backup Servicer, and the Collateral Custodian) (a "<u>Servicer Termination Notice</u>"), may terminate all of the rights and obligations of the Servicer as Servicer under this Agreement; (iii) the Administrative Agent may direct the Servicer to direct Collections to an account other than the Remittance Account or the

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Collection Account; and (iv) the Administrative Agent may terminate the Collateral Custodian (if the Collateral Custodian is Lendbuzz Funding or an Affiliate of Lendbuzz Funding) and cause the Collateral Custodian to deliver, or cause to be delivered, the Receivable Files and the related accounts and records maintained by the Collateral Custodian to the Vervent Inc., as successor Collateral Custodian, in accordance with the Backup Servicing Agreement and Section 7.17(f) hereof.

Section 7.13. <u>Appointment of Successor Servicer</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On and after the receipt by the Servicer of a Servicer Termination Notice, the Servicer shall continue to perform all servicing functions under this Agreement until the date specified in the Servicer Termination Notice or otherwise specified by the Administrative Agent in writing or, if no such date is specified in such Servicer Termination Notice or otherwise specified by the Administrative Agent, until a date mutually agreed upon by the Servicer, the Administrative Agent, and the Backup Servicer. The Administrative Agent may, in its discretion, at the time described in the immediately preceding sentence, appoint the Backup Servicer as the Successor Servicer hereunder in accordance with this Agreement and the Backup Servicing Agreement, in which case the Backup Servicer shall assume all obligations of the Servicer hereunder, and all authority and power of the Servicer under this Agreement shall pass to and be vested in the Backup Servicer as Successor Servicer. All actions taken by the Administrative Agent pursuant to this Section shall be taken upon the request or approval of the Required Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event that there is no Backup Servicer at the time that the Servicer is terminated hereunder, or the Administrative Agent does not so appoint the Backup Servicer to succeed the Servicer as Successor Servicer hereunder, or the Backup Servicer is unable to assume such obligations on such date, the Administrative Agent shall as promptly as possible appoint a successor servicer (each such party so appointed or, as applicable, the Backup Servicer as successor to the Servicer, collectively, the "<u>Successor Servicer</u>"), and such Successor Servicer shall accept its appointment by a written assumption in a form acceptable to the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon the termination and removal of the Servicer, the predecessor Servicer shall cooperate with the Successor Servicer in effecting the termination of the rights and responsibilities of the predecessor Servicer under this Agreement, including the transfer to the Successor Servicer for administration by it of all cash amounts that shall at the time be held by the predecessor Servicer for deposit, or shall thereafter be received, with respect to a Receivable, and the related accounts and records maintained by the Servicer. In the case that the Successor Servicer shall not agree to perform any duties or obligations of the Servicer hereunder, such duties or obligations may be performed or delegated by the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Administrative Agent shall have the same rights of removal and termination for cause with respect to any Successor Servicer as with respect to Lendbuzz Funding as the Servicer.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Successor Servicer shall act as Servicer hereunder and shall, subject to the availability of sufficient funds in the Collection Account pursuant to Section 2.07 (up to the Servicing Fee), receive as compensation therefor the Servicing Fee pursuant to Section 2.07.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) All reasonable out-of-pocket costs and expenses (including attorneys' fees and disbursements) incurred in connection with the transferring of Receivables to the Successor Servicer, converting the Servicer's data to the computer system of the Successor Servicer, and amending this Agreement to reflect such succession as Servicer pursuant to this Section shall be paid by the predecessor Servicer upon presentation of reasonable transition expenses (the "<u>Transition Expenses</u>"). In no event shall the Successor Servicer be responsible for any Transition Expenses. If the predecessor Servicer fails to pay the Transition Expenses, the Transition Expenses shall be payable pursuant to Section 2.07.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Upon its appointment, the Successor Servicer shall be the successor in all respects to the Servicer with respect to servicing functions under this Agreement and shall be subject to all the responsibilities, duties and liabilities relating thereto placed on the Servicer by the terms and provisions hereof, and all references in this Agreement to the Servicer shall be deemed to refer to the Successor Servicer; <u>provided</u>, that any Successor Servicer shall have (i) no liability with respect to any obligation which was required to be performed by the predecessor Servicer prior to the date that the successor becomes the Successor Servicer or any claim of a third party based on any alleged action or inaction of the predecessor Servicer; (ii) no obligation to perform any repurchase or advancing obligations, if any, of the Servicer; (iii) no obligation to pay any Taxes required to be paid by the predecessor Servicer; (iv) no obligation to pay any of the fees and expenses of any other party to this Agreement; (v) no liability or obligation with respect to any Servicer indemnification obligations of any prior Servicer, including Lendbuzz Funding; and (vi) no obligation to service the Receivables in accordance with the Credit and Collection Policy, but shall use its customary credit and collection policies for similar assets or those policies to be agreed to with the Administrative Agent. The indemnification obligations of the Successor Servicer are expressly limited to those instances of gross negligence, bad faith or willful misconduct of the Successor Servicer. Furthermore, to the extent that the Backup Servicing Agreement provides that any representations, warranties, covenants, or other agreements made hereunder by the Servicer, or obligations undertaken hereunder by the Servicer, shall not be made or performed, or shall be made or performed in an alternative manner, by the Backup Servicer in the event that the Backup Servicer becomes the Successor Servicer hereunder, the Borrower, the Administrative Agent, the Collateral Custodian, and the Lenders agree that the representations, warranties, covenants, other agreement and other obligations of the Servicer hereunder shall not be applicable with respect to, or shall be modified with respect to, the Backup Servicer in its capacity as Successor Servicer and in the manner set forth in the Backup Servicing Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) All authority and power granted to the Servicer under this Agreement shall automatically cease and terminate upon termination of this Agreement and shall pass to and be vested in the Borrower and the Borrower is hereby authorized and empowered to execute and deliver, on behalf of the Servicer, as attorney-in-fact or otherwise, all documents and other instruments, and to do and accomplish all other acts or things necessary or appropriate to effect the purposes of such transfer of servicing rights. The Servicer agrees to cooperate with the Borrower in effecting the termination of the responsibilities and rights of the Servicer to conduct servicing of the Receivables.

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Section 7.14. <u>Merger or Consolidation, Assumption of Obligations or Resignation of the Servicer</u>. Any Person (a) into which the Servicer may be merged or consolidated, (b) which may result from any merger or consolidation to which the Servicer may be a party, (c) which may succeed to the properties and assets of the Servicer substantially as a whole, or (d) which may succeed to the duties and obligations of the Servicer under this Agreement following the resignation of the Servicer, which Person executes an agreement of assumption acceptable to the Administrative Agent to perform every obligation of the Servicer hereunder, shall, with the prior written Consent of the Administrative Agent (which Consent shall not be unreasonably withheld), be the successor to the Servicer under this Agreement without further act on the part of any of the parties to this Agreement; <u>provided</u>, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) prior written notice of such consolidation, merger, succession, or resignation shall be delivered by the Servicer to the Administrative Agent and the Collateral Custodian;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) immediately after giving effect to such consolidation, merger, succession, or resignation, no Servicer Termination Event shall have occurred and is continuing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) no Event of Default or Unmatured Event of Default would occur as result of such consolidation, merger, succession, or resignation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Servicer shall have delivered to the Borrower, the Administrative Agent, and the Collateral Custodian an Officer's Certificate and an Opinion of Counsel, each stating that such consolidation, merger, succession, or resignation and such agreement of assumption comply with this Section and that all conditions precedent provided for in this Agreement and the other Basic Documents to which it is a party relating to such transaction have been complied with and, in the case of the Opinion of Counsel, that such agreement of assumption is legal, valid, and binding with respect to the Servicer and such other matters as the Administrative Agent may reasonably request; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Servicer shall have delivered to the Borrower, the Administrative Agent, and the Collateral Custodian an Opinion of Counsel to the effect that either: (A) in the opinion of such counsel, all financing statements, continuation statements and amendments and notations on Certificates of Title thereto have been executed and filed that are necessary to preserve and protect the interest of the Borrower, the Secured Parties, the Administrative Agent, and the Collateral Custodian in the Receivables and reciting the details of such filings or (B) no such action shall be necessary to preserve and protect such interest.

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Section 7.15. <u>Responsibilities of the Borrower</u>. Anything herein to the contrary notwithstanding, the Borrower shall (i) perform, or cause the Servicer to perform, all of its obligations under the Receivables to the same extent as if a security interest in such Receivables had not been granted hereunder, and the exercise by the Administrative Agent of its rights hereunder shall not relieve the Borrower from such obligations and (ii) pay when due, from funds available to the Borrower under Section 2.07(ix), any Taxes, including any sales taxes payable in connection with the Receivables and their creation and satisfaction. No Secured Party shall have any obligation or liability with respect to any Receivable, nor shall any of them be obligated to perform any of the obligations of the Borrower thereunder.

Section 7.16. <u>Custody of Receivable Files</u>. To assure uniform quality in servicing the Receivables and to reduce administrative costs, the Administrative Agent, on behalf of the Secured Parties, hereby revocably appoints the Collateral Custodian as its agent, and the Collateral Custodian hereby accepts such appointment, to act as custodian, on behalf of the Secured Parties, of the Receivables and the Receivable Files.

Section 7.17. <u>Duties of Collateral Custodian</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Safekeeping</u>. With respect to the documents constituting each Receivable File, the Collateral Custodian shall (i) act exclusively as the custodian for, and the agent and bailee (as such term is used in Section 9-313 of the UCC) of, the Secured Parties, (ii) hold all documents constituting such Receivable Files received by it for the exclusive use and benefit of the Secured Parties, and (iii) make disposition thereof only in accordance with the terms of this Agreement or with written instructions furnished by the Administrative Agent. The Collateral Custodian shall maintain such accurate and complete accounts, records and computer systems pertaining to each Receivable File as shall enable the Servicer and the Borrower to comply with this Agreement. In performing its duties as custodian, the Collateral Custodian shall act with reasonable care, using that degree of skill and attention that it exercises with respect to the files of comparable motor vehicle installment sale contracts and installment loans that the Collateral Custodian holds for itself or others. The Collateral Custodian shall maintain continuous custody of the Receivable Files and such other documents received by it in secure, fire resistant facilities; <u>provided</u>, that the Collateral Custodian may, in accordance with its customary custodial practices, (A) maintain all or a portion of the Receivable Files in electronic form, (B) maintain custody of all or any portion of the Receivable Files with an Electronic Chattel Paper Sub-Custodian. Each Receivable shall be identified on the books and records of the Collateral Custodian in a manner that (x) indicates that the Receivable is held by the Collateral Custodian on behalf of the Secured Parties and (y) is otherwise necessary, as reasonably determined by the Collateral Custodian to comply with the terms of this Agreement. The Collateral Custodian shall report to the Administrative Agent any failure on its part to hold the Receivable Files and to maintain its accounts, records, and computer systems as herein provided and take appropriate action to remedy any such failure. Nothing herein shall be deemed to require an initial review or any periodic review of the Receivable Files by the Secured Parties, and none of the Secured Parties shall be liable or responsible for any action or failure to act by the Servicer in its capacity as custodian hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Maintenance of and Access to Records</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Except to the extent such Receivable Files are maintained in electronic form, the Collateral Custodian shall maintain each Receivable File at one of the locations specified in Schedule D or at such other location as shall be specified to the Administrative Agent and each Lender, by five (5) days' prior written notice.

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The Collateral Custodian may temporarily move individual Receivable Files or any portion thereof without notice as requested by the Servicer as necessary to conduct collection and other servicing activities in accordance with its customary practices and procedures. The Collateral Custodian shall make available to the Secured Parties or their duly authorized representatives, attorneys or auditors a list of locations of the Receivable Files, the Receivable Files and the related accounts, records and computer systems maintained by the Collateral Custodian at such times during normal business hours as any Secured Party shall reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The authoritative copy of each Contract that constitutes or evidences a Receivable which is electronic chattel paper will be maintained by an Electronic Chattel Paper Sub-Custodian on behalf of the Collateral Custodian for the benefit of the Secured Parties. The Collateral Custodian will confirm that the authoritative copy of each Contract that constitutes or evidences a Receivable which is electronic chattel paper does not have any marks or notations indicating it has been pledged, assigned or otherwise conveyed to any Person other than the Administrative Agent. The Collateral Custodian will maintain "control" (as defined in Section 9-105 of the UCC) of Receivables that are electronic chattel paper. The Collateral Custodian will confirm that each Receivable which is electronic chattel paper has been established in a manner such that (a) all copies or revisions that add or change an identified assignee of the authoritative copy of each contract that constitutes or evidences the Receivable must be made with the participation of the Collateral Custodian on behalf of the Administrative Agent and (b) all revisions of the authoritative copy of each Contract that constitutes or evidences the Receivables must be readily identifiable as an authorized or unauthorized revision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Title to Receivables</u>. The Receivable Files and the other documents delivered to the Collateral Custodian will be delivered from time to time to the Collateral Custodian for the sole purpose of holding for safekeeping. The Collateral Custodian shall not at any time have, or in any way attempt to assert, any interest in any Receivable held by it as custodian hereunder or in the related Receivable File, other than for collecting or enforcing such Receivable for the benefit of the Administrative Agent on behalf of the Secured Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Instructions; Authority to Act</u>. The Collateral Custodian shall be deemed to have received proper instructions with respect to the Receivable Files upon its receipt of written instructions signed by a Responsible Officer of the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Indemnification by Collateral Custodian</u>. The Collateral Custodian, in its capacity as custodian of the Receivable Files, shall indemnify and hold harmless the Secured Parties and each of their respective officers, directors, employees and agents from and against any and all loss, liability or expense that may be imposed on, incurred or asserted against the Secured Parties and each of their respective officers, directors, employees and agents as the result of the Collateral Custodian's willful misconduct, bad faith, or gross negligence relating to the maintenance and custody of the Receivable Files by the Collateral Custodian; <u>provided</u>, that the Collateral Custodian shall not be liable for any portion of any such loss, liability, or expense resulting from the willful misfeasance, bad faith, or gross negligence of any Secured Party.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Effective Period and Termination</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Collateral Custodian's appointment as custodian shall become effective as of the Closing Date and shall continue in full force and effect until the Collateral Custodian is terminated pursuant to this Section. If the initial Servicer is terminated following a Servicer Termination Event, the appointment of the Collateral Custodian as custodian hereunder may be terminated by the Administrative Agent. As soon as practicable after any such termination of such appointment, the Administrative Agent shall appoint a successor Collateral Custodian (such party, a "<u>Successor Collateral Custodian</u>", which, unless the Administrative Agent shall select another successor, shall be Vervent Inc.) to be custodian of the Receivable Files and the accounts and records relating thereto and the Collateral Custodian shall, at its sole cost and expense, (i) deliver, or cause to be delivered, the Receivable Files and the related accounts and records maintained by the Collateral Custodian to such Successor Collateral Custodian, or its agent or designee, as the case may be, at such place as such Successor Collateral Custodian may reasonably designate and (ii) otherwise cooperate with the Successor Collateral Custodian in affecting the termination of the rights and responsibilities of the predecessor Collateral Custodian under this Agreement. From and after the appointment of a Successor Collateral Custodian, the predecessor Collateral Custodian shall continue to perform all custodial functions under this Agreement until the date specified by the Administrative Agent in writing or, if no such date is specified, until a date mutually agreed upon by the predecessor Collateral Custodian and the Administrative Agent. The Administrative Agent may, in its discretion, at the time described in immediately preceding sentence, appoint the Backup Servicer as the Successor Collateral Custodian hereunder, and the Backup Servicer shall on such date assume all obligations of the Collateral Custodian hereunder, and all authority and power of the predecessor Collateral Custodian under this Agreement shall pass to and be vested in the Backup Servicer. The Administrative Agent shall have the same rights of removal and termination for cause with respect to any Successor Collateral Custodian as with respect to Lendbuzz Funding as the initial Collateral Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Collateral Custodian hereby agrees that upon any appointment of a Successor Collateral Custodian hereunder it shall take all necessary action reasonably necessary to transfer all of its control of any Receivables consisting of electronic chattel paper to the applicable Successor Collateral Custodian (including the transfer of such electronic chattel paper to a separate electronic vault at each Electronic Chattel Paper Sub-Custodian controlled by such Successor Collateral Custodian or to a separate electronic vault at such Successor Collateral Custodian or export of the electronic chattel paper from the applicable electronic vault and delivery of physical copies of exported Contracts to the Servicer).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Inspection</u>. The Collateral Custodian shall permit the Administrative Agent, the Servicer, the Backup Servicer, and each Lender or their designee, upon reasonable prior notice and during the Servicer's regular business hours and at the reasonable expense of the Borrower, to periodically, at the discretion of the Administrative Agent, the Servicer, the Backup Servicer and each Lender, conduct an audit of the Receivables and Receivable Files. Notwithstanding the foregoing, for so long as Lendbuzz Funding is both the Servicer and the Collateral Custodian, the right to conduct inspections of the Collateral Custodian shall instead be governed by the provisions of Section 7.07(d).

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ARTICLE EIGHT

EVENTS OF DEFAULT

Section 8.01. <u>Events of Default</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each of the following events shall constitute an " <u>Event of Default</u>":

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) failure by the Borrower, Lendbuzz or Lendbuzz Funding to (A) make any payment, transfer, or deposit required by the terms of any Basic Document to which it is a party on the day such payment, transfer, or deposit is required to be made (including, with respect to the Borrower, any payment of Interest or Unused Commitment Fees on any Distribution Date but excluding payments of any Loans Outstanding), or (B) the Borrower to deliver the Monthly Report on the Reporting Date, and in each case, such failure continues unremedied for two (2) Business Days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) failure of the Borrower to (A) pay in full the Loans Outstanding by the Final Maturity Date or (B) to pay any outstanding principal amount of the Lender Advances when the same becomes due and payable pursuant to the terms of the Basic Documents and such failure continues unremedied for one (1) Business Day;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any failure by the Borrower, Lendbuzz Funding, or Lendbuzz duly to observe or perform in any material respect any other covenant or agreement of the Borrower, Lendbuzz Funding, or Lendbuzz, respectively and, in each case, in any capacity, set forth in this Agreement or the other Basic Documents to which the Borrower, Lendbuzz Funding, or Lendbuzz, respectively, is a party, which failure remains unremedied for 30 days after the earlier of knowledge thereof by the Borrower, Lendbuzz Funding, or Lendbuzz, as applicable, or after the date on which written notice of such failure shall have been given by the other parties or by the Administrative Agent to the Borrower, Lendbuzz Funding, or Lendbuzz, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any representation, warranty, or certification made by the Borrower, Lendbuzz Funding, or Lendbuzz in any Basic Document to which it is a party or in any Funding Request, Monthly Report, Quarterly Report, or other report, certificate, or notice delivered pursuant to any Basic Document to which it is a party, shall prove to have been false or otherwise incorrect in any material respect when made, deemed made, or delivered, which such false or incorrect representation, warranty, or information, if able to be cured, shall not have been cured for 30 days after the earlier of the date on which the Borrower, Lendbuzz Funding, or Lendbuzz, as applicable, first has knowledge thereof or the date on which written notice of such failure shall have been given to the Borrower, Lendbuzz Funding, or Lendbuzz, as

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applicable; <u>provided</u>, that no Event of Default shall occur under this clause for breaches of representations or warranties that are to be cured by the repurchase of the related Receivable pursuant to Section 5.04 hereof, so long as the related repurchase has been made in accordance with such Section 5.04;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) an Insolvency Event shall occur with respect to the Borrower, Lendbuzz Funding, or Lendbuzz;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the Administrative Agent shall fail for any reason to have a valid, first priority perfected security interest in all, or any material portion of, the Collateral (other than (A) by reason of a release of such portion of the Collateral in accordance with the terms hereof or the other Basic Documents or (B) following the satisfaction in full of the Obligations and any other amounts due hereunder or any other Basic Document in accordance with the terms hereof or thereof on or after the Facility Termination Date), which failure shall not have been cured for two (2) Business Days after the earlier of the date on which the Borrower, Lendbuzz Funding, or Lendbuzz first has knowledge thereof or the date on which written notice of such failure shall have been given to the Borrower, Lendbuzz, or Lendbuzz Funding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) (A) one or more final nonappealable judgments shall be entered against the Borrower, Lendbuzz, or Lendbuzz Funding by one or more courts of competent jurisdiction (x) assessing monetary damages, individually or in the aggregate over any calendar year, in excess of $50,000 with respect to the Borrower or (y) which judgment would reasonably be expected to have a Material Adverse Effect on Lendbuzz or Lendbuzz Funding, as applicable (with respect to Lendbuzz or Lendbuzz Funding) or (B) one or more monetary settlements shall be entered into by the Borrower, Lendbuzz, or Lendbuzz Funding with any Person, individually or in the aggregate over any calendar year, (x) in excess of $50,000 (with respect to the Borrower) or (y) which settlement would reasonably be expected to have a Material Adverse Effect on Lendbuzz or Lendbuzz Funding, as applicable (with respect to Lendbuzz or Lendbuzz Funding); (C) the IRS shall file notice of a Lien pursuant to Section 6323 of the Code with regard to any assets of the Borrower, Lendbuzz, or Lendbuzz Funding and such Lien shall not have been released within 30 days; or (iv) the Pension Benefit Guaranty Corporation shall file notice of a Lien pursuant to Section 4068 of ERISA with regard to any of the assets of the Borrower, Lendbuzz, or Lendbuzz Funding and such Lien shall not have been released within 30 days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the Borrower, Lendbuzz, or Lendbuzz Funding shall default under any Indebtedness having a principal amount of $50,000 or greater (with respect to the Borrower) or $5,000,000 or greater (with respect to Lendbuzz or Lendbuzz Funding), and (A) such default continues after the applicable grace period, if any, specified in the agreements or instruments relating to such Indebtedness, (B) such default has not been waived by the required lenders, creditors, or similarly denominated parties under the agreements or instruments relating to such Indebtedness and in the manner specified in such agreements or instruments and (C) as a consequence of such default, either the required lenders, creditors, or similarly denominated parties have accelerated the maturity of such Indebtedness, or the

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acceleration of the maturity of such Indebtedness has occurred automatically, in all cases as specified in the agreements or instruments relating to such Indebtedness and in all cases the result of which acceleration (regardless of how it is denominated in such agreements or instruments) is to require the immediate repayment of principal of such Indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) any Change in Control shall occur without the prior consent of the Administrative Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) at any time, the Loans Outstanding exceed the Net Eligible Pool Balance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) either (A) any Basic Document or any lien granted thereunder shall, in whole or in part, terminate, cease to be effective or, with respect to the Basic Documents, cease to be the legally valid, binding, and enforceable obligation of the Borrower, the Borrower, Lendbuzz, or Lendbuzz Funding (in each case, in any capacity) or (B) any of the Borrower, Lendbuzz, or Lendbuzz Funding (in each case, in any capacity) shall, directly or indirectly, contest in any manner such effectiveness, validity, binding nature, or enforceability of, or assert that it is not bound by, or shall otherwise seek to terminate or disaffirm its obligations under, any Basic Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) any Servicer Termination Event occurs and is continuing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) any Financial Covenant shall fail to be satisfied;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) (A) failure on the part of the Borrower within thirty (30) days after any Funding Date to both (x) maintain one or more Hedge Transactions having notional amounts which, in the aggregate, equal at least 100% of the Loans Outstanding as of such Funding Date (after giving effect to any changes to the Loans Outstanding on such Funding Date) and (y) cause an amount that is at least equal to the Hedge Reserve Account Required Amount to be on deposit in the Hedge Reserve Account; (B) failure on the part of the Borrower within thirty (30) days of receiving direction from the Administrative Agent pursuant to Section 6.03(c) to enter into one or more Hedge Transactions, increase the notional amount of one or more Hedge Transactions, or decrease the notional amount of one or more Hedge Transactions, in each case as directed by the Administrative Agent and in the manner set forth in such Section 6.03(c); or (C) any other failure on the part of the Borrower to maintain one or more Hedge Transactions in fulfillment of the requirements set forth in Section 6.03, which failure, in the case of this clause (C), remains unremedied for thirty (30) days after the Borrower or the initial Servicer has knowledge of such failure or receives notice of such failure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) the Borrower shall fail to have an Independent Manager as required by Section 6.01(o) at any time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) on any Reporting Date occurring in or after January 28, 2023, the arithmetic mean of the Net Loss-to-Liquidation Ratio for the three Collection Periods immediately preceding such Reporting Date is greater than [\*\*\*];

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) on any Reporting Date occurring in or after January 28, 2023, the arithmetic mean of the Serviced Portfolio Net Loss-to-Liquidation Ratio for the three Collection Periods immediately preceding such Reporting Date is greater than [\*\*\*];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) on any Reporting Date occurring in or after January 28, 2023, the arithmetic mean of the Delinquency Ratio for the three Collection Periods immediately preceding such Reporting Date is greater than [\*\*\*];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) on any Reporting Date occurring in or after January 28, 2023, the arithmetic mean of the Serviced Portfolio Delinquency Ratio for the three Collection Periods immediately preceding such Reporting Date is greater than [\*\*\*];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) on any Reporting Date occurring in or after January 28, 2023, the arithmetic mean of the Extension Ratio for the three Collection Periods immediately preceding such Reporting Date is greater than [\*\*\*];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi) on any Reporting Date occurring in or after January 28, 2023, the arithmetic mean of the Serviced Portfolio Extension Ratio for the three Collection Periods immediately preceding such Reporting Date is greater than [\*\*\*]; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxii) any of the Borrower, Lendbuzz, or Lendbuzz Funding shall (A) become a "covered fund" under regulations adopted to implement section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act or (B) be required to register as an "investment company" within the meaning of the Investment Company Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon the occurrence of any Event of Default, the Administrative Agent shall, at the request, or may with the consent, of the Required Lenders, by notice to the Borrower, declare the Final Maturity Date to have occurred, without demand, protest, or future notice of any kind, all of which are hereby expressly waived by the Borrower, and, upon such declaration, all Loans and all other amounts owing by the Borrower under this Agreement shall be accelerated and become immediately due and payable; <u>provided</u>, that in the event that an Event of Default described in Section 8.01(a)(v) has occurred, the Final Maturity Date shall automatically occur, without demand, protest, or any notice of any kind, all of which are hereby expressly waived by the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon the automatic occurrence or declaration of the occurrence of the Final Maturity Date in accordance with Section 8.01(b), the Revolving Period or Amortization Period, as applicable, shall terminate and no further Loans will be made.

Section 8.02. <u>Actions Upon Declaration of the Occurrence of the Final Maturity Date</u>. Upon the automatic occurrence or declaration of the occurrence of the Final Maturity Date following the occurrence of an Event of Default in accordance with Section 8.01(b), the Administrative Agent may, or at the direction of the Required Lenders, shall, exercise in respect of the Collateral the following remedial actions, in addition to any and all other rights and remedies otherwise available to it, including rights available hereunder and all of the rights and remedies of a secured party upon default under the UCC (such rights and remedies to be cumulative and nonexclusive):

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Administrative Agent may, without notice to the Borrower except as required by law and at any time or from time to time, charge, set-off, and otherwise apply all or any part of the Loans Outstanding, any Interest accrued thereon and/or any other amount due and owing to any Secured Party against amounts payable to the Borrower from the Collection Account or any part of such account in accordance with the priorities required by Section 2.07.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Administrative Agent may take any action permitted under the Basic Documents, including, without limitation, delivering any shifting control or similar notice under the Blocked Account Control Agreement or the Control Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Consistent with the rights and remedies of a secured party under the UCC (and except as otherwise required by the UCC), the Administrative Agent may, on behalf of itself and the Lenders and without notice except as specified below, solicit and accept bids for and sell the Collateral or any part of the Collateral in one or more parcels at public or private sale, at any exchange, broker's board or at the Administrative Agent's offices or elsewhere, for cash, on credit, or for future delivery, and upon such other terms as the Administrative Agent may deem commercially reasonable. The Borrower agrees that, to the extent notice of sale shall be required by law, at least ten Business Days' notice to the Borrower of the time and place of any public sale or the time after which any private sale is to be made shall constitute reasonable notification. The Administrative Agent shall not be obligated to make any sale of Collateral regardless of notice of sale having been given. The Administrative Agent may adjourn any public or private sale from time to time by announcement at the time and place fixed for such sale, and such sale may, without further notice, be made at the time and place to which it was so adjourned. Every such sale shall operate to divest all right, title, interest, claim, and demand whatsoever of the Borrower in and to the Collateral so sold, and shall be a perpetual bar, both at law and in equity, against the Borrower or any Person claiming the Collateral sold through the Borrower and its successors or assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Upon the completion of any sale under Section 8.02(c), the Borrower will deliver or cause to be delivered all of the Collateral sold to the purchaser or purchasers at such sale on the date of sale, or within a reasonable time thereafter if it shall be impractical to make immediate delivery, but in any event full title and right of possession to such property shall pass to such purchaser or purchasers forthwith upon the completion of such sale. Nevertheless, if so requested by the Administrative Agent or by any purchaser, the Borrower shall confirm any such sale or transfer by executing and delivering to such purchaser all proper instruments of conveyance and transfer and release as may be designated in any such request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) At any sale under Section 8.02(c), Lendbuzz, Lendbuzz Funding, the Administrative Agent, or any Secured Party may bid for and purchase the property offered for sale and, upon compliance with the terms of sale, may hold, retain, and dispose of such property without further accountability therefor. Any Secured Party purchasing property at a sale under Section 8.02(c) may set off the purchase price of such property against amounts owing to such Secured Party in full payment of such purchase price.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Administrative Agent may direct the Servicer to direct Collections to an account other than the Remittance Account or the Collection Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Administrative Agent may exercise, at the Borrower's sole expense, any and all rights and remedies of the Borrower under or in connection with the Collateral.

Section 8.03. <u>Exercise of Remedies</u>. No failure or delay on the part of the Administrative Agent to exercise any right, power, or privilege under this Agreement and no course of dealing between the Borrower, on the one hand, and the Administrative Agent or the Secured Parties, on the other hand, shall operate as a waiver of such right, power or privilege, nor shall any single or partial exercise of any right, power, or privilege under this Agreement preclude any other or further exercise of such right, power, or privilege or the exercise of any other right, power or privilege. The rights and remedies expressly provided in this Agreement are cumulative and not exclusive of any rights or remedies which the Secured Parties would otherwise have pursuant to law or equity. No notice to or demand on any party in any case shall entitle such party to any other or further notice or demand in similar or other circumstances, or constitute a waiver of the right of the other party to any other or further action in any circumstances without notice or demand.

Section 8.04. <u>Waiver of Certain Laws</u>. The Borrower agrees, to the full extent that it may lawfully so agree, that neither it nor anyone claiming through or under it will set up, claim, or seek to take advantage of any appraisal, valuation, stay, extension, or redemption law now or hereafter in force in any locality where any Collateral may be situated in order to prevent, hinder, or delay the enforcement or foreclosure of this Agreement, or the absolute sale of any of the Collateral or any part thereof, or the final and absolute putting into possession thereof, immediately after such sale, of the purchasers thereof, and the Borrower, for itself and all who may at any time claim through or under it, hereby waives, to the full extent that it may be lawful so to do, the benefit of all such laws, and any and all right to have any of the properties or assets constituting the Collateral marshaled upon any such sale, and agrees that the Administrative Agent or any court having jurisdiction to foreclose the security interests granted in this Agreement may sell the Collateral as an entirety or such parcels as the Administrative Agent or such court may determine.

Section 8.05. <u>Power of Attorney</u>. The Borrower hereby irrevocably appoints the Administrative Agent its true and lawful attorney (with full power of substitution) in its name, place, and stead and at its expense, in connection with the enforcement of the rights and remedies provided for in this Article, including: (i) to give any necessary receipts or acquittance for amounts collected or received hereunder, (ii) to make all necessary transfers of the Collateral in connection with any sale or other disposition made pursuant hereto, (iii) to execute and deliver for value all necessary or appropriate bills of sale, assignments, and other instruments in connection with any such sale or other disposition, the Borrower thereby ratifying and confirming all that such attorney (or any substitute) shall lawfully do hereunder and pursuant hereto, and (iv) to sign any agreements, orders, or other documents in connection with or pursuant to any Basic Document. In furtherance of the foregoing, the Borrower shall deliver to the Administrative Agent an executed power of attorney in the form of Exhibit D on the Closing Date. If so requested by the Administrative Agent, directly or through a purchaser of any of the Collateral, the Borrower shall ratify and confirm any such sale or other disposition by executing and delivering to the Administrative Agent or such purchaser all proper bills of sale, assignments, releases, and other instruments as may be designated in any such request.

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ARTICLE NINE

INDEMNIFICATION

Section 9.01. <u>Indemnities by the Borrower</u>. Without limiting any other rights which the Administrative Agent, each Lender or its assignee, the Backup Servicer (including in its capacity as Successor Servicer), the Account Bank, the Collateral Custodian (if not Lendbuzz Funding), the Servicer (if not Lendbuzz Funding), or any of their respective Affiliates may have hereunder or under Applicable Law, the Borrower hereby agrees to indemnify the Administrative Agent, each Secured Party, the Backup Servicer, including if it is then acting as Successor Servicer, the Account Bank, the Collateral Custodian (if not Lendbuzz Funding), the Servicer (if not Lendbuzz Funding), and each of their respective Affiliates and officers, directors, employees and agents thereof (collectively, the "<u>Indemnified Parties</u>") from and against any and all reasonable and documented fees, damages, losses, claims, liabilities and related costs and expenses, including reasonable attorneys' fees, court costs, and expenses (collectively, the "<u>Indemnified Amounts</u>") awarded against or incurred by, any such Indemnified Party arising out of or as a result of this Agreement, excluding, however, Indemnified Amounts to the extent resulting from the gross negligence, bad faith, or willful misconduct on the part of any Indemnified Party. Without limiting the foregoing, the Borrower shall indemnify the Indemnified Parties for Indemnified Amounts relating to or resulting from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any Receivable represented by the Borrower to be an Eligible Receivable which is not at the applicable time an Eligible Receivable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) reliance on any representation or warranty made or deemed made by the Borrower or any of its respective officers under or in connection with this Agreement or any other Basic Document, which shall have been false or incorrect in any material respect when made or deemed made or delivered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the failure by the Borrower to comply with any term, provision, or covenant contained in this Agreement or any other Basic Document, or a failure by the Borrower to comply with any Applicable Law with respect to any Contract or Receivable, the related Financed Vehicle or the non-conformity of any Contract with any such Applicable Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the failure to vest and maintain vested in the Administrative Agent a valid and enforceable security interest in any or all of the Collateral or a valid and enforceable first priority perfected security interest in any or all of the Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the failure to file, or any delay in filing, financing statements or other similar instruments or documents under the UCC of any applicable jurisdiction or other Applicable Laws with respect to the Collateral, whether at the time of a Loan or at any subsequent time and as required by the Basic Documents;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any dispute, claim, offset, or defense (other than the discharge in bankruptcy of the related Obligor) of an Obligor to the payment of any Receivable comprising a portion of the Collateral which is, or is purported to be, an Eligible Receivable (including a defense based on the Contract not being a legal, valid, and binding obligation of such Obligor enforceable against it in accordance with its terms) or any other claim resulting from the sale or financing of the Financed Vehicle related to such Receivable (other than as a result of the bankruptcy or insolvency of the related Obligor);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) any products liability claim or personal injury or property damage suit or other similar or related claim or action of whatever sort arising out of or in connection with any Contract or the related Financed Vehicle;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the failure by the Borrower to pay when due any Taxes for which the Borrower is liable, including sales, excise or personal property taxes payable in connection with the Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) any repayment or disgorgement by any Secured Party of any amount previously distributed in reduction of the Loans Outstanding or payment of Interest, any other Obligation or any other amount due hereunder or under any Hedging Agreement, in each case which amount such entity believes in good faith is required to be repaid or disgorged;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) any litigation, proceeding, or investigation relating to arising from the Basic Documents, the transactions contemplated hereby and thereby, the use of proceeds of the Loans or any other investigation, litigation or proceeding relating to the Borrower in which any Indemnified Party becomes involved as a result of any of the transactions contemplated by the Basic Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) the use of the proceeds of any Loan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) any failure by the Borrower to give reasonably equivalent value to the Seller in consideration for the transfer by the Seller to the Borrower of any of the Receivables and the related Collateral or any attempt by any Person to void or otherwise avoid any such transfer under any statutory provision or common law or equitable action, including any provision of the Bankruptcy Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) the commingling by the Borrower of any Collections with other funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) any claim brought by any Person arising from any activity by the Borrower in servicing, administering or collecting any Receivable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) the failure of the Remittance Account Bank or the Account Bank, respectively, to remit any amounts or items of payment held in the Remittance Account or the Collection Account pursuant to the instructions of the Administrative Agent given in accordance with this Agreement or the other Basic Documents, whether by reason or the exercise of setoff rights or otherwise;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) all reasonable and documented fees, costs, and expenses (including reasonable legal fees and expenses) incurred by any Lender or the Administrative Agent in connection with any amendments, supplements, waivers, or consents (including review and analysis thereof) with respect to the Basic Documents or any other document or instrument delivered pursuant hereto or thereto (whether or not the same is finally agreed to) if the same is requested by the Borrower, or is required or necessary under the Basic Documents; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) any and all Sanctions against, and all reasonable costs and expenses (including attorneys' fees and disbursements) incurred in connection with the defense thereof by the Administrative Agent or any Lender as a result of funding all or any portion of the Loans or the acceptance of payments or of Collateral due under the Basic Documents.

Notwithstanding the foregoing, in no event shall any Indemnified Party be indemnified against any Indemnified Amounts to the extent such Indemnified Amounts are or result from (A) Excluded Taxes (except as specified above in this Section 9.01 <u>or as may be described in clause (B)</u> <u>which follows</u>), (B) Taxes other than any Taxes that represent losses, claims, damages, etc. arising from any non-Tax claim, (C) non-payment by any Obligor of any amount that is due and payable under the related Receivable, or (D) any loss in value of any Financed Vehicle or Permitted Investments for reasons that are not caused by the Borrower. For the avoidance of doubt, the terms of this Section shall not duplicate any indemnification relating to Taxes that are indemnified by the terms of Section 2.12.

Any amounts subject to the indemnification provisions of this Section shall be paid by the Borrower solely pursuant to the provisions of Section 2.07 in the order and priority set forth therein not later than the first Distribution Date following written demand therefor.

Section 9.02. <u>Indemnities by the Servicer and the Collateral Custodian</u>. Without limiting any other rights which the Administrative Agent, each Lender or its assignee, the Backup Servicer, the Account Bank, or any of their respective Affiliates may have hereunder or under Applicable Law, the initial Servicer and the initial Collateral Custodian each hereby agree to indemnify the Indemnified Parties from and against any and all Indemnified Amounts awarded against or incurred by, any such Indemnified Party arising out of or as a result of the failure of the initial Servicer or the initial Collateral Custodian, respectively, to perform its obligations under this Agreement, excluding, however, Indemnified Amounts to the extent resulting from the gross negligence, bad faith, or willful misconduct on the part of any Indemnified Party. Without limiting the foregoing, the initial Servicer and the initial Collateral Custodian shall each indemnify the Indemnified Parties for Indemnified Amounts relating to or resulting from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) reliance on any representation or warranty made or deemed made, respectively, by the Servicer or any of its respective officers or by the Collateral Custodian or any of its respective officers, in all cases under or in connection with this Agreement or any other Basic Document, which shall have been false or incorrect in any material respect when made or deemed made or delivered;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the failure by the Servicer or the Collateral Custodian, respectively, to comply with any term, provision, or covenant contained in this Agreement or any other Basic Document to which it is a party or a failure by the Servicer or the Collateral Custodian, respectively, to comply with any term, provision, or covenant contained in any agreement executed in connection with this Agreement or any other Basic Document, or with any Applicable Law with respect to any Contract or Receivable, the related Financed Vehicle or the non-conformity of any Contract with any such Applicable Law and any failure by Lendbuzz Funding to perform its respective duties under the Contracts and Receivables included as a part of the Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) with respect to the Servicer only, the failure to vest and maintain vested in the Administrative Agent a valid and enforceable security interest in any or all of the Collateral or a valid and enforceable first priority perfected security interest in any or all of the Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) with respect to the Servicer only, the failure to file, or any delay in filing, financing statements or other similar instruments or documents under the UCC of any applicable jurisdiction or other Applicable Laws with respect to the Collateral, whether at the time of a Loan or at any subsequent time and as required by the Basic Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any failure by the Servicer or the Collateral Custodian, respectively, to perform its respective duties or obligations in accordance with the provisions of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the failure, respectively, by the Servicer to pay when due any Taxes for which the Servicer is liable or by the Collateral Custodian to pay when due any Taxes for which the Collateral Custodian is liable, in all cases including sales, excise, or personal property taxes payable in connection with the Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) any litigation, proceeding or investigation relating to or arising from the obligation of the Servicer or the Collateral Custodian, respectively, under the Basic Documents to which it is a party, the transactions contemplated hereby and thereby, or any other investigation, litigation or proceeding relating to the Servicer or the Collateral Custodian, respectively, in which any Indemnified Party becomes involved as a result of any of the transactions contemplated by such Basic Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) any claim brought by any Person arising from any activity by the Servicer or the Collateral Custodian, respectively, in servicing, administering or collecting any Receivable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) to the extent caused by actions or inactions of the Servicer or the Collateral Custodian, respectively, the failure of the Remittance Account Bank to remit any amounts or items of payment held in the Remittance Account pursuant to the instructions of the Administrative Agent given in accordance with this Agreement or the other Basic Documents, whether by reason or the exercise of setoff rights or otherwise; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) all reasonable and documented fees, costs and expenses (including reasonable legal fees and expenses) incurred by any Lender or the Administrative Agent in connection with any amendments, supplements, waivers, or consents (including review and analysis thereof) with respect to the Basic Documents or any other document or instrument delivered pursuant hereto or thereto (whether or not the same is finally agreed to) if the same is requested by the Servicer or the Collateral Custodian, respectively.

Notwithstanding the foregoing, in no event shall any Indemnified Party be indemnified against any Indemnified Amounts to the extent such Indemnified Amounts are or result from (A) Excluded Taxes (except as specified above in this Section 9.02 <u>or as may be described in clause (B)</u> <u>which follows</u>), (B) Taxes other than any Taxes that represent losses, claims, damages, etc. arising from any non-Tax claim, (C) non-payment by any Obligor of any amount that is due and payable under the related Receivable, or (D) any loss in value of any Financed Vehicle or Permitted Investments for reasons that are not caused by the Servicer.

Any amounts subject to the indemnification provisions of this Section shall be paid by the Servicer or the Collateral Custodian, respectively, to the related Indemnified Party within 20 Business Days following written demand therefor.

Section 9.03. <u>Indemnities by the Backup Servicer in its Capacity as the Successor</u> <u>Servicer or Successor Collateral Custodian</u>. Notwithstanding any indemnification obligations that the Backup Servicer may assume in a Backup Servicing Agreement, in no event shall the Backup Servicer, in its capacity as Successor Servicer or Successor Collateral Custodian, have (a) any liability with respect to any obligation which was required to be performed by the predecessor Servicer or the predecessor Collateral Custodian, respectively, prior to the date that the Backup Servicer becomes the Successor Servicer or the Successor Collateral Custodian, respectively, or any claim of a third party based on any alleged action or inaction of the predecessor Servicer or the predecessor Collateral Custodian, respectively, or (b) any liability or obligation with respect to any Servicer or Collateral Custodian indemnification obligations of any prior Servicer or Collateral Custodian, including, respectively, Lendbuzz Funding or Lendbuzz.

ARTICLE TEN

THE ADMINISTRATIVE AGENT

Section 10.01. <u>Authorization and Action</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Lender and each Secured Party (other than the Administrative Agent) hereby designates and appoints Regions Bank (and Regions Bank accepts such designation and appointment) as Administrative Agent hereunder, and authorizes the Administrative Agent to take such actions as agent on its behalf and to exercise such powers as are delegated to the Administrative Agent by the terms of this Agreement together with such powers as are

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reasonably incidental thereto. In performing its functions and duties hereunder, the Administrative Agent shall act solely as agent for the Secured Parties and does not assume nor shall be deemed to have assumed any obligation or relationship of trust or agency with or for the Borrower or any of its successors or assigns. The Administrative Agent shall not be required to take any action which exposes it to personal liability or which is contrary to this Agreement or Applicable Law. The appointment and authority of the Administrative Agent hereunder shall terminate at the indefeasible payment in full of the Aggregate Unpaids.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding any provision to the contrary elsewhere in this Agreement, the Administrative Agent shall not have any duties or responsibilities, except those expressly set forth herein, or any fiduciary relationship with any Lender, and no implied covenants, functions, responsibilities, duties, obligations, or liabilities shall be read into this Agreement or otherwise exist against the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Administrative Agent shall promptly distribute to each Lender all notices, requests for consent and other information received by the Administrative Agent under this Agreement.

Section 10.02. <u>Delegation of Duties</u>. The Administrative Agent may execute any of its duties under any of the Basic Documents by or through agents or attorneys-in-fact and shall be entitled to advice of counsel concerning all matters pertaining to such duties. The Administrative Agent shall not be responsible for the negligence or misconduct of any agents or attorneys-in-fact selected by it with reasonable care.

Section 10.03. <u>Exculpatory Provisions</u>. Neither the Administrative Agent nor any of its directors, officers, agents, or employees shall be (i) liable for any action lawfully taken or omitted to be taken by it or them under or in connection with this Agreement (except for its, their or such Person's own gross negligence or willful misconduct or, in the case of the Administrative Agent, the breach of its obligations expressly set forth in this Agreement) or (ii) responsible in any manner to any of the Secured Parties for any recitals, statements, representations, or warranties made by the Borrower, the Servicer, the Backup Servicer, the Performance Guarantor, or the Collateral Custodian contained in this Agreement or in any certificate, report, statement, or other document referred to or provided for in, or received under or in connection with, this Agreement or any other Basic Document to which it is a party for the value, validity, effectiveness, genuineness, enforceability, or sufficiency of this Agreement or any other document furnished in connection herewith, or for any failure of the Borrower to perform its obligations hereunder, or for the satisfaction of any condition specified in Article Four. The Administrative Agent shall not be under any obligation to any Secured Party to ascertain or to inquire as to the observance or performance of any of the agreements or covenants contained in, or conditions of, this Agreement, or to inspect the properties, books, or records of the Borrower.

Section 10.04. <u>Reliance</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Administrative Agent shall be entitled to rely, and shall be fully protected in relying, upon any writing, resolution, notice, consent, certificate, affidavit, letter, cablegram, telegram, telecopy, telex or teletype message, written statement, order, or other document or conversation believed by it to be genuine and correct and to have been signed, sent, or made by the proper Person or Persons and upon advice and statements of legal counsel (including counsel to the Administrative Agent), independent accountants, and other experts selected by the Administrative Agent.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Administrative Agent shall be fully justified in failing or refusing to take any action under any of the Basic Documents unless it shall first receive such advice or concurrence of the Required Lenders as it deems appropriate or it shall first be indemnified to its satisfaction by the Lenders against any and all liability and expense which may be incurred by it by reason of taking or continuing to take any such action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Administrative Agent shall in all cases be fully protected in acting, or in refraining from acting, under any of the Basic Documents in accordance with a request of the Required Lenders, and such request and any action taken or failure to act pursuant thereto shall be binding upon all present and future Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) [reserved]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of any breach of this Agreement or the occurrence of any Servicer Termination Event, Early Amortization Event, Step-up Overcollateralization Trigger, or Event of Default unless it has received notice from the Borrower, the Servicer, the Backup Servicer or any Lender, referring to this Agreement and describing such event. In the event that the Administrative Agent receives such a notice, it shall promptly give notice thereof to each Lender. The Administrative Agent shall take such action with respect to such event as shall be reasonably directed by the Required Lenders; <u>provided</u>, that unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such event as it shall deem advisable in the best interests of the Lenders.

Section 10.05. <u>Non-Reliance on Other Lenders</u>. Each Lender expressly acknowledges that neither the Administrative Agent nor any of its officers, directors, employees, agents, attorneys-in-fact, or Affiliates has made any representations or warranties to it and that no act by the Administrative Agent hereafter taken, including any review of the affairs of the Borrower, the Servicer, the Performance Guarantor, the Backup Servicer, or the Collateral Custodian shall be deemed to constitute any representation or warranty by the Administrative Agent to any Lender. Each Lender represents to the Administrative Agent that it has, independently and without reliance upon the Administrative Agent or any other Lender, and based on such documents and information as it has deemed appropriate, made its own appraisal of, and investigation into, the business, operations, property, financial, and other condition and creditworthiness of the Borrower, the Servicer, the Performance Guarantor, the Backup Servicer, the Collateral Custodian, and the Receivables and made its own decision to purchase its interest in the Loans hereunder and enter into this Agreement. Each Lender also represents that it will, independently and without reliance upon the Administrative Agent or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own analysis, appraisals, and decisions in taking or not taking action under any of the Basic Documents, and to make such investigation as it deems necessary to inform itself as to the business, operations, property, financial, and other condition and creditworthiness of the

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Borrower, the Servicer, the Performance Guarantor, the Backup Servicer or the Collateral Custodian and the Receivables. Except for notices, reports and other documents received by the Administrative Agent hereunder, the Administrative Agent shall not have any duty or responsibility to provide any Lender with any credit or other information concerning the business, operations, property, condition (financial or otherwise), prospects, or creditworthiness of the Borrower, the Servicer, the Performance Guarantor, the Backup Servicer, the Collateral Custodian, or the Receivables which may come into the possession of the Administrative Agent or any of its officers, directors, employees, agents, attorneys-in-fact, or affiliates.

Section 10.06. <u>Indemnification</u>. The Lenders agree to indemnify the Administrative Agent in its capacity as such (without limiting the obligation (if any) of the Borrower or the Servicer to reimburse the Administrative Agent for any such amounts), ratably according to their respective Commitments (or, if the Commitments have terminated, Invested Percentages) from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses, or disbursements of any kind whatsoever which may at any time (including at any time following the payment of the obligations under this Agreement, including the Loans Outstanding) be imposed on, incurred by or asserted against the Administrative Agent in any way relating to or arising out of this Agreement, or any documents contemplated by or referred to herein or the transactions contemplated hereby or any action taken or omitted by the Administrative Agent under or in connection with any of the foregoing; <u>provided</u>, that no Lender shall be liable for the payment of any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses, or disbursements of the Administrative Agent resulting from its own gross negligence or willful misconduct. The provisions of this Section shall survive the payment of the obligations under this Agreement, including the Loans Outstanding, the termination of this Agreement, and any resignation or removal of the Administrative Agent.

Section 10.07. <u>Administrative Agent in its Individual Capacity</u>. The Administrative Agent and its Affiliates may make loans to, accept deposits from, and generally engage in any kind of business with the Borrower and any other party to a Basic Document as though it were not the Administrative Agent hereunder. In addition, the Lenders acknowledge that the Administrative Agent may act (i) as administrator, sponsor, or agent for one or more Lenders and in such capacity act and may continue to act on behalf of each such Lender in connection with its business, and (ii) as the agent in various other capacities relating to the business of any such Lender under various agreements. The Administrative Agent shall not, by virtue of its acting in any such other capacities, be deemed to have duties or responsibilities hereunder or be held to a standard of care in connection with the performance of its duties as Administrative Agent other than as expressly provided in this Agreement. The Administrative Agent may act in such capacity without regard to and without additional duties or liabilities arising from its role as such administrator or agent or arising from its acting in any such other capacity. None of the provisions to this Agreement shall require the Administrative Agent to expend or risk its own funds or otherwise to incur any liability, financial or otherwise, in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers if it shall have reasonable grounds for believing that repayment of such funds or indemnity satisfactory to it against such risk or liability is not assured to it.

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Section 10.08. <u>Successor Administrative Agent</u>. The Administrative Agent may assign its rights and obligations hereunder with the consent of the Required Lenders and the Borrower. The Administrative Agent may resign as Administrative Agent upon ten (10) days' notice to the Lenders and the Borrower with such resignation becoming effective upon a successor agent succeeding to the rights, powers and duties of the Administrative Agent pursuant to this Section. If the Administrative Agent shall resign as Administrative Agent under this Agreement, then the Required Lenders shall appoint a successor administrative agent. Any successor administrative agent shall succeed to the rights, powers and duties of resigning Administrative Agent, and the term "Administrative Agent" shall mean such successor administrative agent effective upon its appointment, and the former Administrative Agent's rights, powers and duties as Administrative Agent shall be terminated, without any other or further act or deed on the part of such former Administrative Agent or any of the parties to this Agreement. After the retiring Administrative Agent's resignation as Administrative Agent, the provisions of this Article shall inure to its benefit as to any actions taken or omitted to be taken by it while it was Administrative Agent under this Agreement.

Section 10.09. <u>Erroneous Payments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Lender hereby agrees that (i) if the Administrative Agent notifies such Lender that the Administrative Agent has determined in its sole discretion that any funds received by such Lender from the Administrative Agent or any of its Affiliates (whether as a payment, prepayment, or repayment of principal, interest, fees, or otherwise; individually and collectively, a "<u>Payment</u>") were erroneously transmitted to such Lender (whether or not known to such Lender), and demands the return of such Payment (or a portion thereof), such Lender shall promptly, but in no event later than one Business Day thereafter, return to the Administrative Agent the amount of any such Payment (or portion thereof) as to which such a demand was made in same day funds, together with interest thereon in respect of each day from and including the date such Payment (or portion thereof) was received by such Lender to the date such amount is repaid to the Administrative Agent at the greater of the NYFRB Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation from time to time in effect, and (ii) to the extent permitted by applicable law, such Lender shall not assert, and hereby waives, as to the Administrative Agent, any claim, counterclaim, defense, or right of set-off or recoupment with respect to any demand, claim, or counterclaim by the Administrative Agent for the return of any Payments received, including without limitation any defense based on "discharge for value" or any similar doctrine. A notice of the Administrative Agent to any Lender under this Section shall be conclusive, absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Lender hereby further agrees that if it receives a Payment from the Administrative Agent or any of its Affiliates (i) that is in a different amount than, or on a different date from, that specified in a notice of payment sent by the Administrative Agent (or any of its Affiliates) with respect to such Payment (a '<u>Payment Notice</u>') or (ii) that was not preceded or accompanied by a Payment Notice, it shall be on notice, in each such case, that an error has been made with respect to such Payment. Each Lender agrees that, in each such case, or if it otherwise becomes aware a Payment (or portion thereof) may have been sent in error, such Lender shall promptly notify the Administrative Agent of such occurrence and, upon demand from the Administrative Agent, it shall promptly, but in no event later than one Business

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Day thereafter, return to the Administrative Agent the amount of any such Payment (or portion thereof) as to which such a demand was made in same day funds, together with interest thereon in respect of each day from and including the date such Payment (or portion thereof) was received by such Lender to the date such amount is repaid to the Administrative Agent at the greater of the NYFRB Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation from time to time in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each party's obligations under this Section shall survive the resignation or replacement of the Administrative Agent or any transfer of rights or obligations by, or the replacement of, a Lender, the termination of the Commitments or the repayment, satisfaction, or discharge of all Obligations under any Basic Document.

ARTICLE ELEVEN

ASSIGNMENTS; PARTICIPATIONS

Section 11.01. <u>Assignments and Participations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Lender may, upon at least five (5) Business Days' notice to the Administrative Agent, assign to one or more banks or other entities all or a portion of its rights and obligations under this Agreement; <u>provided</u>, that (i) each such assignment shall be of a constant, and not a varying, percentage of all of the assigning Lender's rights and obligations under this Agreement, (ii) the amount of the Commitment of the assigning Lender being assigned pursuant to each such assignment (determined as of the date of the Assignment and Acceptance with respect to such assignment), except if being assigned to an Affiliate of the Lender, shall in no event be less than the lesser of (A) $5,000,000 or an integral multiple of $1,000,000 in excess of that amount and (B) the full amount of the assigning Lender's Commitment, (iii) each such assignment shall be to an Eligible Assignee, (iv) the parties to each such assignment shall execute and deliver to the Administrative Agent (with a copy to the Borrower), for its recording in the Lender Register, an Assignment and Acceptance, together with a processing and recordation fee of $3,500 or such lesser amount as shall be approved by the Administrative Agent, (v) the parties to each such assignment shall have agreed to reimburse the Administrative Agent for all reasonable fees, costs and expenses (including the reasonable fees and disbursements of counsel for the Administrative Agent) incurred by the Administrative Agent in connection with such assignment, (vi) each Person that becomes a Lender under an Assignment and Acceptance shall agree to be bound by the confidentiality provisions of Article Twelve, and (vii) there shall be no increased costs, expenses or Taxes incurred by the Administrative Agent or any Lender upon assignment or participation. Upon such execution, delivery and recording by the Administrative Agent, from and after the effective date specified in each Assignment and Acceptance, (i) the assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, have the rights and obligations of a Lender hereunder and (ii) the Lender assignor thereunder shall, to the extent that rights and obligations hereunder have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under this Agreement (and, in the case of an Assignment and Acceptance covering all or the remaining portion of an assigning Lender's rights and obligations under this Agreement, such Lender shall cease to be a party hereto).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) By executing and delivering an Assignment and Acceptance, the Lender assignor thereunder and the assignee thereunder confirm to and agree with each other and the other parties hereto as follows: (i) other than as provided in such Assignment and Acceptance, such assigning Lender makes no representation or warranty and assumes no responsibility with respect to any statements, warranties, or representations made in or in connection with this Agreement or the execution, legality, validity, enforceability, genuineness, sufficiency, or value of this Agreement or any other instrument or document furnished pursuant hereto; (ii) such assignee confirms that it has received a copy of this Agreement, together with copies of such financial statements and other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into such Assignment and Acceptance; (iii) such assignee will, independently and without reliance upon the Administrative Agent, such assigning Lender or any other Lender and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under this Agreement; (iv) such assigning Lender and such assignee confirm that such assignee is an Eligible Assignee; (v) such assignee appoints and authorizes the Administrative Agent to take such action as agent on its behalf and to exercise such powers under this Agreement as are delegated to such agent by the terms hereof, together with such powers as are reasonably incidental thereto; and (vi) such assignee agrees that it will perform in accordance with their terms all of the obligations which by the terms of this Agreement are required to be performed by it as a Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Administrative Agent, acting solely for this purpose as a non-fiduciary agent of the Borrower, shall maintain at its address referred to herein a copy of each Assignment and Acceptance delivered to it and a register for the recordation of the names, addresses and Commitment of each Lender and the Principal Amount (and stated interest) of each Loan made by each Lender from time to time (the "<u>Lender Register</u>"). The entries in the Lender Register shall be conclusive and binding for all purposes, absent manifest error, and the Borrower and the Lenders shall treat each Person whose name is recorded in the Lender Register as a Lender hereunder for all purposes of this Agreement. The Lender Register shall be available for inspection by any Lender at any reasonable time and from time to time upon reasonable prior notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Subject to the provisions of Section 11.01(a), upon its receipt of an Assignment and Acceptance executed by an assigning Lender and an assignee, the Administrative Agent shall, if such Assignment and Acceptance has been completed, accept such Assignment and Acceptance, and the Administrative Agent shall then record the information contained therein in the Lender Register.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Each Lender may sell participations to one or more banks or other entities in or to all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment and each Loan owned by it); <u>provided</u>, that (i) such Lender's obligations under this Agreement (including its Commitment hereunder) shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations, (iii) the Administrative Agent and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender's rights and obligations under this Agreement, (iv) the Borrower provides its prior written consent to the sale of such participation (such consent of the Borrower not to be unreasonably withheld), and (v) unless an Event of Default has

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occurred and is continuing, no participation may be sold to any Competitor unless approved by the Borrower in writing prior to such sale. Notwithstanding anything herein to the contrary, each participant shall have the rights of a Lender (including any right to receive payment) under Sections 2.11 and 2.12; <u>provided</u>, that no participant shall be entitled to receive payment under either such Section in excess of the amount that would have been payable under such Section by the Borrower to the Lender granting its participation had such participation not been granted, and no Lender granting a participation shall be entitled to receive payment under either such Section in an amount which exceeds the sum of (i) the amount to which such Lender is entitled under such Section with respect to any portion of any Loan owned by such Lender which is not subject to any participation <u>plus</u> (ii) the aggregate amount to which its participants are entitled under such Sections with respect to the amounts of their respective participations. With respect to any participation described in this Section, the participant's rights as set forth in the agreement between such participant and the applicable Lender to agree to or to restrict such Lender's ability to agree to any modification, waiver or release of any of the terms of this Agreement or to exercise or refrain from exercising any powers or rights which such Lender may have under or in respect of this Agreement shall be limited to the right to consent to any of the matters set forth in Section 11.01.

Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrower, maintain a register on which it enters the name and address of each participant and the principal amounts (and stated interest) of each participant's interest in the obligations under this Agreement (the "<u>Participant Register</u>"); <u>provided</u>, that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any participant or any information relating to a participant's interest in any Commitment or Loan or its other obligations under the Agreement) to any person except to (A) the Administrative Agent and (B) the extent that such disclosure is necessary to establish that such Commitment, Loan, or other obligation is in registered form under Treasury Regulations Section 5f.103-1(c). The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Each Lender may, in connection with any assignment or participation or proposed assignment or participation pursuant to this Section, disclose to the assignee or participant or proposed assignee or participant any information, including Confidential Information, relating to the Borrower furnished to such Lender by or on behalf of the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Nothing herein shall prohibit any Lender from (i) pledging or assigning as Collateral any of its rights under this Agreement to any Federal Reserve Bank or any other Governmental Authority in accordance with Applicable Law or (ii) pledging or granting a security interest in all or any portion of its rights (including payments to it under this Agreement and the other Basic Documents) under this Agreement to a collateral trustee in order to comply with Rule 3a-7 under the Investment Company Act; <u>provided</u>, that in each case, (A) any such pledge or Collateral assignment may be made without compliance with Section 11.01(a) or 11.01(b) and (B) no such pledge or grant of a security interest shall release a Lender from any of its obligations hereunder or substitute any such pledgee or grantee for such Lender as a party hereto.

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ARTICLE TWELVE

MUTUAL COVENANTS REGARDING CONFIDENTIALITY

Section 12.01. <u>Covenants of the Borrower, the Servicer, the Backup Servicer, the</u> <u>Account Bank and the Collateral Custodian</u>. Each of the Borrower, the Servicer, the Backup Servicer, the Account Bank, and the Collateral Custodian severally and with respect to itself only, covenants and agrees to hold in confidence, and not disclose to any Person, the terms of this Agreement (including any fees payable in connection with this Agreement or the identity of a Lender under this Agreement), except as the Administrative Agent and the Required Lenders may have consented to in writing prior to any proposed disclosure, except it may disclose such information (a) to its officers, directors, employees, agents, counsel, accountants, auditors, subservicers, advisors, or representatives, (b) to the extent such information has become available to the public other than as a result of a disclosure by or through the Borrower, the Servicer, the Backup Servicer, the Account Bank, or the Collateral Custodian, (c) to Regions Bank or its Affiliates, or (d) to the extent it should be (i) required by Applicable Law (including filing a copy of this Agreement and the other Basic Documents (other than the Fee Letter and excluding from any such copy the identity of each Lender)) as exhibits to filings required to be made with the Securities and Exchange Commission, or in connection with any legal or regulatory proceeding or (ii) requested by any Governmental Authority to disclose such information; provided, that in the case of clause (d)(i), the Borrower, the Servicer, the Backup Servicer, the Account Bank, or the Collateral Custodian, as applicable, will use all reasonable efforts to maintain confidentiality and will (unless otherwise prohibited by law) notify the Administrative Agent of its intention to make any such disclosure prior to making such disclosure.

Section 12.02. <u>Covenants of the Administrative Agent and the Lenders</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each of the Administrative Agent and each Lender covenants and agrees that it will not disclose any of the Confidential Information at any time received or obtained by it without the Borrower's prior written consent; <u>provided</u>, that it may disclose any such Confidential Information (i) in connection with participations and assignments pursuant to Section 11.01 or (ii) to its officers, directors, or employees, to Regions Bank or its Affiliates, each of which shall be informed by it of the confidential nature of the Confidential Information and shall have agreed to keep such information confidential, and (iii) to its or its Affiliates' Advisors (provided that such Advisors are advised of the confidential nature of such information and such Advisors are obligated to keep such information confidential pursuant to the terms of their engagement or applicable professional rules). Each of the Administrative Agent and each Lender agrees to be responsible for any breach of this Agreement by its Affiliates and Advisors, and it agrees that its Affiliates and Advisors will be advised by it of the confidential nature of such information and that it shall cause its Affiliates to be bound by this Agreement. Notwithstanding the foregoing, with respect to participations and assignments pursuant to Section 11.01 involving an Eligible Assignee other than an entity satisfying clause (i) of the definition of "Eligible Assignee", Confidential Information may not be provided to prospective participants or assignees before the execution of an Assignment and Acceptance, unless such Confidential Information is covered under a separate confidentiality agreement between the assigning Lender and such prospective participant or assignee pursuant to which such prospective participant or assignee shall agree to the provisions set forth in this Article.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each of the Administrative Agent and each Lender acknowledges and agrees that any Confidential Information provided to it, in whatever form, is the sole property of the Borrower or Lendbuzz Funding, as applicable. Neither such Person nor its Affiliates or Advisors shall use any of the Confidential Information now or hereafter received or obtained from or through the Borrower, Lendbuzz Funding, or any of their respective Affiliates for any purpose other than for purposes of engaging in, or as otherwise contemplated by, the transactions contemplated by the Basic Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the Administrative Agent, a Lender, or any of their respective Affiliates or Advisors are legally compelled (whether by deposition, interrogatory, request for documents, subpoena, civil investigation, demand or similar process) to disclose any Confidential Information, the related entity shall, to the extent permitted by law, promptly notify the Borrower and Lendbuzz Funding in writing of such requirement so that the Borrower and/or Lendbuzz Funding, at their sole cost and expense, may seek a protective order or other appropriate remedy and/or waive compliance with the provisions hereof. The Administrative Agent and each Lender or any of their respective Affiliates or Advisors agree to use its reasonable efforts, upon the written request of the Borrower or Lendbuzz Funding, as applicable, to obtain or assist the Borrower or Lendbuzz Funding, as applicable, in obtaining any such protective order. Failing the reasonably timely entry of a protective order or the reasonably timely receipt of a waiver hereunder, it may disclose, without liability hereunder, that portion (and only that portion) of the Confidential Information that in the opinion of such party's counsel, it is legally compelled to disclose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding the foregoing, it is understood that the Administrative Agent , and each Lender or its Affiliates may be required to disclose (and may so disclose, without liability hereunder, provided that it complies with the following sentence) the Confidential Information or portions thereof (i) at the request of a bank examiner or other regulatory authority or in connection with an examination of it or its Affiliates by a bank examiner or other regulatory authority, including in connection with the regulator compliance policy of Administrative Agent or any Lender, (ii) to any nationally recognized statistical rating organization (within the meaning of the Exchange Act) (an "<u>NRSRO</u>") in compliance with Rule 17g-5 under the Exchange Act (or any similar rule or regulation in any relevant jurisdiction) which shall be informed by Administrative Agent, such Lender, or such Affiliate, as applicable, of the confidential nature of the Confidential Information and shall have agreed to keep such information confidential, or (iii) to any collateral trustee appointed by such Lender to comply with Rule 3a-7 under the Investment Company Act; <u>provided</u>, that such collateral trustee is informed of the confidential nature of such information and such collateral trustee agrees in writing to keep such Confidential Information subject to an agreement with substantially similar terms as provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) It is understood and agreed that no failure or delay by the Borrower, the Servicer, the Backup Servicer, the Collateral Custodian, the Administrative Agent, the Account Bank or any Lender in exercising any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any right, power or privilege hereunder.

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Section 12.03. <u>Non-Confidentiality of Tax Treatment and Tax Structure</u>. Notwithstanding anything to the contrary contained herein or in any document related to the transactions contemplated hereby, in connection with Treasury Regulations Section 1.6011-4, Section 301.6111-1T and Section 301.6112-1, the parties hereby agree that, from the commencement of discussions with respect to the transactions described herein, each party hereto (and each of its employees, representatives, Advisors, Affiliates, or agents) is permitted to disclose to any and all persons of any kind (other than limitations imposed by State or federal securities laws), the structure and tax aspects of the transactions, and all materials of any kind (including opinions or other tax analyses) that are provided to each such party related to such structure and tax aspects. In this regard, each party hereto acknowledges and agrees that this disclosure of the structure or tax aspects of the transactions is not limited in any way by an express or implied understanding or agreement, oral or written (whether or not such understanding or agreement is legally binding) except as is reasonably necessary to comply with state and federal securities laws. Furthermore, each party hereto acknowledges and agrees that it does not know or have reason to know that its use or disclosure of information relating to the structure or tax aspects of the transactions is limited in any other manner (such as where the transactions are claimed to be proprietary or exclusive) for the benefit of any other Person (other than as it may be limited by State or federal securities laws).

ARTICLE THIRTEEN

MISCELLANEOUS

Section 13.01. <u>Amendments and Waivers</u>. This Agreement may be amended, waived, or modified by the written agreement of the Borrower, the Administrative Agent and the Required Lenders. The Administrative Agent shall provide a copy of each such proposed amendment, waiver or other modification to the Account Bank, the Backup Servicer, and each Hedge Counterparty.

No amendment, waiver, or other modification which could have a material adverse effect on the rights or obligations of the Account Bank, the Servicer or the Backup Servicer (including, in its capacity as Successor Servicer) shall be effective against the Account Bank, the Servicer or the Backup Servicer, as applicable, without the prior written agreement of the Account Bank, the Servicer or the Backup Servicer, as applicable.

Notwithstanding anything in this Section or in any Basic Document to the contrary, following the determination of a Benchmark Replacement, this Agreement may be amended by the Administrative Agent without the consent of any other Person and, except as provided in Section 2.18(d), without satisfying any other amendment provisions of this Agreement or any other Basic Document, to implement a Benchmark Replacement and any Benchmark Replacement Conforming Changes. For the avoidance of doubt, any Benchmark Replacement Conforming Changes in any amendment to this Agreement may be retroactive (including retroactive to, but not before, the Benchmark Replacement Date) and this Agreement may be amended more than once in connection with any Benchmark Replacement Conforming Changes.

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Section 13.02. <u>Notices, Etc.</u> All notices and other communications provided for hereunder shall, unless otherwise stated herein, be in writing (including communication by e-mail or facsimile copy) and e-mailed, mailed, transmitted or delivered, as to each party hereto, at its address set forth under its name on the signature pages hereof or specified in such party's Assignment and Acceptance or at such other address as shall be designated by such party in a written notice to the other parties hereto. All such notices and communications shall be effective, upon receipt, or in the case of notice by (a) mail, five days after being deposited in the United States mail, first class postage prepaid, (b) facsimile copy, when receipt is confirmed by telephone, except that notices and communications pursuant to Article Two shall not be effective until received with respect to any notice sent by mail, or (c) notice by an e-mail, when receipt is confirmed by telephone or by reply e-mail from the recipient.

Section 13.03. <u>No Waiver, Rights and Remedies</u>. No failure on the part of the Administrative Agent or any Secured Party or any assignee of any Secured Party to exercise, and no delay in exercising, any right or remedy hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right or remedy hereunder preclude any other or further exercise thereof or the exercise of any other right. The rights and remedies herein provided are cumulative and not exclusive of any rights and remedies provided by law.

Section 13.04. <u>Binding Effect</u>. This Agreement shall be binding upon and inure to the benefit of the Borrower, the Servicer, the Backup Servicer, the Collateral Custodian, the Account Bank, the Administrative Agent, the Secured Parties, and their respective successors and permitted assigns and, in addition, each Hedge Counterparty shall be an express third-party beneficiary of this Agreement.

Section 13.05. <u>Term of this Agreement</u>. This Agreement shall remain in full force and effect until the Facility Termination Date; provided, that (a) the rights and remedies with respect to any breach of any representation and warranty made or deemed made by the Borrower pursuant to Article Five and the indemnification and payment provisions of Article Nine and Section 2.12, (b) the confidentiality provisions of Article Twelve, (c) the provisions of Section 13.10, and (d) any other provision of this Agreement expressly stated to survive, shall be continuing and shall survive any termination of this Agreement.

Section 13.06. **<u>GOVERNING LAW; CONSENT TO JURISDICTION; WAIVER OF OBJECTION TO VENUE</u>. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REFERENCE TO ITS CONFLICTS OF LAW PROVISIONS (OTHER THAN § 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW). EACH OF THE PARTIES HERETO HEREBY AGREES TO THE NON-EXCLUSIVE JURISDICTION OF ANY FEDERAL COURT LOCATED WITHIN THE STATE OF NEW YORK. EACH OF THE PARTIES HERETO HEREBY WAIVES ANY OBJECTION BASED ON FORUM NON CONVENIENS, AND ANY OBJECTION TO VENUE, OF ANY ACTION INSTITUTED HEREUNDER IN ANY OF THE AFOREMENTIONED COURTS AND CONSENTS TO THE GRANTING OF SUCH LEGAL OR EQUITABLE RELIEF AS IS DEEMED APPROPRIATE BY SUCH COURT.**

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Section 13.07. **<u>WAIVER OF JURY TRIAL</u>. TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH OF THE PARTIES HERETO WAIVES ANY RIGHT TO HAVE A JURY PARTICIPATE IN RESOLVING ANY DISPUTE, WHETHER SOUNDING IN CONTRACT, TORT, OR OTHERWISE BETWEEN THE PARTIES HERETO ARISING OUT OF, CONNECTED WITH, RELATED TO, OR INCIDENTAL TO THE RELATIONSHIP BETWEEN ANY OF THEM IN CONNECTION WITH THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. INSTEAD, ANY SUCH DISPUTE RESOLVED IN COURT WILL BE RESOLVED IN A BENCH TRIAL WITHOUT A JURY.** 

Section 13.08. <u>Costs and Expenses</u>. In addition to the rights of indemnification granted to the Administrative Agent, the Secured Parties, the Account Bank, the Collateral Custodian, and the Backup Servicer and its or their Affiliates and officers, directors, employees and agents thereof under Article Nine, the Borrower agrees to pay on demand all reasonable out-of-pocket costs and expenses (other than Taxes imposed on net income for services or otherwise arising in connection with the performance of services) of the Administrative Agent, the Secured Parties, the Account Bank, and the Backup Servicer incurred in connection with the administration (including periodic auditing), amendment or modification of, or any waiver or consent issued in connection with, this Agreement and the other documents to be delivered hereunder or in connection herewith, including the reasonable fees and out-of-pocket expenses of counsel for the Administrative Agent, the other Secured Parties, the Account Bank, the Collateral Custodian, and the Backup Servicer (including, if it is then acting as the Successor Servicer) with respect thereto and with respect to advising such entities as to their respective rights and remedies under this Agreement and the other documents to be delivered hereunder or in connection herewith, and all costs and expenses, if any (including reasonable counsel fees and expenses), incurred by such entities in connection with the enforcement of this Agreement and the other documents to be delivered hereunder or in connection herewith.

Section 13.09. <u>No Insolvency Proceedings</u>. Notwithstanding any prior termination of this Agreement, no Lender shall, prior to the date which is one year and one day after the final payment of the Aggregate Unpaids, petition, cooperate with or encourage any other Person in petitioning or otherwise invoke the process of any Governmental Authority for the purpose of commencing or sustaining an Insolvency Proceeding against the Borrower under any United States federal or State Insolvency Laws or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator, or other similar official of the Borrower or any substantial part of its property or ordering the winding up or liquidation of the affairs of the Borrower.

Section 13.10. <u>Recourse Against Certain Parties</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No recourse under or with respect to any obligation, covenant, or agreement (including the payment of any fees or any other obligations) of the Administrative Agent or any Secured Party as contained in this Agreement or any other agreement, instrument, or document entered into by it pursuant hereto or in connection herewith shall be had against any such Person or any manager or administrator of such Person or any incorporator, affiliate, stockholder,

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officer, employee, or director of such Person or of the Borrower or of any such manager or administrator, as such, by the enforcement of any assessment or by any legal or equitable proceeding, by virtue of any statute or otherwise; it being expressly agreed and understood that the agreements of the Administrative Agent and any Secured Party contained in this Agreement and all of the other agreements, instruments, and documents entered into by it pursuant hereto or in connection herewith are, in each case, solely the corporate obligations of such Person, and that no personal liability whatsoever shall attach to or be incurred by any administrator of any such Person or any incorporator, stockholder, affiliate, officer, employee, or director of such Person or of any such administrator, as such, or any other of them, under or by reason of any of the obligations, covenants, or agreements of such Person contained in this Agreement or in any other such instruments, documents, or agreements, or that are implied therefrom, and that any and all personal liability of every such administrator of such Person and each incorporator, stockholder, affiliate, officer, employee, or director of such Person or of any such administrator, or any of them, for breaches by such Person of any such obligations, covenants, or agreements, which liability may arise either at common law or at equity, by statute or constitution, or otherwise, is hereby expressly waived as a condition of and in consideration for the execution of this Agreement. The provisions of this Section shall survive the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The provisions of this Section shall survive the termination of this Agreement.

Section 13.11. <u>Patriot Act Compliance</u>. The Administrative Agent hereby notifies the Borrower that pursuant to the requirements of the Patriot Act, it, and each other Lender and the Account Bank, may be required to obtain, verify and record information that identifies the Borrower, which information includes the name and address of the Borrower, organizational documentation, director and shareholder information, and other information that will allow the Administrative Agent, each Lender and the Account Bank to identify the Borrower in accordance with the Patriot Act. This notice is given in accordance with the requirements of the Patriot Act and is effective for the Administrative Agent, each Lender and the Account Bank.

Section 13.12. <u>Execution in Counterparts; Electronic Signatures; Severability; Integration</u>. This Agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same agreement. Delivery of an executed counterpart of a signature page to this Agreement by facsimile or by electronic mail in a ".pdf" file shall be effective as delivery of a manually executed counterpart of this Agreement. Each party agrees that this Agreement and any other documents to be delivered in connection herewith may be electronically signed, and that any electronic signatures appearing on this Agreement or such other documents are the same as handwritten signatures for the purposes of validity, enforceability, and admissibility. In case any provision in or obligation under this Agreement shall be invalid, illegal or unenforceable in any jurisdiction, the validity, legality, and enforceability of the remaining provisions or obligations, or of such provision or obligation in any other jurisdiction, shall not in any way be affected or impaired thereby. This Agreement contains the final and complete integration of all prior expressions by the parties hereto with respect to the subject matter hereof and shall constitute the entire agreement among the parties hereto with respect to the subject matter hereof, superseding all prior oral or written understandings other than any fee letter contemplated hereby.

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[Remainder intentionally left blank]

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IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by their respective officers thereunto duly authorized, as of the date first above written.

[Loan Agreement]

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| | | |
|:---|:---|:---|
| THE BORROWER: | LENDBUZZ SPV VIII, LLC | LENDBUZZ SPV VIII, LLC |
|  | By: |  |
|  |  | Name: |
|  |  | Title: |
|  | Address for Notices:<br>Lendbuzz SPV VIII, LLC<br> 100 Summer Street<br> Boston, Massachusetts 02110<br> Attention: George Sclavos, Chief Financial Officer<br> E-mail: [\*\*\*] | Address for Notices:<br>Lendbuzz SPV VIII, LLC<br> 100 Summer Street<br> Boston, Massachusetts 02110<br> Attention: George Sclavos, Chief Financial Officer<br> E-mail: [\*\*\*] |

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[Loan Agreement]

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| | | |
|:---|:---|:---|
| THE SERVICER AND THE | LENDBUZZ FUNDING LLC | LENDBUZZ FUNDING LLC |
| COLLATERAL CUSTODIAN: |  |  |
|  | By: |  |
|  |  | Name: |
|  |  | Title: |
|  |  | Address for Notices: |
|  |  | Lendbuzz Funding LLC |
|  |  | 100 Summer Street |
|  |  | Boston, Massachusetts 02110 |
|  |  | Attention: George Sclavos, Chief Financial Officer |
|  |  | E-mail: [\*\*\*] |

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[Loan Agreement]

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| | | |
|:---|:---|:---|
|  THE ADMINISTRATIVE AGENT,<br> LENDER AND ACCOUNT BANK: | REGIONS BANK | REGIONS BANK |
|  | By: |  |
|  |  | Name: |
|  |  | Title: |
|  | Address for Notices: | Address for Notices: |
|  |  | <u>For Operational Matters:</u> |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regions Bank<br> 1180 W Peachtree St NW, Suite 1400<br> Atlanta, GA 30309<br> Attention: Valencia Jackson<br> Telephone: [\*\*\*]<br> Email: [\*\*\*]<br> Attention: Tamika Ben (back-up contact)<br> Telephone: [\*\*\*]<br> Email: [\*\*\*]<br><u>For Reporting and Compliance Matters:</u><br> Regions Bank<br> 1180 W Peachtree St NW, Suite 1400<br> Atlanta, GA 30309<br> Attention: Ellis Ryan<br> Telephone: [\*\*\*]<br> Email: [\*\*\*]<br>[\*\*\*] |

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[Loan Agreement]

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| | | |
|:---|:---|:---|
|  ACKNOWLEDGED AND AGREED<br> BY THE PERFORMANCE | LENDBUZZ INC. | LENDBUZZ INC. |
|  GUARANTOR: | By: |  |
|  |  | Name: |
|  |  | Title: |
|  |  | Address for Notices:<br>Lendbuzz Inc.<br> 100 Summer Street<br> Boston, Massachusetts 02110<br> Attention: George Sclavos, Chief Financial Officer<br> E-mail: [\*\*\*] |

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[Loan Agreement]

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EXHIBIT A

FORM OF FUNDING REQUEST

____________, 202_

Regions Bank,

as Administrative Agent

1180 W Peachtree St NW, Suite 1400

Atlanta, GA 30309

Re: <u>Lendbuzz SPV VIII, LLC – Loan Agreement</u>

Ladies and Gentlemen:

The undersigned is a Responsible Officer of Lendbuzz SPV VIII, LLC (the "<u>Borrower</u>") and is authorized to execute and deliver this Funding Request on behalf of the Borrower pursuant to the Loan Agreement, dated as of October 28, 2022 (as amended, restated, supplemented or otherwise modified from time to time, the "<u>Loan Agreement</u>"), by and among the Borrower, Lendbuzz Funding LLC, as servicer and as collateral custodian, the Lenders from time to time party thereto, and Regions Bank, as administrative agent and account bank. Capitalized terms used herein that are not otherwise defined shall have the meanings ascribed thereto in the Loan Agreement.

The Borrower hereby requests that a Loan be made under the Loan Agreement on __________, ____ in the amount of $__________.

In connection with the foregoing, the undersigned hereby certifies, on behalf of the Borrower, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. As of the date hereof, the Borrowing Base is __________. After giving effect to the requested Loan, the Loans Outstanding will not exceed the Borrowing Base and no Borrowing Base Deficiency will exist. Attached to this Funding Request is a true, complete and correct calculation of such Borrowing Base and all components thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. As of the date hereof, the Excess Concentration Amount after giving effect to the requested Loan will be: ______

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. All of the conditions applicable to the requested Loan as set forth in the Loan Agreement have been satisfied as of the date hereof and will remain satisfied to the date of such Loan, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) each of the representations and warranties contained in Article Five of the Loan Agreement are true and correct in all respects on and as of the date hereof, before and after giving effect to the Loan and to the application of the proceeds therefrom as though made on and as of the date hereof;

Ex. A-1

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) no event has occurred and is continuing, or would result from such Loan or from the application of the proceeds therefrom, which constitutes an Event of Default or Unmatured Event of Default;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Borrower is in material compliance with each of its agreements set forth in the Loan Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) no Servicer Termination Event or Unmatured Servicer Termination Event has occurred; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) no adverse selection procedures were used by the Borrower with respect to the Receivables which will become a part of the Collateral on the Funding Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The requested Loan will not, on the Funding Date, exceed the Available Amount and after giving effect to the requested Loan, the Loans Outstanding will not exceed the Borrowing Base.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Hedging Agreement is in effect as required by Section 6.03 of the Loan Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Attached hereto is a true, correct and complete Schedule A to the Purchase Agreement, reflecting all Receivables which will become part of the Collateral on the Funding Date, each Receivable reflected thereon being an Eligible Receivable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The Cutoff Date with respect to the Receivables is , 202_ .

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| | |
|:---|:---|
| LENDBUZZ SPV VIII, LLC | LENDBUZZ SPV VIII, LLC |
| By: |  |
|  | Name: |
|  | Title: |

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Ex. A-2

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EXHIBIT B

FORM OF ASSIGNMENT AND ACCEPTANCE

Dated __________, 202__

Reference is made to the Loan Agreement, dated as of October 28, 2022 (as amended, restated, supplemented or otherwise modified from time to time, the "<u>Loan Agreement</u>"), by and among the Borrower, Lendbuzz Funding LLC, as servicer and as collateral custodian, the Lenders from time to time party thereto, and Regions Bank, as administrative agent and account bank. Capitalized terms used herein that are not otherwise defined herein shall have the meanings ascribed thereto in the Loan Agreement.

__________________ (the "<u>Assignor</u>") and ___________________ (the "<u>Assignee</u>") agree as follows:

The Assignor hereby sells and assigns to the Assignee, and the Assignee hereby purchases and assumes from the Assignor, that interest in and to all of the Assignor's rights and obligations under the Loan Agreement as of the date hereof which represents the percentage interest specified in Section 1 of Schedule 1 hereto of all outstanding rights and obligations of the Assignor under the Loan Agreement, including such interest in the Commitment of the Assignor and the Lender Advances made by the Assignor. After giving effect to such sale and assignment, the Commitment and the amount of Lender Advances made by the Assignee will be as set forth in Section 2 of Schedule 1 hereto.

The Assignor represents and warrants that it is the legal and beneficial owner of the interest being assigned by it hereunder and that ` interest is free and clear of any Lien.

The Assignor and the Assignee confirm to and agree with each other and the other parties to Loan Agreement that: (i) other than as provided herein, the Assignor makes no representation or warranty and assumes no responsibility with respect to any statements, warranties or, representations made in or in connection with the Loan Agreement or the execution, legality, validity, enforceability, genuineness, sufficiency, or value of the Loan Agreement or any other instrument or document furnished pursuant thereto; (ii) the Assignee confirms that it has received a copy of the Loan Agreement, together with copies of such financial statements and other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into such Assignment and Acceptance; (iii) the Assignee will, independently and without reliance upon the Administrative Agent, the Assignor or any other Lender party to the Loan Agreement and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Loan Agreement; (iv) the Assignor and the Assignee confirm that the Assignee is an Eligible Assignee; (v) the Assignee appoints and authorizes the Administrative Agent to take such action as agent on its behalf and to exercise such powers under this Agreement as are delegated to such agent by the terms hereof, together with such powers as are reasonably incidental thereto; (vi) the Assignee agrees that it will perform in accordance with their terms all of the obligations which by the terms of the Loan Agreement are required to be performed by it as a Lender, including the confidentiality provisions of Article Twelve; and (vii) this Assignment and Acceptance meets all other requirements for such an Assignment and Acceptance set forth in Article Eleven of the Loan Agreement.

Ex. B-1

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Following the execution of this Assignment and Acceptance by the Assignor and the Assignee, it will be delivered to the Administrative Agent for acceptance. The effective date of this Assignment and Acceptance (the "<u>Assignment Date</u>") shall be the date of acceptance thereof by the Administrative Agent, unless a later date is specified in Section 3 of Schedule 1 hereto.

The Assignor and the Assignee agree to reimburse the Administrative Agent for all reasonable fees, costs, and expenses (including reasonable fees and out-of-pocket expenses of counsel for the Administrative Agent) incurred by the Administrative Agent in connection with this Assignment and Acceptance.

Upon such acceptance by the Administrative Agent, the Assignee shall be a party to the Loan Agreement and, to the extent provided in this Assignment and Acceptance, have the rights and obligations of a Lender thereunder, <u>provided,</u> that the Assignor shall, to the extent such rights have been assigned by it under this Assignment and Acceptance, relinquish its assigned rights and be released from its assigned obligations under the Loan Agreement (and, in the case of an Assignment and Acceptance coving all or the remaining portion of an assigning Assignor's rights and obligations under the Loan Agreement, Assignor shall cease to be a party thereto).

Upon such acceptance by the Administrative Agent, from and after the Assignment Date, the Administrative Agent shall make, or cause to be made, all payments under the Loan Agreement in respect of the interest assigned hereby (including, without limitation, all payments of principal, interest and fees with respect thereto) to the Assignee. The Assignor and Assignee shall make all appropriate adjustments in payments under the Loan Agreement for periods prior to the Assignment Date directly between themselves.

THIS ASSIGNMENT AND ACCEPTANCE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

Ex. B-2

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IN WITNESS WHEREOF, the Assignor and the Assignee have executed this Assignment and Acceptance as of the __ day of ________, 202_.

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| |
|:---|
| _______________, as Assignor |
| By: |
| Name: |
| Title: |
| _______________, as Assignee |
| By: |
| Name: |
| Title: |

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Ex. B-3

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Schedule 1

to

Assignment and Acceptance

Dated _________, 202_

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| | |
|:---|:---|
|  <u>Section 1</u>. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Percentage Interest: | ________% |
|  <u>Section 2</u>. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assignee's Commitment: | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Aggregate Lender Advances Owing to the Assignee: | $— |
|  <u>Section 3</u>. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assignment Date: _____________, 202__ |  |

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Ex. B-4

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EXHIBIT C

CREDIT AND COLLECTION POLICY

[On file with the Administrative Agent]

Ex. C-1

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EXHIBIT D

FORM OF POWER OF ATTORNEY

This Power of Attorney (this "<u>Power of Attorney</u>") is executed and delivered by Lendbuzz SPV VIII, LLC ("<u>Grantor</u>") to Regions Bank, as Administrative Agent ("<u>Attorney</u>"), pursuant to (i) the Loan Agreement, dated as of October 28, 2022 (as amended, restated, supplemented or otherwise modified from time to time, the "<u>Loan Agreement</u>"), by and among the Grantor, as borrower, Lendbuzz Funding LLC, as servicer and as collateral custodian, the Lenders from time to time party thereto, and Regions Bank, as administrative agent and account bank, and (ii) the other Basic Documents. Capitalized terms used herein that are not otherwise defined shall have the meanings ascribed thereto in the Loan Agreement.

No person to whom this Power of Attorney is presented, as authority for Attorney to take any action or actions contemplated hereby, shall inquire into or seek confirmation from Grantor as to the authority of Attorney to take any action described below, or as to the existence of or fulfillment of any condition to this Power of Attorney, which is intended to grant to Attorney unconditionally the authority to take and perform the actions contemplated herein, and Grantor irrevocably waives any right to commence any suit or action, in law or equity, against any person or entity that acts in reliance upon or acknowledges the authority granted under this Power of Attorney. The power of attorney granted hereby is coupled with an interest and may not be revoked or canceled by Grantor until all Aggregate Unpaids have been indefeasibly paid in full and Attorney has provided its written consent thereto.

Grantor hereby irrevocably constitutes and appoints Attorney (and all officers, employees, or agents designated by Attorney), with full power of substitution, as its true and lawful attorney-in-fact with full irrevocable power and authority in its place and stead and in its name or in Attorney's own name, from time to time in Attorney's discretion, to take any and all appropriate action and to execute and deliver any and all documents and instruments that may be necessary or desirable to accomplish the purposes of the Loan Agreement, and, without limiting the generality of the foregoing, hereby grants to Attorney the power and right, on its behalf, without notice to or assent by it, upon the occurrence and during the continuance of any Event of Default, to do the following: (a) exercise all rights and privileges of Grantor under the Purchase Agreement (including each Purchase Agreement Supplement); (b) pay or discharge any taxes, Liens, or other encumbrances levied or placed on or threatened against Grantor or Grantor's property; (c) defend any suit, action, or proceeding brought against Grantor if Grantor does not defend such suit, action, or proceeding or if Attorney believes that it is not pursuing such defense in a manner that will maximize the recovery to Attorney, and settle, compromise, or adjust any suit, action, or proceeding described above and, in connection therewith, give such discharges or releases as Attorney may deem appropriate; (d) file or prosecute any claim, litigation, suit, or proceeding in any court of competent jurisdiction or before any arbitrator, or take any other action otherwise deemed appropriate by Attorney for the purpose of collecting any and all such moneys due to Grantor whenever payable and to enforce any other right in respect of Grantor's property; (e) sell, transfer, pledge, make any agreement with respect to, or otherwise deal with, any of Grantor's property, and execute, in connection with such sale or action, any endorsements, assignments, or other instruments of conveyance or transfer in connection therewith; and

Ex. D-1

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(f) cause the certified public accountants then engaged by Grantor to prepare and deliver to Attorney at any time and from time to time, promptly upon Attorney's request, any reports required to be prepared by or on behalf of Grantor under the Loan Agreement or any other Basic Document, all as though Attorney were the absolute owner of its property for all purposes, and to do, at Attorney's option and Grantor's expense, at any time or from time to time, all acts and other things that Attorney reasonably deems necessary to perfect, preserve, or realize upon its property or assets and the Liens of the Administrative Agent, as agent for the Secured Parties thereon, all as fully and effectively as it might do. Grantor hereby ratifies, to the extent permitted by law, all that said attorneys shall lawfully do or cause to be done by virtue hereof.

IN WITNESS WHEREOF, this Power of Attorney is executed by Grantor as of this __ day of ________ 20__.

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| |
|:---|
| LENDBUZZ SPV VIII, LLC |
| By: |
| Name: |
| Title: |

---

Sworn to and subscribed before

me this __ day of ________, 20__

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| |
|:---|
| Notary Public |
| [NOTARY SEAL] |

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Ex. D-2

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EXHIBIT E

FORM OF TAKE-OUT RELEASE

Reference is hereby made to the Loan Agreement, dated as of October 28, 2022 (as amended, restated, supplemented or otherwise modified from time to time, the "<u>Loan Agreement</u>"), by and among the Borrower, Lendbuzz Funding LLC, as servicer and as collateral custodian, the Lenders from time to time party thereto, and Regions Bank, as administrative agent and account bank. . Capitalized terms not defined herein shall have the meaning given such terms in the Loan Agreement.

The Borrower and the Servicer hereby represent and warrant that each condition in the Loan Agreement and each other Basic Document, to the consummation of the Take-out to which this Take-out Release relates, has been satisfied, including but not limited to delivery of (i) the executed Take-out Date Certificate, in substantially the form attached hereto as Annex 1 and (i) the executed notice, in substantially the form attached hereto as Annex 2.

Upon deposit in the Collection Account of $___________ in accordance with Section 2.13(a)(iv) of the Loan Agreement in immediately available funds, the Administrative Agent hereby releases all of its right, title and interest, including its Lien, in and to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Receivables to be transferred by the Borrower in the related Take-out and described in Schedule I hereto (the "<u>Take-out Receivables</u>" and such Schedule, the "<u>Schedule of Take-out Receivables</u>"), together with the related Contracts, whether now existing or hereafter acquired, and any accounts or obligations evidenced thereby, any guarantee thereof, all Collections related thereto, and all monies due (including any payments made under any guarantee or similar credit enhancement with respect to any such Take-out Receivables) to become due or received by any Person in payment of any of the foregoing on or after the related Take-out Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all of the Borrower's interest in the Financed Vehicles relating to the Take-out Receivables (including repossessed vehicles) or in any document or writing evidencing any security interest in any such Financed Vehicle and each security interest in each such Financed Vehicle, whether now existing or hereafter acquired, including all proceeds from any sale or other disposition of such Financed Vehicles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all Receivable Files and the Schedule of Take-out Receivables, relating to the Take-out Receivables, whether now existing or hereafter acquired, and all right, title and interest of the Borrower in and to the documents, agreements and instruments included in such Receivable Files, including rights of recourse of the Borrower against Lendbuzz Funding and/or any Dealer with respect to the Receivables;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) all of the Borrower's interest in all Records, documents and writings evidencing or related to the Take-out Receivables or the related Contracts;

Ex E-1

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) all of the Borrower's interest in all rights to payment under all Insurance Policies with respect to a Financed Vehicle related to a Take-out Receivable, including any monies collected from whatever source in connection with any default of an Obligor with respect to such Financed Vehicle and any proceeds from claims or refunds of premiums on any such Insurance Policy, whether now existing or hereafter acquired, and all proceeds thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) all of the Borrower's interest in all guaranties, indemnities, warranties, insurance (and proceeds and premium refunds thereof), and other agreements or arrangements of whatever character from time to time supporting or securing payment of the Take-out Receivables, whether pursuant to the related Contracts or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) all of the Borrower's interest in all rights to payment under all service contracts on the related Financed Vehicles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Liens, guaranties, and other encumbrances in favor of or assigned or transferred to the Borrower in and to the Take-out Receivables, whether now existing or hereafter acquired, and the related Financed Vehicles, whether now existing or hereafter acquired;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all deposit accounts, monies, deposits, funds, accounts, and instruments relating to the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) all of the Borrower's right, title, and interest in and to the Purchase Agreement (including each Purchase Agreement Supplement), relating to the Take-out Receivables and remedies thereunder and the assignment to the Administrative Agent of all UCC financing statements filed by the Borrower against Lendbuzz Funding under or in connection with the Purchase Agreement and relating to such Take-out Receivables; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) all income and proceeds of the foregoing.

[The Servicer and the Borrower hereby direct the Collateral Custodian to deliver the Receivable Files for the Take-out Receivables to __________________________________.]

Ex E-2

------

Executed as of __________, 202_.

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| |
|:---|
| LENDBUZZ SPV VIII, LLC, |
| as Borrower |
| By: |
| Name: |
| Title: |
| LENDBUZZ FUNDING LLC, |
| as Servicer and as Collateral Custodian |
| By: |
| Name: |
| Title: |
| REGIONS BANK, |
| as the Administrative Agent |
| By: |
| Name: |
| Title: |

---

Ex E-3

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ANNEX 1

LENDBUZZ FUNDING LLC

TAKE-OUT DATE CERTIFICATE

PURSUANT TO SECTION 2.13(a)

OF THE LOAN AGREEMENT

Lendbuzz Funding LLC ("<u>Lendbuzz Funding</u>"), as the servicer (the "<u>Servicer</u>"), delivers this certificate pursuant to Section 2.13(a) of the Loan Agreement, dated as of October 28, 2022 (as amended, restated, supplemented or otherwise modified from time to time, the "<u>Loan Agreement</u>"), by and among the Borrower, the Servicer, Lendbuzz Funding LLC, as collateral custodian, the Lenders from time to time party thereto, and Regions Bank, as administrative agent and account bank, and hereby certifies, as of the date hereof, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Borrower has sufficient funds on the related Take-out Date to effect the Take-out in accordance with the Loan Agreement (taking into account, to the extent necessary, the proceeds of sales of the Collateral in the Take-out, if applicable);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) after giving effect of the Take-out, the release by the Administrative Agent of the related Receivables on the Take-out Date and the transfer by the Borrower or the related Receivables on the Take-out Date, (1) no Borrowing Base Deficiency exists, (2) none of an Unmatured Event of Default, an Event of Default, a Servicer Termination Event, or an event that with notice or the passage of time, or both, would be a Servicer Termination Event, has occurred or results from such Take-out, (3) the Excess Spread shall be no less than 3.5%, and (r) the proportion of Delinquent Receivables and Liquidated Receivables that will remain subject to the Loan Agreement shall be no higher after giving effect to such Take-out than prior to such Take-out after giving effect to the proviso to Section 2.13(a)(iii);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Borrower has delivered to the Administrative Agent a list specifying all Contracts under which the Receivables not to be released pursuant to such Take-out arose; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Borrower has deposited in to the Collection Account an amount equal to all Unreimbursed Servicer Advances associated with the Receivables to be released.

Capitalized terms used herein that are not otherwise defined shall have the meanings ascribed thereto in the Loan Agreement.

Ex E-4

------

IN WITNESS WHEREOF, the Servicer has caused this certificate to be executed on its behalf this ___ day of _________, 202<u> </u>.

---

| |
|:---|
| LENDBUZZ FUNDING LLC |
| By: |
| Name: |
| Title: |

---

Ex E-5

------

ANNEX 2

FORM OF NOTICE

Lendbuzz Funding LLC

100 Summer Street

Boston, Massachusetts 02110

__________, 20_

Regions Bank,

as Administrative Agent

1180 W Peachtree St NW, Suite 1400

Atlanta, GA 30309 Re: <u>Lendbuzz SPV VIII, LLC – Loan Agreement</u>

Ladies and Gentlemen:

Reference is made to the Loan Agreement, dated as of October 28, 2022 (as amended, restated, supplemented or otherwise modified from time to time, the "<u>Loan Agreement</u>"), by and among Lendbuzz SPV VIII, LLC, as borrower (the "<u>Borrower</u>"), Lendbuzz Funding LLC, as servicer and as collateral custodian, the lenders from time to time parties thereto and Regions Bank, as administrative agent (the "<u>Administrative Agent</u>") and account bank.

Pursuant to Section 2.13(a)(i) of the Loan Agreement, the Borrower gives notice of its intent to effect a Take-out on or about __________, 20_ (which date is no fewer than 15 Business Days after the date of delivery of this notice to the Administrative Agent).

Capitalized terms used herein that are not otherwise defined shall have the meanings ascribed thereto in the Loan Agreement.

Very truly yours,

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| |
|:---|
| LENDBUZZ FUNDING LLC |
| By: |
| Name: |
| Title: |

---

Ex E-6

------

Schedule I

to Take-out Release

SCHEDULE OF REMOVED RECEIVABLES

Ex E-7

------

EXHIBIT F

FORM OF MONTHLY REPORT

[On File with the Administrative Agent]

Ex. F-1

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EXHIBIT G

FORMS OF U.S. TAX COMPLIANCE CERTIFICATES

Ex. G-1

------

EXHIBIT G-1

[FORM OF]

U.S. TAX COMPLIANCE CERTIFICATE

(For Foreign Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes)

Reference is hereby made to the Loan Agreement, dated as of October 28, 2022 (as amended, restated, supplemented or otherwise modified from time to time, the "<u>Loan Agreement</u>"), by and among Lendbuzz SPV VIII, LLC, as borrower (the "<u>Borrower</u>"), Lendbuzz Funding LLC, as servicer and as collateral custodian, the lenders from time to time parties thereto and Regions Bank, as administrative agent (the "<u>Administrative Agent</u>") and account bank.

Pursuant to the provisions of Section 2.12 of the Loan Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial owner of the Loan(s) in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code and (iv) it is not a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code.

The undersigned has furnished the Administrative Agent and the Borrower with a certificate of its non-U.S. Person status on IRS Form W-8BEN or W-8BEN-E. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform the Borrower and the Administrative Agent, and (2) the undersigned shall have at all times furnished the Borrower and the Administrative Agent with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments.

Unless otherwise defined herein, terms defined in the Loan Agreement and used herein shall have the meanings given to them in the Loan Agreement.

---

| | |
|:---|:---|
| [NAME OF LENDER] | [NAME OF LENDER] |
| By: |  |
|  | Name: |
|  | Title: |

---

Date: ________ __, 20[ ]

Ex. G-2

------

EXHIBIT G-2

[FORM OF]

U.S. TAX COMPLIANCE CERTIFICATE

(For Foreign Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes)

Reference is hereby made to the Loan Agreement, dated as of October 28, 2022 (as amended, restated, supplemented or otherwise modified from time to time, the "<u>Loan Agreement</u>"), by and among Lendbuzz SPV VIII, LLC, as borrower (the "<u>Borrower</u>"), Lendbuzz Funding LLC, as servicer and as collateral custodian, the lenders from time to time parties thereto and Regions Bank, as administrative agent (the "<u>Administrative Agent</u>") and account bank.

Pursuant to the provisions of Section 2.12 of the Loan Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial owner of the participation in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code, and (iv) it is not a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code.

The undersigned has furnished its participating Lender with a certificate of its non-U.S. Person status on IRS Form W-8BEN or W-8BEN-E. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform such Lender in writing, and (2) the undersigned shall have at all times furnished such Lender with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments.

Unless otherwise defined herein, terms defined in the Loan Agreement and used herein shall have the meanings given to them in the Loan Agreement.

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| | |
|:---|:---|
| [NAME OF PARTICIPANT] | [NAME OF PARTICIPANT] |
| By: |  |
|  | Name: |
|  | Title: |

---

Date: ________ __, 20[ ]

Ex. G-3

------

EXHIBIT G-3

[FORM OF]

U.S. TAX COMPLIANCE CERTIFICATE

(For Foreign Participants That Are Partnerships For U.S. Federal Income Tax Purposes)

Reference is hereby made to the Loan Agreement, dated as of October 28, 2022 (as amended, restated, supplemented or otherwise modified from time to time, the "<u>Loan Agreement</u>"), by and among Lendbuzz SPV VIII, LLC, as borrower (the "<u>Borrower</u>"), Lendbuzz Funding LLC, as servicer and as collateral custodian, the lenders from time to time parties thereto and Regions Bank, as administrative agent (the "<u>Administrative Agent</u>") and account bank.

Pursuant to the provisions of Section 2.12 of the Loan Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the participation in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial owners of such participation, (iii) with respect such participation, neither the undersigned nor any of its direct or indirect partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members is a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code, and (v) none of its direct or indirect partners/members is a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code.

The undersigned has furnished its participating Lender with IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or W-8BEN-E or (ii) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN or IRS Form W-8BEN-E from each of such partner's/member's beneficial owners that is claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform such Lender and (2) the undersigned shall have at all times furnished such Lender with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments.

Unless otherwise defined herein, terms defined in the Loan Agreement and used herein shall have the meanings given to them in the Loan Agreement.

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| | |
|:---|:---|
| [NAME OF PARTICIPANT] | [NAME OF PARTICIPANT] |
| By: |  |
|  | Name: |
|  | Title: |

---

Date: ________ __, 20[ ]

Ex. G-4

------

EXHIBIT G-4

[FORM OF]

U.S. TAX COMPLIANCE CERTIFICATE

(For Foreign Lenders That Are Partnerships For U.S. Federal Income Tax Purposes)

Reference is hereby made to the Loan Agreement, dated as of October 28, 2022 (as amended, restated, supplemented or otherwise modified from time to time, the "<u>Loan Agreement</u>"), by and among Lendbuzz SPV VIII, LLC, as borrower (the "<u>Borrower</u>"), Lendbuzz Funding LLC, as servicer and as collateral custodian, the lenders from time to time parties thereto and Regions Bank, as administrative agent (the "<u>Administrative Agent</u>") and account bank.

Pursuant to the provisions of Section 2.12 of the Loan Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the Loan(s) in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial owners of such Loan(s), (iii) with respect to the extension of credit pursuant to this Loan Agreement or any other Borrower Basic Document, neither the undersigned nor any of its direct or indirect partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members is a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code, and (v) none of its direct or indirect partners/members is a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code.

The undersigned has furnished the Administrative Agent and the Borrower with IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or W-8BEN-E or (ii) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN or IRS Form W-8BEN-E from each of such partner's/member's beneficial owners that is claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform the Borrower and the Administrative Agent, and (2) the undersigned shall have at all times furnished the Borrower and the Administrative Agent with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments.

Unless otherwise defined herein, terms defined in the Loan Agreement and used herein shall have the meanings given to them in the Loan Agreement.

Ex. G-5

------

---

| | |
|:---|:---|
| [NAME OF LENDER] | [NAME OF LENDER] |
| By: |  |
|  | Name: |
|  | Title: |

---

Date: ________ __, 20[ ]

Ex. G-6

## Exhibit 10.22

**Exhibit 10.22** 

Certain information has been excluded from this agreement (indicated by "[\*\*\*]") because Lendbuzz Inc. has determined such information (i) is not material and (ii) is of the type that the registrant treats as private or confidential.

**EIGHTH AMENDMENT TO LOAN AGREEMENT** 

This EIGHTH AMENDMENT TO LOAN AGREEMENT (this "*Amendment*"), dated as of May 20, 2025, is made by and among LENDBUZZ SPV VIII, LLC, a Delaware limited liability company, as borrower (the "<u>Borrower</u>"), LENDBUZZ FUNDING LLC, a Delaware limited liability company ("<u>Lendbuzz Funding</u>"), as servicer (in such capacity, the "<u>Servicer</u>") and as collateral custodian (in such capacity, the "<u>Collateral Custodian</u>") for the Secured Parties, the Lenders (the "<u>Lenders</u>"), and REGIONS BANK, as administrative agent for the Lenders (in such capacity, the "<u>Administrative Agent</u>").

WHEREAS, the Borrower, the Servicer, the Lenders, and the Administrative Agent entered into that certain Loan Agreement, dated as of October 28, 2022 (as amended, restated, supplemented or otherwise modified from time to time, the "*Loan Agreement*"); and

WHEREAS, in accordance with <u>Section 13.01</u> of the Loan Agreement, the parties hereto desire to amend certain provisions of the Loan Agreement, subject to the terms hereof;

NOW, THEREFORE, in consideration of the premises and of the mutual covenants contained herein, and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows:

SECTION 1. DEFINED TERMS.

Unless otherwise defined herein, all capitalized terms used herein have the meanings assigned to such terms in the Loan Agreement.

SECTION 2. AMENDMENTS.

Subject to the satisfaction of the conditions precedent set forth in Section 3 below, the Loan Agreement shall be amended as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1. Clauses (iv), (vii) and (ix) of the defined term "<u>Excess Concentration Amounts</u>" appearing in <u>Section 1.01</u> of the Loan Agreement are hereby amended and restated in their entireties and as so amended and restated shall read as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the positive difference, if any, of (a) the aggregate Principal Balance of the Eligible Receivables for which the related Obligors had FICO Scores and such FICO Scores were less than 620 minus (b) the product of (1)(i) from the Eighth Amendment Effective Date until the earlier of (x) June 30, 2025 or (y) the effective date of a Ninth Amendment to to Loan Agreement, [\*\*\*] or (ii) on and after the earlier of (x) June 30, 2025 or (y) the effective date of a Ninth Amendment to to Loan Agreement, [\*\*\*] times (2) the Eligible Pool Balance on such date;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the aggregate Principal Balance of the Eligible Receivables with the lowest FICO Scores that would need to be subtracted from the Eligible Pool Balance on such date in order to cause the weighted average FICO Score of those Eligible Receivables that both (A) constitute a Long Term Loan and (B) have a FICO Score equal to (i) from the Eighth Amendment Effective Date until the earlier of (x) June 30, 2025 or (y) the effective date of a Ninth Amendment to to Loan Agreement, [\*\*\*] or (ii) on and after the earlier of (x) June 30, 2025 or (y) the effective date of a Ninth Amendment to to Loan Agreement, [\*\*\*];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) the aggregate Principal Balance of the Eligible Receivables with the lowest AIRA Scores that would need to be subtracted from the Eligible Pool Balance on such date in order to cause the weighted average AIRA Score of those Eligible Receivables that both (A) constitute a Long Term Loan and (B) have an AIRA Score equal to (i) from the Eighth Amendment Effective Date until the earlier of (x) June 30, 2025 or (y) the effective date of a Ninth Amendment to to Loan Agreement, [\*\*\*] or (ii) on and after the earlier of (x) June 30, 2025 or (y) the effective date of a Ninth Amendment to to Loan Agreement, [\*\*\*];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2. Section 1.01 of the Loan Agreement is hereby further amended by adding the defined term "<u>Eighth Amendment Effective Date</u>" in the appropriate alphabetical order to read as follows:

"<u>Eighth Amendment Effective Date</u>" means May 20, 2025.

SECTION 3. CONDITIONS PRECEDENT

This Amendment shall become effective as of the close of business on the date first written above, subject to the satisfaction of the condition precedent that (a) each party, or such party's counsel, shall have received in form and substance satisfactory to such party counterpart signatures to this Amendment executed by the other parties and (b) the Administrative Agent shall have received payment, in immediately available funds, of all reasonable fees and expenses incurred in connection with the preparation, negotiation, execution and delivery of this Amendment.

SECTION 4. REPRESENTATIONS AND WARRANTIES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Binding Obligation</u>. Each party hereby represents and warrants to the other parties that each of this Amendment and the Loan Agreement (as amended hereby) constitutes its legal, valid and binding obligation, enforceable against such party in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency and other similar laws affecting creditors' rights generally and to general principles of equity.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>No Default</u>. The Borrower represents and warrants that (i) no event has occurred and is continuing, which constitutes an Event of Default or an Unmatured Event of Default or that has had or is likely to have a Material Adverse Effect on the Borrower or the Receivables, and (ii) the Facility Termination Date has not occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Ratification and Reaffirmation of Representations and Warranties</u>. The Borrower ratifies and reaffirms that all of its representations and warranties and covenants set forth in the Loan Agreement and the other Basic Documents are true and correct in all material respects as of the date hereof as though made on and as of the date hereof (where not already qualified by materiality, otherwise in all respects), except to the extent the same expressly relate to an earlier date, in which case they shall be true and correct in all material respects (where not already qualified by materiality, otherwise in all respects) as of such earlier date.

SECTION 5. EXECUTION IN COUNTERPARTS.

This Amendment may be executed in any number of counterparts and by the different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same agreement. Delivery of a signature page to, or an executed counterpart of, this Amendment by facsimile, email transmission of a scanned image, or other electronic means, shall be effective as delivery of an originally executed counterpart. The parties hereto agree that "execution," "signed," "signature," and words of like import in this document shall be deemed to include electronic signatures, authentication, or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based record keeping system, as the case may be, to the extent and as provided for in any applicable law, including, without limitation, Electronic Signatures in Global and National Commerce Act, the Uniform Electronic Transactions Act, New York Electronic Signatures and Records Act (N.Y. State Tech. §§ 301-309), or the Uniform Commercial Code, and the parties hereto hereby waive any objection to the contrary.

SECTION 6. GOVERNING LAW.

THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REFERENCE TO ITS CONFLICTS OF LAW PROVISIONS (OTHER THAN § 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW). EACH OF THE PARTIES HERETO HEREBY AGREES TO THE NON-EXCLUSIVE JURISDICTION OF ANY FEDERAL COURT LOCATED WITHIN THE STATE OF NEW YORK. EACH OF THE PARTIES HERETO HEREBY WAIVES ANY OBJECTION BASED ON FORUM NON CONVENIENS, AND ANY OBJECTION TO VENUE, OF ANY ACTION INSTITUTED HEREUNDER IN ANY OF THE AFOREMENTIONED COURTS AND CONSENTS TO THE GRANTING OF SUCH LEGAL OR EQUITABLE RELIEF AS IS DEEMED APPROPRIATE BY SUCH COURT.

------

SECTION 7. EFFECT OF AMENDMENT; REAFFIRMATION OF BASIC DOCUMENTS.

Except as specifically amended, waived or otherwise modified herein, the terms and conditions of the Loan Agreement and all other Basic Documents and any other documents, instruments and agreements executed and/or delivered in connection therewith, shall remain in full force and effect and, subject to such amendments, waivers and modifications herein set forth, are hereby ratified and confirmed.

**[*Signature Pages Follow*]** 

------

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed and delivered as of the date first above written.

---

| | |
|:---|:---|
| LENDBUZZ SPV VIII, LLC | LENDBUZZ SPV VIII, LLC |
| By: | /s/ George Sclavos |
| Name: | George Sclavos |
| Title: | CFO |
| LENDBUZZ FUNDING LLC | LENDBUZZ FUNDING LLC |
| By: | /s/ George Sclavos |
| Name: | George Sclavos |
| Title: | CFO |

---

[Signature page to Eighth Amendment to Loan Agreement]

------

---

| | | |
|:---|:---|:---|
| REGIONS BANK, as Administrative Agent and as Lender | REGIONS BANK, as Administrative Agent and as Lender | REGIONS BANK, as Administrative Agent and as Lender |
| By: | /s/ Ellis Rayan | /s/ Ellis Rayan |
|  | Name: | Ellis Rayan |
|  | Title: | Vice President |

---

[Signature page to Eighth Amendment to Loan Agreement]

## Exhibit 10.23

**Exhibit 10.23** 

**Execution Version** 

Certain information has been excluded from this agreement (indicated by "[\*\*\*]") because Lendbuzz Inc. has determined such information (i) is not material and (ii) is of the type that the registrant treats as private or confidential.

**AMENDMENT NO. 10 TO LOAN AGREEMENT** 

This AMENDMENT NO. 10 TO LOAN AGREEMENT, dated as of February 14, 2025 (this "<u>Amendment</u>"), is executed by and among LENDBUZZ SPV V, LLC (the "<u>Borrower</u>"), CHARIOT FUNDING LLC ("<u>Chariot</u>"), JPMORGAN CHASE BANK, N.A. ("<u>JPMorgan</u>"), in its capacities as administrative agent (in such capacity, the "<u>Administrative Agent</u>"), as a Committed Lender, and as the Agent for the JPMorgan Lender Group (in such capacity, the "<u>JPMorgan Agent</u>"), ROYAL BANK OF CANADA, in its capacities as a Committed Lender and as the Agent for the RBC Lender Group (in such capacity, the "<u>RBC Agent</u>"), VICTORY RECEIVABLES CORPORATION ("<u>Victory Receivables</u>"), in its capacity as a Conduit Lender, and MUFG BANK, LTD. ("<u>MUFG Bank</u>"), in its capacities as a Committed Lender and as the Agent for the MUFG Lender Group, and amends the Loan Agreement, dated as of January 18, 2022 (as amended, restated, supplemented or otherwise modified from time to time, the "<u>Loan Agreement</u>") by and among the Borrower, Lendbuzz Funding LLC ("<u>Lendbuzz Funding</u>"), as the servicer and the collateral custodian, the lenders from time to time parties thereto, the agents from time to time parties thereto, and JPMorgan, as Administrative Agent and as the account bank. Capitalized terms used, but not otherwise defined, herein shall have the meanings ascribed thereto in the Loan Agreement.

WITNESSETH:

WHEREAS, the Borrower and the Lenders desire to amend the Loan Agreement, in accordance with Section 13.01 thereof, on the terms set forth herein.

NOW, THEREFORE, in consideration of the premises and the mutual agreements hereinafter set forth, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

SECTION 1. <u>Amendments to the Loan Agreement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The definitions of "<u>Excess Concentration Amounts</u>," and "<u>Hedge Reserve Account Required Amount</u> " that are set forth in Section 1.01 (Definitions) are deleted in their entirety and replaced, respectively, with the following:

"<u>Excess Concentration Amounts</u>" means, as of any date of determination and without duplication, the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the positive difference, if any, of (a) the aggregate Principal Balance of the Eligible Receivables for which the related Obligor has a billing address in the State with the highest concentration of Receivables by Obligor billing address as of such date <u>minus</u> (b) an amount equal to the product of (1) [\*\*\*] <u>times</u> (2) the Eligible Pool Balance on such date;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the positive difference, if any, of (a) the aggregate Principal Balance of the Eligible Receivables for which the related Obligor has a billing address in the State with the second highest concentration of Receivables by Obligor billing address as of such date <u>minus</u> (b) an amount equal to the product of (1) [\*\*\*] <u>times</u> (2) the Eligible Pool Balance on such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the positive difference, if any, of (a) the aggregate Principal Balance of the Eligible Receivables for which the related Obligor has a billing address in any State other than those States accounted for in clauses (i) and (ii), above, <u>minus</u> (b) an amount equal to the product of (1) [\*\*\*] <u>times</u> (2) the Eligible Pool Balance on such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the positive difference, if any, of (a) the aggregate Principal Balance of the Eligible Receivables for which the related Obligors had FICO Scores and such FICO Scores were less than 620 <u>minus</u> (b) the product of (1) [\*\*\*] <u>times</u> (2) the Eligible Pool Balance on such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the positive difference, if any, of (a) the aggregate Principal Balance of the Eligible Receivables for which the related Obligors had FICO Scores of less than or equal to 680 <u>minus</u> (b) the product of (1) [\*\*\*] <u>times</u> (2) the Eligible Pool Balance on such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the positive difference, if any, of (a) the aggregate Principal Balance of the Eligible Receivables for which the related Obligors did not have a FICO Score or had a FICO Score of zero <u>minus</u> (b) the product of (1) [\*\*\*] <u>times</u> (2) the Eligible Pool Balance as of such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the aggregate Principal Balance of the Eligible Receivables with the highest mileage of the related Financed Vehicle at the time of origination of the related Receivable that would need to be subtracted from the Eligible Pool Balance on such date in order to cause the weighted average mileage of those Eligible Receivables that have an original term to maturity that was greater than [\*\*\*] months to equal [\*\*\*] miles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the positive difference, if any, of (a) the aggregate Principal Balance of the Eligible Receivables for which the related Obligors had AIRA Scores of less than [\*\*\*] <u>minus</u> (b) the product of (1) [\*\*\*] <u>times</u> (2) the Eligible Pool Balance as of such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) without duplication, the sum of (a) the aggregate Principal Balance of the Eligible Receivables with the lowest AIRA Scores that would need to be subtracted from the Eligible Pool Balance on such date in order to cause the weighted average AIRA Score of those Eligible Receivables that have an original term to maturity that was greater than [\*\*\*] months to equal [\*\*\*] <u>plus</u> (b) the aggregate Principal Balance of the Eligible Receivables with the lowest AIRA Scores that would need to be subtracted from the Eligible Pool Balance on such date in order to cause the weighted average AIRA Score of all Eligible Receivables to equal [\*\*\*]

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) the positive difference, if any, of (a) the aggregate Principal Balance of the Eligible Receivables for which the related Obligors had AIRA Scores of less than or equal to [\*\*\*] <u>minus</u> (b) the product of (1) either (A) if such date of determination occurs during a Post-Securitization Period, [\*\*\*] or (B) otherwise, [\*\*\*] <u>times</u> (2) the Eligible Pool Balance on such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) the positive difference, if any, of (a) the aggregate Principal Balance of the Eligible Receivables for which the related Financed Vehicle was a Used Vehicle at the time such Receivable was originated <u>minus</u> (b) the product of (1) [\*\*\*] <u>times</u> (2) the Eligible Pool Balance as of such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) the positive difference, if any, of (a) the aggregate Principal Balance of the Eligible Receivables that have an original term to maturity that was greater than [\*\*\*] months <u>minus</u> (b) the product of (1) [\*\*\*] <u>times</u> (2) the Eligible Pool Balance as of such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) without duplication, the sum of (a) the aggregate Principal Balance of the Eligible Receivables that have Loan-to-Value Ratios as of such date that are greater than [\*\*\*] that would need to be subtracted from the Eligible Pool Balance on such date in order to cause the weighted average Loan-to-Value Ratio of all Eligible Receivables as of such date to equal [\*\*\*] <u>plus</u> (b) the aggregate Principal Balance of the Eligible Receivables that have Loan-to-Value Ratios as of such date that are greater than [\*\*\*] and that were originated through independent Dealers that would need to be subtracted from the Eligible Pool Balance on such date in order to cause the weighted average Loan-to-Value Ratio of all Eligible Receivables as of such date that were originated through independent Dealers to equal [\*\*\*] that were originated through independent Dealers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) the aggregate Principal Balance of the Eligible Receivables that had Payment-to-Income Ratios of greater than [\*\*\*] at the time of underwriting that would need to be subtracted from the Eligible Pool Balance on such date in order to cause the weighted average Payment-to-Income Ratios of all Eligible Receivables that had Payment-to-Income Ratios calculated at the time of underwriting (as indicated by the presence of a recorded Payment-to-Income Ratio in the related Receivable File that is not [\*\*\*] or [\*\*\*]) to equal [\*\*\*]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) the aggregate Principal Balance of the Eligible Receivables that had Down Payments of less than [\*\*\*] that would need to be subtracted from the Eligible Pool Balance on such date in order to cause the weighted average Down Payment for all Eligible Receivables to equal [\*\*\*]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) the positive difference, if any, of (a) the aggregate Principal Balance of the Eligible Receivables that are not Bank Account Verified <u>minus</u> (b) the product of (1) [\*\*\*] <u>times</u> (2) the Eligible Pool Balance on such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) the positive difference, if any, of (a) the aggregate Principal Balance of the Eligible Receivables that were originated through independent Dealers <u>minus</u> (b) the product of (1) [\*\*\*] <u>times</u> (2) the Eligible Pool Balance on such date;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) the aggregate Principal Balance of the Eligible Receivables with the largest Balloon Payments that would need to be subtracted from the Eligible Pool Balance on such date in order to cause the aggregate amount of Balloon Payments related to all Eligible Receivables to be no greater than [\*\*\*] of the Eligible Pool Balance on such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) the positive difference, if any, of (a) the aggregate Principal Balance of the Eligible Receivables (1) for which the original term to maturity was more than [\*\*\*] months and (2) that were originated through independent Dealers <u>minus</u> (b) the product of (1) [\*\*\*] <u>times</u> (2) the aggregate Principal Balance of the Eligible Receivables that have an original term to maturity that was greater than [\*\*\*] months;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) the aggregate Principal Balance of the Eligible Receivables with the lowest Down Payment that would need to be subtracted from the Eligible Pool Balance on such date in order to cause the weighted average Down Payment of those Eligible Receivables that have an original term to maturity that was greater than [\*\*\*] months to equal [\*\*\*]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi) the aggregate Principal Balance of the Eligible Receivables that had the lowest Contract Reserves that would need to be subtracted from the Eligible Pool Balance on such date in order to cause the weighted average Contract Reserves of all Eligible Receivables to equal [\*\*\*];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxii) the positive difference, if any, of (a) the aggregate Principal Balance of the Eligible Receivables that did not have Payment-to-Income Ratios calculated as of the date of underwriting (as indicated by either the absence of a recorded Payment-to-Income Ratio, or the presence of a recorded Payment-to-Income Ratio of 0% or 59%, in the related Receivable File) <u>minus</u> (b) the product of (1) [\*\*\*] <u>times</u> (2) the Eligible Pool Balance as of such date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiii) the positive difference, if any, of (a) the aggregate Principal Balance of the Eligible Receivables that had a Principal Balance at the time of origination of the Receivable of greater than [\*\*\*] <u>minus</u> (b) the product of (1) [\*\*\*] <u>times</u> (2) the Eligible Pool Balance as of such date."

"<u>Hedge Reserve Account Required Amount</u>" means, as of any date of determination on which the aggregate notional amount of all outstanding Hedge Transactions is less than the Loans Outstanding (after giving effect to any changes to the Loans Outstanding on such date), an amount equal to the product of (i) 110% <u>times</u> (ii) the quoted purchase price from any Lender, any Agent, or any Affiliate of any Lender or Agent (which price shall be reasonably determined based on prevailing market conditions and such Lender or Agent's pricing of caps of a similar size, duration and cap rate) most recently received by the Borrower (or the Servicer on behalf of the Borrower) pursuant to Section 6.03(a)(ii) hereof (which quote shall, for purpose of this definition, continue in effect until the next succeeding date on which such a quote is received pursuant to Section 6.03(a)(ii) hereof), for an interest rate cap (A) that has a notional amount, duration, and amortization that is agreed upon by the Borrower and the Administrative Agent for such date and (B) the cap rate for which is the maximum cap rate that would cause the Excess Spread to equal 4.5% if a Hedge Transaction in the form of an interest rate cap having such strike rate and having the notional amount referenced in clause (A) was included in the calculation of 'Weighted Average Hedge Rate' on such date."

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Section</u> <u>2.13</u> is amended by deleting clause (iii) in its entirety and replacing it with the following:

"(iii) on the related Take-out Date, the following shall be true and correct and the Borrower shall be deemed to have certified that after giving effect to the Take-out and the release to the Borrower of the related Receivables on the related Take-out Date, (A) no Borrowing Base Deficiency exists, (B) neither an Unmatured Event of Default nor an Event of Default has occurred, nor will either result from such Take-out, (C) the Excess Spread shall be no less than 4.5%, (D) the fractional portion of the Eligible Pool Balance that represents the aggregate Principal Balance of all Delinquent Receivables constituting Collateral will be no greater than the fractional portion of the Eligible Pool Balance that was represented by the aggregate Principal Balance of all Delinquent Receivables that constituted Collateral immediately prior to the release of the related Receivables and (E) the fractional portion of the Eligible Pool Balance that represents the aggregate Principal Balance of all Liquidated Receivables constituting Collateral will be no greater than the fractional portion of the Eligible Pool Balance that was represented by the aggregate Principal Balance of all Liquidated Receivables that constituted Collateral immediately prior to the release of the related Receivables (<u>provided</u>, that if subclause (D) and/or (E) would not be satisfied on any Take-out Date, then the related Take-out may nevertheless occur, but the Receivables that continue to be owned by the Borrower following the related Take-out and that cause subclause (D) and/or (E) not to be satisfied shall thereafter (I) be deemed to be Ineligible Receivables for purposes of determining the Borrowing Base, (II) be excluded from both the numerator and the denominator when calculating the Conduit Portfolio Delinquency Ratio, and (III) be excluded from clause (a) (but not clause (b)) of the numerator and from the denominator when calculating the Conduit Portfolio Net Loss-to-Liquidation Ratio);"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Section</u> <u>4.02</u> is amended by deleting clause (c)(v) in its entirety and replacing it with the following:

"(v) the Excess Spread shall be no less than 4.5%."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Annex I</u> is amended by deleting clause (b)(3) in its entirety and replacing it with the following:

"(3) the Excess Spread shall be no less than 4.5%,"

SECTION 2. <u>Representations and Warranties</u>. The Borrower hereby confirms that all representations and warranties made by it pursuant to Sections 5.01 and 5.02 of the Loan Agreement were true and correct as of the date as of which they were made and that it is in compliance with all covenants made by it pursuant to the Loan Agreement as of the date hereof. By its acknowledgment of this Amendment, Lendbuzz Funding hereby confirms that all representations and warranties made by it pursuant to Section 5.03 of the Loan Agreement were true and correct as of the date as of which they were made and that it is in compliance with all covenants made by it pursuant to the Loan Agreement as of the date hereof. Furthermore, the Borrower and Lendbuzz Funding each hereby represents and warrants as to itself that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) It has the power to execute, deliver and perform this Amendment and the transactions contemplated hereby.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The execution and delivery of this Amendment and the performance of this Amendment and the Loan Agreement (as amended hereby) have been duly authorized by it by all necessary company action (including any necessary action by its members).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Amendment has been duly executed and delivered on its behalf. This Amendment and the Loan Agreement (as amended hereby) constitute its legal, valid and binding obligations, enforceable against it in accordance with their respective terms, except as enforcement of such terms may be limited by Insolvency Laws affecting the enforcement of creditors' rights generally and by the availability of equitable remedies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) It is in compliance in all material respects with all Applicable Laws.

SECTION 3. <u>Effectiveness of Amendment</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Amendment shall be effective, as of the date hereof, upon the delivery of a fully executed copy hereof of this Amendment to the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as expressly amended by the terms of this Amendment, all terms and conditions of the Loan Agreement shall remain in full force and effect and are hereby ratified and confirmed. This Amendment is effective only for the specific purpose for which it is given and shall not operate as a consent, waiver, amendment or other modification of any other term or condition set forth in the Loan Agreement. Upon the effectiveness of this Amendment, (i) each reference in the Loan Agreement to "this Agreement" or "this Loan Agreement" or words of like import shall mean and be references to the Loan Agreement as amended hereby; and (ii) each reference in any other Basic Document to the Loan Agreement or to any terms defined in the Loan Agreement which are modified hereby shall mean and be references to the Loan Agreement or to such terms as modified hereby. The parties hereto acknowledge and agree that this Amendment shall constitute a Basic Document. This Amendment does not constitute a novation or termination of the Loan Agreement or any other Basic Document and all obligations thereunder are in all respects continuing with only the terms thereof being modified as provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The parties hereto acknowledge and agree that the conformed copy of the Loan Agreement that is attached hereto as <u>Exhibit 1</u> reflects the correct and current terms of the Loan Agreement after giving effect to all amendments thereto to date, including this Amendment.

SECTION 4. <u>Amendments, etc</u>. No provision of this Amendment shall be waived, amended or otherwise modified except as provided in Section 13.01 of the Loan Agreement.

SECTION 5. **<u>GOVERNING LAW</u>. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.** 

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SECTION 6. <u>Severability</u>. If one or more of the covenants, agreements, provisions or terms of this Amendment shall be for any reason whatsoever held invalid, then such covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements, provisions or terms of this Amendment and shall in no way affect the validity or enforceability of the other provisions of this Amendment or the Loan Agreement as amended hereby.

SECTION 7. <u>Binding Effect</u>. This Amendment shall be binding upon and shall be enforceable by the parties hereto and their respective successors and permitted assigns.

SECTION 8. <u>Captions, etc</u>. The captions and section numbers appearing in this Amendment are inserted only as a matter of convenience and do not define, limit, construe or describe the scope or intent of the provisions of this Amendment.

SECTION 9. <u>Counterparts</u>. This Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same agreement. Delivery of an executed counterpart of a signature page to this Amendment by facsimile or by electronic mail in a ".pdf" file shall be effective as delivery of a manually executed counterpart of this Amendment. Each party agrees that this Amendment and any other documents to be delivered in connection herewith may be electronically signed, and that any electronic signatures appearing on this Amendment or such other documents are the same as handwritten signatures for the purposes of validity, enforceability, and admissibility.

[Signature Page Follows]

------

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and delivered by their respective authorized officers as of the date first above written.

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| | | |
|:---|:---|:---|
| LENDBUZZ SPV V, LLC,<br> as Borrower | LENDBUZZ SPV V, LLC,<br> as Borrower | LENDBUZZ SPV V, LLC,<br> as Borrower |
| By: | /s/ George Sclavos | /s/ George Sclavos |
|  | Name: | George Sclavos |
|  | Title: | CFO |
| JPMORGAN CHASE BANK N.A.,<br> as Administrative Agent | JPMORGAN CHASE BANK N.A.,<br> as Administrative Agent | JPMORGAN CHASE BANK N.A.,<br> as Administrative Agent |
| By: |  |  |
|  | Name: |  |
|  | Title: |  |

---

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| | |
|:---|:---|
| ACKNOWLEDGED AND AGREED: | ACKNOWLEDGED AND AGREED: |
| LENDBUZZ FUNDING LLC,<br> as Servicer and Collateral Custodian | LENDBUZZ FUNDING LLC,<br> as Servicer and Collateral Custodian |
| By: | /s/ George Sclavos |
| Name: | George Sclavos |
| Title: | CFO |

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[Signature Page to Amendment No. 10 to Loan Agt. (Lendbuzz SPV V, LLC)]

------

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and delivered by their respective authorized officers as of the date first above written.

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| | | |
|:---|:---|:---|
| LENDBUZZ SPV V, LLC,<br> as Borrower | LENDBUZZ SPV V, LLC,<br> as Borrower | LENDBUZZ SPV V, LLC,<br> as Borrower |
| By: |  |  |
|  | Name: |  |
|  | Title: |  |
| JPMORGAN CHASE BANK N.A.,<br> as Administrative Agent | JPMORGAN CHASE BANK N.A.,<br> as Administrative Agent | JPMORGAN CHASE BANK N.A.,<br> as Administrative Agent |
| By: | /s/ Elizabeth S. Trainor | /s/ Elizabeth S. Trainor |
|  | Name: | Elizabeth S. Trainor |
|  | Title: | Executive Director |

---

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| | |
|:---|:---|
| ACKNOWLEDGED AND AGREED: | ACKNOWLEDGED AND AGREED: |
| LENDBUZZ FUNDING LLC,<br> as Servicer and Collateral Custodian | LENDBUZZ FUNDING LLC,<br> as Servicer and Collateral Custodian |
| By: |  |
|  | Name: |
|  | Title: |

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[Signature Page to Amendment No. 10 to Loan Agt. (Lendbuzz SPV V, LLC)]

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JPMORGAN LENDER GROUP:

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| | |
|:---|:---|
| CHARIOT FUNDING LLC,<br> as a Conduit Lender | CHARIOT FUNDING LLC,<br> as a Conduit Lender |
| By: JPMORGAN CHASE BANK, N.A., as its attorney-in-fact | By: JPMORGAN CHASE BANK, N.A., as its attorney-in-fact |
| By: | /s/ Elizabeth S. Trainor |
| Name: | Elizabeth S. Trainor |
| Title: | Executive Director |
| JPMORGAN CHASE BANK N.A.,<br> as JPMorgan Agent and as a Committed Lender | JPMORGAN CHASE BANK N.A.,<br> as JPMorgan Agent and as a Committed Lender |
| By: | /s/ Elizabeth S. Trainor |
|  | Name: Elizabeth S. Trainor |
|  | Title: Executive Director |

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[Signature Page to Amendment No. 10 to Loan Agt. (Lendbuzz SPV V, LLC)]

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RBC LENDER GROUP:

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| | |
|:---|:---|
| ROYAL BANK OF CANADA,<br> as RBC Agent | ROYAL BANK OF CANADA,<br> as RBC Agent |
| By: | /s/ Angela Nimoh |
|  | Name: Angela Nimoh |
|  | Title: Authorized Signatory |
| ROYAL BANK OF CANADA,<br> as a Committed Lender | ROYAL BANK OF CANADA,<br> as a Committed Lender |
| By: | /s/ Angela Nimoh |
|  | Name: Angela Nimoh |
|  | Title: Authorized Signatory |
| By: | /s/ Shivani Pandiri |
|  | Name: Shivani Pandiri |
|  | Title: Authorized Signatory |

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[Signature Page to Amendment No. 10 to Loan Agt. (Lendbuzz SPV V, LLC)]

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MUFG LENDER GROUP:

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| | |
|:---|:---|
| MUFG BANK, LTD.,<br> as MUFG Agent and as a Committed Lender | MUFG BANK, LTD.,<br> as MUFG Agent and as a Committed Lender |
| By: | /s/ Brian Chin |
|  | Name: Brian Chin |
|  | Title: Director |
| VICTORY RECEIVABLES CORPORATION,<br> as a Conduit Lender | VICTORY RECEIVABLES CORPORATION,<br> as a Conduit Lender |
| By: | /s/ Kevin J. Corrigan |
|  | Name: Kevin J. Corrigan |
|  | Title: Vice President |

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[Signature Page to Amendment No. 10 to Loan Agt. (Lendbuzz SPV V, LLC)]

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EXHIBIT 1

CONFORMED COPY OF LOAN AGREEMENT

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**Execution Copy** 

Conformed to Amend. No. 1 (3/7/22)

Conformed to Amend. No. 2 (5/26/22)

Conformed to Amend. No. 3 (12/16/22)

Conformed to Amend. No. 4 (5/5/23)

Conformed to Amend. No. 5 (8/4/23)

Conformed to Amend. No. 6 (11/29/23)

Conformed to Amend. No. 7 (5/1/24)

Conformed to Amend. No. 8 (8/2/24)

Conformed to Amend. No. 9 (11/14/24)

Conformed to Amend. No. 10 (2/14/25)

LENDBUZZ SPV V, LLC,

as the Borrower,

LENDBUZZ FUNDING LLC,

as the Servicer and the Collateral Custodian

the LENDERS

from time to time parties hereto,

the AGENTS

from time to time parties hereto,

and

JPMORGAN CHASE BANK, N.A.,

as the Administrative Agent and the Account Bank

LOAN AGREEMENT

Dated as of January 18, 2022

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**TABLE OF CONTENTS** 

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| | | |
|:---|:---|:---|
|  |  | Page |
|  | ARTICLE ONE |  |
|  | DEFINITIONS; CONSTRUCTION |  |
|  Section 1.01. | Definitions | 1 |
|  Section 1.02. | Accounting Terms and Determinations | 44 |
|  Section 1.03. | Computation of Time Periods | 44 |
|  Section 1.04. | Interpretation | 44 |
|  | ARTICLE TWO |  |
|  | LOANS |  |
|  Section 2.01. | Loans | 45 |
|  Section 2.02. | Funding Mechanics | 49 |
|  Section 2.03. | Reduction of Commitments | 50 |
|  Section 2.04. | Extensions of Commitments | 50 |
|  Section 2.05. | Interest | 51 |
|  Section 2.06. | Payments | 52 |
|  Section 2.07. | Settlement Procedures | 54 |
|  Section 2.08. | Payments, Computations, Etc. | 55 |
|  Section 2.09. | Collections and Allocations; Investment of Funds | 56 |
|  Section 2.10. | Fees | 57 |
|  Section 2.11. | Increased Cost and Reduced Return | 58 |
|  Section 2.12. | Taxes | 60 |
|  Section 2.13. | Take-outs | 64 |
|  Section 2.14. | The Account Bank | 66 |
|  Section 2.15. | Cost of Funds Disclosure and Exculpatory Language | 69 |
|  Section 2.16. | Replacement of Lender Group | 69 |
|  Section 2.17. | Defaulting Committed Lenders | 70 |
|  Section 2.18. | Alternate Rate of Interest | 71 |
|  | ARTICLE THREE |  |
|  | SECURITY |  |
|  Section 3.01. | Collateral | 72 |
|  Section 3.02. | Release of Collateral; No Legal Title | 74 |
|  Section 3.03. | Protection of Security Interest; Administrative Agent, as Attorney-in-Fact | 75 |
|  Section 3.04. | Assignment of the Purchase Agreement | 76 |
|  Section 3.05. | Waiver of Certain Laws | 76 |
|  Section 3.06. | Remittance Account | 76 |

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| | | |
|:---|:---|:---|
|  |  | Page |
|  | ARTICLE FOUR |  |
|  | CONDITIONS OF CLOSING AND LOANS |  |
|  Section 4.01. | Conditions to Effectiveness of this Agreement | 77 |
|  Section 4.02. | Conditions Precedent to All Loans | 78 |
|  | ARTICLE FIVE |  |
|  | REPRESENTATIONS AND WARRANTIES |  |
|  Section 5.01. | Representations and Warranties of the Borrower | 79 |
|  Section 5.02. | Representations and Warranties of the Borrower Relating to the Receivables | 83 |
|  Section 5.03. | Representations and Warranties of Lendbuzz Funding | 83 |
|  Section 5.04. | Retransfer of Certain Receivables | 85 |
|  | ARTICLE SIX |  |
|  | COVENANTS |  |
|  Section 6.01. | Affirmative Covenants of the Borrower | 87 |
|  Section 6.02. | Negative Covenants of the Borrower | 93 |
|  Section 6.03. | Covenants of the Borrower Relating to Hedging | 95 |
|  Section 6.04. | Affirmative Covenants of the Servicer and the Collateral Custodian | 98 |
|  Section 6.05. | Negative Covenants of the Servicer and the Collateral Custodian | 101 |
|  | ARTICLE SEVEN |  |
|  | ADMINISTRATION AND SERVICING OF RECEIVABLES |  |
|  Section 7.01. | Designation of Servicing | 103 |
|  Section 7.02. | Servicing Compensation | 103 |
|  Section 7.03. | Duties of the Servicer | 103 |
|  Section 7.04. | Collection of Payments | 107 |
|  Section 7.05. | Servicer Advances | 107 |
|  Section 7.06. | Payment of Certain Expenses by Servicer | 108 |
|  Section 7.07. | Reports and Audit | 108 |
|  Section 7.08. | Backup Servicer | 110 |
|  Section 7.09. | Rights After Assumption of Duties by Backup Servicer or Designation of Successor Servicer; Liability | 110 |
|  Section 7.10. | Limitation on Liability of the Servicer, the Collateral Custodian, and Others | 111 |
|  Section 7.11. | The Servicer and the Collateral Custodian Not to Resign | 111 |
|  Section 7.12. | Servicer Termination Events | 112 |
|  Section 7.13. | Appointment of Successor Servicer | 113 |
|  Section 7.14. | Merger or Consolidation, Assumption of Obligations or Resignation of the Servicer | 115 |

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| | | |
|:---|:---|:---|
|  |  | Page |
|  Section 7.15. | Responsibilities of the Borrower | 116 |
|  Section 7.16. | Custody of Receivable Files | 116 |
|  Section 7.17. | Duties of Collateral Custodian | 116 |
|  | ARTICLE EIGHT |  |
|  | EVENTS OF DEFAULT |  |
|  Section 8.01. | Events of Default | 119 |
|  Section 8.02. | Actions Upon Declaration of the Occurrence of the Termination Date | 123 |
|  Section 8.03. | Exercise of Remedies | 124 |
|  Section 8.04. | Waiver of Certain Laws | 125 |
|  Section 8.05. | Power of Attorney | 125 |
|  | ARTICLE NINE |  |
|  | INDEMNIFICATION |  |
|  Section 9.01. | Indemnities by the Borrower | 125 |
|  Section 9.02. | Indemnities by the Servicer and the Collateral Custodian | 128 |
|  Section 9.03. | Indemnities by the Backup Servicer in its Capacity as the Successor Servicer or Successor Collateral Custodian | 130 |
|  | ARTICLE TEN |  |
|  | THE ADMINISTRATIVE AGENT AND THE AGENTS |  |
|  Section 10.01. | Authorization and Action | 130 |
|  Section 10.02. | Delegation of Duties | 131 |
|  Section 10.03. | Exculpatory Provisions | 131 |
|  Section 10.04. | Reliance | 131 |
|  Section 10.05. | Non-Reliance on Agents and Other Lenders | 132 |
|  Section 10.06. | Indemnification | 133 |
|  Section 10.07. | Agents in their Individual Capacity | 133 |
|  Section 10.08. | Successor Administrative Agent | 134 |
|  Section 10.09. | Erroneous Payments | 134 |
|  | ARTICLE ELEVEN |  |
|  | ASSIGNMENTS; PARTICIPATIONS |  |
|  Section 11.01. | Assignments and Participations | 135 |

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| | | |
|:---|:---|:---|
|  |  | Page |
|  | ARTICLE TWELVE |  |
|  | MUTUAL COVENANTS REGARDING CONFIDENTIALITY |  |
|  Section 12.01. | Covenants of the Borrower, the Servicer, the Backup Servicer, the Account Bank and the Collateral Custodian | 138 |
|  Section 12.02. | Covenants of the Administrative Agent, the Agents and the Lenders | 138 |
|  Section 12.03. | Non-Confidentiality of Tax Treatment and Tax Structure | 140 |
|  | ARTICLE THIRTEEN |  |
|  | MISCELLANEOUS |  |
|  Section 13.01. | Amendments and Waivers | 140 |
|  Section 13.02. | Notices, Etc. | 141 |
|  Section 13.03. | No Waiver, Rights and Remedies | 141 |
|  Section 13.04. | Binding Effect | 141 |
|  Section 13.05. | Term of this Agreement | 141 |
|  Section 13.06. | **GOVERNING LAW; CONSENT TO JURISDICTION; WAIVER OF OBJECTION TO VENUE** | 141 |
|  Section 13.07. | **WAIVER OF JURY TRIAL** | 142 |
|  Section 13.08. | Costs and Expenses | 142 |
|  Section 13.09. | No Insolvency Proceedings | 142 |
|  Section 13.10. | Recourse Against Certain Parties | 143 |
|  Section 13.11. | Patriot Act Compliance | 143 |
|  Section 13.12. | Execution in Counterparts; Electronic Signatures; Severability; Integration | 144 |
|  | SCHEDULES |  |

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| | |
|:---|:---|
|  Schedule A<br> – Lender Supplement (JPMorgan Lender Group) | SA-1 |
|  Schedule A-1<br> – Lender Supplement (RBC Lender Group) | SA1-1 |
|  Schedule A-2<br> – Lender Supplement (MUFG Lender Group) | SA2-1 |
|  Schedule B<br> – Eligible Receivable Criteria | SB-1 |
|  Schedule C<br> – Schedule of Receivables | SC-1 |
|  Schedule D<br> – Location of Receivable Files | SD-1 |
|  Schedule E<br> – Schedule of Documents | SE-1 |
|  Schedule F<br> – Initial List of Competitors | SF-1 |

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iv

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EXHIBITS

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| | |
|:---|:---|
|  | Page |
|  Exhibit A<br> – Form of Funding Request | A-1 |
|  Exhibit B<br> – Form of Assignment and Acceptance | B-1 |
|  Exhibit C<br> – Credit and Collection Policy | C-1 |
|  Exhibit D<br> – Form of Power of Attorney | D-1 |
|  Exhibit E<br> – Form of Take-out Release | E-1 |
|  Exhibit F<br> – Form of Monthly Report | F-1 |
|  Exhibit G<br> – Forms of U.S. Tax Compliance Certificates | G-1 |

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v

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LOAN AGREEMENT

This Loan Agreement, dated as of January 18, 2022 (as amended, restated, supplemented or otherwise modified from time to time, this "<u>Agreement</u>"), is by and among LENDBUZZ SPV V, LLC, a Delaware limited liability company, as borrower (the "<u>Borrower</u>"), LENDBUZZ FUNDING LLC, a Delaware limited liability company ("<u>Lendbuzz Funding</u>"), as servicer (in such capacity, the "<u>Servicer</u>") and as collateral custodian (in such capacity, the "<u>Collateral</u> <u>Custodian</u>") for the Secured Parties (as defined herein), the Lenders from time to time parties hereto (the "<u>Lenders</u>"), the Agents for the Lender Groups (as defined herein) from time to time parties hereto (the "<u>Agents</u>") and JPMORGAN CHASE BANK, N.A., as administrative agent for the Lenders and the Agents (in such capacity, the "<u>Administrative Agent</u>") and as account bank (in such capacity, the "<u>Account Bank</u>").

W I T N E S S E T H:

WHEREAS, the Borrower was formed for the purpose of purchasing and holding various assets, including consumer loans secured by new and used automobiles, light duty trucks, vans, minivans, and sport utility vehicles, amounts received on or in respect of such loans, and proceeds of the foregoing;

WHEREAS, the Borrower has requested that the Lenders make loans to the Borrower from time to time, the proceeds of which will be used to finance the purchase price of such consumer loans as described herein; and

WHEREAS, the Lenders have agreed to make such loans to the Borrower upon the terms and subject to the conditions set forth herein;

NOW THEREFORE, in consideration of the premises and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

ARTICLE ONE

DEFINITIONS; CONSTRUCTION

Section 1.01. <u>Definitions</u>. Whenever used herein, unless the context otherwise requires, the following words and phrases shall have the following meanings:

"<u>ABS Issuance</u>" means any initial offering and sale of Securities and Exchange Commission-registered, Securities Act Rule 144A-eligible or privately placed Section 4(a)(2) securities in a term asset-backed securitization (i) with respect to which Lendbuzz or any of its wholly-owned Subsidiaries is the 'sponsor' (as such term is defined in Regulation RR (17 CFR § 246.1, et seq.)) and (ii) for which Receivables that were Collateral hereunder prior to the related Take-out, serve as all or a portion of the collateral for such securitization.

"<u>Account Bank</u>" has the meaning given to such term in the Preamble.

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"<u>Account Collateral</u>" means the Collection Account, the Remittance Account, and the Hedge Reserve Account, together with all cash, securities, financial assets (as defined in Section 8-102(a)(9) of the UCC) and investments, and other property from time to time deposited or credited to the Collection Account, the Remittance Account, or the Hedge Reserve Account, and all proceeds of the foregoing.

"<u>Adjusted Daily Simple SOFR</u>" means an interest rate per annum equal to (i) the Daily Simple SOFR <u>plus</u> (ii) 0.10%.

"<u>Administrative Agent</u>" has the meaning given to such term in the Preamble.

"<u>Administrative Agent's Account</u>" means the account or accounts identified by the Administrative Agent to the Borrower and each Agent as the Administrative Agent's Account hereunder.

"<u>Advisors</u>" means accountants, attorneys, consultants, advisors, credit enhancers, liquidity providers, and Persons similar to the foregoing and the respective directors, officers, employees, and managers of each of the foregoing.

"<u>Affiliate</u>" means, with respect to any Person, any other Person controlling, controlled by or under common control with such Person. For purposes of this definition, "control" when used with respect to any specified Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract, or otherwise; and the terms "controlling" or "controlled" have meanings correlative to the foregoing.

"<u>Agent</u>" means, with respect to any Lender Group, the Person as identified as the "Agent" for such Lender Group in the related Lender Supplement.

"<u>Agents</u>" means, as of any date, all Agents for all Lender Groups as of such date.

"<u>Aggregate Commitment</u>" means, with respect to any date, the sum of the Commitments of each Lender Group.

"<u>Aggregate Mandatory Commitment</u>" means, as of any day, the sum of the Mandatory Commitments of each Lender Group

"<u>Aggregate Unpaids</u>" means, with respect to any date, an amount equal to the sum of (i) the Loans Outstanding, (ii) all accrued but unpaid Interest and (iii) all Program Fees, Structuring Fees, Supplemental Structuring Fees, Unused Commitment Fees, Hedge Breakage Costs, Indemnified Amounts and other Obligations owed (whether due or accrued) by the Borrower or the initial Servicer to the Secured Parties, the Administrative Agent, the Backup Servicer, the Account Bank, the Indemnified Parties, and any Successor Servicer under this Agreement and the other Basic Documents.

"<u>Agreement</u>" has the meaning given to such term in the Preamble.

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"<u>AIRA Score</u>" means with respect to any Receivable, the "Artificial Intelligence Risk Analysis Score" that is generated in connection with the underwriting of such Receivable by Lendbuzz Funding, utilizing its underwriting and machine learning algorithms and in accordance with the Credit and Collection Policy.

"<u>Alternate Base Rate</u>" means, with respect to any date, a rate per annum equal to the greatest of (i) the Prime Rate in effect on such day, (ii) the NYFRB Rate in effect on such day plus <sup>1</sup>⁄<sub>2</sub> of 1% and (iii) Adjusted Daily Simple SOFR plus 1%. Any change in the Alternate Base Rate due to a change in the Prime Rate, the NYFRB Rate or Adjusted Daily Simple SOFR shall be effective from and including the effective date of such change in the Prime Rate, the NYFRB Rate or Adjusted Daily Simple SOFR, respectively. If the Alternate Base Rate is being used as an alternate rate of interest pursuant to Section 2.18 (for the avoidance of doubt, only until the Benchmark Replacement has been determined pursuant to Section 2.18(b)), then the Alternate Base Rate shall be the greater of clauses (i) and (ii) above and shall be determined without reference to clause (iii) above. For the avoidance of doubt, if the Alternate Base Rate as determined pursuant to the foregoing would be less than 0%, such rate shall be deemed to be 0% for purposes of this Agreement.

"<u>Amortization Period</u>" means the period commencing on the Termination Date and ending on the day on which the Loans Outstanding are reduced to zero and all other Aggregate Unpaids have been paid in full.

"<u>Ancillary Fees</u>" means (i) late fees, (ii) extension fees, (iii) liquidation fees, (iv) prepayment charges, (v) overdraft charges, and (vi) all other administrative fees or similar charges allowed by Applicable Law received by or on behalf of the Servicer with respect to the Receivables.

"<u>Annual Percentage Rate</u>" or "<u>APR</u>" means, with respect to a Receivable, the rate per annum of finance charges stated in such Receivable as the "annual percentage rate" (within the meaning of the Federal Truth-in-Lending Act). If, after the applicable Funding Date, the rate per annum with respect to a Receivable as of such Funding Date is reduced (i) as a result of an Insolvency Proceeding involving the related Obligor or (ii) pursuant to the Servicemembers Civil Relief Act or similar State law, "Annual Percentage Rate" or "APR" with respect to such Receivable shall refer to such reduced rate.

"<u>Anti-Corruption Laws</u>" means all laws, rules, and regulations of the United States or any State that are applicable to Lendbuzz, Lendbuzz Funding, the Borrower, or any of their respective Affiliates or Subsidiaries from time to time concerning or relating to bribery or corruption.

"<u>Applicable Law</u>" means, with respect to any Person, all existing and future applicable laws, rules, regulations (including Treasury Regulations), statutes, treaties, codes, ordinances, permits, certificates, orders and licenses of and interpretations by any Governmental Authority (including usury laws, the Federal Truth in Lending Act, the Equal Credit Opportunity Act, the Fair Credit Billing Act, the Fair Credit Reporting Act, the Fair Debt Collection Practices Act, the Federal Trade Commission Act, the Magnuson-Moss Warranty Act, the Servicemembers Civil Relief Act, Regulations B, U, T, X and Z of the Federal Reserve Board, the Dodd-Frank Act, the

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Gramm-Leach-Bliley Act, each applicable state Motor Vehicle Retail Installment Sales Act, and state adaptations of the National Consumer Act and of the Uniform Consumer Credit Code and all other consumer protection and usury laws), the customer identification program requirements established under the Patriot Act, the due diligence requirements established under the Customer Due Diligence Requirements for Financial Institutions, 31 CFR Section 1010.230 (2016), such other laws, rules, regulations and executive orders in effect from time to time applicable to banking institutions, and applicable judgments, decrees, injunctions, writs, orders or line action of any court, arbitrator or other administrative, judicial or quasi-judicial tribunal or agency of competent jurisdiction.

"<u>Applicable Margin</u>" has the meaning given to such term in the Fee Letter.

"<u>Assignment and Acceptance</u>" means an assignment and acceptance agreement between a Lender and an Eligible Assignee, in substantially the form of Exhibit B hereto.

"<u>Available Amount</u>" means, with respect to any date, the positive amount, if any, by which the Facility Amount exceeds the Loans Outstanding on such day.

"<u>Available Funds</u>" means, with respect to any Distribution Date and the related Collection Period, Collections on deposit in the Collection Account, to the extent received during such related Collection Period.

"<u>Backup Servicer</u>" means, (i) initially, Vervent Inc., a Delaware corporation or (ii) if the initial Backup Servicer has been terminated in accordance with the terms of the Backup Servicing Agreement, any other Person who has been appointed as 'Backup Servicer' pursuant to a replacement 'Backup Servicing Agreement' with the Consent of the Administrative Agent.

"<u>Backup Servicing Agreement</u>" means (i) for so long as Vervent Inc. is the Backup Servicer, the Backup Servicing Agreement by and among the Borrower, the Servicer, the Administrative Agent, and Vervent Inc. (as the same may be amended, restated, or otherwise modified from time to time with the consent of the Administrative Agent) or (ii) if Vervent Inc. is no longer the Backup Servicer, any replacement "Backup Servicing Agreement" that is entered into by the Servicer, the Backup Servicer, and the Administrative Agent and that is in form and substance acceptable to the Administrative Agent (in its sole discretion).

"<u>Backup Servicing Fee</u>" means the fees payable to the Backup Servicer as set forth in the Backup Servicing Agreement.

"<u>Backup Servicing Fee Rate</u>" means, for each Collection Period, (a) the percentage equivalent of a fraction, (1) the numerator of which is the Backup Servicing Fee and (2) the denominator of which is the average daily Pool Balance during the related Collection Period, <u>times</u> (b) 12.

"<u>Balloon Payment</u>" means (i) with respect to any Receivable for which the final Scheduled Payment differs more than minimally from the level monthly payments that are due during the remainder of the Contract's term, the portion of such final Scheduled Payment that is in excess of such level monthly payment amount or (ii) with respect to any Receivable for which more than one final Scheduled Payment differs more than minimally from the level monthly

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payments that are due during the remainder of the Contract's term, the sum of the portion of each such final Scheduled Payment that is in excess of such level monthly payment amount. For the avoidance of doubt, a Balloon Payment may be scheduled under a Receivable at the time of origination, or may arise after origination as the result of a modification or other amendment of the terms of the related Contract.

"<u>Bank Account Verified</u>" means, with respect to a Receivable, that in conjunction with the origination of such Receivable, Lendbuzz Funding confirmed the related Obligor's income through a review of such Obligor's bank records in accordance with the Credit and Collection Policy.

"<u>Bankruptcy Code</u>" means the United States Bankruptcy Code (Title 11 of the United States Code).

"<u>Basel II</u>" means the second Basel Accord issued by the Basel Committee on Banking Supervision.

"<u>Basel III</u>" means the third Basel Accord issued by the Basel Committee on Banking Supervision.

"<u>Basic Documents</u>" means this Agreement, the Purchase Agreement, each Purchase Agreement Supplement, the Fee Letter, all Hedging Agreements, the Blocked Account Control Agreement, the Control Agreement, the Performance Guaranty, and any other document, certificate, opinion, agreement or writing the execution of which is necessary or incidental to carrying out the transactions contemplated by this Agreement or any of the other foregoing documents.

"<u>Benchmark</u>" means, with respect to the portion of the Loans Outstanding that is funded or maintained either (i) by a Conduit Lender other than by issuing Commercial Paper Notes or (ii) by a Committed Lender, initially, Daily Simple SOFR; <u>provided</u>, that if a Benchmark Transition Event and the related Benchmark Replacement Date have occurred with respect to Daily Simple SOFR or the then-current Benchmark, then "Benchmark" means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate pursuant to clause (b) of Section 2.18.

"<u>Benchmark Replacement</u>" means, with respect to the portion of the Loans Outstanding that is funded or maintained either (i) by a Conduit Lender other than by issuing Commercial Paper Notes or (ii) by a Committed Lender, the sum of: (a) the alternate benchmark rate that has been selected by the Administrative Agent and the Borrower as the replacement for the then-current Benchmark giving due consideration to (1) any selection or recommendation of a replacement benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body or (2) any evolving or then-prevailing market convention for determining a benchmark rate as a replacement for the then-current Benchmark for dollar-denominated syndicated credit facilities at such time in the United States and (b) the related Benchmark Replacement Adjustment. If the Benchmark Replacement as determined pursuant to the above would be less than the Floor, the Benchmark Replacement will be deemed to be the Floor for the purposes of this Agreement and the other Basic Documents.

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"<u>Benchmark Replacement Adjustment</u>" means, with respect to any replacement of the then-current Benchmark with an Unadjusted Benchmark Replacement for any setting of such Unadjusted Benchmark Replacement, the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected by the Administrative Agent and the Borrower giving due consideration to (i) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body on the applicable Benchmark Replacement Date and/or (ii) any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for dollar-denominated syndicated credit facilities at such time.

"<u>Benchmark Replacement Conforming Changes</u>" means, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of "Alternate Base Rate," the definition of "Business Day," the definition of "U.S. Government Securities Business Day," the definition of "Interest Period," timing and frequency of determining rates and making payments of interest, timing of borrowing requests or prepayment, conversion or continuation notices, length of lookback periods, the applicability of breakage provisions, and other technical, administrative, or operational matters) that the Administrative Agent decides may be appropriate to reflect the adoption and implementation of such Benchmark Replacement and to permit the administration thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent decides that adoption of any portion of such market practice is not administratively feasible or if the Administrative Agent determines that no market practice for the administration of such Benchmark Replacement exists, in such other manner of administration as the Administrative Agent decides is reasonably necessary in connection with the administration of this Agreement and the other Basic Documents).

"<u>Benchmark Replacement Date</u>" means, with respect to any Benchmark, the earliest to occur of the following events with respect to such then-current Benchmark:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in the case of clause (i) or (ii) of the definition of "Benchmark Transition Event," the later of (a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator of such Benchmark (or the published component used in the calculation thereof) permanently or indefinitely ceases to provide such Benchmark (or such component thereof); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the case of clause (iii) of the definition of "Benchmark Transition Event," the first date on which such Benchmark (or the published component used in the calculation thereof) has been determined and announced by the regulatory supervisor for the administrator of such Benchmark (or such component thereof) to be no longer representative; <u>provided</u>, that such non-representativeness will be determined by reference to the most recent statement or publication referenced in such clause (iii).

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For the avoidance of doubt, (1) if the event giving rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination and (2) the "Benchmark Replacement Date" will be deemed to have occurred in the case of clause (i) or (ii) with respect to any Benchmark upon the occurrence of the applicable event or events set forth therein with respect to such Benchmark (or the published component used in the calculation thereof).

"<u>Benchmark Transition Event</u>" means, with respect to any Benchmark, the occurrence of one or more of the following events with respect to such then-current Benchmark:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a public statement or publication of information by or on behalf of the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that such administrator has ceased or will cease to provide such Benchmark (or such component thereof), permanently or indefinitely; <u>provided</u>, that at the time of such statement or publication, there is no successor administrator that will continue to provide such Benchmark (or such component thereof);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof), the Federal Reserve Board, the NYFRB, an insolvency official with jurisdiction over the administrator for such Benchmark (or such component), a resolution authority with jurisdiction over the administrator for such Benchmark (or such component), or a court or an entity with similar insolvency or resolution authority over the administrator for such Benchmark (or such component), in each case, which states that the administrator of such Benchmark (or such component) has ceased or will cease to provide such Benchmark (or such component thereof) permanently or indefinitely; <u>provided</u>, that at the time of such statement or publication, there is no successor administrator that will continue to provide such Benchmark (or such component thereof); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that such Benchmark (or such component thereof) is no longer, or as of a specified future date will no longer be, representative.

For the avoidance of doubt, a "Benchmark Transition Event" will be deemed to have occurred with respect to any Benchmark if a public statement or publication of information set forth above has occurred with respect to such Benchmark (or the published component used in the calculation thereof).

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"'<u>Benchmark Unavailability Period</u>' means, with respect to any Benchmark, the period (if any) (i) beginning at the time that a Benchmark Replacement Date pursuant to clauses (i) or (ii) of that definition has occurred if, at such time, no Benchmark Replacement has replaced such then-current Benchmark for all purposes hereunder and under any Basic Document in accordance with Section 2.18 and (ii) ending at the time that a Benchmark Replacement has replaced such then-current Benchmark for all purposes hereunder and under any Basic Document in accordance with Section 2.18.

"<u>Beneficial Ownership Certification</u>" means a certification regarding beneficial ownership as required by the Beneficial Ownership Rule.

"<u>Beneficial Ownership Rule</u>" means 31 C.F.R. § 1010.230.

"<u>Benefit Plan</u>" means each (i) employee pension benefit plan (as defined in Section 3(2) of ERISA) that is subject to Title I of ERISA, (ii) plan described in Section 4975(e)(1) of the Code, including individual retirement accounts or Keogh Plans that is not exempt under Section 4975(g) of the Code and (iii) any entity whose underlying assets include "plan assets" (as defined in Section 3(42) of ERISA and Department of Labor Regulations Section 2510.3-101) by reason of an employee benefit plan's or plans' investment in such entities.

"<u>Blocked Account Control Agreement</u>" means the Blocked Account Control Agreement by and among Lendbuzz Funding, the Administrative Agent, and the Remittance Account Bank, as the same may be amended, restated, or otherwise modified from time to time with the consent of the Administrative Agent.

"<u>Borrower</u>" has the meaning given to such term in the Preamble.

"<u>Borrower Basic Documents</u>" means all Basic Documents to which the Borrower is a party or by which it is bound.

"<u>Borrower's Account</u>" means the bank account of the Borrower, as notified to the Administrative Agent from time to time in writing by the Borrower.

"<u>Borrowing Base</u>" means, as of any date of determination, an amount equal to the difference of (i) the Net Eligible Pool Balance as of such date, after giving effect to the related additions or removals of Receivables on such date, <u>minus</u> (ii) the Required Overcollateralization as of such date <u>plus</u> (iii) the amount of Collections in respect of principal payments that have been applied by the Servicer to reduce the Principal Balance of the related Receivables and that are on deposit in the Collection Account on such date.

"<u>Borrowing Base Deficiency</u>" means, as of any date of determination, the positive amount, if any, by which (i) the Loans Outstanding exceeds (ii) the Borrowing Base.

"<u>Breakage Costs</u>" means such amount or amounts due to any Lender pursuant to Section 2.08(c).

"<u>Business Day</u>" means, any day (other than a Saturday or a Sunday) on which banks are open for business in New York City, Wilmington, Delaware, or Boston, Massachusetts; <u>provided</u>, that in relation to Loans for which interest is computed by reference to Daily Simple SOFR and any interest rate settings, fundings, disbursements, settlements or payments of any such Loans, or any other dealings of such Loans, no such day will be a "Business Day" unless it is also a U.S. Government Securities Business Day.

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"<u>Certificate of Title</u>" means, with respect to a Financed Vehicle, (i) the original certificate of title relating thereto, (ii) if the applicable Registrar of Titles issues a letter or other form of evidence of lien in lieu of a certificate of title (including electronic titling), the original lien entry letter, or (iii) prior to the time that a certificate of title of the type described in clause (i) or (ii) is issued, copies of correspondence to the applicable Registrar of Titles, and all enclosures thereto, for issuance of the original certificate of title or the original lien entry letter or form, as applicable, and which, in all of the foregoing cases, shall name the related Obligor as the owner of such Financed Vehicle and Lendbuzz Funding, the Borrower or the Administrative Agent, as secured party. For Financed Vehicles registered in States that issue confirmation of the lienholder's interest electronically, the "Certificate of Title" may consist of notification of an electronic recordation, by either a third party service provider or the relevant Registrar of Titles, which indicates that the lien of the secured party on the Financed Vehicle is recorded on the original certificate of title on the electronic lien and title system of the applicable State.

"<u>Change in Control</u>" means (i) any Person or group of Persons (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act, but excluding any employee benefit plan of such person or its Subsidiaries, and any Person or entity acting in its capacity as trustee, agent or other fiduciary or administrator of any such plan) gains ownership or control, directly or indirectly, of more than 50% of the voting and equity interest in Lendbuzz, or (ii) Lendbuzz owns, directly or indirectly, less than 100% of the membership interests of the Borrower, or (iii) Lendbuzz owns, directly or indirectly, less than 51% of the voting and equity interests in Lendbuzz Funding.

"<u>Closing Date</u>" means January 18, 2022.

"<u>Code</u>" means the Internal Revenue Code of 1986.

"<u>Collateral</u>" has the meaning given to such term in Section 3.01(a).

"<u>Collateral Custodian</u>" has the meaning given to such term in the Preamble.

"<u>Collection Account</u>" means a segregated account established by the initial Servicer, on behalf of the Borrower, with the Account Bank in the name of the Administrative Agent for the benefit of the Secured Parties, into which all Collections shall be deposited.

"<u>Collection Period</u>" means, with respect to any date of determination, the immediately preceding calendar month, except for dates occurring on or prior to the first Distribution Date, in which case such term means the period from but excluding the initial Cutoff Date to and including the last day of the calendar month in which the Initial Loan is funded hereunder.

"<u>Collections</u>" means (i) all cash collections or other cash proceeds of any Receivable received by the Servicer (including from Lendbuzz, Lendbuzz Funding, or the Borrower) from or on behalf of any Obligor in payment of any amounts owed in respect of such Receivable, including all Release Price amounts deposited in the Collection Account pursuant to Section 5.04, Insurance Proceeds, investment earnings in the Collection Account, and all Recoveries, (ii) any other funds received by the Servicer (including from Lendbuzz, Lendbuzz Funding, or the Borrower) with respect to any Receivable (exclusive of Ancillary Fees which may be retained by the Servicer), Financed Vehicle or any other Collateral, (iii) all payments received by the Borrower pursuant to any Hedging Agreement or Hedge Transaction, and (iv) any Servicer Advances.

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"<u>Commercial Paper Notes</u>" means any short-term promissory notes issued by a Conduit Lender with respect to financing any Loan hereunder.

"<u>Commitment</u>" means, with respect to any Lender or Lender Group, the commitment of such Lender or Lender Group to fund Loans in an aggregate amount not to exceed the amount set forth as the "Commitment" in the related Lender Supplement, as such amount may be modified from time to time in accordance with the terms hereof.

"<u>Commitment Termination Date</u>" means May 14, 2026 or, with respect to any Committed Lender, such later date to which the Commitment Termination Date may be extended for such Committed Lender in accordance with Section 2.04(a).

"<u>Committed Lender</u>" means any Person that is designated as a "Committed Lender" in the Lender Supplement or in the Assignment and Acceptance pursuant to which it became a party to this Agreement, and any assignee of such Committed Lender to the extent of the portion of such Commitment assumed by such assignee pursuant to its respective Assignment and Acceptance.

"<u>Committed Lenders</u>" means, as of any date, all Committed Lenders that are parties to this Agreement as of such date.

"<u>Committed Lender Rate</u>" means, with respect to any date during an Interest Period, an interest rate per annum equal to the sum of (i) Adjusted Daily Simple SOFR on such date <u>plus</u> (ii) the Applicable Margin.

"<u>Competitor</u>" means (i) any Person that is a direct competitor of Lendbuzz Funding or any Affiliate of Lendbuzz Funding and that is identified in writing as such by Lendbuzz Funding, in good faith, to the Administrative Agent and (ii) any Affiliate of any Person described in clause (i). The Competitors pursuant to clause (i) as of the Closing Date are identified on Schedule F attached hereto.

"<u>Conduit Lender</u>" means any Person that is designated as a "Conduit Lender" in the Lender Supplement or in the Assignment and Acceptance pursuant to which it became a party to this Agreement, and any assignee of such Conduit Lender to the extent of the portion of such Commitment assumed by such assignee pursuant to its respective Assignment and Acceptance.

"<u>Conduit Lenders</u>" means, as of any date, all Conduit Lenders that are parties to this Agreement as of such date.

"<u>Conduit Portfolio Delinquency Ratio</u>" means, with respect to any date of determination, the percentage equivalent of a fraction, (i) the numerator of which is the aggregate Principal Balance of all Delinquent Receivables as of the last day of the most recently completed Collection Period and (ii) the denominator of which is the Pool Balance as of the last day of such Collection Period.

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"<u>Conduit Portfolio Extension Ratio</u>" means, with respect to any date of determination, the percentage equivalent of a fraction, (i) the numerator of which is the aggregate Principal Balance of all Receivables that became Extended Receivables during the most recently completed Collection Period and (ii) the denominator of which is the Pool Balance as of the last day of such Collection Period.

"<u>Conduit Portfolio Net Loss-to-Liquidation Ratio</u>" means, with respect to any date of determination, the percentage equivalent of a fraction, (i) the numerator of which is the difference of (a) the aggregate Principal Balance of all Receivables that became Liquidated Receivables during the most recently completed Collection Period <u>minus</u> (b) all Recoveries received during such Collection Period and (ii) the denominator of which is the sum of (a) the aggregate Principal Balance of all Receivables that became Liquidated Receivables during such Collection Period <u>plus</u> (b) the amount of Collections received by the Servicer in respect of principal payments on all Receivables during such Collection Period; <u>provided</u>, that if the foregoing calculation yields a result that is negative on any date of determination, then the Conduit Portfolio Net Loss-to-Liquidation Ratio for such date shall be deemed to be 0.00%.

"<u>Confidential Information</u>" means any information, data, documents and materials in any form and at any time (including prior to the date of this Agreement) with respect to the Borrower, Lendbuzz, Lendbuzz Funding, or any of their Affiliates and their respective businesses and financial information, the Receivables, and the Serviced Portfolio and includes (i) information transmitted in written, oral, magnetic, or any other medium, (ii) all copies and reproductions, in whole or in part, of such information and (iii) all summaries, analyses, compilations, studies, notes, or other records which contain, reflect or are generated from such information; <u>provided</u>, that "Confidential Information" does not include, with respect to a Person, information that (a) was already known to such Person and such knowledge was not obtained from any other entity who was known by such Person to be subject to an obligation of confidentiality or otherwise prohibited from transmitting such information to such Person, (b) is or has become part of the public domain through no act or omission of such Person, (c) is or was lawfully disclosed to such Person without restriction on disclosure by a third party, (d) is or was developed independently by such Person, or (e) is or was lawfully and independently provided to such Person prior to disclosure hereunder, from a third party who is not known by such Person to be subject to an obligation of confidentiality or otherwise prohibited from transmitting such information.

"<u>Connection Income Taxes</u>" means Other Connection Taxes that are imposed on or measured by net income (however denominated) or that are franchise Taxes or branch profits Taxes.

"<u>Consent</u>" or "<u>Consented</u>" means a consent or an action of the Administrative Agent that has been approved by the Required Lenders or the Consenting Lenders, as applicable; <u>provided</u>, that any reference to the Consent of the Administrative Agent that does not make reference to an approval or direction being provided by the Required Lenders or Consenting Lenders shall require that the Administrative Agent receive the approval or direction of the Consenting Lenders.

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"<u>Consenting Lenders</u>" means at a particular time, (i) if there are one or two Lender Groups at such time, Lenders with aggregate Mandatory Commitments equal to 100% of the Aggregate Mandatory Commitment or (ii) if there are three or more Lender Groups at such time, (A) at least two of the Lender Groups that (B) together have aggregate Mandatory Commitments equal to at least 50% of the Aggregate Mandatory Commitment; provided, that if at any time the portion of the Loans Outstanding funded by a Lender Group is greater than the Mandatory Commitment for such Lender Group, then solely for purposes of this definition, the "Mandatory Commitment" of such Lender Group will be deemed to be such portion of the Loans Outstanding and the "Aggregate Mandatory Commitment" will be calculated utilizing such adjusted amount for such Lender Group.

"<u>Contract</u>" means the loan agreement or promissory note executed by an Obligor pursuant to which a loan is made by Lendbuzz Funding to such Obligor, which loan is secured by the related Financed Vehicle.

"<u>Contract Reserve</u>" means, with respect to any Receivable, a loss reserve fee or netted amount that is charged by Lendbuzz Funding to the related Dealer in connection with the origination of such Receivable that is intended to cover deficiencies or losses with respect to such Receivable and any other Receivables originated by Lendbuzz Funding through such Dealer.

"<u>Contractual Obligation</u>" means, with respect to any Person, any provision of any securities issued by such Person or any indenture, mortgage, deed of trust, contract, undertaking, agreement, instrument or other document to which such Person is a party or by which it or any of its property is bound or is subject.

"<u>Control Agreement</u>" means that certain Escrow and Control Agreement, dated as of January 18, 2022, by and among the Borrower, JPMorgan Chase Bank, N.A., as escrow agent and bank, and the Administrative Agent.

"<u>CP Rate</u>" means, with respect to a Conduit Lender, the rate identified as its "CP Rate" in the Lender Supplement for the related Lender Group.

"<u>Credit and Collection Policy</u>" means, with respect to (i) the initial Servicer, the credit and collection policies of the Servicer with respect to the Serviced Portfolio as are in effect on the Closing Date (a copy of which is attached hereto as Exhibit C), as the same may be amended, modified, or supplemented from time to time in accordance with this Agreement, or (ii) any Successor Servicer, the customary credit and collection policies of such Successor Servicer, in each case as revised from time to time in accordance with this Agreement.

"<u>Credit Provider</u>" means any provider of a Liquidity Facility.

"<u>Credit Support Annex</u>" has the meaning given to such term in Section 6.03(d).

"<u>Cutoff Date</u>" means, with respect to Receivables transferred to the Borrower on a Funding Date, the close of business on the final day of the month immediately preceding the month during which such Funding Date occurs.

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"<u>Daily Simple SOFR</u>" means, with respect to any date (a "<u>SOFR Rate Day</u>"), a rate per annum equal to the greater of (i) SOFR for the day (such day, the related "<u>SOFR Determination</u> <u>Date</u>") that is five U.S. Government Securities Business Day prior to (a) if such SOFR Rate Day is a U.S. Government Securities Business Day, such SOFR Rate Day, or (b) if such SOFR Rate Day is not a U.S. Government Securities Business Day, the U.S. Government Securities Business Day immediately preceding such SOFR Rate Day, in each case, as such SOFR is published by the SOFR Administrator on the SOFR Administrator's Website and (ii) 0%. Any change in Daily Simple SOFR due to a change in SOFR shall be effective from and including the effective date of such change in SOFR without notice to the Borrower.

"<u>Dealer</u>" means a dealer of Financed Vehicles through which Lendbuzz Funding originated the respective Receivable to the related Obligor.

"<u>Debt-to-TNW Ratio</u>" means, with respect to any date of determination, (i) an amount equal to Lendbuzz's aggregate Indebtedness <u>divided by</u> (ii) an amount equal to Lendbuzz's Tangible Net Worth.

"<u>Default Rate</u>" means a per annum rate equal to the sum of (i) the Alternate Base Rate plus (ii) 3.60%.

"<u>Defaulting Committed Lender</u>" means any Committed Lender that, as determined by the Administrative Agent: (i) has failed to fund any of its obligations to make Loans in accordance with Section 2.01, notwithstanding that all conditions to funding under Section 4.02 and, with respect to the Initial Loan, Section 4.01 have been satisfied or waived in accordance with the terms thereof, within three Business Days of the date required to be funded by it hereunder, (ii) has notified the Administrative Agent or the Borrower in writing that it does not intend to comply with such funding obligations, or has made a public statement to that effect with respect to such funding obligations hereunder, or (iii) has become subject to an Insolvency Event; <u>provided</u>, that a Committed Lender shall not be deemed to be a Defaulting Committed Lender hereunder solely by virtue of any control of or ownership interest in, or the acquisition of any ownership interest in, such Committed Lender (or its direct or indirect parent company) or the exercise of control over such Committed Lender (or its direct or indirect parent company) by a Governmental Authority thereof, if and for so long as such ownership interest does not result in or provide such Committed Lender (or its direct or indirect parent company) with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Committed Lender (or its direct or indirect parent company) or such Governmental Authority to reject, repudiate, disavow or disaffirm obligations such as those under this Agreement.

"<u>Delayed Amount</u>" has the meaning given to such term in Section 2.01(e)(ii).

"<u>Delayed Funding Date</u>" has the meaning given to such term in Section 2.01(e)(ii).

"<u>Delayed Funding Notice</u>" has the meaning given to such term in Section 2.01(e)(ii).

"<u>Delayed Funding Notice Date</u>" has the meaning given to such term in Section 2.01(e)(ii).

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"<u>Delaying Group</u>" has the meaning given to such term in Section 2.01(e)(ii).

"<u>Delaying Lender</u>" has the meaning given to such term in Section 2.01(e)(ii).

"<u>Delinquent Receivable</u>" means any Receivable, (i) with respect to which the greater of (a) $50 and (b) 10% or more of any Scheduled Payment remains unpaid for 60 or more days from the related due date and (ii) that is not a Liquidated Receivable. For the avoidance of doubt, any Collections received upon the disposition of the Financed Vehicle related to a Receivable will be applied against any outstanding Scheduled Payments on such Receivable in accordance with the Credit and Collection Policy and, if neither clause (i) or (ii) is satisfied after such application, then such Receivable shall no longer be a Delinquent Receivable until such time as either clause (i) or (ii) is thereafter satisfied.

"<u>Derivatives</u>" means any (i) exchange-traded or over-the-counter forward, future, option, swap, cap, collar, floor or foreign exchange contract or any combination of the foregoing, whether for physical delivery or cash settlement, relating to any interest rate, interest rate index, currency, currency exchange rate, currency exchange rate index, debt instrument, debt price, debt index, depository instrument, depository price, depository index, equity instrument, equity price, equity index, commodity, commodity price or commodity index, (ii) similar transaction, contract, instrument, undertaking or security or (iii) transaction, contract, instrument, undertaking or security containing any of the foregoing.

"<u>Designated Delay Funding Group</u>" has the meaning given to such term in Section 2.01(e)(i).

"<u>Designated Delay Funding Lender</u>" has the meaning given to such term in Section 2.01(e)(i).

"<u>Distribution Date</u>" means the 15<sup>th</sup> day of each calendar month or, if any such day is not a Business Day, the next succeeding Business Day.

"<u>Dodd-Frank Act</u>" means The Dodd-Frank Wall Street Reform and Consumer Protection Act (Pub.L. 111-203, H.R. 4173).

"<u>Dollars</u>" or "<u>$</u>" means the lawful currency of the United States.

"<u>Down Payment</u>" means, with respect to a Receivable, the percentage equivalent of a fraction the numerator of which is the amount of any cash payment made by the related Obligor at the time of origination of such Receivable in connection with its purchase of the related Financed Vehicle and the denominator of which is the book value of such Financed Vehicle at the date of underwriting, where such book value is the selling price as determined in accordance with the Credit and Collection Policy.

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"<u>Early Adoption Increased Costs</u>" has the meaning given to such term in Section 2.11(a).

"<u>Early Adoption Increased Costs Representation</u>" has the meaning given to such term in Section 2.11(a).

"<u>Early Amortization Event</u>" means, on any date of determination, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a Borrowing Base Deficiency exists that has not been cured for three or more Business Days; <u>provided</u>, that if such Borrowing Base Deficiency would not have occurred but for the occurrence of a Step-up Overcollateralization Trigger, then no Early Amortization Event will occur under this clause (i) unless such Borrowing Base Deficiency continues to exist as of the Reporting Date that occurs during the third Collection Period after the Collection Period during which such Borrowing Base Deficiency first existed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any Servicer Termination Event has occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any Event of Default has occurred; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any Material Adverse Change has occurred.

"<u>Election Period</u>" means the period commencing on the date that a request for an extension pursuant to Section 2.04(a) is delivered and ending on the earlier of (i) the 60<sup>th</sup> day thereafter or (ii) the 15<sup>th</sup> day preceding the related Commitment Termination Date.

"<u>Electronic Chattel Paper Sub-Custodian</u>" means eOriginal, Inc. or another econtracting facilitator engaged by the Servicer or the Custodian with the consent of the Administrative Agent.

"<u>Eligible Assignee</u>" means (i) J.P. Morgan Chase Bank, N.A., (ii) any other Committed Lender, (iii) a multi-seller commercial asset-backed paper conduit (A) that is administered by a Lender, an Agent, or the Administrative Agent or an Affiliate of any of them and (B) the Commercial Paper Notes of which are rated at least "A-1" by Standard & Poor's and "Prime-1" by Moody's, (iv) any Credit Provider that was approved by the Borrower in writing prior to such assignment (such consent of the Borrower not to be unreasonably withheld), or (v) any other Person (A) that is acceptable to the Agent related to the portion of the Commitment being assigned and (B) that was approved by the Borrower in writing prior to such assignment (such consent of the Borrower not to be unreasonably withheld); <u>provided</u>, that no consent of the Borrower described in clause (iv) or (v) shall be required during the occurrence and continuation of a Servicer Termination Event or Event of Default; <u>provided</u> <u>further</u>, that unless an Event of Default has occurred and is continuing, no Competitor shall be an Eligible Assignee unless approved by the Borrower in writing prior to such assignment.

"<u>Eligible Pool Balance</u>" means, as of any date of determination, the sum of the Principal Balances of all Eligible Receivables as of such date.

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"<u>Eligible Receivable</u>" means, as of any date of determination, any Receivable (i) for which the related Receivable File is in the possession of the Collateral Custodian, (ii) which was identified on the Schedule of Receivables delivered by the Borrower to the Administrative Agent as part of a Funding Request, (iii) which satisfies each of the eligibility requirements set forth on Schedule B hereto, in each case as of such date of determination, and (iv) if one or more proceedings is pending as of such date of determination in which any defense, claim of offset, counterclaim, or claim of recoupment has been alleged by the related Obligor or any Governmental Authority with respect to (in the aggregate) more than 20 Receivables, such Receivable is not subject to any such proceedings.

"<u>ERISA</u>" means the Employee Retirement Income Security Act of 1974, and the regulations promulgated and rulings issued thereunder.

"<u>ERISA Affiliate</u>" means (i) any corporation which is a member of the same controlled group of corporations (within the meaning of Section 414(b) of the Code) as the Borrower, (ii) a trade or business (whether or not incorporated) under common control (within the meaning of Section 414(c) of the Code) with the Borrower, or (iii) a member of the same affiliated service group (within the meaning of Section 414(m) of the Code) as the Borrower, any corporation described in clause (i) above or any trade or business described in clause (ii) above.

"<u>Event of Default</u>" has the meaning given to such term in Section 8.01(a).

"<u>Excess Concentration Amounts</u>" means, as of any date of determination and without duplication, the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the positive difference, if any, of (a) the aggregate Principal Balance of the Eligible Receivables for which the related Obligor has a billing address in the State with the highest concentration of Receivables by Obligor billing address as of such date <u>minus</u> (b) an amount equal to the product of (1) [\*\*\*] <u>times</u> (2) the Eligible Pool Balance on such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the positive difference, if any, of (a) the aggregate Principal Balance of the Eligible Receivables for which the related Obligor has a billing address in the State with the second highest concentration of Receivables by Obligor billing address as of such date <u>minus</u> (b) an amount equal to the product of (1) [\*\*\*] <u>times</u> (2) the Eligible Pool Balance on such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the positive difference, if any, of (a) the aggregate Principal Balance of the Eligible Receivables for which the related Obligor has a billing address in any State other than those States accounted for in clauses (i) and (ii), above, <u>minus</u> (b) an amount equal to the product of (1) [\*\*\*] <u>times</u> (2) the Eligible Pool Balance on such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the positive difference, if any, of (a) the aggregate Principal Balance of the Eligible Receivables for which the related Obligors had FICO Scores and such FICO Scores were less than 620 <u>minus</u> (b) the product of (1) [\*\*\*] <u>times</u> (2) the Eligible Pool Balance on such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the positive difference, if any, of (a) the aggregate Principal Balance of the Eligible Receivables for which the related Obligors had FICO Scores of less than or equal to 680 <u>minus</u> (b) the product of (1) [\*\*\*] <u>times</u> (2) the Eligible Pool Balance on such date;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the positive difference, if any, of (a) the aggregate Principal Balance of the Eligible Receivables for which the related Obligors did not have a FICO Score or had a FICO Score of zero <u>minus</u> (b) the product of (1) [\*\*\*] <u>times</u> (2) the Eligible Pool Balance as of such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the aggregate Principal Balance of the Eligible Receivables with the highest mileage of the related Financed Vehicle at the time of origination of the related Receivable that would need to be subtracted from the Eligible Pool Balance on such date in order to cause the weighted average mileage of those Eligible Receivables that have an original term to maturity that was greater than [\*\*\*] months to equal [\*\*\*] miles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the positive difference, if any, of (a) the aggregate Principal Balance of the Eligible Receivables for which the related Obligors had AIRA Scores of less than [\*\*\*] <u>minus</u> (b) the product of (1) [\*\*\*] <u>times</u> (2) the Eligible Pool Balance as of such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) without duplication, the sum of (a) the aggregate Principal Balance of the Eligible Receivables with the lowest AIRA Scores that would need to be subtracted from the Eligible Pool Balance on such date in order to cause the weighted average AIRA Score of those Eligible Receivables that have an original term to maturity that was greater than [\*\*\*] months to equal [\*\*\*] <u>plus</u> (b) the aggregate Principal Balance of the Eligible Receivables with the lowest AIRA Scores that would need to be subtracted from the Eligible Pool Balance on such date in order to cause the weighted average AIRA Score of all Eligible Receivables to equal [\*\*\*];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) the positive difference, if any, of (a) the aggregate Principal Balance of the Eligible Receivables for which the related Obligors had AIRA Scores of less than or equal to [\*\*\*] <u>minus</u> (b) the product of (1) either (A) if such date of determination occurs during a Post-Securitization Period, [\*\*\*] or (B) otherwise, [\*\*\*] <u>times</u> (2) the Eligible Pool Balance on such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) the positive difference, if any, of (a) the aggregate Principal Balance of the Eligible Receivables for which the related Financed Vehicle was a Used Vehicle at the time such Receivable was originated <u>minus</u> (b) the product of (1) [\*\*\*] <u>times</u> (2) the Eligible Pool Balance as of such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) the positive difference, if any, of (a) the aggregate Principal Balance of the Eligible Receivables that have an original term to maturity that was greater than [\*\*\*] months <u>minus</u> (b) the product of (1) [\*\*\*] <u>times</u> (2) the Eligible Pool Balance as of such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) without duplication, the sum of (a) the aggregate Principal Balance of the Eligible Receivables that have Loan-to-Value Ratios as of such date that are greater than [\*\*\*] that would need to be subtracted from the Eligible Pool Balance on such date in order to cause the weighted average Loan-to-Value Ratio of all Eligible

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Receivables as of such date to equal [\*\*\*] <u>plus</u> (b) the aggregate Principal Balance of the Eligible Receivables that have Loan-to-Value Ratios as of such date that are greater than [\*\*\*] and that were originated through independent Dealers that would need to be subtracted from the Eligible Pool Balance on such date in order to cause the weighted average Loan-to-Value Ratio of all Eligible Receivables as of such date that were originated through independent Dealers to equal [\*\*\*] that were originated through independent Dealers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) the aggregate Principal Balance of the Eligible Receivables that had Payment-to-Income Ratios of greater than [\*\*\*] at the time of underwriting that would need to be subtracted from the Eligible Pool Balance on such date in order to cause the weighted average Payment-to-Income Ratios of all Eligible Receivables that had Payment-to-Income Ratios calculated at the time of underwriting (as indicated by the presence of a recorded Payment-to-Income Ratio in the related Receivable File that is not [\*\*\*] or [\*\*\*]) to equal [\*\*\*];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) the aggregate Principal Balance of the Eligible Receivables that had Down Payments of less than [\*\*\*] that would need to be subtracted from the Eligible Pool Balance on such date in order to cause the weighted average Down Payment for all Eligible Receivables to equal [\*\*\*];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) the positive difference, if any, of (a) the aggregate Principal Balance of the Eligible Receivables that are not Bank Account Verified <u>minus</u> (b) the product of (1) [\*\*\*] <u>times</u> (2) the Eligible Pool Balance on such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) the positive difference, if any, of (a) the aggregate Principal Balance of the Eligible Receivables that were originated through independent Dealers <u>minus</u> (b) the product of (1) [\*\*\*] <u>times</u> (2) the Eligible Pool Balance on such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) the aggregate Principal Balance of the Eligible Receivables with the largest Balloon Payments that would need to be subtracted from the Eligible Pool Balance on such date in order to cause the aggregate amount of Balloon Payments related to all Eligible Receivables to be no greater than [\*\*\*] of the Eligible Pool Balance on such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) the positive difference, if any, of (a) the aggregate Principal Balance of the Eligible Receivables (1) for which the original term to maturity was more than [\*\*\*] months and (2) that were originated through independent Dealers <u>minus</u> (b) the product of (1) [\*\*\*] <u>times</u> (2) the aggregate Principal Balance of the Eligible Receivables that have an original term to maturity that was greater than [\*\*\*] months;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) the aggregate Principal Balance of the Eligible Receivables with the lowest Down Payment that would need to be subtracted from the Eligible Pool Balance on such date in order to cause the weighted average Down Payment of those Eligible Receivables that have an original term to maturity that was greater than [\*\*\*] months to equal [\*\*\*];

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi) the aggregate Principal Balance of the Eligible Receivables that had the lowest Contract Reserves that would need to be subtracted from the Eligible Pool Balance on such date in order to cause the weighted average Contract Reserves of all Eligible Receivables to equal [\*\*\*];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxii) the positive difference, if any, of (a) the aggregate Principal Balance of the Eligible Receivables that did not have Payment-to-Income Ratios calculated as of the date of underwriting (as indicated by either the absence of a recorded Payment-to-Income Ratio, or the presence of a recorded Payment-to-Income Ratio of [\*\*\*] or [\*\*\*], in the related Receivable File) <u>minus</u> (b) the product of (1) [\*\*\*] <u>times</u> (2) the Eligible Pool Balance as of such date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiii) the positive difference, if any, of (a) the aggregate Principal Balance of the Eligible Receivables that had a Principal Balance at the time of origination of the Receivable of greater than [\*\*\*] <u>minus</u> (b) the product of (1) [\*\*\*] <u>times</u> (2) the Eligible Pool Balance as of such date.

"<u>Excess Spread</u>" means, as of any date of determination, the difference of (i) the weighted average APR of all Eligible Receivables (weighted by the Principal Balance of such Eligible Receivables) <u>minus</u> (ii) the Servicing Fee Rate <u>minus</u> (iii) the Program Fee Rate <u>minus</u> (iv) the Weighted Average Hedge Rate as of such date <u>minus</u> (v) the Backup Servicing Fee Rate.

"<u>Exchange Act</u>" means the Securities Exchange Act of 1934, as amended.

"<u>Excluded Taxes</u>" means any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or deducted from a payment to a Recipient, (i) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (a) imposed as a result of such Recipient being organized under the laws of, or having its principal office or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (b) that are Other Connection Taxes, (ii) in the case of a Lender, U.S. federal withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan or Commitment pursuant to a law in effect on the date on which (a) such Lender acquires such interest in the Loan or Commitment or (b) such Lender changes its lending office, except in each case to the extent that, pursuant to Section 2.12, amounts with respect to such Taxes were payable either to such Lender's assignor immediately before such Lender became a party hereto or to such Lender immediately before it changed its lending office, (iii) Taxes attributable to such Recipient's failure to comply with Section 2.12(g) and (iv) any withholding Taxes imposed under FATCA.

"<u>Extended Receivable</u>" means any Receivable or Serviced Portfolio Receivable with respect to which an Extension has been granted.

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"<u>Extension</u>" means, with respect to any Receivable or Serviced Portfolio Receivable, a payment extension or deferral that is granted by the Servicer to an Obligor whereby (i) either (a) the due date for all or any portion of one or more Scheduled Payments is extended to a date that is later than the current due date or (b) all or any portion of one or more Scheduled Payments is waived for the related due date and (ii) such extended or waived amount is due from such Obligor by no later than the final due date for the related Contract (which final due date may have been extended by the Servicer in connection with such extension or deferral). For purposes of this definition, the "Scheduled Payment" and "Contract" for each Serviced Portfolio Receivable that is not a Receivable shall be determined as if it were a "Receivable" for purposes of all related defined terms.

"<u>Facility Amount</u>" means, as of any date of determination, (i) prior to the Termination Date, the Aggregate Commitment on such day and (ii) on and after the Termination Date, the Loans Outstanding.

"<u>Facility Termination Date</u>" means the date following the Termination Date on which the Aggregate Unpaids have been indefeasibly paid in full.

"<u>FATCA</u>" means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof and any applicable agreement entered into pursuant to Section 1471(b)(1) of the Code, any applicable intergovernmental agreement with respect to the foregoing, and any regulations and official administrative guidance thereunder.

"<u>Federal Funds Effective Rate</u>" means, for any day, the rate calculated by the NYFRB based on such day's federal funds transactions by depositary institutions, as determined in such manner as shall be set forth on the NYFRB's Website from time to time, and published on the next succeeding Business Day by the NYFRB as the effective federal funds rate; <u>provided</u>, that if the Federal Funds Effective Rate as so determined would be less than 0%, such rate shall be deemed to be 0% for the purposes of this Agreement.

"<u>Federal Reserve Board</u>" means the Board of Governors of the Federal Reserve System.

"<u>Fee Letter</u>" means the Third Amended and Restated Fee Letter, dated as of November 29, 2023, by and among the Borrower, the initial Servicer, the Agents party thereto, and the Administrative Agent, setting forth, among other things, the Structuring Fee, the Program Fee Rate, the Applicable Margin, the Supplemental Structuring Fee Rate, and the Unused Commitment Fee Rate.

"<u>FICO Score</u>" means, with respect to any Receivable, the credit score provided by Fair Isaac Corporation for the related Obligor at the time of underwriting for such Receivable.

"<u>Final Maturity Date</u>" means the Distribution Date occurring in the 78<sup>th</sup> month following the expiration of the latest Commitment Termination Date.

"<u>Financed Vehicle</u>" means, with respect to a Receivable, any new or used automobile, light-duty truck, van, minivan or sport utility vehicle, together with all accessions thereto, securing the related Obligor's indebtedness thereunder.

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"<u>Financial Covenants</u>" means each of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Lendbuzz's Tangible Net Worth for the most recently ended fiscal quarter shall at least equal the sum of (a) $57,000,000 <u>plus</u> (b) 50% of Lendbuzz's cumulative positive net income for each fiscal quarter that has ended since September 30, 2021 <u>plus</u> (c) 65% of net proceeds received by Lendbuzz in connection with its issuance and sale of any equity interests (as determined in accordance with GAAP) after September 30, 2021;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Lendbuzz's Debt-to-TNW Ratio for the most recently ended fiscal quarter shall not exceed 7.0 to 1.0; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the aggregate amount of unused borrowing or financing capacity that is available to Lendbuzz or its wholly-owned Subsidiaries as of the end of the most recently ended fiscal quarter under (a) this Agreement, (b) any other asset-backed warehouse facilities maintained by such entities, (c) any term asset-backed securitizations with respect to which any such entity is the "sponsor" (as such term is defined in Regulation RR (17 CFR § 246.1, et seq.)) and that include a revolving feature allowing for the addition of receivables after the initial closing date that are purchased by the related issuing entity with collections previously received on the receivables included in such securitization (rather than with amounts held back from closing proceeds in a "prefunding account" or similar feature), or (d) any committed forward flow purchase facility with respect to which receivables may be sold to a third-party by any such entity, shall be at least $75,000,000; provided, that unused borrowing, financing, sale, or similar capacity under any such facility or transaction that is ineligible to be drawn, borrowed, or otherwise utilized at the related time due to any event of default, termination event, or any other condition or state of affairs existing at such time (other than a lack of availability of qualifying receivables to pledge, sell, contribute, or otherwise convey in order to effect the related draw, borrowing, or similar utilization) shall not be included in such aggregate amount.

"<u>Floor</u>" means the benchmark rate floor, if any, provided in this Agreement initially (as of the execution of this Agreement, the modification, amendment or renewal of this Agreement or otherwise) with respect to the CP Rate or Daily Simple SOFR, as applicable. For the avoidance of doubt the initial Floor for each of the CP Rate or Adjusted Daily Simple SOFR shall be 0%.

"<u>Foreign Lender</u>" means a Lender that is not a U.S. Person.

"<u>Formation Documents</u>" means, with respect to (i) the Borrower, its limited liability company agreement and certificate of formation, (ii) Lendbuzz Funding, its limited liability company agreement and certificate of formation, and (iii) Lendbuzz, its certificate of incorporation and bylaws.

"<u>Funding Date</u>" means each Business Day on which a Loan is made and Receivables are added to the Collateral in connection with such Loan.

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"<u>Funding Request</u>" means a written notice from the Borrower requesting a Loan and including the items required by Section 2.01(b), substantially in the form of Exhibit A hereto.

"<u>GAAP</u>" means generally accepted accounting principles as in effect from time to time in the United States.

"<u>Governmental Authority</u>" means, with respect to any Person, any nation or government, any State or other political subdivision thereof, any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government and any court or arbitrator having jurisdiction over such Person.

"<u>Hedge Breakage Costs</u>" means, with respect to any Hedge Transaction, any amount payable by the Borrower to the related Hedge Counterparty upon the early termination of such Hedge Transaction or any portion thereof.

"<u>Hedge Collateral</u>" means all of the rights of the Borrower, whether now existing and hereafter acquired, in and to all Hedging Agreements, Hedge Transactions and all present and future amounts payable by all Hedge Counterparties to the Borrower under or in connection with such Hedging Agreements and Hedge Transactions with such Hedge Counterparties.

"<u>Hedge Counterparty</u>" means any entity that on the date of entering into any Hedge Transaction is (i) JPMorgan Chase Bank, N.A. or an Affiliate thereof or (ii) (a) is an interest rate swap dealer, (b) whose debt ratings satisfy each of the Long-Term Rating Requirement and the Short-Term Rating Requirement and (c) agrees that in the event that Moody's or Standard & Poor's reduces its long-term unsecured debt rating below the Long-Term Rating Requirement or its short-term unsecured debt rating below the Short-Term Rating Requirement, it shall (1) transfer its rights and obligations under each Hedge Transaction to another entity that meets the requirements of this definition and has entered into a Hedging Agreement with the Borrower on or prior to the date of such transfer, (2) post collateral in an amount satisfactory to the Required Lenders, or (3) obtain a guaranty of its obligations under each Hedge Transaction that is satisfactory to the Required Lenders from another entity whose debt ratings satisfy each of the Long-Term Rating Requirement and the Short-Term Rating Requirement. Each Hedge Counterparty must consent to the assignment of the Borrower's rights under the Hedging Agreement to the Administrative Agent pursuant to Section 6.03(h).

"<u>Hedge Counterparty Collateral Account</u>" has the meaning given to such term in Section 6.03(d).

"<u>Hedge Reserve Account</u>" means a segregated account established by the initial Servicer, on behalf of the Borrower, with the Account Bank in the name of the Administrative Agent for the benefit of the Secured Parties, into which amounts may be deposited by the Borrower in accordance with Section 6.03(a) and which, at all times from and after the time of its establishment, will be subject to the Control Agreement.

"<u>Hedge Reserve Account Required Amount</u>" means, as of any date of determination on which the aggregate notional amount of all outstanding Hedge Transactions is less than the Loans Outstanding (after giving effect to any changes to the Loans Outstanding on such date), an amount equal to the product of (i) 110% <u>times</u> (ii) the quoted purchase price from any Lender,

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any Agent, or any Affiliate of any Lender or Agent (which price shall be reasonably determined based on prevailing market conditions and such Lender or Agent's pricing of caps of a similar size, duration and cap rate) most recently received by the Borrower (or the Servicer on behalf of the Borrower) pursuant to Section 6.03(a)(ii) hereof (which quote shall, for purpose of this definition, continue in effect until the next succeeding date on which such a quote is received pursuant to Section 6.03(a)(ii) hereof), for an interest rate cap (A) that has a notional amount, duration, and amortization that is agreed upon by the Borrower and the Administrative Agent for such date and (B) the cap rate for which is the maximum cap rate that would cause the Excess Spread to equal 4.5% if a Hedge Transaction in the form of an interest rate cap having such strike rate and having the notional amount referenced in clause (A) was included in the calculation of 'Weighted Average Hedge Rate' on such date.

"<u>Hedge Transaction</u>" means each interest rate hedge transaction between the Borrower and a Hedge Counterparty that is entered into pursuant to Section 6.03 and is governed by a Hedging Agreement.

"<u>Hedging Agreement</u>" means each agreement between the Borrower and a Hedge Counterparty which governs one or more Hedge Transactions entered into pursuant to Section 6.03, which agreement shall be reasonably acceptable to the Administrative Agent and shall consist of a "Master Agreement" in a form published by the International Swaps and Derivatives Association, Inc., together with a "Schedule" thereto, any applicable Credit Support Annex and each "Confirmation" thereunder confirming the specific terms of each such Hedge Transaction.

"<u>Indebtedness</u>" means, with respect to any Person and any day, without duplication, (i) all indebtedness of such Person for borrowed money or for the deferred purchase price of property or services (other than current liabilities incurred in the ordinary course of business and payable in accordance with customary trade practices) or which is evidenced by a note, bond, debenture or similar instrument, (ii) all obligations of such Person under capital leases, (iii) all obligations of such Person in respect of acceptances issued or created for the account of such Person, (iv) all liabilities secured by any Lien on any property owned by such Person even though such Person has not assumed or otherwise become liable for the payment thereof and (v) all indebtedness, obligations or liabilities of that Person in respect of Derivatives.

"<u>Indemnified Amounts</u>" has the meaning given to such term in Section 9.01.

"<u>Indemnified Party</u>" has the meaning given to such term in Section 9.01.

"<u>Indemnified Taxes</u>" means (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of the Borrower under any Borrower Basic Document and (b) to the extent not otherwise described in (a), Other Taxes.

"<u>Independent Manager</u>" means a natural Person who either (i) (a) is provided by a nationally recognized provider of independent directors; (b) is not and has not been employed by Lendbuzz or Lendbuzz Funding or any of their respective Subsidiaries or Affiliates as an officer, director, partner, manager, member (other than as a special member in the case of single member Delaware limited liability companies), employee, attorney or counsel of, Lendbuzz or Lendbuzz

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Funding or any of their respective Affiliates within the five (5) years immediately prior to such individual's appointment as an Independent Manager, provided that this paragraph (b) shall not apply to any person who serves as an independent director or an independent manager for any Affiliate of any of Lendbuzz or Lendbuzz Funding; (c) is not, and has not been within the five (5) years immediately prior to such individual's appointment as an Independent Manager, a customer or creditor of, or supplier to, Lendbuzz or Lendbuzz Funding or any of their respective Affiliates who derives any of its purchases or revenue from its activities with Lendbuzz or Lendbuzz Funding or any of their respective Affiliates thereof (other than a *de minimis* amount); (d) is not, and has not been within the five (5) years immediately prior to such individual's appointment as an Independent Manager, a person who controls or is under common control with any Person described by (b) or (c); (e) does not have, and has not had within the five (5) years immediately prior to such individual's appointment as an Independent Manager, a personal services contract with Lendbuzz or Lendbuzz Funding or any of their respective Subsidiaries or Affiliates, from which fees and other compensation received by the person pursuant to such personal services contract would exceed 5% of his or her gross revenues during the preceding calendar year; (f) is not affiliated with a tax-exempt entity that receives, or has received within the five (5) years prior to such appointment as an Independent Manager, contributions from Lendbuzz or Lendbuzz Funding or any of their respective Subsidiaries or Affiliates, in excess of the lesser of (i) 3% of the consolidated gross revenues of Lendbuzz Funding and its Subsidiaries during such fiscal year and (ii) 5% of the contributions received by the tax-exempt entity during such fiscal year; (g) is not and has not been a shareholder (or other equity owner) of any of Lendbuzz or Lendbuzz Funding or any of their respective Affiliates within the five (5) years immediately prior to such individual's appointment as an Independent Manager; (h) is not a member of the immediate family of any Person described by (b) through (g); (i) is not, and was not within the five (5) years prior to such appointment as an Independent Manager, an employee of a financial institution to which Lendbuzz or Lendbuzz Funding or any of their respective Subsidiaries or Affiliates owes outstanding Indebtedness for borrowed money in a sum exceeding more than 5% of Lendbuzz Funding total consolidated assets; (j) has prior experience as an independent director or manager for a corporation or limited liability company whose charter documents required the unanimous consent of all independent directors thereof before such corporation or limited liability company could consent to the institution of bankruptcy or insolvency proceedings against it or could file a petition seeking relief under any applicable federal or state law relating to bankruptcy; and (k) has at least three (3) years of employment experience with one or more entities that provide, in the ordinary course of their respective businesses, advisory, management or placement services to issuers of securitization or structured finance instruments, agreements or securities; or (ii) has otherwise been approved in writing by the Administrative Agent.

"<u>Ineligible Receivable</u>" means, as of any date of determination, a Receivable that is not an Eligible Receivable.

"<u>Initial Loan</u>" means the first Loan made on or after the Closing Date.

"<u>Insolvency Event</u>" means, with respect to a specified Person, (i) the filing of a decree or order for relief by a court having jurisdiction in the premises in respect of such Person or any substantial part of its property in an involuntary case under any applicable Insolvency Law now or hereafter in effect, or appointing a receiver, liquidator, assignee, custodian, trustee,

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sequestrator, or similar official for such Person or for any substantial part of its property, or ordering the winding-up or liquidation of such Person's affairs, and such decree or order shall remain unstayed and in effect for a period of 60 consecutive days or (ii) the commencement by such Person of a voluntary case under any Insolvency Law now or hereafter in effect, or the consent by such Person to the entry of an order for relief in an involuntary case under any such law, or the consent by such Person to the appointment of or taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator, or similar official for such Person or for any substantial part of its property, or the making by such Person of any general assignment for the benefit of creditors, or the failure by such Person generally to pay its debts as such debts become due, or the taking of action by such Person in furtherance of any of the foregoing.

"<u>Insolvency Laws</u>" means the Bankruptcy Code and all other applicable liquidation, conservatorship, bankruptcy, moratorium, arrangement, rearrangement, receivership, insolvency, reorganization, suspension of payments, marshaling of assets and liabilities, or similar debtor relief laws from time to time in effect affecting the rights of creditors generally.

"<u>Insolvency Proceeding</u>" means, with respect to any Person, any bankruptcy, insolvency, arrangement, rearrangement, conservatorship, moratorium, suspension of payments, readjustment of debt, reorganization, receivership, liquidation, marshaling of assets and liabilities, or similar proceeding of or relating to such Person under any Insolvency Laws.

"<u>Instrument</u>" means any "instrument" (as defined in Article 9 of the UCC), other than an instrument that constitutes part of chattel paper.

"<u>Insurance Policy</u>" means, with respect to any Receivable, (i) an insurance policy covering physical damage to or loss of the related Financed Vehicle or (ii) any lender's single interest, credit life, disability, hospitalization and similar insurance policies with respect to the related Obligor.

"<u>Insurance Proceeds</u>" means any amounts payable or any payments made under any Insurance Policy.

"<u>Interest</u>" means, for any Interest Period and each Loan outstanding during such Interest Period, interest on the Principal Amount of such Loan computed pursuant to Sections 2.05(b) and 2.06(b); <u>provided</u>, that (i) no provision of this Agreement shall require or permit the collection of Interest in excess of the Maximum Lawful Rate and (ii) Interest shall not be considered paid by any distribution if at any time such distribution is rescinded or must otherwise be returned for any reason.

"<u>Interest Period</u>" means, with respect to each Distribution Date, the immediately preceding Collection Period (or, in the case of the first Distribution Date, the period from and including the Closing Date through and including the last day of the calendar month in which the Initial Loan is funded hereunder); <u>provided</u>, that any Interest Period that commences before the Facility Termination Date that would otherwise end after the Facility Termination Date shall end on the Facility Termination Date.

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"<u>Invested Percentage</u>" means, for a Lender as of any date of determination, the percentage equivalent of (i) the sum of (a) the portion of the Loans Outstanding (if any) funded by such Lender on or prior to such day, <u>plus</u> (b) with duplication of any amount in clause (a), any portion of the Loans Outstanding acquired by such Lender on or prior to such day as an assignee from another Lender pursuant to an Assignment and Acceptance, <u>minus</u> (c) any portion of the Loans Outstanding assigned by such Lender to an assignee on or prior to such day pursuant to an Assignment and Acceptance, <u>divided by</u> (ii) the Loans Outstanding on such day.

"<u>Investment</u>" means, with respect to any Person, any direct or indirect loan, advance or investment by such Person in any other Person, whether by means of share purchase, capital contribution, loan or otherwise, and excluding commission, travel and similar advances to officers, employees and directors made in the ordinary course of business.

"<u>Investment Company Act</u>" means the Investment Company Act of 1940, as amended.

"<u>IRS</u>" means the U.S. Internal Revenue Service.

"<u>ISDA Definitions</u>" means the 2006 ISDA Definitions published by the International Swaps and Derivatives Association, Inc. or any successor thereto, as amended or supplemented from time to time, or any successor definitional booklet for interest rate derivatives published from time to time by the International Swaps and Derivatives Association, Inc. or such successor thereto.

"<u>JPMorgan Agent</u>" means JPMorgan Chase Bank, in its capacity as Agent for the JPMorgan Lender Group, and its successors in such capacity.

"<u>JPMorgan Chase Bank</u>" means JPMorgan Chase Bank, N.A.

"<u>JPMorgan Lender Group</u>" means the group of Lenders consisting of (a**)** the Conduit Lender identified on the Lender Supplement attached hereto as Schedule A, (b) the Committed Lender identified on the Lender Supplement attached hereto as Schedule A, and (c) the JPMorgan Agent.

"<u>Lendbuzz</u>" means Lendbuzz Inc., a Delaware corporation.

"<u>Lendbuzz Funding</u>" has the meaning given to such term in the Preamble.

"<u>Lender Advance</u>" means a Lender's Lender Percentage of the Principal Amount of a particular Loan to be made to the Borrower on a Funding Date.

"<u>Lender Group</u>" means each group of Lenders consisting of (i) one or more Lenders and (ii) an Agent, in each case as indicated on the related Lender Supplement. As of the Closing Date, the sole Lender Group is the JPMorgan Lender Group.

"<u>Lender Percentage</u>" means a Lender's Commitment as a percentage of the Aggregate Commitment.

"<u>Lender Register</u>" has the meaning given to such term in Section 11.01(c).

"<u>Lenders</u>" means, collectively, the Conduit Lenders and the Committed Lenders.

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"<u>Lender Supplement</u>" means (i) with respect to the JPMorgan Lender Group, the information set forth in Schedule A to this Agreement and (ii) with respect to any other Lender Group, the information set forth in the related Lender Supplement, in each case as the same may be amended or otherwise modified from time to time, with, in the case of changes to the Facility Amount, any Mandatory Commitment , any Commitment, or any definition of CP Rate, the consent of the Borrower. With respect to the Lender Supplement for any Lender Group other than the JPMorgan Lender Group, such Lender Supplement shall contain substantially similar information to that set forth in Schedule A with respect to the JPMorgan Lender Group.

"<u>Liability</u>" means any duty, responsibility, obligation or liability.

"<u>Lien</u>" means any mortgage, lien, pledge, charge, claim, security interest or encumbrance of any kind.

"<u>Liquidated Receivable</u>" means any Receivable with respect to which (i) all or any portion of one or more scheduled monthly payments of principal and/or interest remains unpaid with respect to such Receivable for a period of 120 days or more past the scheduled due date for such payment, (ii) an Insolvency Event has occurred with respect to the related Obligor, or (iii) the related Obligor is deceased.

"<u>Liquidity Facility</u>" means, with respect to each Conduit Lender, any of the committed loan facilities, lines of credit and other financial accommodations available to such Conduit Lender to support the liquidity of such Conduit Lender's Commercial Paper Notes.

"<u>Loan</u>" has the meaning given to such term in Section 2.01(a).

"<u>Loan-to-Value Ratio</u>" means, with respect to a Receivable, the percentage equivalent of a fraction, (i) the numerator of which is the Principal Balance of such Receivable as of its date of disbursement and (ii) the denominator of which is the lesser of (a) the NADA clean retail value of the related Financed Vehicle (or, if such value is not available, the Carfax retail value of such Financed Vehicle) and (b) the purchase price of such Financed Vehicle.

"<u>Loans Outstanding</u>" means, on any day, the aggregate Principal Amount of all Loans made on or prior to such day, reduced from time to time by payments and distributions in respect of principal of the Loans in accordance with the terms hereof.

"<u>Long-Term Rating Requirement</u>" means, with respect to any Person, that such Person has a long-term unsecured debt rating of not less than "A" by Standard & Poor's and not less than "A2" by Moody's.

"<u>Mandatory Commitment</u>" means, with respect to any Lender or Lender Group, the amount set forth as the 'Mandatory Commitment' in the related Lender Supplement, as such amount may be modified from time to time in accordance with the terms hereof.

"<u>Mandatory Hedging Condition</u>" means that, as of any date of determination, one or more of the following events has occurred and the occurrence of a Mandatory Hedging Condition has not been expressly waived in accordance with Section 13.01 (regardless of whether any such event, or any other consequences of such event, have been waived, either in accordance with Section 13.01 or otherwise): (i) any Event of Default has occurred; (ii) any Servicer Termination Event has occurred; and (iii) the Commitment Termination Date occurs.

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"<u>Material Adverse Change</u>" means any event or condition which would reasonably be expected to have a material adverse effect on (i) the collectability of all or a material portion of the Receivables, (ii) the condition (financial or otherwise), business or properties of the Borrower, (iii) the ability of the Servicer to collect on the Receivables, (iv) the condition (financial or otherwise), business or properties of Lendbuzz Funding, or (v) the condition (financial or otherwise), businesses or investments of Lendbuzz. For the avoidance of doubt, the following is a non-exclusive list of changes to the Credit and Collection Policy which, if reasonably likely to negatively impact the creditworthiness or collectability of any Receivables, will be deemed to constitute a "Material Adverse Change" unless such changes are made with the consent of the Administrative Agent in the manner set forth in this Agreement (which consent shall not be unreasonably withheld, conditioned, or delayed): changes that would modify any of (a) the maximum allowable threshold limitations for substantial underwriting criteria, including but not limited to those related to loan term, required Down Payment, Payment-to-Income Ratio, and Loan-to-Value Ratio; (b) the categorization of receivables as delinquent, non-performing, defaulted or charged-off; (c) material collection processes relating, without limitation, to delinquent, non-performing, defaulted or charged-off receivables, loan loss recognition, loan modification (including extensions and deferrals), end-of-term recovery and processing, and collateral recovery; (d) any provisions for credit exceptions; (e) stated creditworthiness thresholds required for obligors; and (f) any substantive calculations or components affecting the determination of AIRA Scores (but excluding any modifications that reflect the ordinary course machine learning processes that adjust such calculations and/or components from time to time).

"<u>Material Adverse Effect</u>" means, with respect to any Person and to any event or circumstance, a material adverse effect on (i) the business, condition (financial or otherwise), operations, performance, properties or prospects of such Person (including any such change or effect resulting from the introduction of or change in any Applicable Laws or any ruling, order or other action by any Governmental Authority), taken as a whole, (ii) the validity or enforceability of this Agreement or any other Basic Document or the validity, enforceability or collectability of a material portion of (a) the Contracts (taken as a whole), (b) the Receivables (taken as a whole) or (c) any other Collateral (taken as a whole), (iii) the rights and remedies of the Administrative Agent and Secured Parties under the Basic Documents, (iv) the ability of such Person to perform its obligations under this Agreement or any other Basic Document to which it is a party, or (v) the status, existence, perfection, priority or enforceability of the interest of the Administrative Agent or the Lenders in the Collateral.

"<u>Maximum Lawful Rate</u>" means the highest rate of interest permissible under Applicable Law.

"<u>Member</u>" has the meaning set forth in the Borrower's Formation Documents.

"<u>Monthly Backup Servicer Certificate</u>" means a monthly report of the Backup Servicer in the form prescribed by the Backup Servicing Agreement and relating to the end of the Collection Period immediately preceding the date on which such certificate is delivered.

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"<u>Monthly Principal Payment Amount</u>" means either (i) with respect to any Distribution Date occurring prior to the Termination Date, the lesser of (a) the excess (if any) of the Loans Outstanding on such date (excluding any additional amounts to be borrowed on such Distribution Date) over the Borrowing Base on such Distribution Date and (b) the amount of Available Funds that is available to be applied pursuant to Section 2.07(v)(B) on such Distribution Date (after giving effect to all payments pursuant to sub-clauses (i) through (iv) of Section 2.07 on such Distribution Date) or (ii) with respect to any Distribution Date occurring on or after the Termination Date, the lesser of (a) the Loans Outstanding on such date and (b) the amount of Available Funds that is available to be applied pursuant to Section 2.07(v)(B) on such Distribution Date (after giving effect to all payments pursuant to subclauses (i) through (iv) of Section 2.07 on such Distribution Date) .

"<u>Monthly Report</u>" means a monthly statement of the Servicer delivered pursuant to Section 7.07(a) on each Reporting Date with respect to the related Collection Period, substantially in the form of Exhibit F.

"<u>Moody's</u>" means Moody's Investors Service, Inc.

"<u>Multiemployer Plan</u>" means a "multiemployer plan" as defined in Section 4001(a)(3) of ERISA which is or was at any time during the current year or the immediately preceding five years contributed to by the Borrower, Lendbuzz Funding, Lendbuzz or any ERISA Affiliate on behalf of their employees.

"<u>Net Eligible Pool Balance</u>" means, as of any date of determination, the difference of (i) the Eligible Pool Balance as of such date <u>minus</u> (ii) the Excess Concentration Amount as of such date.

"<u>Non-Delaying Group</u>" has the meaning given to such term in Section 2.01(e)(iii).

"<u>Non-Extending Lender</u>" means, after its respective Commitment Termination Date, each Lender that has declined to extend its Commitment Termination Date in accordance with Section 2.04, to the extent not replaced pursuant to Section 2.04(b).

"<u>Non-JPMorgan Hedge Counterparty</u>" means any Hedge Counterparty other than a Hedge Counterparty as defined in clause (i) of the definition thereof.

"<u>NRSRO</u>" has the meaning assigned to it in Section 12.021(d)

"<u>NYFRB</u>" means the Federal Reserve Bank of New York.

"<u>NYFRB Rate</u>" means, for any day, the greater of (a) the Federal Funds Effective Rate in effect on such day and (b) the Overnight Bank Funding Rate in effect on such day (or for any day that is not a Business Day, for the immediately preceding Business Day); <u>provided</u>, that if none of such rates are published for any day that is a Business Day, the term 'NYFRB Rate' means the rate for a federal funds transaction quoted at 11:00 a.m. on such day received by the Administrative Agent from a federal funds broker of recognized standing selected by it; <u>provided</u>, <u>further</u>, that if any of the aforesaid rates as so determined be less than 0%, such rate shall be deemed to be 0% for purposes of this Agreement.

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"<u>NYFRB's Website</u>" means the website of the NYFRB at http://www.newyorkfed.org, or any successor source.

"<u>Obligations</u>" means all loans, advances, debts, liabilities, indemnities and obligations for monetary amounts owing by the Borrower to the Secured Parties, the Collateral Custodian, the Backup Servicer, any Successor Servicer, the Administrative Agent, the Agents or any of their respective assigns, as the case may be, whether due or to become due, matured or unmatured, liquidated or unliquidated, contingent or non-contingent and all covenants and duties regarding such amounts, of any kind or nature, present or future, arising under or in respect of any of the Loans or any Hedging Agreement, whether or not evidenced by any separate note, agreement or other instrument, including all principal, interest (including interest that accrues after the commencement against the Borrower of any action under the Bankruptcy Code), amounts payable pursuant to Section 2.12, Breakage Costs, Hedge Breakage Costs, fees, including any and all arrangement fees, loan fees, Program Fees, Structuring Fees, Supplemental Structuring Fees, and Unused Commitment Fees and any and all other fees, expenses, costs or other sums (including attorney fees and disbursements) chargeable to the Borrower under the Basic Documents.

"<u>Obligor</u>" means each Person obligated to make payments pursuant to a Receivable or Serviced Portfolio Receivable, including any guarantor thereof.

"<u>Officer's Certificate</u>" means a certificate signed by any Responsible Officer of the Borrower, the Servicer, the Backup Servicer, the Collateral Custodian, Lendbuzz, or Lendbuzz Funding, as the case may be, and delivered to the Administrative Agent.

"<u>Opinion of Counsel</u>" means, with respect to any Person, a written opinion of counsel, who is reasonably acceptable to the Administrative Agent.

"<u>Other Connection Taxes</u>" means, with respect to any Recipient, Taxes imposed as a result of a present or former connection between such Recipient and the jurisdiction imposing such Tax (other than connections arising from such Recipient having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Borrower Basic Document, or sold or assigned an interest in any Loan or Borrower Basic Document).

"<u>Other Taxes</u>" means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Borrower Basic Document, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment (other than an assignment pursuant to Section 2.12(j)).

"<u>Overnight Bank Funding Rate</u>" means, for any date, the rate comprised of both overnight federal funds and overnight eurodollar transactions denominated in Dollars by U.S.-managed banking offices of depository institutions, as such composite rate shall be determined by the NYFRB as set forth on the NYFRB's Website from time to time, and published on the next succeeding Business Day by the NYFRB as an overnight bank funding rate.

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"<u>Owners</u>" means the Lenders that are owners of record of the Loans or, with respect to any Loan owned by an Agent hereunder as nominee on behalf of Lenders in the related Lender Group, the Lenders that are beneficial owners of such Loan as reflected on the books of such Agent in accordance with this Agreement and the other Basic Documents.

"<u>Partial Expiration Event</u>" means the occurrence of the election of one or more Non-Extending Lenders after its respective Commitment Termination Date to not extend its Commitment, unless such Non-Extending Lender is replaced pursuant to Section 2.04(b) or unless the Termination Date shall have occurred.

"<u>Partial Expiration Event Amount</u>" means the portion of Loans Outstanding payable pursuant to Section 2.07(vi) in connection with a Partial Expiration Event.

"<u>Participant Register</u>" has the meaning given to such term in Section 11.01(e).

"<u>Patriot Act</u>" means the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)).

"<u>Payment</u>" has the meaning assigned to it in Section 10.09.

"<u>Payment Notice</u>" has the meaning assigned to it in Section 10.09.

"<u>Payment-to-Income Ratio</u>" means, with respect to any Receivable as of the date of underwriting, the ratio (expressed as a percentage) of (i) the monthly payment owed by the related Obligor pursuant to the related Contract to (ii) the sum of all of the related Obligor's and any related co-obligor's (but no related guarantor's) monthly net income (as determined by Lendbuzz Funding in connection with its determination of the AIRA Score for such Obligor) for the calendar month immediately preceding the date such Receivable was originated, as determined by Lendbuzz Funding in accordance with the Credit and Collection Policy in effect at such time.

"<u>Pension Plan</u>" means an "employee pension benefit plan," as such term is defined in Section 3(2) of ERISA and that is a defined benefit plan, maintained by the Borrower, Lendbuzz, Lendbuzz Funding, or any ERISA Affiliate, or in which employees of the Borrower are entitled to participate, as from time to time in effect.

"<u>Performance Guarantor</u>" means Lendbuzz.

"<u>Performance Guaranty</u>" means the Performance Guaranty, dated as of January 18, 2022, by the Performance Guarantor in favor of the Secured Parties.

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"<u>Permitted Investments</u>" means any of the following types of investments:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) marketable obligations of the United States, the full and timely payment of which are backed by the full faith and credit of the United States and which have a maturity of not more than 30 days from the date of acquisition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) bankers' acceptances and certificates of deposit and other interest-bearing obligations (in each case having a maturity of not more than

30 days from the date of acquisition) denominated in Dollars and issued by any bank with capital, surplus and undivided profits aggregating at least $100,000,000, the short-term obligations of which meet or exceed the Short-Term Rating Requirement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) commercial paper rated at least A-1 by Standard & Poor's and Prime-1 by Moody's;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) money market funds registered under the Investment Company Act having a rating, at the time of such investment, of not less than Aaa by Moody's and AAAm by Standard & Poor's;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) interest-bearing demand deposits, time deposits or certificates of deposit (having original maturities of no more than 365 days) of depository institutions or trust companies incorporated under the laws of the United States or any State (or domestic branches of any foreign bank) and subject to supervision and examination by federal or State banking or depository institution authorities; <u>provided</u>, that at the time such investment, or the commitment to make such investment, is entered into, the short-term debt rating of such depository institution or trust company shall meet or exceed the Short-Term Rating Requirement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any other investments approved in writing by the Administrative Agent;

<u>provided</u>, that each of the Permitted Investments may be purchased from the Administrative Agent, the Account Bank or any of their respective Affiliates.

"<u>Permitted Liens</u>" means (i) Liens in favor of the Borrower created pursuant to the Purchase Agreement, (ii) Liens in favor of any Agent or the Administrative Agent, as agent for the Secured Parties, created pursuant to this Agreement or any other Basic Document, (iii) Liens for taxes and assessments not yet due or for taxes which the Borrower is contesting in good faith and by appropriate legal proceedings the validity, applicability, or amount thereof and such contest does not materially endanger any right or interest of the Secured Parties under the Basic Documents, (iv) Liens arising in the ordinary course of business by virtue of any contractual, statutory, or common law provision relating to banker's Liens, rights of set-off, or similar rights and remedies covering deposit or securities accounts (including funds or other assets credited thereto) or other funds maintained with a depository institution or securities intermediary, (v) Liens created pursuant to the Blocked Account Control Agreement and the Control Agreement, and (vi) mechanics' liens, tax Liens related to a Financed Vehicle, and other liens arising by operation of law.

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"<u>Person</u>" means an individual, partnership, corporation, trust (including a business or statutory trust), limited liability company, joint stock company, unincorporated association, sole proprietorship, joint venture, government (or any agency or political subdivision thereof), or other entity.

"<u>Plan Event</u>" means the occurrence of any of the following: (i) a notice of intent to terminate a Pension Plan has been filed; (ii) a Pension Plan termination under Section 4041(f) of ERISA; (iii) the Pension Benefit Guaranty Corporation institutes proceedings to terminate, or appoint a trustee to administer any Pension Plan; or (iv) the occurrence of an event or existence of any condition that might constitute grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, a Pension Plan.

"<u>Pool Balance</u>" means, as of any date of determination, the sum of the Principal Balances of all Receivables as of such date.

"<u>Posted Collateral</u>" has the meaning given to such term in Section 6.03(d).

"<u>Post-Securitization Period</u>" means each period commencing on any Take-out Date on which Receivables are released from the Collateral for inclusion in a contemporaneous ABS Issuance, and ending at the close of business on the thirtieth calendar day immediately following such Take-out Date.

"<u>Prime Rate</u>" means the rate of interest last quoted by The Wall Street Journal as the 'Prime Rate' in the U.S. or, if The Wall Street Journal ceases to quote such rate, the highest per annum interest rate published by the Federal Reserve Board in Federal Reserve Statistical Release H.15 (519) (Selected Interest Rates) as the 'bank prime loan' rate or, if such rate is no longer quoted therein, any similar rate quoted therein (as determined by the Administrative Agent) or any similar release by the Federal Reserve Board (as determined by the Administrative Agent). Each change in the Prime Rate shall be effective from and including the date such change is publicly announced or quoted as being effective.

"<u>Principal Amount</u>" means, with respect to any Loan, the aggregate amount advanced by the Lenders on the Funding Date in respect of such Loan.

"<u>Principal Balance</u>" means, with respect to any Receivable and as of any date of determination, the outstanding principal amount of such Receivable as of such date (excluding any capitalized interest).

"<u>Program Fee</u>" means, for any Collection Period, the fee payable by the Borrower on the related Distribution Date in an amount equal to the product of (i) the Program Fee Rate times (ii) the average daily Loans Outstanding during such Collection Period either (A) with respect to a Lender Group that does not include a Conduit Lender, that is funded by such Lender Group and that is not accruing interest at the Committed Lender Rate pursuant to Section 2.06(b)(iii)(B), or (B) with respect to a Lender Group that includes a Conduit Lender, that is funded by Commercial Paper Notes issued by such Conduit Lender, times (iii) a fraction, (a) the numerator of which is the actual number of days during such Collection Period and (b) the denominator of which is 360.

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"<u>Program Fee Rate</u>" has the meaning given to such term in the Fee Letter.

"<u>Purchase Agreement</u>" means the Purchase Agreement, dated as of January 18, 2022, by and between Lendbuzz Funding and the Borrower, together with each Purchase Agreement Supplement.

"<u>Purchase Agreement Supplement</u>" means a Purchase Agreement Supplement in substantially the form attached to the Purchase Agreement as Exhibit A, executed by the Borrower and Lendbuzz Funding in connection with a transfer of Receivables and the related Collateral on any Funding Date.

"<u>Qualified Institution</u>" means any depository institution or trust company organized under the laws of the United States or any State (or any domestic branch of a foreign bank), (i) (a) that meets (or the parent of which meets) either (1) the Long-Term Rating Requirement or (2) the Short-Term Rating Requirement or (b) is otherwise acceptable to the Administrative Agent and (ii) whose deposits are insured by the Federal Deposit Insurance Corporation.

"<u>Quarterly Report</u>" means a data tape, which shall include as to each Receivable such information as shall be agreed upon by the Administrative Agent and the initial Servicer or the Successor Servicer, as applicable, including such information as the Administrative Agent may reasonably request from time to time to satisfy or fulfill regulatory requirements applicable to the Secured Parties, including capital treatment under Basel II or Basel III.

"<u>Receivable</u>" means Indebtedness owed by an Obligor under a Contract included as part of the Collateral, whether constituting an account, chattel paper, instrument or general intangible, arising out of or in connection with the financing of a Financed Vehicle in connection therewith, and including the right of payment of any finance charges and other obligations of the Obligor with respect thereto. Notwithstanding the foregoing, once the Administrative Agent has released its security interest in a Receivable and the related Contract in accordance with the terms of this Agreement, such Receivable shall no longer be a Receivable hereunder.

"<u>Receivable File</u>" means, with respect to each Receivable, a file containing each of the following documents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) an application of the related Obligor for credit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a copy of the related Contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) copies of all instruments modifying the terms and conditions of the related Contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) a copy of the Certificate of Title for the related Financed Vehicle or a copy of the application therefor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) a certificate of insurance, an application therefor, or a notice to provide insurance, in each case with respect to the related Financed Vehicle;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the invoice for (or, if the related Financed Vehicle is a Used

Vehicle, evidence of book value for) the related Financed Vehicle;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the Obligors' order for the related Financed Vehicle and a writing

specifying the related Down Payment, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) a copy of the service contract for the related Financed Vehicle, if applicable and if the same has been provided to the Servicer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) a copy of the GAP protection agreement for the related Financed Vehicle, if applicable and if the same has been provided to the Servicer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) such other documents that the Servicer customarily maintains in order to accomplish its duties and obligations under this Agreement.

"<u>Recipient</u>" means the Administrative Agent or any Lender.

"<u>Records</u>" means, with respect to any Contract, all documents, books, records and other information (including computer programs, tapes, disks, punch cards, data processing software and related property and rights) maintained with respect to any related item of Collateral and the related Obligor.

"<u>Recoveries</u>" means, with respect to any Liquidated Receivable and Collection Period, all monies collected from whatever source during such Collection Period in respect of such Liquidated Receivable, including Insurance Proceeds but excluding payment of the related Release Price, net of any amounts required by Applicable Law to be remitted to the related Obligor and net of the Servicer's expenses (other than overhead) incurred in connection with the liquidation of such Liquidated Receivable and the related Financed Vehicle.

"<u>Reference Time</u>" means, with respect to any setting of the then-current Benchmark, (i) if such Benchmark is Daily Simple SOFR, then four Business Days prior to such setting or (ii) if such Benchmark is not Daily Simple SOFR, the time determined by the Administrative Agent in its reasonable discretion.

"<u>Registrar of Titles</u>" means, with respect to any State, the governmental agency or body responsible for the registration of, and the issuance of certificates of title relating to, motor vehicles and liens thereon.

"<u>Regulatory Requirement</u>" has the meaning set forth in Section 2.11(a).

"<u>Release Price</u>" means an amount equal to the sum of (i) the Principal Balance of each Receivable retransferred pursuant to Section 5.04(a) or 5.04(b), as applicable <u>plus</u> (ii) accrued interest on each such Receivable (at the related APR) through the date of repurchase <u>plus</u> (iii) all related Breakage Costs <u>plus</u> (iv) all Hedge Breakage Costs due to the relevant Hedge Counterparties for any termination, in whole or in part, of one or more Hedge Transactions related to the relevant Hedging Agreement, as required by the terms of any Hedging Agreement.

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"<u>Relevant Governmental Body</u>" means, the Federal Reserve Board and/or the NYFRB, as applicable, or a committee officially endorsed or convened by the Federal Reserve Board and/or the NYFRB or, in each case, any successor thereto.

"<u>Remittance Account</u>" means one or more deposit accounts established and maintained at the Remittance Account Bank pursuant to the Blocked Account Control Agreement, for the benefit of the "Secured Parties" (as defined in the Blocked Account Control Agreement), and to which all Obligors are instructed to make payments in respect of the Receivables.

"<u>Remittance Account Bank</u>" means, initially, Wells Fargo Bank, National Association or Regions Bank or any other bank as agreed to by the Borrower, the Administrative Agent, and the Required Lenders.

"<u>Reportable Event</u>" means any of the events set forth in Section 4043(c) of ERISA for which the 30-day notice provision has not been waived.

"<u>Reporting Date</u>" means, with respect to any Distribution Date and the related Collection Period, the second Business Day prior to such Distribution Date.

"<u>Required Lenders</u>" means at a particular time, (i) if there are one or two Lender Groups at such time, Lenders with aggregate Mandatory Commitments equal to 100% of the Aggregate Mandatory Commitment or (ii) if there are three or more Lender Groups at such time, (A) at least two of the Lender Groups that (B) together have aggregate Mandatory Commitments equal to at least 66-2/3% of the Aggregate Mandatory Commitment; provided, that if at any time the portion of the Loans Outstanding funded by a Lender Group is greater than the Mandatory Commitment for such Lender Group, then solely for purposes of this definition, the "Mandatory Commitment" of such Lender Group will be deemed to be such portion of the Loans Outstanding and the "Aggregate Mandatory Commitment" will be calculated utilizing such adjusted amount for such Lender Group.

"<u>Required Overcollateralization</u>" means, as of any date, an amount equal to the product of (i) Required Overcollateralization Percentage as of such date <u>times</u> (ii) the Net Eligible Pool Balance as of such date.

"<u>Required Overcollateralization Percentage</u>" means, (i) with respect to on any date of determination as of which no Step-up Overcollateralization Trigger has occurred and is continuing, 13.50% or (ii) on any date of determination as of which a Step-up Overcollateralization Trigger has occurred and is continuing, 18.50%.

"<u>Requirements of Law</u>" means, with respect to any Person, the certificate of incorporation or articles of association and by-laws or other organizational or governing documents of such Person, and any law, treaty, rule or regulation, or order or determination of an arbitrator or Governmental Authority, in each case applicable to or binding upon such Person or to which such Person is subject, whether federal, State or local (including usury laws, the Federal Truth in Lending Act, the Equal Credit Opportunity Act, the Fair Credit Billing Act, the Fair Credit Reporting Act, the Fair Debt Collection Practices Act, the Federal Trade Commission Act, the Magnuson-Moss Warranty Act, the Servicemembers Civil Relief Act, Regulations B, U, T, X and Z of the Federal Reserve Board, the Dodd-Frank Act, the Gramm-Leach-Bliley Act, each applicable state Motor Vehicle Retail Installment Sales Act, and state adaptations of the National Consumer Act and of the Uniform Consumer Credit Code and all other consumer protection and usury laws).

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"<u>Responsible Officer</u>" means, when used with respect to any Person, any officer of such Person, including any president, vice president, assistant vice president, secretary, assistant secretary, or any other officer thereof customarily performing functions similar to those performed by the individuals who at the time shall be such officers, respectively, or to whom any matter is referred because of such officer's knowledge of or familiarity with the particular subject.

"<u>Revolving Period</u>" means the period commencing on the Closing Date and ending on the day immediately preceding the Termination Date.

"<u>Sanctioned Country</u>" means, at any time, a country or territory which is the subject or target of any Sanctions.

"<u>Sanctioned Person</u>" means, at any time, (i) any Person listed in any Sanctions-related list of designated Persons maintained by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State, (ii) any Person operating, organized or resident in a Sanctioned Country or (iii) any Person controlled by any such Person.

"<u>Sanctions</u>" means economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by the U.S. government, including those administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State.

"<u>Schedule of Documents</u>" means the schedule of documents attached hereto as Schedule E.

"<u>Schedule of Receivables</u>" means the schedule of Receivables attached hereto as Schedule C, as updated from time to time in connection with each Funding Request and any Take-out Release.

"<u>Scheduled Payments</u>" means, with respect to each Receivable, the regularly scheduled payments to be made by the related Obligor pursuant to the terms of the related Contract.

"<u>Secured Party</u>" means (i) the Administrative Agent, (ii) each Lender and (iii) each Hedge Counterparty.

"<u>Securities Act</u>" means the Securities Act of 1933, as amended.

"<u>Seller</u>" means Lendbuzz Funding, in its capacity as Seller under the Purchase Agreement.

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"<u>Senior Monthly Interest and Fees</u>" means, for any Distribution Date, the sum of (i) the amount of any accrued and unpaid Interest for such Distribution Date, calculated at a per annum rate equal to the related CP Rate (with respect to any Lender Group that includes a Conduit Lender) or the related Adjusted Daily Simple SOFR (with respect to any Lender Group that does not include a Conduit Lender), <u>plus</u> (ii) the Program Fee for such Distribution Date <u>plus</u> (iii) the Unused Commitment Fee for such Distribution Date.

"<u>Serviced Portfolio</u>" means the Servicer's entire portfolio of motor vehicle loans that (i) are originated, directly or indirectly, by Lendbuzz Funding in accordance with the Credit and Collection Policy (other than motor vehicle loans that are held for sale by Lendbuzz Funding), (ii) are serviced by Lendbuzz Funding, (iii) are owned by Lendbuzz, Lendbuzz Funding, or an Affiliate or a Subsidiary of either Lendbuzz or Lendbuzz Funding, and (iv) satisfy each of the eligibility requirements set forth on Schedule B hereto. For the avoidance of doubt, any motor vehicle loans that previously were Receivables hereunder but were included in a Take-out or for any other reason are no longer included in the Collateral shall be included in the Serviced Portfolio so long as they satisfy each of the conditions set forth in the preceding sentence.

"<u>Serviced Portfolio Delinquency Ratio</u>" means, with respect to any date of determination, the percentage equivalent of a fraction, (i) the numerator of which is the aggregate Principal Balance of all Serviced Portfolio Delinquent Receivables as of the last day of the most recently completed Collection Period and (ii) the denominator of which is the Serviced Portfolio Pool Balance as of the last day of such Collection Period. For purposes of this definition, the "Principal Balance" for each Serviced Portfolio Receivable that is not a Receivable shall be determined as if it were a "Receivable" for purposes of all related defined terms.

"<u>Serviced Portfolio Delinquent Receivable</u>" means any Serviced Portfolio Receivable, (i) with respect to which the greater of (a) $50 and (b) 10% or more of any Scheduled Payment remains unpaid for 60 or more days from the related due date and (ii) that is not a Serviced Portfolio Liquidated Receivable. For purposes of this definition, the "Scheduled Payment" for each Serviced Portfolio Receivable that is not a Receivable shall be determined as if it were a "Receivable" for purposes of all related defined terms.

"<u>Serviced Portfolio Extension Ratio</u>" means, with respect to any date of determination, the percentage equivalent of a fraction, (i) the numerator of which is the aggregate Principal Balance of all Serviced Portfolio Receivables that became Extended Receivables during the most recently completed Collection Period and (ii) the denominator of which is the Serviced Portfolio Pool Balance as of the last day of such Collection Period.

"<u>Serviced Portfolio Liquidated Receivable</u>" means any Serviced Portfolio Receivable with respect to which (i) all or any portion of one or more scheduled monthly payments of principal and/or interest remains unpaid with respect to such Serviced Portfolio Receivable for a period of 120 days or more past the scheduled due date for such payment, (ii) an Insolvency Event has occurred with respect to the related Obligor, or (iii) the related Obligor is deceased.

"<u>Serviced Portfolio Net Loss-to-Liquidation Ratio</u>" means, with respect to any date of determination, the percentage equivalent of a fraction, (i) the numerator of which is the difference of (a) the aggregate Principal Balance of all Serviced Portfolio Receivables that became Serviced Portfolio Liquidated Receivables during the most recently completed Collection Period <u>minus</u> (b) all Recoveries with respect to Serviced Portfolio Receivables received during such Collection Period and (ii) the denominator of which is the sum of

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(a) the aggregate Principal Balance of all Serviced Portfolio Receivables that became Liquidated Receivables during such Collection Period <u>plus</u> (b) the amount of Collections received by the Servicer in respect of principal payments on all Serviced Portfolio Receivables during such Collection Period. For purposes of this definition, the "Principal Balance," "Recoveries," and "Collections" for each Serviced Portfolio Receivable that is not a Receivable shall be determined as if it were a "Receivable" for purposes of all related defined terms.

"<u>Serviced Portfolio Pool Balance</u>" means, as of any date of determination, the sum of the Principal Balances of all Serviced Portfolio Receivables as of such date. For purposes of this definition, the "Principal Balance" for each Serviced Portfolio Receivable that is not a Receivable shall be determined as if it were a "Receivable" for purposes of all related defined terms.

"<u>Serviced Portfolio Receivable</u>" means any motor vehicle receivable that is included in the Serviced Portfolio.

"<u>Servicer</u>" has the meaning given to such term in the Preamble.

"<u>Servicer Advance</u>" means an advance made by the initial Servicer pursuant to Section 7.05.

"<u>Servicer Basic Documents</u>" means all Basic Documents to which the initial Servicer is a party or by which it is bound.

"<u>Servicer Termination Event</u>" has the meaning given to such term in Section 7.12.

"<u>Servicer Termination Notice</u>" has the meaning given to such term in Section 7.12.

"<u>Servicing Fee</u>" means the fee payable to the Servicer on each Distribution Date in accordance with Section 2.07 in an amount equal to either (i) in the case of the initial Servicer, the product of (a) one-twelfth <u>times</u> (b) the Servicing Fee Rate <u>times</u> (c) the average daily Principal Balance of the Receivables during the related Collection Period or (ii) in the case of the Backup Servicer in its capacity as Successor Servicer, the related fees set forth in the Backup Servicing Agreement; <u>provided</u>, that the Servicing Fee for a Successor Servicer may be subject to a minimum monthly fee to be mutually agreed upon by the Required Lenders and such Successor Servicer.

"<u>Servicing Fee Rate</u>" means in the case of the initial Servicer, a rate per annum equal to 2.00%.

"<u>Short-Term Rating Requirement</u>" means, with respect to any Person, that such Person has a short-term unsecured debt rating of not less than A-1 by Standard & Poor's and not less than Prime-1 by Moody's.

"<u>Simple Interest Method</u>" means the method of allocating a fixed level payment to principal and interest, pursuant to which the portion of such payment that is allocated to interest is equal to the product of the fixed rate of interest multiplied by the unpaid principal balance multiplied by the period of time elapsed since the preceding payment of interest was made.

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"<u>SOFR</u>" means a rate equal to the secured overnight financing rate as administered by the SOFR Administrator.

"<u>SOFR Administrator</u>" means the NYFRB (or a successor administrator of the secured overnight financing rate).

"<u>SOFR Administrator's Website</u>" means the NYFRB's website, currently at http://www.newyorkfed.org, or any successor source for the secured overnight financing rate identified as such by the SOFR Administrator from time to time.

"<u>SOFR Determination Date</u>" has the meaning given to such term in the definition of "Daily Simple SOFR."

"<u>SOFR Rate Day</u>" has the meaning given to such term in the definition of "Daily Simple SOFR."

"<u>Solvent</u>" means, as to any Person at any time, having a state of affairs such that (i) the fair value of the property owned by such Person is greater than the amount of such Person's liabilities (including disputed, contingent, and unliquidated liabilities) as such value is established and liabilities evaluated for purposes of Section 101(32) of the Bankruptcy Code; (ii) the present fair salable value of the property owned by such Person in an orderly liquidation of such Person is not less than the amount that will be required to pay the probable liability of such Person on its debts as they become absolute and matured; (iii) such Person is able to realize upon its property and pay its debts and other liabilities (including disputed, contingent and unliquidated liabilities) as they mature in the normal course of business; (iv) such Person does not intend to, and does not believe that it will, incur debts or liabilities beyond such Person's ability to pay as such debts and liabilities mature; and (v) such Person is not engaged in business or a transaction, and is not about to engage in a business or a transaction, for which such Person's property would constitute unreasonably small capital.

"<u>Standard</u> <u>& Poor's</u>" means S&P Global Ratings, a Standard & Poor's Financial Services LLC business.

"<u>State</u>" means any state of the United States or the District of Columbia.

"<u>Step-up Overcollateralization Trigger</u>" means the occurrence as of any Reporting Date occurring in or after April 2022 of any of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the arithmetic mean of the Conduit Portfolio Net Loss-to-Liquidation Ratio for the three Collection Periods immediately preceding such Reporting Date is greater than 6.00%;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the arithmetic mean of the Serviced Portfolio Net Loss-to-Liquidation Ratio for the three Collection Periods immediately preceding such Reporting Date is greater than 6.00%;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the arithmetic mean of the Conduit Portfolio Delinquency Ratio for the three Collection Periods immediately preceding such Reporting Date is greater than 2.00%;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the arithmetic mean of the Serviced Portfolio Delinquency Ratio for the three Collection Periods immediately preceding such Reporting Date is greater than 2.50%;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the arithmetic mean of the Conduit Portfolio Extension Ratio for the three Collection Periods immediately preceding such Reporting Date is greater than 2.50%; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the arithmetic mean of the Serviced Portfolio Extension Ratio for the three Collection Periods immediately preceding such Reporting Date is greater than 3.00%.

Any Step-up Overcollateralization Trigger that occurs will be deemed to be continuing until the first Reporting Date on which none of the events described above exists.

"<u>Structuring Fee</u>" has the meaning given to such term in the Fee Letter.

"<u>Subordinated Hedge Breakage Costs</u>" means Hedge Breakage Costs payable by the Borrower to a Hedge Counterparty in connection with the termination of a Hedge Transaction where either (i) such Hedge Counterparty is a "Defaulting Party" (as such term is defined in the related Hedging Agreement) or (ii) such Hedge Counterparty is the sole "Affected Party" with respect to a "Termination Event" (as such terms are defined in the related Hedging Agreement), other than a Termination Event relating to illegality, force majeure and taxes, which by its terms applies to such Hedge Counterparty, in all cases other than to the extent of a return of equivalent collateral (and income thereon).

"<u>Subordinated Monthly Interest Payment Amount</u>" means, for any Distribution Date, the difference of (i) the sum of (a) the amount of any accrued and unpaid Interest for such Distribution Date, calculated pursuant to Sections 2.05 and 2.06 <u>plus</u> (b) the Program Fee, if applicable, <u>plus</u> (c) the Unused Commitment Fee, if applicable, <u>minus</u> (ii) the Senior Monthly Interest and Fees.

"<u>Subsequent Loan</u>" means each Loan made following the Initial Loan.

"<u>Subsequent Receivable</u>" means each Receivable that becomes a part of the Collateral on a Funding Date other than the Funding Date relating to the Initial Loan.

"<u>Subsidiary</u>" means, with respect to a Person, any entity with respect to which more than 50% of the outstanding voting securities shall at any time be owned or controlled, directly or indirectly, by such Person and/or one or more of its Subsidiaries, or any similar business organization which is so owned or controlled.

"<u>Successor Collateral Custodian</u>" has the meaning given to such term in Section 7.17(f)

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"<u>Successor Servicer</u>" has the meaning given to such term in Section 7.13(b).

"<u>Supplemental Loan Amount</u>" means, as of any Funding Date, the amount by which the portion of the Loans Outstanding funded by a Lender Group, after giving effect to the requested Loan on such Funding Date, exceeds the greater of (i) its Mandatory Commitment and (ii) the highest amount of the Loans Outstanding funded by such Lender Group on any prior date.

"<u>Supplemental Structuring Fee</u>" means the fee payable by the Borrower on the related Funding Date in an amount equal to the product of (i) the Supplemental Structuring Fee Rate <u>times</u> (ii) the Supplemental Loan Amount <u>times</u> (iii) a fraction, (a) the numerator of which is the number of calendar days from the related Funding Date to the Commitment Termination Date and (b) the denominator of which is 546.

"<u>Supplemental Structuring Fee Rate</u>" has the meaning given to such term in the Fee Letter.

"<u>Take-out</u>" means any transaction pursuant to which all or a portion of the Receivables are released from the Lien granted to the Administrative Agent hereunder, a corresponding portion of the Loans Outstanding are repaid, and such Receivables are transferred by the Borrower to the Seller or another Person.

"<u>Take-out Date</u>" means the date upon which a Take-out is consummated.

"<u>Take-out Date Certificate</u>" means a certificate delivered by a Responsible Officer of the Servicer on the Take-out Date indicating that the requirements set forth in this Agreement for a Take-out has been satisfied.

"<u>Take-out Release</u>" means a release executed pursuant to Section 2.13, substantially in the form of Exhibit E.

"<u>Tangible Net Worth</u>" means at any time with respect to Lendbuzz, the difference of Lendbuzz's (i) assets (including servicing assets and deferred tax assets) <u>minus</u> (ii) liabilities <u>minus</u> (iii) without duplication, intangible assets, including goodwill, franchises, licenses, patents, trademarks, trade names, copyrights and service marks, in all cases calculated on a consolidated basis and in accordance with GAAP; <u>provided</u>, that any obligations of Lendbuzz under any simple agreement for future equity or other similar instrument however styled which (a) does not have a maturity date, (b) does not require a coupon to be paid and (c) converts to equity shares upon a conversion event, shall not constitute 'liabilities' for purposes of this definition.

"<u>Tax</u>" or "<u>Taxes</u>" means all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax, additional amounts or penalties applicable thereto.

"<u>Termination Date</u>" means the earliest to occur of (i) the occurrence of the latest Commitment Termination Date, (ii) the Business Day designated by the Borrower to the Lenders as the Termination Date at any time following 30 days' prior written notice, (iii) the date on which a Servicer Termination Event occurs, (iv) the date on which the Termination Date either automatically occurs or is declared, as applicable, following the occurrence of an Event of Default and pursuant to Section 8.01(b), or (v) the date on which an Early Amortization Event occurs.

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"<u>Transition Expenses</u>" has the meaning given to such term in Section 7.13(f).

"<u>Treasury Regulations</u>" shall mean regulations, including proposed or temporary regulations, promulgated under the Code. References in this Agreement to specific provisions of proposed or temporary regulations shall include analogous provisions of final Treasury Regulations or other successor Treasury Regulations.

"<u>U.S. Government Securities Business Day</u>" means any day except for (i) a Saturday, (ii) a Sunday or (iii) a day on which the Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in United States government securities.

"<u>U.S. Person</u>" means any Person that is a "United States person" as defined in Section 7701(a)(30) of the Code.

"<u>U.S. Tax Compliance Certificate</u>" has the meaning specified in Section 2.12(g)(ii)(B)(3).

"<u>UCC</u>" means the Uniform Commercial Code as from time to time in effect in the applicable jurisdiction.

"<u>Unadjusted Benchmark Replacement</u>" means the applicable Benchmark Replacement excluding the related Benchmark Replacement Adjustment.

"<u>United States</u>" or "<u>U.S.</u>" means the United States of America.

"<u>Unmatured Event of Default</u>" means any event that, with the giving of notice or the lapse of time, or both, would become an Event of Default.

"<u>Unmatured Servicer Termination Event</u>" means any event that, with the giving of notice or the lapse of time, or both, would become a Servicer Termination Event. For the avoidance of doubt, the failure of any Financial Covenant to be satisfied on any date other than the related testing date specified for such Financial Covenant in the definition of "Financial Covenants" shall not constitute an Unmatured Servicer Termination Event.

"<u>Unreimbursed Servicer Advances</u>" means, at any time, the amount of all previous Servicer Advances (or portions thereof) as to which the Servicer has not been reimbursed as of such time pursuant to Section 2.07 or otherwise.

"<u>Unused Commitment Fee</u>" means, for any Interest Period prior to the commencement of the Amortization Period, the fee payable by the Borrower to each Agent on behalf of the related Lender Group on the related Distribution Date in an amount equal to product of (i) the Unused Commitment Fee Rate <u>times</u> (ii) an amount equal to the positive difference, if any, of (a) the average daily Aggregate Mandatory Commitment during such Interest Period <u>minus</u> (b) the

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average daily Loans Outstanding during such Interest Period <u>times</u> (iii) a fraction, (A) the numerator of which is the average daily Mandatory Commitment for such Lender Group during such Interest Period and (B) the denominator of which is the average daily Aggregate Mandatory Commitment for such Interest Period <u>times</u> (iv) a fraction, (A) the numerator of which is the actual number of days during such Interest Period and (B) the denominator of which is 360.

"<u>Unused Commitment Fee Rate</u>" has the meaning given to such term in the Fee Letter.

"<u>Used Vehicle</u>" means a Financed Vehicle that was designated as a used vehicle by the applicable Dealer when such Financed Vehicle was sold to the related Obligor.

"<u>Weighted Average Hedge Rate</u>" means, as of any date of determination, either (i) if the Borrower is party to one or more Hedge Transactions on such date (after giving effect to any Hedge Transactions that the Borrower enters into or terminates on such date), the weighted average for all such Hedge Transactions (weighted by the notional amounts of such Hedge Transactions) of (a) with respect to any Hedge Transaction that is in the form of an interest rate cap transaction, the threshold rate above which payments are made by the related Hedge Counterparty to the Borrower, and (b) with respect to any Hedge Transaction that is in the form of an interest rate swap transaction, the fixed rate payable by the Borrower thereunder or (ii) if the Borrower is not party to any Hedge Transactions on such date (after giving effect to any Hedge Transactions that the Borrower enters into or terminates on such date), Adjusted Daily Simple SOFR for such date.

"<u>Withholding Agent</u>" means the Borrower and the Administrative Agent.

Section 1.02. <u>Accounting Terms and Determinations</u>. Unless otherwise defined or specified herein, all accounting terms shall be construed herein, all accounting determinations hereunder shall be made, all financial statements required to be delivered hereunder shall be prepared and all financial records shall be maintained in accordance with GAAP.

Section 1.03. <u>Computation of Time Periods</u>. Unless otherwise stated in this Agreement, in the computation of a period of time from a specified date to a later specified date, the word "from" means "from and including" and the words "to" and "until" each mean "to but excluding".

Section 1.04. <u>Interpretation</u>. When used in this Agreement, unless a contrary intention appears: (i) a term has the meaning assigned to it; (ii) "or" is not exclusive; (iii) "including" means including without limitation; (iv) words in the singular include the plural and words in the plural include the singular; (v) any agreement, instrument or statute defined or referred to herein or in any instrument or certificate delivered in connection herewith means such agreement, instrument or statute as from time to time amended, modified or supplemented and includes (in the case of agreements or instruments) references to all attachments thereto and instruments incorporated therein; (vi) references to a Person are also to its successors and permitted assigns; (vii) the words "hereof", "herein" and "hereunder" and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision hereof; (viii) references contained herein to Section, Schedule and Exhibit, as applicable, are references to Sections, Schedules and Exhibits in this Agreement unless otherwise specified; (ix) references to "writing" include printing, typing, lithography and other means of reproducing words in a visible form; and (x) the term "proceeds" has the meaning set forth in the applicable UCC.

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ARTICLE TWO

LOANS

Section 2.01. <u>Loans</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On the terms and conditions set forth herein, including this Section and Article Four, the Borrower may from time to time on any Business Day during the Revolving Period request that each Lender make an advance (the aggregate amount of such advances on a Funding Date, a "<u>Loan</u>") in the amount of each such Lender's Lender Advance, to the Borrower on a Funding Date. Any such Loan may be made by a Conduit Lender in its sole discretion, and if not made by such Conduit Lender, either (i) shall be made by the related Committed Lender, to the extent that such Loan would not cause the portion of the Loans Outstanding funded by such Lender Group, determined after giving effect to such funding, to exceed its Mandatory Commitment, or (ii) may be made by the related Committed Lender in its sole discretion, to the extent that such Loan would cause the portion of the Loans Outstanding funded by such Lender Group, determined after giving effect to such funding, to exceed its Mandatory Commitment but be less than or equal to its Commitment. For the avoidance of doubt, neither any Conduit Lender nor any related Committed Lender shall have any obligation on any date to fund an amount that would cause its Lender Percentage of the Loans Outstanding, determined after giving effect to such funding, to exceed its Mandatory Commitment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No later than 3:00 p.m., New York City time, two Business Days prior to a proposed Funding Date, the Borrower shall notify the Administrative Agent and the Agents of such proposed Funding Date and Loan by delivering to the Administrative Agent and the Agents (with a copy to the Account Bank):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a Funding Request, which will include, among other things, the proposed Funding Date, a calculation of the Borrowing Base as of the date the Loan is requested (including all components of such calculation, including any Excess Concentration Amounts) and the Principal Amount of the Loan requested, which shall be in an amount at least equal to $1,000,000 or integral multiples of $100,000 in excess thereof (or, if less, an amount equal to the Aggregate Commitment after giving effect to any payments on the related Distribution Date if the Funding Date occurs on a Distribution Date); <u>provided</u>, that the Administrative Agent and the Lenders may agree, each at their own discretion, to a lower Principal Amount for the related Loan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) an updated Schedule of Receivables that includes each Receivable that is the subject of the proposed Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Following receipt by the Administrative Agent and the Agents of a Funding Request, and prior to the Termination Date, each Lender Group severally agrees to make its Lender Advance of any Loan requested by the Borrower pursuant to Section 2.01(b), subject to the conditions contained herein, in an aggregate amount equal to the Loan so requested.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In no event shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a Lender be required to fund a Principal Amount that would cause its Lender Percentage of the Loans Outstanding, determined after giving effect to such funding, to exceed its Mandatory Commitment; <u>provided</u>, that any Lender may elect, in its sole discretion, to fund any such Principal Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a Lender be required on any date to fund a Principal Amount that would cause its Lender Percentage of the Loans Outstanding, determined after giving effect to such funding, to exceed its Commitment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any Loan be requested hereunder, nor shall any Lender be obligated to fund its Lender Advance of any Loan, to the extent that after giving effect to such Loan, the Loans Outstanding would exceed the Borrowing Base

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Principal Amount of any Loan exceed the Available Amount on such day; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) more than one Loan be funded on any Business Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Following receipt by the Borrower from a Committed Lender (or its related Agent) of a written certification to the effect that (A) charges relating to the 'liquidity coverage ratio' under Basel III have been incurred on such Committed Lender's interests or obligations hereunder and (B) it is seeking or has obtained a delayed funding option in transactions similar to the transactions contemplated hereby, such Committed Lender and each other Lender in its Lender Group shall be designated as a '<u>Designated Delay Funding Lender</u>' and such Lender Group as a '<u>Designated Delay Funding Group</u>'; <u>provided</u>, that if any Lender Supplement indicates that the related Committed Lender and Lender Group are a Designated Delay Funding Lender and a Designated Delay Funding Group, respectively, then such certification will be deemed to have been delivered to the Borrower as of the date such Committed Lender and Lender Group first become parties hereto; <u>provided</u>, <u>further</u>, that it is acknowledged and agreed that each Committed Lender in the JPMorgan Lender Group is not, and is not eligible to become, and will not become, a Designated Delay Funding Lender and that the JPMorgan Lender Group is not, and is not eligible to become, and will not become, a Designated Delay Funding Group. A designation pursuant to the preceding sentence shall be irrevocable unless otherwise consented to by the related Agent. For the avoidance of doubt, the Borrower acknowledges and agrees that the 'charges' provided for in the certification pursuant to clause (A) above may be external charges incurred by the Committed Lender or internal charges incurred by any business of the Committed Lender managing the Committed Lender's interests or obligations hereunder.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) After the Borrower delivers a Funding Request pursuant to Section 2.01(b), a Designated Delay Funding Lender (or its Agent) may, not later than 4:00 p.m. New York time on the date that is one Business Day prior to the proposed Funding Date, deliver a written notice (a '<u>Delayed Funding Notice</u>', and the date of such delivery, the '<u>Delayed Funding Notice Date</u>') to the Borrower and the Administrative Agent of its intention to fund its share of the related Advance (such share, the '<u>Delayed Amount</u>') on a date (the date of such funding, the '<u>Delayed Funding Date'</u>) that is on or before the 35<sup>th</sup> day following the date of such Funding Request (or if such day is not a Business Day, then on the next succeeding Business Day) rather than on the requested Funding Date. By delivery of a Delayed Funding Notice, the related Committed Lender shall be deemed to represent and warrant that the certifications described in clause (i) above are true as of the date of such Delayed Funding Notice. A Designated Delay Funding Lender that delivers a Delayed Funding Notice with respect to any Funding Date shall be referred to herein as a '<u>Delaying</u> <u>Lender</u>' with respect to such Funding Date, and any Lender Group containing a Delaying Lender shall be referred to as a '<u>Delaying Group'</u> with respect to such Funding Date. Notwithstanding anything to the contrary contained herein, the Borrower shall be permitted to revoke any Funding Request with respect to which a Delayed Funding Notice is delivered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) If any Delaying Groups timely deliver Delayed Funding Notices with respect to any Funding Date, then the Administrative Agent, by no later than 5:00 p.m. New York time on the Business Day preceding such Funding Date, shall direct each Lender Group that is not a Delaying Group with respect to such Funding Date (each, a '<u>Non-Delaying Group</u>') to make a Lender Advance of the requested Loan in accordance with Section 2.02, an amount equal to such Non-Delaying Group's proportionate share (based upon the Commitment of the Committed Lender(s) in each Non-Delaying Group relative to the sum of the Commitments of the Non-Delaying Groups) of the aggregate Delayed Amount with respect to such Funding Date. Each Committed Lender in a Non-Delaying Group shall use commercially reasonable efforts to fund on the requested Funding Date, but in any event, shall fund not later than two (2) Business Days after such requested Funding Date; <u>provided</u>, that if any Committed Lender in a Non-Delaying Group will be unable, after making commercially reasonable efforts, to fund on the requested Funding Date, such Committed Lender shall notify the Borrower of such inability no later than the Business Day preceding the requested Funding Date.

For the avoidance of doubt, no Lender shall have any obligation to fund any such Advance under this clause (iii) unless each of the conditions precedent stated therefor in Section 4.02 is satisfied after giving effect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) If the additional amounts to be funded by the Non-Delaying Groups under clause (iii) above are not sufficient to provide the aggregate amount requested by the Borrower in the related Funding Request, the Borrower may either (A) revoke the related Funding Request or (B) reduce the amount of additional Receivables to be added to the Pool Balance on the related Funding Date to an amount not less than the amount necessary to ensure that no Borrowing Base Deficiency will exist immediately upon giving effect to the funding by the Non-Delaying Groups contemplated by clause (iii) above and, subject to the satisfaction of all other conditions precedent set forth in Section 4.02.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) If the conditions to any Lender Advance described in Section 4.02 are satisfied on the requested Funding Date, there shall be no conditions whatsoever (including, without limitation, the occurrence of the Commitment Termination Date, notwithstanding any statement to the contrary in Section 2.03(c)) to any Delaying Group's obligation to fund the requested amount on the related Delayed Funding Date. On each Delayed Funding Date, the Delaying Groups shall fund an aggregate amount equal to the difference of (A) the Delayed Amount for such Delayed Funding Date <u>minus</u> (B) the Delaying Groups' proportionate share (based upon the Commitment of the Committed Lender(s) in each Delaying Group relative to the Facility Amount) of the sum of (1) the portion of the Monthly Principal Payment Amount and (2) the portion of any other reduction of the Loan Outstanding distributed to the Non-Delaying Groups pursuant to Section 2.07 on any date occurring after delivery of a Delayed Funding Notice but prior to the related Delayed Funding Date, and such amount shall be distributed (x) first, to each Non-Delaying Group, *pro rata* based on the relative amounts advanced by such Non-Delaying Group pursuant to clause (iii), up to the amount advanced by each such Non-Delaying Group, such that after giving effect to the funding and payments to take place on such Delayed Funding Date, the Loans Outstanding for all Lenders in each Lender Group as a percentage of the aggregate Loans Outstanding is equal to the Commitment of such Lender Group as a percentage of the Facility Amount and (y) second, any excess shall be deposited into the Borrower's Account as a Lender Advance in accordance with Section 2.02. The Borrower shall add additional Receivables to the Pool Balance on the related Delayed Funding Date to the extent necessary to cause the conditions precedent set forth in Section 4.02 to be satisfied after giving effect to the addition of such additional Receivables.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Notwithstanding anything to the contrary contained in this Agreement or any other Basic Document, the parties acknowledge and agree that a Designated Delay Funding Lender that (A) has timely delivered a Delayed Funding Notice to the Borrower with respect to any Funding Date and (B) funds its full share of such Lender Advance on or before the applicable Delayed Funding Date will not constitute a Defaulting Committed Lender solely due to its failure to fund its share of such Lender Advance on the requested Funding Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) The Borrower shall have the right, by written notice delivered within two Business Days of receipt of a Delayed Funding Notice from a Delaying Group with respect to any Funding Date, to terminate the Commitment of the Committed Lender in such Delaying Group and, in the event of such termination, the Borrower shall, at its option, either (A) prepay in full the Lender Advances held by such Delaying Group prior to the 35<sup>th</sup> day following the Delayed Funding Notice Date, or (B) elect to treat the Lenders in such Delaying Group as 'Non-Extending Lenders' for all purposes under the Transaction Documents as of the related Delayed Funding Date and, beginning on the first Distribution Date following the Delayed

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Funding Date, repay the Lender Advances held by such Delaying Group pursuant to Section 2.07; <u>provided</u>, that the failure of the Borrower to exercise such right with respect to any Delayed Funding Notice from any Delaying Group shall not impair or otherwise affect the ability of the Borrower to exercise such right with respect to any subsequent Delayed Funding Notice from such Delaying Group. The portion of Available Funds payable pursuant to Section 2.07 to a Lender in a Delaying Group as a result of clause (B) shall be calculated based on the greater of (x) such Invested Percentage as of the related Delayed Funding Notice Date and (y) such Lender's Invested Percentage as of the related Delayed Funding Date. Such Commitment termination and any prepayment pursuant to clause (A), as applicable, may be on a non-*pro rata* basis with respect to other Lender Groups. Notwithstanding anything to the contrary contained in clause (v) above, any Delaying Group that the Borrower has elected to prepay in full pursuant to clause (A) prior to the related Delayed Funding Date shall have no obligation to fund any further amounts hereunder. For avoidance of doubt, a Delaying Group that has been treated as a Non-Extending Lender pursuant to clause (B) shall nevertheless fund any required amounts under clause (v) above on the related Delayed Funding Date.

Section 2.02. <u>Funding Mechanics</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If any Funding Request is delivered to the Administrative Agent and the Agents after 12:00 p.m., New York City time, two Business Days prior to the proposed Funding Date, such Funding Request shall be deemed to be received prior to 12:00 p.m., New York City time, on the next succeeding Business Day and the proposed Funding Date of such proposed Loan shall be deemed to be the second Business Day following the date of such deemed receipt. Each Funding Request shall include a representation by the Borrower that (i) the requested Loan will not, on the related Funding Date, exceed the Available Amount and (ii) all conditions precedent to the making of such Loan have been satisfied or will be satisfied as of the proposed Funding Date. Any Funding Request shall be irrevocable except in the circumstances set forth in Section 2.01(e)(ii).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Lender's Lender Advance of a Loan shall be made available to the Agent for its Lender Group, subject to the fulfillment of the applicable conditions set forth in Article Four, at or prior to 1:00 p.m., New York City time, on the applicable Funding Date, by deposit of immediately available funds to the Administrative Agent's Account. The Administrative Agent shall promptly notify the Borrower and the related Agent in the event that any Lender Group either fails to make such funds available before such time or notifies the Administrative Agent that it will not make such funds available before such time. Subject to the fulfillment of the applicable conditions set forth in Article Four, as determined by the Administrative Agent, the Administrative Agent will not later than 12:00 p.m., New York City time, on such Funding Date make all such funds deposited to the Administrative Agent's Account by the Agents available, in the same type of funds received, by wire transfer thereof to the Borrower's Account. If any Lender Group makes available to the Administrative Agent funds for any Loan to be made by such Lender Group as provided in the foregoing provisions of this Article, and such funds are not made available to the Borrower by the Administrative Agent because the conditions to the applicable Loan set forth in Article Four are not satisfied or waived in accordance with the terms hereof, the Administrative Agent shall return such funds (in like funds as received from such Lender) to the related Agent for such Lender Group, without interest.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The failure of any Lender to make any Loan required to be made by it shall not relieve any other Lender of its obligations hereunder; <u>provided</u>, that the Commitments of the Lender Groups are several and no Lender Group shall be responsible for any other Lender Group's failure to make Loans as required.

Section 2.03. <u>Reduction of Commitments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) At any time the Borrower may, upon at least five Business Days' prior written notice to the Administrative Agent, each Agent, the Account Bank and each Hedge Counterparty, reduce the Facility Amount to an amount not less than the Loans Outstanding, which reduction shall be applied, unless otherwise Consented to by the Administrative Agent and the Agents, to the Commitments of each Lender pro rata based on the Lender Percentage represented by such Commitment. Any such reduction of the Commitment of any Lender shall also reduce the related Mandatory Commitment of such Lender by the same amount. If any such written notice is delivered after 3:00 p.m., New York City time, five Business Days prior, such notice shall be deemed to be received prior to 3:00 p.m., New York City time, on the next succeeding Business Day. Each partial reduction shall be in a minimum aggregate amount of $5,000,000 or integral multiples of $1,000,000 in excess thereof. Any request for a reduction in the Facility Amount shall be irrevocable and the Borrower shall deliver no more than four such requests in any 12-month period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In connection with any reduction of the Facility Amount, the Borrower shall remit to the Administrative Agent and the Agents, for payment to each Lender, (i) instructions regarding such reduction and (ii) cash in an amount sufficient to pay any Aggregate Unpaids with respect to such reduction, including any associated Breakage Costs; <u>provided</u>, that no such reduction shall be given effect unless the Borrower has complied with the terms of any Hedging Agreement requiring that one or more Hedge Transactions be terminated in whole or in part as a result of any such reduction in the Loans Outstanding and the Borrower has paid all Hedge Breakage Costs due to the relevant Hedge Counterparty for any such termination. Upon receipt of any such amounts, the Administrative Agent and Agents shall apply such amounts first to the *pro rata* reduction of the Loans Outstanding, second to the payment of the remaining Aggregate Unpaids with respect thereto, including any Breakage Costs, by paying such amounts to the Lenders *pro rata*, based on their respective Lender Percentages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) On the Commitment Termination Date for a Committed Lender, the Mandatory Commitment and the Commitment of such Committed Lender shall be automatically reduced to zero. On the Termination Date, the Mandatory Commitments and the Commitments of all Committed Lenders shall be automatically reduced to zero; provided, that if the Termination Date occurs solely due to the occurrence of an Early Amortization Event and all Lenders have consented to the waiver of such Early Amortization Event, then the Mandatory Commitments and the Commitments of all Committed Lenders shall remain at their levels immediately prior to the occurrence of such Early Amortization Event.

Section 2.04. <u>Extensions of Commitments</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Neither more than 120 days nor fewer than 60 days prior to any Commitment Termination Date, the Borrower may request in writing to the related Agent on behalf of its related Lender Group (with a copy to the Administrative Agent), that the related Committed Lender extend its Commitment Termination Date for an additional 364-day period as herein provided, which request will be granted or denied by each Lender Group in its sole discretion. Upon receipt of any such request, the related Agent shall notify each Committed Lender in its Lender Group. On or before the last day of the Election Period, the related Committed Lender shall notify the Agent for its Lender Group of its willingness or refusal to so extend its Commitment Termination Date; <u>provided</u>, that the failure of any Committed Lender to respond prior to the last day of the Election Period shall be deemed to be its refusal to so extend the Commitment Termination Date. The Agent for such Lender Group shall notify the Borrower and the Administrative Agent of such willingness or refusal by the Committed Lender not later than the Business Day following the last day of the Election Period. If (i) the Committed Lender in a Lender Group has agreed to extend the related Commitment Termination Date and (ii) as of the Commitment Termination Date then in effect, no Event of Default shall have occurred and be continuing, the Commitment Termination Date then in effect for each such Committed Lender that has agreed to extend the Commitment Termination Date shall be extended to the date which is 364 days following the Commitment Termination Date then in effect or, if such day is not a Business Day, the immediately preceding Business Day (or to any other date as agreed upon by the Borrower and each Committed Lender).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Within two Business Days following the end of an Election Period, the Agent for each Lender Group shall notify each other Lender in such Lender Group, the Administrative Agent and the Borrower of the identity of any Non-Extending Lender and the amount of its Commitment. The Administrative Agent and the Borrower may (but shall not be required to) request one or more other Committed Lenders to acquire all or a portion of the Commitment of the Non-Extending Lender and all amounts payable to it hereunder in accordance with Article Eleven on or prior to the related Commitment Termination Date of such Non-Extending Lender. Each Non-Extending Lender hereby agrees to assign all or a portion of its Commitment and the amounts payable to it hereunder to a replacement Committed Lender identified in accordance with the preceding sentence, subject to ratable payment of such Non-Extending Lender's Invested Percentage of the Loans Outstanding, together with all accrued and unpaid interest thereon, and a ratable portion of all fees and other amounts due to it hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Prior to the occurrence of the Termination Date, if a Partial Expiration Event has occurred, the Administrative Agent shall give notice to the Borrower and the Servicer to apply any Collections in accordance with Section 2.07(vi)(B), except as otherwise provided in Section 2.07, *pro rata* to the repayment of such amounts owing to any Non-Extending Lender as of the date of the related Partial Expiration Event, commencing no later than the first Distribution Date which is at least two Business Days following the Commitment Termination Date for the Non-Extending Lender, specifying the amounts thereof.

Section 2.05. <u>Interest</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Loan shall bear interest at a rate per annum calculated in accordance with this Section 2.05 and with Section 2.06.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Interest computed by reference to Daily Simple SOFR hereunder shall be computed on the basis of a year of 360 days. Interest computed by reference to the Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year). In each case interest shall be payable for the actual number of days elapsed (including the first day but excluding the last day). All interest hereunder on any Loan shall be computed on a daily basis based upon the outstanding principal amount of such Loan as of the applicable date of determination. The applicable Alternate Base Rate, Adjusted Daily Simple SOFR or Daily Simple SOFR shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.

Section 2.06. <u>Payments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower shall pay Interest on the unpaid Principal Amount of each Loan for the period from the related Funding Date until the date that such Loan shall be paid in full. Interest shall accrue during each Interest Period and be payable on the Loans Outstanding on each Distribution Date in accordance with Section 2.07.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Prior to the declaration of the occurrence of the Termination Date pursuant to Section 8.01(b), (i) for each Lender Group that includes a Conduit Lender, the portion of the Loans Outstanding that is funded or maintained by such Conduit Lender by issuing Commercial Paper Notes shall accrue interest on each day during the related Interest Period at a rate per annum equal to such Conduit Lender's CP Rate for such Interest Period, (ii) for each Lender Group that includes a Conduit Lender, the portion of the Loans Outstanding that is funded or maintained either (A) by such Conduit Lender other than by issuing Commercial Paper Notes or (B) by a Committed Lender, shall accrue interest on each day during the related Interest Period at a rate per annum equal to the Committed Lender Rate for such Committed Lender for such day, and (iii) for each Lender Group that does not include a Conduit Lender, the portion of the Loans Outstanding that is funded by such Lender Group shall accrue interest on each day during the related Interest Period at a rate per annum equal to either (A) Adjusted Daily Simple SOFR or (B) if 50% or more of the portion of the Loans Outstanding that is funded by Lender Groups that include Conduit Lenders is accruing interest pursuant to clause (ii), the Committed Lender Rate. After the declaration of the occurrence of the Termination Date pursuant to Section 8.01(b), each Lender's Invested Percentage of the Loans Outstanding shall accrue Interest on each day during the related Interest Period at a per annum rate equal to the Default Rate for such day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The principal of and Interest on the Loans shall be paid as provided herein. In the case of Loans owned by an Agent as agent for its Lender Group, such Agent shall allocate to the members of its Lender Group each payment in respect of the Loans received by such Agent as provided herein. Payments in respect of principal and Interest (including pursuant to Section 2.13) shall be allocated and applied to Owners of such Loan based on their respective Invested Percentages, or in any such case in such other proportions as each affected Lender may agree upon in writing from time to time with such Agent and the Borrower; provided, that from and after the Commitment Termination Date for each Dissenting Lender until the earlier to occur of (i) the Termination Date and (ii) the date on which the aggregate amount of payments in reduction of Loans Outstanding made after the date of the occurrence of the related Partial Expiration Event equals the Partial Expiration Event Amount, except as otherwise provided in Section 2.07, payments pursuant to Section 2.07(vi)(B) in reduction of the Partial Expiration Event Amount shall be allocated and applied to Non-Extending Lenders pro rata based on their respective Lender Percentages as of the date of the related Partial Expiration Event.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The interest rate on a Loan may be derived from an interest rate benchmark that may be discontinued or is, or may in the future become, the subject of regulatory reform. Upon the occurrence of a Benchmark Transition Event, Section 2.18(b) provides a mechanism for determining an alternative rate of interest. The Administrative Agent does not warrant or accept any responsibility for, and shall not have any liability with respect to, the administration, submission, performance or any other matter related to any interest rate used in this Agreement, or with respect to any alternative or successor rate thereto, or replacement rate thereof, including without limitation, whether the composition or characteristics of any such alternative, successor or replacement reference rate will be similar to, or produce the same value or economic equivalence of, the existing interest rate being replaced or have the same volume or liquidity as did any existing interest rate prior to its discontinuance or unavailability. The Administrative Agent and its affiliates and/or other related entities may engage in transactions that affect the calculation of any interest rate used in this Agreement or any alternative, successor or alternative rate (including any Benchmark Replacement) and/or any relevant adjustments thereto, in each case, in a manner adverse to the Borrower. The Administrative Agent may select information sources or services in its reasonable discretion to ascertain any interest rate used in this Agreement, any component thereof, or rates referenced in the definition thereof, in each case pursuant to the terms of this Agreement, and shall have no liability to the Borrower, any Lender or any other person or entity for damages of any kind, including direct or indirect, special, punitive, incidental or consequential damages, costs, losses or expenses (whether in tort, contract or otherwise and whether at law or in equity), for any error or calculation of any such rate (or component thereof) provided by any such information source or service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) At or before 3:00 p.m., New York City time, on the third Business Day of each calendar month, (i) each Lender shall notify the Agent for its Lender Group of (A) Daily Simple SOFR in effect for each day during the related Interest Period, (B) if such Lender is a Conduit Lender, the CP Rate in effect for each day during the related Interest Period, and (C) if applicable, the date on which the Alternate Base Rate became applicable to its Invested Percentage of the Loans Outstanding or a portion thereof. At or before 5:00 p.m., New York City time, on the third Business Day of each calendar month, the Agents shall then notify the Borrower of all such rates. For such purposes, the Agents may rely conclusively on notices from Lenders as to the interest rate or rates from time to time applicable to their respective Invested Percentage of the Loans Outstanding. Each determination by a Lender of Daily Simple SOFR pursuant to this Agreement shall be conclusive and binding on the Lenders, each Agent, the Borrower, the Servicer, and the Collateral Custodian, in the absence of manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Notwithstanding any other provision of this Agreement or the other Basic Documents, if at any time the rate of interest payable by any Person under the Basic Documents exceeds the Maximum Lawful Rate, then, so long as the Maximum Lawful Rate would be exceeded, such rate of interest shall be equal to the Maximum Lawful Rate. If at any time thereafter the rate of interest so payable is less than the Maximum Lawful Rate, such Person shall continue to pay Interest at the Maximum Lawful Rate until such time as the total interest received from such Person is equal to the total Interest that would have been received had

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Applicable Law not limited the interest rate so payable. In no event shall the total Interest received by a Lender under this Agreement and the other Basic Documents exceed the amount which such Lender could lawfully have received, had the Interest due been calculated from the Closing Date at the Maximum Lawful Rate.

Section 2.07. <u>Settlement Procedures</u>. On each Distribution Date, the Servicer shall instruct the Account Bank to pay, to the following Persons, from the Collection Account to the extent of Available Funds the following amounts in the following order of priority, as set forth in the related Monthly Report:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) First, to the Servicer, an amount equal to any Unreimbursed Servicer Advances, to the extent not previously retained by the Servicer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Second, *pro rata* (A) to the Servicer (including any Successor Servicer), the accrued and unpaid Servicing Fee and all Ancillary Fees to the extent not previously retained by the Servicer and (B) to any Successor Servicer, any out-of-pocket expenses and indemnities due to the Successor Servicer; <u>provided</u>, that aggregate amounts payable to any Successor Servicer pursuant to this clause may not exceed $100,000 in any calendar year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Third, to the Backup Servicer, the Backup Servicing Fee, any out-of-pocket expenses that are reimbursable to the Backup Servicer pursuant to the Backup Servicing Agreement (including any Transition Expenses, but only if the Backup Servicer is not the Successor Servicer), and any indemnifiable amounts due to the Backup Servicer; <u>provided</u>, that Transition Expenses payable to the Backup Servicer pursuant to this clause may not exceed $100,000 in any calendar year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Fourth, *pro rata* (A) to each Hedge Counterparty (based on amounts due to each Hedge Counterparty pursuant to this subclause), any net payments due and payable under the related Hedging Agreement (other than Hedge Breakage Costs), and (B) to each Agent (based on amounts due to the members of each Lender Group pursuant to this subclause), for further payment to each related Lender, an amount equal to the sum of (1) the portion of Senior Monthly Interest and Fees due to members of the related Lender Group <u>plus</u> (2) any Breakage Costs of any related Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Fifth, *pro rata* (A) to each Hedge Counterparty that has any due and payable Hedge Breakage Costs (other than Subordinated Hedge Breakage Costs), such Hedge Breakage Costs, and (B) to each Agent (based on Lender Percentage) for further payment to each related Lender, the Monthly Principal Payment Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Sixth, if the Termination Date has not occurred but a Partial Expiration Event has occurred, *pro rata* to each Agent for a Lender Group that includes a Non-Extending Lender (based on the Loans Outstanding to each such Non-Extending Lender) for further payment to each related Non-Extending Lender, an amount equal to the product of (A) such Non-Extending Lender's Invested Percentage as of its Commitment Termination Date <u>times</u> (B) all remaining Available Funds until the portion of the Loan Outstanding owned by such Non-Extending Lender is reduced to zero;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Seventh, *pro rata* to each Agent (based on the amount of the Subordinated Monthly Interest Payment Amount due to members of the related Lender Group), for further payment to each related Lender, the Subordinated Monthly Interest Payment Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Eighth, *pro rata* to each Hedge Counterparty that has any due and payable Subordinated Hedge Breakage Costs (based on such amounts due), such Subordinated Hedge Breakage Costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) Ninth, *pro rata* to each Agent (based on such amounts due) for further payment to the related Lender or the related Indemnified Parties, all other Aggregate Unpaids (other than the principal amount of the Loans Outstanding) then due to the Lenders and Indemnified Parties under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) Tenth, *pro rata* (based on such amounts due) to (A) the Successor Servicer, any fees, expenses (including Transition Expenses), and indemnities not paid pursuant to clause (ii), above, (B) the Backup Servicer, any fees, expenses (including Transition Expense), and indemnities not paid pursuant to clause (iii), above, and (C) the Account Bank, any reasonable fees and expenses owing to the Account Bank in connection with the maintenance of the Collection Account (to the extent such amounts have not previously been paid to the Account Bank by the Servicer); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) Eleventh, any remaining amount shall be distributed to, or as otherwise directed by, the Borrower.

Section 2.08. <u>Payments, Computations, Etc.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless otherwise expressly provided herein, all amounts to be paid or deposited by the Borrower hereunder shall be paid or deposited in accordance with the terms hereof no later than 3:00 p.m., New York City time, on the day when due in Dollars in immediately available funds to the Administrative Agent's Account, for further payment by the Administrative Agent to the Persons to who such amounts are due and payable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Whenever any payment hereunder (i) shall be stated to be due on a day other than a Business Day, such payment shall be made on the next succeeding Business Day, except in the case where the next succeeding Business Day would occur in the succeeding calendar month, in which case such payment shall be due on the preceding Business Day or (ii) is received after 3:00 p.m., New York City time, such payment shall be deemed to have been received on the next succeeding Business Day, and any such extension of time shall in such case be included in the computation of payment of Interest, other interest or any fee payable hereunder, as the case may be.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If any Loan requested by the Borrower and approved by a Lender and the Administrative Agent pursuant to Section 2.01 is not, for any reason other than due to the fault, gross negligence, or willful misconduct of an Agent, a Lender or the Administrative Agent, made or effectuated, as the case may be, on the date specified therefor, the Borrower shall indemnify such Lender against any reasonable loss, cost or expense incurred by such Lender (other than any loss, cost, or expenses solely due to the gross negligence or willful misconduct of such Lender, Agent, or Administrative Agent), including any loss (including cost of funds and reasonable out-of-pocket expenses), cost, or expense incurred by reason of the liquidation or reemployment of deposits or other funds acquired by such Lender to fund or maintain such Loan. Each Lender seeking indemnification under this clause (c) shall provide to the Borrower with documentation setting forth in reasonable detail the amounts of any related loss, cost, or expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) All payments hereunder shall be made without set-off or counterclaim and in such amounts as may be necessary in order that all such payments shall not be less than the amounts otherwise specified to be paid under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) To the extent that (i) any Person makes a payment to the Borrower, the Administrative Agent, the Servicer, the Backup Servicer, the Collateral Custodian, or any Lender or Agent or (ii) the Borrower, the Administrative Agent, the Servicer, the Backup Servicer, the Collateral Custodian, or any Lender or Agent receives or is deemed to have received any payment or proceeds for application to an obligation, which payment or proceeds or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside or required to be repaid to a trustee, receiver or any other party under any Insolvency Law, State or federal law, common law or for equitable cause, then, to the extent such payment or proceeds are set aside, the obligation or part thereof intended to be satisfied shall be revived and continue in full force and effect, as if such payment or proceeds had not been received or deemed received by the Borrower, the Administrative Agent, the Servicer, the Backup Servicer, the Collateral Custodian, or any Lender or Agent, as the case may be.

Section 2.09. <u>Collections and Allocations; Investment of Funds</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On or before the applicable Funding Date, the Borrower or the Servicer shall direct and instruct all related Obligors to make payments in respect of the related Receivables to be made to the Remittance Account. On and after the applicable Funding Date, the Borrower and the Servicer shall use commercially reasonable efforts to ensure that all Collections are deposited to the Remittance Account (unless this Agreement specifically provides that such Collections are to be deposited directly to the Collection Account).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Servicer shall instruct the Remittance Account Bank to remove all Collections from the Remittance Account and deposit such amounts into the Collection Account within two Business Days of their deposit to the Remittance Account and identification thereof. The Servicer and the Borrower shall deposit all Collections that are not received in the Remittance Account to the Remittance Account within two Business Days after receipt and identification thereof (for further transfer to the Collection Account within two Business Days after such deposit to the Remittance Account), and at all times prior to such deposit to the Collection Account the Servicer or the Borrower, as applicable, shall hold such Collections in trust for the benefit of the Administrative Agent.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The initial Servicer shall have access to the Remittance Account at all times until the occurrence of a Termination Event and the delivery by the Administrative Agent of a shifting control or similar notice under the Blocked Account Control Agreement, following which time the Administrative Agent shall have the exclusive right to give instructions to the Remittance Account Bank directing the disposition of funds on deposit in the Remittance Account, without further consent by the Borrower. The Servicer shall be entitled to retain and to reimbursement of all amounts remitted by or on behalf of the Obligors to the Servicer under the terms of, or with respect to, the related Receivables, that represent Ancillary Fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To the extent there are uninvested amounts on deposit in the Collection Account or the Hedge Reserve Account, such amounts shall be invested in Permitted Investments that mature no later than the Business Day before the next Distribution Date, which Permitted Investments shall be selected (i) prior to the occurrence of any Event of Default, by the Borrower or (ii) from and after the occurrence of any Event of Default, by the Administrative Agent. No Permitted Investment may be purchased at a premium. Any earnings (and losses) on the foregoing investments shall be for the account of the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If on any Payment Date no Event of Default or Unmatured Event of Default has occurred and is continuing, then if the amount on deposit in the Hedge Reserve Account is greater than the Hedge Reserve Account Required Amount as of such Payment Date, the initial Servicer may withdraw such excess amount and pay such amount to, or at the direction of, the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) At any time that any amounts are on deposit in the Hedge Reserve Account, (i) the Administrative Agent may, in its sole discretion, enter into one or more Hedge Transactions on behalf of the Borrower in the form of interest rate cap transactions, any up-front payments related to which will be paid with amounts that are withdrawn from the Hedge Reserve Account or (ii) if a Mandatory Hedging Condition exists, the Borrower may, in its sole discretion, enter into one or more Hedge Transactions in the form of interest rate cap transactions, any up-front payments related to which will be paid with amounts that are withdrawn from the Hedge Reserve Account. With respect to any Hedge Transaction entered into by the Administrative Agent pursuant to clause (i), the Administrative Agent shall provide a copy of all applicable documentation related to such Hedge Transaction to the Borrower and the Servicer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Any amounts remaining on deposit in the Hedge Reserve Account (i) while a Mandatory Hedging Condition exists and (ii) at any time that the aggregate notional amount under all Hedge Transactions is at least equal to the amount described in the second proviso to Section 6.03(a), may be withdrawn from the Hedge Reserve Account by the initial Servicer and paid to, or as directed by, the Borrower.

Section 2.10. <u>Fees</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower hereby agrees to pay to each Agent, to the extent of Available Funds, for the account of the related Lenders, monthly in arrears, the Unused Commitment Fee and the Program Fee from the Collection Account in accordance with Section 2.07. Payments of the Program Fee and the Unused Commitment Fee shall be allocated and paid to Owners based upon their respective Invested Percentages for the applicable Interest Period.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Servicer and the Backup Servicer shall be entitled to receive any accrued and unpaid fees due to them, respectively, in accordance with Section 2.07

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Borrower shall pay to the Administrative Agent on the Closing Date the Structuring Fee and from time to time any reasonable out-of-pocket expenses (including fees charged by any nationally recognized statistical rating organization in connection with reviewing the transactions contemplated by this Agreement) in immediately available funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Borrower shall pay to Katten Muchin Rosenman LLP, counsel to the Administrative Agent and the Lenders, in immediately available funds, (i) on the Closing Date, its reasonable fees accrued through and including the Closing Date (subject to a cap of $150,000, unless otherwise agreed to by the Borrower and the Administrative Agent) and out-of-pocket expenses for services rendered through and including the Closing Date, and (ii) within 30 days after receiving an invoice for the related amounts, any additional reasonable fees and out-of-pocket expenses incurred by such counsel for services rendered to the Administrative Agent and the Lenders after the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Borrower shall pay to the Administrative Agent from time to time the reasonable out-of-pocket expenses of any on-going surveillance fees charged by any nationally recognized statistical rating organization in connection with reviewing the transactions contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Borrower shall pay to the Administrative Agent on each applicable Funding Date the Supplemental Structuring Fee, if any, in immediately available funds.

Section 2.11. <u>Increased Cost and Reduced Return</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If any Regulatory Requirement (i) subjects any Lender or Credit Provider to any charge or withholding on or with respect to any Liquidity Facility or this Agreement or a Lender or Credit Provider's obligations under a Liquidity Facility or this Agreement or on or with respect to the Receivables, or changes the basis of taxation of payments to any Lender or any Credit Provider of any amounts payable under any Liquidity Facility or this Agreement (except for changes in the rate of Tax on the overall net income of a Lender or Credit Provider, Indemnified Taxes or Excluded Taxes), (ii) imposes, modifies or deems applicable any reserve, assessment, fee, tax (other than (A) Indemnified Taxes, (B) Taxes described in clauses (ii) through (iv) of the definition of Excluded Taxes, and (C) Connection Income Taxes), insurance charge, special deposit or similar requirement against assets of, deposits with or for the account of, or liabilities of a Credit Provider or a Lender, or credit extended by a Credit Provider or a Lender pursuant to a Liquidity Facility or this Agreement or, (iii) imposes any other condition the result of which is to increase the cost to a Credit Provider or a Lender of performing its obligations under a Liquidity Facility or this Agreement, or to reduce the rate of return on a Credit Provider's or Lender's capital or assets as a consequence of its obligations under a Liquidity Facility or this Agreement, or to reduce the amount of any sum received or receivable by a Credit Provider or a Lender under a Liquidity Facility or this Agreement, or to require any payment calculated by reference to the amount of interests or loans held or interest received by it, then, upon demand by the Administrative Agent, the Borrower shall pay to the Administrative Agent, for the benefit of the relevant Credit Provider or Lender, such amounts charged to such Credit Provider or Lender or such amounts to otherwise compensate such Credit Provider or such Lender for such increased cost or such reduction.

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The term "<u>Regulatory Requirement</u>" shall mean (i) the adoption after the date hereof of any applicable law, rule or regulation (including any applicable law, rule or regulation regarding capital adequacy or liquidity coverage) or any change therein after the date hereof, or (ii) any change after the date hereof in the interpretation or administration thereof by any governmental authority, central bank or comparable agency charged with the interpretation or administration thereof, or compliance with any request or directive (whether or not having the force of law) of any such authority, central bank or comparable agency; <u>provided</u>, that for purposes of this definition, (A) the Dodd-Frank Act and all requests, rules, guidelines or directives thereunder, issued in connection therewith or in implementation thereof, and (B) all requests, rules, guidelines and directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel II or Basel III, shall in each case be deemed to be a "Regulatory Requirement", regardless of the date enacted, adopted, issued or implemented. The Borrower acknowledges that any Lender or Credit Provider may institute measures in anticipation of a Regulatory Requirement and may commence allocating charges to or seeking compensation from the Borrower under this Section in connection with such measures, in advance of the effective date of such Regulatory Requirement (such charges or compensation, "<u>Early Adoption Increased Costs</u>"). The Borrower agrees to pay Early Adoption Increased Costs to the Administrative Agent, for the benefit of such Lender or Credit Provider, which are incurred by such Lender or Credit Provider, beginning sixty (60) days after delivery by such Lender or Credit Provider (or the Agent on its behalf) to the Borrower of a written representation and warranty (an "<u>Early Adoption Increased Costs Representation</u>") to the effect that such Lender or Credit Provider is (x) recognizing Early Adoption Increased Costs, (y) setting forth the amount or amounts necessary to compensate such Lender or Credit Provider and (z) that such Lender or Credit Provider actually incurred such costs. The Borrower further acknowledges that any charge or compensation demanded hereunder may take the form of a monthly charge to be assessed by such Lender or Credit Provider. For the avoidance of doubt, the Borrower shall not be required to pay any Early Adoption Increased Costs incurred by any Lender or Credit Provider prior to the expiration of sixty (60) days after receipt by the Borrower of the Early Adoption Increased Costs Representation from or on behalf of such Lender or Credit Provider. The Early Adoption Increased Costs Representation shall be conclusive absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Failure or delay on the part of any Lender or Credit Provider to demand compensation pursuant to this Section shall not constitute a waiver of such Lender's or Credit Provider's right to demand such compensation; <u>provided</u>, that the Borrower shall not be required to compensate a Lender or Credit Provider pursuant to this Section for any increased costs incurred or reductions suffered more than six months prior to the date that such Lender or Credit Provider, as the case may be, notifies the Borrower of the Regulatory Requirement giving rise to such increased costs or reductions, and of such Lender's or Credit Provider's intention to claim compensation therefor (except that, if the Regulatory Requirement giving rise to such increased costs or reductions is retroactive, then the nine-month period referred to above shall be extended to include the period of retroactive effect thereof).

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Section 2.12. <u>Taxes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Defined Term</u>. For purposes of this Section, the term "applicable law" includes FATCA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Payments Free of Taxes</u>. Any and all payments by or on account of any obligation of the Borrower under any Borrower Basic Document shall be made without deduction or withholding for any Taxes, except as required by applicable law. If any applicable law (as determined in the good faith discretion of an applicable Withholding Agent) requires the deduction or withholding of any Tax from any such payment by a Withholding Agent, then the applicable Withholding Agent shall be entitled to make such deduction or withholding and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with applicable law and, if such Tax is an Indemnified Tax, then the sum payable by the Borrower shall be increased as necessary so that after such deduction or withholding has been made (including such deductions and withholdings applicable to additional sums payable under this Section) the applicable Recipient receives an amount equal to the sum it would have received had no such deduction or withholding been made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Payment of Other Taxes by the Borrower</u>. The Borrower shall timely pay to the relevant Governmental Authority in accordance with applicable law, or at the option of the Administrative Agent timely reimburse it for the payment of, any Other Taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Indemnification by the Borrower</u>. The Borrower shall indemnify each Recipient, within 10 days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section) payable or paid by such Recipient or required to be withheld or deducted from a payment to such Recipient and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to the Borrower by a Lender (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Indemnification by the Lenders</u>. Each Lender shall severally indemnify the Administrative Agent, within 10 days after demand therefor, for (i) any Indemnified Taxes attributable to such Lender (but only to the extent that the Borrower has not already indemnified the Administrative Agent for such Indemnified Taxes and without limiting the obligation of the Borrower to do so), (ii) any Taxes attributable to such Lender's failure to comply with the provisions of Section 11.01(e) relating to the maintenance of a Participant Register and (iii) any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the Administrative Agent in connection with any Borrower Basic Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error. Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under any Borrower Basic Document or otherwise payable by the Administrative Agent to the Lender from any other source against any amount due to the Administrative Agent under this paragraph (e).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Evidence of Payments</u>. As soon as practicable after any payment of Taxes by the Borrower to a Governmental Authority pursuant to this Section, the Borrower shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Status of Lenders</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Borrower Basic Document shall deliver to the Borrower and the Administrative Agent, at the time or times reasonably requested by the Borrower or the Administrative Agent, such properly completed and executed documentation reasonably requested by the Borrower or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if reasonably requested by the Borrower or the Administrative Agent, shall deliver such other documentation prescribed by applicable law or reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent to determine whether or not such Lender is subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set forth in Section 2.12(g)(ii)(A), (ii)(B) and (ii)(D) below) shall not be required if in the Lender's reasonable judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Without limiting the generality of the foregoing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) any Lender that is a U.S. Person shall deliver to the Borrower and the Administrative Agent on or prior to the date on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), executed copies of IRS Form W-9 certifying that such Lender is not subject to U.S. federal backup withholding tax;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), whichever of the following is applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) in the case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party (x) with respect to payments of interest under any Borrower

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Basic Document, executed copies of IRS Form W-8BEN or W-8BEN-E establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the "interest" article of such tax treaty and (y) with respect to any other applicable payments under any Borrower Basic Document, IRS Form W-8BEN or W-8BEN-E establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the "business profits" or "other income" article of such tax treaty;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) executed copies of IRS Form W-8ECI;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code, (x) a certificate substantially in the form of Exhibit G-1 to the effect that such Foreign Lender is not a "bank" within the meaning of Section 881(c)(3)(A) of the Code, a "10 percent shareholder" of the Borrower within the meaning of Section 871(h)(3)(B) of the Code, or a "controlled foreign corporation" described in Section 881(c)(3)(C) of the Code (a "<u>U.S. Tax Compliance Certificate</u>") and (y) executed copies of IRS Form W-8BEN or W-8BEN-E; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) to the extent a Foreign Lender is not the beneficial owner, executed copies of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN or IRS Form W-8BEN-E, a U.S. Tax Compliance Certificate substantially in the form of Exhibit G-2 or Exhibit G-3, IRS Form W-9, and/or other certification documents from each beneficial owner, as applicable; <u>provided</u>, that if the Foreign Lender is a partnership and one or more direct or indirect partners of such Foreign Lender are claiming the portfolio interest exemption, such Foreign Lender may provide a U.S. Tax Compliance Certificate substantially in the form of Exhibit G-4 on behalf of each such direct and indirect partner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), executed copies of any other form prescribed by applicable law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by applicable law to permit the Borrower or the Administrative Agent to determine the withholding or deduction required to be made; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) if a payment made to a Lender under any Borrower Basic Document would be subject to U.S. federal withholding Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Borrower and the Administrative Agent at the time or times prescribed by law and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply with their obligations under FATCA and to determine that such Lender has complied with such Lender's obligations under FATCA or to determine the amount to deduct and withhold from such payment, if any. Solely for purposes of this clause, "FATCA" shall include any amendments made to FATCA after the date of this Agreement.

Each Lender agrees that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or within five Business Days of its knowledge thereof notify the Borrower and the Administrative Agent in writing of its legal inability to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Treatment of Certain Refunds</u>. If any party determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes as to which it has been indemnified pursuant to this Section (including by the payment of additional amounts pursuant to this Section), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made under this Section with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of such indemnified party and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid over pursuant to this paragraph (h) (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event that such indemnified party is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this paragraph (h), in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this paragraph (h) the payment of which would place the indemnified party in a less favorable net after-Tax position than the indemnified party would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid. This paragraph shall not be construed to require any indemnified party to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying party or any other Person

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Survival</u>. Each party's obligations under this Section shall survive the resignation or replacement of the Administrative Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all obligations under any Borrower Basic Document.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) If the Borrower is required to pay additional amounts to or for the benefit of any Lender or Credit Provider pursuant to this Section as a result of a change of law or treaty occurring after such Lender or Credit Provider first became a party to this Agreement, such Lender or Credit Provider will, at the Borrower's request, change the jurisdiction of its applicable lending office if, in the sole judgment of such Lender or Credit Provider, such change (i) will eliminate or reduce any such additional payment which may thereafter accrue and (ii) will not, in the judgment of such Lender or Credit Provider, be otherwise disadvantageous to it or inconsistent with its internal policies.

Section 2.13. <u>Take-outs</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On any Business Day, the Borrower shall have the right to prepay all or a portion of the Loans Outstanding and require the Administrative Agent to release its security interest and Lien on the related Receivables, subject to the following terms and conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Borrower shall have given the Administrative Agent, each Agent, the Servicer and the Backup Servicer at least five Business Days' prior written notice of its intent to effect the related Take-out (<u>provided</u>, that the Borrower shall use commercially reasonable efforts to give the Administrative Agent, each Agent, the Servicer, and the Backup Servicer at least ten Business Days' verbal notice of its intent to effect the related Take-out);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) unless a Take-out is to be effected on a Distribution Date (in which case the relevant calculations with respect to such Take-out shall be reflected on the applicable Monthly Report), the initial Servicer shall deliver to the Administrative Agent (A) a Take-out Date Certificate (which shall include a calculation of the Borrowing Base after giving effect to such Take-out), together with evidence to the reasonable satisfaction of the Administrative Agent that the Borrower shall have sufficient funds on the related Take-out Date to effect such Take-out in accordance with this Agreement, which funds may come from the proceeds of sales of the Receivables in connection with such Take-out and (B) a computer tape of the Receivables, both before and after giving effect to such Take-out;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) on the related Take-out Date, the following shall be true and correct and the Borrower shall be deemed to have certified that after giving effect to the Take-out and the release to the Borrower of the related Receivables on the related Take-out Date, (A) no Borrowing Base Deficiency exists, (B) neither an Unmatured Event of Default nor an Event of Default has occurred, nor will either result from such Take-out, (C) the Excess Spread shall be no less than 4.5%, (D) the fractional portion of the Eligible Pool Balance that represents the aggregate Principal Balance of all Delinquent Receivables constituting Collateral will be no greater than the fractional portion of the Eligible Pool Balance that was represented by the aggregate Principal Balance of all Delinquent Receivables that constituted Collateral immediately prior to the release of the related Receivables

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and (E) the fractional portion of the Eligible Pool Balance that represents the aggregate Principal Balance of all Liquidated Receivables constituting Collateral will be no greater than the fractional portion of the Eligible Pool Balance that was represented by the aggregate Principal Balance of all Liquidated Receivables that constituted Collateral immediately prior to the release of the related Receivables (<u>provided</u>, that if subclause (D) and/or (E) would not be satisfied on any Take-out Date, then the related Take-out may nevertheless occur, but the Receivables that continue to be owned by the Borrower following the related Take-out and that cause subclause (D) and/or (E) not to be satisfied shall thereafter (I) be deemed to be Ineligible Receivables for purposes of determining the Borrowing Base, (II) be excluded from both the numerator and the denominator when calculating the Conduit Portfolio Delinquency Ratio, and (III) be excluded from clause (a) (but not clause (b)) of the numerator and from the denominator when calculating the Conduit Portfolio Net Loss-to-Liquidation Ratio);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) on the related Take-out Date, the Servicer shall have received an amount equal to all Unreimbursed Servicer Advances associated with the Receivables to be released and the Administrative Agent shall have received, for the benefit of the Lenders and the Hedge Counterparties, as applicable, in immediately available funds, and shall then distribute to the applicable entities, an amount equal to the sum of (A) the portion of the Loans Outstanding to be prepaid, (B) an aggregate amount equal to the sum of all other amounts due and owing to the Administrative Agent, the Lenders and the Hedge Counterparties, as applicable, under this Agreement and the other Basic Documents, to the extent accrued to such date (including Breakage Costs and Hedge Breakage Costs), and (C) all other Aggregate Unpaids with respect thereto; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) on or prior to the related Take-out Date, the Borrower shall have delivered to the Administrative Agent an updated Schedule of Receivables listing all Receivables that will continue to be owned by the Borrower immediately following the related Take-out; <u>provided</u>, that the Borrower may not cause the release of any Receivables on any Take-out Date that were deemed to be Ineligible Receivables for purposes of determining the Borrowing Base pursuant to the parenthetical proviso to subclause (iii), above, on such Take-out Date or on any preceding Take-out Date without the prior consent of the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Borrower hereby agrees to pay the reasonable legal fees and out-of-pocket expenses of the Administrative Agent, the Lenders, and the Account Bank in connection with any Take-out (including expenses incurred in connection with the release of the Lien of the Administrative Agent, the Lenders and any other party having such an interest in the Receivables in connection with such Take-out).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In connection with any Take-out, on the related Take-out Date, subject to satisfaction of the conditions referred to in this Section, the Administrative Agent shall, at the expense of the Borrower (i) execute such instruments of release with respect to the portion of the Receivables (and the other related Collateral) to be released to the Borrower, including a Take-

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out Release, in favor of the Borrower as the Borrower may reasonably request, (ii) deliver, or cause to be delivered, any portion of the Receivables (and the other related Collateral) to be released to the Borrower in its possession to the Borrower and (iii) otherwise take such actions, and cause or permit the Collateral Custodian to take such actions, as are necessary and appropriate to release the Lien of the Administrative Agent on the portion of the Receivables (and the other related Collateral) to be released to the Borrower and deliver to the Borrower such Receivables and related Collateral.

Section 2.14. <u>The Account Bank</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower hereby appoints JPMorgan Chase Bank, N.A. as the initial Account Bank. All payments of amounts due and payable in respect of the Obligations that are to be made from amounts withdrawn from the Collection Account shall be made on behalf of the Borrower by the Account Bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Account Bank shall not be charged with knowledge of any Early Amortization Event, Event of Default, or Unmatured Event of Default unless a Responsible Officer of the Account Bank obtains actual knowledge of such event or the Account Bank receives written notice of such event from the Borrower, the Servicer or any Secured Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Without limiting the generality of this Section, the Account Bank shall have no duty (i) to see to any recording, filing or depositing of this Agreement or any agreement referred to herein or any financing statement or continuation statement evidencing a security interest in the Collateral, or to see to the maintenance of any such recording or filing or depositing or to any recording, refiling or redepositing of any thereof, (ii) to see to any insurance of the Financed Vehicles or Obligors or to effect or maintain any such insurance, (iii) to see to the payment or discharge of any Tax, assessment or other governmental charge or any Lien or encumbrance of any kind owing with respect to, assessed or levied against, any part of the Contracts, (iv) to confirm or verify the contents of any reports or certificates of the Servicer or the Borrower delivered to the Account Bank pursuant to this Agreement believed by the Account Bank to be genuine and to have been signed or presented by the proper party or parties, or (v) to inspect the Financed Vehicles at any time or ascertain or inquire as to the performance or observance of any of the Borrower's or the Servicer's representations, warranties or covenants or the initial Servicer's duties and obligations as Servicer and as custodian of books, records, files and computer records relating to the Contracts under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Account Bank shall not be required to expend or risk its own funds or otherwise incur financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if there shall be reasonable ground for believing that the repayment of such funds or adequate indemnity against such risk or liability shall not be reasonably assured to it, and none of the provisions contained in this Agreement shall in any event require the Account Bank to perform, or be responsible for the manner of performance of, any of the obligations of the Servicer under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Account Bank may rely and shall be protected in acting or refraining from acting upon any resolution, Officer's Certificate, any Monthly Report, certificate of auditors or any other certificate, statement, instrument, opinion, report, notice, request, consent, order, appraisal, bond or other paper or document reasonably believed by it to be genuine and to have been signed or presented by the proper party or parties.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Account Bank may consult with counsel of its choice with regard to legal questions arising out of or in connection with this Agreement and the advice or opinion of such counsel shall be full and complete authorization and protection in respect of any action taken, omitted or suffered by the Account Bank in good faith in accordance therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Account Bank shall be under no obligation to exercise any of the rights, powers or remedies vested in it by this Agreement (except to comply with its obligations under this Agreement and any other Basic Document to which it is a party) or to institute, conduct or defend any litigation under this Agreement or in relation to this Agreement, at the request, order or direction of the Administrative Agent pursuant to the provisions of this Agreement, unless the Administrative Agent, on behalf of the Secured Parties, shall have offered to the Account Bank reasonable security or indemnity against the costs, expenses and liabilities that may be incurred therein or thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Account Bank shall not be bound to make any investigation into the facts of matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, approval, bond or other paper or document, unless requested in writing so to do by a Secured Party; <u>provided</u>, that if the payment within a reasonable time to the Account Bank of the costs, expenses or liabilities likely to be incurred by it in the making of such investigation shall be, in the opinion of the Account Bank, not reasonably assured by the Borrower, the Account Bank may require reasonable indemnity against such cost, expense or liability as a condition to so proceeding. The reasonable expense of every such examination shall be paid by the Borrower or, if paid by the Account Bank, shall be reimbursed by the Borrower upon demand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Account Bank may execute any of the trusts or powers hereunder or perform any duties under this Agreement either directly or by or through agents or attorneys or a custodian. The Account Bank shall not be responsible for any misconduct or negligence of any such agent or custodian appointed with due care by it hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) (i) The Account Bank shall have no duties or responsibilities except those that are specifically set forth herein, and no implied covenants or obligations shall be read into this Agreement against the Account Bank. If the Account Bank shall request instructions from the Administrative Agent or the Servicer with respect to any act, action or failure to act in connection with and as set forth in this Agreement, the Account Bank shall be entitled to refrain from taking such action and continue to refrain from acting unless and until the Account Bank shall have received written instructions from the Administrative Agent or the Servicer, as applicable without incurring any liability therefor to the Administrative Agent, the Borrower, the Servicer or any other person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Account Bank may act in reliance upon any written communication of the Administrative Agent concerning the delivery of Collateral pursuant to this Agreement. The Account Bank does not assume and shall have no responsibility for, and makes no representation as to, monitoring the value of the Contracts and other Collateral. The Account Bank shall not be liable for any action or omission to act hereunder, except for its own gross negligence, bad faith or willful misconduct.

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THE FOREGOING PROVISIONS SHALL APPLY WHETHER OR NOT SUCH LIABILITIES ARE IN ANY WAY OR TO ANY EXTENT OWED, IN WHOLE OR IN PART, UNDER ANY CLAIM OR THEORY OF STRICT LIABILITY, OR ARE CAUSED, IN WHOLE OR IN PART, BY ANY NEGLIGENT ACT OR OMISSION OF ANY KIND BY THE ACCOUNT BANK.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Control Provisions</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The parties acknowledge and agree that the Collection Account is intended to be a "securities account" (as defined in Section 8-501 of the UCC), and the Account Bank shall be the "securities intermediary" with respect to the Collection Account. Notwithstanding such intention, (x) if the Collection Account constitutes a "deposit account" (as defined in Section 9-102(a)(29) of the UCC), the provisions of this Agreement governing a "deposit account" shall apply to such Collection Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) All securities or other property, including Permitted Investments, constituting financial assets credited to the Collection Account (other than cash) shall be registered in the name of the Account Bank, indorsed to the Account Bank or in blank or credited to another securities account maintained in the name of the Account Bank, and in no case will any financial asset credited to the Collection Account be registered in the name of the Borrower or any other person, payable to the order of the Borrower or any other person or specially indorsed to the Borrower or any other person except to the extent the foregoing have been specially indorsed to the Account Bank or in blank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) All property delivered to the Account Bank pursuant to this Agreement that is granted to the Administrative Agent, as agent for the Secured Parties shall be promptly credited to the Collection Account in accordance with the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Collection Account is an account to which financial assets or other property are or may be credited, and the Account Bank shall, subject to the terms of this Agreement, treat the Borrower as entitled to exercise the rights that comprise any financial asset or other property credited to such account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The Account Bank hereby agrees that each item of property (whether investment property, financial asset, security, instrument, general intangible or cash) credited to the Collection Account to the extent that it constitutes a securities account shall be treated as a "financial asset" within the meaning of Section 8-102(a)(9) of the UCC.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) If at any time the Account Bank shall receive any order from the Administrative Agent as agent for the Secured Parties directing transfer or redemption of any financial asset relating to the Collection Account or any instruction originated by the Secured Party directing the disposition of funds in the Collection Account, the Account Bank shall comply with such entitlement order or instruction without further consent by the Borrower or any other person. If the Borrower is otherwise entitled to issue entitlement orders or instructions and such entitlement orders or instructions conflict with any entitlement order or instruction issued by the Secured Party, the Account Bank shall follow the entitlement orders or instructions issued by the Secured Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Regardless of any provision in any other agreement, for purposes of the UCC, New York shall be deemed to be the "bank's jurisdiction" (within the meaning of Section 9-304 of the UCC) and the "securities intermediary's jurisdiction" (within the meaning of Section 8-110 of the UCC).

Section 2.15. <u>Cost of Funds Disclosure and Exculpatory Language</u>. JPMorgan Chase Bank hereby notifies the Borrower and the initial Servicer that: (i) JPMorgan Chase Bank and/or its affiliates may from time to time purchase, hold or sell, as principal and/or agent, Commercial Paper Notes issued by any Conduit Lender that is a member of the JPMorgan Lender Group; (ii) JPMorgan Chase Bank and/or its affiliates act as administrative agent for such Conduit Lenders, and as administrative agent JPMorgan Chase Bank manages such Conduit Lenders' issuance of Commercial Paper Notes, including the selection of amount and tenor of Commercial Paper Notes issuance, and the discount or interest rate applicable thereto; (iii) JPMorgan Chase Bank and/or its affiliates act as a Commercial Paper Notes dealer for such Conduit Lenders; and (iv) JPMorgan Chase Bank's activities as administrative agent and Commercial Paper Notes dealer for such Conduit Lenders, and as a purchaser or seller of Commercial Paper Notes, impact the interest or discount rate applicable to the Commercial Paper Notes issued by each such Conduit Lender, which impact the CP Rate paid by the Borrower hereunder. By execution hereof, each of the Borrower and the initial Servicer hereby (x) acknowledges the foregoing and agrees that JPMorgan Chase Bank does not warrant or accept any responsibility for, and shall not have any liability with respect to, the interest or discount rate paid by any Conduit Lender in the JPMorgan Lender Group in connection with its Commercial Paper Notes issuance; (y) acknowledges that the discount or interest rate at which JPMorgan Chase Bank and/or its affiliates purchase or sell Commercial Paper Notes will be determined by JPMorgan Chase Bank and/or its affiliates in their sole discretion and may differ from the discount or interest rate applicable to comparable transactions entered into by JPMorgan Chase Bank and/or its affiliates on the relevant date; and (z) waives any conflict of interest arising by reason of JPMorgan Chase Bank and/or its affiliates acting as administrative agent and Commercial Paper Notes dealer for any such Conduit Lender while acting as purchaser or seller of Commercial Paper Notes.

Section 2.16. <u>Replacement of Lender Group</u>. If (a) any Lender or Credit Provider requests compensation under Section 2.11 or (b) any Committed Lender becomes a Defaulting Committed Lender, then the Borrower may, at its sole expense and effort, upon notice to the related Agent and the Administrative Agent, require each Lender in such Agent's Lender Group to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 11.01), all of its respective interests, rights and obligations under this Agreement to an assignee that shall assume such obligations (which assignee may be another Lender if a Lender accepts such assignment); <u>provided</u>, that (i) the Borrower shall have received

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the prior written consent of the Administrative Agent with respect to any assignee that is not already a member of a Lender Group hereunder, which consent shall not be unreasonably withheld, conditioned, or delayed, (ii) each member of such assigning Lender Group shall have received payment of an amount equal to all outstanding Loans funded or maintained by such Lender Group, together with all accrued Interest thereon and all accrued Unused Commitment Fees and Program Fees, as applicable, and any other Obligations payable to them hereunder and under the Basic Documents, from the assignee (to the extent of such outstanding Loans) or Seller (in the case of all other amounts), and (iii) in the case of any such assignment resulting from a claim for compensation under Section 2.11, such assignment will result in a reduction in such compensation or payments. A Lender shall not be required to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to exist.

Section 2.17. <u>Defaulting Committed Lenders.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding any provision of this Agreement to the contrary, if any Committed Lender becomes a Defaulting Committed Lender, then the following provisions shall apply for so long as such Committed Lender is a Defaulting Committed Lender:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Unused Commitment Fees shall cease to accrue on the unfunded portion of the Commitment of such Defaulting Committed Lender pursuant to Section 2.10(a);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) notwithstanding anything to the contrary contained in Section 2.03 hereof, the unused portion of the Commitment of such Defaulting Committed Lender may be reduced to zero without any contemporaneous ratable reduction of the Commitments of the other Committed Lenders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) neither the Commitment nor the portion of the Loans Outstanding (if any) funded by such Defaulting Committed Lender shall be included in determining whether all Lenders, a majority of the Lenders, the Consenting Lenders or the Required Lenders have taken or may take any action hereunder and the Agent of the Lender Group which includes such Defaulting Committed Lender shall not be included in determining whether all Agents have taken or may take any action hereunder (including, in each case, any consent to any amendment or waiver pursuant to Section 13.01); <u>provided</u>, that any waiver, amendment or modification requiring the consent of all Lenders or Agents or each affected Lender or Agent, as applicable, which affects such Defaulting Committed Lender or the related Agent differently than other affected Lenders or Agents shall require the consent of such Defaulting Committed Lender or the related Agent, as applicable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Borrower may replace such Defaulting Committed Lender in accordance with Section 2.17 of this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event that the Administrative Agent determines that a Defaulting Committed Lender has adequately remedied all matters that caused such Committed Lender to be a Defaulting Committed Lender, then (i) the Lender Percentages shall be readjusted to reflect the inclusion of such Committed Lender's Commitment and on such date such Committed Lender shall purchase at par such of the Loans of the other Lenders as the Administrative Agent and the Agents shall determine may be necessary in order for such Committed Lender to hold such Loans in accordance with its Lender Percentage and (ii) the provisions of clause (a), above, shall, from and after such determination, cease to be of further force or effect with respect to such Committed Lender.

Section 2.18. <u>Alternate Rate of Interest</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to clauses (b), (c), (d) and (e) of this Section 2.18, if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Administrative Agent determines (which determination shall be conclusive absent manifest error) at any time, that adequate and reasonable means do not exist for ascertaining the applicable Adjusted Daily Simple SOFR or Daily Simple SOFR; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Administrative Agent is advised by the Required Lenders that at any time, the applicable Adjusted Daily Simple SOFR or Daily Simple SOFR will not adequately and fairly reflect the cost to such Lenders (or Lender) of making or maintaining their Loans (or its Loan) included in such Borrowing;

then the Administrative Agent shall give notice thereof to the Borrower and the Lenders by telephone, telecopy or electronic mail as promptly as practicable thereafter and, until the Administrative Agent notifies the Borrower and the Lenders that the circumstances giving rise to such notice no longer exist with respect to the relevant Benchmark, the Loans shall bear interest at the Alternate Base Rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding anything to the contrary herein or in any other Basic Document (and any Hedging Agreements shall be deemed not to be a "Basic Document" for purposes of this Section 2.18), if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred prior to the Reference Time in respect of any setting of the then-current Benchmark, then such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Basic Document in respect of any Benchmark setting at or after 5:00 p.m. (New York City time) on the fifth Business Day after the date notice of such Benchmark Replacement is provided to the Lenders without any amendment to, or further action or consent of any other party to, this Agreement or any other Basic Document so long as the Administrative Agent has not received, by such time, written notice of objection to such Benchmark Replacement from Lenders comprising the Required Lenders.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding anything to the contrary herein or in any other Basic Document, the Administrative Agent will have the right to make Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Basic Document, any amendments implementing such Benchmark Replacement Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any other Basic Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Administrative Agent will promptly notify the Borrower and the Lenders of (i) any occurrence of a Benchmark Transition Event, (ii) the implementation of any Benchmark Replacement, (iii) the effectiveness of any Benchmark Replacement Conforming Changes, and (iv) the commencement or conclusion of any Benchmark Unavailability Period. Any determination, decision or election that may be made by the Administrative Agent or, if applicable, any Lender (or group of Lenders) pursuant to this Section 2.18, including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or any selection, will be conclusive and binding absent manifest error and may be made in its or their sole discretion and without consent from any other party to this Agreement or any other Basic Document, except, in each case, as expressly required pursuant to this Section 2.18.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Upon the Borrower's receipt of notice of the commencement of a Benchmark Unavailability Period, and at all times during the continuation of a Benchmark Unavailability Period, the Loans will bear interest at the Alternate Base Rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Notwithstanding anything to the contrary herein or in any other Basic Document, at any time (including in connection with the implementation of a Benchmark Replacement), (i) if the then-current Benchmark is a term rate (including Term SOFR or LIBOR) and either (A) any tenor for such Benchmark is not displayed on a screen or other information service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion or (B) the regulatory supervisor for the administrator of such Benchmark has provided a public statement or publication of information announcing that any tenor for such Benchmark is or will be no longer representative, then the Administrative Agent may modify the definition of 'Interest Period' for any Benchmark settings at or after such time to remove such unavailable or non-representative tenor and (ii) if a tenor that was removed pursuant to clause (i) above either (A) is subsequently displayed on a screen or information service for a Benchmark (including a Benchmark Replacement) or (B) is not, or is no longer, subject to an announcement that it is or will no longer be representative for a Benchmark (including a Benchmark Replacement), then the Administrative Agent may modify the definition of 'Interest Period' for all Benchmark settings at or after such time to reinstate such previously removed tenor.

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ARTICLE THREE

SECURITY

Section 3.01. <u>Collateral</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The parties hereto intend that this Agreement constitute a security agreement and the transactions effected hereby constitute secured loans by the Lenders to the Borrower under Applicable Law. As collateral security for the prompt, complete and indefeasible payment and performance in full when due, whether by lapse of time, acceleration or otherwise, of the Obligations, the Borrower hereby grants to the Administrative Agent, as agent for the Secured Parties, a lien on and security interest in all of the Borrower's right, title and interest in, to and under the following, whether now existing or owned or hereafter arising or acquired by the Borrower (collectively, the "<u>Collateral</u>"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Receivables and the related Contracts (including the right to service the Receivables in connection therewith) and any accounts or obligations evidenced thereby, any guarantee thereof, all Collections and all monies due (including any payments made under any guarantee or similar credit enhancement with respect to any such Receivables) or to become due or received by any Person in payment of any of the foregoing on or after the related Cutoff Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Financed Vehicles related to such Receivables (including Financed Vehicles that have been repossessed) or in any document or writing evidencing any security interest in any Financed Vehicle and each security interest in each Financed Vehicle securing each such Receivable, including all proceeds from any sale or other disposition of such Financed Vehicles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Account Collateral (subject to the Blocked Account Control Agreement, with respect to the Remittance Account, and subject to the Control Agreement, with respect to the Collection Account and the Hedge Reserve Account);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) all Hedge Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) all Receivable Files, the Schedule of Receivables, and all documents, agreements and instruments included in the Receivable Files, including rights of recourse of the Borrower against Lendbuzz, Lendbuzz Funding, and/or any Dealer with respect to the Receivables;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) all Records, documents and writings evidencing or related to the Receivables or the Contracts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) all rights to payment under all Insurance Policies with respect to a Financed Vehicle, including any monies collected from whatever source in connection with any default of an Obligor with respect to a Financed Vehicle and any proceeds from claims or refunds of premiums on any Insurance Policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) all guaranties, indemnities, warranties, insurance (and proceeds and premium refunds thereof) and other agreements or arrangements of whatever character from time to time supporting or securing payment of the Receivables, whether pursuant to the related Contracts or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) all rights to payment under all service contracts and other contracts and agreements associated with the Receivables;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) all security interests, Liens, guaranties and other encumbrances in favor of or assigned or transferred to the Borrower in and to the Receivables and Financed Vehicles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) all deposit accounts, monies, deposits, funds, accounts and instruments relating to the foregoing (subject to the Blocked Account Control Agreement and the Control Agreement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) the Purchase Agreement (including each Purchase Agreement Supplement) and remedies thereunder and the assignment to the Administrative Agent of all UCC financing statements filed by the Borrower against Lendbuzz Funding under or in connection with the Purchase Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) all income and proceeds of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The grant under this Section does not constitute and is not intended to result in a creation or an assumption by the Administrative Agent, any Agent, or any other Secured Party of any obligation of the Borrower or any other Person in connection with any or all of the Collateral or under any agreement or instrument relating thereto. Anything herein to the contrary notwithstanding, (i) the Borrower shall remain liable under the Contracts to the extent set forth therein to perform all of its duties and obligations thereunder to the same extent as if this Agreement had not been executed, (ii) the exercise by the Administrative Agent of any of its rights in the Collateral shall not release the Borrower from any of its duties or obligations under the Collateral and (iii) none of the Administrative Agent, any Agent, or any other Secured Party shall have any obligations or liability under the Collateral by reason of this Agreement, nor shall any of the Administrative Agent, any Agent, or any other Secured Party be obligated to perform any of the obligations or duties of the Borrower thereunder or to take any action to collect or enforce any claim for payment assigned hereunder. Each of Lendbuzz, Lendbuzz Funding, and the Borrower represents and warrants as to itself that each remittance of Collections by Lendbuzz, Lendbuzz Funding, or the Borrower to the Administrative Agent or any Lender hereunder will have been (A) in payment of a debt incurred by the Borrower in the ordinary course of business or financial affairs of the Lenders and the Borrower and (B) made in the ordinary course of business or financial affairs of the Lenders and the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding the foregoing grant of security interest, no account, instrument, chattel paper or other obligation or property of any kind due from, owned by or belonging to a Sanctioned Person shall be Collateral.

Section 3.02. <u>Release of Collateral; No Legal Title</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) At the same time as any Contract (i) expires by its terms or (ii) has been prepaid in full, and in each case all amounts in respect thereof have been paid by the related Obligor and subsequently deposited into the Remittance Account or the Collection Account, the Administrative Agent will, to the extent requested by the Servicer, promptly release its interest and lien in such Contract and the related Collateral. In connection with any sale of a Financed Vehicle, after the deposit by the Servicer of the proceeds of such sale into the Remittance Account and subsequent deposit within two Business Days thereafter into the Collection

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Account, the Administrative Agent will, at the sole expense of the Servicer (which, in the case of any Successor Servicer, shall be reimbursable in accordance with the provisions of Section 2.07), promptly execute and deliver to the Servicer any assignments, bills of sale, termination statements and any other releases and instruments as the Servicer may reasonably request in order to effect the release and transfer of such Financed Vehicle; <u>provided</u>, that the Administrative Agent will not make any representation or warranty, express or implied, with respect to any such Financed Vehicle in connection with such sale or transfer and assignment. Nothing in this Section shall diminish the Servicer's obligations pursuant to Section 7.03 with respect to the proceeds of any such sale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon (i) the transfer of any Receivables and the related Collateral in connection with a Take-out or (ii) the Facility Termination Date, the Administrative Agent, at the Borrower's expense, upon payment in full of the related Aggregate Unpaids, shall execute and file such partial or full releases or partial or full assignments of financing statements and other documents and instruments as may be reasonably requested by the Borrower to effectuate the release of the relevant portion of the Collateral.

Section 3.03. <u>Protection of Security Interest; Administrative Agent, as Attorney-in-Fact</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower agrees that from time to time, at its expense, it will promptly execute and deliver all instruments and documents, and take all actions, that may reasonably be necessary or desirable, or that the Administrative Agent may deem necessary, to perfect, protect, or more fully evidence the security interest granted to the Administrative Agent in the Receivables and the other Collateral, or to enable the Secured Parties to exercise and enforce their rights and remedies hereunder and thereunder; <u>provided</u>, that prior to the declaration of an Event of Default, the Borrower shall in no case be required to relien a security interest on any Financed Vehicle in favor of the Administrative Agent or other Secured Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the Borrower fails to perform any of its obligations hereunder after five Business Days' notice from any Secured Party, such Secured Party may (but shall not be required to) perform, or cause performance of, such obligation; and the reasonable costs and expenses of such Secured Party incurred in connection therewith shall be payable by the Borrower as provided in Article Nine. The Borrower irrevocably authorizes the Administrative Agent and appoints the Administrative Agent, as its attorney-in-fact to act on behalf of the Borrower, (i) to execute or cause to be executed on behalf of the Borrower as debtor and to file financing statements necessary or desirable in the Administrative Agent's sole discretion to perfect and to maintain the perfection and priority of the interest of the Secured Parties in the Receivables and the other Collateral and (ii) to file a carbon, photographic, or other reproduction of this Agreement or any financing statement with respect to the Receivables and the other Collateral, as a financing statement in such offices as the Administrative Agent in its sole discretion deems necessary or desirable to perfect and to maintain the perfection and priority of the interests of the Secured Parties in the Receivables and the other Collateral. Such financing statements may describe the Collateral in the same manner as described herein or may contain an indication or description of collateral that describes such property in any other manner as the Administrative Agent may determine, in its reasonable discretion, is necessary, advisable, or prudent to ensure the perfection of the security interest in the Collateral granted to the Administrative Agent herein. The Borrower hereby authorizes the filing of financing statements describing the collateral as "All assets of the debtor, whether now owned or existing or hereafter acquired or arising and wherever located, and all proceeds and products thereof" or words to that effect. This appointment is coupled with an interest and is irrevocable.

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Section 3.04. <u>Assignment of the Purchase Agreement</u>. The Borrower hereby represents, warrants and confirms to the Administrative Agent that the Borrower has assigned to the Administrative Agent, for the ratable benefit of the Secured Parties hereunder, all of the Borrower's right and title to and interest in the Purchase Agreement (including each Purchase Agreement Supplement). The Borrower agrees that, for so long as Lendbuzz Funding is the Servicer, the Administrative Agent may (or, if so directed by the Required Lenders, shall) direct the Borrower to enforce any and all rights of the Borrower under the Purchase Agreement (including each Purchase Agreement Supplement), including the Borrower's right to require Lendbuzz Funding to repurchase Receivables for breaches of representations and warranties made by Lendbuzz Funding, and that if Lendbuzz Funding is no longer the Servicer, that the Servicer shall enforce all such rights on behalf of the Borrower pursuant to Section 7.03(c)(i). The Borrower confirms that, during the continuation of an Event of Default, the Administrative Agent shall have the sole right to enforce the Borrower's rights and remedies under the Purchase Agreement or any Purchase Agreement Supplement for the benefit of the Secured Parties, but without any obligation on the part of the Secured Parties or any of their respective Affiliates, to perform any of the obligations of the Borrower under the Purchase Agreement or any Purchase Agreement Supplement. The Borrower further confirms and agrees that such assignment to the Administrative Agent shall terminate upon the Facility Termination Date; <u>provided</u>, that the rights of the Secured Parties pursuant to such assignment with respect to rights and remedies in connection with any indemnities and any breach of any representation, warranty or covenants made by Lendbuzz Funding pursuant to the Purchase Agreement, which rights and remedies survive the termination of the Purchase Agreement, shall be continuing and shall survive any termination of such assignment.

Section 3.05. <u>Waiver of Certain Laws</u>. Each of the Borrower, the Servicer, the Backup Servicer, and the Collateral Custodian agrees, to the full extent that it may lawfully so agree, that neither it nor anyone claiming through or under it will set up, claim or seek to take advantage of any appraisement, valuation, stay, extension or redemption law now or hereafter in force in any locality where any part of the Collateral may be situated in order to prevent, hinder or delay the enforcement or foreclosure of this Agreement, or the absolute sale of any of the Collateral or any part thereof, or the final and absolute putting into possession thereof, immediately after such sale, of the purchasers thereof, and each of the Borrower, the Servicer, the Backup Servicer and the Collateral Custodian, for itself and all who may at any time claim through or under it, hereby waives, to the full extent that it may be lawful so to do, the benefit of all such laws, and any and all right to have any of the properties or assets constituting the Collateral marshaled upon any such sale, and agrees that the Administrative Agent or any court having jurisdiction to foreclose the security interests granted in this Agreement may sell the Collateral as an entirety or in such parcels as the Administrative Agent or such court may determine.

Section 3.06. <u>Remittance Account</u>. Lendbuzz Funding hereby grants a security interest in the Remittance Account to the Administrative Agent on behalf of the Secured Parties, as security for the payment and performance of its obligations to the Administrative Agent, the Secured Parties, and the Borrower set forth herein, and Lendbuzz Funding hereby agrees that the security interest granted pursuant to this Section shall be for the benefit of, and the remedies provided for herein and in the Blocked Account Control Agreement with respect thereto shall be exercisable by, the Administrative Agent on behalf of the Secured Parties.

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ARTICLE FOUR

CONDITIONS OF CLOSING AND LOANS

Section 4.01. <u>Conditions to Effectiveness of this Agreement</u>. The Closing Date shall not occur and no party hereto will be obligated to take, fulfill or perform any action hereunder, until each of the following conditions have been satisfied, in the sole discretion of the Administrative Agent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Basic Document (other than any Hedging Agreements, the Backup Servicing Agreement, and the Blocked Account Control Agreement) shall have been duly executed by, and delivered to, the parties hereto and thereto and the Administrative Agent shall have received complete and, where applicable, executed versions of all other documents, instruments, agreements and legal opinions specified in the Schedule of Documents, each in form and substance satisfactory to the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Administrative Agent shall have received (i) satisfactory evidence that the Borrower, Lendbuzz, Lendbuzz Funding, and the Account Bank have obtained all required consents and approvals of all Persons, including all requisite Governmental Authorities, to the execution, delivery and performance of this Agreement and the other Basic Documents to which each is a party and the consummation of the transactions contemplated hereby or thereby or (ii) an Officer's Certificate from each of the Borrower, Lendbuzz, Lendbuzz Funding, and the Account Bank, in form and substance satisfactory to the Administrative Agent, affirming that no such consents or approvals are required; it being understood that the acceptance of such evidence or Officer's Certificate shall in no way limit the recourse of the Administrative Agent or any Secured Party against Lendbuzz, Lendbuzz Funding, or the Borrower for a breach of Lendbuzz's, Lendbuzz Funding's, or the Borrower's representation or warranty that all such consents and approvals have, in fact, been obtained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Borrower, the Lendbuzz, and Lendbuzz Funding shall each be in compliance in all material respects with all Applicable Laws and shall have delivered an Officer's Certificate to the Administrative Agent as to this and other closing matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Borrower shall have paid all fees required to be paid by it on the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) No Event of Default or Unmatured Event of Default shall have occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) No Servicer Termination Event or Unmatured Servicer Termination Event shall have occurred.

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Section 4.02. <u>Conditions Precedent to All Loans</u>. Each request for a Loan (including the Initial Loan) by the Borrower to a Lender shall be subject to the conditions set forth in Section 4.01 and the further conditions precedent that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The initial Servicer shall have delivered to the Administrative Agent, on or prior to the date of such Loan, (i) a Funding Request and (ii) a Purchase Agreement Supplement (in the form of Exhibit A to the Purchase Agreement, including the Schedule of Receivables attached thereto), dated within two Business Days prior to the date of such Loan, in each case containing such additional information as may be reasonably requested by the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) On the date of such Loan, the following shall be true and correct and the Borrower shall be deemed to have certified that, after giving effect to the proposed Loan and pledge of the Collateral:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the representations and warranties contained in Sections 5.01 and 5.02 are true and correct on and as of such day as though made on and as of such day and shall be deemed to have been made on such day (except to the extent such representation or warranty expressly relates to a prior date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) no event has occurred and is continuing, or would result from such transaction that constitutes (A) an Event of Default or Unmatured Event of Default or (B) a Servicer Termination Event or Unmatured Servicer Termination Event;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) on and as of such day, after giving effect to such transaction, the aggregate Loan Outstanding does not exceed the Borrowing Base;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) on and as of each such day, the Borrower, the Servicer, and the Collateral Custodian each has performed all of the agreements contained in this Agreement and the other Basic Documents to be performed by it at or prior to such day; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) no law or regulation shall prohibit, and no order, judgment or decree of any federal, State or local court or governmental body, agency or instrumentality shall prohibit or enjoin, the making of such Loan by the Lenders in accordance with the provisions hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) After giving effect to the proposed Loan and the related pledge of Collateral:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the weighted average Loan-to-Value Ratio of all Eligible Receivables as of such date is less than or equal to 100%;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the weighted average Payment-to-Income Ratios of all Eligible Receivables at the time of underwriting is less than or equal to 18.0%;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the weighted average Down Payment for all Eligible Receivables is greater than or equal to 15.0%;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the aggregate amount of Balloon Payments related to all Eligible Receivables is less than or equal to 3.0% of the Eligible Pool Balance on such date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Excess Spread shall be no less than 4.5%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) With respect to the Initial Loan only, the Backup Servicing Agreement, in form and substance satisfactory to the Administrative Agent, shall have been duly executed by, and delivered to, the parties hereto and thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) With respect to first Loan to be funded on a Funding Date that occurs on or after the 90<sup>th</sup> day following the Closing Date only, the Blocked Account Control Agreement, in form and substance satisfactory to the Administrative Agent, shall have been duly executed by, and delivered to, the parties hereto and thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) For each Loan other than the Initial Loan, the Borrower shall be in compliance with Section 6.03 and with all requirements of any Hedging Agreement required thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) On the date of such transaction, the Administrative Agent shall have received such other approvals, opinions, information or documents as the Administrative Agent may reasonably require.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) If applicable, the Administrative Agent shall have received the related Supplemental Structuring Fee.

ARTICLE FIVE

REPRESENTATIONS AND WARRANTIES

Section 5.01. <u>Representations and Warranties of the Borrower</u>. The Borrower represents and warrants, as of the Closing Date and each Funding Date, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Organization and Good Standing</u>. The Borrower has been duly organized, and is validly existing as a limited liability company in good standing under the laws of the State of Delaware, with all requisite power and authority to own or lease its properties and conduct its business as such business is presently conducted, and the Borrower had at all relevant times, and now has all necessary power, authority and legal right to acquire, own, sell and pledge the Receivables and the other Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Due Qualification</u>. The Borrower is duly qualified to do business and is in good standing as a limited liability company, and has obtained all necessary licenses and approvals in all jurisdictions in which the ownership or lease of property or the conduct of its business (including, as applicable, the purchase, sale, and pledge of the Receivables) requires such qualifications, licenses, or approvals, except those jurisdictions in which failure to be so qualified would not have a Material Adverse Effect.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Power and Authority; Due Authorization</u>. The Borrower (i) has all necessary power, authority and legal right to (A) execute and deliver the Borrower Basic Documents, (B) carry out the terms of the Borrower Basic Documents, and (C) grant the security interest in the Collateral on the terms and conditions herein provided and (ii) has duly authorized by all necessary limited liability company action the execution, delivery, and performance of the Borrower Basic Documents and the grant of the security interest in the Collateral on the terms and conditions herein and therein provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Binding Obligation</u>. Each Borrower Basic Document constitutes a legal, valid and binding obligation of the Borrower, enforceable against the Borrower in accordance with its respective terms, except as such enforceability may be limited by Insolvency Laws and except as such enforceability may be limited by general principles of equity (whether considered in a suit at law or in equity).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>No Violation</u>. The execution and delivery of the Borrower Basic Documents, the consummation of the transactions contemplated by the Borrower Basic Documents ,and the fulfillment of the terms hereof and thereof will not (i) conflict in any material respect with, result in any material breach of any of the terms and provisions of, or constitute (with or without notice or lapse of time or both) a default under the Borrower's Formation Documents or a default in any material respect under any Contractual Obligation of the Borrower, (ii) result in the creation or imposition of any Lien upon any of the Borrower's properties (other than Permitted Liens), or (iii) violate any Applicable Law, the violation of which could reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>No Proceedings</u>. There is no litigation, proceeding, or investigation pending or, to the best knowledge of the Borrower, threatened against the Borrower, before any Governmental Authority (i) asserting the invalidity of any Borrower Basic Document, (ii) seeking to prevent the consummation of any of the transactions contemplated by any Borrower Basic Document, or (iii) seeking any determination or ruling that could reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>All Consents Required</u>. All approvals, authorizations, consents, orders, licenses, or other actions of any Person or of any Governmental Authority required for the due execution, delivery, and performance by the Borrower of the Borrower Basic Documents have been obtained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Bulk Sales</u>. The execution, delivery, and performance of the Borrower Basic Documents do not require compliance with any "bulk sales" act or similar law by the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Solvency</u>. The transactions contemplated by the Borrower Basic Documents do not and will not cause the Borrower not to be Solvent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Taxes</u>. The Borrower has filed or caused to be filed all federal, state, and other tax returns that are required to be filed by it. The Borrower has paid or made adequate provisions for the payment of all Taxes made against it or any of its property (other than any amount of Tax the validity of which is currently being contested in good faith by appropriate proceedings and with respect to which reserves in accordance with GAAP have been provided on the books of the Borrower), and no Tax lien has been filed and, to the Borrower's knowledge, no claim is being asserted, with respect to any such Tax.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Quality of Title</u>. Each Receivable, together with the Contract related thereto, shall, at all times, be owned by the Borrower free and clear of any Lien except for Permitted Liens, and upon the Initial Loan or each Subsequent Loan, the Administrative Agent, as agent for the Secured Parties, shall acquire a valid and perfected first priority security interest in each Receivable and in the related Collateral then existing or thereafter arising, free and clear of any Lien, other than Permitted Liens. No effective financing statement or other instrument similar in effect covering any portion of the Collateral shall at any time be on file in any recording office except such as may be filed in favor of (i) the Borrower in accordance with the Purchase Agreement or (ii) the Administrative Agent in accordance with this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Security Interest</u>. The Borrower has granted a security interest (as defined in the UCC) to the Administrative Agent, as agent for the Secured Parties, in the Collateral, which is enforceable in accordance with Applicable Law upon execution and delivery of this Agreement. Upon the filing of UCC-1 financing statements describing the Collateral, naming the Administrative Agent as secured party, and naming the Borrower as debtor, the Administrative Agent, as agent for the Secured Parties, shall have a first priority (except for any Permitted Liens) perfected security interest in the Collateral. All filings (including UCC filings) as are necessary in any jurisdiction to perfect the interest of the Administrative Agent, as agent for the Secured Parties, in the Collateral have been made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>Reports Accurate</u>. All Monthly Reports (if prepared by the Borrower, or to the extent that information contained therein is supplied by the Borrower, such portion supplied by the Borrower), information, exhibits, financial statements, documents, books, records, or reports furnished or to be furnished by the Borrower to each Agent, any Secured Party, the Backup Servicer and the Account Bank in connection with this Agreement are, to the Borrower's knowledge, true, complete, and correct in all material respects as of the date specified therein or the date so furnished, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>Location of Offices</u>. The principal place of business and chief executive office of the Borrower are located at the address of the Borrower referred to in Section 13.02 (or at such other locations as to which the notice and other requirements specified in Section 6.02(f) shall have been satisfied) and has been since the Borrower was formed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) <u>Remittance Account; Collection Account</u>. None of the Remittance Account, the Collection Account, or any interest in either the Remittance Account or the Collection Account has been pledged or assigned to any party other than the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) <u>Tradenames</u>. The Borrower has no trade names, fictitious names, assumed names, or "doing business as" names or other names under which it has done or is doing business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) <u>Purchase Agreement</u>. The Purchase Agreement is the only agreement pursuant to which the Borrower purchases Receivables and the related Contracts.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) <u>Value Given</u>. The Borrower shall have given reasonably equivalent value to Lendbuzz Funding in consideration for the transfer to the Borrower of the Receivables and the related Collateral under the Purchase Agreement, no such transfer shall have been made for or on account of an antecedent debt owed by Lendbuzz Funding to the Borrower and no such transfer is or may be voidable or subject to avoidance under any section of the Bankruptcy Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) <u>Accounting</u>. The Borrower accounts for the transfers to it from Lendbuzz Funding of the Receivables and related Collateral under the Purchase Agreement as true sales/true contributions of such Receivables and related Collateral in its books, records and financial statements, in each case consistent with GAAP and with the requirements set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) <u>Special Purpose Entity</u>. The Borrower is in compliance with Section 6.01(o).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) Confirmations from Lendbuzz and Lendbuzz Funding. The Borrower has received confirmations from each of Lendbuzz and Lendbuzz Funding that, so long as the Borrower is not "insolvent" within the meaning of the Bankruptcy Code or otherwise unable to pay its debts as they become due, neither Lendbuzz nor Lendbuzz Funding will cause the Borrower to file a voluntary petition under the Bankruptcy Code or any other Insolvency Laws. Each of the Borrower, Lendbuzz, and Lendbuzz Funding is aware that in light of the circumstances described in the preceding sentence and other relevant facts, the filing of a voluntary petition under the Bankruptcy Code for the purpose of making any Receivable or any other assets of the Borrower available to satisfy claims of the creditors of Lendbuzz and/or Lendbuzz Funding would not result in making such assets available to satisfy such creditors under the Bankruptcy Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>ERISA Matters</u>. The Borrower is not a "benefit plan investor" (as defined under Section 3(42) of ERISA). The Borrower does not sponsor, maintain or contribute to any Pension Plan or Multiemployer Plan. Neither the Borrower nor any ERISA Affiliate has any liability (contingent or otherwise) with respect to any Pension Plan or Multiemployer Plan except to the extent such liability could not reasonably be expected to have a Material Adverse Effect. Each Pension Plan sponsored, maintained or contributed to by Lendbuzz, Lendbuzz Funding, or any ERISA Affiliate of the Borrower, under which employees of the Borrower participate in or participated in, complies in all respects with ERISA and all other applicable laws except to the extent the failure to comply could not reasonably be expected to have a Material Adverse Effect. No Plan Event has occurred or is reasonably expected to occur that might result, directly or indirectly, in any material lien being imposed on the property or assets of the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) <u>Investment Company Act</u>. The Borrower (i) is not a "covered fund" under regulations adopted to implement section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, commonly known as the "Volcker Rule" and (ii) is not, and after giving effect to the transactions contemplated hereby, will not be required to register as an "investment company" within the meaning of the Investment Company Act. In determining that the Borrower is not an "investment company" within the meaning of the Investment Company Act, the Borrower is entitled to either the benefit of the exemption provided under Section 3(c)(5) of the Investment Company Act or the exclusion for loan securitizations in the Volcker Rule under 17 C.F.R. 75.10(c)(8).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) <u>Accuracy of Representations and Warranties</u>. Each representation or warranty by the Borrower contained herein, in any other Basic Document or in any certificate or other document furnished by the Borrower pursuant hereto or thereto or in connection herewith or therewith is true and correct in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) <u>Anti-Corruption Laws and Sanctions</u>. The Borrower is subject to policies and procedures of Lendbuzz that are designed to ensure compliance by Lendbuzz and its Subsidiaries, directors, officers, employees, and agents with Anti-Corruption Laws and applicable Sanctions. The Borrower, its officers, directors, and employees are in compliance with Anti-Corruption Laws and applicable Sanctions in all material respects. None of (a) the Borrower or any of its directors, officers, or employees, or (b) to the knowledge of the Borrower, any agent of the Borrower that will act in any capacity in connection with or benefit from the facility established hereby, is a Sanctioned Person. No Loan, use of proceeds, or other transaction contemplated by this Agreement will violate Anti-Corruption Laws or applicable Sanctions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) <u>Beneficial Ownership Rule</u>. At least 51% of the equity interests in the Borrower is owned, directly or indirectly, by a listed entity, and the Borrower is excluded on that basis from the definition of "Legal Entity Customer" as defined in the Beneficial Ownership Rule.

Section 5.02. <u>Representations and Warranties of the Borrower Relating to the</u>

<u>Receivables</u>. The Borrower hereby represents and warrants as of each Funding Date, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule C and the information contained in the related Funding Request is an accurate and complete listing in all material respects of the Receivables (including the Receivables being transferred on such Funding Date) constituting a portion of the Collateral as of the date of the related Loan and the information contained therein with respect to the identity of such Receivables and the amounts owing thereunder is true and correct in all material respects as of the related Cutoff Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) each Receivable referenced on the related Funding Request is an Eligible Receivable.

Section 5.03. <u>Representations and Warranties of Lendbuzz Funding</u>. Lendbuzz Funding represents and warrants, as of the Closing Date and each Funding Date, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Organization and Good Standing</u>. Lendbuzz Funding has been duly organized and is validly existing as a limited liability company in good standing under the laws of the State of Delaware, with all requisite power and authority to own or lease its properties and to conduct its business as such business is presently conducted and to enter into and perform its obligations pursuant to this Agreement, except as would not reasonably be expected (either individually or in the aggregate) to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Due Qualification</u>. Lendbuzz Funding is duly qualified to do business and is in good standing as a limited liability company, and has obtained all necessary licenses and approvals in all jurisdictions in which the ownership or lease of its property and or the conduct of its business, including the underwriting, servicing, and custody of the Receivables, requires such qualification, licenses, or approvals, except to the extent the failure to obtain such consents or approvals could not reasonably be expected to have a Material Adverse Effect.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Power and Authority; Due Authorization</u>. Lendbuzz Funding (i) has all necessary power, authority and legal right to (A) execute and deliver the Servicer Basic Documents and (B) carry out the terms of the Servicer Basic Documents and (ii) has duly authorized by all necessary corporate action the execution, delivery and performance of the Servicer Basic Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Binding Obligation</u>. Each Servicer Basic Document constitutes a legal, valid, and binding obligation of Lendbuzz Funding enforceable against Lendbuzz Funding in accordance with its respective terms except as such enforceability may be limited by Insolvency Laws and except as such enforceability may be limited by general principles of equity (whether considered in a suit at law or in equity).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>No Violation</u>. The execution and delivery of the Servicer Basic Documents, the consummation of the transactions contemplated by the Servicer Basic Documents, and the fulfillment of the terms hereof and thereof will not (i) conflict in any material respect with, result in any material breach of any of the terms and provisions of, or constitute (with or without notice or lapse of time or both) a default under, its Formation Documents or, in any material respect, any Contractual Obligation of Lendbuzz Funding, (ii) result in the creation or imposition of any Lien upon any of Lendbuzz Funding's properties (other than Permitted Liens), or (iii) violate any Applicable Law, the violation of which could reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>No Proceedings</u>. There is no litigation, proceeding or investigation pending or, to the best knowledge of Lendbuzz Funding, threatened against Lendbuzz Funding, before any Governmental Authority (i) asserting the invalidity of any Servicer Basic Document, (ii) seeking to prevent the consummation of any of the transactions contemplated by any Servicer Basic Document, (iii) challenging the enforceability of a material portion of the Receivables, or (iv) seeking any determination or ruling that could reasonably be expected to have Material Adverse Effect with respect to Lendbuzz Funding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>All Consents Required</u>. All approvals, authorizations, consents, orders, or other actions of any Person or of any Governmental Authority (if any) required for the due execution, delivery and performance by Lendbuzz Funding of the Servicer Basic Documents have been obtained, except those which if not obtained would not reasonably be expected (either individually or in the aggregate) to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Reports Accurate</u>. All Monthly Reports, information, exhibits, financial statements, documents, books, records or reports furnished or to be furnished by Lendbuzz Funding to any Agent, any Secured Party, the Backup Servicer, and the Account Bank in connection with this Agreement are, to Lendbuzz Funding's knowledge, accurate, true, and correct in all material respects as of the date specified therein or the date so furnished, as applicable.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Lendbuzz Funding 's Performance</u>. Lendbuzz Funding has the knowledge, the experience, and the systems, financial, and operational capacity available to timely perform each of its obligations hereunder in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Accounts</u> Lendbuzz Funding has neither pledged nor entered into a control agreement (other than the Blocked Account Control Agreement) with respect to the Remittance Account or amounts on deposit therein. Lendbuzz Funding has neither pledged nor entered into a control agreement (other than the Control Agreement) with respect to the Collection Account or amounts on deposit therein or with respect to the Hedge Reserve Account or amounts on deposit therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Tradenames and Place of Business</u>. Except as otherwise indicated in this Agreement or as the same may be changed in accordance with Section 6.05(b), (i) Lendbuzz Funding has no trade names, fictitious names, assumed names, or "doing business as" names or other names under which it has done or is doing business and (ii) the principal place of business and chief executive office of Lendbuzz Funding are located at the address of Lendbuzz Funding set forth on the signature pages hereto and has been so for the last four months.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Compliance with the Credit and Collection Policy</u>. Lendbuzz Funding has, with respect to the Receivables, complied in all material respects with the Credit and Collection Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>ERISA Matters</u>. No Plan Event has occurred or is reasonably expected to occur that might result, directly or indirectly, in any lien being imposed on the property of Lendbuzz Funding which could result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>Investment Company Act</u>. Lendbuzz Funding is not an "investment company" within the meaning of the Investment Company Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) <u>Anti-Corruption Laws and Sanctions</u>. Lendbuzz Funding is subject to policies and procedures of Lendbuzz that are designed to ensure compliance by Lendbuzz and its Subsidiaries, directors, officers, employees, and agents with Anti-Corruption Laws and applicable Sanctions. Lendbuzz Funding, its officers, directors, and employees are in compliance with Anti-Corruption Laws and applicable Sanctions in all material respects. None of (a) Lendbuzz Funding or any of its directors, officers, or employees, or (b) to the knowledge of Lendbuzz Funding, any agent of Lendbuzz Funding that will act in any capacity in connection with or benefit from the facility established hereby, is a Sanctioned Person.

Section 5.04. <u>Retransfer of Certain Receivables</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Retransfer of an Ineligible Receivable</u>. If a Receivable is an Ineligible Receivable at the time it was initially pledged hereunder, no later than the earlier of (i) knowledge by the Borrower of such Receivable having been an Ineligible Receivable when it was so pledged and (ii) receipt by the Borrower from the Administrative Agent or the initial Servicer of written notice thereof (which notice the initial Servicer shall be required to give within two Business Days of any of its Responsible Officers having actual knowledge thereof), the Borrower shall (A) disclose the identity of such Ineligible Receivable on the next Monthly Report and (B) on or before the next Distribution Date, to the extent such breach has not been cured or waived, make a

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deposit of the Release Price for each such Ineligible Receivable to the Collection Account in immediately available funds and accept the release of each such Ineligible Receivable. The Administrative Agent shall be deemed, upon deposit of the Release Price into the Collection Account, to convey to the Borrower, without recourse, representation, or warranty, all of its right, title, and interest in such Ineligible Receivable and the Borrower shall accept the release of each such Ineligible Receivable from the Administrative Agent, and the aggregate Pool Balance shall be reduced by the Principal Balance (as of the end of the most recent Collection Period) of each such Ineligible Receivable. Upon each release to the Borrower of such Ineligible Receivable, the Administrative Agent shall automatically and without further action be deemed to transfer, assign, and set-over to the Borrower, without recourse, representation, or warranty, all the right, title, and interest of the Administrative Agent in, to, and under such Ineligible Receivable and all future monies due or to become due with respect thereto, all proceeds of such Ineligible Receivable and Recoveries and Insurance Proceeds relating thereto, all rights to security for any such Ineligible Receivable, and all proceeds and products of the foregoing. The Administrative Agent shall, at the sole expense of the Servicer (which, in the case of any Successor Servicer, shall be reimbursable in accordance with the provisions of Section 2.07), execute such documents and instruments of release as may be prepared by the Servicer on behalf of the Borrower and take such other actions as shall reasonably be requested by the Borrower to effect the release of such Ineligible Receivable pursuant to this subsection.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Retransfer of Receivables for Breach of Servicing Covenant</u>. In the event that the initial Servicer breaches a servicing covenant pursuant to Section 7.03(c)(i) with respect to any Receivable, which breach adversely affects the Receivable or the interests of the Lenders, no later than the earlier of (i) knowledge by the initial Servicer of such event or (ii) receipt by the initial Servicer from the Administrative Agent or the Borrower of written notice thereof, the initial Servicer shall (A) disclose the identity of such Receivable on the next Monthly Report and (B) on or before the next Distribution Date, to the extent such breach has not been cured or waived, make a deposit of the Release Price for each such Receivable into the Collection Account in immediately available funds, and the initial Servicer shall accept the release of such Receivable(s), in each case as described in Section 5.04(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Notice of Retransfer</u>. The Borrower or the Servicer, as applicable, shall provide written notice to the Administrative Agent and each Hedge Counterparty on the Monthly Report of any release of Receivables pursuant to Sections 5.04(a) and (b). With respect to any such release, the Borrower shall provide written notice to the Administrative Agent and each Hedge Counterparty of any release of Receivables prior to 3:00 p.m., New York City time, three Business Days prior to the related repurchase date, and such notice shall include a calculation of the Borrowing Base after giving effect to such release, as well as representations and warranties by the Borrower that no Event of Default or Servicer Termination Event has occurred, that the Borrowing Base calculation included with such notice is accurate and that any required Hedging Agreements are in full effect.

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ARTICLE SIX

COVENANTS

Section 6.01. <u>Affirmative Covenants of the Borrower</u>. From the Closing Date until the Facility Termination Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Compliance with Laws</u>. The Borrower will comply in all material respects with all Applicable Laws, including those with respect to the Receivables and related Financed Vehicles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Preservation of Existence</u>. The Borrower will preserve and maintain its existence, rights, franchises and privileges in the State of Delaware, and qualify and remain qualified in good standing as a foreign limited liability company in each jurisdiction where the failure to preserve and maintain such existence, rights, franchises, privileges, and qualification has had, or could reasonably be expected to have, a material adverse effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Performance and Compliance with Agreements</u>. The Borrower will, at its expense, timely and fully perform and comply (or cause the Seller to perform and comply pursuant to this Agreement, the Purchase Agreement and all Purchase Agreement Supplements), in all material respects, all provisions, covenants and other promises required to be observed by it under the Basic Documents and the Contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Keeping of Records and Books of Account</u>. To the extent not maintained and implemented by the Servicer, the Borrower will maintain and implement administrative and operating procedures (including an ability to recreate records evidencing Receivables in the event of the destruction of the originals thereof), and keep and maintain all documents, books, records, financial statements, and other information reasonably necessary or advisable for the collection of all Receivables. Such books and records shall include reports adequate to permit the daily identification of each new Receivable and all Collections of and adjustments to each existing Receivable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Borrower Assets</u>. With respect to each Receivable, the Borrower will: (i) acquire such Receivable pursuant to and in accordance with the terms of the Purchase Agreement, (ii) take all action necessary to perfect, protect, and more fully evidence the Borrower's ownership of such Receivable, including (A) filing and maintaining effective financing statements (Form UCC-1) listing Lendbuzz Funding as debtor in all necessary filing offices (and will cause Lendbuzz Funding to obtain similar financing statements from each entity from which it acquired the Receivables), and filing continuation statements, amendments, or assignments with respect thereto in such filing offices and (B) executing or causing to be executed such other instruments or notices as may be necessary, and (iii) take all additional action that the Administrative Agent may reasonably request, including the filing of financing statements listing the Administrative Agent as secured party to perfect, protect, and more fully evidence the respective interests of the parties to this Agreement in the Collateral.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Delivery of Collections</u>. The Borrower will deliver to the Servicer, for further remittance to the Collection Account, all Collections received by Borrower in respect of the Receivables no later than two Business Days after the Borrower's receipt thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Separate Corporate Existence</u>. The Borrower shall be in compliance with the special purpose entity requirements set forth in Section 6.01(o).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Credit and Collection Policy</u>. The Borrower will, or will cause Lendbuzz Funding or the Servicer to, as the case may be, (i) with respect to each Receivable, comply with the Credit and Collection Policy (which may include originating or servicing Receivables in accordance with those discretionary exceptions that are set forth therein) and (ii) furnish to the Administrative Agent written notice of any material changes to the Credit and Collection Policy and revised versions of the Credit and Collection Policy containing such changes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Notice of Certain Events</u>. The Borrower will provide the Administrative Agent and each Agent with written notice within one Business Day of the date on which the Borrower receives notice of, or obtains knowledge of, the occurrence of any Event of Default, Unmatured Event of Default, Step-up Overcollateralization Trigger, Early Amortization Event, Servicer Termination Event, and Unmatured Servicer Termination Event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Taxes</u>. The Borrower will file and pay any and all Taxes, including those required to meet the obligations of the Basic Documents, except for Taxes that the Borrower is contesting in good faith and by appropriate legal proceedings the validity, applicability or amount thereof with such proceedings diligently conducted, and adequate reserves in accordance with GAAP are being maintained by the Borrower, except to the extent that such contest does not materially endanger any right or interest of the Secured Parties under the Basic Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Liens</u>. The Borrower will not create, or participate in the creation of, or permit to exist, any Liens (other than Permitted Liens) with respect to the Remittance Account or the Collection Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Reporting</u>. The Borrower will furnish or cause to be furnished to the Administrative Agent, each Agent and, to the extent requested by a Hedge Counterparty, such Hedge Counterparty:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Monthly Report</u>. Not later than each Reporting Date, a Monthly Report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Quarterly Report</u>. By the 15<sup>th</sup> of each February, May, August and November, a Quarterly Report, including information as of the previous month-end, as to the Receivables such as collections, delinquencies, losses, recoveries, cash flows, and such other information as reasonably requested by the Administrative Agent.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Financial Statements</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Within 60 days after the end of the first three quarterly fiscal periods of each fiscal year of the Performance Guarantor, the unaudited consolidated balance sheets of the Performance Guarantor as at the end of such period and the related unaudited consolidated statements of income and retained earnings for the Performance Guarantor for such period, setting forth in comparative figures for the previous quarter (to the extent such prior quarter financial statements were delivered pursuant to this Section or are otherwise available), accompanied by a certificate of a Responsible Officer of the Performance Guarantor, which certificate shall state that each such consolidated financial statement fairly presents the financial condition of the Performance Guarantor in accordance with GAAP, consistently applied, as at the end of, and for, such period (subject to normal year end audit adjustments). Notwithstanding the foregoing, if any such report is timely filed with the Securities and Exchange Commission and is publicly available on its the Electronic Data Gathering, Analysis and Retrieval (EDGAR) system on the date that the related report would otherwise be due hereunder, such report shall be deemed to have been timely delivered in accordance with this subclause.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Within 120 days after each fiscal year of the Performance Guarantor, the audited consolidated balance sheets of the Performance Guarantor as at the end of such fiscal year and the related audited consolidated statements of income and retained earnings and of cash flows for the Performance Guarantor for such year, setting forth in comparative form the figures for the previous year, accompanied by an opinion thereon of independent certified public accountants of recognized national standing, which opinion shall not be qualified as to scope of audit or going concern (other than a qualification as to going concern based solely on the tenor of the Commitments hereunder) and shall state that each consolidated financial statement fairly presents the financial condition and results of operations of the Performance Guarantor at the end of, and for, such fiscal year in accordance with GAAP. Notwithstanding the foregoing, if any such report is timely filed with the Securities and Exchange Commission and is publicly available on its the Electronic Data Gathering, Analysis and Retrieval (EDGAR) system on the date that the related report would otherwise be due hereunder, such report shall be deemed to have been timely delivered in accordance with this subclause.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) Within 120 days of the end of each fiscal year of the Performance Guarantor, a certificate of a Responsible Officer of the Performance Guarantor, which certificate shall state that the audited consolidated balance sheets of the Performance Guarantor delivered, or deemed to have been delivered, pursuant to subclause (B) fairly present the financial condition of the Performance Guarantor in accordance with GAAP, consistently applied, as at the end of, and for, such fiscal year.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>Representations</u>. Promptly following the Borrower's obtaining knowledge of the same, the Borrower shall notify the Administrative Agent that any representation or warranty set forth in Section 5.01 or 5.02 was incorrect in any material respect at the time it was given or deemed to have been given, and at the same time shall deliver to the Administrative Agent a written notice setting forth in reasonable detail the nature of such facts and circumstances. In particular, but without limiting the foregoing, the Borrower shall notify the Administrative Agent in the manner set forth in the preceding sentence before any Funding Date of any facts or circumstances within the knowledge of the Borrower which would render any of such representations and warranties untrue in any material respect at the date when they were made or deemed to have been made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Proceedings</u>. As soon as possible and in any event within two Business Days of the date on which the Borrower receives notice of, or obtains knowledge of, the same, the Borrower shall provide notice of any settlement of, material judgment (including a material judgment with respect to the liability phase of a bifurcated trial) in or commencement of any labor controversy (of a material nature), litigation, action, suit, or proceeding before any court or Governmental Authority, domestic or foreign, affecting the Borrower or any of its Affiliates that would reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) <u>Notice of Material Events</u>. Promptly following any Responsible Officer of the Borrower obtaining knowledge the same, the Borrower shall provide notice of any other event or circumstances that, in the reasonable judgment of the Borrower, would reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>Anti-Corruption Laws and Sanctions</u>. The Borrower will remain subsect to, and enforce, Lendbuzz's policies and procedures designed to ensure compliance by Lendbuzz and its Subsidiaries and each of their respective Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>Beneficial Ownership Certification</u>. From time to time any Lender that has a reasonable basis for requesting such a certification may request that the Borrower deliver, and within five Business Days of each such request the Borrower shall execute and deliver to such Lender, a Beneficial Ownership Certification, in form and substance reasonably acceptable to such Lender. Furthermore, promptly following any change that would result in a change to the status of the Borrower as an excluded "Legal Entity Customer" under the Beneficial Ownership Rule, the Borrower shall execute and deliver to each Lender a Beneficial Ownership Certification, in form and substance reasonably acceptable to each such Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) <u>Special Purpose Entity</u>. The Borrower shall take or perform each of the following actions (and the Borrower has not heretofore failed to take or perform any such actions in the past):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) maintain its own separate deposit and other bank accounts and funds to which no other Person has any access (except to the extent permitted under the Basic Documents) which accounts shall be maintained in the name of the Borrower;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) maintain full books of accounts and records (financial or other) and financial statements separate from those of any other Person (including, all resolutions, records, agreements, or instruments underlying or regarding the transactions contemplated by the Basic Documents or otherwise) (<u>provided</u>, that this provision shall not limit the Borrower's financial and operating results from being consolidated with those of its ultimate parent company in consolidated financial statements);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) at all times hold itself out to the public and all other Persons as a legal entity separate from the and any other Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) have its own board of managers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) file its own tax returns separate from those of any other Person, if any, as may be required under applicable law, to the extent (A) not part of a consolidated group filing a consolidated return or returns or (B) not treated as a division for tax purposes of another taxpayer, and pay any taxes so required to be paid under applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) ensure that any consolidated financial statements of any Affiliate or any other Person that are filed with the Securities Exchange Commission or any other governmental authority or are furnished to any creditors of any Affiliate or any other Person include notes clearly stating that the Borrower is a separate corporate entity and that its assets are available first and foremost to satisfy the claims of the creditors of the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) except as contemplated by the Basic Documents, not commingle its assets with assets of any other Person and maintain the assets of the Borrower in such a manner that it is not costly or difficult to segregate, identify, or ascertain its individual assets from those of any other Person, including any Affiliate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) conduct its business in its own name and strictly comply with all organizational formalities to maintain its separate existence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) disclose, and cause each Member to disclose, in its financial statements the effects of all transactions between such Member and the Borrower in a manner which makes it clear that (A) the Borrower is a separate legal entity, (B) the assets of the Borrower are not assets of any Affiliate and are not available to pay creditors of any Affiliate, and (C) neither such Member nor any Affiliate thereof is liable or responsible for the debts of the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) disclose, and cause each Member to disclose, in its financial statements the effects of all transactions between such Member and the Borrower in a manner which makes it clear that (A) the Borrower is a separate legal entity, (B) the assets of the Borrower are not assets of any Affiliate and are not available to pay creditors of any Affiliate, and (C) neither such Member nor any Affiliate thereof is liable or responsible for the debts of the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) pay its own liabilities and expenses only out of its own funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) except for capital contributions or capital distributions permitted under the terms and conditions of the Borrower's Formation Documents and the Basic Documents, not enter into any transaction with an Affiliate of the Borrower except on arm's length terms;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) compensate (either directly or through reimbursement of the Borrower's allocable share of any shared expenses) all employees, consultants, and agents and Affiliates, to the extent applicable, for services provided to the Borrower by such employees, consultants, and agents or Affiliates, in each case, from the Borrower's own funds and either maintain a sufficient number of employees, and/or employ sufficient consultants or agents, in light of its contemplated operations; <u>provided</u>, that the foregoing shall not require the Members to make any additional capital contributions to the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) except as expressly permitted under any of the Basic Documents, pay from its own bank accounts for accounting and payroll services, rent, lease, and other expenses (or the Borrower's allocable share of any such amounts provided by one or more other Affiliates) and not have such operating expenses (or the Borrower's allocable share thereof) paid by any Affiliates; <u>provided</u>, the foregoing shall not require the Members to make any additional capital contributions to the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) not hold out its credit or assets as being available to satisfy the obligations of any other Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) to the extent that the Borrower maintains office space, maintain such office space separate and clearly delineated from the office space of any Affiliate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) to the extent that the Borrower incurs any overhead expenses that are shared with an Affiliate, including for shared office space and for services performed by an employee of an Affiliate, allocate fairly and reasonably such overhead expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) cause (A) all written communications, including letters, invoices, purchase orders, and contracts, of the Borrower to be made solely in the name of the Borrower, (B) the Borrower to have its own tax identification number, stationery, checks, and business forms, separate from those of any other Person, (C) all Affiliates not to use the stationery or business forms of the Borrower, and cause the Borrower not to use the stationery or business forms of any Affiliate, and (D) all Affiliates not to conduct business in the name of the Borrower, and cause the Borrower not to conduct business in the name of any Affiliate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) except as expressly permitted by any of the Basic Documents, direct creditors of the Borrower to send invoices and other statements of account of the Borrower directly to the Borrower and not to any Affiliate and cause the Affiliates to direct their creditors not to send invoices and other statements of accounts of such Affiliates to the Borrower;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) except as expressly permitted by any of the Basic Documents, not acquire obligations or securities of or make loans or advances to or grant a security interest in or pledge its assets for the benefit of the Member, any Affiliate or any other Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) correct any known misunderstanding regarding its separate identity and not identify itself as a department or division of any other Person except as may be required for income tax purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi) maintain adequate capital in light of its contemplated business purpose, transactions and liabilities, and refrain from engaging in a business for which its remaining property represents an unreasonably small capital; <u>provided</u>, that the foregoing shall not require the Members to make any additional capital contributions to the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxii) practice and adhere to all limited liability company procedures and formalities to the extent required by the Borrower's Formation Documents or all other appropriate constituent documents and applicable law in all material respects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiii) except for the other Basic Documents, not acquire any obligations or securities of the Member or of any Affiliate of the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiv) cause the managers, officers, agents, and other representatives of the Borrower to act at all times with respect to the Borrower consistently and in furtherance of the foregoing and in the best interests of the Borrower; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxv) at all times will have at least one manager that qualifies as an Independent Manager.

Section 6.02. <u>Negative Covenants of the Borrower</u>. From the date hereof until the Facility Termination Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Other Business</u>. The Borrower will not (i) engage in any business other than the transactions contemplated by the Basic Documents, (ii) incur any Indebtedness, obligation, liability or contingent obligation of any kind (including guaranteeing any obligation) other than pursuant to this Agreement, any other Basic Document or under any Hedging Agreement required by Section 6.03, or (iii) form any Subsidiary or make any Investments in any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Receivables Not to be Evidenced by Instruments</u>. The Borrower will take no action to cause any Receivable that is not, as of the related Funding Date, evidenced by an Instrument, to be so evidenced except in connection with the enforcement or collection of such Receivable.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Security Interests</u>. The Borrower will not sell, pledge, assign, or transfer to any other Person, or grant, create, incur, assume, or suffer to exist any Lien (other than Permitted Liens) on any portion of the Collateral, whether now existing or hereafter transferred hereunder, or any interest therein, and the Borrower will not sell, pledge, assign, or suffer to exist any Lien on its interest, if any, hereunder. The Borrower will promptly notify the Administrative Agent of the existence of any Lien (other than a Permitted Lien) on any portion of the Collateral and the Borrower shall defend the right, title, and interest of the Administrative Agent in, to and under such Collateral, against all claims of third parties; <u>provided</u>, that nothing in this subsection shall prevent or be deemed to prohibit the Borrower from suffering to exist Permitted Liens upon any portion of the Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Mergers, Acquisitions, Sales, Etc</u>. The Borrower will not be a party to any merger or consolidation, or purchase or otherwise acquire all or substantially all of the assets or any stock or membership interests of any class of, or any partnership or joint venture interest in, any other Person, or, sell, transfer, convey, or lease all or any substantial part of its assets, or sell or assign with or without recourse any portion of the Collateral or any interest therein (other than pursuant hereto).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Distributions</u>. The Borrower shall not declare or pay, directly or indirectly, any dividend or make any other distribution (whether in cash or other property) with respect to the profits, assets, or capital of the Borrower or any Person's interest therein, or purchase, redeem, or otherwise acquire for value any of its capital stock now or hereafter outstanding, except that so long as no Event of Default or Unmatured Event of Default has occurred and is continuing or would result therefrom, the Borrower may distribute to holders of its membership interest funds distributed to the Borrower pursuant to Section 2.07(xi), subject to Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Change of Name or Location of Receivable Files</u>. The Borrower shall not (i) change its name or state of organization, move the location of its principal place of business and chief executive office, and the offices where it keeps the Records from the location referred to in Section 13.02 or (ii) move, or consent to the Collateral Custodian or the Servicer moving, the Receivable Files from the location thereof on the Closing Date, unless the Borrower has given at least 30 days' written notice to the Administrative Agent and has taken all actions required under the UCC of each relevant jurisdiction in order to continue the first priority perfected security interest of the Administrative Agent in the Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>True Sale</u>. Except for purposes of GAAP, the Borrower will not account for or treat the transactions contemplated by the Purchase Agreement in any manner other than as the sale, or absolute assignment, of the Receivables and other Collateral by Lendbuzz Funding to the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>ERISA Matters</u>. The Borrower will not (i) establish, maintain or contribute to or have any liability (contingent or otherwise) with respect to any Pension Plan or Multiemployer Plan or (ii) be a "benefit plan investor" under Section 3(42) of ERISA. With respect to any Pension Plan, the Borrower will not engage or permit any ERISA Affiliate to engage in any prohibited transaction under Section 406 of ERISA or Section 4975 of the Code for which an exemption is not available or has not previously been obtained from the United States Department of Labor and which would result in a Material Adverse Effect.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Formation Documents; Purchase Agreement</u>. The Borrower will not amend, modify, waive, or terminate any provision of its Formation Documents or of the Purchase Agreement (including any Purchase Agreement Supplement) without the Consent of the Administrative Agent; <u>provided</u>, that if the Borrower has provided the Administrative Agent with written notice of its intention to make any such amendment, modification, waiver, or termination and the Administrative Agent has not provided a response either granting or withholding its consent thereto within ten Business Days, then the Borrower may proceed with the related amendment, modification, wavier, or termination as if the Administrative Agent had provided its consent thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Changes in Payment Instructions</u>. The Borrower will not add or make any change, or permit the Servicer to make any change, in its instructions to Obligors regarding payments to be made to the Borrower or the Servicer or payments to be made to the Remittance Account, unless the Administrative Agent has Consented to such change in writing and has received duly executed copies of all documentation related thereto, which documentation shall be satisfactory in form and substance to the Administrative Agent (acting at the direction of the Required Lenders).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Extension or Amendment</u>. The Borrower will not, except as otherwise permitted in Section 7.03(c)(i), extend, amend or otherwise modify, or permit the Servicer to extend, amend, or otherwise modify, the terms of any Contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>No Assignments</u>. The Borrower will not assign or delegate, grant any interest in, or permit any Lien (other than Permitted Liens) to exist upon any of its rights, obligations, or duties under this Agreement without the prior written Consent of the Administrative Agent (acting at the direction of the Required Lenders).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>Anti-Corruption Laws and Sanctions</u>. The Borrower will not request any Loan, and the Borrower shall not use any Loan, and shall procure that its directors, officers, employees and agents (if any) shall not use, the proceeds of any Loan (i) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws, (ii) for the purpose of funding, financing, or facilitating any activities, business, or transaction of or with any Sanctioned Person, or in any Sanctioned Country, or (iii) in any manner that would result in the violation of any Sanctions applicable to any party hereto.

Section 6.03. <u>Covenants of the Borrower Relating to Hedging</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Beginning on the date that is 115 days after the date of the Initial Loan, the Borrower shall at all times that the Loans Outstanding are greater than zero, (x) maintain one or more Hedge Transactions in form and substance satisfactory to the Administrative Agent (acting at the direction of the Required Lenders), each of which may be in the form of an interest rate swap or an interest rate cap transaction, and/or (y) maintain amounts on deposit in the Hedge Reserve Account, in all cases so as to ensure that within thirty days after each Funding Date (or, with respect to the Funding Date relating to the Initial Loan, within 115 days of such Funding Date) either (i) the aggregate notional amount under all Hedge Transactions equals at least 100% of the Loans Outstanding as of such Funding Date (after giving effect to any changes to the Loans Outstanding on such date) or (ii) if the aggregate notional amount under all Hedge Transactions is less than 100% of the Loans Outstanding as of such Funding Date (after giving effect to any changes to the Loans Outstanding on such date), the Hedge Reserve Account has

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been established and an amount not less than the Hedge Reserve Account Required Amount must be on deposit therein at all times thereafter; <u>provided</u>, that if on any date that is more than 115 days after the Funding Date relating to the Initial Loan any Mandatory Hedging Condition exists, then within two (2) Business Days of such date the aggregate notional amount under all Hedge Transactions must equal at least 100% of the Loans Outstanding as of such date (if such date is a Funding Date, and after giving effect to any changes to the Loans Outstanding on such date) or as of the immediately succeeding Funding Date (if such date is not a Funding Date, and after giving effect to any changes to the Loans Outstanding on such Funding Date), regardless of whether any amounts are then on deposit in the Hedge Reserve Account. If at any time the Hedge Reserve Account Required Amount is greater than zero, then (A) no later than three Business Days prior to each Funding Date and no later than three Business Days prior to each Payment Date the Borrower (or the initial Servicer on behalf of the Borrower) shall obtain a quote for the purchase price of an interest rate cap that allows it to recalculate the Hedge Reserve Account Required Amount on such date and (B) beginning on the related Funding Date or Payment Date, as applicable, such quote shall be used to determine the 'Hedge Reserve Account Required Amount' until the next succeeding Funding Date or Payment Date, as applicable. It is acknowledged and agreed that any Hedge Transaction entered into by the Administrative Agent on behalf of the Borrower pursuant to Section 2.09(f) shall be deemed to have been entered into by the Borrower for purposes of Borrower's obligations under this Section 6.03(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Hedge Transaction shall be entered into with a Hedge Counterparty and be governed by a Hedging Agreement. Any Hedge Transaction that is in in the form of an interest rate swap shall provide for the payment on each Distribution Date to the Hedge Counterparty of an amount calculated by reference to the notional amount thereunder and a fixed rate of interest per annum and for the payment on each Distribution Date to the Borrower of an amount calculated by reference to the same notional amount thereunder and a floating rate of interest (per annum equal to SOFR or a related rate), in each case for each day during the related Interest Period. Furthermore, (i) the notional amount, duration, and amortization of each such Hedge Transaction shall be agreed upon by the Borrower and the Administrative Agent and (ii) with respect to each Hedge Transaction that is entered into with a Non-JPM Counterparty, the "Termination Events" and "Events of Default" that are applicable under each such Hedge Transaction and any provisions in the related Hedging Agreement relating to the obligations of such Non-JPMorgan Hedge Counterparty if an "Event of Default" occurs under such Hedge Transaction and such Non-JPMorgan Hedge Counterparty is a "Defaulting Party" or a "Termination Event" occurs under such Hedge Transaction and such Non-JPMorgan Hedge Counterparty is an "Affected Party," shall have been approved by the Required Lenders to the Administrative Agent prior to the effectiveness of such Hedge Transaction, which approval (A) may not be unreasonably withheld, (B) will be deemed to have been granted if the Required Lenders have not provided notice of their approval or their rejection of such applicable terms within five Business Days of the date on which their approval is first sought, and (C) will be deemed to have been granted with respect to any such terms for which such an approval was previously obtained with respect to such Non-JPMorgan Hedge Counterparty. If a Non-JPMorgan Counterparty met the Short-Term Ratings Requirement and/or the Long-Term Ratings Requirement at the time the related Hedge Transaction was entered into and is downgraded or has any ratings withdrawn such that it no longer meets the Short-Term Ratings Requirement and/or the Long-Term Ratings Requirement, as applicable, then within thirty (30) days of the related downgrade or withdrawal either (A) the Borrower must enter into a new Hedging Agreement, (B) the Hedge Counterparty must post collateral pursuant to a credit support annex in an amount satisfactory to the Required Lenders, or (C) the Hedge Counterparty must obtain a guaranty of its obligations under the Hedging Agreement that is satisfactory to the Required Lenders.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If on any date any Hedge Transactions are in the form of interest rate swaps and the aggregate notional amount under all outstanding Hedge Transactions as of such date is either (x) less than 95% of the Loans Outstanding as of such date (after giving effect to any changes to the Loans Outstanding on such date) or (y) more than 105% of the Loans Outstanding as of such date (after giving effect to any changes to the Loans Outstanding on such date), then the Administrative Agent may direct the Borrower to, within thirty days of the date on which such direction is provided, enter into one or more Hedge Transactions, increase the notional amount of one or more Hedge Transactions, or decrease the notional amount of one or more Hedge Transactions, in all cases as necessary such that immediately thereafter the aggregate notional amount under all Hedge Transactions is neither (I) less than 95% of the Loans Outstanding as of the Adjustment Date (after giving effect to any changes to the Loans Outstanding on such date) nor (II) more than one 105% of the Loans Outstanding as of the Adjustment Date (after giving effect to any changes to the Loans Outstanding on such date). The "<u>Adjustment Date</u>" related to any direction provided by the Administrative Agent pursuant to this clause (b) shall be either the date on which such direction is provided by the Administrative Agent to the Borrower (if such date is a Distribution Date) or otherwise the next Distribution Date occurring after the date on which such direction is provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Borrower shall establish and thereafter maintain a segregated trust account in the name of the Borrower with respect to each Hedge Counterparty (each, a "<u>Hedge</u> <u>Counterparty Collateral Account</u>") with a Qualified Institution in trust and for the benefit of the Lenders and the related Hedge Counterparty. In the event that pursuant to the terms of the applicable Hedging Agreement, the related Hedge Counterparty is required to deposit cash or securities as collateral to secure its obligations ("<u>Posted Collateral</u>"), the Borrower shall deposit all Posted Collateral received from the Hedge Counterparty into the Hedge Counterparty Collateral Account. All sums on deposit and securities held in any Hedge Counterparty Collateral Account shall be used only for the purposes set forth in the related credit support annex ("<u>Credit Support Annex</u>") to the Hedging Agreement. The only permitted withdrawal from or application of funds on deposit in, or otherwise to the credit of, a Hedge Counterparty Collateral Account shall be (i) for application to the obligations of the applicable Hedge Counterparty under the related Hedging Agreement in accordance with the terms of the related Credit Support Annex and (ii) to return collateral to the Hedge Counterparty when and as required by the Credit Support Annex. Amounts on deposit in each Hedge Counterparty Collateral Account shall be invested at the written direction of the related Hedge Counterparty, and all investment earnings actually received on amounts on deposit in a Hedge Counterparty Collateral Account or distributions on securities held as Posted Collateral shall be distributed to the related Hedge Counterparty in accordance with the terms of the related Credit Support Annex. Any amounts applied by the Borrower to the obligations of the Hedge Counterparty under the Hedging Agreement in accordance with the terms of the Credit Support Annex shall be deposited in the Collection Account and applied in accordance with Section 2.07 of this Agreement. The Borrower agrees to give the Hedge Counterparty prompt notice if it obtains knowledge that the Hedge Counterparty Collateral Account or any funds on deposit therein or otherwise to the credit of the Hedge Counterparty Collateral Account, shall or have become subject to any writ, order, judgment, warrant of attachment, execution, or similar process.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If, with respect to any Hedge Transactions the Borrower has entered into with a Non-JPM Hedge Counterparty, either an "Event of Default" occurs and such Non-JPMorgan Hedge Counterparty is a "Defaulting Party" or a "Termination Event" occurs under such Hedge Transaction and such Non-JPMorgan Hedge Counterparty is an "Affected Party," then the Borrower shall promptly cause such Hedge Counterparty to take all actions it is required to take pursuant to the related Hedging Agreements as a result of the occurrence of such "Event of Default" or "Termination Event."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Borrower shall deliver to the Administrative Agent a copy of all documents related to any Hedging Agreement, including confirmations, schedules, and an aggregate notional amortization schedule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) All reasonably documented out-of-pocket costs and expenses (including reasonable legal fees and disbursements) incurred by the Administrative Agent and the Lenders incurred with each Hedge Transaction shall be paid by the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) As additional security hereunder, the Borrower has granted a security interest to the Administrative Agent all right, title and interest of the Borrower in the Hedge Collateral. The Borrower acknowledges that, as a result of that pledge, the Borrower may not, without the prior written Consent of the Administrative Agent (acting at the direction of the Required Lenders), exercise any rights under any Hedging Agreement or Hedge Transaction, except for the Borrower's right under any Hedging Agreement to enter into Hedge Transactions in order to meet the Borrower's obligations hereunder. Nothing herein shall have the effect of releasing the Borrower from any of its obligations under any Hedging Agreement or any Hedge Transaction, nor be construed as requiring the consent of any Secured Party for the performance by the Borrower of any such obligations.

Section 6.04. <u>Affirmative Covenants of the Servicer and the Collateral Custodian</u>. From the date hereof until the Facility Termination Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Compliance with Law</u>. The Servicer and the Collateral Custodian will <u>each</u> comply in all material respects with all Applicable Laws, including those with respect to the Contracts, the Receivables, the related Financed Vehicles, the Receivable Files, or any part thereof and any collection efforts on behalf of the Receivables or related Financed Vehicles that such party takes, except to the extent that such party's failure to so comply would not have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Preservation of Corporate Existence</u>. The Servicer and the Collateral Custodian will each preserve and maintain its existence, rights, franchises, and privileges in its State of formation, and shall qualify and remain qualified in good standing as a foreign limited liability company or corporation, as applicable, in each jurisdiction where the failure to preserve and maintain such existence, rights, franchises, privileges and qualification has had, or could reasonably be expected to have, a Material Adverse Effect.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Obligations and Compliance with Receivables</u>. The Servicer will fulfill and comply in all material respects with all obligations on the part of the Borrower to be fulfilled or complied with under or in connection with each Receivable. Neither the Servicer nor the Collateral Custodian will do anything to impair the rights of the Administrative Agent in, to, and under the Collateral. The Servicer will comply in all material respects with the terms and conditions of this Agreement relating to the obligation of the Borrower to remove Receivables from the Collateral pursuant to this Agreement and the obligation of the Seller, under the Purchase Agreement, to reacquire Receivables from the Borrower pursuant to the Purchase Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Performance and Compliance with Basic Documents</u>. The Servicer will timely and fully perform and comply in all material respects with all provisions, covenants, and other promises required to be observed by it under the Servicer Basic Documents. The Collateral Custodian will timely and fully perform and comply in all material respects with all provisions, covenants, and other promises required to be observed by it under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Keeping of Records and Books of Account</u>. The Servicer and the Collateral Custodian will each maintain and implement administrative and operating procedures (including an ability to recreate records evidencing Receivables, including the Receivable Files, in the event of the destruction of the originals thereof), and keep and maintain all documents, books, records and other information reasonably necessary or advisable for the collection of all Receivables, including the Receivable Files.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Preservation of Security Interest</u>. The Servicer will execute and file such <u>financing</u> and continuation statements and any other documents that may be required by any law or regulation of any Governmental Authority to preserve and protect fully the security interest of the Administrative Agent in, to, and under the Collateral; <u>provided</u>, that in the case of any Successor Servicer, the Successor Servicer shall execute and file such documents (as prepared by the Borrower or the Administrative Agent) only upon the written direction of the Borrower or the Administrative Agent and any action taken by the Successor Servicer pursuant to this clause shall be a reimbursable expense paid in accordance with the provisions of Section 2.07. The Servicer will defend the right, title, and interest of the Borrower, the Secured Parties, the Administrative Agent and the Collateral Custodian in, to and under the Collateral against all claims of third parties claiming through or under the Servicer; <u>provided</u>, that in the case of any Successor Servicer, such action or defense shall only be taken at the written direction of the Borrower or the Administrative Agent and, so long as the need for such defense or action was not caused by the Successor Servicer's gross negligence, bad faith, or willful misconduct, any action taken by the Successor Servicer pursuant to this clause shall be a reimbursable expense paid in accordance with the provisions of Section 2.07.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Credit and Collection Policy</u>. The Servicer will comply in all material respects with the Credit and Collection Policy in regard to each Receivable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Monthly Reports</u>. Not later than each Reporting Date, the Servicer will provide to the Administrative Agent and, to the extent requested or required by a Hedge Counterparty, such Hedge Counterparty, a Monthly Report.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Events of Default and Servicer Termination Events</u>. Each of the Servicer and the Collateral Custodian will furnish to the Administrative Agent, the Backup Servicer and each Hedge Counterparty, within two Business Days after a Responsible Officer of the Servicer or the Collateral Custodian, as applicable, has actual knowledge thereof, notice of the occurrence of an Unmatured Event of Default, an Event of Default, an Unmatured Servicer Termination Event or a Servicer Termination Event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Other</u>. The Servicer and the Collateral Custodian will each furnish to the Administrative Agent, from time to time, such other information, documents, records or reports respecting the Collateral or the condition or operations, financial or otherwise, of the Servicer or the Collateral Custodian, as applicable, as the Administrative Agent may from time to time reasonably request in order to protect the interests of the Administrative Agent or Lenders under or as contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Notices Regarding Collateral</u>. The Servicer and the Collateral Custodian shall each advise the other and the Administrative Agent in writing in reasonable detail promptly following its actual knowledge or receipt of written notice of (i) the occurrence of any breach in any material respect by the Servicer or the Collateral Custodian, respectively, of any of its representations, warranties, and covenants contained herein relating to the Receivables, and (ii) the occurrence of any other event which would reasonably be expected to have a material adverse effect on the security interest of the Administrative Agent on behalf of the Secured Parties in the Collateral or the collectability of all or a material portion of the Receivables. Furthermore, the Servicer shall include in each Monthly Report (A) a listing of any Liens (other than Permitted Liens) that were asserted or claims that were made against any portion of the Collateral through the end of the related Collection Period and (B) a listing of any Receivables with respect to which any proceeding is pending in which any defense, claim of offset, counterclaim, or claim of recoupment has been alleged by the related Obligor or any Governmental Authority through the end of the related Collection Period, and the Servicer shall promptly provide further information regarding such Liens, proceedings, and/or the affected Collateral if requested by the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Additional Information</u>. The Servicer and the Collateral Custodian shall each, within five Business Days of its receipt thereof, respond to reasonable written directions or written requests for information that the other, the Borrower, the Administrative Agent, or any Lender might have with respect to the administration of the Receivables.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>Financial Statements</u>. The initial Servicer shall cause the Performance Guarantor to provide to the Administrative Agent, each Agent, and each Lender, the financial statements with respect to Lendbuzz described in Section 6.01(l)(iii).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>Accounting Policy</u>. The initial Servicer will notify the Administrative Agent within ten Business Days of its implementation of any material change in its accounting policies.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) <u>Additional Covenants</u>. The Servicer shall (i) promptly notify the Borrower, the Administrative Agent, and the Collateral Custodian of the occurrence of any event which would require that the Borrower make or cause to be made any filings, reports, notices, or applications or seek any consents or authorizations from any and all Governmental Authorities in accordance with the relevant UCC and any State vehicle license or registration authority as may be necessary or advisable to create, maintain, and protect a first priority security interest of the Administrative Agent in, to and on the Financed Vehicles and a first priority security interest of the Administrative Agent in, to and on the Collateral, and (ii) take all reasonable action necessary to maximize the returns pursuant to the Insurance Policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) <u>Anti-Corruption Laws and Sanctions</u>. The initial Servicer and the initial Collateral Custodian will each remain subject to and enforce Lendbuzz's policies and procedures designed to ensure compliance by Lendbuzz and its Subsidiaries and each of their respective Subsidiaries and their respective directors, officers, employees, and agents with Anti-Corruption Laws and applicable Sanctions.

Section 6.05. <u>Negative Covenants of the Servicer and the Collateral Custodian</u>. From the date hereof until the Facility Termination Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Accounts</u>. Neither the Servicer nor the Collateral Custodian shall create or participate in the creation of, or solely in the case of the initial Servicer and the initial Collateral Custodian, permit to exist, any Liens (other than Permitted Liens) with respect to the Remittance Account, the Collection Account, or the Hedge Reserve Account. Neither the Servicer nor the Collateral Custodian shall enter into any 'control agreement' (as defined in the relevant UCC) with respect to the Remittance Account (other than the Blocked Account Control Agreement), the Collection Account (other than the Control Agreement), or the Hedge Reserve Account (other than the Control Agreement). Without the prior written Consent of the Administrative Agent, neither the Servicer nor the Collateral Custodian shall move the Remittance Account or the Collection Account to an institution other than the one at which it is held as of the Closing Date, and neither shall move the Hedge Reserve Account to an institution other than the one at which it is initially established.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Change of Name or Location of Receivable Files</u>. Neither the initial Servicer nor the initial Collateral Custodian shall change its name or its state of organization, move the location of its principal place of business and chief executive office, or the offices where it keeps records concerning the Receivables (including the Receivable Files, with respect to the initial Collateral Custodian) from the location referred to in Section 7.17 or Section 13.02, unless the initial Servicer or the initial Collateral Custodian, respectively, has provided prior written notice to the Administrative Agent and has taken all actions required under the UCC of each relevant jurisdiction in order to continue the first priority perfected security interest of the Administrative Agent, as agent for the Secured Parties, in the Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Credit and Collection Policy</u>. The Servicer will not amend, modify, restate or replace, in whole or in part, in any material respect, the Credit and Collection Policy, without the prior written Consent of the Administrative Agent, which consent shall not be unreasonably withheld.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Change in Payment Instructions to Obligors</u>. The initial Servicer will not make any change in its instructions to the Obligors regarding payments to be made to the Borrower or the Servicer, except as otherwise permitted by the Credit and Collection Policy, or payments to be made to the Remittance Account, unless the Administrative Agent has Consented to such change and has received duly executed documentation related thereto.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Extension or Amendment of Contracts</u>. The Servicer will not, except as otherwise permitted in Section 7.03(c)(i), extend, amend or otherwise modify the terms of any Contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>No Instruments</u>. Neither the Servicer nor the Collateral Custodian shall take any action to cause any Receivable to be evidenced by any Instrument or "tangible chattel paper" (as defined in the UCC).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>ERISA</u>. Neither the Servicer nor the Collateral Custodian will (A) with respect to any Pension Plan, engage or permit any ERISA Affiliate to engage in any prohibited transaction for which an exemption is not available or has not previously been obtained from the United States Department of Labor and which would result in a Material Adverse Effect, or (B) to the extent it would result in a Material Adverse Effect (i) permit to exist any accumulated funding deficiency, as defined in Section 302(a) of ERISA and Section 412(a) of the Code, or funding deficiency with respect to any Pension Plan other than a Multiemployer Plan, (ii) fail to make any payments to a Multiemployer Plan that the Servicer or any such ERISA Affiliate may be required to make under the agreement relating to such Multiemployer Plan or any law pertaining thereto, (iii) terminate any Pension Plan so as to result in any liability, or (iv) permit to exist any occurrence of any Reportable Event.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Anti-Corruption Laws and Sanctions</u>. Neither the initial Servicer nor the initial Collateral Custodian will cause the Borrower to request any Loan, and none of the initial Servicer, the initial Collateral Custodian, or any Subsidiary or Affiliate of the initial Servicer or the initial Collateral Custodian shall use, and each shall procure that its Subsidiaries and its or their respective directors, officers, employees and agents shall not use, the proceeds of any Loan (i) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws, (ii) for the purpose of funding, financing or facilitating any activities, business or transaction of or with any Sanctioned Person, or in any Sanctioned Country, or (iii) in any manner that would result in the violation of any Sanctions applicable to any party hereto.

ARTICLE SEVEN

ADMINISTRATION AND SERVICING OF RECEIVABLES

Section 7.01. <u>Designation of Servicing</u>. The Administrative Agent and the Borrower, at the direction of and on behalf of the Administrative Agent, hereby appoint Lendbuzz Funding, as Servicer to manage, collect, and administer each of the Receivables and the other Collateral, and to enforce its respective rights and interests in and under the Collateral and Lendbuzz Funding hereby accepts such appointment and agrees to perform the duties and responsibilities of the Servicer pursuant to the terms hereof.

Section 7.02. <u>Servicing Compensation</u>. As compensation for its servicing activities hereunder and reimbursement for its expenses, the Servicer shall be entitled to receive the Servicing Fee to the extent of funds available therefor pursuant to Section 2.07(ii). The Servicer shall further be entitled to retain as additional servicing compensation any and all Ancillary Fees from Obligors.

Section 7.03. <u>Duties of the Servicer</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Standard of Care</u>. The Servicer agrees that its servicing and collection of the Receivables shall be carried out in accordance with the Credit and Collection Policy and Applicable Law and, to the extent more exacting, the degree of skill and attention that the Servicer exercises with respect to all comparable motor vehicle receivables that it services for itself or others.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Records Held in Trust</u>. The Servicer shall hold in trust for the Secured Parties all records which evidence or relate to all or any part of the Collateral. The outgoing Servicer shall promptly deliver to any Successor Servicer, and the Successor Servicer shall hold in trust for the Borrower and the Secured Parties, all records which evidence or relate to all or any part of the Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Collection Practices</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Servicer shall be responsible for collection of payments called for under the terms and provisions of the Contracts related to the Receivables, as and when the same shall become due. The Servicer, in making collection of Receivable payments pursuant to this Agreement, shall be acting as agent for the Borrower, and shall be deemed to be holding such funds in trust on behalf of and as agent for the Borrower. The Servicer, consistent with the Credit and Collection Policy in effect at the time of acting, shall service, manage, administer, and make

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collections on the Receivables on behalf of the Borrower and shall have full power and authority to do any and all things which it may deem necessary or desirable in connection therewith which are consistent with this Agreement. The Servicer may in its discretion grant extensions, rebates, or adjustments on a Contract or amend or modify any Contract (including modifying the APR or the amount of the Scheduled Payments) as permitted by the Credit and Collection Policy then in effect. If any such modification occurs after the Termination Date, such Receivable must be repurchased by the initial Servicer pursuant to Section 5.04(b). The Servicer may in its discretion waive any late payment charge or any other fees, not including interest on the Principal Balance, that may be collected in the ordinary course of servicing a Receivable. If Lendbuzz Funding is no longer the Servicer, the Servicer shall also enforce any and all rights of the Borrower under the Purchase Agreement (including each Purchase Agreement Supplement) including the right to require Lendbuzz Funding to repurchase Receivables for breaches of representations and warranties made by Lendbuzz Funding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Consistent with the Credit and Collection Policy, if any Receivable is past due or delinquent, in whole or in part, the Servicer will make reasonable and customary efforts to contact the Obligor. The Servicer shall continue its efforts to obtain payment from an Obligor who is past due or delinquent on a Receivable until the related Financed Vehicle has been repossessed and sold or the Servicer has determined that all amounts collectable on the Receivable have been collected. The Servicer shall use commercially reasonable efforts, consistent with the Credit and Collection Policy and the standard of care set forth in Section 7.03(a), to collect funds on a Liquidated Receivable and by the close of business on the second Business Day following receipt of such Collections to cause such Collections to be deposited into the Collection Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) In the event a Receivable becomes a Liquidated Receivable, the Servicer, itself or through the use of independent contractors or agents shall, consistent with the Credit and Collection Policy, repossess or otherwise convert the ownership of the Financed Vehicle securing any such Receivable. All costs and expenses incurred by the Servicer in connection with the repossession of the Financed Vehicles securing such Receivables shall be reimbursed to the Servicer (other than overhead), to the extent not previously recouped by the Servicer from Recoveries on the Distribution Date immediately succeeding the Collection Period in which the Servicer delivered to the Administrative Agent an itemized statement of such costs and expenses. Notwithstanding the foregoing and consistent with the terms of this Agreement, the Servicer shall not be obligated to repossess or take any action with respect to a Liquidated Receivable if, in its reasonable judgment consistent with the Credit and Collection Policy, the Recoveries would not be increased.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Servicer shall deposit or cause to be deposited by electronic funds transfer all Collections to the Collection Account no later than two Business Days after deposit of such amounts into the Remittance Account and identification thereof; <u>provided</u>, to the extent that any Collections are not received in the Remittance Account, the Servicer shall deposit such Collections to the Remittance

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Account within two Business Days the deposit of such amounts and identification thereof (for further transfer to the Collection Account within two Business Days after such deposit to the Remittance Account). The Servicer shall employ commercially reasonable efforts to ensure that all amounts deposited to the Remittance Account are identified promptly. Notwithstanding the foregoing, in no event shall any Successor Servicer be obligated to transfer funds in excess of the available funds in the Remittance Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Collection; Recourse; Sales of Financed Vehicles</u>. The Servicer, itself or through the use of independent contractors or agents, is authorized to follow practices consistent with the Credit and Collection Policy in its servicing of automotive receivables, which may include reasonable efforts to realize rights of recourse against any Dealer and selling a Financed Vehicle at public or private sale; <u>provided</u>, that the Servicer, itself or through the use of independent contractor or agents shall, in accordance with the Credit and Collection Policy, attempt to maximize the sales proceeds for each repossessed Financed Vehicle. The foregoing shall be subject to the provision that, in any case in which a Financed Vehicle shall have suffered damage, the Servicer shall not expend funds for the repair or the repossession of such Financed Vehicle unless the Servicer shall determine in its discretion that such repair or repossession would increase the Recoveries in an amount greater than the cost of repairs. Notwithstanding the foregoing and consistent with the terms of this Agreement, the Servicer shall not be obligated to repossess or take any action with respect to a repossessed Financed Vehicle if, in its reasonable judgment and consistent with the Credit and Collection Policy, the Recoveries would not be increased.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Insurance</u>. The Servicer shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) on behalf of the Borrower, administer and enforce all rights and responsibilities of the Borrower, as owner of the Receivables, provided for in the Insurance Policies relating to the Receivables;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) administer the filings of claims under the Insurance Policies by filing the appropriate notices related to claims, including initial notices of loss, as well as claims with the respective carriers or their authorized agents all in accordance with the terms of the Insurance Policies; and use reasonable efforts to file such claims on a timely basis after obtaining knowledge of the events giving rise to such claims.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) utilize such notices, claim forms and claim procedures as are required by the respective insurance carriers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) upon receipt of notice that an Obligor's physical damage insurance covering a Financed Vehicle related to a Receivable has lapsed or is otherwise not in force, notify such Obligor that each Obligor is required to maintain physical damage insurance covering a Financed Vehicle throughout the term of the related Receivable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) not be required to pay any premiums or, other than administering the filing of claims and performing reporting requirements specified in the Insurance Policies in connection with filing such claims, perform any obligations of the named insured under such Insurance Policies; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) not be responsible to the Borrower, the Secured Parties or the Collateral Custodian for any (A) act or omission to act done in order to comply with the requirements or satisfy any provisions of the Insurance Policies or (B) act, absent willful misconduct or negligence, or omission to act done in compliance with this Agreement.

In the case of any inconsistency between this Agreement and the terms of any Insurance Policy, the Servicer shall comply with the latter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Obligation to Restore</u>. In the event of any physical loss or damage to a Financed Vehicle related to a Receivable from any cause, whether through accidental means or otherwise, the Servicer shall have no obligation to cause the affected Financed Vehicle to be restored or repaired. However, the Servicer shall comply with the provisions of any insurance policy or policies directly or indirectly related to any physical loss or damage to a Financed Vehicle.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Realization on Financed Vehicles</u>. The Servicer represents, warrants and covenants that in the event that the Servicer realizes upon any Financed Vehicle, the methods utilized by the Servicer to realize upon such Receivable or otherwise enforce any provisions of such Receivable, will be conducted in all material respects in accordance with the provisions of this Agreement, the Credit and Collection Policy, and Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Recordkeeping</u>. The Servicer shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) maintain legible copies (in electronic or hard-copy form, in the discretion of the Servicer) or originals of all documents in its Receivable File with respect to each Receivable and the Financed Vehicle related thereto; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) keep books and records, reasonably satisfactory to the Administrative Agent, pertaining to each Receivable and shall make periodic reports in accordance with this Agreement; such records may not be destroyed or otherwise disposed of except as provided herein and as allowed by Applicable Law, all documents, whether developed or originated by the Servicer or not, reasonably required to document or to properly administer any Receivable shall remain at all times the property of the Borrower and shall be held in trust by the Servicer; the Servicer shall not acquire any property rights with respect to such records, and shall not have the right to possession of them except as subject to the conditions stated in this Agreement; and the Servicer shall bear the entire cost of restoration in the event any Receivable File shall become damaged, lost or destroyed while in the Servicer's possession or control.

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Section 7.04. <u>Collection of Payments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Payments to the Remittance Account</u>. On or before the relevant Funding Date, the initial Servicer shall have instructed all related Obligors to make all payments in respect of the related Receivables directly to the Remittance Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Establishment of the Collection Account</u>. On or before the Closing Date, the Servicer shall cause the Collection Account to be established with the Account Bank in the name of the Borrower. The Collection Account shall at all times be subject to the Control Agreement. Any reasonable fees and expenses owing to the Account Bank in connection with the maintenance of the Collection Account shall be payable in accordance with the provisions of Section 2.07 to the extent that the Servicer has not elected to pay such amounts from its own account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Adjustments</u>. If the Servicer (i) makes a deposit into the Collection Account in respect of a collection of a Receivable and such collection was received by the Servicer in the form of a check that is not honored for any reason, (ii) makes a mistake with respect to the amount of any collection and deposits an amount that is less than or more than the actual amount of such collection or (iii) is entitled to reimbursement of any Ancillary Fees in accordance with Section 7.02, the Servicer shall appropriately adjust the amount subsequently deposited into the Collection Account to reflect such dishonored check, mistake or reimbursement (as applicable). Any Scheduled Payment in respect of which a dishonored check is received shall be deemed not to have been paid.

Section 7.05. <u>Servicer Advances</u>. For each Collection Period, if the Servicer determines that any Scheduled Payment (or portion thereof) that was due and payable pursuant to a Receivable during such Collection Period was not received prior to the last day of such Collection Period, the Servicer may, but is not obligated to, make an advance in an amount up to the amount of such delinquent Scheduled Payment (or portion thereof); in addition, if on any day there are not sufficient funds on deposit in the Collection Account to pay accrued Interest, the Servicer may, but is not obligated to, make an advance in the amount necessary to pay such Interest (each, a "<u>Servicer Advance</u>"), in each case if the Servicer reasonably believes that the Servicer Advance will be recovered from subsequent payments with respect to such Receivable. The Servicer will deposit any Servicer Advances into the Collection Account on or prior to 2:00 p.m., New York City time, on the related Distribution Date, in immediately available funds. The Servicer shall be entitled to reimbursement of Servicer Advances from subsequent payments on or in respect of the Receivable with respect to which a Servicer Advance was made, including collections of any prepayments, amounts deposited in the Collection Account for the repurchase of the Receivable for a breach of a representation or warranty and, if the Servicer determines that a Servicer Advance will not be recovered from the Receivable to which it relates, from collections related to other Receivables. Notwithstanding anything to the contrary set forth herein, no Successor Servicer will be required to make any Servicer Advance.

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Section 7.06. <u>Payment of Certain Expenses by Servicer</u>. Except for such amounts and expenses for which the Servicer is entitled to reimbursement as provided herein, the Servicer will be required to pay all expenses incurred by it in connection with its activities under this Agreement, including Taxes imposed on the Servicer, expenses incurred in connection with payments and reports pursuant to this Agreement, fees and expenses of subservicers and agents of the Servicer, and all other fees and expenses not expressly stated under this Agreement for the account of the Borrower.

Section 7.07. <u>Reports and Audit.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Monthly Reports</u>. On each Reporting Date, the Servicer will provide to the Borrower, the Administrative Agent, each Agent, the Backup Servicer, and, to the extent requested or required by a Hedge Counterparty, such Hedge Counterparty, a Monthly Report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Quarterly Report</u>. By the 15<sup>th</sup> of each February, May, August and November, commencing in February 2022, the Servicer will provide a Quarterly Report to the Administrative Agent, each Agent, and, to the extent requested or required by a Hedge Counterparty, such Hedge Counterparty; <u>provided</u>, that the Servicer will also provide a Quarterly Report to the Administrative Agent, each Agent, and, to the extent requested or required by a Hedge Counterparty, such Hedge Counterparty by December 31, 2021 if the Initial Loan is made on or before such date. The Administrative Agent, any Agent, or any Hedge Counterparty may request such report more frequently if required by regulators or to comply with Applicable Law (including Basel II and Basel III).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Serviced Portfolio Information.</u> Upon the reasonable request of the Administrative Agent or any Agent, the initial Servicer shall provide, at its own expense, the Administrative Agent and each Agent with information on the Serviced Portfolio regarding delinquencies, loss-to-liquidations, annualized losses, and such other information as the Administrative Agent or such Agent may request, but solely to the extent that such data is available to the Servicer without undue administrative burden or cost.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Audits by the Administrative Agent</u>. Once during each calendar year (commencing in 2022), at such times during normal business hours as are reasonably convenient to the Borrower, the Servicer, or the Collateral Custodian, as the case may be, at the sole cost and expense of the Servicer (<u>provided</u>, that such costs and expenses are reasonable and customary for similar types of inspections in the industry and, unless (i) an Event of Default has occurred and is continuing, (ii) a Servicer Termination Event has occurred and is continuing, or (iii) the results of any audit performed pursuant to this clause (d) are deemed to be unsatisfactory due to material findings, thereby necessitating additional audit procedures, do not exceed $75,000 per annum) and upon reasonable request of the Administrative Agent and prior written notice to the Borrower, the Servicer, or the Collateral Custodian, as the case may be, the Borrower, the Servicer, or the Collateral Custodian, as the case may be, shall permit such Person or Persons as the Administrative Agent may designate (including the Backup Servicer or an independent accounting firm), with the approval of the Required Lenders, to conduct, on behalf of all of them, audits or to visit and inspect any of the properties of the Borrower, the Servicer, or the Collateral Custodian where the Receivable Files are located, as the case may be, to examine the Receivable Files, internal controls and procedures maintained by the Borrower, the Servicer, or the

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Collateral Custodian, as the case may be, and take copies and extracts therefrom (provided that the parties seeking to take such copies and extracts have executed a confidentiality agreement with respect to such materials that is reasonably acceptable to the Borrower, the Servicer, or the Collateral Custodian, as applicable), and to discuss the affairs of the Borrower, the Servicer, or the Collateral Custodian with their respective officers and employees (which employees, except after the occurrence and during the continuation of an Event of Default or Servicer Termination Event, shall be designated by the Borrower, the Servicer, or the Collateral Custodian, as the case may be, and provided that such discussions will be scheduled so as to not materially disrupt the operations of the Borrower, the Server, or the Collateral Custodian, as applicable) and, upon written notice to the Borrower, the Servicer, or the Collateral Custodian, as the case may be, independent accountants. The scope of any audit or inspection will be a scope agreed upon between the Servicer and the Administrative Agent (acting at the direction of the Required Lenders). The Administrative Agent (acting at the direction of the Required Lenders) may request to take the foregoing actions more than once per calendar year if it has a commercially reasonable basis for requesting such actions, but any additional inspections and audits shall be at the expense of the Administrative Agent. After the occurrence and during the continuation of an Event of Default or Servicer Termination Event, the Administrative Agent, the Backup Servicer and their respective representatives shall be permitted to take the foregoing actions without being subject to any limitation on the number of audits, visits or inspections that may be conducted during a calendar year and such audits, visits or inspections shall be at the sole cost and expense of the Servicer; <u>provided</u>, that the Administrative Agent and its representatives shall make reasonable efforts to coordinate, and provide a prior written notice of, such audits, visits and inspections. The Borrower, the Servicer, or the Collateral Custodian, as the case may be, hereby authorizes such officers, employees and independent accountants to discuss with the Administrative Agent and its representatives, the affairs of the Borrower, the Servicer, or the Collateral Custodian, as the case may be. The Servicer shall reimburse the Administrative Agent for all reasonable fees, costs and expenses incurred by or on behalf of the Secured Parties in connection with the foregoing actions promptly upon receipt of a written invoice therefor. Nothing in this subsection shall affect the obligation of the Servicer and the Collateral Custodian to observe any Applicable Law prohibiting the disclosure of information regarding the Obligors, and the failure of the Servicer or the Collateral Custodian to provide access to information as a result of such obligation shall not constitute a breach of this subsection. In the case of any Successor Servicer, any fees or expenses of the Servicer referenced in this Section shall be reimbursable in accordance with the provisions of Section 2.07.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Diligence Rights of the Administrative Agent</u>. Once during each calendar year (commencing in 2023), at such times during normal business hours as are reasonably convenient to the Borrower, the Servicer, or the Collateral Custodian, as the case may be, the Administrative Agent may coordinate a diligence meeting with any or all of the Borrower, the Servicer, or the Collateral Custodian, as the case may be, on behalf of and as directed by the Required Lenders. Such meeting may be conducted by any Agents that wish to participate at the property of the Borrower, Servicer or Collateral Custodian, as the case may be. The Administrative Agent and any participating Agents shall be permitted to inspect any of the properties of the Borrower, the Servicer, or the Collateral Custodian where the Receivable Files are located or where servicing, originations or other managerial staff are located, as the case may be. The Administrative Agent and any participating Agents shall be permitted to discuss the affairs of the Borrower, the Servicer, or the Collateral Custodian with their respective officers and employees (which

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employees, except after the occurrence and during the continuation of an Event of Default or Servicer Termination Event, shall be designated by the Borrower, the Servicer, or the Collateral Custodian, as the case may be, and provided that such discussions will be scheduled so as to not materially disrupt the operations of the Borrower, the Server, or the Collateral Custodian, as applicable). The Administrative Agent shall provide to the Borrower, the Servicer, or the Collateral Custodian, as the case may be, an agenda detailing such inspection and discussion no less than five business days in advance of any scheduled meeting. Any costs and expenses incurred by the Administrative Agent or any Agent in connection with any meeting conducted pursuant to this clause (e) shall be at such entity's own expense*.* . Nothing in this subsection shall affect the obligation of the Servicer and the Collateral Custodian to observe any Applicable Law prohibiting the disclosure of information regarding the Obligors, and the failure of the Servicer or the Collateral Custodian to provide access to information as a result of such obligation shall not constitute a breach of this subsection.

Section 7.08. <u>Backup Servicer.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) At all times that a Backup Servicing Agreement is in effect, (i) the Servicer shall perform all of its duties thereunder and (ii) the Borrower shall both perform all of its duties thereunder and shall cause the Servicer to consult with the Backup Servicer as may be necessary from time to time to perform or carry out the Backup Servicer's obligations thereunder, including the obligation, if requested in writing by the Administrative Agent, to succeed to the duties and obligations of the Servicer pursuant hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Backup Servicer shall be entitled to recover its fees and reimbursable costs as set forth in the Backup Servicing Agreement in accordance with Section 2.07 (but only to the extent that the same have not been paid by the Servicer).

Section 7.09. <u>Rights After Assumption of Duties by Backup Servicer or Designation of</u> <u>Successor Servicer; Liability</u>. At any time following the assumption of the duties of the Servicer by the Backup Servicer, in its capacity as Successor Servicer, or the designation of a Successor Servicer (other than the Backup Servicer) pursuant to Section 7.13 as a result of the occurrence of a Servicer Termination Event:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Servicer, on behalf of the Borrower, shall, at the Administrative Agent's request, (i) assemble all of the records relating to the Collateral, including all Receivable Files (to the extent such Receivable Files are in the possession of the Servicer and not the Collateral Custodian), and shall make the same available to the Administrative Agent, the Backup Servicer, or any Successor Servicer at a place selected by the Administrative Agent, and (ii) segregate all cash, checks, and other instruments received by it from time to time constituting Collections of Collateral in a manner acceptable to the Administrative Agent, the Backup Servicer, or such other Successor Servicer and shall, no later than two Business Days after receipt, remit all such cash, checks, and instruments, duly endorsed or with duly executed instruments of transfer, to, or at the direction of, the Administrative Agent.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Borrower hereby authorizes the Administrative Agent to take or cause to be taken any and all steps in the Borrower's name and on behalf of the Borrower necessary or desirable, in the determination of the Administrative Agent, to collect all amounts due under the Collateral, including endorsing the Borrower's name on checks and other instruments representing Collections and enforcing the Receivables.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Successor Servicer shall be liable in accordance herewith only to the extent of the obligations specifically undertaken by the Successor Servicer in such capacity herein. Such liability is limited to only those actions taken or omitted to be taken by the Successor Servicer and caused through its gross negligence, bad faith, or willful misconduct. No implied covenants or obligations shall be read into this Agreement against the Successor Servicer and, in the absence of bad faith on its part, the Successor Servicer may conclusively rely on the truth of the statements and the correctness of the opinions expressed in any certificates or opinions furnished to the Successor Servicer and conforming to the requirements of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Successor Servicer shall not be charged with actual or constructive knowledge of any Event of Default or Unmatured Event of Default unless a Responsible Officer of the Successor Servicer obtains actual knowledge of such event or the Successor Servicer receives written notice of such event from the Borrower, the Servicer, or the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Successor Servicer shall not be required to expend or risk its own funds or otherwise incur financial liability in the performance of its duties hereunder, or in the exercise of any of its rights or powers, if the repayment of such funds or adequate indemnity against such risks or liability is not reasonably assured to it in writing prior to the expenditure of such funds or the incurrence of financial liability.

Section 7.10. <u>Limitation on Liability of the Servicer, the Collateral Custodian, and Others</u>. Except as expressly provided herein, neither the Servicer, the Collateral Custodian, nor any of their respective directors, officers, employees, or agents shall be under any liability to the Secured Parties or any other Person for any action taken or for refraining from the taking of any action pursuant to this Agreement; <u>provided</u>, that this provision shall not protect the Servicer, the Collateral Custodian, or any other such Person against any liability that would otherwise be imposed by reason of its willful misconduct, bad faith, or negligence in the performance of duties or by reason of its willful misconduct hereunder.

Section 7.11. <u>The Servicer and the Collateral Custodian Not to Resign</u>. Neither the Servicer nor the Collateral Custodian shall resign unless such party has obtained the prior written consent of the Administrative Agent (acting at the direction of the Required Lenders), or unless the Servicer or the Collateral Custodian, respectively, provides an Opinion of Counsel to the Administrative Agent to the effect that the Servicer or the Collateral Custodian, as applicable, is no longer permitted by law to act as the Servicer or the Collateral Custodian, respectively, hereunder. No termination or resignation of the Servicer or the Collateral Custodian hereunder shall be effective until a Successor Servicer or Successor Collateral Custodian, in each case acceptable to the Administrative Agent, has accepted its appointment as Successor Servicer or Successor Collateral Custodian, respectively, hereunder and has agreed to be bound by the terms of this Agreement.

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Section 7.12. <u>Servicer Termination Events</u>. The occurrence and continuance of any of the following events shall constitute a "<u>Servicer Termination Event</u>" hereunder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any failure by the Servicer to make any payment, transfer, or deposit as required by it as required by any Basic Document, to which it is a party, which failure is not remedied within two Business Days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any failure by the Servicer to deliver the Monthly Report by the Reporting Date, which failure is not remedied within two Business Days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) an Insolvency Event shall occur with respect to the Servicer or any Subsidiary of the Servicer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any failure by the Servicer duly to observe or perform in any material respect any other covenant or agreement of the Servicer set forth in this Agreement or the other Basic Documents to which the Servicer is a party, which such failure remains unremedied for 30 days after the earlier of knowledge thereof by the Servicer or after the date on which written notice of such failure shall have been given to the Servicer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any representation, warranty, or certification made by the Servicer in any Basic Document to which it is a party or in any certificate delivered pursuant to any Basic Document to which it is a party shall prove to have been false or otherwise incorrect in any respect when made, deemed made, or delivered, which such incorrect representation, warranty, or certification materially and adversely affects the rights or interests of the Secured Parties and, if able to be cured, shall not have been cured for 30 days after the earlier of the date on which the Servicer first has knowledge thereof or the date on which written notice of such failure shall have been given to the Servicer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) with respect to the initial Servicer only, either Lendbuzz Funding or a Subsidiary of Lendbuzz Funding shall default under any Indebtedness having a principal amount of $5,000,000 or greater, and (i) such default continues after the applicable grace period, if any, specified in the agreements or instruments relating to such Indebtedness, (ii) such default has not been waived by the required lenders, creditors, or similarly denominated parties under the agreements or instruments relating to such Indebtedness and in the manner specified in such agreements or instruments, and (iii) as a consequence of such default, either the required lenders, creditors, or similarly denominated parties have accelerated the maturity of such Indebtedness, or the acceleration of the maturity of such Indebtedness has occurred automatically, in all cases as specified in the agreements or instruments relating to such Indebtedness and in all cases the result of which acceleration (regardless of how it is denominated in such agreements or instruments) is to require the immediate repayment of principal on such Indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any material provision of any Basic Document to which the Servicer is a party shall in whole or in part, cease to be in full force and effect or cease to be the legally valid, binding and enforceable obligation of the Servicer;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) (i) one or more final nonappealable judgments shall be entered against the Servicer by one or more courts of competent jurisdiction assessing monetary damages, individually or in the aggregate over any calendar year, in excess of $5,000,000; (ii) one or more monetary settlements shall be entered into by the Servicer with any Person, individually or in the aggregate over any calendar year, in excess of $5,000,000; (iii) the IRS shall file notice of a Lien pursuant to Section 6323 of the Code with regard to any assets of the Servicer and such Lien shall not have been released within 30 days; or (iv) the Pension Benefit Guaranty Corporation shall file notice of a Lien pursuant to Section 4068 of ERISA with regard to any of the assets of the Servicer and such Lien shall not have been released within 30 days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any Change in Control shall occur with respect to Lendbuzz Funding without the prior Consent of the Administrative Agent (acting at the direction of the Required Lenders);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) an Event of Default shall have occurred and is continuing and shall not have been waived;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) with respect to the initial Servicer, a Material Adverse Change with respect to Lendbuzz Funding shall have occurred and is continuing and shall not have been waived; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) the Performance Guaranty shall cease to be in full force and effect (other than in accordance with its terms) or the Performance Guarantor shall assert that it is not bound by, or otherwise seek to terminate or disaffirm its obligations under, the Performance Guaranty, or shall otherwise claim that the Performance Guaranty is in any way invalid or unenforceable.

Upon the occurrence of any of the foregoing, notwithstanding anything herein to the contrary, the Termination Date shall occur and, so long as any such Servicer Termination Event shall not have been remedied within any applicable cure period or waived in writing by the Required Lenders, the following shall immediately occur without further action: (i) the Revolving Period shall terminate and no further Loans will be made; (ii) the Administrative Agent (acting at the direction of or with the consent of the Required Lenders) by written notice to the Servicer (with a copy to each Agent, Lender, Hedge Counterparty, the Backup Servicer, and the Collateral Custodian) (a "<u>Servicer Termination Notice</u>"), may terminate all of the rights and obligations of the Servicer as Servicer under this Agreement; (iii) the Administrative Agent may direct the Servicer to direct Collections to an account other than the Remittance Account or the Collection Account; and (iv) the Administrative Agent may terminate the Collateral Custodian (if the Collateral Custodian is Lendbuzz Funding or an Affiliate of Lendbuzz Funding) and cause the Collateral Custodian to deliver, or cause to be delivered, the Receivable Files and the related accounts and records maintained by the Collateral Custodian to the Administrative Agent, or its agent or designee, at such place as the Administrative Agent may reasonably designate.

Section 7.13. <u>Appointment of Successor Servicer</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On and after the receipt by the Servicer of a Servicer Termination Notice, the Servicer shall continue to perform all servicing functions under this Agreement until the date specified in the Servicer Termination Notice or otherwise specified by the Administrative Agent in writing or, if no such date is specified in such Servicer Termination Notice or otherwise specified by the Administrative Agent, until a date mutually agreed upon by the Servicer, the Administrative Agent, and the Backup Servicer. The Administrative Agent may, in its discretion, at the time described in the immediately preceding sentence, appoint the Backup

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Servicer as the Successor Servicer hereunder in accordance with this Agreement and the Backup Servicing Agreement, in which case the Backup Servicer shall assume all obligations of the Servicer hereunder, and all authority and power of the Servicer under this Agreement shall pass to and be vested in the Backup Servicer as Successor Servicer. All actions taken by the Administrative Agent pursuant to this Section shall be taken upon the request or approval of the Required Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event that there is no Backup Servicer at the time that the Servicer is terminated hereunder, or the Administrative Agent does not so appoint the Backup Servicer to succeed the Servicer as Successor Servicer hereunder, or the Backup Servicer is unable to assume such obligations on such date, the Administrative Agent shall, at the direction of the Required Lenders, as promptly as possible appoint a successor servicer (each such party so appointed or, as applicable, the Backup Servicer as successor to the Servicer, collectively, the "<u>Successor Servicer</u>"), and such Successor Servicer shall accept its appointment by a written assumption in a form acceptable to the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon the termination and removal of the Servicer, the predecessor Servicer shall cooperate with the Successor Servicer in effecting the termination of the rights and responsibilities of the predecessor Servicer under this Agreement, including the transfer to the Successor Servicer for administration by it of all cash amounts that shall at the time be held by the predecessor Servicer for deposit, or shall thereafter be received, with respect to a Receivable, and the related accounts and records maintained by the Servicer. In the case that the Successor Servicer shall not agree to perform any duties or obligations of the Servicer hereunder, such duties or obligations may be performed or delegated by the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Administrative Agent shall have the same rights of removal and termination for cause with respect to any Successor Servicer as with respect to Lendbuzz Funding as the Servicer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Successor Servicer shall act as Servicer hereunder and shall, subject to the availability of sufficient funds in the Collection Account pursuant to Section 2.07 (up to the Servicing Fee), receive as compensation therefor the Servicing Fee pursuant to Section 2.07.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) All reasonable out-of-pocket costs and expenses (including attorneys' fees and disbursements) incurred in connection with the transferring of Receivables to the Successor Servicer, converting the Servicer's data to the computer system of the Successor Servicer, and amending this Agreement to reflect such succession as Servicer pursuant to this Section shall be paid by the predecessor Servicer upon presentation of reasonable transition expenses (the

"<u>Transition Expenses</u>"). In no event shall the Successor Servicer be responsible for any Transition Expenses. If the predecessor Servicer fails to pay the Transition Expenses, the Transition Expenses shall be payable pursuant to Section 2.07.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Upon its appointment, the Successor Servicer shall be the successor in all respects to the Servicer with respect to servicing functions under this Agreement and shall be subject to all the responsibilities, duties and liabilities relating thereto placed on the Servicer by the terms and provisions hereof, and all references in this Agreement to the Servicer shall be deemed to refer to the Successor Servicer; <u>provided</u>, that any Successor Servicer shall have (i) no liability

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with respect to any obligation which was required to be performed by the predecessor Servicer prior to the date that the successor becomes the Successor Servicer or any claim of a third party based on any alleged action or inaction of the predecessor Servicer; (ii) no obligation to perform any repurchase or advancing obligations, if any, of the Servicer; (iii) no obligation to pay any Taxes required to be paid by the Servicer; (iv) no obligation to pay any of the fees and expenses of any other party to this Agreement; (v) no liability or obligation with respect to any Servicer indemnification obligations of any prior Servicer, including Lendbuzz Funding; and (vi) no obligation to service the Receivables in accordance with the Credit and Collection Policy, but shall use its customary credit and collection policies for similar assets or those policies to be agreed to with the Administrative Agent. The indemnification obligations of the Successor Servicer are expressly limited to those instances of gross negligence, bad faith or willful misconduct of the Successor Servicer. Furthermore, to the extent that the Backup Servicing Agreement provides that any representations, warranties, covenants, or other agreements made hereunder by the Servicer, or obligations undertaken hereunder by the Servicer, shall not be made or performed, or shall be made or performed in an alternative manner, by the Backup Servicer in the event that the Backup Servicer becomes the Successor Servicer hereunder, the Borrower, the Administrative Agent, the Agents, the Collateral Custodian, and the Lenders agree that the representations, warranties, covenants, other agreement and other obligations of the Servicer hereunder shall not be applicable with respect to, or shall be modified with respect to, the Backup Servicer in its capacity as Successor Servicer and in the manner set forth in the Backup Servicing Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) All authority and power granted to the Servicer under this Agreement shall automatically cease and terminate upon termination of this Agreement and shall pass to and be vested in the Borrower and the Borrower is hereby authorized and empowered to execute and deliver, on behalf of the Servicer, as attorney-in-fact or otherwise, all documents and other instruments, and to do and accomplish all other acts or things necessary or appropriate to effect the purposes of such transfer of servicing rights. The Servicer agrees to cooperate with the Borrower in effecting the termination of the responsibilities and rights of the Servicer to conduct servicing of the Receivables.

Section 7.14. <u>Merger or Consolidation, Assumption of Obligations or Resignation of the</u> <u>Servicer</u>. Any Person (a) into which the Servicer may be merged or consolidated, (b) which may result from any merger or consolidation to which the Servicer may be a party, (c) which may succeed to the properties and assets of the Servicer substantially as a whole, or (d) which may succeed to the duties and obligations of the Servicer under this Agreement following the resignation of the Servicer, which Person executes an agreement of assumption acceptable to the Administrative Agent to perform every obligation of the Servicer hereunder, shall, with the prior written Consent of the Administrative Agent (which Consent shall not be unreasonably withheld), be the successor to the Servicer under this Agreement without further act on the part of any of the parties to this Agreement; <u>provided</u>, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) prior written notice of such consolidation, merger, succession, or resignation shall be delivered by the Servicer to the Administrative Agent and the Collateral Custodian;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) immediately after giving effect to such consolidation, merger, succession, or resignation, no Servicer Termination Event shall have occurred and is continuing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) no Event of Default or Unmatured Event of Default would occur as result of such consolidation, merger, succession, or resignation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Servicer shall have delivered to the Borrower, the Administrative Agent, and the Collateral Custodian an Officer's Certificate and an Opinion of Counsel, each stating that such consolidation, merger, succession, or resignation and such agreement of assumption comply with this Section and that all conditions precedent provided for in this Agreement and the other Basic Documents to which it is a party relating to such transaction have been complied with and, in the case of the Opinion of Counsel, that such agreement of assumption is legal, valid, and binding with respect to the Servicer and such other matters as the Administrative Agent may reasonably request; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Servicer shall have delivered to the Borrower, the Administrative Agent, and the Collateral Custodian an Opinion of Counsel to the effect that either: (A) in the opinion of such counsel, all financing statements, continuation statements and amendments and notations on Certificates of Title thereto have been executed and filed that are necessary to preserve and protect the interest of the Borrower, the Secured Parties, the Administrative Agent, and the Collateral Custodian in the Receivables and reciting the details of such filings or (B) no such action shall be necessary to preserve and protect such interest.

Section 7.15. <u>Responsibilities of the Borrower</u>. Anything herein to the contrary notwithstanding, the Borrower shall (i) perform, or cause the Servicer to perform, all of its obligations under the Receivables to the same extent as if a security interest in such Receivables had not been granted hereunder, and the exercise by the Administrative Agent of its rights hereunder shall not relieve the Borrower from such obligations and (ii) pay when due, from funds available to the Borrower under Section 2.07(xi), any Taxes, including any sales taxes payable in connection with the Receivables and their creation and satisfaction. No Secured Party shall have any obligation or liability with respect to any Receivable, nor shall any of them be obligated to perform any of the obligations of the Borrower thereunder.

Section 7.16. <u>Custody of Receivable Files</u>. To assure uniform quality in servicing the Receivables and to reduce administrative costs, the Administrative Agent, on behalf of the Secured Parties, hereby revocably appoints the Collateral Custodian as its agent, and the Collateral Custodian hereby accepts such appointment, to act as custodian, on behalf of the Secured Parties, of the Receivables and the Receivable Files.

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Section 7.17. <u>Duties of Collateral Custodian</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Safekeeping</u>. With respect to the documents constituting each Receivable File, the Collateral Custodian shall (i) act exclusively as the custodian for, and the agent and bailee (as such term is used in Section 9-313 of the UCC) of, the Secured Parties, (ii) hold all documents constituting such Receivable Files received by it for the exclusive use and benefit of the Secured Parties, and (iii) make disposition thereof only in accordance with the terms of this Agreement or with written instructions furnished by the Administrative Agent. The Collateral Custodian shall maintain such accurate and complete accounts, records and computer systems pertaining to each Receivable File as shall enable the Servicer and the Borrower to comply with this Agreement. In performing its duties as custodian, the Collateral Custodian shall act with reasonable care, using that degree of skill and attention that it exercises with respect to the files of comparable motor vehicle installment sale contracts and installment loans that the Collateral Custodian holds for itself or others. The Collateral Custodian shall maintain continuous custody of the Receivable Files and such other documents received by it in secure, fire resistant facilities; <u>provided</u>, that the Collateral Custodian may, in accordance with its customary custodial practices, (A) maintain all or a portion of the Receivable Files in electronic form, (B) maintain custody of all or any portion of the Receivable Files with an Electronic Chattel Paper Sub-Custodian. Each Receivable shall be identified on the books and records of the Collateral Custodian in a manner that (x) indicates that the Receivable is held by the Collateral Custodian on behalf of the Secured Parties and (y) is otherwise necessary, as reasonably determined by the Collateral Custodian to comply with the terms of this Agreement. The Collateral Custodian shall report to the Administrative Agent any failure on its part to hold the Receivable Files and to maintain its accounts, records, and computer systems as herein provided and take appropriate action to remedy any such failure. Nothing herein shall be deemed to require an initial review or any periodic review of the Receivable Files by the Secured Parties, and none of the Secured Parties shall be liable or responsible for any action or failure to act by the Servicer in its capacity as custodian hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Maintenance of and Access to Records</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Except to the extent such Receivable Files are maintained in electronic form, the Collateral Custodian shall maintain each Receivable File at one of the locations specified in Schedule D or at such other location as shall be specified to the Administrative Agent, each Agent and each Lender, by five days' prior written notice. The Collateral Custodian may temporarily move individual Receivable Files or any portion thereof without notice as requested by the Servicer as necessary to conduct collection and other servicing activities in accordance with its customary practices and procedures. The Collateral Custodian shall make available to the Secured Parties or their duly authorized representatives, attorneys or auditors a list of locations of the Receivable Files, the Receivable Files and the related accounts, records and computer systems maintained by the Collateral Custodian at such times during normal business hours as any Secured Party shall reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The authoritative copy of each Contract that constitutes or evidences a Receivable which is electronic chattel paper will be maintained by an Electronic Chattel Paper Sub-Custodian on behalf of the Collateral Custodian for the benefit of the Secured Parties. The Collateral Custodian will confirm that the authoritative copy of each Contract that constitutes or evidences a Receivable which is electronic chattel paper does not have any marks or notations indicating it has been pledged, assigned or otherwise conveyed to any Person other than the Administrative Agent. The Collateral Custodian will maintain "control" (as defined in Section 9-105 of the UCC) of Receivables that are electronic chattel paper. The Collateral Custodian

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will confirm that each Receivable which is electronic chattel paper has been established in a manner such that (a) all copies or revisions that add or change an identified assignee of the authoritative copy of each contract that constitutes or evidences the Receivable must be made with the participation of the Collateral Custodian on behalf of the Administrative Agent and (b) all revisions of the authoritative copy of each Contract that constitutes or evidences the Receivables must be readily identifiable as an authorized or unauthorized revision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Title to Receivables</u>. The Receivable Files and the other documents delivered to the Collateral Custodian will be delivered from time to time to the Collateral Custodian for the sole purpose of holding for safekeeping. The Collateral Custodian shall not at any time have, or in any way attempt to assert, any interest in any Receivable held by it as custodian hereunder or in the related Receivable File, other than for collecting or enforcing such Receivable for the benefit of the Administrative Agent on behalf of the Secured Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Instructions; Authority to Act</u>. The Collateral Custodian shall be deemed to have received proper instructions with respect to the Receivable Files upon its receipt of written instructions signed by a Responsible Officer of the Administrative Agent (acting at the direction of the Required Lenders).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Indemnification by Collateral Custodian</u>. The Collateral Custodian, in its capacity as custodian of the Receivable Files, shall indemnify and hold harmless the Secured Parties and each of their respective officers, directors, employees and agents from and against any and all loss, liability or expense that may be imposed on, incurred or asserted against the Secured Parties and each of their respective officers, directors, employees and agents as the result of the Collateral Custodian's willful misconduct, bad faith, or gross negligence relating to the maintenance and custody of the Receivable Files by the Collateral Custodian; <u>provided</u>, that the Collateral Custodian shall not be liable for any portion of any such loss, liability, or expense resulting from the willful misfeasance, bad faith, or gross negligence of any Secured Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Effective Period and Termination</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Collateral Custodian's appointment as custodian shall become effective as of the Closing Date and shall continue in full force and effect until terminated pursuant to this Section. If the initial Servicer is terminated following a Servicer Termination Event, the appointment of the Collateral Custodian as custodian hereunder may be terminated by the Administrative Agent. As soon as practicable after any such resignation or termination of such appointment, the Administrative Agent shall appoint a successor Collateral Custodian (such party, a "<u>Successor</u> <u>Collateral Custodian</u>") to be custodian of the Receivable Files and the accounts and records relating thereto and the Collateral Custodian shall, at its sole cost and expense, (i) deliver, or cause to be delivered, the Receivable Files and the related accounts and records maintained by the Collateral Custodian to such Successor Collateral Custodian, or its agent or designee, as the case may be, at such place as such Successor Collateral Custodian may reasonably designate and (ii) otherwise cooperate with the Successor Collateral Custodian in affecting the termination of the rights and responsibilities of the predecessor Collateral Custodian under this Agreement. From

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and after the appointment of a Successor Collateral Custodian, the predecessor Collateral Custodian shall continue to perform all custodial functions under this Agreement until the date specified by the Administrative Agent in writing or, if no such date is specified, until a date mutually agreed upon by the predecessor Collateral Custodian and the Administrative Agent. The Administrative Agent may, in its discretion, at the time described in immediately preceding sentence, appoint the Backup Servicer as the Successor Collateral Custodian hereunder, and the Backup Servicer shall on such date assume all obligations of the Collateral Custodian hereunder, and all authority and power of the predecessor Collateral Custodian under this Agreement shall pass to and be vested in the Backup Servicer. The Administrative Agent shall have the same rights of removal and termination for cause with respect to the Backup Servicer or any other Successor Collateral Custodian as with respect to Lendbuzz as the Collateral Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Collateral Custodian hereby agrees that upon any appointment of a Successor Collateral Custodian hereunder it shall take all necessary action reasonably necessary to transfer all of its control of any Receivables consisting of electronic chattel paper to the applicable Successor Collateral Custodian (including the transfer of such electronic chattel paper to a separate electronic vault at each Electronic Chattel Paper Sub-Custodian controlled by such Successor Collateral Custodian or to a separate electronic vault at such Successor Collateral Custodian or export of the electronic chattel paper from the applicable electronic vault and delivery of physical copies of exported Contracts to the Servicer).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Inspection</u>. The Collateral Custodian shall permit the Administrative Agent, the Servicer, the Backup Servicer, and each Lender or their designee, upon reasonable prior notice and during the Servicer's regular business hours and at the reasonable expense of the Borrower, to periodically, at the discretion of the Administrative Agent (acting at the direction of the Required Lenders), the Servicer, the Backup Servicer and each Lender, conduct an audit of the Receivables and Receivable Files. Notwithstanding the foregoing, for so long as Lendbuzz Funding is both the Servicer and the Collateral Custodian, the right to conduct inspections of the Collateral Custodian shall instead be governed by the provisions of Section 7.07(d).

ARTICLE EIGHT

EVENTS OF DEFAULT

Section 8.01. <u>Events of Default</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each of the following events shall constitute an " <u>Event of Default</u>":

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) failure by the Borrower to (A) make any payment, transfer, or deposit required by the terms of any Basic Document on the day such payment, transfer, or deposit is required to be made (including any payment of Interest, Program Fees, or Unused Commitment Fees on any Distribution Date but excluding payments of any Loans Outstanding), or (B) deliver the Monthly Report on the Reporting Date, and in each case, such failure continues unremedied for two Business Days;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) failure of the Borrower to pay in full the Loans Outstanding by the Final Maturity Date or to pay any Monthly Principal Payment Amount when the same becomes due and payable pursuant to the terms of the Basic Documents and such failure continues unremedied for one Business Day;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any failure by the Borrower, Lendbuzz Funding, or Lendbuzz duly to observe or perform in any material respect any other covenant or agreement of the Borrower, Lendbuzz Funding, or Lendbuzz, respectively and, in each case, in any capacity, set forth in this Agreement or the other Basic Documents to which the Borrower, Lendbuzz Funding, or Lendbuzz, respectively, is a party, which failure remains unremedied for 30 days after the earlier of knowledge thereof by the Borrower, Lendbuzz Funding, or Lendbuzz, as applicable, or after the date on which written notice of such failure shall have been given by the other parties or by the Administrative Agent to the Borrower, Lendbuzz Funding, or Lendbuzz, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any representation, warranty, or certification made by the Borrower, Lendbuzz Funding, or Lendbuzz in any Basic Document to which it is a party or in any Funding Request, Monthly Report, Quarterly Report, or other report, certificate, or notice delivered pursuant to any Basic Document to which it is a party, shall prove to have been false or otherwise incorrect in any material respect when made, deemed made, or delivered, which such false or incorrect representation, warranty, or information, if able to be cured, shall not have been cured for 30 days after the earlier of the date on which the Borrower, Lendbuzz Funding, or Lendbuzz, as applicable, first has knowledge thereof or the date on which written notice of such failure shall have been given to the Borrower, Lendbuzz Funding, or Lendbuzz, as applicable; <u>provided</u>, that no Event of Default shall occur under this clause for breaches of representations or warranties that are to be cured by the repurchase of the related Receivable pursuant to Section 5.04 hereof, so long as the related repurchase has been made in accordance with such Section 5.04;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) an Insolvency Event shall occur with respect to the Borrower, Lendbuzz Funding, or Lendbuzz;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the Administrative Agent shall fail for any reason to have a valid, first priority perfected security interest in all, or any material portion of, the Collateral (other than (A) by reason of a release of such portion of the Collateral in accordance with the terms hereof or the other Basic Documents or (B) following the satisfaction in full of the Obligations and any other amounts due hereunder or any other Basic Document in accordance with the terms hereof or thereof on or after the Facility Termination Date), which failure shall not have been cured for 10 days after the earlier of the date on which the Borrower, Lendbuzz Funding, or Lendbuzz first has knowledge thereof or the date on which written notice of such failure shall have been given to the Borrower, Lendbuzz, or Lendbuzz Funding;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) (A) one or more final nonappealable judgments shall be entered against the Borrower, Lendbuzz, or Lendbuzz Funding by one or more courts of competent jurisdiction assessing monetary damages, individually or in the aggregate over any calendar year, in excess of $25,000, $5,000,000 or $5,000,000, respectively; or (B) one or more monetary settlements shall be entered into by the Borrower, Lendbuzz, or Lendbuzz Funding with any Person, individually or in the aggregate over any calendar year, in excess of $25,000, $5,000,000 or $5,000,000 respectively; (C) the IRS shall file notice of a Lien pursuant to Section 6323 of the Code with regard to any assets of the Borrower, Lendbuzz, or Lendbuzz Funding and such Lien shall not have been released within 30 days; or (iv) the Pension Benefit Guaranty Corporation shall file notice of a Lien pursuant to Section 4068 of ERISA with regard to any of the assets of the Borrower, Lendbuzz, or Lendbuzz Funding and such Lien shall not have been released within 30 days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the Borrower, Lendbuzz, or Lendbuzz Funding shall default under any Indebtedness having a principal amount of $0 or greater (with respect to the Borrower) or $5,000,000 or greater (with respect to Lendbuzz or Lendbuzz Funding), and (A) such default continues after the applicable grace period, if any, specified in the agreements or instruments relating to such Indebtedness, (B) such default has not been waived by the required lenders, creditors, or similarly denominated parties under the agreements or instruments relating to such Indebtedness and in the manner specified in such agreements or instruments, and (C) as a consequence of such default, either the required lenders, creditors, or similarly denominated parties have accelerated the maturity of such Indebtedness, or the acceleration of the maturity of such Indebtedness has occurred automatically, in all cases as specified in the agreements or instruments relating to such Indebtedness and in all cases the result of which acceleration (regardless of how it is denominated in such agreements or instruments) is to require the immediate repayment of principal on such Indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) any Change in Control shall occur without the prior consent of the Administrative Agent (as directed by the Required Lenders);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) at any time, the Loans Outstanding exceed the Net Eligible Pool Balance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) either (A) any Basic Document shall, in whole or in part, terminate, cease to be effective or cease to be the legally valid, binding, and enforceable obligation of the Borrower, the Borrower, Lendbuzz, or Lendbuzz Funding (in each case, in any capacity) or (B) any of the Borrower, Lendbuzz, or Lendbuzz Funding (in each case, in any capacity) shall, directly or indirectly, contest in any manner such effectiveness, validity, binding nature, or enforceability of, or assert that it is not bound by, or shall otherwise seek to terminate or disaffirm its obligations under, any Basic Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) any Servicer Termination Event occurs and is continuing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) any Financial Covenant shall fail to be satisfied;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) (A) failure on the part of the Borrower within thirty days after any Funding Date to both (x) maintain one or more Hedge Transactions having notional amounts which, in the aggregate, equal at least 100% of the Loans Outstanding as of such Funding Date (after giving effect to any changes to the Loans Outstanding on such Funding Date) and (y) cause an amount that is at least equal to the Hedge Reserve Account Required Amount to be on deposit in the Hedge Reserve Account; (B) failure on the part of the Borrower within thirty days of receiving direction from the Administrative Agent pursuant to Section 6.03(c) to enter into one or more Hedge Transactions, increase the notional amount of one or more Hedge Transactions, or decrease the notional amount of one or more Hedge Transactions, in each case as directed by the Administrative Agent and in the manner set forth in such Section 6.03(c); or (C) any other failure on the part of the Borrower to maintain one or more Hedge Transactions in fulfillment of the requirements set forth in Section 6.03, which failure, in the case of this clause (C), remains unremedied for 30 days after the Borrower or the initial Servicer has knowledge of such failure or receives notice of such failure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) the Borrower shall fail to have an Independent Manager as required by Section 6.01(o) at any time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) on any Reporting Date occurring in or after April 2022, the arithmetic mean of the Conduit Portfolio Net Loss-to-Liquidation Ratio for the three Collection Periods immediately preceding such Reporting Date is greater than 8.00%;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) on any Reporting Date occurring in or after April 2022, the arithmetic mean of the Serviced Portfolio Net Loss-to-Liquidation Ratio for the three Collection Periods immediately preceding such Reporting Date is greater than 8.00%;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) on any Reporting Date occurring in or after April 2022, the arithmetic mean of the Conduit Portfolio Delinquency Ratio for the three Collection Periods immediately preceding such Reporting Date is greater than 3.50%;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) on any Reporting Date occurring in or after April 2022, the arithmetic mean of the Serviced Portfolio Delinquency Ratio for the three Collection Periods immediately preceding such Reporting Date is greater than 4.00%;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) on any Reporting Date occurring in or after April 2022, the arithmetic mean of the Conduit Portfolio Extension Ratio for the three Collection Periods immediately preceding such Reporting Date is greater than 3.50%;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi) on any Reporting Date occurring in or after April 2022, the arithmetic mean of the Serviced Portfolio Extension Ratio for the three Collection Periods immediately preceding such Reporting Date is greater than 4.50%; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxii) any of the Borrower, Lendbuzz, or Lendbuzz Funding shall (A) become a "covered fund" under regulations adopted to implement section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act or (B) be required to register as an "investment company" within the meaning of the Investment Company Act.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon the occurrence of any Event of Default, the Administrative Agent shall, at the request, or may with the consent, of the Required Lenders, by notice to the Borrower, declare the Termination Date to have occurred, without demand, protest, or future notice of any kind, all of which are hereby expressly waived by the Borrower, and, upon such declaration, all Loans and all other amounts owing by the Borrower under this Agreement shall be accelerated and become immediately due and payable; <u>provided</u>, that in the event that an Event of Default described in Section 8.01(a)(v) has occurred, the Termination Date shall automatically occur, without demand, protest, or any notice of any kind, all of which are hereby expressly waived by the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon the automatic occurrence or declaration of the occurrence of the Termination Date in accordance with Section 8.01(b), the following shall immediately occur without further action: (i) the Revolving Period shall terminate and no further Loans will be made, (ii) Interest on all Loans Outstanding will be calculated using the Default Rate, and (iii) no further Program Fees will accrue.

Section 8.02. <u>Actions Upon Declaration of the Occurrence of the Termination Date</u>. Upon the automatic occurrence or declaration of the occurrence of the Termination Date following the occurrence of an Event of Default in accordance with Section 8.01(b), the Administrative Agent may, or at the direction of the Required Lenders, shall, exercise in respect of the Collateral the following remedial actions, in addition to any and all other rights and remedies otherwise available to it, including rights available hereunder and all of the rights and remedies of a secured party upon default under the UCC (such rights and remedies to be cumulative and nonexclusive):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Administrative Agent may, without notice to the Borrower except as required by law and at any time or from time to time, charge, set-off, and otherwise apply all or any part of the Loans Outstanding, any Interest accrued thereon and/or any other amount due and owing to any Secured Party against amounts payable to the Borrower from the Collection Account or any part of such account in accordance with the priorities required by Section 2.07.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Administrative Agent may take any action permitted under the Basic Documents, including, without limitation, delivering any shifting control or similar notice under the Blocked Account Control Agreement or the Control Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Consistent with the rights and remedies of a secured party under the UCC (and except as otherwise required by the UCC), the Administrative Agent may, on behalf of itself and the Lenders and without notice except as specified below, solicit and accept bids for and sell the Collateral or any part of the Collateral in one or more parcels at public or private sale, at any exchange, broker's board or at the Administrative Agent's offices or elsewhere, for cash, on credit, or for future delivery, and upon such other terms as the Administrative Agent may deem commercially reasonable. The Borrower agrees that, to the extent notice of sale shall be required by law, at least ten Business Days' notice to the Borrower of the time and place of any public sale or the time after which any private sale is to be made shall constitute reasonable notification.

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The Administrative Agent shall not be obligated to make any sale of Collateral regardless of notice of sale having been given. The Administrative Agent may adjourn any public or private sale from time to time by announcement at the time and place fixed for such sale, and such sale may, without further notice, be made at the time and place to which it was so adjourned. Every such sale shall operate to divest all right, title, interest, claim, and demand whatsoever of the Borrower in and to the Collateral so sold, and shall be a perpetual bar, both at law and in equity, against the Borrower or any Person claiming the Collateral sold through the Borrower and its successors or assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Upon the completion of any sale under Section 8.02(c), the Borrower will deliver or cause to be delivered all of the Collateral sold to the purchaser or purchasers at such sale on the date of sale, or within a reasonable time thereafter if it shall be impractical to make immediate delivery, but in any event full title and right of possession to such property shall pass to such purchaser or purchasers forthwith upon the completion of such sale. Nevertheless, if so requested by the Administrative Agent or by any purchaser, the Borrower shall confirm any such sale or transfer by executing and delivering to such purchaser all proper instruments of conveyance and transfer and release as may be designated in any such request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) At any sale under Section 8.02(c), Lendbuzz, Lendbuzz Funding, the Administrative Agent, or any Secured Party may bid for and purchase the property offered for sale and, upon compliance with the terms of sale, may hold, retain, and dispose of such property without further accountability therefor. Any Secured Party purchasing property at a sale under Section 8.02(c) may set off the purchase price of such property against amounts owing to such Secured Party in full payment of such purchase price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Administrative Agent may direct the Servicer to direct Collections to an account other than the Remittance Account or the Collection Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Administrative Agent may exercise, at the Borrower's sole expense, any and all rights and remedies of the Borrower under or in connection with the Collateral.

Section 8.03. <u>Exercise of Remedies</u>. No failure or delay on the part of the Administrative Agent to exercise any right, power, or privilege under this Agreement and no course of dealing between the Borrower, on the one hand, and the Administrative Agent, any Agent or the Secured Parties, on the other hand, shall operate as a waiver of such right, power or privilege, nor shall any single or partial exercise of any right, power, or privilege under this Agreement preclude any other or further exercise of such right, power, or privilege or the exercise of any other right, power or privilege. The rights and remedies expressly provided in this Agreement are cumulative and not exclusive of any rights or remedies which the Secured Parties would otherwise have pursuant to law or equity. No notice to or demand on any party in any case shall entitle such party to any other or further notice or demand in similar or other circumstances, or constitute a waiver of the right of the other party to any other or further action in any circumstances without notice or demand.

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Section 8.04. <u>Waiver of Certain Laws</u>. The Borrower agrees, to the full extent that it may lawfully so agree, that neither it nor anyone claiming through or under it will set up, claim, or seek to take advantage of any appraisal, valuation, stay, extension, or redemption law now or hereafter in force in any locality where any Collateral may be situated in order to prevent, hinder, or delay the enforcement or foreclosure of this Agreement, or the absolute sale of any of the Collateral or any part thereof, or the final and absolute putting into possession thereof, immediately after such sale, of the purchasers thereof, and the Borrower, for itself and all who may at any time claim through or under it, hereby waives, to the full extent that it may be lawful so to do, the benefit of all such laws, and any and all right to have any of the properties or assets constituting the Collateral marshaled upon any such sale, and agrees that the Administrative Agent or any court having jurisdiction to foreclose the security interests granted in this Agreement may sell the Collateral as an entirety or such parcels as the Administrative Agent or such court may determine.

Section 8.05. <u>Power of Attorney</u>. The Borrower hereby irrevocably appoints the Administrative Agent its true and lawful attorney (with full power of substitution) in its name, place, and stead and at its expense, in connection with the enforcement of the rights and remedies provided for in this Article, including: (i) to give any necessary receipts or acquittance for amounts collected or received hereunder, (ii) to make all necessary transfers of the Collateral in connection with any sale or other disposition made pursuant hereto, (iii) to execute and deliver for value all necessary or appropriate bills of sale, assignments, and other instruments in connection with any such sale or other disposition, the Borrower thereby ratifying and confirming all that such attorney (or any substitute) shall lawfully do hereunder and pursuant hereto, and (iv) to sign any agreements, orders, or other documents in connection with or pursuant to any Basic Document. In furtherance of the foregoing, the Borrower shall deliver to the Administrative Agent an executed power of attorney in the form of Exhibit D on the Closing Date. If so requested by the Administrative Agent, directly or through a purchaser of any of the Collateral, the Borrower shall ratify and confirm any such sale or other disposition by executing and delivering to the Administrative Agent or such purchaser all proper bills of sale, assignments, releases, and other instruments as may be designated in any such request.

ARTICLE NINE

INDEMNIFICATION

Section 9.01. <u>Indemnities by the Borrower</u>. Without limiting any other rights which the Administrative Agent, each Agent, each Lender or its assignee, the Backup Servicer (including in its capacity as Successor Servicer), the Account Bank, the Collateral Custodian (if not Lendbuzz Funding), the Servicer (if not Lendbuzz Funding), or any of their respective Affiliates may have hereunder or under Applicable Law, the Borrower hereby agrees to indemnify the Administrative Agent, each Agent, each Secured Party, the Backup Servicer, including if it is then acting as Successor Servicer, the Account Bank, the Collateral Custodian (if not Lendbuzz Funding), the Servicer (if not Lendbuzz Funding), and each of their respective Affiliates and officers, directors, employees and agents thereof (collectively, the "<u>Indemnified Parties</u>") from and against any and all reasonable and documented fees, damages, losses, claims, liabilities and related costs and expenses, including reasonable attorneys' fees, court costs, and expenses (collectively, the "<u>Indemnified Amounts</u>") awarded against or incurred by, any such Indemnified Party arising out of or as a result of this Agreement, excluding, however, Indemnified Amounts to the extent resulting from the gross negligence, bad faith, or willful misconduct on the part of any Indemnified Party. Without limiting the foregoing, the Borrower shall indemnify the Indemnified Parties for Indemnified Amounts relating to or resulting from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any Receivable represented by the Borrower to be an Eligible Receivable which is not at the applicable time an Eligible Receivable;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) reliance on any representation or warranty made or deemed made by the Borrower or any of its respective officers under or in connection with this Agreement or any other Basic Document, which shall have been false or incorrect in any material respect when made or deemed made or delivered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the failure by the Borrower to comply with any term, provision, or covenant contained in this Agreement or any other Basic Document, or a failure by the Borrower to comply with any Applicable Law with respect to any Contract or Receivable, the related Financed Vehicle or the non-conformity of any Contract with any such Applicable Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the failure to vest and maintain vested in the Administrative Agent a valid and enforceable security interest in any or all of the Collateral or a valid and enforceable first priority perfected security interest in any or all of the Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the failure to file, or any delay in filing, financing statements or other similar instruments or documents under the UCC of any applicable jurisdiction or other Applicable Laws with respect to the Collateral, whether at the time of a Loan or at any subsequent time and as required by the Basic Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any dispute, claim, offset, or defense (other than the discharge in bankruptcy of the related Obligor) of an Obligor to the payment of any Receivable comprising a portion of the Collateral which is, or is purported to be, an Eligible Receivable (including a defense based on the Contract not being a legal, valid, and binding obligation of such Obligor enforceable against it in accordance with its terms) or any other claim resulting from the sale or financing of the Financed Vehicle related to such Receivable (other than as a result of the bankruptcy or insolvency of the related Obligor);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) any products liability claim or personal injury or property damage suit or other similar or related claim or action of whatever sort arising out of or in connection with any Contract or the related Financed Vehicle;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the failure by the Borrower to pay when due any Taxes for which the Borrower is liable, including sales, excise or personal property taxes payable in connection with the Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) any repayment or disgorgement by any Agent or a Secured Party of any amount previously distributed in reduction of the Loans Outstanding or payment of Interest, any other Obligation or any other amount due hereunder or under any Hedging Agreement, in each case which amount such entity believes in good faith is required to be repaid or disgorged;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) any litigation, proceeding, or investigation relating to arising from the Basic Documents, the transactions contemplated hereby and thereby, the use of proceeds of the Loans or any other investigation, litigation or proceeding relating to the Borrower in which any Indemnified Party becomes involved as a result of any of the transactions contemplated by the Basic Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) the use of the proceeds of any Loan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) any failure by the Borrower to give reasonably equivalent value to the Seller in consideration for the transfer by the Seller to the Borrower of any of the Receivables and the related Collateral or any attempt by any Person to void or otherwise avoid any such transfer under any statutory provision or common law or equitable action, including any provision of the Bankruptcy Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) the commingling by the Borrower of any Collections with other funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) any claim brought by any Person arising from any activity by the Borrower in servicing, administering or collecting any Receivable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) the failure of the Remittance Account Bank (for so long as JPMorgan Chase Bank is not the Remittance Account Bank) or the Account Bank (for so long as JPMorgan Chase Bank is not the Account Bank), respectively, to remit any amounts or items of payment held in the Remittance Account or the Collection Account pursuant to the instructions of the Administrative Agent given in accordance with this Agreement or the other Basic Documents, whether by reason or the exercise of setoff rights or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) all reasonable and documented fees, costs, and expenses (including reasonable legal fees and expenses) incurred by any Lender, their respective Credit Providers, or the Administrative Agent in connection with any amendments, supplements, waivers, or consents (including review and analysis thereof) with respect to the Basic Documents or any other document or instrument delivered pursuant hereto or thereto (whether or not the same is finally agreed to) if the same is requested by the Borrower, or is required or necessary under the Basic Documents; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) any and all Sanctions against, and all reasonable costs and expenses (including attorneys' fees and disbursements) incurred in connection with the defense thereof by the Administrative Agent or any Lender or Agent as a result of funding all or any portion of the Loans or the acceptance of payments or of Collateral due under the Basic Documents.

Notwithstanding the foregoing, in no event shall any Indemnified Party be indemnified against any Indemnified Amounts to the extent such Indemnified Amounts are or result from (A) Excluded Taxes, (B) non-payment by any Obligor of any amount that is due and payable under the related Receivable, or (C) any loss in value of any Financed Vehicle or Permitted Investments for reasons that are not caused by the Borrower. For the avoidance of doubt, the terms of this Section shall not apply to any indemnification relating to Taxes that are governed by the terms of Section 2.12.

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Any amounts subject to the indemnification provisions of this Section shall be paid by the Borrower solely pursuant to the provisions of Section 2.07 in the order and priority set forth therein not later than the first Distribution Date following written demand therefor.

Section 9.02. <u>Indemnities by the Servicer and the Collateral Custodian</u>. Without limiting any other rights which the Administrative Agent, each Agent, each Lender or its assignee, the Backup Servicer, the Account Bank, or any of their respective Affiliates may have hereunder or under Applicable Law, the initial Servicer and the initial Collateral Custodian each hereby agree to indemnify the Indemnified Parties from and against any and all Indemnified Amounts awarded against or incurred by, any such Indemnified Party arising out of or as a result of the failure of the initial Servicer or the initial Collateral Custodian, respectively, to perform its obligations under this Agreement, excluding, however, Indemnified Amounts to the extent resulting from the gross negligence, bad faith, or willful misconduct on the part of any Indemnified Party. Without limiting the foregoing, the initial Servicer and the initial Collateral Custodian shall each indemnify the Indemnified Parties for Indemnified Amounts relating to or resulting from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) reliance on any representation or warranty made or deemed made, respectively, by the Servicer or any of its respective officers or by the Collateral Custodian or any of its respective officers, in all cases under or in connection with this Agreement or any other Basic Document, which shall have been false or incorrect in any material respect when made or deemed made or delivered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the failure by the Servicer or the Collateral Custodian, respectively, to comply with any term, provision, or covenant contained in this Agreement or any other Basic Document to which it is a party or a failure by the Servicer or the Collateral Custodian, respectively, to comply with any term, provision, or covenant contained in any agreement executed in connection with this Agreement or any other Basic Document, or with any Applicable Law with respect to any Contract or Receivable, the related Financed Vehicle or the non-conformity of any Contract with any such Applicable Law and any failure by Lendbuzz Funding to perform its respective duties under the Contracts and Receivables included as a part of the Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) with respect to the Servicer only, the failure to vest and maintain vested in the Administrative Agent a valid and enforceable security interest in any or all of the Collateral or a valid and enforceable first priority perfected security interest in any or all of the Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) with respect to the Servicer only, the failure to file, or any delay in filing, financing statements or other similar instruments or documents under the UCC of any applicable jurisdiction or other Applicable Laws with respect to the Collateral, whether at the time of a Loan or at any subsequent time and as required by the Basic Documents;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any failure by the Servicer or the Collateral Custodian, respectively, to perform its respective duties or obligations in accordance with the provisions of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the failure, respectively, by the Servicer to pay when due any Taxes for which the Servicer is liable or by the Collateral Custodian to pay when due any Taxes for which the Collateral Custodian is liable, in all cases including sales, excise, or personal property taxes payable in connection with the Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) any litigation, proceeding or investigation relating to or arising from the obligation of the Servicer or the Collateral Custodian, respectively, under the Basic Documents to which it is a party, the transactions contemplated hereby and thereby, or any other investigation, litigation or proceeding relating to the Servicer or the Collateral Custodian, respectively, in which any Indemnified Party becomes involved as a result of any of the transactions contemplated by such Basic Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) any claim brought by any Person arising from any activity by the Servicer or the Collateral Custodian, respectively, in servicing, administering or collecting any Receivable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) to the extent caused by actions or inactions of the Servicer or the Collateral Custodian, respectively, the failure of the Remittance Account Bank to remit any amounts or items of payment held in the Remittance Account pursuant to the instructions of the Administrative Agent given in accordance with this Agreement or the other Basic Documents, whether by reason or the exercise of setoff rights or otherwise; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) all reasonable and documented fees, costs and expenses (including reasonable legal fees and expenses) incurred by any Lender, their respective Credit Providers or the Administrative Agent in connection with any amendments, supplements, waivers, or consents (including review and analysis thereof) with respect to the Basic Documents or any other document or instrument delivered pursuant hereto or thereto (whether or not the same is finally agreed to) if the same is requested by the Servicer or the Collateral Custodian, respectively.

Notwithstanding the foregoing, in no event shall any Indemnified Party be indemnified against any Indemnified Amounts to the extent such Indemnified Amounts are or result from (A) Excluded Taxes, (B) non-payment by any Obligor of any amount that is due and payable under the related Receivable, or (C) any loss in value of any Financed Vehicle or Permitted Investments for reasons that are not caused by the Servicer.

Any amounts subject to the indemnification provisions of this Section shall be paid by the Servicer or the Collateral Custodian, respectively, to the related Indemnified Party within 20 Business Days following written demand therefor.

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Section 9.03. <u>Indemnities by the Backup Servicer in its Capacity as the Successor</u> <u>Servicer or Successor Collateral Custodian</u>. Notwithstanding any indemnification obligations that the Backup Servicer may assume in a Backup Servicing Agreement, in no event shall the Backup Servicer, in its capacity as Successor Servicer or Successor Collateral Custodian, have (a) any liability with respect to any obligation which was required to be performed by the predecessor Servicer or the predecessor Collateral Custodian, respectively, prior to the date that the Backup Servicer becomes the Successor Servicer or the Successor Collateral Custodian, respectively, or any claim of a third party based on any alleged action or inaction of the predecessor Servicer or the predecessor Collateral Custodian, respectively, or (b) any liability or obligation with respect to any Servicer or Collateral Custodian indemnification obligations of any prior Servicer or Collateral Custodian, including, respectively, Lendbuzz Funding or Lendbuzz.

ARTICLE TEN

THE ADMINISTRATIVE AGENT AND THE AGENTS

Section 10.01. <u>Authorization and Action</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Lender and each Secured Party (other than the Administrative Agent) hereby designates and appoints JPMorgan Chase Bank (and JPMorgan Chase Bank accepts such designation and appointment) as Administrative Agent hereunder, and authorizes the Administrative Agent to take such actions as agent on its behalf and to exercise such powers as are delegated to the Administrative Agent by the terms of this Agreement together with such powers as are reasonably incidental thereto. In performing its functions and duties hereunder, the Administrative Agent shall act solely as agent for the Secured Parties and does not assume nor shall be deemed to have assumed any obligation or relationship of trust or agency with or for the Borrower or any of its successors or assigns. The Administrative Agent shall not be required to take any action which exposes it to personal liability or which is contrary to this Agreement or Applicable Law. The appointment and authority of the Administrative Agent hereunder shall terminate at the indefeasible payment in full of the Aggregate Unpaids.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Lender hereby irrevocably designates and appoints the related Agent as the agent of such Lender under this Agreement, and each such Lender irrevocably authorizes such Agent, as the agent for such Lender, to take such action on its behalf under the provisions of the Basic Documents and to exercise such powers and perform such duties thereunder as are expressly delegated to such Agent by the terms of this Agreement, together with such other powers as are reasonably incidental thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding any provision to the contrary elsewhere in this Agreement, neither the Administrative Agent nor any Agent (the Administrative Agent and each Agent being referred to in this Article as an "<u>Agent</u>") shall have any duties or responsibilities, except those expressly set forth herein, or any fiduciary relationship with any Lender, and no implied covenants, functions, responsibilities, duties, obligations, or liabilities shall be read into this Agreement or otherwise exist against the Administrative Agent or any Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Administrative Agent shall promptly distribute to each Agent (if such Agent is not otherwise required to receive such notice), who shall promptly distribute to each related Lender all notices, requests for consent and other information received by the Administrative Agent under this Agreement.

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Section 10.02. <u>Delegation of Duties</u>. Each Agent may execute any of its duties under any of the Basic Documents by or through agents or attorneys-in-fact and shall be entitled to advice of counsel concerning all matters pertaining to such duties. No Agent shall be responsible for the negligence or misconduct of any agents or attorneys-in-fact selected by it with reasonable care.

Section 10.03. <u>Exculpatory Provisions</u>. Neither any Agent nor any of its directors, officers, agents, or employees shall be (i) liable for any action lawfully taken or omitted to be taken by it or them under or in connection with this Agreement (except for its, their or such Person's own gross negligence or willful misconduct or, in the case of any Agent, the breach of its obligations expressly set forth in this Agreement) or (ii) responsible in any manner to any of the Secured Parties for any recitals, statements, representations, or warranties made by the Borrower, the Servicer, the Backup Servicer, the Performance Guarantor, or the Collateral Custodian contained in this Agreement or in any certificate, report, statement, or other document referred to or provided for in, or received under or in connection with, this Agreement or any other Basic Document to which it is a party for the value, validity, effectiveness, genuineness, enforceability, or sufficiency of this Agreement or any other document furnished in connection herewith, or for any failure of the Borrower to perform its obligations hereunder, or for the satisfaction of any condition specified in Article Four. No Agent shall be under any obligation to any Secured Party to ascertain or to inquire as to the observance or performance of any of the agreements or covenants contained in, or conditions of, this Agreement, or to inspect the properties, books, or records of the Borrower. No Agent shall be deemed to have knowledge of any Event of Default, Servicer Termination Event, Step-up Overcollateralization Trigger, or Early Amortization Event unless it has received written notice thereof from the Borrower, the Servicer, or a Secured Party.

Section 10.04. <u>Reliance</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Agent shall be entitled to rely, and shall be fully protected in relying, upon any writing, resolution, notice, consent, certificate, affidavit, letter, cablegram, telegram, telecopy, telex or teletype message, written statement, order, or other document or conversation believed by it to be genuine and correct and to have been signed, sent, or made by the proper Person or Persons and upon advice and statements of legal counsel (including counsel to the Agent), independent accountants, and other experts selected by such Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Agent shall be fully justified in failing or refusing to take any action under any of the Basic Documents unless it shall first receive such advice or concurrence of the Required Lenders as it deems appropriate or it shall first be indemnified to its satisfaction by, in the case of (i) the Administrative Agent, the Lenders or (ii) an Agent, the Lenders or by the Lenders in its Lender Group, against any and all liability and expense which may be incurred by it by reason of taking or continuing to take any such action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Administrative Agent shall in all cases be fully protected in acting, or in refraining from acting, under any of the Basic Documents in accordance with a request of the Required Lenders (or their Agents), and such request and any action taken or failure to act pursuant thereto shall be binding upon all present and future Lenders.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each Agent shall in all cases be fully protected in acting, or in refraining from acting, under any of the Basic Documents in accordance with a request of (i) Owners in its Lender Group having Invested Percentages aggregating greater than 50% of the aggregate Invested Percentages of all Owners in such Lender Group and (ii) Lenders in its Lender Group having Commitments aggregating greater than 50% of the aggregate Commitments of all Lenders in such Lender Group, and such request and any action taken or failure to act pursuant thereto shall be binding upon all present and future Lenders in such Lender Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) No Agent shall be deemed to have knowledge or notice of the occurrence of any breach of this Agreement or the occurrence of any Servicer Termination Event, Early Amortization Event, Step-up Overcollateralization Trigger, or Event of Default unless it has received notice from the Borrower, the Servicer, the Backup Servicer or any Lender, referring to this Agreement and describing such event. In the event that the Administrative Agent receives such a notice, it shall promptly give notice thereof to each Agent, and in the event any Agent receives such a notice, it shall promptly give notice thereof to the Lenders in its Lender Group. The Administrative Agent shall take such action with respect to such event as shall be reasonably directed by the Required Lenders, and each Agent shall take such action with respect to such event as shall be reasonably directed by (i) all Owners in its Lender Group and (ii) all Lenders in its Lender Group; <u>provided</u>, that unless and until such Agent shall have received such directions, such Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such event as it shall deem advisable in the best interests of the Lenders or of the Lenders in its Lender Group, as applicable.

Section 10.05. <u>Non-Reliance on Agents and Other Lenders</u>. Each Lender expressly acknowledges that no Agent nor any of its officers, directors, employees, agents, attorneys-in-fact, or Affiliates has made any representations or warranties to it and that no act by any Agent hereafter taken, including any review of the affairs of the Borrower, the Servicer, the Performance Guarantor, the Backup Servicer, or the Collateral Custodian shall be deemed to constitute any representation or warranty by any Agent to any Lender. Each Lender represents to each Agent that it has, independently and without reliance upon any Agent or any other Lender, and based on such documents and information as it has deemed appropriate, made its own appraisal of, and investigation into, the business, operations, property, financial, and other condition and creditworthiness of the Borrower, the Servicer, the Performance Guarantor, the Backup Servicer, the Collateral Custodian, and the Receivables and made its own decision to purchase its interest in the Loans hereunder and enter into this Agreement. Each Lender also represents that it will, independently and without reliance upon any Agent or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own analysis, appraisals, and decisions in taking or not taking action under any of the Basic Documents, and to make such investigation as it deems necessary to inform itself as to the business, operations, property, financial, and other condition and creditworthiness of the Borrower, the Servicer, the Performance Guarantor, the Backup Servicer or the Collateral Custodian and the Receivables. Except for notices, reports and other documents received by an Agent hereunder, no Agent shall have any duty or responsibility to provide any Lender with any credit or other information concerning the business, operations, property, condition (financial or otherwise), prospects, or creditworthiness of the Borrower, the Servicer, the Performance Guarantor, the Backup Servicer, the Collateral Custodian, or the Receivables which may come into the possession of such Agent or any of its officers, directors, employees, agents, attorneys-in-fact, or affiliates.

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Section 10.06. <u>Indemnification</u>. The Lenders (i) agree to indemnify the Administrative Agent in its capacity as such (without limiting the obligation (if any) of the Borrower or the Servicer to reimburse the Administrative Agent for any such amounts), ratably according to their respective Commitments (or, if the Commitments have terminated, Invested Percentages) and (ii) in each Lender Group agree to indemnify the Agent for such Lender Group in its capacity as such (without limiting the obligation (if any) of the Borrower and the Servicer to reimburse such Agent for any such amounts), ratably according to their respective Commitments (or, if the Commitments have terminated, Invested Percentages), in each case from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses, or disbursements of any kind whatsoever which may at any time (including at any time following the payment of the obligations under this Agreement, including the Loans Outstanding) be imposed on, incurred by or asserted against such Agent in any way relating to or arising out of this Agreement, or any documents contemplated by or referred to herein or the transactions contemplated hereby or any action taken or omitted by the Agent under or in connection with any of the foregoing; <u>provided</u>, that no Lender shall be liable for the payment of any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses, or disbursements of an Agent resulting from its own gross negligence or willful misconduct. The provisions of this Section shall survive the payment of the obligations under this Agreement, including the Loans Outstanding, the termination of this Agreement, and any resignation or removal of the applicable Agent.

Section 10.07. <u>Agents in their Individual Capacity</u>. Each Agent and its Affiliates may make loans to, accept deposits from, and generally engage in any kind of business with the Borrower and any other party to a Basic Document as though it were not an Agent hereunder. In addition, the Lenders acknowledge that one or more Persons which are Agents may act (i) as administrator, sponsor, or agent for one or more Lenders and in such capacity act and may continue to act on behalf of each such Lender in connection with its business, and (ii) as the agent for certain financial institutions under the liquidity and credit enhancement agreements relating to this Agreement to which any one or more Lenders is party and in various other capacities relating to the business of any such Lender under various agreements. Any such Person, in its capacity as Agent, shall not, by virtue of its acting in any such other capacities, be deemed to have duties or responsibilities hereunder or be held to a standard of care in connection with the performance of its duties as an Agent other than as expressly provided in this Agreement. Any Person which is an Agent may act as an Agent without regard to and without additional duties or liabilities arising from its role as such administrator or agent or arising from its acting in any such other capacity. None of the provisions to this Agreement shall require the Administrative Agent to expend or risk its own funds or otherwise to incur any liability, financial or otherwise, in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers if it shall have reasonable grounds for believing that repayment of such funds or indemnity satisfactory to it against such risk or liability is not assured to it.

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Section 10.08. <u>Successor Administrative Agent</u>. The Administrative Agent may assign its rights and obligations hereunder with the consent of the Required Lenders and the Borrower. The Administrative Agent may resign as Administrative Agent upon ten days' notice to the Lenders, each Agent and the Borrower with such resignation becoming effective upon a successor agent succeeding to the rights, powers and duties of the Administrative Agent pursuant to this Section. If the Administrative Agent shall resign as Administrative Agent under this Agreement, then the Required Lenders shall appoint a successor administrative agent. Any successor administrative agent shall succeed to the rights, powers and duties of resigning Administrative Agent, and the term "Administrative Agent" shall mean such successor administrative agent effective upon its appointment, and the former Administrative Agent's rights, powers and duties as Administrative Agent shall be terminated, without any other or further act or deed on the part of such former Administrative Agent or any of the parties to this Agreement. After the retiring Administrative Agent's resignation as Administrative Agent, the provisions of this Article shall inure to its benefit as to any actions taken or omitted to be taken by it while it was Administrative Agent under this Agreement.

Section 10.09. <u>Erroneous Payments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Lender hereby agrees that (i) if the Administrative Agent notifies such Lender that the Administrative Agent has determined in its sole discretion that any funds received by such Lender from the Administrative Agent or any of its Affiliates (whether as a payment, prepayment, or repayment of principal, interest, fees, or otherwise; individually and collectively, a "<u>Payment</u>") were erroneously transmitted to such Lender (whether or not known to such Lender), and demands the return of such Payment (or a portion thereof), such Lender shall promptly, but in no event later than one Business Day thereafter, return to the Administrative Agent the amount of any such Payment (or portion thereof) as to which such a demand was made in same day funds, together with interest thereon in respect of each day from and including the date such Payment (or portion thereof) was received by such Lender to the date such amount is repaid to the Administrative Agent at the greater of the NYFRB Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation from time to time in effect, and (ii) to the extent permitted by applicable law, such Lender shall not assert, and hereby waives, as to the Administrative Agent, any claim, counterclaim, defense, or right of set-off or recoupment with respect to any demand, claim, or counterclaim by the Administrative Agent for the return of any Payments received, including without limitation any defense based on "discharge for value" or any similar doctrine. A notice of the Administrative Agent to any Lender under this Section shall be conclusive, absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Lender hereby further agrees that if it receives a Payment from the Administrative Agent or any of its Affiliates (i) that is in a different amount than, or on a different date from, that specified in a notice of payment sent by the Administrative Agent (or any of its Affiliates) with respect to such Payment (a '<u>Payment Notice</u>') or (ii) that was not preceded or accompanied by a Payment Notice, it shall be on notice, in each such case, that an error has been made with respect to such Payment. Each Lender agrees that, in each such case, or if it otherwise becomes aware a Payment (or portion thereof) may have been sent in error, such Lender shall promptly notify the Administrative Agent of such occurrence and, upon demand from the Administrative Agent, it shall promptly, but in no event later than one Business Day thereafter, return to the Administrative Agent the amount of any such Payment (or portion thereof) as to which such a demand was made in same day funds, together with interest thereon in respect of each day from and including the date such Payment (or portion thereof) was received by such Lender to the date such amount is repaid to the Administrative Agent at the greater of the NYFRB Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation from time to time in effect.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each party's obligations under this Section shall survive the resignation or replacement of the Administrative Agent or any transfer of rights or obligations by, or the replacement of, a Lender, the termination of the Commitments or the repayment, satisfaction, or discharge of all Obligations under any Basic Document.

ARTICLE ELEVEN

ASSIGNMENTS; PARTICIPATIONS

Section 11.01. <u>Assignments and Participations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Lender may, upon at least 30 days' notice to the Administrative Agent and the Agents, assign to one or more banks or other entities all or a portion of its rights and obligations under this Agreement; <u>provided</u>, that (i) each such assignment shall be of a constant, and not a varying, percentage of all of the assigning Lender's rights and obligations under this Agreement, (ii) the amount of the Commitment of the assigning Lender being assigned pursuant to each such assignment (determined as of the date of the Assignment and Acceptance with respect to such assignment), except if being assigned to an Affiliate of the Lender, shall in no event be less than the lesser of (A) $5,000,000 or an integral multiple of $1,000,000 in excess of that amount and (B) the full amount of the assigning Lender's Commitment, (iii) each such assignment shall be to an Eligible Assignee, (iv) the parties to each such assignment shall execute and deliver to the Administrative Agent (with a copy to the Borrower), for its recording in the Lender Register, an Assignment and Acceptance, together with a processing and recordation fee of $3,500 or such lesser amount as shall be approved by the Administrative Agent, (v) the parties to each such assignment shall have agreed to reimburse the Administrative Agent for all reasonable fees, costs and expenses (including the reasonable fees and disbursements of counsel for the Administrative Agent) incurred by the Administrative Agent in connection with such assignment, (vi) each Person that becomes a Lender under an Assignment and Acceptance shall agree to be bound by the confidentiality provisions of Article Twelve, and (vii) there shall be no increased costs, expenses or Taxes incurred by the Administrative Agent or any Lender Group upon assignment or participation. Upon such execution, delivery and recording by the Administrative Agent, from and after the effective date specified in each Assignment and Acceptance, (i) the assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, have the rights and obligations of a Lender hereunder and (ii) the Lender assignor thereunder shall, to the extent that rights and obligations hereunder have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under this Agreement (and, in the case of an Assignment and Acceptance covering all or the remaining portion of an assigning Lender's rights and obligations under this Agreement, such Lender shall cease to be a party hereto).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) By executing and delivering an Assignment and Acceptance, the Lender assignor thereunder and the assignee thereunder confirm to and agree with each other and the other parties hereto as follows: (i) other than as provided in such Assignment and Acceptance, such assigning Lender makes no representation or warranty and assumes no responsibility with respect to any statements, warranties, or representations made in or in connection with this Agreement or the execution, legality, validity, enforceability, genuineness, sufficiency, or value of this Agreement or any other instrument or document furnished pursuant hereto; (ii) such assignee confirms that it has received a copy of this Agreement, together with copies of such financial statements and other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into such Assignment and Acceptance; (iii) such assignee will, independently and without reliance upon the Administrative Agent, such assigning Lender or any other Lender and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under this Agreement; (iv) such assigning Lender and such assignee confirm that such assignee is an Eligible Assignee; (v) such assignee appoints and authorizes the Administrative Agent to take such action as agent on its behalf and to exercise such powers under this Agreement as are delegated to such agent by the terms hereof, together with such powers as are reasonably incidental thereto; and (vi) such assignee agrees that it will perform in accordance with their terms all of the obligations which by the terms of this Agreement are required to be performed by it as a Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Administrative Agent, acting solely for this purpose as a non-fiduciary agent of the Borrower, shall maintain at its address referred to herein a copy of each Assignment and Acceptance delivered to it and a register for the recordation of the names, addresses and Commitment of each Lender and the Principal Amount (and stated interest) of each Loan made by each Lender from time to time (the "<u>Lender Register</u>"). The entries in the Lender Register shall be conclusive and binding for all purposes, absent manifest error, and the Borrower and the Lenders shall treat each Person whose name is recorded in the Lender Register as a Lender hereunder for all purposes of this Agreement. The Lender Register shall be available for inspection by any Agent or Lender at any reasonable time and from time to time upon reasonable prior notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Subject to the provisions of Section 11.01(a), upon its receipt of an Assignment and Acceptance executed by an assigning Lender and an assignee, the Administrative Agent shall, if such Assignment and Acceptance has been completed, accept such Assignment and Acceptance, and the Administrative Agent shall then record the information contained therein in the Lender Register.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Each Lender may sell participations to one or more banks or other entities in or to all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment and each Loan owned by it); <u>provided</u>, that (i) such Lender's obligations under this Agreement (including its Commitment hereunder) shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations, (iii) the Administrative Agent and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender's rights and obligations under this Agreement, (iv) the Borrower provides its prior written consent to the sale of such participation (such consent of the Borrower not to be unreasonably withheld), and (v) unless an Event of Default has occurred and is continuing, no participation may be sold to any Competitor unless approved by the Borrower in writing prior to such sale. Notwithstanding anything herein to the contrary, each

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participant shall have the rights of a Lender (including any right to receive payment) under Sections 2.11 and 2.12; <u>provided</u>, that no participant shall be entitled to receive payment under either such Section in excess of the amount that would have been payable under such Section by the Borrower to the Lender granting its participation had such participation not been granted, and no Lender granting a participation shall be entitled to receive payment under either such Section in an amount which exceeds the sum of (i) the amount to which such Lender is entitled under such Section with respect to any portion of any Loan owned by such Lender which is not subject to any participation <u>plus</u> (ii) the aggregate amount to which its participants are entitled under such Sections with respect to the amounts of their respective participations. With respect to any participation described in this Section, the participant's rights as set forth in the agreement between such participant and the applicable Lender to agree to or to restrict such Lender's ability to agree to any modification, waiver or release of any of the terms of this Agreement or to exercise or refrain from exercising any powers or rights which such Lender may have under or in respect of this Agreement shall be limited to the right to consent to any of the matters set forth in Section 11.01.

Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrower, maintain a register on which it enters the name and address of each participant and the principal amounts (and stated interest) of each participant's interest in the obligations under this Agreement (the "<u>Participant Register</u>"); <u>provided</u>, that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any participant or any information relating to a participant's interest in any Commitment or Loan or its other obligations under the Agreement) to any person except to (A) the Administrative Agent and (B) the extent that such disclosure is necessary to establish that such Commitment, Loan, or other obligation is in registered form under Treasury Regulations Section 5f.103-1(c). The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Each Lender may, in connection with any assignment or participation or proposed assignment or participation pursuant to this Section, disclose to the assignee or participant or proposed assignee or participant any information, including Confidential Information, relating to the Borrower furnished to such Lender by or on behalf of the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Nothing herein shall prohibit any Lender from (i) pledging or assigning as Collateral any of its rights under this Agreement to any Federal Reserve Bank or any other Governmental Authority in accordance with Applicable Law or (ii) pledging or granting a security interest in all or any portion of its rights (including payments to it under this Agreement and the other Basic Documents) under this Agreement to a collateral trustee in order to comply with Rule 3a-7 under the Investment Company Act; <u>provided</u>, that in each case, (A) any such pledge or Collateral assignment may be made without compliance with Section 11.01(a) or 11.01(b) and (B) no such pledge or grant of a security interest shall release a Lender from any of its obligations hereunder or substitute any such pledgee or grantee for such Lender as a party hereto.

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ARTICLE TWELVE

MUTUAL COVENANTS REGARDING CONFIDENTIALITY

Section 12.01. <u>Covenants of the Borrower, the Servicer, the Backup Servicer, the</u> <u>Account Bank and the Collateral Custodian</u>. Each of the Borrower, the Servicer, the Backup Servicer, the Account Bank, and the Collateral Custodian severally and with respect to itself only, covenants and agrees to hold in confidence, and not disclose to any Person, the terms of this Agreement (including any fees payable in connection with this Agreement or the identity of a Lender under this Agreement), except as the Administrative Agent and the Required Lenders may have consented to in writing prior to any proposed disclosure, except it may disclose such information (a) to its officers, directors, employees, agents, counsel, accountants, auditors, subservicers, advisors, or representatives, (b) to the extent such information has become available to the public other than as a result of a disclosure by or through the Borrower, the Servicer, the Backup Servicer, the Account Bank, or the Collateral Custodian, (c) to JPMorgan Chase Bank or its Affiliates, or (d) to the extent it should be (i) required by Applicable Law (including filing a copy of this Agreement and the other Basic Documents (other than the Fee Letter and excluding from any such copy the identity of each Lender)) as exhibits to filings required to be made with the Securities and Exchange Commission, or in connection with any legal or regulatory proceeding or (ii) requested by any Governmental Authority to disclose such information; <u>provided</u>, that in the case of clause (d)(i), the Borrower, the Servicer, the Backup Servicer, the Account Bank, or the Collateral Custodian, as applicable, will use all reasonable efforts to maintain confidentiality and will (unless otherwise prohibited by law) notify the Administrative Agent and each Agent of its intention to make any such disclosure prior to making such disclosure.

Section 12.02. <u>Covenants of the Administrative Agent, the Agents and the Lenders</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each of the Administrative Agent, each Agent, and each Lender covenants and agrees that it will not disclose any of the Confidential Information at any time received or obtained by it without the Borrower's prior written consent; provided, that it may disclose any such Confidential Information (i) in connection with participations and assignments pursuant to Section 11.01, (ii) to its officers, directors, or employees, to JPMorgan Chase Bank or its Affiliates, to any Credit Provider or to any nationally recognized statistical ratings organization that rates the Commercial Paper Notes issued by a Conduit Lender, each of which shall be informed by it of the confidential nature of the Confidential Information and shall have agreed to keep such information confidential, and (iii) to its or its Affiliates' equity providers or Advisors (provided that such equity providers and Advisors are advised of the confidential nature of such information and such equity providers and Advisors are obligated to keep such information confidential pursuant to the terms of their engagement or applicable professional rules or a confidentiality agreement). Each of the Administrative Agent, each Agent, and each Lender agrees to be responsible for any breach of this Agreement by its Affiliates and Advisors, and it agrees that its Affiliates and Advisors will be advised by it of the confidential nature of such information and that it shall cause its Affiliates to be bound by this Agreement. Notwithstanding the foregoing, with respect to participations and assignments pursuant to Section 11.01 involving an Eligible Assignee other than an entity satisfying clause (i) of the definition of "Eligible Assignee", Confidential Information may not be provided to prospective participants or assignees before the execution of an Assignment and Acceptance, unless such Confidential Information is covered under a separate confidentiality agreement between the assigning Lender and such prospective participant or assignee pursuant to which such prospective participant or assignee shall agree to the provisions set forth in this Article.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each of the Administrative Agent, each Agent, and each Lender acknowledges and agrees that any Confidential Information provided to it, in whatever form, is the sole property of the Borrower or Lendbuzz Funding, as applicable. Neither such Person nor its Affiliates or Advisors shall use any of the Confidential Information now or hereafter received or obtained from or through the Borrower, Lendbuzz Funding, or any of their respective Affiliates for any purpose other than for purposes of engaging in, or as otherwise contemplated by, the transactions contemplated by the Basic Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the Administrative Agent, any Agent, a Lender, or any of their respective Affiliates or Advisors are legally compelled (whether by deposition, interrogatory, request for documents, subpoena, civil investigation, demand or similar process) to disclose any Confidential Information, the related entity shall, to the extent permitted by law, promptly notify the Borrower and Lendbuzz Funding in writing of such requirement so that the Borrower and/or Lendbuzz Funding, at their sole cost and expense, may seek a protective order or other appropriate remedy and/or waive compliance with the provisions hereof. The Administrative Agent, each Agent, and each Lender or any of their respective Affiliates or Advisors agree to use its reasonable efforts, upon the written request of the Borrower or Lendbuzz Funding, as applicable, to obtain or assist the Borrower or Lendbuzz Funding, as applicable, in obtaining any such protective order. Failing the reasonably timely entry of a protective order or the reasonably timely receipt of a waiver hereunder, it may disclose, without liability hereunder, that portion (and only that portion) of the Confidential Information that in the opinion of such party's counsel, it is legally compelled to disclose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding the foregoing, it is understood that the Administrative Agent, each Agent, and each Lender or its Affiliates may be required to disclose (and may so disclose, without liability hereunder, provided that it complies with the following sentence) the Confidential Information or portions thereof (i) at the request of a bank examiner or other regulatory authority or in connection with an examination of it or its Affiliates by a bank examiner or other regulatory authority, including in connection with the regulator compliance policy of Administrative Agent, any Agent, or any Lender, (ii) to any nationally recognized statistical rating organization (within the meaning of the Exchange Act) (an "<u>NRSRO</u>") either (A) in compliance with Rule 17g-5 under the Exchange Act (or any similar rule or regulation in any relevant jurisdiction) or (B) in connection with the rating or reaffirmation of the rating of the Commercial Paper Notes, each of which shall be informed by Administrative Agent, such Agent, such Lender, or such Affiliate, as applicable, of the confidential nature of the Confidential Information and shall have agreed to keep such information confidential, or (iii) to any collateral trustee appointed by such Lender to comply with Rule 3a-7 under the Investment Company Act; <u>provided</u>, that such collateral trustee is informed of the confidential nature of such information and such collateral trustee agrees in writing to keep such Confidential Information subject to an agreement with substantially similar terms as provided herein.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) It is understood and agreed that no failure or delay by the Borrower, the Servicer, the Backup Servicer, the Collateral Custodian, the Administrative Agent, the Account Bank, each Agent, or any Lender in exercising any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any right, power or privilege hereunder.

Section 12.03. <u>Non-Confidentiality of Tax Treatment and Tax Structure</u>. Notwithstanding anything to the contrary contained herein or in any document related to the transactions contemplated hereby, in connection with Treasury Regulations Section 1.6011-4, Section 301.6111-1T and Section 301.6112-1, the parties hereby agree that, from the commencement of discussions with respect to the transactions described herein, each party hereto (and each of its employees, representatives, Advisors, Affiliates, or agents) is permitted to disclose to any and all persons of any kind (other than limitations imposed by State or federal securities laws), the structure and tax aspects of the transactions, and all materials of any kind (including opinions or other tax analyses) that are provided to each such party related to such structure and tax aspects. In this regard, each party hereto acknowledges and agrees that this disclosure of the structure or tax aspects of the transactions is not limited in any way by an express or implied understanding or agreement, oral or written (whether or not such understanding or agreement is legally binding) except as is reasonably necessary to comply with state and federal securities laws. Furthermore, each party hereto acknowledges and agrees that it does not know or have reason to know that its use or disclosure of information relating to the structure or tax aspects of the transactions is limited in any other manner (such as where the transactions are claimed to be proprietary or exclusive) for the benefit of any other Person (other than as it may be limited by State or federal securities laws).

ARTICLE THIRTEEN

MISCELLANEOUS

Section 13.01. <u>Amendments and Waivers</u>. This Agreement may be amended, waived, or modified by the written agreement of the Borrower and the Required Lenders. The Administrative Agent shall provide a copy of each such proposed amendment, waiver or other modification to the Account Bank, the Backup Servicer, and each Hedge Counterparty.

No amendment, waiver, or other modification which could have a material adverse effect on the rights or obligations of the Account Bank, the Backup Servicer (including, in its capacity as Successor Servicer), or any Hedge Counterparty shall be effective against the Account Bank, the Backup Servicer, or such Hedge Counterparty, as applicable, without the prior written agreement of the Account Bank, the Backup Servicer, or such Hedge Counterparty, as applicable.

Notwithstanding anything in this Section or in any Basic Document to the contrary, following the determination of a Benchmark Replacement, this Agreement may be amended by the Administrative Agent without the consent of any other Person and, except as provided in Section 2.18(d), without satisfying any other amendment provisions of this Agreement or any other Basic Document, to implement a Benchmark Replacement and any Benchmark Replacement Conforming Changes. For the avoidance of doubt, any Benchmark Replacement Conforming Changes in any amendment to this Agreement may be retroactive (including retroactive to, but not before, the Benchmark Replacement Date) and this Agreement may be amended more than once in connection with any Benchmark Replacement Conforming Changes.

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Section 13.02. <u>Notices, Etc.</u> All notices and other communications provided for hereunder shall, unless otherwise stated herein, be in writing (including communication by e-mail or facsimile copy) and e-mailed, mailed, transmitted or delivered, as to each party hereto, at its address set forth under its name on the signature pages hereof or specified in such party's Assignment and Acceptance or at such other address as shall be designated by such party in a written notice to the other parties hereto. All such notices and communications shall be effective, upon receipt, or in the case of notice by (a) mail, five days after being deposited in the United States mail, first class postage prepaid, (b) facsimile copy, when receipt is confirmed by telephone, except that notices and communications pursuant to Article Two shall not be effective until received with respect to any notice sent by mail, or (c) notice by an e-mail, when receipt is confirmed by telephone or by reply e-mail from the recipient.

Section 13.03. <u>No Waiver, Rights and Remedies</u>. No failure on the part of any Agent or any Secured Party or any assignee of any Secured Party to exercise, and no delay in exercising, any right or remedy hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right or remedy hereunder preclude any other or further exercise thereof or the exercise of any other right. The rights and remedies herein provided are cumulative and not exclusive of any rights and remedies provided by law.

Section 13.04. <u>Binding Effect</u>. This Agreement shall be binding upon and inure to the benefit of the Borrower, the Servicer, the Backup Servicer, the Collateral Custodian, the Account Bank, the Administrative Agent, each Agent, the Secured Parties, and their respective successors and permitted assigns and, in addition, each Hedge Counterparty shall be an express third-party beneficiary of this Agreement.

Section 13.05. <u>Term of this Agreement</u>. This Agreement shall remain in full force and effect until the Facility Termination Date; <u>provided</u>, that (a) the rights and remedies with respect to any breach of any representation and warranty made or deemed made by the Borrower pursuant to Article Five and the indemnification and payment provisions of Article Nine and Section 2.12, (b) the confidentiality provisions of Article Twelve, (c) the provisions of Section 13.10, and (d) any other provision of this Agreement expressly stated to survive, shall be continuing and shall survive any termination of this Agreement.

Section 13.06. **<u>GOVERNING LAW; CONSENT TO JURISDICTION; WAIVER</u> <u>OF OBJECTION TO VENUE</u>. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REFERENCE TO ITS CONFLICTS OF LAW PROVISIONS (OTHER THAN § 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW). EACH OF THE PARTIES HERETO HEREBY AGREES TO THE NON-EXCLUSIVE JURISDICTION OF ANY FEDERAL COURT LOCATED WITHIN THE STATE OF NEW YORK. EACH OF THE PARTIES HERETO HEREBY WAIVES ANY OBJECTION BASED ON FORUM NON CONVENIENS, AND ANY OBJECTION TO VENUE, OF ANY ACTION INSTITUTED HEREUNDER IN ANY OF THE AFOREMENTIONED COURTS AND CONSENTS TO THE GRANTING OF SUCH LEGAL OR EQUITABLE RELIEF AS IS DEEMED APPROPRIATE BY SUCH COURT.**

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Section 13.07. **<u>WAIVER OF JURY TRIAL</u>. TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH OF THE PARTIES HERETO WAIVES ANY RIGHT TO HAVE A JURY PARTICIPATE IN RESOLVING ANY DISPUTE, WHETHER SOUNDING IN CONTRACT, TORT, OR OTHERWISE BETWEEN THE PARTIES HERETO ARISING OUT OF, CONNECTED WITH, RELATED TO, OR INCIDENTAL TO THE RELATIONSHIP BETWEEN ANY OF THEM IN CONNECTION WITH THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. INSTEAD, ANY SUCH DISPUTE RESOLVED IN COURT WILL BE RESOLVED IN A BENCH TRIAL WITHOUT A JURY.**

Section 13.08. <u>Costs and Expenses</u>. In addition to the rights of indemnification granted to the Administrative Agent, each Agent, the Secured Parties, the Account Bank, the Collateral Custodian, and the Backup Servicer and its or their Affiliates and officers, directors, employees and agents thereof under Article Nine, the Borrower agrees to pay on demand all reasonable out-of-pocket costs and expenses (other than Taxes) of the Administrative Agent, each Agent, the Secured Parties, the Account Bank, and the Backup Servicer incurred in connection with the administration (including periodic auditing), amendment or modification of, or any waiver or consent issued in connection with, this Agreement and the other documents to be delivered hereunder or in connection herewith, including the reasonable fees and out-of-pocket expenses of counsel for the Administrative Agent, each Agent, the other Secured Parties, the Account Bank, the Collateral Custodian, and the Backup Servicer (including, if it is then acting as the Successor Servicer) with respect thereto and with respect to advising such entities as to their respective rights and remedies under this Agreement and the other documents to be delivered hereunder or in connection herewith, and all costs and expenses, if any (including reasonable counsel fees and expenses), incurred by such entities in connection with the enforcement of this Agreement and the other documents to be delivered hereunder or in connection herewith.

Section 13.09. <u>No Insolvency Proceedings</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding any prior termination of this Agreement, no Lender shall, prior to the date which is one year and one day after the final payment of the Aggregate Unpaids, petition, cooperate with or encourage any other Person in petitioning or otherwise invoke the process of any Governmental Authority for the purpose of commencing or sustaining an Insolvency Proceeding against the Borrower under any United States federal or State Insolvency Laws or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator, or other similar official of the Borrower or any substantial part of its property or ordering the winding up or liquidation of the affairs of the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding any prior termination of this Agreement, each party to this Agreement hereby agrees that it shall not institute against, or join any other person in instituting against, any Lender any Insolvency Proceeding, for one year and one day after the latest maturing Commercial Paper Note or other debt security issued by such Lender is paid.

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Section 13.10. <u>Recourse Against Certain Parties</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No recourse under or with respect to any obligation, covenant, or agreement (including the payment of any fees or any other obligations) of each Agent or any Secured Party as contained in this Agreement or any other agreement, instrument, or document entered into by it pursuant hereto or in connection herewith shall be had against any such Person or any manager or administrator of such Person or any incorporator, affiliate, stockholder, officer, employee, or director of such Person or of the Borrower or of any such manager or administrator, as such, by the enforcement of any assessment or by any legal or equitable proceeding, by virtue of any statute or otherwise; it being expressly agreed and understood that the agreements of the Agents and any Secured Party contained in this Agreement and all of the other agreements, instruments, and documents entered into by it pursuant hereto or in connection herewith are, in each case, solely the corporate obligations of such Person, and that no personal liability whatsoever shall attach to or be incurred by any administrator of any such Person or any incorporator, stockholder, affiliate, officer, employee, or director of such Person or of any such administrator, as such, or any other of them, under or by reason of any of the obligations, covenants, or agreements of such Person contained in this Agreement or in any other such instruments, documents, or agreements, or that are implied therefrom, and that any and all personal liability of every such administrator of such Person and each incorporator, stockholder, affiliate, officer, employee, or director of such Person or of any such administrator, or any of them, for breaches by such Person of any such obligations, covenants, or agreements, which liability may arise either at common law or at equity, by statute or constitution, or otherwise, is hereby expressly waived as a condition of and in consideration for the execution of this Agreement. The provisions of this Section shall survive the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding anything in this Agreement or any other Basic Document to the contrary, the obligations of any Lender under this Agreement are solely the obligations of such Lender and shall be payable at such time as funds are received by or are available to such Lender in excess of funds necessary to pay in full all outstanding Commercial Paper Notes of such Lender, and, to the extent funds are not available to pay such obligations, the claims relating thereto shall not constitute a claim against such Lender but shall continue to accrue. Each Agent, each Secured Party, and each other party to this Agreement agrees that the payment of any claim (as defined in the Bankruptcy Code) of any such party shall be subordinated to the payment in full of all Commercial Paper Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The provisions of this Section shall survive the termination of this Agreement.

Section 13.11. <u>Patriot Act Compliance</u>. The Administrative Agent hereby notifies the Borrower that pursuant to the requirements of the Patriot Act, it, and each other Lender and the Account Bank, may be required to obtain, verify and record information that identifies the Borrower, which information includes the name and address of the Borrower, organizational documentation, director and shareholder information, and other information that will allow the Administrative Agent, each Lender and the Account Bank to identify the Borrower in accordance with the Patriot Act. This notice is given in accordance with the requirements of the Patriot Act and is effective for the Administrative Agent, each Lender and the Account Bank.

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Section 13.12. <u>Execution in Counterparts; Electronic Signatures; Severability;</u> <u>Integration</u>. This Agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same agreement. Delivery of an executed counterpart of a signature page to this Agreement by facsimile or by electronic mail in a ".pdf" file shall be effective as delivery of a manually executed counterpart of this Agreement. Each party agrees that this Agreement and any other documents to be delivered in connection herewith may be electronically signed, and that any electronic signatures appearing on this Agreement or such other documents are the same as handwritten signatures for the purposes of validity, enforceability, and admissibility. In case any provision in or obligation under this Agreement shall be invalid, illegal or unenforceable in any jurisdiction, the validity, legality, and enforceability of the remaining provisions or obligations, or of such provision or obligation in any other jurisdiction, shall not in any way be affected or impaired thereby. This Agreement contains the final and complete integration of all prior expressions by the parties hereto with respect to the subject matter hereof and shall constitute the entire agreement among the parties hereto with respect to the subject matter hereof, superseding all prior oral or written understandings other than any fee letter contemplated hereby.

[Remainder intentionally left blank]

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IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by their respective officers thereunto duly authorized, as of the date first above written.

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| | | |
|:---|:---|:---|
|  THE BORROWER: | LENDBUZZ SPV V, LLC | LENDBUZZ SPV V, LLC |
|  | By: |  |
|  |  | Name: |
|  |  | Title: |
|  | Address for Notices:<br>Lendbuzz SPV V, LLC<br> 100 Summer Street<br> Boston, Massachusetts 02110<br> Attention: George Sclavos, Chief Financial Officer<br> E-mail: [\*\*\*] | Address for Notices:<br>Lendbuzz SPV V, LLC<br> 100 Summer Street<br> Boston, Massachusetts 02110<br> Attention: George Sclavos, Chief Financial Officer<br> E-mail: [\*\*\*] |
|  | Address for Notices:<br>Lendbuzz SPV V, LLC<br> 100 Summer Street<br> Boston, Massachusetts 02110<br> Attention: George Sclavos, Chief Financial Officer<br> E-mail: [\*\*\*] | Address for Notices:<br>Lendbuzz SPV V, LLC<br> 100 Summer Street<br> Boston, Massachusetts 02110<br> Attention: George Sclavos, Chief Financial Officer<br> E-mail: [\*\*\*] |
|  | Address for Notices:<br>Lendbuzz SPV V, LLC<br> 100 Summer Street<br> Boston, Massachusetts 02110<br> Attention: George Sclavos, Chief Financial Officer<br> E-mail: [\*\*\*] | Address for Notices:<br>Lendbuzz SPV V, LLC<br> 100 Summer Street<br> Boston, Massachusetts 02110<br> Attention: George Sclavos, Chief Financial Officer<br> E-mail: [\*\*\*] |
|  | Address for Notices:<br>Lendbuzz SPV V, LLC<br> 100 Summer Street<br> Boston, Massachusetts 02110<br> Attention: George Sclavos, Chief Financial Officer<br> E-mail: [\*\*\*] | Address for Notices:<br>Lendbuzz SPV V, LLC<br> 100 Summer Street<br> Boston, Massachusetts 02110<br> Attention: George Sclavos, Chief Financial Officer<br> E-mail: [\*\*\*] |

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| | | |
|:---|:---|:---|
|  THE SERVICER AND THE<br> COLLATERAL CUSTODIAN: | LENDBUZZ FUNDING LLC | LENDBUZZ FUNDING LLC |
|  | By: |  |
|  |  | Name: |
|  |  | Title: |
|  | <br> Address for Notices:<br>Lendbuzz Funding LLC<br> 100 Summer Street<br> Boston, Massachusetts 02110<br> Attention: George Sclavos, Chief Financial Officer<br> E-mail: [\*\*\*] | <br> Address for Notices:<br>Lendbuzz Funding LLC<br> 100 Summer Street<br> Boston, Massachusetts 02110<br> Attention: George Sclavos, Chief Financial Officer<br> E-mail: [\*\*\*] |

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[Loan Agreement]

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| | | |
|:---|:---|:---|
|  THE ADMINISTRATIVE AGENT | JPMORGAN CHASE BANK, N.A. | JPMORGAN CHASE BANK, N.A. |
|  AND ACCOUNT BANK: |  |  |
|  | By: |  |
|  |  | Name: |
|  |  | Title: |
|  | <br> Address for Notices:<br>JPMorgan Chase Bank, N.A.<br> Chase Tower, 16<sup>th</sup> Floor<br> 10 South Dearborn Street<br> Mail Code IL1-0079<br> Chicago, Illinois 60603<br> Attention: Asset-Backed Securities Conduit Group<br> Facsimile No.: [\*\*\*]<br> Telephone: [\*\*\*]<br> e-mail: [\*\*\*]<br> [\*\*\*]<br> [\*\*\*] | <br> Address for Notices:<br>JPMorgan Chase Bank, N.A.<br> Chase Tower, 16<sup>th</sup> Floor<br> 10 South Dearborn Street<br> Mail Code IL1-0079<br> Chicago, Illinois 60603<br> Attention: Asset-Backed Securities Conduit Group<br> Facsimile No.: [\*\*\*]<br> Telephone: [\*\*\*]<br> e-mail: [\*\*\*]<br> [\*\*\*]<br> [\*\*\*] |
|  | <br> Address for Notices:<br>JPMorgan Chase Bank, N.A.<br> Chase Tower, 16<sup>th</sup> Floor<br> 10 South Dearborn Street<br> Mail Code IL1-0079<br> Chicago, Illinois 60603<br> Attention: Asset-Backed Securities Conduit Group<br> Facsimile No.: [\*\*\*]<br> Telephone: [\*\*\*]<br> e-mail: [\*\*\*]<br> [\*\*\*]<br> [\*\*\*] | <br> Address for Notices:<br>JPMorgan Chase Bank, N.A.<br> Chase Tower, 16<sup>th</sup> Floor<br> 10 South Dearborn Street<br> Mail Code IL1-0079<br> Chicago, Illinois 60603<br> Attention: Asset-Backed Securities Conduit Group<br> Facsimile No.: [\*\*\*]<br> Telephone: [\*\*\*]<br> e-mail: [\*\*\*]<br> [\*\*\*]<br> [\*\*\*] |
|  | <br> Address for Notices:<br>JPMorgan Chase Bank, N.A.<br> Chase Tower, 16<sup>th</sup> Floor<br> 10 South Dearborn Street<br> Mail Code IL1-0079<br> Chicago, Illinois 60603<br> Attention: Asset-Backed Securities Conduit Group<br> Facsimile No.: [\*\*\*]<br> Telephone: [\*\*\*]<br> e-mail: [\*\*\*]<br> [\*\*\*]<br> [\*\*\*] | <br> Address for Notices:<br>JPMorgan Chase Bank, N.A.<br> Chase Tower, 16<sup>th</sup> Floor<br> 10 South Dearborn Street<br> Mail Code IL1-0079<br> Chicago, Illinois 60603<br> Attention: Asset-Backed Securities Conduit Group<br> Facsimile No.: [\*\*\*]<br> Telephone: [\*\*\*]<br> e-mail: [\*\*\*]<br> [\*\*\*]<br> [\*\*\*] |
|  | <br> Address for Notices:<br>JPMorgan Chase Bank, N.A.<br> Chase Tower, 16<sup>th</sup> Floor<br> 10 South Dearborn Street<br> Mail Code IL1-0079<br> Chicago, Illinois 60603<br> Attention: Asset-Backed Securities Conduit Group<br> Facsimile No.: [\*\*\*]<br> Telephone: [\*\*\*]<br> e-mail: [\*\*\*]<br> [\*\*\*]<br> [\*\*\*] | <br> Address for Notices:<br>JPMorgan Chase Bank, N.A.<br> Chase Tower, 16<sup>th</sup> Floor<br> 10 South Dearborn Street<br> Mail Code IL1-0079<br> Chicago, Illinois 60603<br> Attention: Asset-Backed Securities Conduit Group<br> Facsimile No.: [\*\*\*]<br> Telephone: [\*\*\*]<br> e-mail: [\*\*\*]<br> [\*\*\*]<br> [\*\*\*] |
|  | <br> Address for Notices:<br>JPMorgan Chase Bank, N.A.<br> Chase Tower, 16<sup>th</sup> Floor<br> 10 South Dearborn Street<br> Mail Code IL1-0079<br> Chicago, Illinois 60603<br> Attention: Asset-Backed Securities Conduit Group<br> Facsimile No.: [\*\*\*]<br> Telephone: [\*\*\*]<br> e-mail: [\*\*\*]<br> [\*\*\*]<br> [\*\*\*] | <br> Address for Notices:<br>JPMorgan Chase Bank, N.A.<br> Chase Tower, 16<sup>th</sup> Floor<br> 10 South Dearborn Street<br> Mail Code IL1-0079<br> Chicago, Illinois 60603<br> Attention: Asset-Backed Securities Conduit Group<br> Facsimile No.: [\*\*\*]<br> Telephone: [\*\*\*]<br> e-mail: [\*\*\*]<br> [\*\*\*]<br> [\*\*\*] |
|  | <br> Address for Notices:<br>JPMorgan Chase Bank, N.A.<br> Chase Tower, 16<sup>th</sup> Floor<br> 10 South Dearborn Street<br> Mail Code IL1-0079<br> Chicago, Illinois 60603<br> Attention: Asset-Backed Securities Conduit Group<br> Facsimile No.: [\*\*\*]<br> Telephone: [\*\*\*]<br> e-mail: [\*\*\*]<br> [\*\*\*]<br> [\*\*\*] | <br> Address for Notices:<br>JPMorgan Chase Bank, N.A.<br> Chase Tower, 16<sup>th</sup> Floor<br> 10 South Dearborn Street<br> Mail Code IL1-0079<br> Chicago, Illinois 60603<br> Attention: Asset-Backed Securities Conduit Group<br> Facsimile No.: [\*\*\*]<br> Telephone: [\*\*\*]<br> e-mail: [\*\*\*]<br> [\*\*\*]<br> [\*\*\*] |
|  | <br> Address for Notices:<br>JPMorgan Chase Bank, N.A.<br> Chase Tower, 16<sup>th</sup> Floor<br> 10 South Dearborn Street<br> Mail Code IL1-0079<br> Chicago, Illinois 60603<br> Attention: Asset-Backed Securities Conduit Group<br> Facsimile No.: [\*\*\*]<br> Telephone: [\*\*\*]<br> e-mail: [\*\*\*]<br> [\*\*\*]<br> [\*\*\*] | <br> Address for Notices:<br>JPMorgan Chase Bank, N.A.<br> Chase Tower, 16<sup>th</sup> Floor<br> 10 South Dearborn Street<br> Mail Code IL1-0079<br> Chicago, Illinois 60603<br> Attention: Asset-Backed Securities Conduit Group<br> Facsimile No.: [\*\*\*]<br> Telephone: [\*\*\*]<br> e-mail: [\*\*\*]<br> [\*\*\*]<br> [\*\*\*] |
|  | <br> Address for Notices:<br>JPMorgan Chase Bank, N.A.<br> Chase Tower, 16<sup>th</sup> Floor<br> 10 South Dearborn Street<br> Mail Code IL1-0079<br> Chicago, Illinois 60603<br> Attention: Asset-Backed Securities Conduit Group<br> Facsimile No.: [\*\*\*]<br> Telephone: [\*\*\*]<br> e-mail: [\*\*\*]<br> [\*\*\*]<br> [\*\*\*] | <br> Address for Notices:<br>JPMorgan Chase Bank, N.A.<br> Chase Tower, 16<sup>th</sup> Floor<br> 10 South Dearborn Street<br> Mail Code IL1-0079<br> Chicago, Illinois 60603<br> Attention: Asset-Backed Securities Conduit Group<br> Facsimile No.: [\*\*\*]<br> Telephone: [\*\*\*]<br> e-mail: [\*\*\*]<br> [\*\*\*]<br> [\*\*\*] |
|  | <br> Address for Notices:<br>JPMorgan Chase Bank, N.A.<br> Chase Tower, 16<sup>th</sup> Floor<br> 10 South Dearborn Street<br> Mail Code IL1-0079<br> Chicago, Illinois 60603<br> Attention: Asset-Backed Securities Conduit Group<br> Facsimile No.: [\*\*\*]<br> Telephone: [\*\*\*]<br> e-mail: [\*\*\*]<br> [\*\*\*]<br> [\*\*\*] | <br> Address for Notices:<br>JPMorgan Chase Bank, N.A.<br> Chase Tower, 16<sup>th</sup> Floor<br> 10 South Dearborn Street<br> Mail Code IL1-0079<br> Chicago, Illinois 60603<br> Attention: Asset-Backed Securities Conduit Group<br> Facsimile No.: [\*\*\*]<br> Telephone: [\*\*\*]<br> e-mail: [\*\*\*]<br> [\*\*\*]<br> [\*\*\*] |
|  | <br> Address for Notices:<br>JPMorgan Chase Bank, N.A.<br> Chase Tower, 16<sup>th</sup> Floor<br> 10 South Dearborn Street<br> Mail Code IL1-0079<br> Chicago, Illinois 60603<br> Attention: Asset-Backed Securities Conduit Group<br> Facsimile No.: [\*\*\*]<br> Telephone: [\*\*\*]<br> e-mail: [\*\*\*]<br> [\*\*\*]<br> [\*\*\*] | <br> Address for Notices:<br>JPMorgan Chase Bank, N.A.<br> Chase Tower, 16<sup>th</sup> Floor<br> 10 South Dearborn Street<br> Mail Code IL1-0079<br> Chicago, Illinois 60603<br> Attention: Asset-Backed Securities Conduit Group<br> Facsimile No.: [\*\*\*]<br> Telephone: [\*\*\*]<br> e-mail: [\*\*\*]<br> [\*\*\*]<br> [\*\*\*] |
|  | <br> Address for Notices:<br>JPMorgan Chase Bank, N.A.<br> Chase Tower, 16<sup>th</sup> Floor<br> 10 South Dearborn Street<br> Mail Code IL1-0079<br> Chicago, Illinois 60603<br> Attention: Asset-Backed Securities Conduit Group<br> Facsimile No.: [\*\*\*]<br> Telephone: [\*\*\*]<br> e-mail: [\*\*\*]<br> [\*\*\*]<br> [\*\*\*] | <br> Address for Notices:<br>JPMorgan Chase Bank, N.A.<br> Chase Tower, 16<sup>th</sup> Floor<br> 10 South Dearborn Street<br> Mail Code IL1-0079<br> Chicago, Illinois 60603<br> Attention: Asset-Backed Securities Conduit Group<br> Facsimile No.: [\*\*\*]<br> Telephone: [\*\*\*]<br> e-mail: [\*\*\*]<br> [\*\*\*]<br> [\*\*\*] |
|  | <br> Address for Notices:<br>JPMorgan Chase Bank, N.A.<br> Chase Tower, 16<sup>th</sup> Floor<br> 10 South Dearborn Street<br> Mail Code IL1-0079<br> Chicago, Illinois 60603<br> Attention: Asset-Backed Securities Conduit Group<br> Facsimile No.: [\*\*\*]<br> Telephone: [\*\*\*]<br> e-mail: [\*\*\*]<br> [\*\*\*]<br> [\*\*\*] | <br> Address for Notices:<br>JPMorgan Chase Bank, N.A.<br> Chase Tower, 16<sup>th</sup> Floor<br> 10 South Dearborn Street<br> Mail Code IL1-0079<br> Chicago, Illinois 60603<br> Attention: Asset-Backed Securities Conduit Group<br> Facsimile No.: [\*\*\*]<br> Telephone: [\*\*\*]<br> e-mail: [\*\*\*]<br> [\*\*\*]<br> [\*\*\*] |

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[Loan Agreement]

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| | | |
|:---|:---|:---|
|  CONDUIT LENDER: | [\*\*\*] | [\*\*\*] |
|  | By: | JPMORGAN CHASE BANK, N.A., as its attorney-in-fact |
|  | By: |  |
|  |  | Name: |
|  |  | Title: |
|  | <br> Address for Notices:<br>[\*\*\*]<br> c/o JPMorgan Chase Bank, N.A.<br> Chase Tower, 16<sup>th</sup> Floor<br> 10 South Dearborn Street<br> Mail Code IL1-0079<br> Chicago, Illinois 60603<br> Attention: Asset-Backed Securities Conduit Group<br> Facsimile No.: [\*\*\*]<br> Telephone: [\*\*\*]<br> e-mail: [\*\*\*]<br> [\*\*\*]<br> [\*\*\*] | <br> Address for Notices:<br>[\*\*\*]<br> c/o JPMorgan Chase Bank, N.A.<br> Chase Tower, 16<sup>th</sup> Floor<br> 10 South Dearborn Street<br> Mail Code IL1-0079<br> Chicago, Illinois 60603<br> Attention: Asset-Backed Securities Conduit Group<br> Facsimile No.: [\*\*\*]<br> Telephone: [\*\*\*]<br> e-mail: [\*\*\*]<br> [\*\*\*]<br> [\*\*\*] |
|  | <br> Address for Notices:<br>[\*\*\*]<br> c/o JPMorgan Chase Bank, N.A.<br> Chase Tower, 16<sup>th</sup> Floor<br> 10 South Dearborn Street<br> Mail Code IL1-0079<br> Chicago, Illinois 60603<br> Attention: Asset-Backed Securities Conduit Group<br> Facsimile No.: [\*\*\*]<br> Telephone: [\*\*\*]<br> e-mail: [\*\*\*]<br> [\*\*\*]<br> [\*\*\*] | <br> Address for Notices:<br>[\*\*\*]<br> c/o JPMorgan Chase Bank, N.A.<br> Chase Tower, 16<sup>th</sup> Floor<br> 10 South Dearborn Street<br> Mail Code IL1-0079<br> Chicago, Illinois 60603<br> Attention: Asset-Backed Securities Conduit Group<br> Facsimile No.: [\*\*\*]<br> Telephone: [\*\*\*]<br> e-mail: [\*\*\*]<br> [\*\*\*]<br> [\*\*\*] |
|  | <br> Address for Notices:<br>[\*\*\*]<br> c/o JPMorgan Chase Bank, N.A.<br> Chase Tower, 16<sup>th</sup> Floor<br> 10 South Dearborn Street<br> Mail Code IL1-0079<br> Chicago, Illinois 60603<br> Attention: Asset-Backed Securities Conduit Group<br> Facsimile No.: [\*\*\*]<br> Telephone: [\*\*\*]<br> e-mail: [\*\*\*]<br> [\*\*\*]<br> [\*\*\*] | <br> Address for Notices:<br>[\*\*\*]<br> c/o JPMorgan Chase Bank, N.A.<br> Chase Tower, 16<sup>th</sup> Floor<br> 10 South Dearborn Street<br> Mail Code IL1-0079<br> Chicago, Illinois 60603<br> Attention: Asset-Backed Securities Conduit Group<br> Facsimile No.: [\*\*\*]<br> Telephone: [\*\*\*]<br> e-mail: [\*\*\*]<br> [\*\*\*]<br> [\*\*\*] |
|  | <br> Address for Notices:<br>[\*\*\*]<br> c/o JPMorgan Chase Bank, N.A.<br> Chase Tower, 16<sup>th</sup> Floor<br> 10 South Dearborn Street<br> Mail Code IL1-0079<br> Chicago, Illinois 60603<br> Attention: Asset-Backed Securities Conduit Group<br> Facsimile No.: [\*\*\*]<br> Telephone: [\*\*\*]<br> e-mail: [\*\*\*]<br> [\*\*\*]<br> [\*\*\*] | <br> Address for Notices:<br>[\*\*\*]<br> c/o JPMorgan Chase Bank, N.A.<br> Chase Tower, 16<sup>th</sup> Floor<br> 10 South Dearborn Street<br> Mail Code IL1-0079<br> Chicago, Illinois 60603<br> Attention: Asset-Backed Securities Conduit Group<br> Facsimile No.: [\*\*\*]<br> Telephone: [\*\*\*]<br> e-mail: [\*\*\*]<br> [\*\*\*]<br> [\*\*\*] |
|  | <br> Address for Notices:<br>[\*\*\*]<br> c/o JPMorgan Chase Bank, N.A.<br> Chase Tower, 16<sup>th</sup> Floor<br> 10 South Dearborn Street<br> Mail Code IL1-0079<br> Chicago, Illinois 60603<br> Attention: Asset-Backed Securities Conduit Group<br> Facsimile No.: [\*\*\*]<br> Telephone: [\*\*\*]<br> e-mail: [\*\*\*]<br> [\*\*\*]<br> [\*\*\*] | <br> Address for Notices:<br>[\*\*\*]<br> c/o JPMorgan Chase Bank, N.A.<br> Chase Tower, 16<sup>th</sup> Floor<br> 10 South Dearborn Street<br> Mail Code IL1-0079<br> Chicago, Illinois 60603<br> Attention: Asset-Backed Securities Conduit Group<br> Facsimile No.: [\*\*\*]<br> Telephone: [\*\*\*]<br> e-mail: [\*\*\*]<br> [\*\*\*]<br> [\*\*\*] |
|  | <br> Address for Notices:<br>[\*\*\*]<br> c/o JPMorgan Chase Bank, N.A.<br> Chase Tower, 16<sup>th</sup> Floor<br> 10 South Dearborn Street<br> Mail Code IL1-0079<br> Chicago, Illinois 60603<br> Attention: Asset-Backed Securities Conduit Group<br> Facsimile No.: [\*\*\*]<br> Telephone: [\*\*\*]<br> e-mail: [\*\*\*]<br> [\*\*\*]<br> [\*\*\*] | <br> Address for Notices:<br>[\*\*\*]<br> c/o JPMorgan Chase Bank, N.A.<br> Chase Tower, 16<sup>th</sup> Floor<br> 10 South Dearborn Street<br> Mail Code IL1-0079<br> Chicago, Illinois 60603<br> Attention: Asset-Backed Securities Conduit Group<br> Facsimile No.: [\*\*\*]<br> Telephone: [\*\*\*]<br> e-mail: [\*\*\*]<br> [\*\*\*]<br> [\*\*\*] |
|  | <br> Address for Notices:<br>[\*\*\*]<br> c/o JPMorgan Chase Bank, N.A.<br> Chase Tower, 16<sup>th</sup> Floor<br> 10 South Dearborn Street<br> Mail Code IL1-0079<br> Chicago, Illinois 60603<br> Attention: Asset-Backed Securities Conduit Group<br> Facsimile No.: [\*\*\*]<br> Telephone: [\*\*\*]<br> e-mail: [\*\*\*]<br> [\*\*\*]<br> [\*\*\*] | <br> Address for Notices:<br>[\*\*\*]<br> c/o JPMorgan Chase Bank, N.A.<br> Chase Tower, 16<sup>th</sup> Floor<br> 10 South Dearborn Street<br> Mail Code IL1-0079<br> Chicago, Illinois 60603<br> Attention: Asset-Backed Securities Conduit Group<br> Facsimile No.: [\*\*\*]<br> Telephone: [\*\*\*]<br> e-mail: [\*\*\*]<br> [\*\*\*]<br> [\*\*\*] |
|  | <br> Address for Notices:<br>[\*\*\*]<br> c/o JPMorgan Chase Bank, N.A.<br> Chase Tower, 16<sup>th</sup> Floor<br> 10 South Dearborn Street<br> Mail Code IL1-0079<br> Chicago, Illinois 60603<br> Attention: Asset-Backed Securities Conduit Group<br> Facsimile No.: [\*\*\*]<br> Telephone: [\*\*\*]<br> e-mail: [\*\*\*]<br> [\*\*\*]<br> [\*\*\*] | <br> Address for Notices:<br>[\*\*\*]<br> c/o JPMorgan Chase Bank, N.A.<br> Chase Tower, 16<sup>th</sup> Floor<br> 10 South Dearborn Street<br> Mail Code IL1-0079<br> Chicago, Illinois 60603<br> Attention: Asset-Backed Securities Conduit Group<br> Facsimile No.: [\*\*\*]<br> Telephone: [\*\*\*]<br> e-mail: [\*\*\*]<br> [\*\*\*]<br> [\*\*\*] |
|  | <br> Address for Notices:<br>[\*\*\*]<br> c/o JPMorgan Chase Bank, N.A.<br> Chase Tower, 16<sup>th</sup> Floor<br> 10 South Dearborn Street<br> Mail Code IL1-0079<br> Chicago, Illinois 60603<br> Attention: Asset-Backed Securities Conduit Group<br> Facsimile No.: [\*\*\*]<br> Telephone: [\*\*\*]<br> e-mail: [\*\*\*]<br> [\*\*\*]<br> [\*\*\*] | <br> Address for Notices:<br>[\*\*\*]<br> c/o JPMorgan Chase Bank, N.A.<br> Chase Tower, 16<sup>th</sup> Floor<br> 10 South Dearborn Street<br> Mail Code IL1-0079<br> Chicago, Illinois 60603<br> Attention: Asset-Backed Securities Conduit Group<br> Facsimile No.: [\*\*\*]<br> Telephone: [\*\*\*]<br> e-mail: [\*\*\*]<br> [\*\*\*]<br> [\*\*\*] |
|  | <br> Address for Notices:<br>[\*\*\*]<br> c/o JPMorgan Chase Bank, N.A.<br> Chase Tower, 16<sup>th</sup> Floor<br> 10 South Dearborn Street<br> Mail Code IL1-0079<br> Chicago, Illinois 60603<br> Attention: Asset-Backed Securities Conduit Group<br> Facsimile No.: [\*\*\*]<br> Telephone: [\*\*\*]<br> e-mail: [\*\*\*]<br> [\*\*\*]<br> [\*\*\*] | <br> Address for Notices:<br>[\*\*\*]<br> c/o JPMorgan Chase Bank, N.A.<br> Chase Tower, 16<sup>th</sup> Floor<br> 10 South Dearborn Street<br> Mail Code IL1-0079<br> Chicago, Illinois 60603<br> Attention: Asset-Backed Securities Conduit Group<br> Facsimile No.: [\*\*\*]<br> Telephone: [\*\*\*]<br> e-mail: [\*\*\*]<br> [\*\*\*]<br> [\*\*\*] |
|  | <br> Address for Notices:<br>[\*\*\*]<br> c/o JPMorgan Chase Bank, N.A.<br> Chase Tower, 16<sup>th</sup> Floor<br> 10 South Dearborn Street<br> Mail Code IL1-0079<br> Chicago, Illinois 60603<br> Attention: Asset-Backed Securities Conduit Group<br> Facsimile No.: [\*\*\*]<br> Telephone: [\*\*\*]<br> e-mail: [\*\*\*]<br> [\*\*\*]<br> [\*\*\*] | <br> Address for Notices:<br>[\*\*\*]<br> c/o JPMorgan Chase Bank, N.A.<br> Chase Tower, 16<sup>th</sup> Floor<br> 10 South Dearborn Street<br> Mail Code IL1-0079<br> Chicago, Illinois 60603<br> Attention: Asset-Backed Securities Conduit Group<br> Facsimile No.: [\*\*\*]<br> Telephone: [\*\*\*]<br> e-mail: [\*\*\*]<br> [\*\*\*]<br> [\*\*\*] |
|  | <br> Address for Notices:<br>[\*\*\*]<br> c/o JPMorgan Chase Bank, N.A.<br> Chase Tower, 16<sup>th</sup> Floor<br> 10 South Dearborn Street<br> Mail Code IL1-0079<br> Chicago, Illinois 60603<br> Attention: Asset-Backed Securities Conduit Group<br> Facsimile No.: [\*\*\*]<br> Telephone: [\*\*\*]<br> e-mail: [\*\*\*]<br> [\*\*\*]<br> [\*\*\*] | <br> Address for Notices:<br>[\*\*\*]<br> c/o JPMorgan Chase Bank, N.A.<br> Chase Tower, 16<sup>th</sup> Floor<br> 10 South Dearborn Street<br> Mail Code IL1-0079<br> Chicago, Illinois 60603<br> Attention: Asset-Backed Securities Conduit Group<br> Facsimile No.: [\*\*\*]<br> Telephone: [\*\*\*]<br> e-mail: [\*\*\*]<br> [\*\*\*]<br> [\*\*\*] |
|  | <br> Address for Notices:<br>[\*\*\*]<br> c/o JPMorgan Chase Bank, N.A.<br> Chase Tower, 16<sup>th</sup> Floor<br> 10 South Dearborn Street<br> Mail Code IL1-0079<br> Chicago, Illinois 60603<br> Attention: Asset-Backed Securities Conduit Group<br> Facsimile No.: [\*\*\*]<br> Telephone: [\*\*\*]<br> e-mail: [\*\*\*]<br> [\*\*\*]<br> [\*\*\*] | <br> Address for Notices:<br>[\*\*\*]<br> c/o JPMorgan Chase Bank, N.A.<br> Chase Tower, 16<sup>th</sup> Floor<br> 10 South Dearborn Street<br> Mail Code IL1-0079<br> Chicago, Illinois 60603<br> Attention: Asset-Backed Securities Conduit Group<br> Facsimile No.: [\*\*\*]<br> Telephone: [\*\*\*]<br> e-mail: [\*\*\*]<br> [\*\*\*]<br> [\*\*\*] |

---

[Loan Agreement]

------

---

| | | |
|:---|:---|:---|
|  COMMITTED LENDER: | JPMORGAN CHASE BANK, N.A. | JPMORGAN CHASE BANK, N.A. |
|  | By: |  |
|  |  | Name: |
|  |  | Title: |
|  | <br> Address for Notices:<br>[\*\*\*]<br> c/o JPMorgan Chase Bank, N.A.<br> Chase Tower, 16<sup>th</sup> Floor<br> 10 South Dearborn Street<br> Mail Code IL1-0079<br> Chicago, Illinois 60603<br> Attention: Asset-Backed Securities Conduit Group<br> Facsimile No.: [\*\*\*]<br> Telephone:[\*\*\*]<br> e-mail: [\*\*\*]<br> [\*\*\*]<br> [\*\*\*] | <br> Address for Notices:<br>[\*\*\*]<br> c/o JPMorgan Chase Bank, N.A.<br> Chase Tower, 16<sup>th</sup> Floor<br> 10 South Dearborn Street<br> Mail Code IL1-0079<br> Chicago, Illinois 60603<br> Attention: Asset-Backed Securities Conduit Group<br> Facsimile No.: [\*\*\*]<br> Telephone:[\*\*\*]<br> e-mail: [\*\*\*]<br> [\*\*\*]<br> [\*\*\*] |
|  | <br> Address for Notices:<br>[\*\*\*]<br> c/o JPMorgan Chase Bank, N.A.<br> Chase Tower, 16<sup>th</sup> Floor<br> 10 South Dearborn Street<br> Mail Code IL1-0079<br> Chicago, Illinois 60603<br> Attention: Asset-Backed Securities Conduit Group<br> Facsimile No.: [\*\*\*]<br> Telephone:[\*\*\*]<br> e-mail: [\*\*\*]<br> [\*\*\*]<br> [\*\*\*] | <br> Address for Notices:<br>[\*\*\*]<br> c/o JPMorgan Chase Bank, N.A.<br> Chase Tower, 16<sup>th</sup> Floor<br> 10 South Dearborn Street<br> Mail Code IL1-0079<br> Chicago, Illinois 60603<br> Attention: Asset-Backed Securities Conduit Group<br> Facsimile No.: [\*\*\*]<br> Telephone:[\*\*\*]<br> e-mail: [\*\*\*]<br> [\*\*\*]<br> [\*\*\*] |
|  | <br> Address for Notices:<br>[\*\*\*]<br> c/o JPMorgan Chase Bank, N.A.<br> Chase Tower, 16<sup>th</sup> Floor<br> 10 South Dearborn Street<br> Mail Code IL1-0079<br> Chicago, Illinois 60603<br> Attention: Asset-Backed Securities Conduit Group<br> Facsimile No.: [\*\*\*]<br> Telephone:[\*\*\*]<br> e-mail: [\*\*\*]<br> [\*\*\*]<br> [\*\*\*] | <br> Address for Notices:<br>[\*\*\*]<br> c/o JPMorgan Chase Bank, N.A.<br> Chase Tower, 16<sup>th</sup> Floor<br> 10 South Dearborn Street<br> Mail Code IL1-0079<br> Chicago, Illinois 60603<br> Attention: Asset-Backed Securities Conduit Group<br> Facsimile No.: [\*\*\*]<br> Telephone:[\*\*\*]<br> e-mail: [\*\*\*]<br> [\*\*\*]<br> [\*\*\*] |
|  | <br> Address for Notices:<br>[\*\*\*]<br> c/o JPMorgan Chase Bank, N.A.<br> Chase Tower, 16<sup>th</sup> Floor<br> 10 South Dearborn Street<br> Mail Code IL1-0079<br> Chicago, Illinois 60603<br> Attention: Asset-Backed Securities Conduit Group<br> Facsimile No.: [\*\*\*]<br> Telephone:[\*\*\*]<br> e-mail: [\*\*\*]<br> [\*\*\*]<br> [\*\*\*] | <br> Address for Notices:<br>[\*\*\*]<br> c/o JPMorgan Chase Bank, N.A.<br> Chase Tower, 16<sup>th</sup> Floor<br> 10 South Dearborn Street<br> Mail Code IL1-0079<br> Chicago, Illinois 60603<br> Attention: Asset-Backed Securities Conduit Group<br> Facsimile No.: [\*\*\*]<br> Telephone:[\*\*\*]<br> e-mail: [\*\*\*]<br> [\*\*\*]<br> [\*\*\*] |
|  | <br> Address for Notices:<br>[\*\*\*]<br> c/o JPMorgan Chase Bank, N.A.<br> Chase Tower, 16<sup>th</sup> Floor<br> 10 South Dearborn Street<br> Mail Code IL1-0079<br> Chicago, Illinois 60603<br> Attention: Asset-Backed Securities Conduit Group<br> Facsimile No.: [\*\*\*]<br> Telephone:[\*\*\*]<br> e-mail: [\*\*\*]<br> [\*\*\*]<br> [\*\*\*] | <br> Address for Notices:<br>[\*\*\*]<br> c/o JPMorgan Chase Bank, N.A.<br> Chase Tower, 16<sup>th</sup> Floor<br> 10 South Dearborn Street<br> Mail Code IL1-0079<br> Chicago, Illinois 60603<br> Attention: Asset-Backed Securities Conduit Group<br> Facsimile No.: [\*\*\*]<br> Telephone:[\*\*\*]<br> e-mail: [\*\*\*]<br> [\*\*\*]<br> [\*\*\*] |
|  | <br> Address for Notices:<br>[\*\*\*]<br> c/o JPMorgan Chase Bank, N.A.<br> Chase Tower, 16<sup>th</sup> Floor<br> 10 South Dearborn Street<br> Mail Code IL1-0079<br> Chicago, Illinois 60603<br> Attention: Asset-Backed Securities Conduit Group<br> Facsimile No.: [\*\*\*]<br> Telephone:[\*\*\*]<br> e-mail: [\*\*\*]<br> [\*\*\*]<br> [\*\*\*] | <br> Address for Notices:<br>[\*\*\*]<br> c/o JPMorgan Chase Bank, N.A.<br> Chase Tower, 16<sup>th</sup> Floor<br> 10 South Dearborn Street<br> Mail Code IL1-0079<br> Chicago, Illinois 60603<br> Attention: Asset-Backed Securities Conduit Group<br> Facsimile No.: [\*\*\*]<br> Telephone:[\*\*\*]<br> e-mail: [\*\*\*]<br> [\*\*\*]<br> [\*\*\*] |
|  | <br> Address for Notices:<br>[\*\*\*]<br> c/o JPMorgan Chase Bank, N.A.<br> Chase Tower, 16<sup>th</sup> Floor<br> 10 South Dearborn Street<br> Mail Code IL1-0079<br> Chicago, Illinois 60603<br> Attention: Asset-Backed Securities Conduit Group<br> Facsimile No.: [\*\*\*]<br> Telephone:[\*\*\*]<br> e-mail: [\*\*\*]<br> [\*\*\*]<br> [\*\*\*] | <br> Address for Notices:<br>[\*\*\*]<br> c/o JPMorgan Chase Bank, N.A.<br> Chase Tower, 16<sup>th</sup> Floor<br> 10 South Dearborn Street<br> Mail Code IL1-0079<br> Chicago, Illinois 60603<br> Attention: Asset-Backed Securities Conduit Group<br> Facsimile No.: [\*\*\*]<br> Telephone:[\*\*\*]<br> e-mail: [\*\*\*]<br> [\*\*\*]<br> [\*\*\*] |
|  | <br> Address for Notices:<br>[\*\*\*]<br> c/o JPMorgan Chase Bank, N.A.<br> Chase Tower, 16<sup>th</sup> Floor<br> 10 South Dearborn Street<br> Mail Code IL1-0079<br> Chicago, Illinois 60603<br> Attention: Asset-Backed Securities Conduit Group<br> Facsimile No.: [\*\*\*]<br> Telephone:[\*\*\*]<br> e-mail: [\*\*\*]<br> [\*\*\*]<br> [\*\*\*] | <br> Address for Notices:<br>[\*\*\*]<br> c/o JPMorgan Chase Bank, N.A.<br> Chase Tower, 16<sup>th</sup> Floor<br> 10 South Dearborn Street<br> Mail Code IL1-0079<br> Chicago, Illinois 60603<br> Attention: Asset-Backed Securities Conduit Group<br> Facsimile No.: [\*\*\*]<br> Telephone:[\*\*\*]<br> e-mail: [\*\*\*]<br> [\*\*\*]<br> [\*\*\*] |
|  | <br> Address for Notices:<br>[\*\*\*]<br> c/o JPMorgan Chase Bank, N.A.<br> Chase Tower, 16<sup>th</sup> Floor<br> 10 South Dearborn Street<br> Mail Code IL1-0079<br> Chicago, Illinois 60603<br> Attention: Asset-Backed Securities Conduit Group<br> Facsimile No.: [\*\*\*]<br> Telephone:[\*\*\*]<br> e-mail: [\*\*\*]<br> [\*\*\*]<br> [\*\*\*] | <br> Address for Notices:<br>[\*\*\*]<br> c/o JPMorgan Chase Bank, N.A.<br> Chase Tower, 16<sup>th</sup> Floor<br> 10 South Dearborn Street<br> Mail Code IL1-0079<br> Chicago, Illinois 60603<br> Attention: Asset-Backed Securities Conduit Group<br> Facsimile No.: [\*\*\*]<br> Telephone:[\*\*\*]<br> e-mail: [\*\*\*]<br> [\*\*\*]<br> [\*\*\*] |
|  | <br> Address for Notices:<br>[\*\*\*]<br> c/o JPMorgan Chase Bank, N.A.<br> Chase Tower, 16<sup>th</sup> Floor<br> 10 South Dearborn Street<br> Mail Code IL1-0079<br> Chicago, Illinois 60603<br> Attention: Asset-Backed Securities Conduit Group<br> Facsimile No.: [\*\*\*]<br> Telephone:[\*\*\*]<br> e-mail: [\*\*\*]<br> [\*\*\*]<br> [\*\*\*] | <br> Address for Notices:<br>[\*\*\*]<br> c/o JPMorgan Chase Bank, N.A.<br> Chase Tower, 16<sup>th</sup> Floor<br> 10 South Dearborn Street<br> Mail Code IL1-0079<br> Chicago, Illinois 60603<br> Attention: Asset-Backed Securities Conduit Group<br> Facsimile No.: [\*\*\*]<br> Telephone:[\*\*\*]<br> e-mail: [\*\*\*]<br> [\*\*\*]<br> [\*\*\*] |
|  | <br> Address for Notices:<br>[\*\*\*]<br> c/o JPMorgan Chase Bank, N.A.<br> Chase Tower, 16<sup>th</sup> Floor<br> 10 South Dearborn Street<br> Mail Code IL1-0079<br> Chicago, Illinois 60603<br> Attention: Asset-Backed Securities Conduit Group<br> Facsimile No.: [\*\*\*]<br> Telephone:[\*\*\*]<br> e-mail: [\*\*\*]<br> [\*\*\*]<br> [\*\*\*] | <br> Address for Notices:<br>[\*\*\*]<br> c/o JPMorgan Chase Bank, N.A.<br> Chase Tower, 16<sup>th</sup> Floor<br> 10 South Dearborn Street<br> Mail Code IL1-0079<br> Chicago, Illinois 60603<br> Attention: Asset-Backed Securities Conduit Group<br> Facsimile No.: [\*\*\*]<br> Telephone:[\*\*\*]<br> e-mail: [\*\*\*]<br> [\*\*\*]<br> [\*\*\*] |
|  | <br> Address for Notices:<br>[\*\*\*]<br> c/o JPMorgan Chase Bank, N.A.<br> Chase Tower, 16<sup>th</sup> Floor<br> 10 South Dearborn Street<br> Mail Code IL1-0079<br> Chicago, Illinois 60603<br> Attention: Asset-Backed Securities Conduit Group<br> Facsimile No.: [\*\*\*]<br> Telephone:[\*\*\*]<br> e-mail: [\*\*\*]<br> [\*\*\*]<br> [\*\*\*] | <br> Address for Notices:<br>[\*\*\*]<br> c/o JPMorgan Chase Bank, N.A.<br> Chase Tower, 16<sup>th</sup> Floor<br> 10 South Dearborn Street<br> Mail Code IL1-0079<br> Chicago, Illinois 60603<br> Attention: Asset-Backed Securities Conduit Group<br> Facsimile No.: [\*\*\*]<br> Telephone:[\*\*\*]<br> e-mail: [\*\*\*]<br> [\*\*\*]<br> [\*\*\*] |
|  | <br> Address for Notices:<br>[\*\*\*]<br> c/o JPMorgan Chase Bank, N.A.<br> Chase Tower, 16<sup>th</sup> Floor<br> 10 South Dearborn Street<br> Mail Code IL1-0079<br> Chicago, Illinois 60603<br> Attention: Asset-Backed Securities Conduit Group<br> Facsimile No.: [\*\*\*]<br> Telephone:[\*\*\*]<br> e-mail: [\*\*\*]<br> [\*\*\*]<br> [\*\*\*] | <br> Address for Notices:<br>[\*\*\*]<br> c/o JPMorgan Chase Bank, N.A.<br> Chase Tower, 16<sup>th</sup> Floor<br> 10 South Dearborn Street<br> Mail Code IL1-0079<br> Chicago, Illinois 60603<br> Attention: Asset-Backed Securities Conduit Group<br> Facsimile No.: [\*\*\*]<br> Telephone:[\*\*\*]<br> e-mail: [\*\*\*]<br> [\*\*\*]<br> [\*\*\*] |

---

---

| | | |
|:---|:---|:---|
|  JPMORGAN AGENT: | JPMORGAN CHASE BANK, N.A. | JPMORGAN CHASE BANK, N.A. |
|  | By: |  |
|  |  | Name: |
|  |  | Title: |
|  | <br> Address for Notices:<br>JPMorgan Chase Bank, N.A.<br> Chase Tower, 16th Floor<br> 10 South Dearborn Street<br> Mail Code IL1-0079<br> Chicago, Illinois 60603<br> Attention: Asset-Backed Securities Conduit Group<br> Facsimile No.: [\*\*\*]<br> Telephone:[\*\*\*]<br> e-mail: [\*\*\*]<br> [\*\*\*]<br> [\*\*\*] | <br> Address for Notices:<br>JPMorgan Chase Bank, N.A.<br> Chase Tower, 16th Floor<br> 10 South Dearborn Street<br> Mail Code IL1-0079<br> Chicago, Illinois 60603<br> Attention: Asset-Backed Securities Conduit Group<br> Facsimile No.: [\*\*\*]<br> Telephone:[\*\*\*]<br> e-mail: [\*\*\*]<br> [\*\*\*]<br> [\*\*\*] |
|  | <br> Address for Notices:<br>JPMorgan Chase Bank, N.A.<br> Chase Tower, 16th Floor<br> 10 South Dearborn Street<br> Mail Code IL1-0079<br> Chicago, Illinois 60603<br> Attention: Asset-Backed Securities Conduit Group<br> Facsimile No.: [\*\*\*]<br> Telephone:[\*\*\*]<br> e-mail: [\*\*\*]<br> [\*\*\*]<br> [\*\*\*] | <br> Address for Notices:<br>JPMorgan Chase Bank, N.A.<br> Chase Tower, 16th Floor<br> 10 South Dearborn Street<br> Mail Code IL1-0079<br> Chicago, Illinois 60603<br> Attention: Asset-Backed Securities Conduit Group<br> Facsimile No.: [\*\*\*]<br> Telephone:[\*\*\*]<br> e-mail: [\*\*\*]<br> [\*\*\*]<br> [\*\*\*] |
|  | <br> Address for Notices:<br>JPMorgan Chase Bank, N.A.<br> Chase Tower, 16th Floor<br> 10 South Dearborn Street<br> Mail Code IL1-0079<br> Chicago, Illinois 60603<br> Attention: Asset-Backed Securities Conduit Group<br> Facsimile No.: [\*\*\*]<br> Telephone:[\*\*\*]<br> e-mail: [\*\*\*]<br> [\*\*\*]<br> [\*\*\*] | <br> Address for Notices:<br>JPMorgan Chase Bank, N.A.<br> Chase Tower, 16th Floor<br> 10 South Dearborn Street<br> Mail Code IL1-0079<br> Chicago, Illinois 60603<br> Attention: Asset-Backed Securities Conduit Group<br> Facsimile No.: [\*\*\*]<br> Telephone:[\*\*\*]<br> e-mail: [\*\*\*]<br> [\*\*\*]<br> [\*\*\*] |
|  | <br> Address for Notices:<br>JPMorgan Chase Bank, N.A.<br> Chase Tower, 16th Floor<br> 10 South Dearborn Street<br> Mail Code IL1-0079<br> Chicago, Illinois 60603<br> Attention: Asset-Backed Securities Conduit Group<br> Facsimile No.: [\*\*\*]<br> Telephone:[\*\*\*]<br> e-mail: [\*\*\*]<br> [\*\*\*]<br> [\*\*\*] | <br> Address for Notices:<br>JPMorgan Chase Bank, N.A.<br> Chase Tower, 16th Floor<br> 10 South Dearborn Street<br> Mail Code IL1-0079<br> Chicago, Illinois 60603<br> Attention: Asset-Backed Securities Conduit Group<br> Facsimile No.: [\*\*\*]<br> Telephone:[\*\*\*]<br> e-mail: [\*\*\*]<br> [\*\*\*]<br> [\*\*\*] |
|  | <br> Address for Notices:<br>JPMorgan Chase Bank, N.A.<br> Chase Tower, 16th Floor<br> 10 South Dearborn Street<br> Mail Code IL1-0079<br> Chicago, Illinois 60603<br> Attention: Asset-Backed Securities Conduit Group<br> Facsimile No.: [\*\*\*]<br> Telephone:[\*\*\*]<br> e-mail: [\*\*\*]<br> [\*\*\*]<br> [\*\*\*] | <br> Address for Notices:<br>JPMorgan Chase Bank, N.A.<br> Chase Tower, 16th Floor<br> 10 South Dearborn Street<br> Mail Code IL1-0079<br> Chicago, Illinois 60603<br> Attention: Asset-Backed Securities Conduit Group<br> Facsimile No.: [\*\*\*]<br> Telephone:[\*\*\*]<br> e-mail: [\*\*\*]<br> [\*\*\*]<br> [\*\*\*] |
|  | <br> Address for Notices:<br>JPMorgan Chase Bank, N.A.<br> Chase Tower, 16th Floor<br> 10 South Dearborn Street<br> Mail Code IL1-0079<br> Chicago, Illinois 60603<br> Attention: Asset-Backed Securities Conduit Group<br> Facsimile No.: [\*\*\*]<br> Telephone:[\*\*\*]<br> e-mail: [\*\*\*]<br> [\*\*\*]<br> [\*\*\*] | <br> Address for Notices:<br>JPMorgan Chase Bank, N.A.<br> Chase Tower, 16th Floor<br> 10 South Dearborn Street<br> Mail Code IL1-0079<br> Chicago, Illinois 60603<br> Attention: Asset-Backed Securities Conduit Group<br> Facsimile No.: [\*\*\*]<br> Telephone:[\*\*\*]<br> e-mail: [\*\*\*]<br> [\*\*\*]<br> [\*\*\*] |
|  | <br> Address for Notices:<br>JPMorgan Chase Bank, N.A.<br> Chase Tower, 16th Floor<br> 10 South Dearborn Street<br> Mail Code IL1-0079<br> Chicago, Illinois 60603<br> Attention: Asset-Backed Securities Conduit Group<br> Facsimile No.: [\*\*\*]<br> Telephone:[\*\*\*]<br> e-mail: [\*\*\*]<br> [\*\*\*]<br> [\*\*\*] | <br> Address for Notices:<br>JPMorgan Chase Bank, N.A.<br> Chase Tower, 16th Floor<br> 10 South Dearborn Street<br> Mail Code IL1-0079<br> Chicago, Illinois 60603<br> Attention: Asset-Backed Securities Conduit Group<br> Facsimile No.: [\*\*\*]<br> Telephone:[\*\*\*]<br> e-mail: [\*\*\*]<br> [\*\*\*]<br> [\*\*\*] |
|  | <br> Address for Notices:<br>JPMorgan Chase Bank, N.A.<br> Chase Tower, 16th Floor<br> 10 South Dearborn Street<br> Mail Code IL1-0079<br> Chicago, Illinois 60603<br> Attention: Asset-Backed Securities Conduit Group<br> Facsimile No.: [\*\*\*]<br> Telephone:[\*\*\*]<br> e-mail: [\*\*\*]<br> [\*\*\*]<br> [\*\*\*] | <br> Address for Notices:<br>JPMorgan Chase Bank, N.A.<br> Chase Tower, 16th Floor<br> 10 South Dearborn Street<br> Mail Code IL1-0079<br> Chicago, Illinois 60603<br> Attention: Asset-Backed Securities Conduit Group<br> Facsimile No.: [\*\*\*]<br> Telephone:[\*\*\*]<br> e-mail: [\*\*\*]<br> [\*\*\*]<br> [\*\*\*] |
|  | <br> Address for Notices:<br>JPMorgan Chase Bank, N.A.<br> Chase Tower, 16th Floor<br> 10 South Dearborn Street<br> Mail Code IL1-0079<br> Chicago, Illinois 60603<br> Attention: Asset-Backed Securities Conduit Group<br> Facsimile No.: [\*\*\*]<br> Telephone:[\*\*\*]<br> e-mail: [\*\*\*]<br> [\*\*\*]<br> [\*\*\*] | <br> Address for Notices:<br>JPMorgan Chase Bank, N.A.<br> Chase Tower, 16th Floor<br> 10 South Dearborn Street<br> Mail Code IL1-0079<br> Chicago, Illinois 60603<br> Attention: Asset-Backed Securities Conduit Group<br> Facsimile No.: [\*\*\*]<br> Telephone:[\*\*\*]<br> e-mail: [\*\*\*]<br> [\*\*\*]<br> [\*\*\*] |
|  | <br> Address for Notices:<br>JPMorgan Chase Bank, N.A.<br> Chase Tower, 16th Floor<br> 10 South Dearborn Street<br> Mail Code IL1-0079<br> Chicago, Illinois 60603<br> Attention: Asset-Backed Securities Conduit Group<br> Facsimile No.: [\*\*\*]<br> Telephone:[\*\*\*]<br> e-mail: [\*\*\*]<br> [\*\*\*]<br> [\*\*\*] | <br> Address for Notices:<br>JPMorgan Chase Bank, N.A.<br> Chase Tower, 16th Floor<br> 10 South Dearborn Street<br> Mail Code IL1-0079<br> Chicago, Illinois 60603<br> Attention: Asset-Backed Securities Conduit Group<br> Facsimile No.: [\*\*\*]<br> Telephone:[\*\*\*]<br> e-mail: [\*\*\*]<br> [\*\*\*]<br> [\*\*\*] |
|  | <br> Address for Notices:<br>JPMorgan Chase Bank, N.A.<br> Chase Tower, 16th Floor<br> 10 South Dearborn Street<br> Mail Code IL1-0079<br> Chicago, Illinois 60603<br> Attention: Asset-Backed Securities Conduit Group<br> Facsimile No.: [\*\*\*]<br> Telephone:[\*\*\*]<br> e-mail: [\*\*\*]<br> [\*\*\*]<br> [\*\*\*] | <br> Address for Notices:<br>JPMorgan Chase Bank, N.A.<br> Chase Tower, 16th Floor<br> 10 South Dearborn Street<br> Mail Code IL1-0079<br> Chicago, Illinois 60603<br> Attention: Asset-Backed Securities Conduit Group<br> Facsimile No.: [\*\*\*]<br> Telephone:[\*\*\*]<br> e-mail: [\*\*\*]<br> [\*\*\*]<br> [\*\*\*] |
|  | <br> Address for Notices:<br>JPMorgan Chase Bank, N.A.<br> Chase Tower, 16th Floor<br> 10 South Dearborn Street<br> Mail Code IL1-0079<br> Chicago, Illinois 60603<br> Attention: Asset-Backed Securities Conduit Group<br> Facsimile No.: [\*\*\*]<br> Telephone:[\*\*\*]<br> e-mail: [\*\*\*]<br> [\*\*\*]<br> [\*\*\*] | <br> Address for Notices:<br>JPMorgan Chase Bank, N.A.<br> Chase Tower, 16th Floor<br> 10 South Dearborn Street<br> Mail Code IL1-0079<br> Chicago, Illinois 60603<br> Attention: Asset-Backed Securities Conduit Group<br> Facsimile No.: [\*\*\*]<br> Telephone:[\*\*\*]<br> e-mail: [\*\*\*]<br> [\*\*\*]<br> [\*\*\*] |

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[Loan Agreement]

------

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| | | |
|:---|:---|:---|
|  ACKNOWLEDGED AND AGREED | LENDBUZZ INC. | LENDBUZZ INC. |
|  BY THE PERFORMANCE |  |  |
|  GUARANTOR: |  |  |
|  | By: |  |
|  |  | Name: |
|  |  | Title: |
|  | <br> Address for Notices:<br>Lendbuzz Inc.<br> 100 Summer Street<br> Boston, Massachusetts 02110<br> Attention: George Sclavos, Chief Financial Officer<br> E-mail: [\*\*\*] | <br> Address for Notices:<br>Lendbuzz Inc.<br> 100 Summer Street<br> Boston, Massachusetts 02110<br> Attention: George Sclavos, Chief Financial Officer<br> E-mail: [\*\*\*] |
|  | <br> Address for Notices:<br>Lendbuzz Inc.<br> 100 Summer Street<br> Boston, Massachusetts 02110<br> Attention: George Sclavos, Chief Financial Officer<br> E-mail: [\*\*\*] | <br> Address for Notices:<br>Lendbuzz Inc.<br> 100 Summer Street<br> Boston, Massachusetts 02110<br> Attention: George Sclavos, Chief Financial Officer<br> E-mail: [\*\*\*] |
|  | <br> Address for Notices:<br>Lendbuzz Inc.<br> 100 Summer Street<br> Boston, Massachusetts 02110<br> Attention: George Sclavos, Chief Financial Officer<br> E-mail: [\*\*\*] | <br> Address for Notices:<br>Lendbuzz Inc.<br> 100 Summer Street<br> Boston, Massachusetts 02110<br> Attention: George Sclavos, Chief Financial Officer<br> E-mail: [\*\*\*] |
|  | <br> Address for Notices:<br>Lendbuzz Inc.<br> 100 Summer Street<br> Boston, Massachusetts 02110<br> Attention: George Sclavos, Chief Financial Officer<br> E-mail: [\*\*\*] | <br> Address for Notices:<br>Lendbuzz Inc.<br> 100 Summer Street<br> Boston, Massachusetts 02110<br> Attention: George Sclavos, Chief Financial Officer<br> E-mail: [\*\*\*] |
|  | <br> Address for Notices:<br>Lendbuzz Inc.<br> 100 Summer Street<br> Boston, Massachusetts 02110<br> Attention: George Sclavos, Chief Financial Officer<br> E-mail: [\*\*\*] | <br> Address for Notices:<br>Lendbuzz Inc.<br> 100 Summer Street<br> Boston, Massachusetts 02110<br> Attention: George Sclavos, Chief Financial Officer<br> E-mail: [\*\*\*] |
|  | <br> Address for Notices:<br>Lendbuzz Inc.<br> 100 Summer Street<br> Boston, Massachusetts 02110<br> Attention: George Sclavos, Chief Financial Officer<br> E-mail: [\*\*\*] | <br> Address for Notices:<br>Lendbuzz Inc.<br> 100 Summer Street<br> Boston, Massachusetts 02110<br> Attention: George Sclavos, Chief Financial Officer<br> E-mail: [\*\*\*] |

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[Loan Agreement]

------

EXHIBIT A

FORM OF FUNDING REQUEST

____________, 20__

JPMorgan Chase Bank, N.A.,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;as Administrative Agent, Account Bank and as JPMorgan Agent

Chase Tower, 16<sup>th</sup> Floor

10 South Dearborn Street

Mail Code IL1-0079

Chicago, Illinois 60603

Attention: Asset-Backed Securities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio Management

Re: <u>Lendbuzz SPV V, LLC – Loan Agreement</u>

Ladies and Gentlemen:

The undersigned is a Responsible Officer of Lendbuzz SPV V, LLC (the "<u>Borrower</u>") and is authorized to execute and deliver this Funding Request on behalf of the Borrower pursuant to the Loan Agreement, dated as of January 18, 2022 (as amended, restated, supplemented or otherwise modified from time to time, the "<u>Loan Agreement</u>"), by and among the Borrower, Lendbuzz Funding LLC, as servicer and as collateral custodian, the Lenders from time to time party thereto, the Agents for the Lender Groups from time to time parties thereto, and JPMorgan Chase Bank, N.A., as administrative agent and account bank. Capitalized terms used herein that are not otherwise defined shall have the meanings ascribed thereto in the Loan Agreement.

The Borrower hereby requests that a Loan be made under the Loan Agreement on __________, ____ in the amount of $__________.

In connection with the foregoing, the undersigned hereby certifies, on behalf of the Borrower, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. As of the date hereof, the Borrowing Base is __________. After giving effect to the requested Loan, the Loans Outstanding will not exceed the Borrowing Base and no Borrowing Base Deficiency will exist. Attached to this Funding Request is a true, complete and correct calculation of such Borrowing Base and all components thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. As of the date hereof, the Excess Concentration Amount after giving effect to the requested Loan will be: ______

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. All of the conditions applicable to the requested Loan as set forth in the Loan Agreement have been satisfied as of the date hereof and will remain satisfied to the date of such Loan, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) each of the representations and warranties contained in Article Five of the Loan Agreement are true and correct in all respects on and as of the date hereof, before and after giving effect to the Loan and to the application of the proceeds therefrom as though made on and as of the date hereof;

Ex. A-1

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) no event has occurred and is continuing, or would result from such Loan or from the application of the proceeds therefrom, which constitutes an Event of Default or Unmatured Event of Default;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Borrower is in material compliance with each of its agreements set forth in the Loan Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) no Servicer Termination Event or Unmatured Servicer Termination Event has occurred; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) no adverse selection procedures were used by the Borrower with respect to the Receivables which will become a part of the Collateral on the Funding Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The requested Loan will not, on the Funding Date, exceed the Available Amount and after giving effect to the requested Loan, the Loans Outstanding will not exceed the Borrowing Base.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Hedging Agreement is in effect as required by Section 6.03 of the Loan Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Attached hereto is a true, correct and complete Schedule A to the Purchase Agreement, reflecting all Receivables which will become part of the Collateral on the Funding Date, each Receivable reflected thereon being an Eligible Receivable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The Cutoff Date with respect to the Receivables is , 20 .

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| | |
|:---|:---|
| SPV V, LLC | SPV V, LLC |
| By: |  |
|  | Name: |
|  | Title: |

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Ex. A-2

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EXHIBIT B

FORM OF ASSIGNMENT AND ACCEPTANCE

Dated __________, 20

Reference is made to the Loan Agreement, dated as of January 18, 2022 (as amended, restated, supplemented or otherwise modified from time to time, the "<u>Loan Agreement</u>"), by and among Lendbuzz SPV V, LLC, as borrower, Lendbuzz Funding LLC, as servicer and as collateral custodian, the Lenders from time to time party thereto, the Agents for the Lender Groups from time to time parties thereto, and JPMorgan Chase Bank, N.A., as administrative agent and account bank. Capitalized terms used herein that are not otherwise defined herein shall have the meanings ascribed thereto in the Loan Agreement.

__________________ (the "<u>Assignor</u>") and ___________________ (the "<u>Assignee</u>") agree as follows:

The Assignor hereby sells and assigns to the Assignee, and the Assignee hereby purchases and assumes from the Assignor, that interest in and to all of the Assignor's rights and obligations under the Loan Agreement as of the date hereof which represents the percentage interest specified in Section 1 of Schedule 1 hereto of all outstanding rights and obligations of the Assignor under the Loan Agreement, including such interest in the Commitment of the Assignor and the Lender Advances made by the Assignor. After giving effect to such sale and assignment, the Commitment and the amount of Lender Advances made by the Assignee will be as set forth in Section 2 of Schedule 1 hereto .

The Assignor represents and warrants that it is the legal and beneficial owner of the interest being assigned by it hereunder and that ` interest is free and clear of any Lien.

The Assignor and the Assignee confirm to and agree with each other and the other parties to Loan Agreement that: (i) other than as provided herein, the Assignor makes no representation or warranty and assumes no responsibility with respect to any statements, warranties or, representations made in or in connection with the Loan Agreement or the execution, legality, validity, enforceability, genuineness, sufficiency, or value of the Loan Agreement or any other instrument or document furnished pursuant thereto; (ii) the Assignee confirms that it has received a copy of the Loan Agreement, together with copies of such financial statements and other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into such Assignment and Acceptance; (iii) the Assignee will, independently and without reliance upon the Administrative Agent, the Assignor or any other Lender party to the Loan Agreement and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Loan Agreement; (iv) the Assignor and the Assignee confirm that the Assignee is an Eligible Assignee; (v) the Assignee appoints and authorizes the Administrative Agent to take such action as agent on its behalf and to exercise such powers under this Agreement as are delegated to such agent by the terms hereof, together with such powers as are reasonably incidental thereto; (vi) the Assignee agrees that it will perform in accordance with their terms all of the obligations which by the terms of the Loan Agreement are required to be performed by it as a Lender, including the confidentiality provisions of Article Twelve; and (vii) this Assignment and Acceptance meets all other requirements for such an Assignment and Acceptance set forth in Article Eleven of the Loan Agreement.

Ex. B-1

------

Following the execution of this Assignment and Acceptance by the Assignor and the Assignee, it will be delivered to the Administrative Agent for acceptance. The effective date of this Assignment and Acceptance (the "<u>Assignment Date</u>") shall be the date of acceptance thereof by the Administrative Agent, unless a later date is specified in Section 3 of Schedule 1 hereto.

The Assignor and the Assignee agree to reimburse the Administrative Agent for all reasonable fees, costs, and expenses (including reasonable fees and out-of-pocket expenses of counsel for the Administrative Agent) incurred by the Administrative Agent in connection with this Assignment and Acceptance.

Upon such acceptance by the Administrative Agent, the Assignee shall be a party to the Loan Agreement and, to the extent provided in this Assignment and Acceptance, have the rights and obligations of a Lender thereunder, <u>provided</u>, that the Assignor shall, to the extent such rights have been assigned by it under this Assignment and Acceptance, relinquish its assigned rights and be released from its assigned obligations under the Loan Agreement (and, in the case of an Assignment and Acceptance coving all or the remaining portion of an assigning Assignor's rights and obligations under the Loan Agreement, Assignor shall cease to be a party thereto).

Upon such acceptance by the Administrative Agent, from and after the Assignment Date, the Administrative Agent shall make, or cause to be made, all payments under the Loan Agreement in respect of the interest assigned hereby (including, without limitation, all payments of principal, interest and fees with respect thereto) to the Assignee. The Assignor and Assignee shall make all appropriate adjustments in payments under the Loan Agreement for periods prior to the Assignment Date directly between themselves.

THIS ASSIGNMENT AND ACCEPTANCE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

Ex. B-2

------

IN WITNESS WHEREOF, the Assignor and the Assignee have executed this Assignment and Acceptance as of the __ day of ________, 20 .

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| |
|:---|
|  _______________, as Assignor |
| By: |
|  Name: |
|  Title: |

---

---

| |
|:---|
|  _______________, as Assignee |
| By: |
|  Name: |
|  Title: |

---

Ex. B-3

------

Schedule 1

to

Assignment and Acceptance

Dated _________, 20

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| | |
|:---|:---|
|  <u>Section 1</u>. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Percentage Interest: | ________% |
|  <u>Section 2</u>. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assignee's Commitment: | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aggregate Lender Advances Owing to the Assignee: | $— |
|  <u>Section 3</u>. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assignment Date: _____________, 20<u> </u> |  |

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Ex. B-4

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EXHIBIT C

CREDIT AND COLLECTION POLICY

[On file with the Administrative Agent]

Ex. C-1

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EXHIBIT D

FORM OF POWER OF ATTORNEY

This Power of Attorney (this "<u>Power of Attorney</u>") is executed and delivered by Lendbuzz SPV V, LLC ("<u>Grantor</u>") to JPMorgan Chase Bank, N.A., as Administrative Agent ("<u>Attorney</u>"), pursuant to (i) the Loan Agreement, dated as of January 18, 2022 (as amended, restated, supplemented or otherwise modified from time to time, the "<u>Loan Agreement</u>"), by and among the Grantor, as borrower, Lendbuzz Funding LLC, as servicer and as collateral custodian, the Lenders from time to time party thereto, the Agents for the Lender Groups from time to time parties thereto, and JPMorgan Chase Bank, N.A., as administrative agent and account bank, and (ii) the other Basic Documents. Capitalized terms used herein that are not otherwise defined shall have the meanings ascribed thereto in the Loan Agreement.

No person to whom this Power of Attorney is presented, as authority for Attorney to take any action or actions contemplated hereby, shall inquire into or seek confirmation from Grantor as to the authority of Attorney to take any action described below, or as to the existence of or fulfillment of any condition to this Power of Attorney, which is intended to grant to Attorney unconditionally the authority to take and perform the actions contemplated herein, and Grantor irrevocably waives any right to commence any suit or action, in law or equity, against any person or entity that acts in reliance upon or acknowledges the authority granted under this Power of Attorney. The power of attorney granted hereby is coupled with an interest and may not be revoked or canceled by Grantor until all Aggregate Unpaids have been indefeasibly paid in full and Attorney has provided its written consent thereto.

Grantor hereby irrevocably constitutes and appoints Attorney (and all officers, employees, or agents designated by Attorney), with full power of substitution, as its true and lawful attorney-in-fact with full irrevocable power and authority in its place and stead and in its name or in Attorney's own name, from time to time in Attorney's discretion, to take any and all appropriate action and to execute and deliver any and all documents and instruments that may be necessary or desirable to accomplish the purposes of the Loan Agreement, and, without limiting the generality of the foregoing, hereby grants to Attorney the power and right, on its behalf, without notice to or assent by it, upon the occurrence and during the continuance of any Event of Default, to do the following: (a) exercise all rights and privileges of Grantor under the Purchase Agreement (including each Purchase Agreement Supplement); (b) pay or discharge any taxes, Liens, or other encumbrances levied or placed on or threatened against Grantor or Grantor's property; (c) defend any suit, action, or proceeding brought against Grantor if Grantor does not defend such suit, action, or proceeding or if Attorney believes that it is not pursuing such defense in a manner that will maximize the recovery to Attorney, and settle, compromise, or adjust any suit, action, or proceeding described above and, in connection therewith, give such discharges or releases as Attorney may deem appropriate; (d) file or prosecute any claim, litigation, suit, or proceeding in any court of competent jurisdiction or before any arbitrator, or take any other action otherwise deemed appropriate by Attorney for the purpose of collecting any and all such moneys due to Grantor whenever payable and to enforce any other right in respect of Grantor's property; (e) sell, transfer, pledge, make any agreement with respect to, or otherwise deal with, any of Grantor's property, and execute, in connection with such sale or action, any endorsements,

Ex. D-1

------

assignments, or other instruments of conveyance or transfer in connection therewith; and (f) cause the certified public accountants then engaged by Grantor to prepare and deliver to Attorney at any time and from time to time, promptly upon Attorney's request, any reports required to be prepared by or on behalf of Grantor under the Loan Agreement or any other Basic Document, all as though Attorney were the absolute owner of its property for all purposes, and to do, at Attorney's option and Grantor's expense, at any time or from time to time, all acts and other things that Attorney reasonably deems necessary to perfect, preserve, or realize upon its property or assets and the Liens of the Administrative Agent, as agent for the Secured Parties thereon, all as fully and effectively as it might do. Grantor hereby ratifies, to the extent permitted by law, all that said attorneys shall lawfully do or cause to be done by virtue hereof.

IN WITNESS WHEREOF, this Power of Attorney is executed by Grantor as of this __ day of ________ 20__.

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| |
|:---|
|  LENDBUZZ SPV V, LLC |
| By: |
|  Name: |
|  Title: |

---

---

| |
|:---|
|  Sworn to and subscribed before<br> me this __ day of ________, 20__ |
|  Notary Public |
|  [NOTARY SEAL] |

---

Ex. D-2

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EXHIBIT E

FORM OF TAKE-OUT RELEASE

Reference is hereby made to the Loan Agreement, dated as of January 18, 2022 (as amended, restated, supplemented or otherwise modified from time to time, the "<u>Loan</u> <u>Agreement</u>"), by and among Lendbuzz SPV V, LLC, as borrower, Lendbuzz Funding LLC, as servicer and as collateral custodian, the Lenders from time to time party thereto, the Agents for the Lender Groups from time to time parties thereto, and JPMorgan Chase Bank, N.A., as administrative agent and account bank. Capitalized terms not defined herein shall have the meaning given such terms in the Loan Agreement.

The Borrower and the Servicer hereby represent and warrant that each condition in the Loan Agreement and each other Basic Document, to the consummation of the Take-out to which this Take-out Release relates, has been satisfied, including but not limited to delivery of (i) the executed Take-out Date Certificate, in substantially the form attached hereto as Annex 1 and (i) the executed notice, in substantially the form attached hereto as Annex 2.

Upon deposit in the Collection Account of $___________ in accordance with Section 2.13(a)(iv) of the Loan Agreement in immediately available funds, the Administrative Agent hereby releases all of its right, title and interest, including its Lien, in and to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Receivables to be transferred by the Borrower in the related Take-out and described in Schedule I hereto (the "<u>Take-out Receivables</u>" and such Schedule, the "<u>Schedule of Take-out Receivables</u>"), together with the related Contracts, whether now existing or hereafter acquired, and any accounts or obligations evidenced thereby, any guarantee thereof, all Collections related thereto, and all monies due (including any payments made under any guarantee or similar credit enhancement with respect to any such Take-out Receivables) to become due or received by any Person in payment of any of the foregoing on or after the related Take-out Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all of the Borrower's interest in the Financed Vehicles relating to the Take-out Receivables (including repossessed vehicles) or in any document or writing evidencing any security interest in any such Financed Vehicle and each security interest in each such Financed Vehicle, whether now existing or hereafter acquired, including all proceeds from any sale or other disposition of such Financed Vehicles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all Receivable Files and the Schedule of Take-out Receivables, relating to the Take-out Receivables, whether now existing or hereafter acquired, and all right, title and interest of the Borrower in and to the documents, agreements and instruments included in the such Receivable Files, including rights of recourse of the Borrower against Lendbuzz Funding and/or any Dealer with respect to the Receivables;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) all of the Borrower's interest in all Records, documents and writings evidencing or related to the Take-out Receivables or the related Contracts;

Ex E-1

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) all of the Borrower's interest in all rights to payment under all Insurance Policies with respect to a Financed Vehicle related to a Take-out Receivable, including any monies collected from whatever source in connection with any default of an Obligor with respect to such Financed Vehicle and any proceeds from claims or refunds of premiums on any such Insurance Policy, whether now existing or hereafter acquired, and all proceeds thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) all of the Borrower's interest in all guaranties, indemnities, warranties, insurance (and proceeds and premium refunds thereof), and other agreements or arrangements of whatever character from time to time supporting or securing payment of the Take-out Receivables, whether pursuant to the related Contracts or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) all of the Borrower's interest in all rights to payment under all service contracts on the related Financed Vehicles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Liens, guaranties, and other encumbrances in favor of or assigned or transferred to the Borrower in and to the Take-out Receivables, whether now existing or hereafter acquired, and the related Financed Vehicles, whether now existing or hereafter acquired;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all deposit accounts, monies, deposits, funds, accounts, and instruments relating to the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) all of the Borrower's right, title, and interest in and to the Purchase Agreement (including each Purchase Agreement Supplement), relating to the Take-out Receivables and remedies thereunder and the assignment to the Administrative Agent of all UCC financing statements filed by the Borrower against Lendbuzz Funding under or in connection with the Purchase Agreement and relating to such Take-out Receivables; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) all income and proceeds of the foregoing.

[The Servicer and the Borrower hereby direct the Collateral Custodian to deliver the Receivable Files for the Take-out Receivables to __________________________________.]

Ex E-2

------

Executed as of __________, 20 .

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| |
|:---|
| LENDBUZZ SPV V, LLC,<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;as Borrower |
| By |
| Name: |
| Title: |
| LENDBUZZ FUNDING LLC,<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;as Servicer and as Collateral Custodian |
| By: |
| Name: |
| Title: |
| JPMORGAN CHASE BANK, N.A.,<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;as the Administrative Agent |
| By: |
| Name: |
| Titles: |

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Ex E-3

------

ANNEX 1

LENDBUZZ FUNDING LLC

TAKE-OUT DATE CERTIFICATE

PURSUANT TO SECTION 2.13(a)

OF THE LOAN AGREEMENT

Lendbuzz Funding LLC ("<u>Lendbuzz Funding</u>"), as the servicer (the "<u>Servicer</u>"), delivers this certificate pursuant to Section 2.13(a) of the Loan Agreement, dated as of January 18, 2022 (as amended, restated, supplemented or otherwise modified from time to time, the "<u>Loan Agreement</u>"), by and among Lendbuzz SPV V, LLC, as the borrower, the Servicer, Lendbuzz Funding, as collateral custodian, the lenders from time to time parties hereto, the agents from time to time parties hereto and JPMorgan Chase Bank, N.A., as the administrative agent and account bank, and hereby certifies, as of the date hereof, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Borrower has sufficient funds on the related Take-out Date to effect the Take-out in accordance with the Loan Agreement (taking into account, to the extent necessary, the proceeds of sales of the Collateral in the Take-out, if applicable);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) after giving effect of the Take-out, the release by the Administrative Agent of the related Receivables on the Take-out Date and the transfer by the Borrower or the related Receivables on the Take-out Date, (1) no Borrowing Base Deficiency exists, (2) none of an Unmatured Event of Default, an Event of Default, a Servicer Termination Event, or an event that with notice or the passage of time, or both, would be a Servicer Termination Event, has occurred or results from such Take-out, (3) the Excess Spread shall be no less than 4.5%, and (r) the proportion of Delinquent Receivables and Liquidated Receivables that will remain subject to the Loan Agreement shall be no higher after giving effect to such Take-out than prior to such Take-out [after giving effect to the proviso to Section 2.13(a)(iii) with respect to Delinquent Receivables having an aggregate Principal Balance of $__________ as of the Take-out Date and with respect to Liquidated Receivables having an aggregate Principal Balance of $__________ as of the Take-out Date];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Borrower has delivered to the Administrative Agent a list specifying all Contracts under which the Receivables not to be released pursuant to such Take-out arose; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Borrower has deposited in to the Collection Account an amount equal to all Unreimbursed Servicer Advances associated with the Receivables to be released.

Capitalized terms used herein that are not otherwise defined shall have the meanings ascribed thereto in the Loan Agreement.

Ex E-4

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IN WITNESS WHEREOF, the Servicer has caused this certificate to be executed on its behalf this ___ day of _________, 20 .

---

| |
|:---|
| LENDBUZZ FUNDING LLC |
| By: |
| Name: |
| Title: |

---

Ex E-5

------

ANNEX 2

FORM OF NOTICE

Lendbuzz Funding LLC

100 Summer Street

Boston, Massachusetts 02110

__________, 20_

JPMorgan Chase Bank, N.A.,

as Administrative Agent and as JPMorgan Agent

Chase Tower, 16<sup>th</sup> Floor

10 South Dearborn Street

Mail Code IL1-0079

Chicago, Illinois 60603

Attention: Asset-Backed Securities

Portfolio Management

Re: <u>Lendbuzz SPV V, LLC – Loan Agreement</u>

Ladies and Gentlemen:

Reference is made to the Loan Agreement, dated as of January 18, 2022 (as amended, restated, supplemented or otherwise modified from time to time, the "<u>Loan Agreement</u>"), by and among Lendbuzz SPV V, LLC, as borrower (the "<u>Borrower</u>"), Lendbuzz Funding LLC, as servicer and as collateral custodian, the lenders from time to time parties thereto, the agents from time to time parties thereto, and JPMorgan Chase Bank, N.A., as administrative agent (the "<u>Administrative Agent</u>") and account bank.

Pursuant to Section 2.13(a)(i) of the Loan Agreement, the Borrower gives notice of its intent to effect a Take-out on or about __________, 20 (which date is no fewer than 15 Business Days after the date of delivery of this notice to the Administrative Agent).

Capitalized terms used herein that are not otherwise defined shall have the meanings ascribed thereto in the Loan Agreement.

Very truly yours,

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| |
|:---|
| LENDBUZZ FUNDING LLC |
| By: |
| Name: |
| Title: |

---

Ex E-6

------

Schedule I

to Take-out Release

SCHEDULE OF REMOVED RECEIVABLES

Ex E-7

------

EXHIBIT F

FORM OF MONTHLY REPORT

[On File with the Administrative Agent]

Ex. F-1

------

EXHIBIT G

FORMS OF U.S. TAX COMPLIANCE CERTIFICATES

Ex. G-1

------

EXHIBIT G-1

[FORM OF]

U.S. TAX COMPLIANCE CERTIFICATE

(For Foreign Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes)

Reference is hereby made to the Loan Agreement, dated as of January 18, 2022 (as amended, restated, supplemented or otherwise modified from time to time, the "<u>Loan Agreement</u>"), by and among Lendbuzz SPV V, LLC, as borrower (the "<u>Borrower</u>"), Lendbuzz Funding LLC, as servicer and as collateral custodian, the lenders from time to time parties thereto, the agents from time to time parties thereto, and JPMorgan Chase Bank, N.A., as administrative agent (the "<u>Administrative Agent</u>") and account bank.

Pursuant to the provisions of Section 2.12 of the Loan Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial owner of the Loan(s) in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code and (iv) it is not a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code.

The undersigned has furnished the Administrative Agent and the Borrower with a certificate of its non-U.S. Person status on IRS Form W-8BEN or W-8BEN-E. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform the Borrower and the Administrative Agent, and (2) the undersigned shall have at all times furnished the Borrower and the Administrative Agent with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments.

Unless otherwise defined herein, terms defined in the Loan Agreement and used herein shall have the meanings given to them in the Loan Agreement.

---

| | |
|:---|:---|
| [NAME OF LENDER] | [NAME OF LENDER] |
| By: |  |
|  | Name: |
|  | Title: |
| Date: ________ __, 20[ ] | Date: ________ __, 20[ ] |

---

Ex. G-2

------

EXHIBIT G-2

[FORM OF]

U.S. TAX COMPLIANCE CERTIFICATE

(For Foreign Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes)

Reference is hereby made to the Loan Agreement, dated as of January 18, 2022 (as amended, restated, supplemented or otherwise modified from time to time, the "<u>Loan Agreement</u>"), by and among Lendbuzz SPV V, LLC, as borrower (the "<u>Borrower</u>"), Lendbuzz Funding LLC, as servicer and as collateral custodian, the lenders from time to time parties thereto, the agents from time to time parties thereto, and JPMorgan Chase Bank, N.A., as administrative agent (the "<u>Administrative Agent</u>") and account bank.

Pursuant to the provisions of Section 2.12 of the Loan Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial owner of the participation in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code, and (iv) it is not a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code.

The undersigned has furnished its participating Lender with a certificate of its non-U.S. Person status on IRS Form W-8BEN or W-8BEN-E. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform such Lender in writing, and (2) the undersigned shall have at all times furnished such Lender with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments.

Unless otherwise defined herein, terms defined in the Loan Agreement and used herein shall have the meanings given to them in the Loan Agreement.

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| | |
|:---|:---|
| [NAME OF PARTICIPANT] | [NAME OF PARTICIPANT] |
| By: |  |
|  | Name: |
|  | Title: |
| Date: ________ __, 20[ ] | Date: ________ __, 20[ ] |

---

Ex. G-3

------

EXHIBIT G-3

[FORM OF]

U.S. TAX COMPLIANCE CERTIFICATE

(For Foreign Participants That Are Partnerships For U.S. Federal Income Tax Purposes)

Reference is hereby made to the Loan Agreement, dated as of January 18, 2022 (as amended, restated, supplemented or otherwise modified from time to time, the "<u>Loan Agreement</u>"), by and among Lendbuzz SPV V, LLC, as borrower (the "<u>Borrower</u>"), Lendbuzz Funding LLC, as servicer and as collateral custodian, the lenders from time to time parties thereto, the agents from time to time parties thereto, and JPMorgan Chase Bank, N.A., as administrative agent (the "<u>Administrative Agent</u>") and account bank.

Pursuant to the provisions of Section 2.12 of the Loan Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the participation in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial owners of such participation, (iii) with respect such participation, neither the undersigned nor any of its direct or indirect partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members is a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code, and (v) none of its direct or indirect partners/members is a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code.

The undersigned has furnished its participating Lender with IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or W-8BEN-E or (ii) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN or IRS Form W-8BEN-E from each of such partner's/member's beneficial owners that is claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform such Lender and (2) the undersigned shall have at all times furnished such Lender with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments.

Unless otherwise defined herein, terms defined in the Loan Agreement and used herein shall have the meanings given to them in the Loan Agreement.

---

| | |
|:---|:---|
| [NAME OF PARTICIPANT] | [NAME OF PARTICIPANT] |
| By: |  |
|  | Name: |
|  | Title: |
| Date: ________ __, 20[ ] | Date: ________ __, 20[ ] |

---

Ex. G-4

------

EXHIBIT G-4

[FORM OF]

U.S. TAX COMPLIANCE CERTIFICATE

(For Foreign Lenders That Are Partnerships For U.S. Federal Income Tax Purposes)

Reference is hereby made to the Loan Agreement, dated as of January 18, 2022 (as amended, restated, supplemented or otherwise modified from time to time, the "<u>Loan Agreement</u>"), by and among Lendbuzz SPV V, LLC, as borrower (the "<u>Borrower</u>"), Lendbuzz Funding LLC, as servicer and as collateral custodian, the lenders from time to time parties thereto, the agents from time to time parties thereto, and JPMorgan Chase Bank, N.A., as administrative agent (the "<u>Administrative Agent</u>") and account bank.

Pursuant to the provisions of Section 2.12 of the Loan Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the Loan(s) in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial owners of such Loan(s), (iii) with respect to the extension of credit pursuant to this Loan Agreement or any other Borrower Basic Document, neither the undersigned nor any of its direct or indirect partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members is a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code, and (v) none of its direct or indirect partners/members is a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code.

The undersigned has furnished the Administrative Agent and the Borrower with IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or W-8BEN-E or (ii) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN or IRS Form W-8BEN-E from each of such partner's/member's beneficial owners that is claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform the Borrower and the Administrative Agent, and (2) the undersigned shall have at all times furnished the Borrower and the Administrative Agent with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments.

Unless otherwise defined herein, terms defined in the Loan Agreement and used herein shall have the meanings given to them in the Loan Agreement.

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| | |
|:---|:---|
| [NAME OF LENDER] | [NAME OF LENDER] |
| By: |  |
|  | Name: |
|  | Title: |
| Date: ________ __, 20[ ] | Date: ________ __, 20[ ] |

---

Ex. G-5

## Exhibit 10.24

**Exhibit 10.24** 

Certain information has been excluded from this agreement (indicated by "[\*\*\*]") because Lendbuzz Inc. has determined such information (i) is not material and (ii) is of the type that the registrant treats as private or confidential.

LENDBUZZ SPV IX, LLC,

as the Borrower,

LENDBUZZ FUNDING LLC,

as the Servicer and the Collateral Custodian,

the LENDERS

from time to time parties hereto,

and

MIZUHO BANK, LTD.,

as the Administrative Agent and the Account Bank

LOAN AGREEMENT

Dated as of January 24, 2024

------

**TABLE OF CONTENTS**

<u>Page</u>

ARTICLE ONE

DEFINITIONS; CONSTRUCTION

---

| | |
|:---|:---|
|  Section 1.01. Definitions | 1 |
|  Section 1.02. Accounting Terms and Determinations | 40 |
|  Section 1.03. Computation of Time Periods | 40 |
|  Section 1.04. Interpretation | 40 |
|  Section 1.05. Disclaimer and Exculpation With Respect to any Rate | 41 |
| ARTICLE TWO | ARTICLE TWO |
| LOANS | LOANS |
|  Section 2.01. Loans | 42 |
|  Section 2.02. Funding Mechanics | 43 |
|  Section 2.03. Reduction of Commitments | 43 |
|  Section 2.04. Reserved | 44 |
|  Section 2.05. Interest | 44 |
|  Section 2.06. Payments | 44 |
|  Section 2.07. Settlement Procedures | 46 |
|  Section 2.08. Payments, Computations, Etc. | 47 |
|  Section 2.09. Collections and Allocations; Investment of Funds | 48 |
|  Section 2.10. Fees | 49 |
|  Section 2.11. Increased Cost and Reduced Return | 50 |
|  Section 2.12. Taxes | 51 |
|  Section 2.13. Take-outs | 56 |
|  Section 2.14. The Account Bank | 57 |
|  Section 2.15. Reserved | 60 |
|  Section 2.16. Replacement of Lenders | 60 |
|  Section 2.17. Defaulting Lenders | 61 |
|  Section 2.18. Alternate Rate of Interest | 62 |
| ARTICLE THREE | ARTICLE THREE |
| SECURITY | SECURITY |
|  Section 3.01. Collateral | 64 |
|  Section 3.02. Release of Collateral; No Legal Title | 66 |
|  Section 3.03. Protection of Security Interest; Administrative Agent, as Attorney-in-Fact | 66 |
|  Section 3.04. Assignment of the Purchase Agreement | 67 |
|  Section 3.05. Waiver of Certain Laws | 67 |
|  Section 3.06. Remittance Account | 68 |

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| | |
|:---|:---|
| ARTICLE FOUR | ARTICLE FOUR |
| CONDITIONS OF CLOSING AND LOANS | CONDITIONS OF CLOSING AND LOANS |
|  Section 4.01. Conditions to Effectiveness of this Agreement | 68 |
|  Section 4.02. Conditions Precedent to All Loans | 69 |
| ARTICLE FIVE | ARTICLE FIVE |
| REPRESENTATIONS AND WARRANTIES | REPRESENTATIONS AND WARRANTIES |
|  Section 5.01. Representations and Warranties of the Borrower | 70 |
|  Section 5.02. Representations and Warranties of the Borrower Relating to the Receivables | 74 |
|  Section 5.03. Representations and Warranties of Lendbuzz Funding | 74 |
|  Section 5.04. Retransfer of Certain Receivables | 77 |
| ARTICLE SIX | ARTICLE SIX |
| COVENANTS | COVENANTS |
|  Section 6.01. Affirmative Covenants of the Borrower | 78 |
|  Section 6.02. Negative Covenants of the Borrower | 85 |
|  Section 6.03. Covenants of the Borrower Relating to Hedging | 87 |
|  Section 6.04. Affirmative Covenants of the Servicer and the Collateral Custodian | 89 |
|  Section 6.05. Negative Covenants of the Servicer and the Collateral Custodian | 92 |
| ARTICLE SEVEN | ARTICLE SEVEN |
| ADMINISTRATION AND SERVICING OF RECEIVABLES | ADMINISTRATION AND SERVICING OF RECEIVABLES |
|  Section 7.01. Designation of Servicing | 94 |
|  Section 7.02. Servicing Compensation | 94 |
|  Section 7.03. Duties of the Servicer | 94 |
|  Section 7.04. Collection of Payments | 98 |
|  Section 7.05. Servicer Advances | 98 |
|  Section 7.06. Payment of Certain Expenses by Servicer | 99 |
|  Section 7.07. Reports and Audit | 99 |
|  Section 7.08. Backup Servicer | 100 |
|  Section 7.09. Rights After Assumption of Duties by Backup Servicer or Designation of Successor Servicer; Liability | 100 |
|  Section 7.10. Limitation on Liability of the Servicer, the Collateral Custodian, and Others | 101 |
|  Section 7.11. The Servicer and the Collateral Custodian Not to Resign | 102 |
|  Section 7.12. Servicer Termination Events | 102 |
|  Section 7.13. Appointment of Successor Servicer | 104 |
|  Section 7.14. Merger or Consolidation, Assumption of Obligations or Resignation of the Servicer | 105 |

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------

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| | |
|:---|:---|
|  Section 7.15. Responsibilities of the Borrower | 106 |
|  Section 7.16. Custody of Receivable Files | 107 |
|  Section 7.17. Duties of Collateral Custodian | 107 |
| ARTICLE EIGHT | ARTICLE EIGHT |
| EVENTS OF DEFAULT | EVENTS OF DEFAULT |
|  Section 8.01. Events of Default | 110 |
|  Section 8.02. Actions Upon Declaration of the Occurrence of the Final Maturity Date | 113 |
|  Section 8.03. Exercise of Remedies | 114 |
|  Section 8.04. Waiver of Certain Laws | 115 |
|  Section 8.05. Power of Attorney | 115 |
| ARTICLE NINE | ARTICLE NINE |
| INDEMNIFICATION | INDEMNIFICATION |
|  Section 9.01. Indemnities by the Borrower | 115 |
|  Section 9.02. Indemnities by the Servicer and the Collateral Custodian | 118 |
|  Section 9.03. Indemnities by the Backup Servicer in its Capacity as the Successor Servicer or Successor Collateral Custodian | 120 |
| ARTICLE TEN | ARTICLE TEN |
| THE ADMINISTRATIVE AGENT | THE ADMINISTRATIVE AGENT |
|  Section 10.01. Authorization and Action | 120 |
|  Section 10.02. Delegation of Duties | 121 |
|  Section 10.03. Exculpatory Provisions | 121 |
|  Section 10.04. Reliance | 121 |
|  Section 10.05. Non-Reliance on Other Lenders | 122 |
|  Section 10.06. Indemnification | 122 |
|  Section 10.07. Administrative Agent in its Individual Capacity | 123 |
|  Section 10.08. Successor Administrative Agent | 123 |
|  Section 10.09. Erroneous Payments | 123 |
| ARTICLE ELEVEN | ARTICLE ELEVEN |
| ASSIGNMENTS; PARTICIPATIONS | ASSIGNMENTS; PARTICIPATIONS |
|  Section 11.01. Assignments and Participations | 125 |

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| | |
|:---|:---|
| ARTICLE TWELVE | ARTICLE TWELVE |
| MUTUAL COVENANTS REGARDING CONFIDENTIALITY | MUTUAL COVENANTS REGARDING CONFIDENTIALITY |
|  Section 12.01. Covenants of the Borrower, the Servicer, the Backup Servicer, the Account Bank and the Collateral Custodian | 128 |
|  Section 12.02. Covenants of the Administrative Agent and the Lenders | 128 |
|  Section 12.03. Non-Confidentiality of Tax Treatment and Tax Structure | 130 |
| ARTICLE THIRTEEN | ARTICLE THIRTEEN |
| MISCELLANEOUS | MISCELLANEOUS |
|  Section 13.01. Amendments and Waivers | 130 |
|  Section 13.02. Notices, Etc. | 130 |
|  Section 13.03. No Waiver, Rights and Remedies | 131 |
|  Section 13.04. Binding Effect | 131 |
|  Section 13.05. Term of this Agreement | 131 |
|  Section 13.06. **GOVERNING LAW; CONSENT TO JURISDICTION; WAIVER OF OBJECTION TO VENUE** | 131 |
|  Section 13.07. **WAIVER OF JURY TRIAL** | 131 |
|  Section 13.08. Costs and Expenses | 131 |
|  Section 13.09. No Insolvency Proceedings | 132 |
|  Section 13.10. Recourse Against Certain Parties | 132 |
|  Section 13.11. Patriot Act Compliance | 132 |
|  Section 13.12. Execution in Counterparts; Electronic Signatures; Severability; Integration | 133 |

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| | | |
|:---|:---|:---|
| SCHEDULES | SCHEDULES | SCHEDULES |
| Schedule A | Lender Supplement | SA-1 |
| Schedule B | Eligible Receivable Criteria | SB-1 |
| Schedule C | Schedule of Receivables | SC-1 |
| Schedule D | Location of Receivable Files | SD-1 |
| Schedule E | Schedule of Documents | SE-1 |
| Schedule F | Initial List of Competitors | SF-1 |

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------

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| | |
|:---|:---|
| EXHIBITS | EXHIBITS |
|  Exhibit A<br> – Form of Funding Request | A-1 |
|  Exhibit B<br> – Form of Assignment and Acceptance | B-1 |
|  Exhibit C<br> – Credit and Collection Policy | C-1 |
|  Exhibit D<br> – Form of Power of Attorney | D-1 |
|  Exhibit E<br> – Form of Take-out Release | E-1 |
|  Exhibit F<br> – Form of Monthly Report | F-1 |
|  Exhibit G<br> – Forms of U.S. Tax Compliance Certificates | G-1 |

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------

LOAN AGREEMENT

This Loan Agreement, dated as of January 24, 2024 (as amended, restated, supplemented or otherwise modified from time to time, this "<u>Agreement</u>"), is by and among LENDBUZZ SPV IX, LLC, a Delaware limited liability company, as borrower (the "<u>Borrower</u>"), LENDBUZZ FUNDING LLC, a Delaware limited liability company ("<u>Lendbuzz Funding</u>"), as servicer (in such capacity, the "<u>Servicer</u>") and as collateral custodian (in such capacity, the "<u>Collateral Custodian</u>") for the Secured Parties (as defined herein), the Lenders from time to time parties hereto (the "<u>Lenders</u>"), and MIZUHO BANK, LTD., as administrative agent for the Lenders (in such capacity, the "<u>Administrative Agent</u>") and MIZUHO BANK, LTD., New York Branch as account bank (in such capacity, the "<u>Account Bank</u>").

The Borrower was formed for the purpose of purchasing and holding various assets, including consumer loans secured by new and used automobiles, light duty trucks, vans, minivans, and sport utility vehicles, amounts received on or in respect of such loans, and proceeds of the foregoing;

The Borrower has requested that the Lenders make loans to the Borrower from time to time, the proceeds of which will be used to finance the purchase price of such consumer loans as described herein; and

The Lenders have agreed to make such loans to the Borrower upon the terms and subject to the conditions set forth herein;

In consideration of the premises and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

ARTICLE ONE

DEFINITIONS; CONSTRUCTION

Section 1.01. <u>Definitions</u>

Whenever used herein, unless the context otherwise requires, the following words and phrases shall have the following meanings:

"<u>Account Bank</u>" has the meaning given to such term in the Preamble.

"<u>Account Collateral</u>" means the Collection Account, the Remittance Account, the Cash Reserve Account, and the Hedge Reserve Account, together with all cash, securities, financial assets (as defined in Section 8-102(a)(9) of the UCC) and investments, and other property from time to time deposited or credited to the Collection Account, the Remittance Account, the Cash Reserve Account, or the Hedge Reserve Account, and all proceeds of the foregoing.

"<u>Actual Excess Spread</u>" means, with respect to any Collection Period, the percentage equivalent of a fraction, (i) the numerator of which is the amount of the remaining Available Funds following application of such funds in accordance with Section 2.07(i)-(iv) on the Distribution Date immediately following such Collection Period, and (ii) the denominator of which is the Pool Balance as of the last day of the Collection Period immediately prior to such Collection Period.

------

"<u>Adjusted Daily Simple SOFR</u>" means an interest rate per annum equal to (i) the Daily Simple SOFR <u>plus</u> (ii) 0.10%; provided, that if Adjusted Daily Simply SOFR as so determined shall ever be less than the Floor, then Adjusted Daily Simple SOFR shall be deemed to be the Floor.

"<u>Adjusted Term SOFR</u>" means an interest rate per annum equal to (i) Term SOFR <u>plus</u> (ii) 0.10%; provided, that if Adjusted Term SOFR as so determined shall ever be less than the Floor, then Adjusted Term SOFR shall be deemed to be the Floor.

"<u>Administrative Agent</u>" has the meaning given to such term in the Preamble.

"<u>Administrative Agent's Account</u>" means the account of the Administrative Agent maintained at the Account Bank (account number: H79-740-005344; account name: ISA Loan Agency; Ref: Lendbuzz Securitization) or such other account from time to time identified by the Administrative Agent to the Borrower in writing as the Administrative Agent's Account hereunder.

"<u>Advisors</u>" means accountants, attorneys, consultants, advisors, and Persons similar to the foregoing and the respective directors, officers, employees, and managers of each of the foregoing.

"<u>Affiliate</u>" means, with respect to any Person, any other Person controlling, controlled by or under common control with such Person. For purposes of this definition, "control" when used with respect to any specified Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract, or otherwise; and the terms "controlling" or "controlled" have meanings correlative to the foregoing.

"<u>Aggregate Commitment</u>" means, with respect to any date, the sum of the Commitments of each Lender.

"<u>Aggregate Unpaids</u>" means, with respect to any date, an amount equal to the sum of (i) the Loans Outstanding, (ii) all accrued but unpaid interest, and (iii) all Upfront Fees, Unused Commitment Fees, Hedge Breakage Costs, Indemnified Amounts, and other Obligations owed (whether due or accrued) by the Borrower, the initial Servicer, or the initial Collateral Custodian to the Secured Parties, the Administrative Agent, the Backup Servicer, the Account Bank, the Indemnified Parties, and any Successor Servicer under this Agreement and the other Basic Documents.

"<u>Agreement</u>" has the meaning given to such term in the Preamble.

"<u>AIRA Score</u>" means with respect to any Receivable, the "Artificial Intelligence Risk Analysis Score" that is generated in connection with the underwriting of such Receivable by Lendbuzz Funding, utilizing its underwriting and machine learning algorithms and in accordance with the Credit and Collection Policy.

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"<u>Alternate Base Rate</u>" means, with respect to any date, a rate per annum equal to the greatest of (i) the Prime Rate in effect on such day, (ii) the NYFRB Rate in effect on such day plus <sup>1</sup>⁄<sub>2</sub> of 1% and (iii) Adjusted Term SOFR in effect on such day plus 1%; provided that this clause (iii) shall not be applicable during any period in which Term SOFR is unavailable or unascertainable. Any change in the Alternate Base Rate due to a change in the Prime Rate, the NYFRB Rate or Adjusted Term SOFR shall be effective from and including the effective date of such change in the Prime Rate, the NYFRB Rate or Adjusted Term SOFR, respectively. If the Alternate Base Rate is being used as an alternate rate of interest pursuant to Section 2.18 (for the avoidance of doubt, only until the Benchmark Replacement has been determined pursuant to Section 2.18(b)), then the Alternate Base Rate shall be the greater of clauses (i) and (ii) above and shall be determined without reference to clause (iii) above. For the avoidance of doubt, if the Alternate Base Rate as determined pursuant to the foregoing would be less than the Floor, such rate shall be deemed to be the Floor for purposes of this Agreement.

"<u>Ancillary Fees</u>" means (i) late fees, (ii) extension fees, (iii) prepayment charges, (iv) overdraft charges, and (vi) all other administrative fees or similar charges allowed by Applicable Law received by or on behalf of the Servicer with respect to the Receivables.

"<u>Annual Percentage Rate</u>" or "<u>APR</u>" means, with respect to a Receivable, the rate per annum of finance charges stated in such Receivable as the "annual percentage rate" (within the meaning of the Federal Truth-in-Lending Act). If, after the applicable Funding Date, the rate per annum with respect to a Receivable as of such Funding Date is reduced (i) as a result of an Insolvency Proceeding involving the related Obligor or (ii) pursuant to the Servicemembers Civil Relief Act or similar State law, "Annual Percentage Rate" or "APR" with respect to such Receivable shall refer to such reduced rate.

"<u>Anti-Corruption Laws</u>" means all laws, rules, and regulations of the United States or any State that are applicable to Lendbuzz, Lendbuzz Funding, the Borrower, or any of their respective Affiliates or Subsidiaries from time to time concerning or relating to bribery or corruption.

"<u>Applicable Law</u>" means, with respect to any Person, all existing and future applicable laws, rules, regulations (including Treasury Regulations), statutes, treaties, codes, ordinances, permits, certificates, orders and licenses of and interpretations by any Governmental Authority (including usury laws, the Federal Truth in Lending Act, the Equal Credit Opportunity Act, the Fair Credit Billing Act, the Fair Credit Reporting Act, the Fair Debt Collection Practices Act, the Federal Trade Commission Act, the Magnuson-Moss Warranty Act, the Servicemembers Civil Relief Act, Regulations B, U, T, X and Z of the Federal Reserve Board, the Dodd-Frank Act, the Gramm-Leach-Bliley Act, each applicable state Motor Vehicle Retail Installment Sales Act, and state adaptations of the National Consumer Act and of the Uniform Consumer Credit Code and all other consumer protection and usury laws), the customer identification program requirements established under the Patriot Act, the due diligence requirements established under the Customer Due Diligence Requirements for Financial Institutions, 31 CFR Section 1010.230 (2016), such other laws, rules, regulations and executive orders in effect from time to time applicable to banking institutions, and applicable judgments, decrees, injunctions, writs, orders or line action of any court, arbitrator or other administrative, judicial or quasi-judicial tribunal or agency of competent jurisdiction.

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"<u>Applicable Margin</u>" has the meaning given to such term in the Fee Letter.

"<u>Assignment and Acceptance</u>" means an assignment and acceptance agreement between a Lender and an Eligible Assignee, in substantially the form of Exhibit B hereto.

"<u>Available Amount</u>" means, with respect to any date, the positive amount, if any, by which the Facility Amount exceeds the Loans Outstanding on such day.

"<u>Available Tenor</u>" shall mean, as of any date of determination and with respect to the then current Benchmark, as applicable, (x) if such Benchmark is a term rate, any tenor for such Benchmark (or component thereof) that is or may be used for determining the length of an interest period pursuant to this Agreement or (y) otherwise, any payment period for interest calculated with reference to such Benchmark (or component thereof) that is or may be used for determining any frequency of making payments of interest calculated with reference to such Benchmark pursuant to this Agreement, in each case, as of such date and not including, for the avoidance of doubt, any tenor for such Benchmark that is then-removed from the definition of "Interest Period" pursuant to Section 2.18(f).

"<u>Available Funds</u>" means, with respect to any Distribution Date and the related Collection Period, Collections on deposit in the Collection Account, to the extent received during such related Collection Period.

"<u>Backup Servicer</u>" means, (i) initially, Vervent Inc., a Delaware corporation or (ii) if the initial Backup Servicer has been terminated in accordance with the terms of the Backup Servicing Agreement, any other Person who has been appointed as "Backup Servicer" pursuant to a replacement "Backup Servicing Agreement" and that is acceptable to the Administrative Agent (in its sole discretion).

"<u>Backup Servicing Agreement</u>" means (i) for so long as Vervent Inc. is the Backup Servicer, the Backup Servicing Agreement by and among the Borrower, the Servicer, the Administrative Agent, and Vervent Inc. (as the same may be amended, restated, or otherwise modified from time to time with the consent of the Administrative Agent) or (ii) if Vervent Inc. is no longer the Backup Servicer, any replacement "Backup Servicing Agreement" that is entered into by the Servicer, the Backup Servicer, and the Administrative Agent and that is in form and substance acceptable to the Administrative Agent (in its sole discretion).

"<u>Backup Servicing Fee</u>" means the fees payable to the Backup Servicer as set forth in the Backup Servicing Agreement.

"<u>Backup Servicing Fee Rate</u>" means, for each Collection Period, (a) the percentage equivalent of a fraction, (1) the numerator of which is the Backup Servicing Fee and (2) the denominator of which is the average daily Pool Balance during the related Collection Period, <u>times</u> (b) 12.

"<u>Bankruptcy Code</u>" means the United States Bankruptcy Code (Title 11 of the United States Code).

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"<u>Basel II</u>" means the second Basel Accord issued by the Basel Committee on Banking Supervision.

"<u>Basel III</u>" means the third Basel Accord issued by the Basel Committee on Banking Supervision.

"<u>Basic Documents</u>" means this Agreement, the Purchase Agreement, each Purchase Agreement Supplement, the Backup Servicing Agreement, the Fee Letter, all Hedging Agreements, the Remittance Account Control Agreement, each Control Agreement, the Performance Guaranty, any Take-out Release, and any other document, certificate, opinion, agreement or writing the execution of which is necessary or incidental to carrying out the transactions contemplated by this Agreement or any of the other foregoing documents.

"<u>Benchmark</u>" means, initially, Term SOFR Reference Rate; <u>provided</u>, that if a Benchmark Transition Event has occurred with respect to the Term SOFR Reference Rate or the then-current Benchmark, then "Benchmark" shall mean the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate pursuant to Section 2.18(b).

"<u>Benchmark Replacement</u>" means, with respect to any Benchmark Transition Event, the first alternative set forth in the order below that can be determined by the Administrative Agent for the applicable Benchmark Replacement Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Adjusted Daily Simple SOFR;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) the sum of: (i) the alternate benchmark rate that has been selected by the Administrative Agent, in consultation with the Borrower, giving due consideration to (A) any selection or recommendation of a replacement benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body or (B) any evolving or then-prevailing market convention for determining a benchmark rate as a replacement to the then-current Benchmark for dollar-denominated syndicated credit facilities and (ii) the related Benchmark Replacement Adjustment.

If the Benchmark Replacement as determined pursuant to clause (a) or (b) above would be less than the Floor, the Benchmark Replacement will be deemed to be the Floor for the purposes of this Agreement and the other Basic Documents.

"<u>Benchmark Replacement Adjustment</u>" means, with respect to any replacement of the then-current Benchmark with an Unadjusted Benchmark Replacement for any setting of such Unadjusted Benchmark Replacement or applicable Available Tenor, the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected by the Administrative Agent and the Borrower giving due consideration to (i) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body on the applicable Benchmark Replacement Date and/or (ii) any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for dollar-denominated syndicated credit facilities at such time.

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"<u>Benchmark Replacement Date</u>" means, with respect to any Benchmark, the earliest to occur of the following events with respect to such then-current Benchmark:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in the case of clause (i) or (ii) of the definition of "Benchmark Transition Event," the later of (a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator of such Benchmark (or the published component used in the calculation thereof) permanently or indefinitely ceases to provide such Benchmark (or such component thereof) or, if such Benchmark is a term rate, all Available Tenors of such Benchmark (or such component thereof); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the case of clause (iii) of the definition of "Benchmark Transition Event," the first date on which such Benchmark (or the published component used in the calculation thereof), or if such Benchmark is a term rate, all Available Tenors of such Benchmark (or such component thereof), has been determined and announced by the regulatory supervisor for the administrator of such Benchmark (or such component thereof) to be no longer representative; <u>provided</u>, that such non-representativeness will be determined by reference to the most recent statement or publication referenced in such clause (iii) and even if such Benchmark (or such component thereof) of, if such Benchmark is a term rate, any Available Tenor of such Benchmark (or such component thereof) continues to be provided on such date.

For the avoidance of doubt, (1) if the event giving rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination and (2) the "Benchmark Replacement Date" will be deemed to have occurred in the case of clause (i) or (ii) with respect to any Benchmark upon the occurrence of the applicable event or events set forth therein with respect to such Benchmark (or the published component used in the calculation thereof). If such Benchmark is a term rate, the "Benchmark Replacement Date" will be deemed to have occurred in the case of clause (i) or (ii) above with respect to any Benchmark upon the occurrence of the applicable event or events set forth therein with respect to all then-current Available Tenors of such Benchmark (or the published component used in the calculation thereof).

"<u>Benchmark Transition Event</u>" means, with respect to any Benchmark, the occurrence of one or more of the following events with respect to such then-current Benchmark:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a public statement or publication of information by or on behalf of the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that such administrator has ceased or will cease to provide such Benchmark (or such component thereof) or, if such Benchmark is a term rate, all Available Tenors of such Benchmark (or such component thereof), permanently or indefinitely; <u>provided</u>, that at the time of such statement or publication, there is no successor administrator that will continue to provide such Benchmark (or such component thereof) or, if such Benchmark is a term rate, all Available Tenors of such Benchmark (or such component thereof);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof), the Federal Reserve Board, the NYFRB, an insolvency official with jurisdiction over the administrator for such Benchmark (or such component), a resolution authority with jurisdiction over the administrator for such Benchmark (or such component), or a court or an entity with similar insolvency or resolution authority over the administrator for such Benchmark (or such component), in each case, which states that the administrator of such Benchmark (or such component) has ceased or will cease to provide such Benchmark (or such component thereof) or, if such Benchmark is a term rate, all Available Tenors of such Benchmark (or such component thereof) permanently or indefinitely; <u>provided</u>, that at the time of such statement or publication, there is no successor administrator that will continue to provide such Benchmark (or such component thereof) or, if such Benchmark is a term rate, all Available Tenors of such Benchmark (or such component thereof); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof) or, if such Benchmark is a term rate, all Available Tenors of such Benchmark (or such component thereof) announcing that such Benchmark (or such component thereof) or, if such Benchmark is a term rate, all Available Tenors of such Benchmark (or such component thereof) is no longer, or as of a specified future date will no longer be, representative.

For the avoidance of doubt, a "Benchmark Transition Event" will be deemed to have occurred with respect to any Benchmark if a public statement or publication of information set forth above has occurred with respect to such Benchmark (or the published component used in the calculation thereof) and if such Benchmark is a term rate, a "Benchmark Transition Event" will be deemed to have occurred with respect to any Benchmark if a public statement or publication of information set forth above has occurred with respect to each then-current Available Tenor of such Benchmark (or the published component used in the calculation thereof).

"<u>Benchmark Unavailability Period</u>" means, with respect to any Benchmark, the period (if any) (i) beginning at the time that a Benchmark Replacement Date pursuant to clauses (i) or (ii) of that definition has occurred if, at such time, no Benchmark Replacement has replaced such then-current Benchmark for all purposes hereunder and under any Basic Document in accordance with Section 2.18 and (ii) ending at the time that a Benchmark Replacement has replaced such then-current Benchmark for all purposes hereunder and under any Basic Document in accordance with Section 2.18.

"<u>Beneficial Ownership Certification</u>" means a certification regarding beneficial ownership as required by the Beneficial Ownership Rule.

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"<u>Beneficial Ownership Rule</u>" means 31 C.F.R. § 1010.230.

"<u>Benefit Plan</u>" means each (i) employee pension benefit plan (as defined in Section 3(2) of ERISA) that is subject to Title I of ERISA, (ii) plan described in Section 4975(e)(1) of the Code, including individual retirement accounts or Keogh Plans that is not exempt under Section 4975(g) of the Code and (iii) any entity whose underlying assets include "plan assets" (as defined in Section 3(42) of ERISA and Department of Labor Regulations Section 2510.3-101) by reason of an employee benefit plan's or plans' investment in such entities.

"<u>Borrower</u>" has the meaning given to such term in the Preamble.

"<u>Borrower Basic Documents</u>" means all Basic Documents to which the Borrower is a party or by which it is bound.

"<u>Borrowing Base</u>" means, as of any date of determination, an amount equal to the difference of (i) the Net Eligible Pool Balance as of such date, after giving effect to the related additions or removals of Receivables on such date, <u>minus</u> (ii) the Required Overcollateralization as of such date, <u>plus</u> (iii) the amount of Collections in respect of principal payments that are on deposit in the Collection Account on such date.

"<u>Borrowing Base Deficiency</u>" means, as of any date of determination, the positive amount, if any, by which (i) the Loans Outstanding exceeds (ii) the Borrowing Base.

"<u>Breakage Costs</u>" means such amount or amounts due to any Lender pursuant to Section 2.08(c).

"<u>Business Day</u>" means, any day (other than a Saturday or a Sunday) on which banks are open for business in New York, New York; <u>provided</u>, that in relation to Loans for which interest is computed by reference to Daily Simple SOFR and any interest rate settings, fundings, disbursements, settlements or payments of any such Loans, or any other dealings of such Loans, no such day will be a "Business Day" unless it is also a U.S. Government Securities Business Day.

"<u>Cash Reserve Account</u>" means a segregated account established by the initial Servicer, on behalf of the Borrower, with the Account Bank (account number: H10-740-052596; account name: Lendbuzz SPV IV LLC; Ref: Cash Reserve) in the name of the Administrative Agent for the benefit of the Secured Parties, into which the Required Cash Reserve Amount shall be deposited.

"<u>Certificate of Title</u>" means, with respect to a Financed Vehicle, (i) the original certificate of title relating thereto, (ii) if the applicable Registrar of Titles issues a letter or other form of evidence of lien in lieu of a certificate of title (including electronic titling), the original lien entry letter, or (iii) prior to the time that a certificate of title of the type described in clause (i) or (ii) is issued, copies of correspondence to the applicable Registrar of Titles, and all enclosures thereto, for issuance of the original certificate of title or the original lien entry letter or form, as applicable, and which, in all of the foregoing cases, shall name the related Obligor as the owner of such Financed Vehicle and Lendbuzz Funding, the Borrower or the Administrative

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Agent, as secured party. For Financed Vehicles registered in States that issue confirmation of the lienholder's interest electronically, the "Certificate of Title" may consist of notification of an electronic recordation, by either a third party service provider or the relevant Registrar of Titles, which indicates that the lien of the secured party on the Financed Vehicle is recorded on the original certificate of title on the electronic lien and title system of the applicable State.

"<u>Change in Control</u>" means (i) any Person or group of Persons (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act, but excluding any employee benefit plan of such person or its Subsidiaries, and any Person or entity acting in its capacity as trustee, agent or other fiduciary or administrator of any such plan) gains ownership or control, directly or indirectly, of more than 50% of the voting and equity interest in Lendbuzz, or (ii) Lendbuzz Funding owns less than 100% of the membership interests of the Borrower, or (iii) Lendbuzz owns, directly or indirectly, less than 100% of the voting and equity interests in Lendbuzz Funding.

"<u>Closing Date</u>" means January 24, 2024.

"<u>Code</u>" means the Internal Revenue Code of 1986.

"<u>Collateral</u>" has the meaning given to such term in Section 3.01(a).

"<u>Collateral Custodian</u>" has the meaning given to such term in the Preamble.

"<u>Collection Account</u>" means a segregated account established by the initial Servicer, on behalf of the Borrower, with the Account Bank (account number: [\*\*\*]; account name: [\*\*\*]; Ref: [\*\*\*]) in the name of the Administrative Agent for the benefit of the Secured Parties, into which all Collections shall be deposited.

"<u>Collection Period</u>" means, with respect to any date of determination, the immediately preceding calendar month, except for dates occurring on or prior to the first Distribution Date, in which case such term means the period from but excluding the initial Cutoff Date to and including the last day of the calendar month in which the Initial Loan is funded hereunder.

"<u>Collections</u>" means (i) all cash collections or other cash proceeds of any Receivable received by the Servicer (including from Lendbuzz, Lendbuzz Funding, or the Borrower) from or on behalf of any Obligor in payment of any amounts owed in respect of such Receivable, including all Release Price amounts deposited in the Collection Account pursuant to Section 5.04, Insurance Proceeds, investment earnings in the Collection Account, and all Recoveries, (ii) any other funds received by the Servicer (including from Lendbuzz, Lendbuzz Funding, or the Borrower) with respect to any Receivable (exclusive of Ancillary Fees which may be retained by the Servicer), Financed Vehicle or any other Collateral, (iii) all payments received by the Borrower pursuant to any Hedging Agreement or Hedge Transaction, and (iv) any Servicer Advances.

"<u>Commitment</u>" means, with respect to any Lender, the commitment of such Lender to fund Loans in an aggregate amount not to exceed the amount set forth as the "Commitment" on Schedule A, as such amount may be modified from time to time in accordance with the terms hereof.

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"<u>Commitment Termination Date</u>" means the earliest to occur of (i) the Scheduled Revolving Period Termination Date or (ii) the occurrence of an Event of Default.

"<u>Comparable Transaction</u>" means any agreement of any Subsidiary of Lendbuzz for the benefit of any third party in connection with such Subsidiary's incurrence of any Indebtedness for borrowed money in a bankruptcy-remote financing that is secured by receivables and subject to an ongoing borrowing base or other collateral maintenance requirement (however styled) or, solely for the purpose of the definition of "Financial Covenant", any other financing facility of Lendbuzz in an amount greater than $250,000.

"<u>Competitor</u>" means (i) any Person that is a direct competitor of Lendbuzz Funding or any Affiliate of Lendbuzz Funding and that is identified in writing as such by Lendbuzz Funding, in good faith, to the Administrative Agent and (ii) any Affiliate of any Person described in clause (i). The Competitors pursuant to clause (i) as of the Closing Date are identified on Schedule F attached hereto.

"<u>Confidential Information</u>" means any information, data, documents and materials in any form and at any time (including prior to the date of this Agreement) with respect to the Borrower, Lendbuzz, Lendbuzz Funding, or any of their Affiliates and their respective businesses and financial information, the Receivables, and the Serviced Portfolio and includes (i) information transmitted in written, oral, magnetic, or any other medium, (ii) all copies and reproductions, in whole or in part, of such information and (iii) all summaries, analyses, compilations, studies, notes, or other records which contain, reflect or are generated from such information; <u>provided</u>, that "Confidential Information" does not include, with respect to a Person, information that (a) was already known to such Person and such knowledge was not obtained from any other entity who was known by such Person to be subject to an obligation of confidentiality or otherwise prohibited from transmitting such information to such Person, (b) is or has become part of the public domain through no act or omission of such Person, (c) is or was lawfully disclosed to such Person without restriction on disclosure by a third party, (d) is or was developed independently by such Person, or (e) is or was lawfully and independently provided to such Person prior to disclosure hereunder, from a third party who is not known by such Person to be subject to an obligation of confidentiality or otherwise prohibited from transmitting such information.

"<u>Conforming Changes</u>" means, with respect to either the use or administration of Term SOFR or the use, administration, adoption or implementation of any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of "Alternate Base Rate," the definition of "Business Day," the definition of "U.S. Government Securities Business Day," the definition of "Interest Period" or any similar or analogous definition (or the addition of a concept of "interest period"), timing and frequency of determining rates and making payments of interest, timing of borrowing requests or prepayment, conversion or continuation notices, the applicability and length of lookback periods, the applicability of Section 2.18(g), the formula for calculating any successor rates identified pursuant to the definition of "Benchmark Replacement", the formula, methodology or convention for applying the successor floor to the successor Benchmark Replacement and other technical, administrative or operational matters) that the Administrative Agent decides may be appropriate to reflect the adoption and implementation of any such rate or to permit the use and administration thereof by

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the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent decides that adoption of any portion of such market practice is not administratively feasible or if the Administrative Agent determines that no market practice for the administration of any such rate exists, in such other manner of administration as the Administrative Agent decides is reasonably necessary in connection with the administration of this Agreement and the other Basic Documents).

"<u>Connection Income Taxes</u>" means Other Connection Taxes that are imposed on or measured by net income (however denominated) or that are franchise Taxes or branch profits Taxes.

"<u>Consent</u>" or "<u>Consented</u>" means a consent or an action of the Administrative Agent that has been approved by the Required Lenders.

"<u>Contract</u>" means the loan agreement or promissory note executed by an Obligor pursuant to which a loan is made by Lendbuzz Funding to such Obligor, which loan is secured by the related Financed Vehicle.

"<u>Contractual Obligation</u>" means, with respect to any Person, any provision of any securities issued by such Person or any indenture, mortgage, deed of trust, contract, undertaking, agreement, instrument or other document to which such Person is a party or by which it or any of its property is bound or is subject.

"<u>Control Agreement</u>" means that certain account control agreement, dated as of the Closing Date, by and among the Borrower, the Account Bank and the Administrative Agent with respect to the Collection Account, the Hedge Reserve Account, and the Cash Reserve Account.

"<u>Credit and Collection Policy</u>" means, with respect to (i) the initial Servicer, the credit and collection policies of the Servicer with respect to the Receivables and the Serviced Portfolio as are in effect on the Closing Date (a copy of which is attached hereto as Exhibit C), as the same may be amended, modified, or supplemented from time to time in accordance with this Agreement, or (ii) any Successor Servicer, the customary credit and collection policies of such Successor Servicer, in each case as revised from time to time in accordance with this Agreement.

"<u>Credit Support Annex</u>" has the meaning given to such term in Section 6.03(d).

"<u>Cutoff Date</u>" means, with respect to Receivables transferred to the Borrower on a Funding Date, the close of business on the final day of the month immediately preceding the month during which such Funding Date occurs.

"<u>Daily Simple SOFR</u>" means, with respect to any date (a "<u>SOFR Rate Day</u>"), a rate per annum equal to the greater of (i) SOFR for the day (such day, the related "<u>SOFR Determination Date</u>") that is five U.S. Government Securities Business Day prior to (a) if such SOFR Rate Day is a U.S. Government Securities Business Day, such SOFR Rate Day, or (b) if such SOFR Rate Day is not a U.S. Government Securities Business Day, the U.S. Government Securities Business Day immediately preceding such SOFR Rate Day, in each case, as such SOFR is published by the SOFR Administrator on the SOFR Administrator's Website and (ii) 0%. Any change in Daily Simple SOFR due to a change in SOFR shall be effective from and including the effective date of such change in SOFR without notice to the Borrower.

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"<u>Dealer</u>" means a dealer of Financed Vehicles through which Lendbuzz Funding originated the respective Receivable to the related Obligor.

"<u>Debt-to-TNW Ratio</u>" means, with respect to any date of determination, (i) an amount equal to Lendbuzz's aggregate Indebtedness <u>divided by</u> (ii) an amount equal to Lendbuzz's Tangible Net Worth.

"<u>Defaulting Lender</u>" means any Lender that, as determined by the Administrative Agent: (i) has failed to fund any of its obligations to make Loans in accordance with Section 2.01, notwithstanding that all conditions to funding under Section 4.02 and, with respect to the Initial Loan, Section 4.01 have been satisfied or waived in accordance with the terms thereof, within three Business Days of the date required to be funded by it hereunder, (ii) has notified the Administrative Agent or the Borrower in writing that it does not intend to comply with such funding obligations, or has made a public statement to that effect with respect to such funding obligations hereunder, or (iii) has become subject to an Insolvency Event; <u>provided</u>, that a Lender shall not be deemed to be a Defaulting Lender hereunder solely by virtue of any control of or ownership interest in, or the acquisition of any ownership interest in, such Lender (or its direct or indirect parent company) or the exercise of control over such Lender (or its direct or indirect parent company) by a Governmental Authority thereof, if and for so long as such ownership interest does not result in or provide such Lender (or its direct or indirect parent company) with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or its direct or indirect parent company) or such Governmental Authority to reject, repudiate, disavow or disaffirm obligations such as those under this Agreement.

"<u>Delinquency Ratio</u>" means, with respect to any date of determination, the percentage equivalent of a fraction, (i) the numerator of which is the aggregate Principal Balance of all Delinquent Receivables as of the last day of the most recently completed Collection Period and (ii) the denominator of which is the Pool Balance as of the last day of such Collection Period.

"<u>Delinquent Receivable</u>" means any Receivable, (i) with respect to which the greater of (a) $50 and (b) 10% or more of any Scheduled Payment, including principal, interest or fees, remains unpaid for 60 or more days from the related due date and (ii) that is not a Liquidated Receivable. For the avoidance of doubt, any Collections received upon the disposition of the Financed Vehicle related to a Receivable will be applied against any outstanding Scheduled Payments on such Receivable in accordance with the Credit and Collection Policy and, if neither clause (i) or (ii) is satisfied after such application, then such Receivable shall no longer be a Delinquent Receivable until such time as either clause (i) or (ii) is thereafter satisfied.

"<u>Derivatives</u>" means any (i) exchange-traded or over-the-counter forward, future, option, swap, cap, collar, floor or foreign exchange contract or any combination of the foregoing, whether for physical delivery or cash settlement, relating to any interest rate, interest rate index, currency, currency exchange rate, currency exchange rate index, debt instrument, debt price, debt index, depository instrument, depository price, depository index, equity instrument, equity price, equity index, commodity, commodity price or commodity index, (ii) similar transaction, contract, instrument, undertaking or security or (iii) transaction, contract, instrument, undertaking or security containing any of the foregoing.

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"<u>Distribution Date</u>" means (a) prior to the Commitment Termination Date, the 15<sup>th</sup> day of each calendar month or, if any such day is not a Business Day, the next succeeding Business Day and (b) on and following the Commitment Termination Date, every Business Day.

"<u>Dodd-Frank Act</u>" means The Dodd-Frank Wall Street Reform and Consumer Protection Act (Pub.L. 111-203, H.R. 4173).

"<u>Dollars</u>" or "<u>$</u>" means the lawful currency of the United States.

"<u>Down Payment</u>" means, with respect to a Receivable, the percentage equivalent of a fraction the numerator of which is the amount of any cash payment made by the related Obligor at the time of origination of such Receivable in connection with its purchase of the related Financed Vehicle and the denominator of which is the book value of such Financed Vehicle at the date of underwriting, where such book value is the selling price as determined in accordance with the Credit and Collection Policy.

"<u>Early Adoption Increased Costs</u>" has the meaning given to such term in Section 2.11(a).

"<u>Early Adoption Increased Costs Representation</u>" has the meaning given to such term in Section 2.11(a).

"<u>Electronic Chattel Paper Sub-Custodian</u>" means eOriginal, Inc. or another econtracting facilitator engaged by the Servicer or the Collateral Custodian with the consent of the Administrative Agent.

"<u>Eligible Assignee</u>" means (i) Mizuho Bank, Ltd., (ii) any other Lender, or (iii) any other Person (A) that is acceptable to the Administrative Agent and (B) that was approved by the Borrower in writing prior to such assignment (such consent of the Borrower not to be unreasonably withheld); <u>provided</u>, that no consent of the Borrower described in clause (iii) shall be required during the occurrence and continuation of a Servicer Termination Event or Event of Default; <u>provided</u> <u>further</u>, that unless an Event of Default has occurred and is continuing, no Competitor shall be an Eligible Assignee unless approved by the Borrower in writing prior to such assignment.

"<u>Eligible Pool Balance</u>" means, as of any date of determination, the sum of the Principal Balances of all Eligible Receivables as of such date.

"<u>Eligible Receivable</u>" means, as of any date of determination, any Receivable (i) for which the related Receivable File is in the possession of the Collateral Custodian, (ii) which was identified on the Schedule of Receivables delivered by the Borrower to the Administrative Agent as part of a Funding Request and (iii) which satisfies each of the eligibility requirements set forth on Schedule B hereto, in each case as of such date of determination.

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"<u>ERISA</u>" means the Employee Retirement Income Security Act of 1974, and the regulations promulgated and rulings issued thereunder.

"<u>ERISA Affiliate</u>" means (i) any corporation which is a member of the same controlled group of corporations (within the meaning of Section 414(b) of the Code) as the Borrower, (ii) a trade or business (whether or not incorporated) under common control (within the meaning of Section 414(c) of the Code) with the Borrower, or (iii) a member of the same affiliated service group (within the meaning of Section 414(m) of the Code) as the Borrower, any corporation described in clause (i) above or any trade or business described in clause (ii) above.

"<u>Erroneous Payment</u>" has the meaning assigned to it in Section 10.09(a).

"<u>Erroneous Payment Subrogation Rights</u>" has the meaning assigned to it in Section 10.09(d).

"<u>Event of Default</u>" has the meaning given to such term in Section 8.01(a).

"<u>Excess Concentration Amounts</u>" means, as of any date of determination and without duplication, the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the positive difference, if any, of (a) the aggregate Principal Balance of the Eligible Receivables for which the related Obligor has a billing address in the State with the highest concentration of Receivables by Obligor billing address as of such date <u>minus</u> (b) an amount equal to the product of (1) [\*\*\*] <u>times</u> (2) the Eligible Pool Balance on such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the positive difference, if any, of (a) the aggregate Principal Balance of the Eligible Receivables for which the related Obligor has a billing address in the State with the second highest concentration of Receivables by Obligor billing address as of such date <u>minus</u> (b) an amount equal to the product of (1) [\*\*\*] <u>times</u> (2) the Eligible Pool Balance on such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the positive difference, if any, of (a) the aggregate Principal Balance of the Eligible Receivables for which the related Obligor has a billing address in any State other than those States accounted for in clauses (i) and (ii), above, <u>minus</u> (b) an amount equal to the product of (1) [\*\*\*] <u>times</u> (2) the Eligible Pool Balance on such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the positive difference, if any, of (a) the aggregate Principal Balance of the Eligible Receivables for which the original term to maturity was more than [\*\*\*] months <u>minus</u> (b) the product of (1) [\*\*\*] <u>times</u> (2) the Eligible Pool Balance as of such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the aggregate Principal Balance of the Eligible Receivables that would need to be subtracted from the Eligible Pool Balance on such date in order to cause the weighted average remaining term to maturity of the Eligible Receivables to be less than [\*\*\*] months;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the aggregate Principal Balance of the Eligible Receivables with the lowest FICO Scores that would need to be subtracted from the Eligible Pool Balance on such date in order to cause the weighted average FICO Score of those Eligible Receivables to be at least [\*\*\*] (it being acknowledged and agreed that Receivables that do not have a FICO Score or have a FICO Score of zero shall be excluded from this calculation);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the aggregate Principal Balance of the Eligible Receivables with the lowest AIRA Scores that would need to be subtracted from the Eligible Pool Balance on such date in order to cause the weighted average AIRA Score of those Eligible Receivables to be at least [\*\*\*];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the aggregate Principal Balance of the Eligible Receivables that had Payment-to-Income Ratios of greater than [\*\*\*] at the time of underwriting that would need to be subtracted from the Eligible Pool Balance on such date in order to cause the weighted average Payment-to-Income Ratios of all Eligible Receivables at the time of underwriting to equal [\*\*\*];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) the aggregate Principal Balance of the Eligible Receivables that had Loan-to-Value Ratios of greater than [\*\*\*] at the time of underwriting that would need to be subtracted from the Eligible Pool Balance on such date in order to cause the weighted average Loan-to-Value Ratios of all Eligible Receivables at the time of underwriting to equal [\*\*\*];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) the aggregate Principal Balance of the Eligible Receivables where the related Financed Vehicle has the highest mileage that would need to be subtracted from the Eligible Pool Balance on such date in order to cause the weighted average mileage of those Eligible Receivables to be no greater than [\*\*\*];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) the positive difference, if any, of (a) the aggregate Principal Balance of the Eligible Receivables for which the model year of the related Financed Vehicle is [\*\*\*] or older <u>minus</u> (b) the product of (1) [\*\*\*] <u>times</u> (2) the Eligible Pool Balance as of such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) the positive difference, if any, of (a) the aggregate Principal Balance of the Eligible Receivables for which the related Financed Vehicle was a Used Vehicle at the time such Receivable was originated <u>minus</u> (b) the product of (1) [\*\*\*] <u>times</u> (2) the Eligible Pool Balance as of such date; and (xiii) the positive difference, if any, of (a) the aggregate Principal Balance of the Eligible Receivables for which the related Obligors did not have a FICO Score or had a FICO Score of zero <u>minus</u> (b) the product of (1) [\*\*\*] times (2) the Eligible Pool Balance as of such date.

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"<u>Excess Spread</u>" means, as of any date of determination, the difference of (i) the weighted average APR of all Eligible Receivables (weighted by the Principal Balance of such Eligible Receivables) <u>minus</u> (ii) the Applicable Margin <u>minus</u> (iii) the Servicing Fee Rate <u>minus</u> (iv) the Weighted Average Hedge Rate as of such date <u>minus</u> (v) the Backup Servicing Fee Rate.

"<u>Exchange Act</u>" means the Securities Exchange Act of 1934, as amended.

"<u>Excluded Taxes</u>" means any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or deducted from a payment to a Recipient, (i) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (a) imposed as a result of such Recipient being organized under the laws of, or having its principal office or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (b) that are Other Connection Taxes, (ii) in the case of a Lender, U.S. federal withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan or Commitment pursuant to a law in effect on the date on which (a) such Lender acquires such interest in the Loan or Commitment (other than pursuant to an assignment request by the Borrower under Section 2.15) or (b) such Lender changes its lending office, except in each case to the extent that, pursuant to Section 2.12, amounts with respect to such Taxes were payable either to such Lender's assignor immediately before such Lender became a party hereto or to such Lender immediately before it changed its lending office, (iii) Taxes attributable to such Recipient's failure to comply with Section 2.12(g) and (iv) any U.S. federal withholding Taxes imposed under FATCA.

"<u>Existing Dealer Agreement</u>" means an agreement between Lendbuzz Funding and a Dealer that is in full force and effect as of the Closing Date relating to the origination of Receivables secured by Financed Vehicles sold by such Dealer to an Obligor.

"<u>Expected Final Maturity Date</u>" means January 24, 2027.

"<u>Extended Receivable</u>" means any Receivable or Serviced Portfolio Receivable with respect to which an Extension has been granted.

"<u>Extension</u>" means, with respect to any Receivable or Serviced Portfolio Receivable, a payment extension or deferral that is granted by the Servicer to an Obligor whereby (i) either (a) the due date for all or any portion of one or more Scheduled Payments is extended to a date that is later than the current due date or (b) all or any portion of one or more Scheduled Payments is waived for the related due date and (ii) such extended or waived amount is due from such Obligor by no later than the final due date (as extended, if applicable) for the related Contract. For purposes of this definition, the "Scheduled Payment" and "Contract" for each Serviced Portfolio Receivable that is not a Receivable shall be determined as if it were a "Receivable" for purposes of all related defined terms.

"<u>Extension Ratio</u>" means, with respect to any date of determination, the percentage equivalent of a fraction, (i) the numerator of which is the aggregate Principal Balance of all Receivables that became Extended Receivables during the most recently completed Collection Period and (ii) the denominator of which is the Pool Balance as of the last day of such Collection Period.

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"<u>Facility Amount</u>" means, as of any date of determination, (i) prior to the Commitment Termination Date, the Aggregate Commitment on such day and (ii) on and after the Commitment Termination Date, the Loans Outstanding on such day.

"<u>Facility Termination Date</u>" means the date following the Commitment Termination Date on which the Aggregate Unpaids have been indefeasibly paid in full.

"<u>FATCA</u>" means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof and any applicable agreement entered into pursuant to Section 1471(b)(1) of the Code.

"<u>Federal Funds Effective Rate</u>" means, for any day, the rate calculated by the NYFRB based on such day's federal funds transactions by depositary institutions, as determined in such manner as shall be set forth on the NYFRB's Website from time to time, and published on the next succeeding Business Day by the NYFRB as the effective federal funds rate; <u>provided</u>, that if the Federal Funds Effective Rate as so determined would be less than 0%, such rate shall be deemed to be 0% for the purposes of this Agreement.

"<u>Federal Reserve Board</u>" means the Board of Governors of the Federal Reserve System.

"<u>Fee Letter</u>" means the Fee Letter, dated as of the Closing Date, by and among the Borrower and the Administrative Agent, setting forth, among other things, the Applicable Margin, the Upfront Fees and the Unused Commitment Fee Rate.

"<u>FICO Score</u>" means, with respect to any Receivable, the credit score provided by Fair Isaac Corporation for the related Obligor at the time of underwriting for such Receivable.

"<u>Final Maturity Date</u>" means the earliest to occur of (i) the date the "Final Maturity Date" is deemed to automatically occur and (ii) the date the Administrative Agent declares as the "Final Maturity Date" following the occurrence and continuation of an Event of Default, in each case pursuant to Section 8.01(b).

"<u>Financed Vehicle</u>" means, with respect to a Receivable, any new or used automobile, light-duty truck, van, minivan or sport utility vehicle, together with all accessions thereto, securing the related Obligor's indebtedness thereunder.

"<u>Financial Covenants</u>" means each of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Lendbuzz's Tangible Net Worth for the most recently ended fiscal quarter shall at least equal the greater of (A) the sum of (a) $57,000,000.00 plus (b) 50% of Lendbuzz's cumulative positive net income for each fiscal quarter that ends starting March 31, 2024 and (B) any minimum net worth or similar covenant set forth in any Comparable Transaction;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Lendbuzz's Debt-to-TNW Ratio for the most recently ended fiscal quarter shall not exceed the lesser of (A) 6.0 to 1.0 and (B) the maximum ratio for any corporate leverage ratio or similar covenant set forth in any Comparable Transaction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Lendbuzz shall have not less than the greater of (A) $10,000,000.00 in unrestricted cash as of the end of the most recently ended financial quarter and (B) the dollar minimum for any minimum liquidity or unrestricted cash or similar covenant set forth in any Comparable Transaction.

"Floor" means the benchmark rate floor, if any, provided in this Agreement initially (as of the execution of this Agreement, the modification, amendment or renewal of this Agreement or otherwise) with respect to Daily Simple SOFR or Term SOFR. For the avoidance of doubt the initial Floor for Adjusted Term SOFR shall be 0%.

"<u>Foreign Lender</u>" means a Lender that is not a U.S. Person.

"<u>Formation Documents</u>" means, with respect to (i) the Borrower, its limited liability company agreement and certificate of formation, (ii) Lendbuzz Funding, its limited liability company agreement and certificate of formation, and (iii) Lendbuzz, its certificate of incorporation and bylaws.

"<u>Funding Account</u>" means the account established by the initial Servicer, on behalf of the Borrower, with Wells Fargo Bank, National Association or such other account from time to time identified by the Borrower to the Administrative Agent in writing as the Funding Account hereunder.

"<u>Funding Date</u>" means each Business Day on which a Loan is made and Receivables are added to the Collateral in connection with such Loan pursuant to a Purchase Agreement Supplement.

"<u>Funding Request</u>" means a written notice from the Borrower requesting a Loan and including the items required by Section 2.01(b), substantially in the form of Exhibit A hereto.

"<u>GAAP</u>" means generally accepted accounting principles as in effect from time to time in the United States.

"<u>Governmental Authority</u>" means, with respect to any Person, any nation or government, any State or other political subdivision thereof, any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government and any court or arbitrator having jurisdiction over such Person.

"<u>Hedge Breakage Costs</u>" means, with respect to any Hedge Transaction, any amount payable by the Borrower to the related Hedge Counterparty upon the early termination of such Hedge Transaction or any portion thereof.

"<u>Hedge Collateral</u>" means all of the rights of the Borrower, whether now existing and hereafter acquired, in and to all Hedging Agreements, Hedge Transactions and all present and future amounts payable by all Hedge Counterparties to the Borrower under or in connection with such Hedging Agreements and Hedge Transactions with such Hedge Counterparties.

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"<u>Hedge Counterparty</u>" means any entity that on the date of entering into any Hedge Transaction is (i) Mizuho Bank, Ltd. or an Affiliate thereof or (ii) (a) is an interest rate swap dealer, (b) whose debt ratings satisfy each of the Long-Term Rating Requirement and the Short-Term Rating Requirement and (c) agrees that in the event that Moody's or Standard & Poor's reduces its long-term unsecured debt rating below the Long-Term Rating Requirement or its short-term unsecured debt rating below the Short-Term Rating Requirement, it shall (1) transfer its rights and obligations under each Hedge Transaction to another entity that meets the requirements of this definition and has entered into a Hedging Agreement with the Borrower on or prior to the date of such transfer, (2) post collateral in an amount satisfactory to the Required Lenders, or (3) obtain a guaranty of its obligations under each Hedge Transaction that is satisfactory to the Required Lenders from another entity whose debt ratings satisfy each of the Long-Term Rating Requirement and the Short-Term Rating Requirement. Each Hedge Counterparty must consent to the assignment of the Borrower's rights under the Hedging Agreement to the Administrative Agent pursuant to Section 6.03(h).

"<u>Hedge Counterparty Collateral Account</u>" has the meaning given to such term in Section 6.03(d).

"<u>Hedge Reserve Account</u>" means a segregated account established by the initial Servicer, on behalf of the Borrower, with the Account Bank in the name of the Administrative Agent for the benefit of the Secured Parties (account number H10-740-052588; account name: Lendbuzz SPV IX LLC; Ref: Hedge Reserve), into which amounts may be deposited by the Borrower in accordance with Section 6.03(a) and which, at all times, will be subject to the Control Agreement.

"<u>Hedge Reserve Account Required Amount</u>" means, as of any date of determination on which a Hedge Shortfall exists, an amount equal to the product of (i) 110% <u>times</u> (ii) the quoted purchase price from any Lender, or any Affiliate of any Lender or the Administrative Agent (which price shall be reasonably determined based on prevailing market conditions and such Lender or Administrative Agent's pricing of caps of a similar size, duration and cap rate) most recently received by the Borrower (or the Servicer on behalf of the Borrower) pursuant to Section 6.03(a)(ii) hereof (which quote shall, for purpose of this definition, continue in effect until the next succeeding date on which such a quote is received pursuant to Section 6.03(a)(ii) hereof), for an interest rate cap (A) that has a notional amount equal to the Hedge Shortfall, and a duration and amortization that is agreed upon by the Borrower and the Administrative Agent for such date and (B) the cap rate for which is the maximum cap rate that would cause the Excess Spread to equal to the Required Excess Spread if a Hedge Transaction in the form of an interest rate cap having such strike rate and having the notional amount referenced in clause (A) was included in the calculation of 'Weighted Average Hedge Rate' on such date.

"<u>Hedge Shortfall</u>" means, as of any date of determination, the positive difference of (i) the Loans Outstanding (after giving effect to any changes to the Loans Outstanding on such date) minus (ii) the aggregate notional amount of all outstanding Hedge Transactions on such date.

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"<u>Hedge Transaction</u>" means each interest rate hedge transaction between the Borrower and a Hedge Counterparty that is entered into pursuant to Section 6.03 and is governed by a Hedging Agreement.

"<u>Hedging Agreement</u>" means each agreement between the Borrower and a Hedge Counterparty which governs one or more Hedge Transactions entered into pursuant to Section 6.03, which agreement shall be reasonably acceptable to the Administrative Agent and shall consist of a "Master Agreement" in a form published by the International Swaps and Derivatives Association, Inc., together with a "Schedule" thereto, any applicable Credit Support Annex and each "Confirmation" thereunder confirming the specific terms of each such Hedge Transaction.

"<u>Indebtedness</u>" means, with respect to any Person and any day, without duplication, (i) all indebtedness of such Person for borrowed money or for the deferred purchase price of property or services (other than current liabilities incurred in the ordinary course of business and payable in accordance with customary trade practices) or which is evidenced by a note, bond, debenture or similar instrument, (ii) all obligations of such Person under capital leases, (iii) all obligations of such Person in respect of acceptances issued or created for the account of such Person, (iv) all liabilities secured by any Lien on any property owned by such Person even though such Person has not assumed or otherwise become liable for the payment thereof and (v) all indebtedness, obligations or liabilities of that Person in respect of Derivatives.

"<u>Indemnified Amounts</u>" has the meaning given to such term in Section 9.01.

"<u>Indemnified Party</u>" has the meaning given to such term in Section 9.01.

"<u>Indemnified Taxes</u>" means (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of the Borrower under any Basic Document and (b) to the extent not otherwise described in (a), Other Taxes.

"<u>Independent Manager</u>" means a natural Person who either (i) (a) is provided by a nationally recognized provider of independent directors; (b) is not and has not been employed by Lendbuzz or Lendbuzz Funding or any of their respective Subsidiaries or Affiliates as an officer, director, partner, manager, member (other than as a special member in the case of single member Delaware limited liability companies), employee, attorney or counsel of, Lendbuzz or Lendbuzz Funding or any of their respective Affiliates within the five (5) years immediately prior to such individual's appointment as an Independent Manager, provided that this paragraph (b) shall not apply to any person who serves as an independent director or an independent manager for any Affiliate of any of Lendbuzz or Lendbuzz Funding; (c) is not, and has not been within the five (5) years immediately prior to such individual's appointment as an Independent Manager, a customer or creditor of, or supplier to, Lendbuzz or Lendbuzz Funding or any of their respective Affiliates who derives any of its purchases or revenue from its activities with Lendbuzz or Lendbuzz Funding or any of their respective Affiliates thereof (other than a *de minimis* amount); (d) is not, and has not been within the five (5) years immediately prior to such individual's appointment as an Independent Manager, a person who controls or is under common control with any Person described by (b) or (c); (e) does not have, and has not had within the five (5) years immediately prior to such individual's appointment as an Independent Manager, a personal

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services contract with Lendbuzz or Lendbuzz Funding or any of their respective Subsidiaries or Affiliates, from which fees and other compensation received by the person pursuant to such personal services contract would exceed 5% of his or her gross revenues during the preceding calendar year; (f) is not affiliated with a tax-exempt entity that receives, or has received within the five (5) years prior to such appointment as an Independent Manager, contributions from Lendbuzz or Lendbuzz Funding or any of their respective Subsidiaries or Affiliates, in excess of the lesser of (i) 3% of the consolidated gross revenues of Lendbuzz Funding and its Subsidiaries during such fiscal year and (ii) 5% of the contributions received by the tax-exempt entity during such fiscal year; (g) is not and has not been a shareholder (or other equity owner) of any of Lendbuzz or Lendbuzz Funding or any of their respective Affiliates within the five (5) years immediately prior to such individual's appointment as an Independent Manager; (h) is not a member of the immediate family of any Person described by (b) through (g); (i) is not, and was not within the five (5) years prior to such appointment as an Independent Manager, an employee of a financial institution to which Lendbuzz or Lendbuzz Funding or any of their respective Subsidiaries or Affiliates owes outstanding Indebtedness for borrowed money in a sum exceeding more than 5% of Lendbuzz Funding total consolidated assets; (j) has prior experience as an independent director or manager for a corporation or limited liability company whose charter documents required the unanimous consent of all independent directors thereof before such corporation or limited liability company could consent to the institution of bankruptcy or insolvency proceedings against it or could file a petition seeking relief under any applicable federal or state law relating to bankruptcy; and (k) has at least three (3) years of employment experience with one or more entities that provide, in the ordinary course of their respective businesses, advisory, management or placement services to issuers of securitization or structured finance instruments, agreements or securities; or (ii) has otherwise been approved in writing by the Administrative Agent.

"<u>Ineligible Receivable</u>" means, as of any date of determination, a Receivable that is not an Eligible Receivable.

"<u>Initial Loan</u>" means the first Loan made on or after the Closing Date.

"<u>Insolvency Event</u>" means, with respect to a specified Person, (i) the filing of a decree or order for relief by a court having jurisdiction in the premises in respect of such Person or any substantial part of its property in an involuntary case under any applicable Insolvency Law now or hereafter in effect, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator, or similar official for such Person or for any substantial part of its property, or ordering the winding-up or liquidation of such Person's affairs, and such decree or order shall remain unstayed and in effect for a period of 60 consecutive days or (ii) the commencement by such Person of a voluntary case under any Insolvency Law now or hereafter in effect, or the consent by such Person to the entry of an order for relief in an involuntary case under any such law, or the consent by such Person to the appointment of or taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator, or similar official for such Person or for any substantial part of its property, or the making by such Person of any general assignment for the benefit of creditors, or the failure by such Person generally to pay its debts as such debts become due, or the taking of action by such Person in furtherance of any of the foregoing.

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"<u>Insolvency Laws</u>" means the Bankruptcy Code and all other applicable liquidation, conservatorship, bankruptcy, moratorium, arrangement, rearrangement, receivership, insolvency, reorganization, suspension of payments, marshaling of assets and liabilities, or similar debtor relief laws from time to time in effect affecting the rights of creditors generally.

"<u>Insolvency Proceeding</u>" means, with respect to any Person, any bankruptcy, insolvency, arrangement, rearrangement, conservatorship, moratorium, suspension of payments, readjustment of debt, reorganization, receivership, liquidation, marshaling of assets and liabilities, or similar proceeding of or relating to such Person under any Insolvency Laws.

"<u>Instrument</u>" means any "instrument" (as defined in Article 9 of the UCC), other than an instrument that constitutes part of chattel paper.

"<u>Insurance Policy</u>" means, with respect to any Receivable, (i) an insurance policy covering physical damage to or loss of the related Financed Vehicle or (ii) any lender's single interest, credit life, disability, hospitalization and similar insurance policies with respect to the related Obligor.

"<u>Insurance Proceeds</u>" means any amounts payable or any payments made under any Insurance Policy.

"<u>Interest</u>" means, for any Interest Period, the aggregate interest accrued on the aggregate Loans Outstanding during such Interest Period, computed pursuant to Sections 2.05(b) and 2.06(b); <u>provided</u>, that (i) no provision of this Agreement shall require or permit the collection of Interest in excess of the Maximum Lawful Rate and (ii) Interest shall not be considered paid by any distribution if at any time such distribution is rescinded or must otherwise be returned for any reason.

"<u>Interest Period</u>" means, with respect to each Distribution Date, the immediately preceding Collection Period (or, in the case of the first Distribution Date, the period from and including the Closing Date through and including the last day of the calendar month in which the Initial Loan is funded hereunder); <u>provided</u>, that any Interest Period that commences before the Facility Termination Date that would otherwise end after the Facility Termination Date shall end on the Facility Termination Date.

"<u>Interest Rate</u>" means, with respect to any date during an Interest Period, an interest rate per annum equal to the sum of (i) Adjusted Term SOFR on such date <u>plus</u> (ii) the Applicable Margin; <u>provided</u> that (i) on and after the Final Maturity Date, Interest Rate shall mean the sum of (a) the Alternate Base Rate on such date <u>plus</u> (b) the Applicable Margin <u>plus</u> (c) 2.00%; (ii) on and after the Commitment Termination Date, Interest Rate shall mean the sum of (a) the Alternate Base Rate on such date <u>plus</u> (b) the Applicable Margin <u>plus</u> (c) 1.00%, and (iii) following the occurrence of an Event of Default, Interest Rate shall mean the sum of (a) the Alternate Base Rate on such date <u>plus</u> (b) the Applicable Margin <u>plus</u> (c) 2.00%.

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"<u>Invested Percentage</u>" means, for a Lender as of any date of determination, the percentage equivalent of (i) the sum of (a) the portion of the Loans Outstanding (if any) funded by such Lender on or prior to such day, <u>plus</u> (b) with duplication of any amount in clause (a), any portion of the Loans Outstanding acquired by such Lender on or prior to such day as an assignee from another Lender pursuant to an Assignment and Acceptance, <u>minus</u> (c) any portion of the Loans Outstanding assigned by such Lender to an assignee on or prior to such day pursuant to an Assignment and Acceptance, <u>divided by</u> (ii) the Loans Outstanding on such day.

"<u>Investment</u>" means, with respect to any Person, any direct or indirect loan, advance or investment by such Person in any other Person, whether by means of share purchase, capital contribution, loan or otherwise, and excluding commission, travel and similar advances to officers, employees and directors made in the ordinary course of business.

"<u>Investment Company Act</u>" means the Investment Company Act of 1940, as amended.

"<u>IRS</u>" means the U.S. Internal Revenue Service.

"<u>ISDA Definitions</u>" means the 2006 ISDA Definitions published by the International Swaps and Derivatives Association, Inc. or any successor thereto, as amended or supplemented from time to time, or any successor definitional booklet for interest rate derivatives published from time to time by the International Swaps and Derivatives Association, Inc. or such successor thereto.

"<u>Lendbuzz</u>" means Lendbuzz Inc., a Delaware corporation.

"<u>Lendbuzz Funding</u>" has the meaning given to such term in the Preamble.

"<u>Lender Advance</u>" means a Lender's Lender Percentage of the Principal Amount of a particular Loan to be made to the Borrower on a Funding Date.

"<u>Lender Percentage</u>" means a Lender's Commitment as a percentage of the Aggregate Commitment.

"<u>Lender Register</u>" has the meaning given to such term in Section 11.01(c).

"<u>Lenders</u>" means Mizuho Bank, Ltd. and any other Person that is designated as a "Lender" on Schedule A hereto or in the Assignment and Acceptance pursuant to which it became a party to this Agreement, and any permitted assignee of such Lender to the extent of the portion of such Commitment assumed by such assignee pursuant to its respective Assignment and Acceptance.

"<u>Liability</u>" means any duty, responsibility, obligation or liability.

"<u>Lien</u>" means any mortgage, lien, pledge, charge, claim, security interest or encumbrance of any kind.

"<u>Liquidated Receivable</u>" means any Receivable with respect to which (i) all or any portion of one or more scheduled monthly payments of principal and/or interest remains unpaid with respect to such Receivable for a period of 120 days or more past the scheduled due date for such payment, (ii) an Insolvency Event has occurred with respect to the related Obligor, or (iii) the related Obligor is deceased.

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"<u>Loan</u>" has the meaning given to such term in Section 2.01(a).

"<u>Loan-to-Value Ratio</u>" means, with respect to a Receivable, the percentage equivalent of a fraction, (i) the numerator of which is the Principal Balance of such Receivable as of its date of disbursement and (ii) the denominator of which is the lesser of (a) the NADA clean retail value of the related Financed Vehicle (or, if such value is not available, the Carfax retail value of such Financed Vehicle) and (b) the purchase price of such Financed Vehicle.

"<u>Loans Outstanding</u>" means, on any day, the aggregate Principal Amount of all Loans made on or prior to such day, reduced from time to time by payments and distributions in respect of principal of the Loans in accordance with the terms hereof.

"<u>Long-Term Rating Requirement</u>" means, with respect to any Person, that such Person has a long-term unsecured debt rating of not less than "A" by Standard & Poor's and not less than "A2" by Moody's.

"<u>Mandatory Hedging Condition</u>" means that, as of any date of determination, one or more of the following events has occurred and the occurrence of a Mandatory Hedging Condition has not been expressly waived in accordance with <u>Section</u> <u>13.01</u> (regardless of whether any such event, or any other consequences of such event, have been waived, either in accordance with Section 13.01 or otherwise): (i) any Event of Default has occurred; (ii) any Servicer Termination Event has occurred; and (iii) the Commitment Termination Date occurs.

"<u>Material Adverse Change</u>" means any event or condition which would reasonably be expected to have a material adverse effect on (i) the collectability of all or a material portion of the Receivables, (ii) the condition (financial or otherwise), business or properties of the Borrower, (iii) the ability of the Servicer to collect on the Receivables, (iv) the condition (financial or otherwise), business or properties of Lendbuzz Funding, or (v) the condition (financial or otherwise), businesses or investments of Lendbuzz. For the avoidance of doubt, the following is a non-exclusive list of changes to the Credit and Collection Policy which, if reasonably likely to negatively impact the creditworthiness or collectability of any Receivables, will be deemed to constitute a "Material Adverse Change" unless such changes are made with the consent of the Administrative Agent in the manner set forth in this Agreement (which consent shall not be unreasonably withheld, conditioned, or delayed): changes that would modify any of (a) the maximum allowable threshold limitations for substantial underwriting criteria, including but not limited to those related to loan term, required Down Payment, Payment-to-Income Ratio, and Loan-to-Value Ratio; (b) the categorization of receivables as delinquent, non-performing, defaulted or charged-off; (c) material collection processes relating, without limitation, to delinquent, non-performing, defaulted or charged-off receivables, loan loss recognition, loan modification (including extensions and deferrals), end-of-term recovery and processing, and collateral recovery; (d) any provisions for credit exceptions; (e) stated creditworthiness thresholds required for obligors; (f) any substantive calculations or components affecting the determination of AIRA Scores (but excluding any modifications that reflect the ordinary course machine learning processes that adjust such calculations and/or components from time to time), (g) monitoring policies and (g) insurance requirements.

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"<u>Material Adverse Effect</u>" means, with respect to any Person and to any event or circumstance, a material adverse effect on (i) the business, condition (financial or otherwise), operations, performance, properties or prospects of such Person (including any such change or effect resulting from the introduction of or change in any Applicable Laws or any ruling, order or other action by any Governmental Authority), taken as a whole, (ii) the validity or enforceability of this Agreement or any other Basic Document or the validity, enforceability or collectability of a material portion of (a) the Contracts (taken as a whole), (b) the Receivables (taken as a whole) or (c) any other Collateral (taken as a whole), (iii) the rights and remedies of the Administrative Agent and Secured Parties under the Basic Documents, (iv) the ability of such Person to perform its obligations under this Agreement or any other Basic Document to which it is a party, or (v) the status, existence, perfection, priority or enforceability of the interest of the Administrative Agent or the Lenders in the Collateral.

"<u>Maximum Lawful Rate</u>" means the highest rate of interest permissible under Applicable Law.

"<u>Member</u>" has the meaning set forth in the Borrower's Formation Documents.

"<u>Monthly Backup Servicer Certificate</u>" means a monthly report of the Backup Servicer in the form prescribed by the Backup Servicing Agreement and relating to the end of the Collection Period immediately preceding the date on which such certificate is delivered.

"<u>Monthly Interest and Fees</u>" means, for any Distribution Date, the sum of (i) the amount of any accrued and unpaid Interest for the immediately prior Interest Period plus (ii) the Unused Commitment Fee for such Distribution Date.

"<u>Monthly Report</u>" means a monthly statement of the Servicer delivered pursuant to Section 7.07(a) on each Reporting Date with respect to the related Collection Period, substantially in the form of Exhibit F.

"<u>Moody's</u>" means Moody's Investors Service, Inc.

"<u>Multiemployer Plan</u>" means a "multiemployer plan" as defined in Section 4001(a)(3) of ERISA which is or was at any time during the current year or the immediately preceding five years contributed to by the Borrower, Lendbuzz Funding, Lendbuzz or any ERISA Affiliate on behalf of their employees.

"<u>Net Eligible Pool Balance</u>" means, as of any date of determination, the difference of (i) the Eligible Pool Balance as of such date <u>minus</u> (ii) the Excess Concentration Amount as of such date.

"<u>Net Loss-to-Liquidation Ratio</u>" means, with respect to any date of determination, the percentage equivalent of a fraction, (i) the numerator of which is the difference of (a) the aggregate Principal Balance of all Receivables that became Liquidated Receivables during the most recently completed Collection Period minus (b) all Recoveries received during such Collection Period and (ii) the denominator of which is the sum of (a) the aggregate Principal Balance of all Receivables that became Liquidated Receivables during such Collection Period plus (b) the amount of Collections received by the Servicer in respect of principal payments on all Receivables during such Collection Period.

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"<u>Non-Mizuho Hedge Counterparty</u>" means any Hedge Counterparty other than a Hedge Counterparty as defined in clause (i) of the definition thereof.

"<u>NRSRO</u>" has the meaning assigned to it in Section 12.02(d).

"<u>NYFRB</u>" means the Federal Reserve Bank of New York.

"<u>NYFRB Rate</u>" means, for any day, the greater of (a) the Federal Funds Effective Rate in effect on such day and (b) the Overnight Bank Funding Rate in effect on such day (or for any day that is not a Business Day, for the immediately preceding Business Day); <u>provided</u>, that if none of such rates are published for any day that is a Business Day, the term 'NYFRB Rate' means the rate for a federal funds transaction quoted at 11:00 a.m. on such day received by the Administrative Agent from a federal funds broker of recognized standing selected by it; <u>provided</u>, <u>further</u>, that if any of the aforesaid rates as so determined be less than 0%, such rate shall be deemed to be 0% for purposes of this Agreement.

"<u>NYFRB's Website</u>" means the website of the NYFRB at http://www.newyorkfed.org, or any successor source.

"<u>Obligations</u>" means all loans, advances, debts, liabilities, indemnities and obligations for monetary amounts owing by the Borrower to the Secured Parties, the Collateral Custodian, the Backup Servicer, any Successor Servicer, the Administrative Agent or any of their respective assigns, as the case may be, whether due or to become due, matured or unmatured, liquidated or unliquidated, contingent or non-contingent and all covenants and duties regarding such amounts, of any kind or nature, present or future, arising under or in respect of any of the Loans or any Hedging Agreement, whether or not evidenced by any separate note, agreement or other instrument, including all principal, interest (including interest that accrues after the commencement against the Borrower of any action under the Bankruptcy Code), amounts payable pursuant to Section 2.12, Breakage Costs, Hedge Breakage Costs, Erroneous Payment Subrogation Rights, fees, including any and all arrangement fees, loan fees, Upfront Fees, and Unused Commitment Fees and any and all other fees, expenses, costs or other sums (including attorney fees and disbursements) chargeable to the Borrower under the Basic Documents.

"<u>Obligor</u>" means each Person obligated to make payments pursuant to a Receivable or Serviced Portfolio Receivable, including any guarantor thereof.

"<u>Officer's Certificate</u>" means a certificate signed by any Responsible Officer of the Borrower, the Servicer, the Backup Servicer, the Collateral Custodian, Lendbuzz, or Lendbuzz Funding, as the case may be, and delivered to the Administrative Agent.

"<u>Opinion of Counsel</u>" means, with respect to any Person, a written opinion of counsel, who is reasonably acceptable to the Administrative Agent.

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"<u>Other Connection Taxes</u>" means, with respect to any Recipient, Taxes imposed as a result of a present or former connection between such Recipient and the jurisdiction imposing such Tax (other than connections arising from such Recipient having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Basic Document, or sold or assigned an interest in any Loan or Basic Document).

"<u>Other Taxes</u>" means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Basic Document, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment (other than an assignment pursuant to Section 2.12(j)).

"<u>Overnight Bank Funding Rate</u>" means, for any date, the rate comprised of both overnight federal funds and overnight eurodollar transactions denominated in Dollars by U.S.-managed banking offices of depository institutions, as such composite rate shall be determined by the NYFRB as set forth on the NYFRB's Website from time to time, and published on the next succeeding Business Day by the NYFRB as an overnight bank funding rate.

"<u>Participant Register</u>" has the meaning given to such term in Section 11.01(e).

"<u>Patriot Act</u>" means the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)).

"<u>Payment</u>" has the meaning assigned to it in Section 10.09.

"<u>Payment Notice</u>" has the meaning assigned to it in Section 10.09.

"<u>Payment Recipient</u>" has the meaning assigned to it in Section 10.09(a).

"<u>Payment-to-Income Ratio</u>" means, with respect to any Receivable as of the date of underwriting, the ratio (expressed as a percentage) of (i) the monthly payment owed by the related Obligor pursuant to the related Contract to (ii) the sum of all of the related Obligor's and any related co-obligor's (but no related guarantor's) monthly gross income (as determined by Lendbuzz Funding in connection with its determination of the AIRA Score for such Obligor) for the calendar month immediately preceding the date such Receivable was originated, as determined by Lendbuzz Funding in accordance with the Credit and Collection Policy in effect at such time.

"<u>Pension Plan</u>" means an "employee pension benefit plan," as such term is defined in Section 3(2) of ERISA and that is a defined benefit plan, maintained by the Borrower, Lendbuzz, Lendbuzz Funding, or any ERISA Affiliate, or in which employees of the Borrower are entitled to participate, as from time to time in effect.

<u>"Performance Guarantor</u>" means Lendbuzz.

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"<u>Performance Guaranty</u>" means the Performance Guaranty, dated as of the Closing Date, by the Performance Guarantor in favor of the Secured Parties.

"<u>Periodic Term SOFR Determination Day</u>" has the meaning set forth in the definition of "Term SOFR".

"<u>Permitted Investments</u>" means any of the following types of investments:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) marketable obligations of the United States, the full and timely payment of which are backed by the full faith and credit of the United States and which have a maturity of not more than 30 days from the date of acquisition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) bankers' acceptances and certificates of deposit and other interest-bearing obligations (in each case having a maturity of not more than 30 days from the date of acquisition) denominated in Dollars and issued by any bank with capital, surplus and undivided profits aggregating at least $100,000,000, the short-term obligations of which meet or exceed the Short-Term Rating Requirement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) commercial paper rated at least A-1 by Standard & Poor's and Prime-1 by Moody's;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) money market funds registered under the Investment Company Act having a rating, at the time of such investment, of not less than Aaa by Moody's and AAAm by Standard & Poor's;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) interest-bearing demand deposits, time deposits or certificates of deposit (having original maturities of no more than 365 days) of depository institutions or trust companies incorporated under the laws of the United States or any State (or domestic branches of any foreign bank) and subject to supervision and examination by federal or State banking or depository institution authorities; <u>provided</u>, that at the time such investment, or the commitment to make such investment, is entered into, the short-term debt rating of such depository institution or trust company shall meet or exceed the Short-Term Rating Requirement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any other investments approved in writing by the Administrative Agent;

<u>provided</u>, that each of the Permitted Investments may be purchased from the Administrative Agent, the Account Bank or any of their respective Affiliates, if available.

"<u>Permitted Liens</u>" means (i) Liens in favor of the Borrower created pursuant to the Purchase Agreement, (ii) Liens in favor of the Administrative Agent, as agent for the Secured Parties, created pursuant to this Agreement or any other Basic Document, (iii) Liens for taxes and assessments not yet due or for taxes which the Borrower is contesting in good faith and by appropriate legal proceedings the validity, applicability, or amount thereof and such contest does

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not materially endanger any right or interest of the Secured Parties under the Basic Documents, (iv) Liens arising in the ordinary course of business by virtue of any contractual, statutory, or common law provision relating to banker's Liens, rights of set-off, or similar rights and remedies covering deposit or securities accounts (including funds or other assets credited thereto) or other funds maintained with a depository institution or securities intermediary, (v) Liens created pursuant to the Remittance Account Control Agreement and the Control Agreement, and (vi) mechanics' liens, tax Liens related to a Financed Vehicle, and other liens arising by operation of law.

"<u>Person</u>" means an individual, partnership, corporation, trust (including a business or statutory trust), limited liability company, joint stock company, unincorporated association, sole proprietorship, joint venture, government (or any agency or political subdivision thereof), or other entity.

"<u>Plan Event</u>" means the occurrence of any of the following: (i) a notice of intent to terminate a Pension Plan has been filed; (ii) a Pension Plan termination under Section 4041(f) of ERISA; (iii) the Pension Benefit Guaranty Corporation institutes proceedings to terminate, or appoint a trustee to administer any Pension Plan; or (iv) the occurrence of an event or existence of any condition that might constitute grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, a Pension Plan.

"<u>Pool Balance</u>" means, as of any date of determination, the sum of the Principal Balances of all Receivables as of such date.

"<u>Posted Collateral</u>" has the meaning given to such term in Section 6.03(d).

"<u>Prime Rate</u>" means the rate of interest last quoted by The Wall Street Journal as the 'Prime Rate' in the U.S. or, if The Wall Street Journal ceases to quote such rate, the highest per annum interest rate published by the Federal Reserve Board in Federal Reserve Statistical Release H.15 (519) (Selected Interest Rates) as the 'bank prime loan' rate or, if such rate is no longer quoted therein, any similar rate quoted therein (as determined by the Administrative Agent) or any similar release by the Federal Reserve Board (as determined by the Administrative Agent). Each change in the Prime Rate shall be effective from and including the date such change is publicly announced or quoted as being effective.

"<u>Principal Amount</u>" means, with respect to any Loan, the aggregate amount advanced by the Lenders on the Funding Date in respect of such Loan.

"<u>Principal Balance</u>" means, with respect to any Receivable and as of any date of determination, the outstanding principal amount of such Receivable as of such date (excluding any capitalized interest).

"<u>Purchase Agreement</u>" means the Purchase Agreement, dated as of the Closing Date, by and between the Seller and the Borrower, together with each Purchase Agreement Supplement.

"<u>Purchase Agreement Supplement</u>" means a Purchase Agreement Supplement in substantially the form attached to the Purchase Agreement as Exhibit A, executed by the Borrower and the Seller in connection with a transfer of Receivables and the related Collateral on any Funding Date.

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"<u>Qualified Institution</u>" means any depository institution or trust company organized under the laws of the United States or any State (or any domestic branch of a foreign bank), (i) (a) that meets (or the parent of which meets) either (1) the Long-Term Rating Requirement or (2) the Short-Term Rating Requirement or (b) is otherwise acceptable to the Administrative Agent and (ii) whose deposits are insured by the Federal Deposit Insurance Corporation.

"<u>Quarterly Report</u>" means a data tape, which shall include as to each Receivable such information as shall be agreed upon by the Administrative Agent and the initial Servicer or the Successor Servicer, as applicable, including such information as the Administrative Agent may reasonably request from time to time to satisfy or fulfill regulatory requirements applicable to the Secured Parties, including capital treatment under Basel II or Basel III.

"<u>Receivable</u>" means Indebtedness owed by an Obligor under a Contract included as part of the Collateral, whether constituting an account, chattel paper, instrument or general intangible, arising out of or in connection with the financing of a Financed Vehicle in connection therewith, and including the right of payment of any finance charges and other obligations of the Obligor with respect thereto. Notwithstanding the foregoing, once the Administrative Agent has released its security interest in a Receivable and the related Contract in accordance with the terms of this Agreement, such Receivable shall no longer be a Receivable hereunder.

"<u>Receivable File</u>" means, with respect to each Receivable, a file containing each of the following documents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) an application of the related Obligor for credit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a copy of the related Contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) copies of all instruments modifying the terms and conditions of the related Contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) a copy of the Certificate of Title for the related Financed Vehicle or a copy of the application therefor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) a certificate of insurance, an application therefor, or a notice to provide insurance, in each case with respect to the related Financed Vehicle;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the invoice for (or, if the related Financed Vehicle is a Used Vehicle, evidence of book value for) the related Financed Vehicle;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the Obligors' order for the related Financed Vehicle and a writing specifying the related Down Payment, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) a copy of the service contract for the related Financed Vehicle, if applicable and if the same has been provided to the Servicer;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) a copy of the GAP protection agreement for the related Financed Vehicle, if applicable and if the same has been provided to the Servicer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) such other documents that the Servicer customarily maintains in order to accomplish its duties and obligations under this Agreement.

"<u>Recipient</u>" means the Administrative Agent or any Lender.

"<u>Records</u>" means, with respect to any Contract, all documents, books, records and other information (including computer programs, tapes, disks, punch cards, data processing software and related property and rights) maintained with respect to any related item of Collateral and the related Obligor.

"<u>Recoveries</u>" means, with respect to any Liquidated Receivable and Collection Period, all monies collected from whatever source during such Collection Period in respect of such Liquidated Receivable, including Insurance Proceeds but excluding payment of the related Release Price, net of any amounts required by Applicable Law to be remitted to the related Obligor and net of the Servicer's expenses (other than overhead) incurred in connection with the liquidation of such Liquidated Receivable and the related Financed Vehicle.

"<u>Reference Time</u>" means, with respect to any setting of the then-current Benchmark, (i) if such Benchmark is Daily Simple SOFR, then four Business Days prior to such setting or (ii) if such Benchmark is not Daily Simple SOFR, the time determined by the Administrative Agent in its reasonable discretion.

"<u>Registrar of Titles</u>" means, with respect to any State, the governmental agency or body responsible for the registration of, and the issuance of certificates of title relating to, motor vehicles and liens thereon.

"<u>Regulatory Requirement</u>" has the meaning set forth in Section 2.11(a).

"<u>Release Price</u>" means an amount equal to the sum of (i) the Principal Balance of each Receivable retransferred pursuant to Section 5.04(a) or 5.04(b), as applicable <u>plus</u> (ii) accrued interest on each such Receivable (at the related APR) through the date of repurchase <u>plus</u> (iii) all related Breakage Costs <u>plus</u> (iv) all Hedge Breakage Costs due to the relevant Hedge Counterparties for any termination, in whole or in part, of one or more Hedge Transactions related to the relevant Hedging Agreement, as required by the terms of any Hedging Agreement.

"<u>Relevant Governmental Body</u>" means, the Federal Reserve Board and/or the NYFRB, as applicable, or a committee officially endorsed or convened by the Federal Reserve Board and/or the NYFRB or, in each case, any successor thereto.

"<u>Remittance Account</u>" means one or more deposit accounts established and maintained at the Remittance Account Bank and at all times subject to the Remittance Account Control Agreement, for the benefit of the "Secured Party", and to which all Obligors are instructed to make payments in respect of the Receivables.

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"<u>Remittance Account Bank</u>" means, initially, Wells Fargo Bank, National Association, or any other bank as agreed to by the Borrower and the Administrative Agent.

"<u>Remittance Account Control Agreement</u>" means the Deposit Account Control Agreement, by and among Lendbuzz Funding, the Administrative Agent, and the Remittance Account Bank, as the same may be amended, restated, or otherwise modified from time to time with the consent of the Administrative Agent.

"<u>Reportable Event</u>" means any of the events set forth in Section 4043(c) of ERISA for which the 30-day notice provision has not been waived.

"<u>Reporting Date</u>" means, with respect to any Distribution Date and the related Collection Period, the second Business Day prior to such Distribution Date.

"<u>Required Cash Reserve Amount</u>" means, as of any date of determination, 1.00% of the Net Eligible Pool Balance.

"<u>Required Excess Spread</u>" means, as of any date of determination, the quotient (expressed as a percentage) of (x) the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the product of (A) the aggregate Principal Balance of all Eligible Receivables with an ARIA Score of less than or equal to 575 and (B) [\*\*\*]; plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the product of (A) the aggregate Principal Balance of all Eligible Receivables with an ARIA Score of greater than or equal to 576 and less than or equal to 699 and (B) [\*\*\*]; plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the product of (A) the aggregate Principal Balance of all Eligible Receivables with an ARIA Score of greater than or equal to 700 and (B) [\*\*\*];

divided by (y) the aggregate Principal Balance of all Eligible Receivables as of such date of determination.

"<u>Required Lenders</u>" means at a particular time, Lenders with aggregate Commitments equal to 100% of the Aggregate Commitment.

"<u>Required Overcollateralization</u>" means, as of any date, an amount equal to the product of (i) Required Overcollateralization Percentage as of such date <u>times</u> (ii) the Net Eligible Pool Balance as of such date.

"<u>Required Overcollateralization Percentage</u>" means, with respect to any date of determination, 15.00%; <u>provided</u> that if a Step-Up Enhancement Event occurred and is continuing, 25.00%.

"<u>Requirements of Law</u>" means, with respect to any Person, the certificate of incorporation or articles of association and by-laws or other organizational or governing documents of such Person, and any law, treaty, rule or regulation, or order or determination of an arbitrator or Governmental Authority, in each case applicable to or binding upon such Person or to which such Person is subject, whether federal, State or local (including usury laws, the Federal

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Truth in Lending Act, the Equal Credit Opportunity Act, the Fair Credit Billing Act, the Fair Credit Reporting Act, the Fair Debt Collection Practices Act, the Federal Trade Commission Act, the Magnuson-Moss Warranty Act, the Servicemembers Civil Relief Act, Regulations B, U, T, X and Z of the Federal Reserve Board, the Dodd-Frank Act, the Gramm-Leach-Bliley Act, each applicable state Motor Vehicle Retail Installment Sales Act, and state adaptations of the National Consumer Act and of the Uniform Consumer Credit Code and all other consumer protection and usury laws).

"<u>Responsible Officer</u>" means, when used with respect to any Person, any officer of such Person, including any president, vice president, assistant vice president, secretary, assistant secretary, or any other officer thereof customarily performing functions similar to those performed by the individuals who at the time shall be such officers, respectively, or to whom any matter is referred because of such officer's knowledge of or familiarity with the particular subject.

"<u>Revolving Period</u>" means the period commencing on the Closing Date and ending on the day immediately preceding the Commitment Termination Date.

"<u>Sanctioned Country</u>" means, at any time, a country or territory which is the subject or target of any Sanctions.

"<u>Sanctioned Person</u>" means, at any time, (i) any Person listed in any Sanctions-related list of designated Persons maintained by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State, (ii) any Person operating, organized or resident in a Sanctioned Country or (iii) any Person controlled by any such Person.

"<u>Sanctions</u>" means economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by the U.S. government, including those administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State.

"<u>Schedule of Documents</u>" means the schedule of documents attached hereto as Schedule E.

"<u>Schedule of Receivables</u>" means the schedule of Receivables attached hereto as Schedule C, as updated from time to time in connection with each Funding Request and any Take-out Release.

"<u>Scheduled Payments</u>" means, with respect to each Receivable, the regularly scheduled payments to be made by the related Obligor pursuant to the terms of the related Contract.

"<u>Scheduled Revolving Period Termination Date</u>" means January 24, 2025 or such later date as may be agreed by the Borrower and each of the Lenders in writing and notified in writing to the Administrative Agent.

"<u>Secured Party</u>" means (i) the Administrative Agent, (ii) each Lender and (iii) each Hedge Counterparty.

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"<u>Securities Act</u>" means the Securities Act of 1933, as amended.

"<u>Seller</u>" means Lendbuzz Funding, in its capacity as Seller under the Purchase Agreement.

"<u>Serviced Portfolio</u>" means the Servicer's entire portfolio of motor vehicle loans that (i) are originated, directly or indirectly, by Lendbuzz Funding in accordance with the Credit and Collection Policy (other than motor vehicle loans that are held for sale by Lendbuzz Funding), (ii) are serviced by Lendbuzz Funding, (iii) are owned by Lendbuzz, Lendbuzz Funding, or an Affiliate or a Subsidiary of either Lendbuzz or Lendbuzz Funding, and (iv) satisfy each of the eligibility requirements set forth on Schedule B hereto. For the avoidance of doubt, any motor vehicle loans that previously were Receivables hereunder but were included in a Take-out or for any other reason are no longer included in the Collateral shall be included in the Serviced Portfolio so long as they satisfy each of the conditions set forth in the preceding sentence.

"<u>Serviced Portfolio Delinquency Ratio</u>" means, with respect to any date of determination, the percentage equivalent of a fraction, (i) the numerator of which is the aggregate Principal Balance of all Serviced Portfolio Delinquent Receivables as of the last day of the most recently completed Collection Period and (ii) the denominator of which is the Serviced Portfolio Pool Balance as of the last day of such Collection Period. For purposes of this definition, the "Principal Balance" for each Serviced Portfolio Receivable that is not a Receivable shall be determined as if it were a "Receivable" for purposes of all related defined terms.

"<u>Serviced Portfolio Delinquent Receivable</u>" means any Serviced Portfolio Receivable, (i) with respect to which the greater of (a) $50 and (b) 10% or more of any Scheduled Payment remains unpaid for 60 or more days from the related due date and (ii) that is not a Serviced Portfolio Liquidated Receivable. For purposes of this definition, the "Scheduled Payment" for each Serviced Portfolio Receivable that is not a Receivable shall be determined as if it were a "Receivable" for purposes of all related defined terms.

"<u>Serviced Portfolio Extension Ratio</u>" means, with respect to any date of determination, the percentage equivalent of a fraction, (i) the numerator of which is the aggregate Principal Balance of all Serviced Portfolio Receivables that became Extended Receivables during the most recently completed Collection Period and (ii) the denominator of which is the Serviced Portfolio Pool Balance as of the last day of such Collection Period.

"<u>Serviced Portfolio Liquidated Receivable</u>" means any Serviced Portfolio Receivable with respect to which (i) all or any portion of one or more scheduled monthly payments of principal and/or interest remains unpaid with respect to such Serviced Portfolio Receivable for a period of 120 days or more past the scheduled due date for such payment, (ii) an Insolvency Event has occurred with respect to the related Obligor, or (iii) the related Obligor is deceased.

"<u>Serviced Portfolio Net Loss-to-Liquidation Ratio</u>" means, with respect to any date of determination, the percentage equivalent of a fraction, (i) the numerator of which is the difference of (a) the aggregate Principal Balance of all Serviced Portfolio Receivables that became Serviced Portfolio Liquidated Receivables during the most recently completed Collection Period minus (b) all Recoveries with respect to Serviced Portfolio Receivables

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received during such Collection Period and (ii) the denominator of which is the sum of (a) the aggregate Principal Balance of all Serviced Portfolio Receivables that became Liquidated Receivables during such Collection Period plus (b) the amount of Collections received by the Servicer in respect of principal payments on all Serviced Portfolio Receivables during such Collection Period. For purposes of this definition, the "Principal Balance," "Recoveries," and "Collections" for each Serviced Portfolio Receivable that is not a Receivable shall be determined as if it were a "Receivable" for purposes of all related defined terms.

"<u>Serviced Portfolio Pool Balance</u>" means, as of any date of determination, the sum of the Principal Balances of all Serviced Portfolio Receivables as of such date. For purposes of this definition, the "Principal Balance" for each Serviced Portfolio Receivable that is not a Receivable shall be determined as if it were a "Receivable" for purposes of all related defined terms.

"<u>Serviced Portfolio Receivable</u>" means any motor vehicle receivable that is included in the Serviced Portfolio.

"<u>Servicer</u>" has the meaning given to such term in the Preamble.

"<u>Servicer Advance</u>" means an advance made by the initial Servicer pursuant to Section 7.05.

"<u>Servicer Basic Documents</u>" means all Basic Documents to which the initial Servicer is a party or by which it is bound.

"<u>Servicer Termination Event</u>" has the meaning given to such term in Section 7.12.

"<u>Servicer Termination Notice</u>" has the meaning given to such term in Section 7.12.

"<u>Servicing Fee</u>" means the fee payable to the Servicer on each Distribution Date in accordance with Section 2.07 in an amount equal to either (i) in the case of the initial Servicer, the product of (a) one-twelfth <u>times</u> (b) the Servicing Fee Rate <u>times</u> (c) the average daily sum of the Principal Balances of the Receivables during the related Collection Period or (ii) in the case of the Backup Servicer in its capacity as Successor Servicer, the related fees set forth in the Backup Servicing Agreement; <u>provided</u>, that the Servicing Fee for a Successor Servicer may be subject to a minimum monthly fee to be mutually agreed upon by the Administrative Agent and such Successor Servicer.

"<u>Servicing Fee Rate</u>" means in the case of the initial Servicer, a rate per annum equal to 2.00%.

"<u>Short-Term Rating Requirement</u>" means, with respect to any Person, that such Person has a short-term unsecured debt rating of not less than A-1 by Standard & Poor's and not less than Prime-1 by Moody's.

"<u>Simple Interest Method</u>" means the method of allocating a fixed level payment to principal and interest, pursuant to which the portion of such payment that is allocated to interest is equal to the product of the fixed rate of interest multiplied by the unpaid principal balance multiplied by the period of time elapsed since the preceding payment of interest was made.

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"<u>SOFR</u>" means a rate equal to the secured overnight financing rate as administered by the SOFR Administrator.

"<u>SOFR Administrator</u>" means the NYFRB (or a successor administrator of the secured overnight financing rate).

"<u>SOFR Administrator's Website</u>" means the NYFRB's website, currently at http://www.newyorkfed.org, or any successor source for the secured overnight financing rate identified as such by the SOFR Administrator from time to time.

"<u>SOFR Determination Date</u>" has the meaning given to such term in the definition of "Daily Simple SOFR."

"<u>SOFR Rate Day</u>" has the meaning given to such term in the definition of "Daily Simple SOFR."

"<u>Solvent</u>" means, as to any Person at any time, having a state of affairs such that (i) the fair value of the property owned by such Person is greater than the amount of such Person's liabilities (including disputed, contingent, and unliquidated liabilities) as such value is established and liabilities evaluated for purposes of Section 101(32) of the Bankruptcy Code; (ii) the present fair salable value of the property owned by such Person in an orderly liquidation of such Person is not less than the amount that will be required to pay the probable liability of such Person on its debts as they become absolute and matured; (iii) such Person is able to realize upon its property and pay its debts and other liabilities (including disputed, contingent and unliquidated liabilities) as they mature in the normal course of business; (iv) such Person does not intend to, and does not believe that it will, incur debts or liabilities beyond such Person's ability to pay as such debts and liabilities mature; and (v) such Person is not engaged in business or a transaction, and is not about to engage in a business or a transaction, for which such Person's property would constitute unreasonably small capital.

"<u>Standard</u> <u>& Poor's</u>" means S&P Global Ratings, a Standard & Poor's Financial Services LLC business.

"<u>State</u>" means any state of the United States or the District of Columbia.

"<u>Step-Up Enhancement Event</u>" means the occurrence of any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) on any Reporting Date occurring on or after the Closing Date, the arithmetic mean of the Delinquency Ratio for
the three Collection Periods immediately preceding such Reporting Date is greater than or equal to [\*\*\*];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) on any Reporting Date occurring on or after the Closing Date, the arithmetic mean of the Net Loss-to-Liquidation Ratio for the three Collection Periods immediately preceding such Reporting Date is greater than or equal to [\*\*\*];

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) on any Reporting Date occurring on or after the Closing Date, the arithmetic mean of the Extension Ratio for
the three Collection Periods immediately preceding such Reporting Date is greater than or equal to [\*\*\*];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) on any Reporting Date occurring on or after the Closing Date, the arithmetic mean of the Serviced Portfolio
Delinquency Ratio for the three Collection Periods immediately preceding such Reporting Date is greater than or equal to [\*\*\*]; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) on any Reporting Date occurring on or after the Closing Date, the arithmetic mean of the Serviced Portfolio Net Loss-to-Liquidation Ratio for the three Collection Periods immediately preceding such Reporting Date is greater than or equal to [\*\*\*].

"<u>Subordinated Hedge Breakage Costs</u>" means Hedge Breakage Costs payable by the Borrower to a Hedge Counterparty in connection with the termination of a Hedge Transaction where either (i) such Hedge Counterparty is a "Defaulting Party" (as such term is defined in the related Hedging Agreement) or (ii) such Hedge Counterparty is the sole "Affected Party" with respect to a "Termination Event" (as such terms are defined in the related Hedging Agreement), other than a Termination Event relating to illegality, force majeure and taxes, which by its terms applies to such Hedge Counterparty, in all cases other than to the extent of a return of equivalent collateral (and income thereon).

"<u>Subsidiary</u>" means, with respect to a Person, any entity with respect to which more than 50% of the outstanding voting securities shall at any time be owned or controlled, directly or indirectly, by such Person and/or one or more of its Subsidiaries, or any similar business organization which is so owned or controlled.

"<u>Successor Collateral Custodian</u>" has the meaning given to such term in Section 7.17(f).

"<u>Successor Servicer</u>" has the meaning given to such term in Section 7.13(b).

"<u>Take-out</u>" means any transaction pursuant to which all or a portion of the Receivables are released from the Lien granted to the Administrative Agent hereunder, a corresponding portion of the Loans Outstanding are repaid, and such Receivables are transferred by the Borrower to the Seller or another Person.

"<u>Take-out Date</u>" means the date upon which a Take-out is consummated.

"<u>Take-out Date Certificate</u>" means a certificate delivered by a Responsible Officer of the Servicer on the Take-out Date indicating that the requirements set forth in this Agreement for a Take-out has been satisfied.

"<u>Take-out Release</u>" means a release executed pursuant to Section 2.13, substantially in the form of Exhibit E.

"<u>Tangible Net Worth</u>" means at any time with respect to Lendbuzz, the difference of Lendbuzz's (i) assets (including servicing assets and deferred tax assets) <u>minus</u> (ii) liabilities <u>minus</u> (iii) without duplication, intangible assets, including goodwill, franchises, licenses, patents, trademarks, trade names, copyrights and service marks, in all cases calculated on a consolidated basis and in accordance with GAAP.

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"<u>Tax</u>" or "<u>Taxes</u>" means all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax, additional amounts or penalties applicable thereto.

"<u>Term SOFR</u>" means,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) for any calculation with respect to a Loan bearing interest at Adjusted Term SOFR, the Term SOFR Reference Rate
for a tenor of one-month on the day (such day, the " <u>Periodic Term SOFR Determination Day</u> ") that is two (2) U.S. Government Securities Business Days prior to the first day of such Interest
Period, as such rate is published by the Term SOFR Administrator; provided, that if as of 5:00 p.m. on any Periodic Term SOFR Determination Day the Term SOFR Reference Rate for the applicable tenor has not been published by the Term SOFR
Administrator and a Benchmark Replacement Date with respect to the Term SOFR Reference Rate has not occurred, then Term SOFR will be the Term SOFR Reference Rate for such tenor as published by the Term SOFR Administrator on the first preceding U.S.
Government Securities Business Day for which such Term SOFR Reference Rate for such tenor was published by the Term SOFR Administrator so long as such first preceding U.S. Government Securities Business Day is not more than three (3) U.S.
Government Securities Business Days prior to such Periodic Term SOFR Determination Day, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) for any calculation with respect to a Loan bearing interest at the Alternative Base Rate on any day, the Term
SOFR Reference Rate for a tenor of one month on the day (such day, the " <u>Base Rate Term SOFR Determination Day</u> ") that is two (2) U.S. Government Securities Business Days prior to such day, as such rate is published by the Term
SOFR Administrator; provided that if as of 5:00 p.m. on any Base Rate Term SOFR Determination Day the Term SOFR Reference Rate for the applicable tenor has not been published by the Term SOFR Administrator and a Benchmark Replacement Date with
respect to the Term SOFR Reference Rate has not occurred, then Term SOFR will be the Term SOFR Reference Rate for such tenor as published by the Term SOFR Administrator on the first preceding U.S. Government Securities Business Day for which such
Term SOFR Reference Rate for such tenor was published by the Term SOFR Administrator so long as such first preceding U.S. Government Securities Business Day is not more than three (3) U.S. Government Securities Business Days prior to such Base
Rate Term SOFR Determination Day.

"<u>Term SOFR Administrator</u>" means the CME Group Benchmark Administration Limited (CBA) (or a successor administrator of the Term SOFR Reference Rate selected by the Administrative Agent).

"<u>Term SOFR Reference Rate</u>" shall mean the rate per annum determined by the Administrative Agent as the forward-looking term rate based on SOFR.

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"<u>Transition Expenses</u>" has the meaning given to such term in Section 7.13(f).

"<u>Treasury Regulations</u>" shall mean regulations, including proposed or temporary regulations, promulgated under the Code. References in this Agreement to specific provisions of proposed or temporary regulations shall include analogous provisions of final Treasury Regulations or other successor Treasury Regulations.

"<u>U.S. Government Securities Business Day</u>" means any day except for (i) a Saturday, (ii) a Sunday or (iii) a day on which the Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in United States government securities.

"<u>U.S. Person</u>" means any Person that is a "United States person" as defined in Section 7701(a)(30) of the Code.

"<u>U.S. Tax Compliance Certificate</u>" has the meaning specified in Section 2.12(g)(ii)(B)(3).

"<u>UCC</u>" means the Uniform Commercial Code as from time to time in effect in the applicable jurisdiction.

"<u>Unadjusted Benchmark Replacement</u>" means the applicable Benchmark Replacement excluding the related Benchmark Replacement Adjustment.

"<u>United States</u>" or "<u>U.S.</u>" means the United States of America.

"<u>Unmatured Event of Default</u>" means any event that, with the giving of notice or the lapse of time, or both, would become an Event of Default.

"<u>Unmatured Servicer Termination Event</u>" means any event that, with the giving of notice or the lapse of time, or both, would become a Servicer Termination Event. For the avoidance of doubt, the failure of any Financial Covenant to be satisfied on any date other than the related testing date specified for such Financial Covenant in the definition of "Financial Covenants" shall not constitute an Unmatured Servicer Termination Event.

"<u>Unreimbursed Servicer Advances</u>" means, at any time, the amount of all previous Servicer Advances (or portions thereof) as to which the Servicer has not been reimbursed as of such time pursuant to Section 2.07 or otherwise.

"<u>Unused Commitment Fee</u>" means, for any Interest Period prior to the Commitment Termination Date, the fee payable by the Borrower on the related Distribution Date in an amount equal to product of (i) the Unused Commitment Fee Rate <u>times</u> (ii) an amount equal to the positive difference, if any, of (a) the average daily Aggregate Commitment during such Interest Period <u>minus</u> (b) the average daily Loans Outstanding during such Interest Period <u>times</u> (iii) a fraction, (A) the numerator of which is the actual number of days during such Interest Period and (B) the denominator of which is 360.

"<u>Unused Commitment Fee Rate</u>" has the meaning given to such term in the Fee Letter.

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"<u>Upfront Fees</u>" has the meaning given to such term in the Fee Letter.

"<u>Used Vehicle</u>" means a Financed Vehicle that was designated as a used vehicle by the applicable Dealer when such Financed Vehicle was sold to the related Obligor.

"<u>Weighted Average Hedge Rate</u>" means, as of any date of determination, the percentage equivalent of a fraction, (i) the numerator of which equals the sum of (a) the product of (1) the aggregate notional amount under all Hedge Transactions that the Borrower has entered into and that remain in effect on such date (after giving effect to any Hedge Transactions that the Borrower enters into or terminates on such date) times (2) the weighted average for all such Hedge Transactions (weighted by the notional amounts of such Hedge Transactions) of (A) with respect to any Hedge Transaction that is in the form of an interest rate cap transaction, the threshold rate above which payments are made by the related Hedge Counterparty to the Borrower and (B) with respect to any Hedge Transaction that is in the form of an interest rate swap transaction, the fixed rate payable by the Borrower thereunder plus (b) the product of (1) the Hedge Shortfall times (2) the cap rate that is used as of such date pursuant to clause (ii)(B) of the definition of "Hedge Reserve Account Required Amount" and (ii) the denominator of which is equal to the Loans Outstanding on such date.

"<u>Withholding Agent</u>" means the Borrower and the Administrative Agent.

Section 1.02. <u>Accounting Terms and Determinations</u>. Unless otherwise defined or specified herein, all accounting terms shall be construed herein, all accounting determinations hereunder shall be made, all financial statements required to be delivered hereunder shall be prepared and all financial records shall be maintained in accordance with GAAP.

Section 1.03. <u>Computation of Time Periods</u>. Unless otherwise stated in this Agreement, in the computation of a period of time from a specified date to a later specified date, the word "from" means "from and including" and the words "to" and "until" each mean "to but excluding". Unless otherwise indicated herein, all references to time of day refer to Eastern standard time or Eastern daylight saving time, as in effect in New York City on such day.

Section 1.04. <u>Interpretation</u>. When used in this Agreement, unless a contrary intention appears: (i) a term has the meaning assigned to it; (ii) "or" is not exclusive; (iii) "including" means including without limitation; (iv) words in the singular include the plural and words in the plural include the singular; (v) any agreement, instrument or statute defined or referred to herein or in any instrument or certificate delivered in connection herewith means such agreement, instrument or statute as from time to time amended, modified or supplemented and includes (in the case of agreements or instruments) references to all attachments thereto and instruments incorporated therein; (vi) references to a Person are also to its successors and permitted assigns; (vii) the words "hereof", "herein" and "hereunder" and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision hereof; (viii) references contained herein to Section, Schedule and Exhibit, as applicable, are references to Sections, Schedules and Exhibits in this Agreement unless otherwise specified; (ix) references to "writing" include printing, typing, lithography and other means of reproducing words in a visible form; and (x) the term "proceeds" has the meaning set forth in the applicable UCC.

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Section 1.05. <u>Disclaimer and Exculpation With Respect to any Rate</u>. The Administrative Agent does not warrant or accept any responsibility for, and shall not have any liability with respect to, the administration, submission or any other matter related to Alternate Base Rate, Term SOFR Reference Rate, Adjusted Term SOFR, Term SOFR, Daily Simple SOFR, Adjusted Daily Simple SOFR or any Benchmark or with respect to any alternative, successor or replacement rate thereof (including any Benchmark Replacement), or any calculation, component definition thereof or rate referenced in the definition thereof, including, without limitation, (i) any such alternative, successor or replacement rate (including any Benchmark Replacement) implemented pursuant to Section 2.18 upon the occurrence of a Benchmark Transition Event, and (ii) the effect, implementation or composition of any Conforming Changes pursuant to Section 2.18(c), including without limitation, whether the composition or characteristics of any such alternative, successor or replacement reference rate (including any Benchmark Replacement) will be similar to, or produce the same value or economic equivalence of, Alternate Base Rate, Term SOFR Reference Rate, Adjusted Term SOFR, Term SOFR, Daily Simple SOFR, Adjusted Daily Simple SOFR or any Benchmark or have the same volume or liquidity as did Alternate Base Rate, Term SOFR Reference Rate, Adjusted Term SOFR, Term SOFR, Daily Simple SOFR, Adjusted Daily Simple SOFR or any Benchmark prior to its discontinuance or unavailability. In addition, the discontinuation of Alternate Base Rate, Term SOFR Reference Rate, Adjusted Term SOFR, Term SOFR, Daily Simple SOFR, Adjusted Daily Simple SOFR or any Benchmark and any alternative, successor or replacement reference rate may result in a mismatch between the reference rate referenced in this Agreement and any other financial instruments, including potentially those that are intended as hedges. The Administrative Agent and its Affiliates and/or other related entities may engage in transactions that affect the calculation of Alternate Base Rate, Term SOFR Reference Rate, Adjusted Term SOFR, Term SOFR, Daily Simple SOFR, Adjusted Daily Simple SOFR or any Benchmark or any alternative, successor or replacement rate (including any Benchmark Replacement) and/or any relevant adjustments thereto, in each case, with all determinations of such Alternate Base Rate, Term SOFR Reference Rate, Adjusted Term SOFR, Term SOFR, Daily Simple SOFR, Adjusted Daily Simple SOFR or any Benchmark or such alternative, successor or replacement rate by the Administrative Agent to be conclusive, absent manifest error. The Administrative Agent may select information sources or services in its reasonable discretion to ascertain Alternate Base Rate, Term SOFR Reference Rate, Adjusted Term SOFR, Term SOFR, Daily Simple SOFR, Adjusted Daily Simple SOFR or any Benchmark or any such alternative, successor or replacement rate, in each case pursuant to the terms of this Agreement (as amended, amended and restated, supplemented or otherwise modified from time to time), and shall have no liability to the Borrower or any other person or entity for damages of any kind, including direct or indirect, special, punitive, incidental or consequential damages, costs, losses or expenses (whether in tort, contract or otherwise and whether at law or in equity), for any error or calculation of any such rate (or component thereof) provided by any such information source or service.

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ARTICLE TWO

LOANS

Section 2.01. <u>Loans</u><u>.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On the terms and conditions set forth herein, including this Section 2.01 and Article Four, the Borrower may from time to time on any Business Day during the Revolving Period request that each Lender make an advance (the aggregate amount of such advances on a Funding Date, a "<u>Loan</u>") in the amount of each such Lender's Lender Advance, to the Borrower on a Funding Date. For the avoidance of doubt, no Lender shall have any obligation on any date to fund an amount that would cause its Lender Percentage of the Loans Outstanding, determined after giving effect to such funding, to exceed its Commitment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No later than 12:00 p.m., on the day that is two (2) Business Days prior to a proposed Funding Date, the Borrower shall notify the Administrative Agent of such proposed Funding Date and Loan by delivering to the Administrative Agent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a Funding Request, which will include, among other things, the proposed Funding Date (which shall be a Business Day), a calculation of the Borrowing Base as of the date the Loan is requested (including all components of such calculation, including any Excess Concentration Amounts) and the Principal Amount of the Loan requested, which shall be in an amount at least equal to $1,000,000 or integral multiples of $100,000 in excess thereof (or, if less, an amount equal to the Aggregate Commitment after giving effect to any payments on the related Distribution Date if the Funding Date occurs on a Distribution Date); <u>provided</u>, that the Administrative Agent and the Lenders may agree, each at their own discretion, to a lower Principal Amount for the related Loan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) an updated Schedule of Receivables that includes each Receivable that is the subject of the proposed Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Following receipt by the Administrative Agent of a Funding Request, and prior to the Commitment Termination Date, each Lender severally agrees to make its Lender Advance of any Loan requested by the Borrower pursuant to Section 2.01(b), subject to the conditions contained herein, in an aggregate amount equal to the Loan so requested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In no event shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a Lender be required to fund a Principal Amount that would cause its Lender Percentage of the Loans Outstanding, determined after giving effect to such funding, to exceed its Commitment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any Loan be requested hereunder, nor shall any Lender be obligated to fund its Lender Advance of any Loan, to the extent that after giving effect to such Loan, the Loans Outstanding would exceed the Borrowing Base;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Principal Amount of any Loan exceeds the Available Amount on such day; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) more than one Loan be funded on any Business Day.

Section 2.02. <u>Funding Mechanics</u><u>.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If any Funding Request is delivered to the Administrative Agent after 12:00 p.m., two (2) Business Days prior to the proposed Funding Date, such Funding Request shall be deemed to be received prior to 12:00 p.m., on the next succeeding Business Day and the proposed Funding Date of such proposed Loan shall be deemed to be the second Business Day following the date of such deemed receipt. Each Funding Request shall include a representation by the Borrower that (i) the requested Loan will not, on the related Funding Date, exceed the Available Amount and (ii) all conditions precedent to the making of such Loan have been satisfied or will be satisfied as of the proposed Funding Date. Any Funding Request shall be irrevocable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Lender's Lender Advance of a Loan shall be made available to the Administrative Agent, subject to the fulfillment of the applicable conditions set forth in Article Four, at or prior to 1:00 p.m., on the applicable Funding Date, by deposit of immediately available funds to the Administrative Agent's Account. The Administrative Agent shall promptly notify the Borrower in the event that any Lender either fails to make such funds available before such time or notifies the Administrative Agent that it will not make such funds available before such time. Subject to the fulfillment of the applicable conditions set forth in Article Four, as determined by the Administrative Agent, the Administrative Agent will not later than 12:00 p.m., on such Funding Date make all such funds deposited to the Administrative Agent's Account by the Lenders available, in the same type of funds received, by wire transfer thereof to the Funding Account. If any Lender makes available to the Administrative Agent funds for any Loan to be made by such Lender as provided in the foregoing provisions of this Article, and such funds are not made available to the Borrower by the Administrative Agent because the conditions to the applicable Loan set forth in Article Four are not satisfied or waived in accordance with the terms hereof, the Administrative Agent shall return such funds (in like funds as received from such Lender) to the Lender, without interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The failure of any Lender to make any Loan required to be made by it shall not relieve any other Lender of its obligations hereunder.

Section 2.03. <u>Reduction of Commitments</u><u>.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) At any time the Borrower may, upon at least five (5) Business Days' prior written notice to the Administrative Agent, the Account Bank and each Hedge Counterparty, reduce the Facility Amount to an amount not less than the Loans Outstanding, which reduction shall be applied, unless otherwise Consented to by the Administrative Agent, to the Commitments of each Lender *pro rata* based on the Lender Percentage represented by such Commitment. If any such written notice is delivered after 3:00 p.m., five (5) Business Days prior, such notice shall be deemed to be received prior to 3:00 p.m., on the next succeeding Business Day. Each partial reduction shall be in a minimum aggregate amount of $5,000,000 or integral multiples of $1,000,000 in excess thereof. Any request for a reduction in the Facility Amount shall be irrevocable and the Borrower shall deliver no more than four such requests in any 12-month period.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In connection with any reduction of the Facility Amount, the Borrower shall remit to the Administrative Agent, for payment to each Lender, (i) instructions regarding such reduction and (ii) cash in an amount sufficient to pay any Aggregate Unpaids with respect to such reduction, including any associated Breakage Costs; <u>provided</u>, that no such reduction shall be given effect unless the Borrower has complied with the terms of any Hedging Agreement requiring that one or more Hedge Transactions be terminated in whole or in part as a result of any such reduction in the Loans Outstanding and the Borrower has paid all Hedge Breakage Costs due to the relevant Hedge Counterparty for any such termination. Upon receipt of any such amounts, the Administrative Agent shall apply such amounts first to the *pro rata* reduction of the Loans Outstanding, second to the payment of the remaining Aggregate Unpaids with respect thereto, including any Breakage Costs, by paying such amounts to the Lenders *pro rata*, based on their respective Lender Percentages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) On the Commitment Termination Date, the Commitments of all Lenders shall be automatically reduced to zero.

Section 2.04. <u>Reserved.</u>

Section 2.05. <u>Interest</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Loan shall bear interest at a rate per annum calculated in accordance with this Section 2.05 and with Section 2.06.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Interest shall accrue daily on the unpaid Principal Amount of each Loan on each day at a rate per annum equal to the Interest Rate in effect on such day, from the related Funding Date until the date such Loan shall be paid in full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Interest computed by reference to Adjusted Term SOFR shall be computed on the basis of a year of 360 days. Interest computed by reference to the Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year). In each case interest shall be payable for the actual number of days elapsed (including the first day but excluding the last day). All interest hereunder on any Loan shall be computed for each day based upon the outstanding Principal Amount of such Loan on such day. The applicable Alternate Base Rate, Adjusted Daily Simple SOFR, Daily Simple SOFR, Adjust Term SOFR and Term SOFR shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.

Section 2.06. <u>Payments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower shall pay interest on the unpaid Principal Amount of each Loan for the period from the related Funding Date until the date that such Loan shall be paid in full. Interest accrued during each Interest Period shall be payable on the immediately succeeding Distribution Date in accordance with Section 2.07.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The principal of and interest on the Loans shall be paid as provided herein. Payments in respect of principal and interest (including pursuant to Section 2.13) shall be allocated and applied to the Lenders based on their respective Invested Percentages, or in any such case in such other proportions as each affected Lender may agree upon in writing from time to time with the Administrative Agent and the Borrower.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The interest rate on a Loan may be derived from an interest rate benchmark that may be discontinued or is, or may in the future become, the subject of regulatory reform. Upon the occurrence of a Benchmark Transition Event, Section 2.18(b) provides a mechanism for determining an alternative rate of interest. The Administrative Agent does not warrant or accept any responsibility for, and shall not have any liability with respect to, the administration, submission, performance or any other matter related to any interest rate used in this Agreement, or with respect to any alternative or successor rate thereto, or replacement rate thereof, including without limitation, whether the composition or characteristics of any such alternative, successor or replacement reference rate will be similar to, or produce the same value or economic equivalence of, the existing interest rate being replaced or have the same volume or liquidity as did any existing interest rate prior to its discontinuance or unavailability. The Administrative Agent and its affiliates and/or other related entities may engage in transactions that affect the calculation of any interest rate used in this Agreement or any alternative, successor or alternative rate (including any Benchmark Replacement) and/or any relevant adjustments thereto, in each case, in a manner adverse to the Borrower. The Administrative Agent may select information sources or services in its reasonable discretion to ascertain any interest rate used in this Agreement, any component thereof, or rates referenced in the definition thereof, in each case pursuant to the terms of this Agreement, and shall have no liability to the Borrower, any Lender or any other person or entity for damages of any kind, including direct or indirect, special, punitive, incidental or consequential damages, costs, losses or expenses (whether in tort, contract or otherwise and whether at law or in equity), for any error or calculation of any such rate (or component thereof) provided by any such information source or service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) At or before 3:00 p.m., on the third Business Day prior to each Reporting Date, (i) each Lender shall notify the Administrative Agent of (A) Adjusted Term SOFR in effect for each day during the related Interest Period, and (B) if applicable, the date on which the Alternate Base Rate became applicable to its Invested Percentage of the Loans Outstanding or a portion thereof. At or before 5:00 p.m., on the third Business Day prior to each Reporting Date, the Administrative Agent shall then notify the Borrower of all such rates. For such purposes, the Administrative Agent may rely conclusively on notices from Lenders as to the interest rate or rates from time to time applicable to their respective Invested Percentage of the Loans Outstanding. Each determination by a Lender of Adjusted Term SOFR pursuant to this Agreement shall be conclusive and binding on the Lenders, the Administrative Agent, the Borrower, the Servicer, and the Collateral Custodian, in the absence of manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Notwithstanding any other provision of this Agreement or the other Basic Documents, if at any time the rate of interest payable by any Person under the Basic Documents exceeds the Maximum Lawful Rate, then, so long as the Maximum Lawful Rate would be exceeded, such rate of interest shall be equal to the Maximum Lawful Rate. If at any time thereafter the rate of interest so payable is less than the Maximum Lawful Rate, such Person shall continue to pay Interest at the Maximum Lawful Rate until such time as the total interest received from such Person is equal to the total Interest that would have been received had Applicable Law not limited the interest rate so payable. In no event shall the total interest received by a Lender under this Agreement and the other Basic Documents exceed the amount which such Lender could lawfully have received, had the interest due been calculated from the Closing Date at the Maximum Lawful Rate.

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Section 2.07. <u>Settlement Procedures</u>. On each Distribution Date, the Servicer shall instruct the Account Bank to pay, to the following Persons, from the Collection Account to the extent of Available Funds the following amounts in the following order of priority, as set forth in the related Monthly Report:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) First, to the Servicer, an amount equal to any Unreimbursed Servicer Advances, to the extent not previously retained by the Servicer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Second, *pro rata* (A) to the Servicer (including any Successor Servicer), the accrued and unpaid Servicing Fee and all Ancillary Fees to the extent not previously retained by the Servicer and (B) to any Successor Servicer, any out-of-pocket expenses and indemnities due to the Successor Servicer; <u>provided</u>, that aggregate amounts payable to any Successor Servicer pursuant to this clause may not exceed $100,000 in any calendar year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Third, to the Backup Servicer, the Backup Servicing Fee, any out-of-pocket expenses that are reimbursable to the Backup Servicer pursuant to the Backup Servicing Agreement (including any Transition Expenses, but only if the Backup Servicer is not the Successor Servicer), and any indemnifiable amounts due to the Backup Servicer; <u>provided</u>, that Transition Expenses payable to the Backup Servicer pursuant to this clause may not exceed $100,000 in any calendar year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Fourth, *pro rata* (A) to each Hedge Counterparty (based on amounts due to each Hedge Counterparty pursuant to this subclause), any net payments due and payable under the related Hedging Agreement (other than Hedge Breakage Costs), and (B) to the Administrative Agent, for further payment to each Lender, an amount equal to the sum of (1) the portion of Monthly Interest and Fees due to each Lender <u>plus</u> (2) any Breakage Costs of any related Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Fifth, *pro rata* (A) to each Hedge Counterparty that has any due and payable Hedge Breakage Costs (other than Subordinated Hedge Breakage Costs), such Hedge Breakage Costs, and (B) to the Administrative Agent for further payment to each Lender,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I) prior to the Commitment Termination Date, if a Borrowing Base Deficiency has occurred and is continuing, to pay the Loans Outstanding for each Lender as of such date (*pro rata*, based on each Lender's Percentage) until such Borrowing Base Deficiency is cured (on a pro forma basis as at such Distribution Date); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(II) on or after the Commitment Termination Date, to pay the Loans Outstanding for each Lender (*pro rata*, based on each Lender's Percentage) until paid in full;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Sixth, *pro rata* to each Hedge Counterparty that has any due and payable Subordinated Hedge Breakage Costs (based on such amounts due), such Subordinated Hedge Breakage Costs;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Seventh, to the Administrative Agent (based on such amounts due) for further payment to each Lender or the related Indemnified Parties, all other Aggregate Unpaids (other than the principal amount of the Loans Outstanding) then due to the Lenders and Indemnified Parties under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Eighth, *pro rata* (based on such amounts due) to (A) the Successor Servicer, any fees, expenses (including Transition Expenses), and indemnities not paid pursuant to clause (ii), above, (B) the Backup Servicer, any fees, expenses (including Transition Expense), and indemnities not paid pursuant to clause (iii), above, and (C) the Account Bank, any reasonable fees and expenses owing to the Account Bank in connection with the maintenance of the Collection Account, the Cash Reserve Account and the Hedge Reserve Account (to the extent such amounts have not previously been paid to the Account Bank by the Servicer); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) Ninth, any remaining amount shall be distributed to, or as otherwise directed by, the Borrower.

Section 2.08. <u>Payments, Computations, Etc.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless otherwise expressly provided herein, all amounts to be paid or deposited by the Borrower hereunder shall be paid or deposited in accordance with the terms hereof no later than 3:00 p.m., on the day when due in Dollars in immediately available funds to the Administrative Agent's Account, for further payment by the Administrative Agent to the Persons to who such amounts are due and payable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Whenever any payment hereunder (i) shall be stated to be due on a day other than a Business Day, such payment shall be made on the next succeeding Business Day, except in the case where the next succeeding Business Day would occur in the succeeding calendar month, in which case such payment shall be due on the preceding Business Day or (ii) is received after 3:00 p.m., such payment shall be deemed to have been received on the next succeeding Business Day, and any such extension of time shall in such case be included in the computation of payment of Interest, other interest or any fee payable hereunder, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If any Loan requested by the Borrower and approved by a Lender and the Administrative Agent pursuant to Section 2.01 is not, for any reason other than due to the fault, gross negligence, or willful misconduct of a Lender or the Administrative Agent, made or effectuated, as the case may be, on the date specified therefor, the Borrower shall indemnify such Lender against any reasonable loss, cost or expense incurred by such Lender (other than any loss, cost, or expenses solely due to the gross negligence or willful misconduct of such Lender or Administrative Agent), including any loss (including cost of funds and reasonable out-of-pocket expenses), cost, or expense incurred by reason of the liquidation or reemployment of deposits or other funds acquired by such Lender to fund or maintain such Loan. Each Lender seeking indemnification under this clause (c) shall provide to the Borrower with documentation setting forth in reasonable detail the amounts of any related loss, cost, or expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) All payments hereunder shall be made without set-off or counterclaim and in such amounts as may be necessary in order that all such payments shall not be less than the amounts otherwise specified to be paid under this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) To the extent that (i) any Person makes a payment to the Borrower, the Administrative Agent, the Servicer, the Backup Servicer, the Collateral Custodian, or any Lender or (ii) the Borrower, the Administrative Agent, the Servicer, the Backup Servicer, the Collateral Custodian, or any Lender receives or is deemed to have received any payment or proceeds for application to an obligation, which payment or proceeds or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside or required to be repaid to a trustee, receiver or any other party under any Insolvency Law, State or federal law, common law or for equitable cause, then, to the extent such payment or proceeds are set aside, the obligation or part thereof intended to be satisfied shall be revived and continue in full force and effect, as if such payment or proceeds had not been received or deemed received by the Borrower, the Administrative Agent, the Servicer, the Backup Servicer, the Collateral Custodian, or any Lender, as the case may be.

Section 2.09. <u>Collections and Allocations; Investment of Funds</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On or before each Funding Date, the Borrower and the Servicer shall direct and instruct all Obligors of the Receivables included in the Purchase Agreement Supplement provided in connection with such Funding Date to make payments in respect of such Receivables to the Remittance Account. On and after each Funding Date, the Borrower and the Servicer shall use commercially reasonable efforts to ensure that all Collections are deposited to the Remittance Account by directing and instructing all Obligor with respect to Receivables constituting Collateral to continue to make all payments to the Remittance Account (unless this Agreement specifically provides that such Collections are to be deposited directly to the Collection Account).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Servicer shall instruct the Remittance Account Bank to remove all Collections from the Remittance Account and deposit such amounts into the Collection Account within two (2) Business Days of their deposit to the Remittance Account and identification thereof. The Servicer and the Borrower shall deposit all Collections that are not received in the Remittance Account to the Remittance Account within two Business Days after receipt and identification thereof (for further transfer to the Collection Account within two (2) Business Days after such deposit to the Remittance Account), and at all times prior to such deposit to the Collection Account the Servicer or the Borrower, as applicable, shall hold such Collections in trust for the benefit of the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The initial Servicer shall have access to the Remittance Account at all times until the occurrence of a Termination Event and the delivery by the Administrative Agent of a shifting control or similar notice under the Remittance Account Control Agreement, following which time the Administrative Agent shall have the exclusive right to give instructions to the Remittance Account Bank directing the disposition of funds on deposit in the Remittance Account, without further consent by the Borrower. The Servicer shall be entitled to retain and to reimbursement of all amounts remitted by or on behalf of the Obligors to the Servicer under the terms of, or with respect to, the related Receivables, that represent Ancillary Fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To the extent there are uninvested amounts on deposit in the Collection Account, the Cash Reserve Account or the Hedge Reserve Account, such amounts shall be invested in Permitted Investments that mature no later than the Business Day before the next Distribution Date, which Permitted Investments shall be selected (i) prior to the occurrence of any Event of Default, by the Borrower or (ii) from and after the occurrence of any Event of Default, by the Administrative Agent. No Permitted Investment may be purchased at a premium. Any earnings (and losses) on the foregoing investments shall be for the account of the Borrower.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If on any Distribution Date no Event of Default or Unmatured Event of Default has occurred and is continuing, then if the amount on deposit in the Hedge Reserve Account is greater than the Hedge Reserve Account Required Amount as of such Distribution Date, the initial Servicer may withdraw such excess amount and pay such amount to, or at the direction of, the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) At any time that any amounts are on deposit in the Hedge Reserve Account, (i) the Administrative Agent may, in its sole discretion, enter into one or more Hedge Transactions on behalf of the Borrower in the form of interest rate cap transactions, any up-front payments related to which will be paid with amounts that are withdrawn from the Hedge Reserve Account or (ii) if a Mandatory Hedging Condition exists, the Borrower may, in its sole discretion, enter into one or more Hedge Transactions in the form of interest rate cap transactions, any up-front payments related to which will be paid with amounts that are withdrawn from the Hedge Reserve Account. With respect to any Hedge Transaction entered into by the Administrative Agent pursuant to clause (i), the Administrative Agent shall provide a copy of all applicable documentation related to such Hedge Transaction to the Borrower and the Servicer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Any amounts remaining on deposit in the Hedge Reserve Account (i) while a Mandatory Hedging Condition exists shall be payable to reduce the Loans Outstanding pursuant to Section 2.07(v) and (ii) prior to the occurrence of a Mandatory Hedging Condition, at any time that the aggregate notional amount under all Hedge Transactions is at least equal to the amount described in the second proviso to <u>Section</u> <u>6.03(a)</u>, may be withdrawn from the Hedge Reserve Account by the initial Servicer and paid to, or as directed by, the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Funds in the Cash Reserve Account will be available solely for application to Interest owed by the Borrower in accordance with Section 2.07; provided that, to the extent that the aggregate amount of funds on deposit therein exceeds the Required Cash Reserve Amount at any time, the Borrower, at the direction of the Servicer shall remit such excess to the Collection Account as Collections and such excess shall be included in Available Funds that are distributable on the next Distribution Date in accordance with Section 2.07. In addition, following the occurrence of an Event of Default, funds in the Cash Reserve Account may be withdrawn by the Administrative Agent and deposited into the Collection Account.

Section 2.10. <u>Fees</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower hereby agrees to pay to the Administrative Agent, to the extent of Available Funds, for the account of each Lender, monthly in arrears, the Unused Commitment Fee from the Collection Account in accordance with Section 2.07. Payments of the Unused Commitment Fee shall be allocated and paid to Lenders pro rata based upon their respective Invested Percentages for the applicable Interest Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Servicer and the Backup Servicer shall be entitled to receive any accrued and unpaid fees due to them, respectively, in accordance with Section 2.07.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Borrower shall pay to the Administrative Agent on the Closing Date the Upfront Fees and from time to time any reasonable out-of-pocket expenses (including fees charged by any nationally recognized statistical rating organization in connection with reviewing the transactions contemplated by this Agreement) in immediately available funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Borrower shall pay to Chapman and Cutler LLP, counsel to the Administrative Agent and the Lenders, in immediately available funds, (i) on the Closing Date, its reasonable fees accrued through and including the Closing Date and out-of-pocket expenses for services rendered through and including the Closing Date, and (ii) within 30 days after receiving an invoice for the related amounts, any additional reasonable fees and out-of-pocket expenses incurred by counsel to the Administrative Agent and the Lenders for services rendered to the Administrative Agent and the Lenders after the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Borrower shall pay to the Administrative Agent from time to time the reasonable out-of-pocket expenses of any on-going surveillance fees charged by any nationally recognized statistical rating organization in connection with reviewing the transactions contemplated by this Agreement.

Section 2.11. <u>Increased Cost and Reduced Return</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If any Regulatory Requirement (i) subjects any Lender to any charge or withholding on or with respect to this Agreement or a Lender's obligations under this Agreement or on or with respect to the Receivables, or changes the basis of taxation of payments to any Lender of any amounts payable under this Agreement (except for changes in the rate of Tax on the overall net income of a Lender, Indemnified Taxes or Excluded Taxes), (ii) imposes, modifies or deems applicable any reserve, assessment, fee, tax (other than (A) Indemnified Taxes, (B) Taxes described in clauses (ii) through (iv) of the definition of Excluded Taxes, and (C) Connection Income Taxes), insurance charge, special deposit or similar requirement against assets of, deposits with or for the account of, or liabilities of a Lender, or credit extended by a Lender pursuant to this Agreement or, (iii) imposes any other condition the result of which is to increase the cost to a Lender of performing its obligations under this Agreement, or to reduce the rate of return on a Lender's capital or assets as a consequence of its obligations under this Agreement, or to reduce the amount of any sum received or receivable by a Lender under this Agreement, or to require any payment calculated by reference to the amount of interests or loans held or interest received by it, then, upon demand by the Administrative Agent, the Borrower shall pay to the Administrative Agent, for the benefit of the relevant Lender, such amounts charged to such Lender or such amounts to otherwise compensate such Lender for such increased cost or such reduction.

The term "<u>Regulatory Requirement</u>" shall mean (i) the adoption after the date hereof of any applicable law, rule or regulation (including any applicable law, rule or regulation regarding capital adequacy or liquidity coverage) or any change therein after the date hereof, or (ii) any change after the date hereof in the interpretation or administration thereof by any governmental authority, central bank or comparable agency charged with the interpretation or administration thereof, or compliance with any request or directive (whether or not having the force of law) of any such authority, central bank or comparable agency; <u>provided</u>, that for purposes of this definition, (A) the Dodd-Frank Act and all requests, rules, guidelines or directives thereunder, issued in connection therewith or in implementation thereof, and (B) all requests, rules, guidelines and directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel II or Basel III, shall in each case

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be deemed to be a "Regulatory Requirement", regardless of the date enacted, adopted, issued or implemented. The Borrower acknowledges that any Lender may institute measures in anticipation of a Regulatory Requirement and may commence allocating charges to or seeking compensation from the Borrower under this Section 2.11 in connection with such measures, in advance of the effective date of such Regulatory Requirement (such charges or compensation, "<u>Early Adoption Increased Costs</u>"). The Borrower agrees to pay Early Adoption Increased Costs to the Administrative Agent, for the benefit of such Lender, which are incurred by such Lender, beginning sixty (60) days after delivery by such Lender to the Borrower of a written representation and warranty (an "<u>Early Adoption Increased Costs Representation</u>") to the effect that such Lender is (x) recognizing Early Adoption Increased Costs, (y) setting forth the amount or amounts necessary to compensate such Lender and (z) that such Lender actually incurred such costs. The Borrower further acknowledges that any charge or compensation demanded hereunder may take the form of a monthly charge to be assessed by such Lender. For the avoidance of doubt, the Borrower shall not be required to pay any Early Adoption Increased Costs incurred by any Lender prior to the expiration of sixty (60) days after receipt by the Borrower of the Early Adoption Increased Costs Representation from or on behalf of such Lender . The Early Adoption Increased Costs Representation shall be conclusive absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Failure or delay on the part of any Lender to demand compensation pursuant to this Section 2.11 shall not constitute a waiver of such Lender's right to demand such compensation; <u>provided</u>, that the Borrower shall not be required to compensate a Lender pursuant to this Section 2.11 for any increased costs incurred or reductions suffered more than six months prior to the date that such Lender notifies the Borrower of the Regulatory Requirement giving rise to such increased costs or reductions, and of such Lender's intention to claim compensation therefor (except that, if the Regulatory Requirement giving rise to such increased costs or reductions is retroactive, then the nine-month period referred to above shall be extended to include the period of retroactive effect thereof).

Section 2.12. <u>Taxes</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Defined Term</u>. For purposes of this Section 2.12, the term "applicable law" includes FATCA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Payments Free of Taxes</u>. Any and all payments by or on account of any obligation of the Borrower under any Basic Document shall be made without deduction or withholding for any Taxes, except as required by applicable law. If any applicable law (as determined in the good faith discretion of an applicable Withholding Agent) requires the deduction or withholding of any Tax from any such payment by a Withholding Agent, then the applicable Withholding Agent shall be entitled to make such deduction or withholding and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with applicable law and, if such Tax is an Indemnified Tax, then the sum payable by the Borrower shall be increased as necessary so that after such deduction or withholding has been made (including such deductions and withholdings applicable to additional sums payable under this Section 2.12) the applicable Recipient receives an amount equal to the sum it would have received had no such deduction or withholding been made.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Payment of Other Taxes by the Borrower</u>. The Borrower shall timely pay to the relevant Governmental Authority in accordance with applicable law, or at the option of the Administrative Agent timely reimburse it for the payment of, any Other Taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Indemnification by the Borrower</u>. The Borrower shall indemnify each Recipient, within 10 days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section 2.12) payable or paid by such Recipient or required to be withheld or deducted from a payment to such Recipient and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to the Borrower by a Lender (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Indemnification by the Lenders</u>. Each Lender shall severally indemnify the Administrative Agent, within 10 days after demand therefor, for (i) any Indemnified Taxes attributable to such Lender (but only to the extent that the Borrower has not already indemnified the Administrative Agent for such Indemnified Taxes and without limiting the obligation of the Borrower to do so), (ii) any Taxes attributable to such Lender's failure to comply with the provisions of Section 11.01(e) relating to the maintenance of a Participant Register and (iii) any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the Administrative Agent in connection with any Basic Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error. Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under any Basic Document or otherwise payable by the Administrative Agent to the Lender from any other source against any amount due to the Administrative Agent under this paragraph (e).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Evidence of Payments</u>. As soon as practicable after any payment of Taxes by the Borrower to a Governmental Authority pursuant to this Section 2.12, the Borrower shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Status of Lenders</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Loan shall deliver to the Borrower and the Administrative Agent, at the time or times reasonably requested by the Borrower or the Administrative Agent, such properly completed and executed documentation reasonably requested by the Borrower or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if reasonably requested by the Borrower or the Administrative Agent, shall deliver such other documentation prescribed by applicable law or reasonably requested by the Borrower or the Administrative Agent

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as will enable the Borrower or the Administrative Agent to determine whether or not such Lender is subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set forth in Section 2.12(g)(ii)(A), (ii)(B) and (ii)(D) below) shall not be required if in the Lender's reasonable judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Without limiting the generality of the foregoing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) any Lender that is a U.S. Person shall deliver to the Borrower and the Administrative Agent on or about the date on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), executed copies of IRS Form W-9 certifying that such Lender is not subject to U.S. federal backup withholding tax;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or about the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), whichever of the following is applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) in the case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party (x) with respect to payments of interest under any Loan, executed copies of IRS Form W-8BEN or W-8BEN-E establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the "interest" article of such tax treaty and (y) with respect to any other applicable payments under any Loan, IRS Form W-8BEN or W-8BEN-E establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the "business profits" or "other income" article of such tax treaty;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) executed copies of IRS Form W-8ECI;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code, (x) a certificate substantially in the form of Exhibit G-1 to the effect that such Foreign Lender is not a "bank" within the meaning of Section 881(c)(3)(A) of the Code, a "10 percent shareholder" of the Borrower within the meaning of Section 871(h)(3)(B) of the Code, or a "controlled foreign corporation" related to the Borrower described in Section 881(c)(3)(C) of the Code (a "<u>U.S. Tax Compliance Certificate</u>") and (y) executed copies of IRS Form W-8BEN or W-8BEN-E; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) to the extent a Foreign Lender is not the beneficial owner, executed copies of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN or IRS Form W-8BEN-E, a U.S. Tax Compliance Certificate substantially in the form of Exhibit G-2 or Exhibit G-3, IRS Form W-9, and/or other certification documents from each beneficial owner, as applicable; <u>provided</u>, that if the Foreign Lender is a partnership and one or more direct or indirect partners of such Foreign Lender are claiming the portfolio interest exemption, such Foreign Lender may provide a U.S. Tax Compliance Certificate substantially in the form of Exhibit G-4 on behalf of each such direct and indirect partner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or about the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), executed copies of any other form prescribed by applicable law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by applicable law to permit the Borrower or the Administrative Agent to determine the withholding or deduction required to be made; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) if a payment made to a Lender under any Loan would be subject to U.S. federal withholding Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Borrower and the Administrative Agent at the time or times prescribed by law and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply with their obligations under FATCA and to determine that such Lender has complied with such Lender's obligations under FATCA or to determine the amount to deduct and withhold from such payment, if any. Solely for purposes of this clause, "FATCA" shall include any amendments made to FATCA after the date of this Agreement.

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Each Lender agrees that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification promptly notify the Borrower and the Administrative Agent in writing of its legal inability to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Treatment of Certain Refunds</u>. If any party determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes as to which it has been indemnified pursuant to this Section 2.12 (including by the payment of additional amounts pursuant to this Section 2.12), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made under this Section 2.12 with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of such indemnified party and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid over pursuant to this paragraph (h) (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event that such indemnified party is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this paragraph (h), in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this paragraph (h) the payment of which would place the indemnified party in a less favorable net after-Tax position than the indemnified party would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid. This paragraph shall not be construed to require any indemnified party to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying party or any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Survival</u>. Each party's obligations under this Section 2.12 shall survive the resignation or replacement of the Administrative Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all obligations under any Basic Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) If the Borrower is required to pay additional amounts to or for the benefit of any Lender pursuant to this Section 2.12 as a result of a change of law or treaty occurring after such Lender first became a party to this Agreement, such Lender will, at the Borrower's request, change the jurisdiction of its applicable lending office if, in the sole judgment of such Lender, such change (i) will eliminate or reduce any such additional payment which may thereafter accrue and (ii) will not, in the judgment of such Lender, be otherwise disadvantageous to it or inconsistent with its internal policies.

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Section 2.13. <u>Take-outs</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On any Business Day, the Borrower shall have the right to effect a Take-out by prepaying all or a portion of the Loans Outstanding and require the Administrative Agent to release its security interest and Lien on a corresponding portion of Receivables pursuant to a Take-our Release, subject to the following terms and conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Borrower shall have given the Administrative Agent and the Servicer at least five (5) Business Days' prior written notice in the form of a Take-out Notice substantially similar to Annex 2 of Exhibit E hereto of its intent to effect a Take-out (provided, that the Borrower shall use commercially reasonable efforts to give the Administrative Agent at least ten (10) Business Days' verbal notice of its intent to effect the related Take-out). Such Take-out Notice shall include the Receivables to be transferred by the Borrower on the related Take-out Date (the "<u>Take-out Receivables</u>") as further described in Schedule I thereto (the "<u>Schedule of Take-out Receivables</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) unless a Take-out is to be effected on a Distribution Date (in which case the relevant calculations with respect to such Take-out shall be reflected on the applicable Monthly Report), the initial Servicer shall deliver to the Administrative Agent on or before the related Take-out Date: (A) a Take-out Date Certificate (which shall include a calculation of the Borrowing Base after giving effect to such Take-out), together with evidence to the reasonable satisfaction of the Administrative Agent that the Borrower shall have sufficient funds on the related Take-out Date to effect such Take-out in accordance with this Agreement, which funds may come from the proceeds of sales of the Receivables in connection with such Take-out and (B) a computer tape of the Receivables, both before and after giving effect to such Take-out;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) on the related Take-out Date, the following shall be true and correct and the Borrower shall be deemed to have certified that after giving effect to the Take-out and the release to the Borrower of the related Receivables on the related Take-out Date, (A) no Borrowing Base Deficiency exists or will result from such Take-out, (B) neither an Unmatured Event of Default nor an Event of Default has occurred, nor will either result from such Take-out, (C) the Excess Spread shall be no less than the Required Excess Spread and (D) the fractional portion of the Eligible Pool Balance that represents the aggregate Principal Balance of all Delinquent Receivables constituting Collateral will be no greater than the fractional portion of the Eligible Pool Balance that was represented by the aggregate Principal Balance of all Delinquent Receivables that constituted Collateral immediately prior to the release of the related Receivables and the fractional portion of the Eligible Pool Balance that represents the aggregate Principal Balance of all Liquidated Receivables constituting Collateral will be no greater than the fractional portion of the Eligible Pool Balance that was represented by the aggregate Principal Balance of all Liquidated Receivables that constituted Collateral immediately prior to the release of the related Receivables; provided, that if subclause (D) would not be satisfied on any Take-out Date, then the Receivables that continue to be owned by the Borrower following the related Take-out and that cause subclause (D) not to be satisfied shall thereafter (I) be deemed to be Ineligible Receivables for purposes of determining the Borrowing Base, (II) be excluded from both the numerator and the denominator when calculating the Delinquency Ratio, and (III) be excluded from both the numerator and the denominator when calculating the Serviced Portfolio Net Loss-to-Liquidation Ratio);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) on the related Take-out Date, the Servicer shall have received an amount equal to all Unreimbursed Servicer Advances associated with the Receivables to be released and the Administrative Agent shall have received, for the benefit of the Lenders and the Hedge Counterparties, as applicable, in immediately available funds, and shall then distribute to the applicable entities, an amount equal to the sum of (A) the portion of the Loans Outstanding to be prepaid, (B) an aggregate amount equal to the sum of all other amounts due and owing to the Administrative Agent, the Lenders and the Hedge Counterparties, as applicable, under this Agreement and the other Basic Documents, to the extent accrued to such date (including Breakage Costs and Hedge Breakage Costs), and (C) all other Aggregate Unpaids with respect thereto; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) on or prior to the related Take-out Date, the Borrower shall have delivered to the Administrative Agent an updated Schedule of Receivables listing all Receivables that will continue to be owned by the Borrower immediately following the related Take-out.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Borrower hereby agrees to pay the reasonable legal fees and out-of-pocket expenses of the Administrative Agent, the Lenders, and the Account Bank in connection with any Take-out (including expenses incurred in connection with the release of the Lien of the Administrative Agent, the Lenders and any other party having such an interest in the Receivables in connection with such Take-out).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In connection with any Take-out, on the related Take-out Date, subject to satisfaction of all of the conditions referred to in this Section 2.13, the Administrative Agent shall, at the expense of the Borrower (i) execute such instruments of release with respect to the Take-out Receivables (and the other related Collateral) to be released to the Borrower, including a Take-out Release, in favor of the Borrower as the Borrower may reasonably request, (ii) deliver, or cause to be delivered, the Take-out Receivables (and the other related Collateral) to be released to the Borrower in its possession to the Borrower and (iii) otherwise take such actions, and cause or permit the Collateral Custodian to take such actions, as are necessary and appropriate to release the Lien of the Administrative Agent on the Take-out Receivables (and the other related Collateral) to be released to the Borrower and deliver to the Borrower the Take-out Receivables and related Collateral.

Section 2.14. <u>The Account Bank</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower hereby appoints Mizuho Bank, Ltd. as the initial Account Bank. All payments of amounts due and payable in respect of the Obligations that are to be made from amounts withdrawn from the Collection Account shall be made on behalf of the Borrower by the Account Bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Account Bank shall not be charged with knowledge of any Event of Default, or Unmatured Event of Default unless a Responsible Officer of the Account Bank obtains actual knowledge of such event or the Account Bank receives written notice of such event from the Borrower, the Servicer or any Secured Party.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Without limiting the generality of this Section 2.14, the Account Bank shall have no duty (i) to see to any recording, filing or depositing of this Agreement or any agreement referred to herein or any financing statement or continuation statement evidencing a security interest in the Collateral, or to see to the maintenance of any such recording or filing or depositing or to any recording, refiling or redepositing of any thereof, (ii) to see to any insurance of the Financed Vehicles or Obligors or to effect or maintain any such insurance, (iii) to see to the payment or discharge of any Tax, assessment or other governmental charge or any Lien or encumbrance of any kind owing with respect to, assessed or levied against, any part of the Contracts, (iv) to confirm or verify the contents of any reports or certificates of the Servicer or the Borrower delivered to the Account Bank pursuant to this Agreement believed by the Account Bank to be genuine and to have been signed or presented by the proper party or parties, or (v) to inspect the Financed Vehicles at any time or ascertain or inquire as to the performance or observance of any of the Borrower's or the Servicer's representations, warranties or covenants or the initial Servicer's duties and obligations as Servicer and as custodian of books, records, files and computer records relating to the Contracts under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Account Bank shall not be required to expend or risk its own funds or otherwise incur financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if there shall be reasonable ground for believing that the repayment of such funds or adequate indemnity against such risk or liability shall not be reasonably assured to it, and none of the provisions contained in this Agreement shall in any event require the Account Bank to perform, or be responsible for the manner of performance of, any of the obligations of the Servicer under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Account Bank may rely and shall be protected in acting or refraining from acting upon any resolution, Officer's Certificate, any Monthly Report, certificate of auditors or any other certificate, statement, instrument, opinion, report, notice, request, consent, order, appraisal, bond or other paper or document reasonably believed by it to be genuine and to have been signed or presented by the proper party or parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Account Bank may consult with counsel of its choice with regard to legal questions arising out of or in connection with this Agreement and the advice or opinion of such counsel shall be full and complete authorization and protection in respect of any action taken, omitted or suffered by the Account Bank in good faith in accordance therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Account Bank shall be under no obligation to exercise any of the rights, powers or remedies vested in it by this Agreement (except to comply with its obligations under this Agreement and any other Basic Document to which it is a party) or to institute, conduct or defend any litigation under this Agreement or in relation to this Agreement, at the request, order or direction of the Administrative Agent pursuant to the provisions of this Agreement, unless the Administrative Agent, on behalf of the Secured Parties, shall have offered to the Account Bank reasonable security or indemnity against the costs, expenses and liabilities that may be incurred therein or thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Account Bank shall not be bound to make any investigation into the facts of matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, approval, bond or other paper or document, unless requested in writing so to do by a Secured Party; <u>provided</u>, that if the payment within a reasonable time to the Account Bank of the costs, expenses or liabilities likely to be incurred by it in the making of

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such investigation shall be, in the opinion of the Account Bank, not reasonably assured by the Borrower, the Account Bank may require reasonable indemnity against such cost, expense or liability as a condition to so proceeding. The reasonable expense of every such examination shall be paid by the Borrower or, if paid by the Account Bank, shall be reimbursed by the Borrower upon demand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Account Bank may execute any of the trusts or powers hereunder or perform any duties under this Agreement either directly or by or through agents or attorneys or a custodian. The Account Bank shall not be responsible for any misconduct or negligence of any such agent or custodian appointed with due care by it hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) (i) The Account Bank shall have no duties or responsibilities except those that are specifically set forth herein, and no implied covenants or obligations shall be read into this Agreement against the Account Bank. If the Account Bank shall request instructions from the Administrative Agent or the Servicer with respect to any act, action or failure to act in connection with and as set forth in this Agreement, the Account Bank shall be entitled to refrain from taking such action and continue to refrain from acting unless and until the Account Bank shall have received written instructions from the Administrative Agent or the Servicer, as applicable without incurring any liability therefor to the Administrative Agent, the Borrower, the Servicer or any other person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Account Bank may act in reliance upon any written communication of the Administrative Agent concerning the delivery of Collateral pursuant to this Agreement. The Account Bank does not assume and shall have no responsibility for, and makes no representation as to, monitoring the value of the Contracts and other Collateral. The Account Bank shall not be liable for any action or omission to act hereunder, except for its own gross negligence, bad faith or willful misconduct.

THE FOREGOING PROVISIONS SHALL APPLY WHETHER OR NOT SUCH LIABILITIES ARE IN ANY WAY OR TO ANY EXTENT OWED, IN WHOLE OR IN PART, UNDER ANY CLAIM OR THEORY OF STRICT LIABILITY, OR ARE CAUSED, IN WHOLE OR IN PART, BY ANY NEGLIGENT ACT OR OMISSION OF ANY KIND BY THE ACCOUNT BANK.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Control Provisions</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The parties acknowledge and agree that the Collection Account is intended to be a "securities account" (as defined in Section 8-501 of the UCC), and the Account Bank shall be the "securities intermediary" with respect to the Collection Account. Notwithstanding such intention, (x) if the Collection Account constitutes a "deposit account" (as defined in Section 9-102(a)(29) of the UCC), the provisions of this Agreement governing a "deposit account" shall apply to such Collection Account.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) All securities or other property, including Permitted Investments, constituting financial assets credited to the Collection Account (other than cash) shall be registered in the name of the Account Bank, indorsed to the Account Bank or in blank or credited to another securities account maintained in the name of the Account Bank, and in no case will any financial asset credited to the Collection Account be registered in the name of the Borrower or any other person, payable to the order of the Borrower or any other person or specially indorsed to the Borrower or any other person except to the extent the foregoing have been specially indorsed to the Account Bank or in blank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) All property delivered to the Account Bank pursuant to this Agreement that is granted to the Administrative Agent, as agent for the Secured Parties shall be promptly credited to the Collection Account in accordance with the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Collection Account is an account to which financial assets or other property are or may be credited, and the Account Bank shall, subject to the terms of this Agreement, treat the Borrower as entitled to exercise the rights that comprise any financial asset or other property credited to such account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The Account Bank hereby agrees that each item of property (whether investment property, financial asset, security, instrument, general intangible or cash) credited to the Collection Account to the extent that it constitutes a securities account shall be treated as a "financial asset" within the meaning of Section 8-102(a)(9) of the UCC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) If at any time the Account Bank shall receive any order from the Administrative Agent as agent for the Secured Parties directing transfer or redemption of any financial asset relating to the Collection Account or any instruction originated by the Secured Party directing the disposition of funds in the Collection Account, the Account Bank shall comply with such entitlement order or instruction without further consent by the Borrower or any other person. If the Borrower is otherwise entitled to issue entitlement orders or instructions and such entitlement orders or instructions conflict with any entitlement order or instruction issued by the Secured Party, the Account Bank shall follow the entitlement orders or instructions issued by the Secured Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Regardless of any provision in any other agreement, for purposes of the UCC, New York shall be deemed to be the "bank's jurisdiction" (within the meaning of Section 9-304 of the UCC) and the "securities intermediary's jurisdiction" (within the meaning of Section 8-110 of the UCC).

Section 2.15. <u>Reserved</u>.

Section 2.16. <u>Replacement of Lenders</u>. If (a) any Lender requests compensation under Section 2.11 or (b) any Lender becomes a Defaulting Lender, then the Borrower may, at its sole expense and effort, upon notice to the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 11.01), all of its respective interests, rights and obligations under this Agreement to an assignee that shall assume such obligations (which assignee may be another Lender if a Lender

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accepts such assignment); <u>provided</u>, that (i) the Borrower shall have received the prior written consent of the Administrative Agent with respect to any assignee that is not already a Lender hereunder, which consent shall not be unreasonably withheld, conditioned, or delayed, (ii) the assigning Lender shall have received payment of an amount equal to all outstanding Loans funded or maintained by such Lender, together with all accrued interest thereon and all accrued Unused Commitment Fees, as applicable, and any other Obligations payable to such Lender hereunder and under the Basic Documents, from the assignee (to the extent of such outstanding Loans) or Seller (in the case of all other amounts), and (iii) in the case of any such assignment resulting from a claim for compensation under Section 2.11, such assignment will result in a reduction in such compensation or payments. A Lender shall not be required to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to exist.

Section 2.17. <u>Defaulting Lenders.</u><u> </u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding any provision of this Agreement to the contrary, if any Lender becomes a Defaulting Lender, then the following provisions shall apply for so long as such Lender is a Defaulting Lender:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Unused Commitment Fees shall cease to accrue on the unfunded portion of the Commitment of such Defaulting Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) notwithstanding anything to the contrary contained in Section 2.03 hereof, the unused portion of the Commitment of such Defaulting Lender may be reduced to zero without any contemporaneous ratable reduction of the Commitments of the other Lenders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the unfunded portion of the Commitment of such Defaulting Lender shall not be included in determining whether all Lenders, a majority of the Lenders or the Required Lenders have taken or may take any action hereunder (including, in each case, any consent to any amendment or waiver pursuant to Section 13.01); <u>provided</u>, that any waiver, amendment or modification requiring the consent of all Lenders or each affected Lender, as applicable, which affects such Defaulting Lender differently than other affected Lenders shall require the consent of such Defaulting Lender; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Borrower may replace such Defaulting Lender in accordance with Section 2.16 of this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event that the Administrative Agent determines that a Defaulting Lender has adequately remedied all matters that caused such Lender to be a Defaulting Lender, then (i) the Lender Percentages shall be readjusted to reflect the inclusion of such Lender's Commitment and on such date such Lender shall purchase at par such of the Loans of the other Lenders as the Administrative Agent shall determine may be necessary in order for such Lender to hold such Loans in accordance with its Lender Percentage and (ii) the provisions of clause (a), above, shall, from and after such determination, cease to be of further force or effect with respect to such Lender.

Section 2.18. <u>Alternate Rate of Interest</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to clauses (b), (c), (d), (e) and (f) of this Section 2.18, if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Administrative Agent determines (which determination shall be conclusive absent manifest error) at any time, that adequate and reasonable means do not exist for ascertaining the applicable Adjusted Term SOFR or Term SOFR; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Administrative Agent is advised by the Required Lenders that at any time, the applicable Adjusted Term SOFR or Term SOFR will not adequately and fairly reflect the cost to such Lenders (or Lender) of making or maintaining their Loans (or its Loan) included in such Borrowing;

then the Administrative Agent shall give notice thereof to the Borrower and the Lenders by telephone or electronic mail as promptly as practicable thereafter and, until the Administrative Agent notifies the Borrower and the Lenders that the circumstances giving rise to such notice no longer exist with respect to the relevant Benchmark, the Loans shall bear interest at the Alternate Base Rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding anything to the contrary herein or in any other Basic Document (and any Hedging Agreements shall be deemed not to be a "Basic Document" for purposes of this Section 2.18), if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred prior to the Reference Time in respect of any setting of the then-current Benchmark, then such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Basic Document in respect of any Benchmark setting at or after 5:00 p.m. on the fifth Business Day after the date notice of such Benchmark Replacement is provided to the Lenders without any amendment to, or further action or consent of any other party to, this Agreement or any other Basic Document so long as the Administrative Agent has not received, by such time, written notice of objection to such Benchmark Replacement from Lenders comprising the Required Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding anything to the contrary herein or in any other Basic Document, the Administrative Agent will have the right to make Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Basic Document, any amendments implementing such Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any other Basic Document.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Administrative Agent will promptly notify the Borrower and the Lenders of (i) any occurrence of a Benchmark Transition Event, (ii) the implementation of any Benchmark Replacement, (iii) the effectiveness of any Conforming Changes, (iv) the removal or reinstatement of any tenor of a Benchmark pursuant to Section 2.18(f), and (v) the commencement or conclusion of any Benchmark Unavailability Period. Any determination, decision or election that may be made by the Administrative Agent or, if applicable, any Lender pursuant to this Section 2.18, including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or any selection, will be conclusive and binding absent manifest error and may be made in its or their sole discretion and without consent from any other party to this Agreement or any other Basic Document, except, in each case, as expressly required pursuant to this Section 2.18.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Upon the Borrower's receipt of notice of the commencement of a Benchmark Unavailability Period, and at all times during the continuation of a Benchmark Unavailability Period, the Loans will bear interest at the Alternate Base Rate. During a Benchmark Unavailability Period or at any time that a tenor for the then-current Benchmark is not an Available Tenor, the component of the Alternate Base Rate based upon the then-current Benchmark or such tenor for such Benchmark, as applicable, will not be used in any determination of the Base Rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Notwithstanding anything to the contrary herein or in any other Basic Document, at any time (including in connection with the implementation of a Benchmark Replacement), (i) if the then-current Benchmark is a term rate and either (A) any tenor for such Benchmark is not displayed on a screen or other information service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion or (B) the regulatory supervisor for the administrator of such Benchmark has provided a public statement or publication of information announcing that any tenor for such Benchmark is or will be no longer representative, then the Administrative Agent may modify the definition of 'Interest Period' for any Benchmark settings at or after such time to remove such unavailable or non-representative tenor and (ii) if a tenor that was removed pursuant to clause (i) above either (A) is subsequently displayed on a screen or information service for a Benchmark (including a Benchmark Replacement) or (B) is not, or is no longer, subject to an announcement that it is or will no longer be representative for a Benchmark (including a Benchmark Replacement), then the Administrative Agent may modify the definition of 'Interest Period' for all Benchmark settings at or after such time to reinstate such previously removed tenor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) In the event of the conversion of any Loan to bear interest at the Alternate Base Rate other than on the Distribution Date therefor then, in any such event, the Borrower shall compensate each Lender for any reasonable and documented out-of-pocket loss, cost and expense attributable to such event. A certificate of any Lender setting forth any amount or amounts that such Lender is entitled to receive pursuant to this Section 2.18 shall be delivered to the Borrower and shall be conclusive absent demonstrable error. The Borrower shall pay such Lender the amount shown as due on any such certificate within 10 Business Days after receipt thereof.

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ARTICLE THREE

SECURITY

Section 3.01. <u>Collateral</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The parties hereto intend that this Agreement constitute a security agreement and the transactions effected hereby constitute secured loans by the Lenders to the Borrower under Applicable Law. As collateral security for the prompt, complete and indefeasible payment and performance in full when due, whether by lapse of time, acceleration or otherwise, of the Obligations, the Borrower hereby grants to the Administrative Agent, as agent for the Secured Parties, a lien on and security interest in all of the Borrower's right, title and interest in, to and under the following, whether now existing or owned or hereafter arising or acquired by the Borrower (collectively, the "<u>Collateral</u>"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Receivables and the related Contracts (including the right to service the Receivables in connection therewith) and any accounts or obligations evidenced thereby, any guarantee thereof, all Collections and all monies due (including any payments made under any guarantee or similar credit enhancement with respect to any such Receivables) or to become due or received by any Person in payment of any of the foregoing on or after the related Cutoff Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Financed Vehicles related to such Receivables (including Financed Vehicles that have been repossessed) or in any document or writing evidencing any security interest in any Financed Vehicle and each security interest in each Financed Vehicle securing each such Receivable, including all proceeds from any sale or other disposition of such Financed Vehicles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Account Collateral (subject to the Remittance Account Control Agreement, with respect to the Remittance Account, and subject to the Control Agreement, with respect to the Collection Account, the Cash Reserve Account and the Hedge Reserve Account);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) all Hedge Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) all Receivable Files, the Schedule of Receivables, and all documents, agreements and instruments included in the Receivable Files, including rights of recourse of the Borrower against Lendbuzz, Lendbuzz Funding, and/or any Dealer with respect to the Receivables;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) all Records, documents and writings evidencing or related to the Receivables or the Contracts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) all rights to payment under all Insurance Policies with respect to a Financed Vehicle, including any monies collected from whatever source in connection with any default of an Obligor with respect to a Financed Vehicle and any proceeds from claims or refunds of premiums on any Insurance Policy;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) all guaranties, indemnities, warranties, insurance (and proceeds and premium refunds thereof) and other agreements or arrangements of whatever character from time to time supporting or securing payment of the Receivables, whether pursuant to the related Contracts or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) all rights to payment under all service contracts and other contracts and agreements associated with the Receivables;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) all security interests, Liens, guaranties and other encumbrances in favor of or assigned or transferred to the Borrower in and to the Receivables and Financed Vehicles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) all deposit accounts, monies, deposits, funds, accounts and instruments relating to the foregoing (subject to the Remittance Account Control Agreement and the Control Agreement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) the Purchase Agreement (including each Purchase Agreement Supplement) and remedies thereunder and the assignment to the Administrative Agent of all UCC financing statements filed by the Borrower against Lendbuzz Funding under or in connection with the Purchase Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) all other personal and fixture property or assets of the Borrower of every kind and nature including, without limitation, all goods (including inventory, equipment and any accessions thereto), instruments (including promissory notes), documents, accounts, chattel paper (whether tangible or electronic), deposit accounts, securities accounts, securities entitlements, letter-of-credit rights, commercial tort claims, securities and all other investment property, supporting obligations, money, any other contract rights or rights to the payment of money, insurance claims and proceeds, and all general intangibles (including all payment intangibles) (each as defined in the UCC); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) all income and proceeds of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The grant under this Section 3.01 does not constitute and is not intended to result in a creation or an assumption by the Administrative Agent or any other Secured Party of any obligation of the Borrower or any other Person in connection with any or all of the Collateral or under any agreement or instrument relating thereto. Anything herein to the contrary notwithstanding, (i) the Borrower shall remain liable under the Contracts to the extent set forth therein to perform all of its duties and obligations thereunder to the same extent as if this Agreement had not been executed, (ii) the exercise by the Administrative Agent of any of its rights in the Collateral shall not release the Borrower from any of its duties or obligations under the Collateral and (iii) none of the Administrative Agent or any other Secured Party shall have any obligations or liability under the Collateral by reason of this Agreement, nor shall any of the Administrative Agent or any other Secured Party be obligated to perform any of the obligations or duties of the Borrower thereunder or to take any action to collect or enforce any claim for payment assigned hereunder. Each of Lendbuzz, Lendbuzz Funding, and the Borrower represents and warrants as to itself that each remittance of Collections by Lendbuzz, Lendbuzz Funding, or the Borrower to the Administrative Agent or any Lender hereunder will have been (A) in payment of a debt incurred by the Borrower in the ordinary course of business or financial affairs of the Lenders and the Borrower and (B) made in the ordinary course of business or financial affairs of the Lenders and the Borrower.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding the foregoing grant of security interest, no account, instrument, chattel paper or other obligation or property of any kind due from, owned by or belonging to a Sanctioned Person shall be Collateral.

Section 3.02. <u>Release of Collateral; No Legal Title</u><u>.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) At the same time as any Contract (i) expires by its terms or (ii) has been prepaid in full, and in each case all amounts in respect thereof have been paid by the related Obligor and subsequently deposited into the Remittance Account or the Collection Account, the Administrative Agent will, to the extent requested by the Servicer, promptly release its interest and lien in such Contract and the related Collateral. In connection with any sale of a Financed Vehicle, after the deposit by the Servicer of the proceeds of such sale into the Remittance Account and subsequent deposit within two Business Days thereafter into the Collection Account, the Administrative Agent will, at the sole expense of the Servicer (which, in the case of any Successor Servicer, shall be reimbursable in accordance with the provisions of Section 2.07), promptly execute and deliver to the Servicer any assignments, bills of sale, termination statements and any other releases and instruments as the Servicer may reasonably request in order to effect the release and transfer of such Financed Vehicle; <u>provided</u>, that the Administrative Agent will not make any representation or warranty, express or implied, with respect to any such Financed Vehicle in connection with such sale or transfer and assignment. Nothing in this Section 3.02 shall diminish the Servicer's obligations pursuant to Section 7.03 with respect to the proceeds of any such sale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon (i) the transfer of any Receivables and the related Collateral in connection with a Take-out or (ii) the Facility Termination Date, the Administrative Agent, at the Borrower's expense, upon payment in full of the related Aggregate Unpaids, shall execute and file such partial or full releases or partial or full assignments of financing statements and other documents and instruments as may be reasonably requested by the Borrower to effectuate the release of the relevant portion of the Collateral.

Section 3.03. <u>Protection of Security Interest; Administrative Agent, as Attorney-in-Fact</u><u>.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower agrees that from time to time, at its expense, it will promptly execute and deliver all instruments and documents, and take all actions, that may reasonably be necessary or desirable, or that the Administrative Agent may deem necessary, to perfect, protect, or more fully evidence the security interest granted to the Administrative Agent in the Receivables and the other Collateral, or to enable the Secured Parties to exercise and enforce their rights and remedies hereunder and thereunder; <u>provided</u>, that prior to the declaration of an Event of Default, the Borrower shall in no case be required to relien a security interest on any Financed Vehicle in favor of the Administrative Agent or other Secured Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the Borrower fails to perform any of its obligations hereunder after five Business Days' notice from any Secured Party, such Secured Party may (but shall not be required to) perform, or cause performance of, such obligation; and the reasonable costs and expenses of such Secured Party incurred in connection therewith shall be payable by the

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Borrower as provided in Article Nine. The Borrower irrevocably authorizes the Administrative Agent and appoints the Administrative Agent, as its attorney-in-fact to act on behalf of the Borrower, (i) to execute or cause to be executed on behalf of the Borrower as debtor and to file financing statements necessary or desirable in the Administrative Agent's sole discretion to perfect and to maintain the perfection and priority of the interest of the Secured Parties in the Receivables and the other Collateral and (ii) to file a carbon, photographic, or other reproduction of this Agreement or any financing statement with respect to the Receivables and the other Collateral, as a financing statement in such offices as the Administrative Agent in its sole discretion deems necessary or desirable to perfect and to maintain the perfection and priority of the interests of the Secured Parties in the Receivables and the other Collateral. Such financing statements may describe the Collateral in the same manner as described herein or may contain an indication or description of collateral that describes such property in any other manner as the Administrative Agent may determine, in its reasonable discretion, is necessary, advisable, or prudent to ensure the perfection of the security interest in the Collateral granted to the Administrative Agent herein. The Borrower hereby authorizes the filing of financing statements describing the collateral as "All assets of the debtor, whether now owned or existing or hereafter acquired or arising and wherever located, and all proceeds and products thereof" or words to that effect. This appointment is coupled with an interest and is irrevocable.

Section 3.04. <u>Assignment of the Purchase Agreement</u>. The Borrower hereby represents, warrants and confirms to the Administrative Agent that the Borrower has assigned to the Administrative Agent, for the ratable benefit of the Secured Parties hereunder, all of the Borrower's right and title to and interest in the Purchase Agreement (including each Purchase Agreement Supplement). The Borrower agrees that, for so long as Lendbuzz Funding is the Servicer, the Administrative Agent may direct the Borrower to enforce any and all rights of the Borrower under the Purchase Agreement (including each Purchase Agreement Supplement), including the Borrower's right to require Lendbuzz Funding to repurchase Receivables for breaches of representations and warranties made by Lendbuzz Funding, and that if Lendbuzz Funding is no longer the Servicer, that the Servicer shall enforce all such rights on behalf of the Borrower pursuant to Section 7.03(c)(i). The Borrower confirms that, during the continuation of an Event of Default, the Administrative Agent shall have the sole right to enforce the Borrower's rights and remedies under the Purchase Agreement or any Purchase Agreement Supplement for the benefit of the Secured Parties, but without any obligation on the part of the Secured Parties or any of their respective Affiliates, to perform any of the obligations of the Borrower under the Purchase Agreement or any Purchase Agreement Supplement. The Borrower further confirms and agrees that such assignment to the Administrative Agent shall terminate upon the Facility Termination Date; provided, that the rights of the Secured Parties pursuant to such assignment with respect to rights and remedies in connection with any indemnities and any breach of any representation, warranty or covenants made by Lendbuzz Funding pursuant to the Purchase Agreement, which rights and remedies survive the termination of the Purchase Agreement, shall be continuing and shall survive any termination of such assignment.

Section 3.05. <u>Waiver of Certain Laws</u>. Each of the Borrower, the Servicer, the Backup Servicer, and the Collateral Custodian agrees, to the full extent that it may lawfully so agree, that neither it nor anyone claiming through or under it will set up, claim or seek to take advantage of any appraisement, valuation, stay, extension or redemption law now or hereafter in force in any locality where any part of the Collateral may be situated in order to prevent, hinder or delay the enforcement or foreclosure of this Agreement, or

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the absolute sale of any of the Collateral or any part thereof, or the final and absolute putting into possession thereof, immediately after such sale, of the purchasers thereof, and each of the Borrower, the Servicer, the Backup Servicer and the Collateral Custodian, for itself and all who may at any time claim through or under it, hereby waives, to the full extent that it may be lawful so to do, the benefit of all such laws, and any and all right to have any of the properties or assets constituting the Collateral marshaled upon any such sale, and agrees that the Administrative Agent or any court having jurisdiction to foreclose the security interests granted in this Agreement may sell the Collateral as an entirety or in such parcels as the Administrative Agent or such court may determine.

Section 3.06. <u>Remittance Account</u>. Lendbuzz Funding hereby grants a security interest in the Remittance Account to the Administrative Agent on behalf of the Secured Parties, as security for the payment and performance of its obligations to the Administrative Agent, the Secured Parties, and the Borrower set forth herein, and Lendbuzz Funding hereby agrees that the security interest granted pursuant to this Section 3.06 shall be for the benefit of, and the remedies provided for herein and in the Remittance Account Control Agreement with respect thereto shall be exercisable by, the Administrative Agent on behalf of the Secured Parties.

ARTICLE FOUR

CONDITIONS OF CLOSING AND LOANS

Section 4.01. <u>Conditions to Effectiveness of this Agreement</u>. The Closing Date shall not occur and no party hereto will be obligated to take, fulfill or perform any action hereunder, until each of the following conditions have been satisfied, in the sole discretion of the Administrative Agent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Basic Document (other than any Hedging Agreements) shall have been duly executed by, and delivered to, the parties hereto and thereto and the Administrative Agent shall have received complete and, where applicable, executed versions of all other documents, instruments, agreements and legal opinions specified in the Schedule of Documents, each in form and substance satisfactory to the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Administrative Agent shall have received (i) satisfactory evidence that the Borrower, Lendbuzz and Lendbuzz Funding have obtained all required consents and approvals of all Persons, including all requisite Governmental Authorities, to the execution, delivery and performance of this Agreement and the other Basic Documents to which each is a party and the consummation of the transactions contemplated hereby or thereby or (ii) an Officer's Certificate from each of the Borrower, Lendbuzz and Lendbuzz Funding, in form and substance satisfactory to the Administrative Agent, affirming that no such consents or approvals are required; it being understood that the acceptance of such evidence or Officer's Certificate shall in no way limit the recourse of the Administrative Agent or any Secured Party against Lendbuzz, Lendbuzz Funding, or the Borrower for a breach of Lendbuzz's, Lendbuzz Funding's, or the Borrower's representation or warranty that all such consents and approvals have, in fact, been obtained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Borrower shall provide satisfactory evidence that the Borrower has established the Collection Account, the Cash Reserve Account, the Hedge Reserve Account, the Hedge Counterparty Collateral Account and the Remittance Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Borrower, the Lendbuzz, and Lendbuzz Funding shall each be in compliance in all material respects with all Applicable Laws and shall have delivered an Officer's Certificate to the Administrative Agent as to this and other closing matters.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Borrower shall have paid all fees required to be paid by it on the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) No Event of Default or Unmatured Event of Default shall have occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) No Servicer Termination Event or Unmatured Servicer Termination Event shall have occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) At least five (5) days prior to the date of this Agreement, all documentation and other information required by bank regulatory authorities or reasonably requested by the Administrative Agent or any Lender under or in respect of applicable "know your customer" and anti-money laundering Legal Requirements including the PATRIOT Act and, if Borrower qualifies as a "legal entity customer" under the Beneficial Ownership Regulation, a Beneficial Ownership Certification in relation to Borrower that has been requested at least ten (10) Business Days prior to the date of this Agreement.

Section 4.02. <u>Conditions Precedent to All Loans</u>. Each request for a Loan (including the Initial Loan) by the Borrower to a Lender shall be subject to the conditions set forth in Section 4.01 and the further conditions precedent that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The initial Servicer shall have delivered to the Administrative Agent, on or prior to the date of such Loan, (i) a Funding Request and (ii) a Purchase Agreement Supplement (in the form of Exhibit A to the Purchase Agreement, including the Schedule of Receivables attached thereto), dated within two Business Days prior to the date of such Loan, in each case containing such additional information as may be reasonably requested by the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) On the date of such Loan, the following shall be true and correct and the Borrower shall be deemed to have certified that, after giving effect to the proposed Loan and pledge of the Collateral:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the representations and warranties contained in Sections 5.01 and 5.02 are true and correct on and as of such day as though made on and as of such day and shall be deemed to have been made on such day (except to the extent such representation or warranty expressly relates to a prior date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) no event has occurred and is continuing, or would result from such transaction that constitutes (A) an Event of Default or Unmatured Event of Default or (B) a Servicer Termination Event or Unmatured Servicer Termination Event;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) on and as of such day, after giving effect to such transaction, the aggregate Loan Outstanding does not exceed the Borrowing Base;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) on and as of each such day, the Borrower, the Servicer, the Collateral Custodian, the Seller, and the Performance Guarantor each has performed all of the agreements contained in this Agreement and the other Basic Documents to be performed by it at or prior to such day; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) no law or regulation shall prohibit, and no order, judgment or decree of any federal, State or local court or governmental body, agency or instrumentality shall prohibit or enjoin, the making of such Loan by the Lenders in accordance with the provisions hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Borrower shall be in compliance with Section 6.03 and with all requirements of any Hedging Agreement required thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Borrower shall cause to be on deposit at all times in the Cash Reserve Account an amount of cash equal to the Required Cash Reserve Amount taking into account the Principal Balance of Receivables the Borrower has acquired (or will acquire on the date of such Advance) in connection with or related to such proposed Loan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) On the date of such transaction, the Administrative Agent shall have received such other approvals, opinions, information or documents as the Administrative Agent may reasonably require.

ARTICLE FIVE

REPRESENTATIONS AND WARRANTIES

Section 5.01. <u>Representations and Warranties of the Borrower</u>. The Borrower represents and warrants, as of the Closing Date and each Funding Date, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Organization and Good Standing</u>. The Borrower has been duly organized, and is validly existing as a limited liability company in good standing under the laws of the State of Delaware, with all requisite power and authority to own or lease its properties and conduct its business as such business is presently conducted, and the Borrower had at all relevant times, and now has all necessary power, authority and legal right to acquire, own, sell and pledge the Receivables and the other Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Due Qualification</u>. The Borrower is duly qualified to do business and is in good standing as a limited liability company, and has obtained all necessary licenses and approvals in all jurisdictions in which the ownership or lease of property or the conduct of its business (including, as applicable, the purchase, sale, and pledge of the Receivables) requires such qualifications, licenses, or approvals, except those jurisdictions in which failure to be so qualified would not have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Power and Authority; Due Authorization</u>. The Borrower (i) has all necessary power, authority and legal right to (A) execute and deliver the Borrower Basic Documents, (B) carry out the terms of the Borrower Basic Documents, and (C) grant the security interest in the Collateral on the terms and conditions herein provided and (ii) has duly authorized by all necessary limited liability company action the execution, delivery, and performance of the Borrower Basic Documents and the grant of the security interest in the Collateral on the terms and conditions herein and therein provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Binding Obligation</u>. Each Borrower Basic Document constitutes a legal, valid and binding obligation of the Borrower, enforceable against the Borrower in accordance with its respective terms, except as such enforceability may be limited by Insolvency Laws and except as such enforceability may be limited by general principles of equity (whether considered in a suit at law or in equity).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>No Violation</u>. The execution and delivery of the Borrower Basic Documents, the consummation of the transactions contemplated by the Borrower Basic Documents ,and the fulfillment of the terms hereof and thereof will not (i) conflict with, result in any breach of any of the material terms and provisions of, or constitute (with or without notice or lapse of time or both) a default under the Borrower's Formation Documents or a default under any Contractual Obligation of the Borrower, (ii) result in the creation or imposition of any Lien upon any of the Borrower's properties (other than Permitted Liens), or (iii) violate any Applicable Law in any material respect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>No Proceedings</u>. There is no litigation, proceeding, or investigation pending or, to the best knowledge of the Borrower, threatened against the Borrower, before any Governmental Authority (i) asserting the invalidity of any Borrower Basic Document, (ii) seeking to prevent the consummation of any of the transactions contemplated by any Borrower Basic Document, or (iii) seeking any determination or ruling that could reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>All Consents Required</u>. All approvals, authorizations, consents, orders, licenses, or other actions of any Person or of any Governmental Authority required for the due execution, delivery, and performance by the Borrower of the Borrower Basic Documents have been obtained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Bulk Sales</u>. The execution, delivery, and performance of the Borrower Basic Documents do not require compliance with any "bulk sales" act or similar law by the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Solvency</u>. The transactions contemplated by the Borrower Basic Documents do not and will not cause the Borrower not to be Solvent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Taxes; Tax Status</u>. The Borrower has filed or caused to be filed all federal, state, and other tax returns that are required to be filed by it. The Borrower has paid or made adequate provisions for the payment of all Taxes made against it or any of its property (other than any amount of Tax the validity of which is currently being contested in good faith by appropriate proceedings diligently conducted and with respect to which reserves in accordance with GAAP have been provided on the books of the Borrower), and no Tax lien has been filed and, to the Borrower's knowledge, no claim is being asserted, with respect to any such Tax. The Borrower is and has at all times been, for United States federal income tax purposes, either (i) a "disregarded entity" beneficially owned by a "United States person" or (ii) a "domestic partnership" (and not a "publicly traded partnership" treated as a corporation) beneficially owned solely by such United States persons, and has not taken (or permitted any other Person to take) any action that could (or could reasonably be expected to) cause the Borrower to be classified as an association or as a publicly traded partnership treated as a corporation.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Quality of Title</u>. Each Receivable, together with the Contract related thereto, shall, at all times, be owned by the Borrower free and clear of any Lien except for Permitted Liens, and upon the making of a Loan, the Administrative Agent, as agent for the Secured Parties, shall acquire a valid and perfected first priority security interest in each Receivable and in the related Collateral then existing or thereafter arising, free and clear of any Lien, other than Permitted Liens. No effective financing statement or other instrument similar in effect covering any portion of the Collateral shall at any time be on file in any recording office except such as may be filed in favor of (i) the Borrower in accordance with the Purchase Agreement or (ii) the Administrative Agent in accordance with this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Security Interest</u>. The Borrower has granted a security interest (as defined in the UCC) to the Administrative Agent, as agent for the Secured Parties, in the Collateral, which is enforceable in accordance with Applicable Law upon execution and delivery of this Agreement. Upon the filing of UCC-1 financing statements describing the Collateral, naming the Administrative Agent as secured party, and naming the Borrower as debtor, the Administrative Agent, as agent for the Secured Parties, shall have a first priority (except for any Permitted Liens) perfected security interest in the Collateral. All filings (including UCC filings) as are necessary in any jurisdiction to perfect the interest of the Administrative Agent, as agent for the Secured Parties, in the Collateral have been made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>Reports Accurate</u>. All Monthly Reports (if prepared by the Borrower, or to the extent that information contained therein is supplied by the Borrower, such portion supplied by the Borrower), information, exhibits, financial statements, documents, books, records, or reports furnished or to be furnished by the Borrower to the Administrative Agent, any Secured Party, the Backup Servicer and the Account Bank in connection with this Agreement are true, complete, and correct in all material respects as of the date specified therein or the date so furnished, as applicable; provided, however, that with respect to any projections or forward-looking statements furnished by or on behalf of the Borrower, such projections and forward-looking statements were based on good faith estimates and assumptions that were believed by the Borrower to be reasonable at the time delivered to the Administrative Agent, any Secured Party, the Backup Servicer and the Account Bank; and provided, further, that such projections and forward-looking statements are not to be viewed as facts, are subject to significant uncertainties and contingencies beyond the control of the Borrower, no assurance can be given that any particular projection or forward-looking statements will be realized and actual results during the period or periods covered by the projections and forward-looking statements may differ from such projections and that the differences may be material.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>Location of Offices</u>. The principal place of business and chief executive office of the Borrower are located at the address of the Borrower referred to in Section 13.02 (or at such other locations as to which the notice and other requirements specified in Section 6.02(f) shall have been satisfied) and has been since the Borrower was formed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) <u>Remittance Account; Collection Account</u>. None of the Remittance Account, the Collection Account, or any interest in either the Remittance Account or the Collection Account has been pledged or assigned to any party other than the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) <u>Trade Names</u>. The Borrower has no trade names, fictitious names, assumed names, or "doing business as" names or other names under which it has done or is doing business.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) <u>Purchase Agreement</u>. The Purchase Agreement is the only agreement pursuant to which the Borrower purchases Receivables and the related Contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) <u>Value Given</u>. The Borrower shall have given reasonably equivalent value to Lendbuzz Funding in consideration for the transfer to the Borrower of the Receivables and the related Collateral under the Purchase Agreement, no such transfer shall have been made for or on account of an antecedent debt owed by Lendbuzz Funding to the Borrower and no such transfer is or may be voidable or subject to avoidance under any section of the Bankruptcy Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) <u>Accounting</u>. The Borrower accounts for the transfers to it from Lendbuzz Funding of the Receivables and related Collateral under the Purchase Agreement as true sales/true contributions of such Receivables and related Collateral in its books, records and financial statements, in each case consistent with GAAP and with the requirements set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) <u>Special Purpose Entity</u>. The Borrower is in compliance with Section 6.01(o).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) <u>Confirmations from Lendbuzz and Lendbuzz Funding</u>. The Borrower has received confirmations from each of Lendbuzz and Lendbuzz Funding that, so long as the Borrower is not "insolvent" within the meaning of the Bankruptcy Code or otherwise unable to pay its debts as they become due, neither Lendbuzz nor Lendbuzz Funding will cause the Borrower to file a voluntary petition under the Bankruptcy Code or any other Insolvency Laws. Each of the Borrower, Lendbuzz, and Lendbuzz Funding is aware that in light of the circumstances described in the preceding sentence and other relevant facts, the filing of a voluntary petition under the Bankruptcy Code for the purpose of making any Receivable or any other assets of the Borrower available to satisfy claims of the creditors of Lendbuzz and/or Lendbuzz Funding would not result in making such assets available to satisfy such creditors under the Bankruptcy Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>ERISA Matters</u>. The Borrower is not a "benefit plan investor" (as defined under Section 3(42) of ERISA). The Borrower does not sponsor, maintain or contribute to any Pension Plan or Multiemployer Plan. Neither the Borrower nor any ERISA Affiliate has any liability (contingent or otherwise) with respect to any Pension Plan or Multiemployer Plan except to the extent such liability could not reasonably be expected to have a Material Adverse Effect. Each Pension Plan sponsored, maintained or contributed to by Lendbuzz, Lendbuzz Funding, or any ERISA Affiliate of the Borrower, under which employees of the Borrower participate in or participated in, complies in all respects with ERISA and all other applicable laws except to the extent the failure to comply could not reasonably be expected to have a Material Adverse Effect. No Plan Event has occurred or is reasonably expected to occur that might result, directly or indirectly, in any material lien being imposed on the property or assets of the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) <u>Investment Company Act</u>. The Borrower (i) is not a "covered fund" under regulations adopted to implement section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, commonly known as the "Volcker Rule" and (ii) is not, and after giving effect to the transactions contemplated hereby, will not be required to register as an "investment company" within the meaning of the Investment Company Act. In determining that the Borrower is not an "investment company" within the meaning of the Investment Company Act, the Borrower is entitled to either the benefit of the exemption provided under Section 3(c)(5) of the Investment Company Act or the exclusion for loan securitizations in the Volcker Rule under 17 C.F.R. 75.10(c)(8).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) <u>Accuracy of Representations and Warranties</u>. Each representation or warranty by the Borrower contained herein, in any other Basic Document or in any certificate or other document furnished by the Borrower pursuant hereto or thereto or in connection herewith or therewith is true and correct in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) <u>Anti-Corruption Laws and Sanctions</u>. The Borrower is subject to policies and procedures of Lendbuzz that are designed to ensure compliance by Lendbuzz and its Subsidiaries, directors, officers, employees, and agents with Anti-Corruption Laws and applicable Sanctions. The Borrower, its officers, directors, and employees are in compliance with Anti-Corruption Laws and applicable Sanctions in all material respects. None of (a) the Borrower or any of its directors, officers, or employees, or (b) to the knowledge of the Borrower, any agent of the Borrower that will act in any capacity in connection with or benefit from the facility established hereby, is a Sanctioned Person. No Loan, use of proceeds, or other transaction contemplated by this Agreement will violate Anti-Corruption Laws or applicable Sanctions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) <u>Beneficial Ownership Rule</u>. At least 51% of the equity interests in the Borrower is owned, directly or indirectly, by a listed entity, and the Borrower is excluded on that basis from the definition of "Legal Entity Customer" as defined in the Beneficial Ownership Rule.

Section 5.02. <u>Representations and Warranties of the Borrower Relating to the Receivables</u>. The Borrower hereby represents and warrants as of each Funding Date, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule C and the information contained in the related Funding Request is an accurate and complete listing in all material respects of the Receivables (including the Receivables being transferred on such Funding Date) constituting a portion of the Collateral as of the date of the related Loan and the information contained therein with respect to the identity of such Receivables and the amounts owing thereunder is true and correct in all material respects as of the related Cutoff Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) each Receivable referenced on the related Funding Request is an Eligible Receivable.

Section 5.03. <u>Representations and Warranties of Lendbuzz Funding</u>. Lendbuzz Funding represents and warrants, as of the Closing Date and each Funding Date, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Organization and Good Standing</u>. Lendbuzz Funding has been duly organized and is validly existing as a limited liability company in good standing under the laws of the State of Delaware, with all requisite power and authority to own or lease its properties and to conduct its business as such business is presently conducted and to enter into and perform its obligations pursuant to this Agreement, except as would not reasonably be expected (either individually or in the aggregate) to result in a Material Adverse Effect.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Due Qualification</u>. Lendbuzz Funding is duly qualified to do business and is in good standing as a limited liability company, and has obtained all necessary licenses and approvals in all jurisdictions in which the ownership or lease of its property and or the conduct of its business, including the underwriting, servicing, and custody of the Receivables, requires such qualification, licenses, or approvals, except to the extent the failure to obtain such consents or approvals could not reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Power and Authority; Due Authorization</u>. Lendbuzz Funding (i) has all necessary power, authority and legal right to (A) execute and deliver the Servicer Basic Documents and (B) carry out the terms of the Servicer Basic Documents and (ii) has duly authorized by all necessary corporate action the execution, delivery and performance of the Servicer Basic Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Binding Obligation</u>. Each Servicer Basic Document constitutes a legal, valid, and binding obligation of Lendbuzz Funding enforceable against Lendbuzz Funding in accordance with its respective terms except as such enforceability may be limited by Insolvency Laws and except as such enforceability may be limited by general principles of equity (whether considered in a suit at law or in equity).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>No Violation</u>. The execution and delivery of the Servicer Basic Documents, the consummation of the transactions contemplated by the Servicer Basic Documents, and the fulfillment of the terms hereof and thereof will not (i) conflict in any material respect with, result in any material breach of any of the terms and provisions of, or constitute (with or without notice or lapse of time or both) a default under, its Formation Documents or, in any material respect, any Contractual Obligation of Lendbuzz Funding, (ii) result in the creation or imposition of any Lien upon any of Lendbuzz Funding's properties (other than Permitted Liens), or (iii) violate any Applicable Law, except to the extent such violation could not reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>No Proceedings</u>. There is no litigation, proceeding or investigation pending or, to the best knowledge of Lendbuzz Funding, threatened against Lendbuzz Funding, before any Governmental Authority (i) asserting the invalidity of any Servicer Basic Document, (ii) seeking to prevent the consummation of any of the transactions contemplated by any Servicer Basic Document, (iii) challenging the enforceability of a material portion of the Receivables, or (iv) seeking any determination or ruling that could reasonably be expected to have Material Adverse Effect with respect to Lendbuzz Funding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>All Consents Required</u>. All approvals, authorizations, consents, orders, or other actions of any Person or of any Governmental Authority (if any) required for the due execution, delivery and performance by Lendbuzz Funding of the Servicer Basic Documents have been obtained except those which if not obtained could not reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Reports Accurate</u>. All Monthly Reports, information, exhibits, financial statements, documents, books, records or reports furnished or to be furnished by Lendbuzz Funding to any Secured Party, the Backup Servicer, and the Account Bank in connection with this Agreement are accurate, true, and correct in all material respects as of the date specified therein or the date so furnished, as applicable; provided, however, that with respect to any projections or forward-looking statements furnished by Lendbuzz Funding, such projections and

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forward-looking statements were based on good faith estimates and assumptions that were believed by Lendbuzz Funding to be reasonable at the time delivered to any Secured Party, the Backup Servicer or the Account Bank; and provided, further, that such projections and forward-looking statements are not to be viewed as facts, are subject to significant uncertainties and contingencies beyond the control of Lendbuzz Funding, no assurance can be given that any particular projection or forward-looking statements will be realized and actual results during the period or periods covered by the projections and forward-looking statements may differ from such projections and that the differences may be material.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Lendbuzz Funding's Performance</u>. Lendbuzz Funding has the knowledge, the experience, and the systems, financial, and operational capacity available to timely perform each of its obligations hereunder in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Accounts</u>. Lendbuzz Funding has neither pledged nor entered into a control agreement (other than the Remittance Account Control Agreement) with respect to the Remittance Account or amounts on deposit therein. Lendbuzz Funding has neither pledged nor entered into a control agreement (other than the Control Agreement) with respect to the Collection Account or amounts on deposit therein, with respect to the Hedge Reserve Account or amounts on deposit therein or with respect to the Cash Reserve Account or amounts on deposit therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Trade Names and Place of Business</u>. Except as otherwise indicated in this Agreement or as the same may be changed in accordance with Section 6.05(b), (i) Lendbuzz Funding has no trade names, fictitious names, assumed names, or "doing business as" names or other names under which it has done or is doing business and (ii) the principal place of business and chief executive office of Lendbuzz Funding are located at the address of Lendbuzz Funding set forth on the signature pages hereto and has been so for the last four months.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Compliance with the Credit and Collection Policy</u>. Lendbuzz Funding has, with respect to the Receivables, complied in all material respects with the Credit and Collection Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>ERISA Matters</u>. No Plan Event has occurred or is reasonably expected to occur that might result, directly or indirectly, in any lien being imposed on the property of Lendbuzz Funding which could result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>Investment Company Act</u>. Lendbuzz Funding is not an "investment company" within the meaning of the Investment Company Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) <u>Anti-Corruption Laws and Sanctions</u>. Lendbuzz Funding is subject to policies and procedures of Lendbuzz that are designed to ensure compliance by Lendbuzz and its Subsidiaries, directors, officers, employees, and agents with Anti-Corruption Laws and applicable Sanctions. Lendbuzz Funding, its officers, directors, and employees are in compliance with Anti-Corruption Laws and applicable Sanctions in all material respects. None of (a) Lendbuzz Funding or any of its directors, officers, or employees, or (b) to the knowledge of Lendbuzz Funding, any agent of Lendbuzz Funding that will act in any capacity in connection with or benefit from the facility established hereby, is a Sanctioned Person.

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Section 5.04. <u>Retransfer of Certain Receivables</u><u>.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Retransfer of an Ineligible Receivable</u>. If a Receivable was an Ineligible Receivable at the time it was initially pledged hereunder, no later than the earlier of (i) knowledge by the Borrower of such Receivable having been an Ineligible Receivable when it was so pledged and (ii) receipt by the Borrower from the Administrative Agent or the initial Servicer of written notice thereof (which notice the initial Servicer shall be required to give within two Business Days of any of its Responsible Officers having actual knowledge thereof), the Borrower shall (A) disclose the identity of such Ineligible Receivable on the next Monthly Report and (B) on or before the next Distribution Date, to the extent such breach has not been cured or waived, make a deposit of the Release Price for each such Ineligible Receivable to the Collection Account in immediately available funds and accept the release of each such Ineligible Receivable, and (C) the Borrowing Base shall be re-calculated to reflect the removal of each such Ineligible Receivable (as of the end of the most recent Collection Period). The Administrative Agent shall be deemed, upon deposit of the Release Price into the Collection Account, to convey to the Borrower, without recourse, representation, or warranty, all of its right, title, and interest in such Ineligible Receivable and the Borrower shall accept the release of each such Ineligible Receivable from the Administrative Agent. Upon each release to the Borrower of such Ineligible Receivable, the Administrative Agent shall automatically and without further action be deemed to transfer, assign, and set-over to the Borrower, without recourse, representation, or warranty, all the right, title, and interest of the Administrative Agent in, to, and under such Ineligible Receivable and all future monies due or to become due with respect thereto, all proceeds of such Ineligible Receivable and Recoveries and Insurance Proceeds relating thereto, all rights to security for any such Ineligible Receivable, and all proceeds and products of the foregoing. The Administrative Agent shall, at the sole expense of the Servicer (which, in the case of any Successor Servicer, shall be reimbursable in accordance with the provisions of Section 2.07), execute such documents and instruments of release as may be prepared by the Servicer on behalf of the Borrower and take such other actions as shall reasonably be requested by the Borrower to effect the release of such Ineligible Receivable pursuant to this subsection.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Retransfer of Receivables for Breach of Servicing Covenant</u>. In the event that the initial Servicer breaches a servicing covenant pursuant to Section 7.03(c)(i) with respect to any Receivable, which breach adversely affects the Receivable or the interests of the Lenders, no later than the earlier of (i) knowledge by the initial Servicer of such event or (ii) receipt by the initial Servicer from the Administrative Agent or the Borrower of written notice thereof, the initial Servicer shall (A) disclose the identity of such Receivable on the next Monthly Report and (B) on or before the next Distribution Date, to the extent such breach has not been cured or waived, make a deposit of the Release Price for each such Receivable into the Collection Account in immediately available funds, and the initial Servicer shall accept the release of such Receivable(s), in each case as described in Section 5.04(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Notice of Retransfer</u>. The Borrower or the Servicer, as applicable, shall provide written notice to the Administrative Agent and each Hedge Counterparty on the Monthly Report of any release of Receivables pursuant to Sections 5.04(a) and (b). With respect to any such release, the Borrower shall provide written notice to the Administrative Agent and each Hedge Counterparty of any release of Receivables prior to 3:00 p.m., three (3) Business Days prior to the related repurchase date, and such notice shall include a calculation of the Borrowing Base after giving effect to such release, as well as representations and warranties by the Borrower that no Event of Default or Servicer Termination Event has occurred, that the Borrowing Base calculation included with such notice is accurate.

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ARTICLE SIX

COVENANTS

Section 6.01. <u>Affirmative Covenants of the Borrower</u>. From the Closing Date until the Facility Termination Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Compliance with Laws</u>. The Borrower will comply in all material respects with all Applicable Laws, including those with respect to the Receivables and related Financed Vehicles1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Preservation of Existence</u>. The Borrower will preserve and maintain its existence, rights, franchises and privileges in the State of Delaware, and qualify and remain qualified in good standing as a foreign limited liability company in each jurisdiction where the failure to preserve and maintain such existence, rights, franchises, privileges, and qualification has had, or could reasonably be expected to have, a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Performance and Compliance with Agreements</u>. The Borrower will, at its expense, timely and fully perform and comply (or cause the Seller to perform and comply pursuant to this Agreement, the Purchase Agreement and all Purchase Agreement Supplements), in all material respects, all provisions, covenants and other promises required to be observed by it under the Basic Documents and the Contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Keeping of Records and Books of Account</u>. To the extent not maintained and implemented by the Servicer, the Borrower will maintain and implement administrative and operating procedures (including an ability to recreate records evidencing Receivables in the event of the destruction of the originals thereof), and keep and maintain all documents, books, records, financial statements, and other information reasonably necessary or advisable for the collection of all Receivables. Such books and records shall include reports adequate to permit the daily identification of each new Receivable and all Collections of and adjustments to each existing Receivable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Borrower Assets</u>. With respect to each Receivable, the Borrower will: (i) acquire such Receivable pursuant to and in accordance with the terms of the Purchase Agreement, (ii) take all action necessary to perfect, protect, and more fully evidence the Borrower's ownership of such Receivable, including (A) filing and maintaining effective financing statements (Form UCC-1) listing Lendbuzz Funding as debtor in all necessary filing offices (and will cause Lendbuzz Funding to obtain similar financing statements from each entity from which it acquired the Receivables), and filing continuation statements, amendments, or assignments with respect thereto in such filing offices and (B) executing or causing to be executed such other instruments or notices as may be necessary, and (iii) take all additional action that the Administrative Agent may reasonably request, including the filing of financing statements listing the Administrative Agent as secured party to perfect, protect, and more fully evidence the respective interests of the parties to this Agreement in the Collateral.

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1 Covenant already qualified with compliance "in all material respects"

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Delivery of Collections</u>. The Borrower will deliver to the Servicer, for further remittance to the Collection Account, all Collections received by Borrower in respect of the Receivables no later than two Business Days after the Borrower's receipt thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Separate Corporate Existence</u>. The Borrower shall be in compliance with the special purpose entity requirements set forth in Section 6.01(o).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Credit and Collection Policy</u>. The Borrower will, or will cause Lendbuzz Funding or the Servicer to, as the case may be, with respect to each Receivable, comply with the Credit and Collection Policy (which may include originating or servicing Receivables in accordance with those discretionary exceptions that are set forth therein).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Notice of Certain Events</u>. The Borrower will provide the Administrative Agent with written notice within one Business Day of the date on which the Borrower receives notice of, or obtains knowledge of, the occurrence of any Event of Default, Unmatured Event of Default, Servicer Termination Event, and Unmatured Servicer Termination Event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Taxes; Tax Status</u>. The Borrower will file all federal, state, and other tax returns that are required to be filed by it and will pay any and all Taxes, including those required to meet the obligations of the Basic Documents, except for Taxes that the Borrower is contesting in good faith and by appropriate legal proceedings the validity, applicability or amount thereof with such proceedings diligently conducted, and adequate reserves in accordance with GAAP are being maintained by the Borrower, except to the extent that such contest does not materially endanger any right or interest of the Secured Parties under the Basic Documents. The Borrower shall at all times maintain its status for United States federal income tax purposes as either (i) a "disregarded entity" beneficially owned by a "United States person" or (ii) a "domestic partnership" (other than a "publicly traded partnership" treated as a corporation) beneficially owned solely by such United States persons, and shall not take (or permit any other Person to take) any action that could (or could reasonably be expected to) cause the Borrower to be classified as an association or as a publicly traded partnership treated as a corporation. If the Borrower is classified as a partnership for U.S. federal income tax purposes, then the Borrower will, to the extent that it is eligible to do so, make, or cause to be made, the election under Code Section 6221(b) to be exempt from adjustments being made at the partnership level and take any other action necessary or appropriate for the election. If that election is not available, the Borrower will, to the extent that it is eligible to do so, make (or cause to be made) the election under Code Section 6226(a) for the alternative to payment of imputed underpayment by a partnership and take any other action necessary or appropriate for the election.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Liens</u>. The Borrower will not create, or participate in the creation of, or permit to exist, any Liens (other than Permitted Liens) with respect to the Remittance Account or the Collection Account.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Reporting</u>. The Borrower will furnish or cause to be furnished to the Administrative Agent and, to the extent requested by a Hedge Counterparty, such Hedge Counterparty:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Monthly Report</u>. Not later than each Reporting Date, a Monthly Report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Quarterly Report</u>. By the 15<sup>th</sup> of each January, April, July and October, a Quarterly Report, including information as of the previous month-end, as to the Receivables such as collections, delinquencies, losses, recoveries, cash flows, and such other information as reasonably requested by the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Financial Statements</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Within 60 days after the end of each of the first three quarterly fiscal periods of each fiscal year of the Performance Guarantor, the unaudited consolidated balance sheets of the Performance Guarantor as at the end of such period and the related unaudited consolidated statements of income and retained earnings for the Performance Guarantor for such period, setting forth in comparative figures for the previous quarter (to the extent such prior quarter financial statements were delivered pursuant to this Section 6.01(l)(iii) or are otherwise available), accompanied by a certificate of a Responsible Officer of the Performance Guarantor, which certificate shall state that each such consolidated financial statement fairly presents the financial condition of the Performance Guarantor in accordance with GAAP, consistently applied, as at the end of, and for, such period (subject to normal year end audit adjustments). Notwithstanding the foregoing, if any such report is timely filed with the Securities and Exchange Commission and is publicly available on its the Electronic Data Gathering, Analysis and Retrieval (EDGAR) system on the date that the related report would otherwise be due hereunder, such report shall be deemed to have been timely delivered in accordance with this subclause.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Within 120 days after each fiscal year of the Performance Guarantor, the audited consolidated balance sheets of the Performance Guarantor as at the end of such fiscal year and the related audited consolidated statements of income and retained earnings and of cash flows for the Performance Guarantor for such year, setting forth in comparative form the figures for the previous year, accompanied by an opinion thereon of independent certified public accountants of recognized national standing, which opinion shall not be qualified as to scope of audit or going concern (other than a qualification as to going concern based solely on the tenor of the Commitments hereunder) and shall state that each consolidated financial statement fairly presents the financial condition and results of operations of the Performance Guarantor at the end of, and for, such fiscal year in accordance with GAAP. Notwithstanding the

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foregoing, if any such report is timely filed with the Securities and Exchange Commission and is publicly available on its the Electronic Data Gathering, Analysis and Retrieval (EDGAR) system on the date that the related report would otherwise be due hereunder, such report shall be deemed to have been timely delivered in accordance with this subclause.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) Within 120 days of the end of each fiscal year of the Performance Guarantor, a certificate of a Responsible Officer of the Performance Guarantor, which certificate shall state that the audited consolidated balance sheets of the Performance Guarantor delivered, or deemed to have been delivered, pursuant to subclause (B) fairly present the financial condition of the Performance Guarantor in accordance with GAAP, consistently applied, as at the end of, and for, such fiscal year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>Representations</u>. Promptly following the Borrower's obtaining knowledge of the same, the Borrower shall notify the Administrative Agent that any representation or warranty set forth in Section 5.01 or 5.02 was incorrect at the time it was given or deemed to have been given, and at the same time shall deliver to the Administrative Agent a written notice setting forth in reasonable detail the nature of such facts and circumstances. In particular, but without limiting the foregoing, the Borrower shall notify the Administrative Agent in the manner set forth in the preceding sentence before any Funding Date of any facts or circumstances within the knowledge of the Borrower which would render any of such representations and warranties untrue at the date when they were made or deemed to have been made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Proceedings</u>. As soon as possible and in any event within two Business Days of the date on which the Borrower receives notice of, or obtains knowledge of, the same, the Borrower shall provide notice of any settlement of, material judgment (including a material judgment with respect to the liability phase of a bifurcated trial) in or commencement of any labor controversy (of a material nature), litigation, action, suit, or proceeding before any court or Governmental Authority, domestic or foreign, affecting the Borrower or any of its Affiliates that would reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) <u>Notice of Material Events</u>. Promptly following any Responsible Officer of the Borrower obtaining knowledge the same, the Borrower shall provide notice of any other event or circumstances that, in the reasonable judgment of the Borrower, would reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>Anti-Corruption Laws and Sanctions</u>. The Borrower will remain subsect to, and enforce, Lendbuzz's policies and procedures designed to ensure compliance by Lendbuzz and its Subsidiaries and each of their respective Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>Beneficial Ownership Certification</u>. From time to time any Lender that has a reasonable basis for requesting such a certification may request that the Borrower deliver, and within five Business Days of each such request the Borrower shall execute and deliver to such Lender, a Beneficial Ownership Certification, in form and substance reasonably acceptable to such Lender. Furthermore, promptly following any change that would result in a change to the status of the Borrower as an excluded "Legal Entity Customer" under the Beneficial Ownership Rule, the Borrower shall execute and deliver to each Lender a Beneficial Ownership Certification, in form and substance reasonably acceptable to each such Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) <u>Post-Closing Covenant</u>. Within thirty (30) days following the Closing Date, the Borrower shall deliver to the Administrative Agent a fully executed Remittance Account Control Agreement in form and substance reasonably satisfactory to the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) <u>Special Purpose Entity</u>. The Borrower shall take or perform each of the following actions (and the Borrower has not heretofore failed to take or perform any such actions in the past):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) maintain its own separate deposit and other bank accounts and funds to which no other Person has any access (except to the extent permitted under the Basic Documents) which accounts shall be maintained in the name of the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) maintain full books of accounts and records (financial or other) and financial statements separate from those of any other Person (including, all resolutions, records, agreements, or instruments underlying or regarding the transactions contemplated by the Basic Documents or otherwise) (<u>provided</u>, that this provision shall not limit the Borrower's financial and operating results from being consolidated with those of its ultimate parent company in consolidated financial statements);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) at all times hold itself out to the public and all other Persons as a legal entity separate from the and any other Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) have its own board of managers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) file its own tax returns separate from those of any other Person, if any, as may be required under applicable law, to the extent (A) not part of a consolidated group filing a consolidated return or returns or (B) not treated as a division for tax purposes of another taxpayer, and pay any taxes so required to be paid under applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) ensure that any consolidated financial statements of any Affiliate or any other Person that are filed with the Securities Exchange Commission or any other governmental authority or are furnished to any creditors of any Affiliate or any other Person include notes clearly stating that the Borrower is a separate corporate entity and that its assets are available first and foremost to satisfy the claims of the creditors of the Borrower;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) except as contemplated by the Basic Documents, not commingle its assets with assets of any other Person and maintain the assets of the Borrower in such a manner that it is not costly or difficult to segregate, identify, or ascertain its individual assets from those of any other Person, including any Affiliate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) conduct its business in its own name and strictly comply with all organizational formalities to maintain its separate existence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) disclose, and cause each Member to disclose, in its financial statements the effects of all transactions between such Member and the Borrower in a manner which makes it clear that (A) the Borrower is a separate legal entity, (B) the assets of the Borrower are not assets of any Affiliate and are not available to pay creditors of any Affiliate, and (C) neither such Member nor any Affiliate thereof is liable or responsible for the debts of the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) pay its own liabilities and expenses only out of its own funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) except for capital contributions or capital distributions permitted under the terms and conditions of the Borrower's Formation Documents and the Basic Documents, not enter into any transaction with an Affiliate of the Borrower except on arm's length terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) compensate (either directly or through reimbursement of the Borrower's allocable share of any shared expenses) all employees, consultants, and agents and Affiliates, to the extent applicable, for services provided to the Borrower by such employees, consultants, and agents or Affiliates, in each case, from the Borrower's own funds and either maintain a sufficient number of employees, and/or employ sufficient consultants or agents, in light of its contemplated operations; <u>provided</u>, that the foregoing shall not require the Members to make any additional capital contributions to the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) except as expressly permitted under any of the Basic Documents, pay from its own bank accounts for accounting and payroll services, rent, lease, and other expenses (or the Borrower's allocable share of any such amounts provided by one or more other Affiliates) and not have such operating expenses (or the Borrower's allocable share thereof) paid by any Affiliates; <u>provided</u>, the foregoing shall not require the Members to make any additional capital contributions to the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) not hold out its credit or assets as being available to satisfy the obligations of any other Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) to the extent that the Borrower maintains office space, maintain such office space separate and clearly delineated from the office space of any Affiliate;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) to the extent that the Borrower incurs any overhead expenses that are shared with an Affiliate, including for shared office space and for services performed by an employee of an Affiliate, allocate fairly and reasonably such overhead expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) cause (A) all written communications, including letters, invoices, purchase orders, and contracts, of the Borrower to be made solely in the name of the Borrower, (B) the Borrower to have its own tax identification number, stationery, checks, and business forms, separate from those of any other Person, (C) all Affiliates not to use the stationery or business forms of the Borrower, and cause the Borrower not to use the stationery or business forms of any Affiliate, and (D) all Affiliates not to conduct business in the name of the Borrower, and cause the Borrower not to conduct business in the name of any Affiliate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) except as expressly permitted by any of the Basic Documents, direct creditors of the Borrower to send invoices and other statements of account of the Borrower directly to the Borrower and not to any Affiliate and cause the Affiliates to direct their creditors not to send invoices and other statements of accounts of such Affiliates to the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) except as expressly permitted by any of the Basic Documents, not acquire obligations or securities of or make loans or advances to or grant a security interest in or pledge its assets for the benefit of the Member, any Affiliate or any other Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) correct any known misunderstanding regarding its separate identity and not identify itself as a department or division of any other Person except as may be required for income tax purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi) maintain adequate capital in light of its contemplated business purpose, transactions and liabilities, and refrain from engaging in a business for which its remaining property represents an unreasonably small capital; <u>provided</u>, that the foregoing shall not require the Members to make any additional capital contributions to the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxii) practice and adhere to all limited liability company procedures and formalities to the extent required by the Borrower's Formation Documents or all other appropriate constituent documents and applicable law in all material respects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiii) except for the other Basic Documents, not acquire any obligations or securities of the Member or of any Affiliate of the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiv) cause the managers, officers, agents, and other representatives of the Borrower to act at all times with respect to the Borrower consistently and in furtherance of the foregoing and in the best interests of the Borrower; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxv) at all times will have at least one manager that qualifies as an Independent Manager.

Section 6.02. <u>Negative Covenants of the Borrower</u>. From the Closing Date until the Facility Termination Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Other Business</u>. The Borrower will not (i) engage in any business other than the transactions contemplated by the Basic Documents, (ii) incur any Indebtedness, obligation, liability or contingent obligation of any kind (including guaranteeing any obligation) other than pursuant to this Agreement, any other Basic Document or under any Hedging Agreement required by Section 6.03, or (iii) form any Subsidiary or make any Investments in any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Receivables Not to be Evidenced by Instruments</u>. The Borrower will take no action to cause any Receivable that is not, as of the related Funding Date, evidenced by an Instrument, to be so evidenced except in connection with the enforcement or collection of such Receivable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Security Interests</u>. The Borrower will not sell, pledge, assign, or transfer to any other Person, or grant, create, incur, assume, or suffer to exist any Lien (other than Permitted Liens) on any portion of the Collateral, whether now existing or hereafter transferred hereunder, or any interest therein, and the Borrower will not sell, pledge, assign, or suffer to exist any Lien on its interest, if any, hereunder. The Borrower will promptly notify the Administrative Agent of the existence of any Lien (other than a Permitted Lien) on any portion of the Collateral and the Borrower shall defend the right, title, and interest of the Administrative Agent in, to and under such Collateral, against all claims of third parties; <u>provided</u>, that nothing in this subsection shall prevent or be deemed to prohibit the Borrower from suffering to exist Permitted Liens upon any portion of the Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Mergers, Acquisitions, Sales, Etc</u>. The Borrower will not be a party to any merger or consolidation, or purchase or otherwise acquire all or substantially all of the assets or any stock or membership interests of any class of, or any partnership or joint venture interest in, any other Person, or, sell, transfer, convey, or lease all or any substantial part of its assets, or sell or assign with or without recourse any portion of the Collateral or any interest therein (other than pursuant hereto).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Distributions</u>. The Borrower shall not declare or pay, directly or indirectly, any dividend or make any other distribution (whether in cash or other property) with respect to the profits, assets, or capital of the Borrower or any Person's interest therein, or purchase, redeem, or otherwise acquire for value any of its capital stock now or hereafter outstanding, except that so long as no Event of Default or Unmatured Event of Default has occurred and is continuing or would result therefrom, the Borrower may distribute to holders of its membership interest funds distributed to the Borrower pursuant to Section 2.07(ix), subject to Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Change of Name or Location of Receivable Files</u>. The Borrower shall not (i) change its name or state of organization, move the location of its principal place of business and chief executive office, and the offices where it keeps the Records from the location referred to in Section 13.02 or (ii) move, or consent to the Collateral Custodian or the Servicer moving, the Receivable Files from the location thereof on the Closing Date, unless the Borrower has given at least 30 days' written notice to the Administrative Agent and has taken all actions required under the UCC of each relevant jurisdiction in order to continue the first priority perfected security interest of the Administrative Agent in the Collateral.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>True Sale</u>. Except for purposes of GAAP, the Borrower will not account for or treat the transactions contemplated by the Purchase Agreement in any manner other than as the sale, or absolute assignment, of the Receivables and other Collateral by Lendbuzz Funding to the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>ERISA Matters</u>. The Borrower will not (i) establish, maintain or contribute to or have any liability (contingent or otherwise) with respect to any Pension Plan or Multiemployer Plan or (ii) be a "benefit plan investor" under Section 3(42) of ERISA. With respect to any Pension Plan, the Borrower will not engage or permit any ERISA Affiliate to engage in any prohibited transaction under Section 406 of ERISA or Section 4975 of the Code for which an exemption is not available or has not previously been obtained from the United States Department of Labor and which would result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Formation Documents; Purchase Agreement</u>. The Borrower will not amend, modify, waive, or terminate any provision of its Formation Documents or of the Purchase Agreement (including any Purchase Agreement Supplement) without the prior, written consent of the Administrative Agent; <u>provided</u>, that if the Borrower has provided the Administrative Agent with written notice of its intention to make any such amendment, modification, waiver, or termination and the Administrative Agent has not provided a response either granting or withholding its consent thereto within fifteen (15) Business Days, then the Borrower may proceed with the related amendment, modification, wavier, or termination as if the Administrative Agent had provided its consent thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Changes in Payment Instructions</u>. The Borrower will not add or make any change, or permit the Servicer to make any change, in its instructions to Obligors regarding payments to be made to the Borrower or the Servicer or payments to be made to the Remittance Account, unless the Administrative Agent has Consented to such change in writing and has received duly executed copies of all documentation related thereto, which documentation shall be satisfactory in form and substance to the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Extension or Amendment</u>. The Borrower will not, except as otherwise permitted in Section 7.03(c)(i), extend, amend or otherwise modify, or permit the Servicer to extend, amend, or otherwise modify, the terms of any Contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>No Assignments</u>. The Borrower will not assign or delegate, grant any interest in, or permit any Lien (other than Permitted Liens) to exist upon any of its rights, obligations, or duties under this Agreement without the prior written Consent of the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>Anti-Corruption Laws and Sanctions</u>. The Borrower will not request any Loan, and the Borrower shall not use any Loan, and shall procure that its directors, officers, employees and agents (if any) shall not use, the proceeds of any Loan (i) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws, (ii) for the purpose of funding, financing, or facilitating any activities, business, or transaction of or with any Sanctioned Person, or in any Sanctioned Country, or (iii) in any manner that would result in the violation of any Sanctions applicable to any party hereto.

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Section 6.03. <u>Covenants of the Borrower Relating to Hedging</u><u>.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Beginning on the date of the Initial Loan, and at all times that the Loans Outstanding are greater than zero, the Borrower (x) may maintain one or more Hedge Transactions in form and substance satisfactory to the Administrative Agent, each of which may be in the form of an interest rate swap or an interest rate cap transaction, and (y) shall, if the aggregate notional amount under all Hedge Transactions is less than 100% of the Loans Outstanding as of any date (after giving effect to any changes to the Loans Outstanding on such date), at all times maintain amounts on deposit in the Hedge Reserve Account in an amount not less than the Hedge Reserve Account Required Amount; <u>provided</u>, that if on any date a Mandatory Hedging Condition exists, then within two (2) Business Days of such date, the Borrower shall be required to enter into one or more Hedge Transactions so that the aggregate notional amount under all such Hedge Transactions equal at least 100% of the Loans Outstanding as of such date, and shall maintain such Hedge Transactions for so long as such Mandatory Hedging Condition exists, regardless of whether any amounts are then on deposit in the Hedge Reserve Account. If at any time the Hedge Reserve Account Required Amount is greater than zero, then (A) no later than three (3) Business Days prior to each Funding Date and no later than three (3) Business Days prior to each Distribution Date the Borrower (or the initial Servicer on behalf of the Borrower) shall obtain a quote for the purchase price of an interest rate cap that allows it to recalculate the Hedge Reserve Account Required Amount on such date and (B) beginning on the related Funding Date or Distribution Date, as applicable, such quote shall be used to determine the 'Hedge Reserve Account Required Amount' until the next succeeding Funding Date or Distribution Date, as applicable. It is acknowledged and agreed that any Hedge Transaction entered into by the Administrative Agent on behalf of the Borrower pursuant to <u>Section</u> <u>2.09(f)</u> shall be deemed to have been entered into by the Borrower for purposes of Borrower's obligations under this <u>Section</u> <u>6.03(a)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Hedge Transaction shall be entered into with a Hedge Counterparty and be governed by a Hedging Agreement. Any Hedge Transaction that is in the form of an interest rate swap shall provide for the payment on each Distribution Date to the Hedge Counterparty of an amount calculated by reference to the notional amount thereunder and a fixed rate of interest per annum and for the payment on each Distribution Date to the Borrower of an amount calculated by reference to the same notional amount thereunder and a floating rate of interest (per annum equal to SOFR or a related rate), in each case for each day during the related Interest Period. Furthermore, (i) the notional amount, duration, and amortization of each such Hedge Transaction shall be agreed upon by the Borrower and the Administrative Agent and (ii) with respect to each Hedge Transaction that is entered into with a Non-Mizuho Counterparty, the "Termination Events" and "Events of Default" that are applicable under each such Hedge Transaction and any provisions in the related Hedging Agreement relating to the obligations of such Non-Mizuho Hedge Counterparty if an "Event of Default" occurs under such Hedge Transaction and such Non-Mizuho Hedge Counterparty is a "Defaulting Party" or a "Termination Event" occurs under such Hedge Transaction and such Non-Mizuho Hedge Counterparty is an "Affected Party," shall have been approved by the Required Lenders to the Administrative Agent prior to the effectiveness of such Hedge Transaction, which approval (A) may not be unreasonably withheld,

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(B) will be deemed to have been granted if the Required Lenders have not provided notice of their approval or their rejection of such applicable terms within five (5) Business Days of the date on which their approval is first sought, and (C) will be deemed to have been granted with respect to any such terms for which such an approval was previously obtained with respect to such Non-Mizuho Hedge Counterparty. If a Non-Mizuho Counterparty met the Short-Term Ratings Requirement and/or the Long-Term Ratings Requirement at the time the related Hedge Transaction was entered into and is downgraded or has any ratings withdrawn such that it no longer meets the Short-Term Ratings Requirement and/or the Long-Term Ratings Requirement, as applicable, then within thirty (30) days of the related downgrade or withdrawal either (A) the Borrower must enter into a new Hedging Agreement, (B) the Hedge Counterparty must post collateral pursuant to a credit support annex in an amount satisfactory to the Required Lenders, or (C) the Hedge Counterparty must obtain a guaranty of its obligations under the Hedging Agreement that is satisfactory to the Required Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If on any date any Hedge Transactions are in the form of interest rate swaps and the aggregate notional amount under all outstanding Hedge Transactions as of such date is either (x) less than 95% of the Loans Outstanding as of such date (after giving effect to any changes to the Loans Outstanding on such date) or (y) more than 105% of the Loans Outstanding as of such date (after giving effect to any changes to the Loans Outstanding on such date), then the Administrative Agent may direct the Borrower to, within thirty (30) days of the date on which such direction is provided, enter into one or more Hedge Transactions, increase the notional amount of one or more Hedge Transactions, or decrease the notional amount of one or more Hedge Transactions, in all cases as necessary such that immediately thereafter the aggregate notional amount under all Hedge Transactions is neither (I) less than 95% of the Loans Outstanding as of the Adjustment Date (after giving effect to any changes to the Loans Outstanding on such date) nor (II) more than one 105% of the Loans Outstanding as of the Adjustment Date (after giving effect to any changes to the Loans Outstanding on such date). The "<u>Adjustment Date</u>" related to any direction provided by the Administrative Agent pursuant to this clause (b) shall be either the date on which such direction is provided by the Administrative Agent to the Borrower (if such date is a Distribution Date) or otherwise the next Distribution Date occurring after the date on which such direction is provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Borrower shall establish and thereafter maintain a segregated trust account in the name of the Borrower with respect to each Hedge Counterparty (each, a "<u>Hedge Counterparty Collateral Account</u>") with a Qualified Institution in trust and for the benefit of the Lenders and the related Hedge Counterparty. In the event that pursuant to the terms of the applicable Hedging Agreement, the related Hedge Counterparty is required to deposit cash or securities as collateral to secure its obligations ("<u>Posted Collateral</u>"), the Borrower shall deposit all Posted Collateral received from the Hedge Counterparty into the Hedge Counterparty Collateral Account. All sums on deposit and securities held in any Hedge Counterparty Collateral Account shall be used only for the purposes set forth in the related credit support annex ("<u>Credit Support Annex</u>") to the Hedging Agreement. The only permitted withdrawal from or application of funds on deposit in, or otherwise to the credit of, a Hedge Counterparty Collateral Account shall be (i) for application to the obligations of the applicable Hedge Counterparty under the related Hedging Agreement in accordance with the terms of the related Credit Support Annex and (ii) to return collateral to the Hedge Counterparty when and as

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required by the Credit Support Annex. Amounts on deposit in each Hedge Counterparty Collateral Account shall be invested at the written direction of the related Hedge Counterparty, and all investment earnings actually received on amounts on deposit in a Hedge Counterparty Collateral Account or distributions on securities held as Posted Collateral shall be distributed to the related Hedge Counterparty in accordance with the terms of the related Credit Support Annex. Any amounts applied by the Borrower to the obligations of the Hedge Counterparty under the Hedging Agreement in accordance with the terms of the Credit Support Annex shall be deposited in the Collection Account and applied in accordance with Section 2.07 of this Agreement. The Borrower agrees to give the Hedge Counterparty prompt notice if it obtains knowledge that the Hedge Counterparty Collateral Account or any funds on deposit therein or otherwise to the credit of the Hedge Counterparty Collateral Account, shall or have become subject to any writ, order, judgment, warrant of attachment, execution, or similar process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If, with respect to any Hedge Transactions the Borrower has entered into with a Non-Mizuho Hedge Counterparty, either an "Event of Default" occurs and such Non-Mizuho Hedge Counterparty is a "Defaulting Party" or a "Termination Event" occurs under such Hedge Transaction and such Non-Mizuho Hedge Counterparty is an "Affected Party," then the Borrower shall promptly cause such Hedge Counterparty to take all actions it is required to take pursuant to the related Hedging Agreements as a result of the occurrence of such "Event of Default" or "Termination Event" and shall cause such Hedge Counterparty to assign its obligations under the Hedging Agreement to a new Hedge Counterparty which satisfies the requirements set forth in the definition of "Hedge Counterparty."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Borrower shall deliver to the Administrative Agent a copy of all documents related to any Hedging Agreement, including confirmations, schedules, and an aggregate notional amortization schedule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) All reasonably documented out-of-pocket costs and expenses (including reasonable legal fees and disbursements) incurred by the Administrative Agent and the Lenders incurred with each Hedge Transaction shall be paid by the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) As additional security hereunder, the Borrower has granted a security interest to the Administrative Agent all right, title and interest of the Borrower in the Hedge Collateral. The Borrower acknowledges that, as a result of that pledge, the Borrower may not, without the prior written Consent of the Administrative Agent, exercise any rights under any Hedging Agreement or Hedge Transaction, except for the Borrower's right under any Hedging Agreement to enter into Hedge Transactions in order to meet the Borrower's obligations hereunder. Nothing herein shall have the effect of releasing the Borrower from any of its obligations under any Hedging Agreement or any Hedge Transaction, nor be construed as requiring the consent of any Secured Party for the performance by the Borrower of any such obligations.

Section 6.04. <u>Affirmative Covenants of the Servicer and the Collateral Custodian</u>. From the Closing Date until the Facility Termination Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Compliance with Law</u>. The Servicer and the Collateral Custodian will each comply in all material respects with all Applicable Laws, including those with respect to the Contracts, the Receivables, the related Financed Vehicles, the Receivable Files, or any part thereof and any collection efforts on behalf of the Receivables or related Financed Vehicles that such party takes.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Preservation of Corporate Existence</u>. The Servicer and the Collateral Custodian will each preserve and maintain its existence, rights, franchises, and privileges in its State of formation, and shall qualify and remain qualified in good standing as a foreign limited liability company in each jurisdiction where the failure to preserve and maintain such existence, rights, franchises, privileges and qualification has had, or could reasonably be expected to have, a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Obligations and Compliance with Receivables</u>. The Servicer will fulfill and comply in all material respects with all obligations on the part of the Borrower to be fulfilled or complied with under or in connection with each Receivable. Neither the Servicer nor the Collateral Custodian will do anything to impair the rights of the Administrative Agent in, to, and under the Collateral. The Servicer will comply in all material respects with the terms and conditions of this Agreement relating to the obligation of the Borrower to remove Receivables from the Collateral pursuant to this Agreement and the obligation of the Seller, under the Purchase Agreement, to reacquire Receivables from the Borrower pursuant to the Purchase Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Performance and Compliance with Basic Documents</u>. The Servicer will timely and fully perform and comply in all material respects with all provisions and covenants required to be observed by it under the Servicer Basic Documents. The Collateral Custodian will timely and fully perform and comply in all material respects with all provisions and covenants required to be observed by it under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Keeping of Records and Books of Account</u>. The Servicer and the Collateral Custodian will each maintain and implement administrative and operating procedures (including an ability to recreate records evidencing Receivables, including the Receivable Files, in the event of the destruction of the originals thereof), and keep and maintain all documents, books, records and other information reasonably necessary or advisable for the collection of all Receivables, including the Receivable Files.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Preservation of Security Interest</u>. The Servicer will execute and file such financing and continuation statements and any other documents that may be required by any law or regulation of any Governmental Authority to preserve and protect fully the security interest of the Administrative Agent in, to, and under the Collateral; <u>provided</u>, that in the case of any Successor Servicer, the Successor Servicer shall execute and file such documents (as prepared by the Borrower or the Administrative Agent) only upon the written direction of the Borrower or the Administrative Agent and any action taken by the Successor Servicer pursuant to this clause shall be a reimbursable expense paid in accordance with the provisions of Section 2.07. The Servicer will defend the right, title, and interest of the Borrower, the Secured Parties, the Administrative Agent and the Collateral Custodian in, to and under the Collateral against all claims of third parties claiming through or under the Servicer; <u>provided</u>, that in the case of any Successor Servicer, such action or defense shall only be taken at the written direction of the Borrower or the Administrative Agent and, so long as the need for such defense or action was not caused by the Successor Servicer's gross negligence, bad faith, or willful misconduct, any action taken by the Successor Servicer pursuant to this clause shall be a reimbursable expense paid in accordance with the provisions of Section 2.07.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Credit and Collection Policy</u>. The Servicer will comply in all material respects with the Credit and Collection Policy in regard to each Receivable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Monthly Reports</u>. Not later than each Reporting Date, the Servicer will provide to the Administrative Agent and, to the extent requested or required by a Hedge Counterparty, such Hedge Counterparty, a Monthly Report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Events of Default and Servicer Termination Events</u>. Each of the Servicer and the Collateral Custodian will furnish to the Administrative Agent, the Backup Servicer and each Hedge Counterparty, within two Business Days after a Responsible Officer of the Servicer or the Collateral Custodian, as applicable, has actual knowledge thereof, notice of the occurrence of an Unmatured Event of Default, an Event of Default, an Unmatured Servicer Termination Event or a Servicer Termination Event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Other</u>. The Servicer and the Collateral Custodian will each furnish to the Administrative Agent, from time to time, such other information, documents, records or reports respecting the Collateral or the condition or operations, financial or otherwise, of the Servicer or the Collateral Custodian, as applicable, as the Administrative Agent may from time to time reasonably request in order to protect the interests of the Administrative Agent or Lenders under or as contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Notices Regarding Collateral</u>. The Servicer and the Collateral Custodian shall each advise the other and the Administrative Agent in writing in reasonable detail promptly following its actual knowledge or receipt of written notice of (i) the occurrence of any breach in any material respect by the Servicer or the Collateral Custodian, respectively, of any of its representations, warranties, and covenants contained herein relating to the Receivables, and (ii) the occurrence of any other event which would reasonably be expected to have a material adverse effect on the security interest of the Administrative Agent on behalf of the Secured Parties in the Collateral or the collectability of all or a material portion of the Receivables. Furthermore, the Servicer shall include in each Monthly Report (A) a listing of any Liens (other than Permitted Liens) that were asserted or claims that were made against any portion of the Collateral through the end of the related Collection Period and (B) a listing of any Receivables with respect to which any proceeding is pending in which any defense, claim of offset, counterclaim, or claim of recoupment has been alleged by the related Obligor or any Governmental Authority through the end of the related Collection Period, and the Servicer shall promptly provide further information regarding such Liens, proceedings, and/or the affected Collateral if requested by the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Additional Information</u>. The Servicer and the Collateral Custodian shall each, within five Business Days of its receipt thereof, respond to reasonable written directions or written requests for information that the other, the Borrower, the Administrative Agent, or any Lender might have with respect to the administration of the Receivables.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>Financial Statements</u>. The initial Servicer shall cause the Performance Guarantor to provide to the Administrative Agent, and each Lender, the financial statements with respect to Lendbuzz described in Section 6.01(l)(iii).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>Accounting Policy</u>. The initial Servicer will notify the Administrative Agent within ten (10) Business Days of its implementation of any material change in its accounting policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) <u>Additional Covenants</u>. The Servicer shall (i) promptly notify the Borrower, the Administrative Agent, and the Collateral Custodian of the occurrence of any event which would require that the Borrower make or cause to be made any filings, reports, notices, or applications or seek any consents or authorizations from any and all Governmental Authorities in accordance with the relevant UCC and any State vehicle license or registration authority as may be necessary or advisable to create, maintain, and protect a first priority security interest of the Administrative Agent in, to and on the Financed Vehicles and a first priority security interest of the Administrative Agent in, to and on the Collateral, and (ii) take all reasonable action necessary to maximize the returns pursuant to the Insurance Policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) <u>Anti-Corruption Laws and Sanctions</u>. The initial Servicer and the initial Collateral Custodian will each remain subject to and enforce Lendbuzz's policies and procedures designed to ensure compliance by Lendbuzz and its Subsidiaries and each of their respective Subsidiaries and their respective directors, officers, employees, and agents with Anti-Corruption Laws and applicable Sanctions.

Section 6.05. <u>Negative Covenants of the Servicer and the Collateral Custodian</u>. From the date hereof until the Facility Termination Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Accounts</u>. Neither the Servicer nor the Collateral Custodian shall create or participate in the creation of, or solely in the case of the initial Servicer and the initial Collateral Custodian, permit to exist, any Liens (other than Permitted Liens) with respect to the Remittance Account, the Collection Account, or the Hedge Reserve Account. Neither the Servicer nor the Collateral Custodian shall enter into any 'control agreement' (as defined in the relevant UCC) with respect to the Remittance Account (other than the Remittance Account Control Agreement), the Collection Account (other than the Control Agreement), or the Hedge Reserve Account (other than the Control Agreement). Without the prior written Consent of the Administrative Agent, neither the Servicer nor the Collateral Custodian shall move the Remittance Account or the Collection Account to an institution other than the one at which it is held as of the Closing Date, and neither shall move the Hedge Reserve Account to an institution other than the one at which it is initially established.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Change of Name or Location of Receivable Files</u>. Neither the initial Servicer nor the initial Collateral Custodian shall change its name or its state of organization, move the location of its principal place of business and chief executive office, or the offices where it keeps records concerning the Receivables (including the Receivable Files, with respect to the initial Collateral Custodian) from the location referred to in Section 7.17 or Section 13.02, unless the initial Servicer or the initial Collateral Custodian, respectively, has provided prior written notice to the Administrative Agent and has taken all actions required under the UCC of each relevant jurisdiction in order to continue the first priority perfected security interest of the Administrative Agent, as agent for the Secured Parties, in the Collateral.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Credit and Collection Policy</u>. The Servicer will not amend, modify, restate or replace, in whole or in part, in any material respect, the Credit and Collection Policy, without the prior written Consent of the Administrative Agent, which consent shall not be unreasonably withheld.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Change in Payment Instructions to Obligors</u>. The initial Servicer will not make any change in its instructions to the Obligors regarding payments to be made to the Borrower or the Servicer, or payments to be made to the Remittance Account, unless the Administrative Agent has Consented to such change and has received duly executed documentation related thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Extension or Amendment of Contracts</u>. The Servicer will not, except as otherwise permitted in Section 7.03(c)(i), extend, amend or otherwise modify the terms of any Contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>No Instruments</u>. Neither the Servicer nor the Collateral Custodian shall take any action to cause any Receivable to be evidenced by any Instrument or "tangible chattel paper" (as defined in the UCC).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>ERISA</u>. Neither the Servicer nor the Collateral Custodian will (A) with respect to any Pension Plan, engage or permit any ERISA Affiliate to engage in any prohibited transaction for which an exemption is not available or has not previously been obtained from the United States Department of Labor and which would result in a Material Adverse Effect, or (B) to the extent it would result in a Material Adverse Effect (i) permit to exist any accumulated funding deficiency, as defined in Section 302(a) of ERISA and Section 412(a) of the Code, or funding deficiency with respect to any Pension Plan other than a Multiemployer Plan, (ii) fail to make any payments to a Multiemployer Plan that the Servicer or any such ERISA Affiliate may be required to make under the agreement relating to such Multiemployer Plan or any law pertaining thereto, (iii) terminate any Pension Plan so as to result in any liability, or (iv) permit to exist any occurrence of any Reportable Event.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Anti-Corruption Laws and Sanctions</u>. Neither the initial Servicer nor the initial Collateral Custodian will cause the Borrower to request any Loan, and none of the initial Servicer, the initial Collateral Custodian, or any Subsidiary or Affiliate of the initial Servicer or the initial Collateral Custodian shall use, and each shall procure that its Subsidiaries and its or their respective directors, officers, employees and agents shall not use, the proceeds of any Loan (i) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws, (ii) for the purpose of funding, financing or facilitating any activities, business or transaction of or with any Sanctioned Person, or in any Sanctioned Country, or (iii) in any manner that would result in the violation of any Sanctions applicable to any party hereto.

ARTICLE SEVEN

ADMINISTRATION AND SERVICING OF RECEIVABLES

Section 7.01. <u>Designation of</u> <u>Servicer</u>. The Administrative Agent and the Borrower, at the direction of and on behalf of the Administrative Agent, hereby appoint Lendbuzz Funding, as Servicer to manage, collect, and administer each of the Receivables and the other Collateral, and to enforce its respective rights and interests in and under the Collateral and Lendbuzz Funding hereby accepts such appointment and agrees to perform the duties and responsibilities of the Servicer pursuant to the terms hereof.

Section 7.02. <u>Servicing Compensation</u>. As compensation for its servicing activities hereunder and reimbursement for its expenses, the Servicer shall be entitled to receive the Servicing Fee to the extent of funds available therefor pursuant to Section 2.07(ii). The Servicer shall further be entitled to retain as additional servicing compensation any and all Ancillary Fees from Obligors.

Section 7.03. <u>Duties of the Servicer</u><u>.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Standard of Care</u>. The Servicer agrees that its servicing and collection of the Receivables shall be carried out in accordance with the Credit and Collection Policy and Applicable Law and, to the extent more exacting, the degree of skill and attention that the Servicer exercises with respect to all comparable motor vehicle receivables that it services for itself or others.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Records Held in Trust</u>. The Servicer shall hold in trust for the Secured Parties all records which evidence or relate to all or any part of the Collateral. The outgoing Servicer shall promptly deliver to any Successor Servicer, and the Successor Servicer shall hold in trust for the Borrower and the Secured Parties, all records which evidence or relate to all or any part of the Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Collection Practices</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Servicer shall be responsible for collection of payments called for under the terms and provisions of the Contracts related to the Receivables, as and when the same shall become due. The Servicer, in making collection of Receivable payments pursuant to this Agreement, shall be acting as agent for the Borrower, and shall be deemed to be holding such funds in trust on behalf of

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and as agent for the Borrower. The Servicer, consistent with the Credit and Collection Policy in effect at the time of acting, shall service, manage, administer, and make collections on the Receivables on behalf of the Borrower and shall have full power and authority to do any and all things which it may deem necessary or desirable in connection therewith which are consistent with this Agreement. The Servicer may in its discretion grant extensions, rebates, or adjustments on a Contract or amend or modify any Contract (including modifying the APR or the amount of the Scheduled Payments) but only as permitted by the Credit and Collection Policy then in effect; provided that if any modification occurs after the Termination Date, such Contract must be repurchased by the initial Servicer pursuant to Section 5.04(b). The Servicer may in its discretion waive any late payment charge or any other fees, not including interest on the Principal Balance, that may be collected in the ordinary course of servicing a Receivable. If Lendbuzz Funding is no longer the Servicer, the Servicer shall also enforce any and all rights of the Borrower under the Purchase Agreement (including each Purchase Agreement Supplement) including the right to require Lendbuzz Funding to repurchase Receivables for breaches of representations and warranties made by Lendbuzz Funding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Consistent with the Credit and Collection Policy, if any Receivable is past due or delinquent, in whole or in part, the Servicer will make reasonable and customary efforts to contact the Obligor. The Servicer shall continue its efforts to obtain payment from an Obligor who is past due or delinquent on a Receivable until the related Financed Vehicle has been repossessed and sold or the Servicer has determined that all amounts collectable on the Receivable have been collected. The Servicer shall use commercially reasonable efforts, consistent with the Credit and Collection Policy and the standard of care set forth in Section 7.03(a), to collect funds on a Liquidated Receivable and by the close of business on the second Business Day following receipt of such Collections to cause such Collections to be deposited into the Collection Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) In the event a Receivable becomes a Liquidated Receivable, the Servicer, itself or through the use of independent contractors or agents shall, consistent with the Credit and Collection Policy, repossess or otherwise convert the ownership of the Financed Vehicle securing any such Receivable. All costs and expenses incurred by the Servicer in connection with the repossession of the Financed Vehicles securing such Receivables shall be reimbursed to the Servicer (other than overhead), to the extent not previously recouped by the Servicer from Recoveries on the Distribution Date immediately succeeding the Collection Period in which the Servicer delivered to the Administrative Agent an itemized statement of such costs and expenses. Notwithstanding the foregoing and consistent with the terms of this Agreement, the Servicer shall not be obligated to repossess or take any action with respect to a Liquidated Receivable if, in its reasonable judgment consistent with the Credit and Collection Policy, the Recoveries would not be increased.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Servicer shall deposit or cause to be deposited by electronic funds transfer all Collections to the Collection Account no later than two Business Days after deposit of such amounts into the Remittance Account and identification thereof; <u>provided</u>, to the extent that any Collections are not received in the Remittance Account, the Servicer shall deposit such Collections to the Remittance Account within two Business Days of receipt of such amounts and identification thereof (for further transfer to the Collection Account within two Business Days after such deposit to the Remittance Account). The Servicer shall employ commercially reasonable efforts to ensure that all amounts deposited to the Remittance Account are identified promptly. Notwithstanding the foregoing, in no event shall any Successor Servicer be obligated to transfer funds in excess of the available funds in the Remittance Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Collection; Recourse; Sales of Financed Vehicles</u>. The Servicer, itself or through the use of independent contractors or agents, is authorized to follow practices consistent with the Credit and Collection Policy in its servicing of automotive receivables, which may include reasonable efforts to realize rights of recourse against any Dealer and selling a Financed Vehicle at public or private sale; <u>provided</u>, that the Servicer, itself or through the use of independent contractor or agents shall, in accordance with the Credit and Collection Policy, attempt to maximize the sales proceeds for each repossessed Financed Vehicle. The foregoing shall be subject to the provision that, in any case in which a Financed Vehicle shall have suffered damage, the Servicer shall not expend funds for the repair or the repossession of such Financed Vehicle unless the Servicer shall determine in its discretion that such repair or repossession would increase the Recoveries in an amount greater than the cost of repairs. Notwithstanding the foregoing and consistent with the terms of this Agreement, the Servicer shall not be obligated to repossess or take any action with respect to a repossessed Financed Vehicle if, in its reasonable judgment and consistent with the Credit and Collection Policy, the Recoveries would not be increased.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Insurance</u>. The Servicer shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) on behalf of the Borrower, administer and enforce all rights and responsibilities of the Borrower, as owner of the Receivables, provided for in the Insurance Policies relating to the Receivables;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) administer the filings of claims under the Insurance Policies by filing the appropriate notices related to claims, including initial notices of loss, as well as claims with the respective carriers or their authorized agents all in accordance with the terms of the Insurance Policies; and use reasonable efforts to file such claims on a timely basis after obtaining knowledge of the events giving rise to such claims.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) utilize such notices, claim forms and claim procedures as are required by the respective insurance carriers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) upon receipt of notice that an Obligor's physical damage insurance covering a Financed Vehicle related to a Receivable has lapsed or is otherwise not in force, notify such Obligor that each Obligor is required to maintain physical damage insurance covering a Financed Vehicle throughout the term of the related Receivable;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) not be required to pay any premiums or, other than administering the filing of claims and performing reporting requirements specified in the Insurance Policies in connection with filing such claims, perform any obligations of the named insured under such Insurance Policies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) not be responsible to the Borrower, the Secured Parties or the Collateral Custodian for any (A) act or omission to act done in order to comply with the requirements or satisfy any provisions of the Insurance Policies or (B) act, absent willful misconduct or negligence, or omission to act done in compliance with this Agreement.

In the case of any inconsistency between this Agreement and the terms of any Insurance Policy, the Servicer shall comply with the latter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Obligation to Restore</u>. In the event of any physical loss or damage to a Financed Vehicle related to a Receivable from any cause, whether through accidental means or otherwise, the Servicer shall have no obligation to cause the affected Financed Vehicle to be restored or repaired. However, the Servicer shall comply with the provisions of any insurance policy or policies directly or indirectly related to any physical loss or damage to a Financed Vehicle.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Realization on Financed Vehicles</u>. The Servicer represents, warrants and covenants that in the event that the Servicer realizes upon any Financed Vehicle, the methods utilized by the Servicer to realize upon such Receivable or otherwise enforce any provisions of such Receivable, will be conducted in all material respects in accordance with the provisions of this Agreement, the Credit and Collection Policy, and Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Recordkeeping</u>. The Servicer shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) maintain legible copies (in electronic or hard-copy form, in the discretion of the Servicer) or originals of all documents in its Receivable File with respect to each Receivable and the Financed Vehicle related thereto; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) keep books and records, reasonably satisfactory to the Administrative Agent, pertaining to each Receivable and shall make periodic reports in accordance with this Agreement; such records may not be destroyed or otherwise disposed of except as provided herein and as allowed by Applicable Law, all documents, whether developed or originated by the Servicer or not, reasonably required to document or to properly administer any Receivable shall remain at all times the property of the Borrower and shall be held in trust by the Servicer; the

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Servicer shall not acquire any property rights with respect to such records, and shall not have the right to possession of them except as subject to the conditions stated in this Agreement; and the Servicer shall bear the entire cost of restoration in the event any Receivable File shall become damaged, lost or destroyed while in the Servicer's possession or control.

Section 7.04. <u>Collection of Payments</u><u>.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Payments to the Remittance Account</u>. On or before each Funding Date, the initial Servicer shall have instructed all Obligors of the Receivables included in the Purchase Agreement Supplement provided in connection with such Funding Date to make all payments in respect of such Receivables directly to the Remittance Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Establishment of the Collection Account, Cash Reserve Account and Hedge Reserve Account</u>. On or before the Closing Date, the Servicer shall cause the Collection Account, the Cash Reserve Account and the Hedge Reserve Account to be established with the Account Bank in the name of the Borrower. The Collection Account, the Cash Reserve Account and the Hedge Reserve Account shall at all times be subject to a Control Agreement. Any reasonable fees and expenses owing to the Account Bank in connection with the maintenance of the Collection Account, the Cash Reserve Account and the Hedge Reserve Account shall be payable in accordance with the provisions of Section 2.07 to the extent that the Servicer has not elected to pay such amounts from its own account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Adjustments</u>. If the Servicer (i) makes a deposit into the Collection Account in respect of a collection of a Receivable and such collection was received by the Servicer in the form of a check that is not honored for any reason, (ii) makes a mistake with respect to the amount of any collection and deposits an amount that is less than or more than the actual amount of such collection or (iii) is entitled to reimbursement of any Ancillary Fees in accordance with Section 7.02, the Servicer shall appropriately adjust the amount subsequently deposited into the Collection Account to reflect such dishonored check, mistake or reimbursement (as applicable). Any Scheduled Payment in respect of which a dishonored check is received shall be deemed not to have been paid.

Section 7.05. <u>Servicer Advances</u>. For each Collection Period, if the Servicer determines that any Scheduled Payment (or portion thereof) that was due and payable pursuant to a Receivable during such Collection Period was not received prior to the last day of such Collection Period, the Servicer may, but is not obligated to, make an advance in an amount up to the amount of such delinquent Scheduled Payment (or portion thereof); in addition, if on any day there are not sufficient funds on deposit in the Collection Account to pay accrued Interest, the Servicer may, but is not obligated to, make an advance in the amount necessary to pay such Interest (each, a "<u>Servicer Advance</u>"), in each case if the Servicer reasonably believes that the Servicer Advance will be recovered from subsequent payments with respect to such Receivable. The Servicer will deposit any Servicer Advances into the Collection Account on or prior to 2:00 p.m., on the related Distribution Date, in immediately available funds. The Servicer shall be entitled to reimbursement of Servicer Advances from subsequent payments on or in respect of the Receivable with respect to which a Servicer Advance was made, including collections of any

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prepayments, amounts deposited in the Collection Account for the repurchase of the Receivable for a breach of a representation or warranty and, if the Servicer determines that a Servicer Advance will not be recovered from the Receivable to which it relates, from collections related to other Receivables. Notwithstanding anything to the contrary set forth herein, no Successor Servicer will be required to make any Servicer Advance.

Section 7.06. <u>Payment of Certain Expenses by Servicer</u>. Except for such amounts and expenses for which the Servicer is entitled to reimbursement as provided herein, the Servicer will be required to pay all expenses incurred by it in connection with its activities under this Agreement, including Taxes imposed on the Servicer, expenses incurred in connection with payments and reports pursuant to this Agreement, fees and expenses of subservicers and agents of the Servicer, and all other fees and expenses not expressly stated under this Agreement for the account of the Borrower.

Section 7.07. <u>Reports and Audit.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Monthly Reports</u>. On each Reporting Date, the Servicer will provide to the Borrower, the Administrative Agent, the Backup Servicer, and, to the extent requested or required by a Hedge Counterparty, such Hedge Counterparty, a Monthly Report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Quarterly Report</u>. By the 15<sup>th</sup> of each January, April, July and October, commencing in April 2024, the Servicer will provide a Quarterly Report to the Administrative Agent and, to the extent requested or required by a Hedge Counterparty, such Hedge Counterparty. The Administrative Agent or a Hedge Counterparty may request such report more frequently if required by regulators or to comply with Applicable Law (including Basel II and Basel III).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Serviced Portfolio Information. Upon the reasonable request of the Administrative Agent, the initial Servicer shall provide, at its own expense, the Administrative Agent with information on the Serviced Portfolio regarding delinquencies, loss-to-liquidations, annualized losses, and such other information as the Administrative Agent may reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Audit</u>. Once within the first six months following the Closing Date (which, for the avoidance of doubt, shall consist of the audit being conducted by Protiviti to which the Administrative Agent is joining) and once during each calendar year thereafter, at such times during normal business hours as are reasonably convenient to the Borrower, the Servicer, or the Collateral Custodian, as the case may be, at the sole cost and expense of the Servicer (<u>provided</u>, that such costs and expenses are reasonable and customary for similar types of inspections in the industry and, unless (i) an Event of Default or a Servicer Termination Event has occurred and is continuing, or (ii) the results of any audit performed pursuant to this clause (d) are deemed to be unsatisfactory due to material findings, thereby necessitating additional audit procedures, do not exceed [\*\*\*] *per annum*) and upon reasonable request of the Administrative Agent and prior written notice to the Borrower, the Servicer, or the Collateral Custodian, as the case may be, the Borrower, the Servicer, or the Collateral Custodian, as the case may be, shall permit such Person or Persons as the Administrative Agent may designate (including the Backup Servicer or an independent accounting firm), to conduct, on behalf of all of them, audits or to visit and inspect any of the properties of the Borrower, the Servicer, or the Collateral Custodian where the Receivable Files are located, as the case may be, to examine the Receivable Files, internal controls and procedures maintained by the Borrower, the Servicer, or the Collateral Custodian, as the case may be, and take copies and extracts therefrom, and to discuss the affairs of the Borrower, the Servicer, or the Collateral Custodian with their respective officers and employees

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(which employees, except after the occurrence and during the continuation of an Event of Default or Servicer Termination Event, shall be designated by the Borrower, the Servicer, or the Collateral Custodian, as the case may be, and provided that such discussions will be scheduled so as to not materially disrupt the operations of the Borrower, the Server, or the Collateral Custodian, as applicable) and, upon written notice to the Borrower, the Servicer, or the Collateral Custodian, as the case may be, independent accountants. The scope of any audit or inspection will be a scope agreed upon between the Servicer and the Administrative Agent. The Administrative Agent may request to take the foregoing actions more than once per calendar year if it has a commercially reasonable basis for requesting such actions, but any additional inspections and audits shall be at the expense of the Administrative Agent. After the occurrence and during the continuation of an Event of Default or Servicer Termination Event, the Administrative Agent, the Backup Servicer and their respective representatives shall be permitted to take the foregoing actions without being subject to any limitation on the number of audits, visits or inspections that may be conducted during a calendar year and such audits, visits or inspections shall be at the sole cost and expense of the Servicer; <u>provided</u>, that the Administrative Agent and its representatives shall make reasonable efforts to coordinate, and provide a prior written notice of, such audits, visits and inspections. The Borrower, the Servicer, or the Collateral Custodian, as the case may be, hereby authorizes such officers, employees and independent accountants to discuss with the Administrative Agent and its representatives, the affairs of the Borrower, the Servicer, or the Collateral Custodian, as the case may be. The Servicer shall reimburse the Administrative Agent for all reasonable fees, costs and expenses incurred by or on behalf of the Secured Parties in connection with the foregoing actions promptly upon receipt of a written invoice therefor. Nothing in this subsection shall affect the obligation of the Servicer and the Collateral Custodian to observe any Applicable Law prohibiting the disclosure of information regarding the Obligors, and the failure of the Servicer or the Collateral Custodian to provide access to information as a result of such obligation shall not constitute a breach of this subsection. In the case of any Successor Servicer, any fees or expenses of the Servicer referenced in this Section 7.07(d) shall be reimbursable in accordance with the provisions of Section 2.07.

Section 7.08. <u>Backup Servicer.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) At all times that a Backup Servicing Agreement is in effect, (i) the Servicer shall perform all of its duties thereunder and (ii) the Borrower shall both perform all of its duties thereunder and shall cause the Servicer to consult with the Backup Servicer as may be necessary from time to time to perform or carry out the Backup Servicer's obligations thereunder, including the obligation, if requested in writing by the Administrative Agent, to succeed to the duties and obligations of the Servicer pursuant hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Backup Servicer shall be entitled to recover its fees and reimbursable costs as set forth in the Backup Servicing Agreement in accordance with Section 2.07 (but only to the extent that the same have not been paid by the Servicer).

Section 7.09. <u>Rights After Assumption of Duties by Backup Servicer or Designation of Successor Servicer; Liability</u>. At any time following the assumption of the duties of the Servicer by the Backup Servicer, in its capacity as Successor Servicer, or the designation of a Successor Servicer (other than the Backup Servicer) pursuant to Section 7.13 as a result of the occurrence of a Servicer Termination Event:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Servicer, on behalf of the Borrower, shall, at the Administrative Agent's request, (i) assemble all of the records relating to the Collateral, including all Receivable Files (to the extent such Receivable Files are in the possession of the Servicer and not the Collateral Custodian), and shall make the same available to the Administrative Agent, the Backup Servicer, or any Successor Servicer at a place selected by the Administrative Agent, and (ii) segregate all cash, checks, and other instruments received by it from time to time constituting Collections of Collateral in a manner acceptable to the Administrative Agent, the Backup Servicer, or such other Successor Servicer and shall, no later than two Business Days after receipt, remit all such cash, checks, and instruments, duly endorsed or with duly executed instruments of transfer, to, or at the direction of, the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Borrower hereby authorizes the Administrative Agent to take or cause to be taken any and all steps in the Borrower's name and on behalf of the Borrower necessary or desirable, in the determination of the Administrative Agent, to collect all amounts due under the Collateral, including endorsing the Borrower's name on checks and other instruments representing Collections and enforcing the Receivables.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Successor Servicer shall be liable in accordance herewith only to the extent of the obligations specifically undertaken by the Successor Servicer in such capacity herein. Such liability is limited to only those actions taken or omitted to be taken by the Successor Servicer and caused through its gross negligence, bad faith, or willful misconduct. No implied covenants or obligations shall be read into this Agreement against the Successor Servicer and, in the absence of bad faith on its part, the Successor Servicer may conclusively rely on the truth of the statements and the correctness of the opinions expressed in any certificates or opinions furnished to the Successor Servicer and conforming to the requirements of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Successor Servicer shall not be charged with actual or constructive knowledge of any Event of Default or Unmatured Event of Default unless a Responsible Officer of the Successor Servicer obtains actual knowledge of such event or the Successor Servicer receives written notice of such event from the Borrower, the Servicer, or the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Successor Servicer shall not be required to expend or risk its own funds or otherwise incur financial liability in the performance of its duties hereunder, or in the exercise of any of its rights or powers, if the repayment of such funds or adequate indemnity against such risks or liability is not reasonably assured to it in writing prior to the expenditure of such funds or the incurrence of financial liability.

Section 7.10. <u>Limitation on Liability of the Servicer, the Collateral Custodian, and Others</u>. Except as expressly provided herein, neither the Servicer, the Collateral Custodian, nor any of their respective directors, officers, employees, or agents shall be under any liability to the Secured Parties or any other Person for any action taken or for refraining from the taking of any action pursuant to this Agreement; provided, that this provision shall not protect the Servicer, the Collateral Custodian, or any other such Person against any liability that would otherwise be imposed by reason of its willful misconduct, bad faith, or negligence in the performance of duties or by reason of its willful misconduct hereunder.

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Section 7.11. <u>The Servicer and the Collateral Custodian Not to Resign</u>. Neither the Servicer nor the Collateral Custodian shall resign unless such party has obtained the prior written consent of the Administrative Agent (acting at the direction of the Required Lenders), or unless the Servicer or the Collateral Custodian, respectively, provides an Opinion of Counsel to the Administrative Agent to the effect that the Servicer or the Collateral Custodian, as applicable, is no longer permitted by law to act as the Servicer or the Collateral Custodian, respectively, hereunder. No termination or resignation of the Servicer or the Collateral Custodian hereunder shall be effective until a Successor Servicer or Successor Collateral Custodian, in each case acceptable to the Administrative Agent, has accepted its appointment as Successor Servicer or Successor Collateral Custodian, respectively, hereunder and has agreed to be bound by the terms of this Agreement.

Section 7.12. <u>Servicer Termination Events</u>. The occurrence and continuance of any of the following events shall constitute a "<u>Servicer Termination Event</u>" hereunder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any failure by the Servicer to make any payment, transfer, or deposit as required by it as required by any Basic Document, to which it is a party, which failure is not remedied within two (2) Business Days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any failure by the Servicer to deliver the Monthly Report by the Reporting Date, which failure is not remedied within two (2) Business Days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) an Insolvency Event shall occur with respect to the Servicer or any Subsidiary of the Servicer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any failure by the Servicer duly to observe or perform in any material respect any other covenant or agreement of the Servicer set forth in this Agreement or the other Basic Documents to which the Servicer is a party, which such failure remains unremedied for thirty (30) days after the earlier of knowledge thereof by the Servicer or after the date on which written notice of such failure shall have been given to the Servicer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any representation, warranty, or certification made by the Servicer in any Basic Document to which it is a party or in any certificate delivered pursuant to any Basic Document to which it is a party shall prove to have been false or otherwise incorrect in any respect when made, deemed made, or delivered, which such incorrect representation, warranty, or certification materially and adversely affects the rights or interests of the Secured Parties and, if able to be cured, shall not have been cured for thirty (30) days after the earlier of the date on which the Servicer first has knowledge thereof or the date on which written notice of such failure shall have been given to the Servicer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) with respect to the initial Servicer only, either Lendbuzz Funding or a Subsidiary of Lendbuzz Funding shall default under any Indebtedness having a principal amount of $5,000,000 or greater, and (i) such default continues after the applicable grace period, if any, specified in the agreements or instruments relating to such Indebtedness, (ii) such default has not been waived by the required lenders, creditors, or similarly denominated parties under the agreements or instruments relating to such Indebtedness and in the manner specified in such agreements or instruments, and (iii) as a consequence of such default, either the required lenders, creditors, or similarly denominated parties have accelerated the maturity of such Indebtedness, or the acceleration of the maturity of such Indebtedness has occurred automatically, in all cases as specified in the agreements or instruments relating to such Indebtedness and in all cases the result of which acceleration (regardless of how it is denominated in such agreements or instruments) is to require the immediate repayment of principal on such Indebtedness;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any material provision of any Basic Document to which the Servicer is a party shall in whole or in part, cease to be in full force and effect or cease to be the legally valid, binding and enforceable obligation of the Servicer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) (i) one or more final nonappealable judgments shall be entered against the Servicer by one or more courts of competent jurisdiction which would reasonably be expected to have a Material Adverse Effect on the Servicer; (ii) one or more monetary settlements shall be entered into by the Servicer with any Person which would reasonably be expected to have a Material Adverse Effect on the Servicer; (iii) the IRS shall file notice of a Lien pursuant to Section 6323 of the Code with regard to any assets of the Servicer and such Lien shall not have been released within 30 days; or (iv) the Pension Benefit Guaranty Corporation shall file notice of a Lien pursuant to Section 4068 of ERISA with regard to any of the assets of the Servicer and such Lien shall not have been released within 30 days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any Change in Control shall occur with respect to Lendbuzz Funding without the prior Consent of the Administrative Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) an Event of Default shall have occurred and is continuing and shall not have been waived;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) any Regulatory Authority shall have condemned, seized or appropriated, or shall have assumed custody or control of all or any substantial part of the property of the Servicer, or shall have taken any action to displace the management of the Servicer or to curtail its authority in the conduct of its business as the Servicer, or shall have taken any action in the nature of enforcement to remove, limit or restrict the licensing or approval of the Servicer as a servicer of the Contracts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) with respect to the initial Servicer, a Material Adverse Change with respect to Lendbuzz Funding shall have occurred and is continuing and shall not have been waived; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) the Performance Guaranty shall cease to be in full force and effect (other than in accordance with its terms) or the Performance Guarantor shall assert that it is not bound by, or otherwise seek to terminate or disaffirm its obligations under, the Performance Guaranty, or shall otherwise claim that the Performance Guaranty is in any way invalid or unenforceable.

Upon the occurrence of any of the foregoing, notwithstanding anything herein to the contrary, so long as any such Servicer Termination Event shall not have been remedied within any applicable cure period or waived in writing by the Required Lenders, the following shall immediately occur without further action: (i) the Revolving Period shall terminate and no further Loans will be made; (ii) the Administrative Agent (acting at the direction of or with the consent of the Required Lenders) by written notice to the Servicer (with a copy to each Lender, Hedge Counterparty, the Backup Servicer, and the Collateral Custodian) (a "<u>Servicer Termination Notice</u>"), may terminate all of the rights and obligations of the Servicer as Servicer under this Agreement; (iii) the Administrative Agent may direct the Servicer to direct Collections to an account other than the Remittance Account or the Collection Account; and (iv) the Administrative Agent may terminate the Collateral Custodian (if the Collateral Custodian is Lendbuzz Funding or an Affiliate of Lendbuzz Funding) and cause the Collateral Custodian to deliver, or cause to be delivered, the Receivable Files and the related accounts and records maintained by the Collateral Custodian to the Vervent Inc., as successor Collateral Custodian, in accordance with the Backup Servicing Agreement and Section 7.17(f) hereof.

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Section 7.13. <u>Appointment of Successor Servicer</u><u>.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On and after the receipt by the Servicer of a Servicer Termination Notice, the Servicer shall continue to perform all servicing functions under this Agreement until the date specified in the Servicer Termination Notice or otherwise specified by the Administrative Agent in writing or, if no such date is specified in such Servicer Termination Notice or otherwise specified by the Administrative Agent, until a date mutually agreed upon by the Servicer, the Administrative Agent, and the Backup Servicer. The Administrative Agent may, in its discretion, at the time described in the immediately preceding sentence, appoint the Backup Servicer as the Successor Servicer hereunder in accordance with this Agreement and the Backup Servicing Agreement, in which case the Backup Servicer shall assume all obligations of the Servicer hereunder, and all authority and power of the Servicer under this Agreement shall pass to and be vested in the Backup Servicer as Successor Servicer. All actions taken by the Administrative Agent pursuant to this Section 7.13 shall be taken upon the request or approval of the Required Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event that there is no Backup Servicer at the time that the Servicer is terminated hereunder, or the Administrative Agent does not so appoint the Backup Servicer to succeed the Servicer as Successor Servicer hereunder, or the Backup Servicer is unable to assume such obligations on such date, the Administrative Agent shall as promptly as possible appoint a successor servicer (each such party so appointed or, as applicable, the Backup Servicer as successor to the Servicer, collectively, the "<u>Successor Servicer</u>"), and such Successor Servicer shall accept its appointment by a written assumption in a form acceptable to the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon the termination and removal of the Servicer, the predecessor Servicer shall cooperate with the Successor Servicer in effecting the termination of the rights and responsibilities of the predecessor Servicer under this Agreement, including the transfer to the Successor Servicer for administration by it of all cash amounts that shall at the time be held by the predecessor Servicer for deposit, or shall thereafter be received, with respect to a Receivable, and the related accounts and records maintained by the Servicer. In the case that the Successor Servicer shall not agree to perform any duties or obligations of the Servicer hereunder, such duties or obligations may be performed or delegated by the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Administrative Agent shall have the same rights of removal and termination for cause with respect to any Successor Servicer as with respect to Lendbuzz Funding as the Servicer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Successor Servicer shall act as Servicer hereunder and shall, subject to the availability of sufficient funds in the Collection Account pursuant to Section 2.07 (up to the Servicing Fee), receive as compensation therefor the Servicing Fee pursuant to Section 2.07.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) All reasonable out-of-pocket costs and expenses (including attorneys' fees and disbursements) incurred in connection with the transferring of Receivables to the Successor Servicer, converting the Servicer's data to the computer system of the Successor Servicer, and amending this Agreement to reflect such succession as Servicer pursuant to this Section 7.13 shall be paid by the predecessor Servicer upon presentation of reasonable transition expenses (the "<u>Transition Expenses</u>"). In no event shall the Successor Servicer be responsible for any Transition Expenses. If the predecessor Servicer fails to pay the Transition Expenses, the Transition Expenses shall be payable pursuant to Section 2.07.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Upon its appointment, the Successor Servicer shall be the successor in all respects to the Servicer with respect to servicing functions under this Agreement and shall be subject to all the responsibilities, duties and liabilities relating thereto placed on the Servicer by the terms and provisions hereof, and all references in this Agreement to the Servicer shall be deemed to refer to the Successor Servicer; <u>provided</u>, that any Successor Servicer shall have (i) no liability with respect to any obligation which was required to be performed by the predecessor Servicer prior to the date that the successor becomes the Successor Servicer or any claim of a third party based on any alleged action or inaction of the predecessor Servicer; (ii) no obligation to perform any repurchase or advancing obligations, if any, of the Servicer; (iii) no obligation to pay any Taxes required to be paid by the predecessor Servicer; (iv) no obligation to pay any of the fees and expenses of any other party to this Agreement; (v) no liability or obligation with respect to any Servicer indemnification obligations of any prior Servicer, including Lendbuzz Funding; and (vi) no obligation to service the Receivables in accordance with the Credit and Collection Policy, but shall use its customary credit and collection policies for similar assets or those policies to be agreed to with the Administrative Agent. The indemnification obligations of the Successor Servicer are expressly limited to those instances of gross negligence, bad faith or willful misconduct of the Successor Servicer. Furthermore, to the extent that the Backup Servicing Agreement provides that any representations, warranties, covenants, or other agreements made hereunder by the Servicer, or obligations undertaken hereunder by the Servicer, shall not be made or performed, or shall be made or performed in an alternative manner, by the Backup Servicer in the event that the Backup Servicer becomes the Successor Servicer hereunder, the Borrower, the Administrative Agent, the Collateral Custodian, and the Lenders agree that the representations, warranties, covenants, other agreement and other obligations of the Servicer hereunder shall not be applicable with respect to, or shall be modified with respect to, the Backup Servicer in its capacity as Successor Servicer and in the manner set forth in the Backup Servicing Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) All authority and power granted to the Servicer under this Agreement shall automatically cease and terminate upon termination of this Agreement and shall pass to and be vested in the Borrower and the Borrower is hereby authorized and empowered to execute and deliver, on behalf of the Servicer, as attorney-in-fact or otherwise, all documents and other instruments, and to do and accomplish all other acts or things necessary or appropriate to effect the purposes of such transfer of servicing rights. The Servicer agrees to cooperate with the Borrower in effecting the termination of the responsibilities and rights of the Servicer to conduct servicing of the Receivables.

Section 7.14. <u>Merger or Consolidation, Assumption of Obligations or Resignation of the Servicer</u>. Any Person (a) into which the Servicer may be merged or consolidated, (b) which may result from any merger or consolidation to which the Servicer may be a party, (c) which may succeed to the properties and assets of the Servicer substantially as a whole, or (d) which may succeed to the duties and obligations of the Servicer under this Agreement following the

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resignation of the Servicer, which Person executes an agreement of assumption acceptable to the Administrative Agent to perform every obligation of the Servicer hereunder, shall, with the prior written Consent of the Administrative Agent (which Consent shall not be unreasonably withheld), be the successor to the Servicer under this Agreement without further act on the part of any of the parties to this Agreement; provided, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) prior written notice of such consolidation, merger, succession, or resignation shall be delivered by the Servicer to the Administrative Agent and the Collateral Custodian;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) immediately after giving effect to such consolidation, merger, succession, or resignation, no Servicer Termination Event shall have occurred and is continuing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) no Event of Default or Unmatured Event of Default would occur as result of such consolidation, merger, succession, or resignation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Servicer shall have delivered to the Borrower, the Administrative Agent, and the Collateral Custodian an Officer's Certificate and an Opinion of Counsel, each stating that such consolidation, merger, succession, or resignation and such agreement of assumption comply with this Section 7.14 and that all conditions precedent provided for in this Agreement and the other Basic Documents to which it is a party relating to such transaction have been complied with and, in the case of the Opinion of Counsel, that such agreement of assumption is legal, valid, and binding with respect to the Servicer and such other matters as the Administrative Agent may reasonably request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Servicer shall have delivered to the Borrower, the Administrative Agent, and the Collateral Custodian an Opinion of Counsel to the effect that either: (A) in the opinion of such counsel, all financing statements, continuation statements and amendments and notations on Certificates of Title thereto have been executed and filed that are necessary to preserve and protect the interest of the Borrower, the Secured Parties, the Administrative Agent, and the Collateral Custodian in the Receivables and reciting the details of such filings or (B) no such action shall be necessary to preserve and protect such interest; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the Borrower shall have delivered to the Administrative Agent an amendment to and/or restatement of the Performance Guaranty confirming the Performance Guarantor's obligations thereunder with respect to such successor to the Servicer.

Section 7.15. <u>Responsibilities of the Borrower</u>. Anything herein to the contrary notwithstanding, the Borrower shall (i) perform, or cause the Servicer to perform, all of its obligations under the Receivables to the same extent as if a security interest in such Receivables had not been granted hereunder, and the exercise by the Administrative Agent of its rights hereunder shall not relieve the Borrower from such obligations and (ii) pay when due, from funds available to the Borrower under Section 2.07(ix), any Taxes, including any sales taxes payable in connection with the Receivables and their creation and satisfaction. No Secured Party shall have any obligation or liability with respect to any Receivable, nor shall any of them be obligated to perform any of the obligations of the Borrower thereunder.

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Section 7.16. <u>Custody of Receivable Files</u>. To assure uniform quality in servicing the Receivables and to reduce administrative costs, the Administrative Agent, on behalf of the Secured Parties, hereby revocably appoints the Collateral Custodian as its agent, and the Collateral Custodian hereby accepts such appointment, to act as custodian, on behalf of the Secured Parties, of the Receivables and the Receivable Files.

Section 7.17. <u>Duties of Collateral Custodian</u><u>.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Safekeeping</u>. With respect to the documents constituting each Receivable File, the Collateral Custodian shall (i) act exclusively as the custodian for, and the agent and bailee (as such term is used in Section 9-313 of the UCC) of, the Secured Parties, (ii) hold all documents constituting such Receivable Files received by it for the exclusive use and benefit of the Secured Parties, and (iii) make disposition thereof only in accordance with the terms of this Agreement or with written instructions furnished by the Administrative Agent. The Collateral Custodian shall maintain such accurate and complete accounts, records and computer systems pertaining to each Receivable File as shall enable the Servicer and the Borrower to comply with this Agreement. In performing its duties as custodian, the Collateral Custodian shall act with reasonable care, using that degree of skill and attention that it exercises with respect to the files of comparable motor vehicle installment sale contracts and installment loans that the Collateral Custodian holds for itself or others. The Collateral Custodian shall maintain continuous custody of the Receivable Files and such other documents received by it in secure, fire resistant facilities; <u>provided</u>, that the Collateral Custodian may, in accordance with its customary custodial practices, (A) maintain all or a portion of the Receivable Files in electronic form, (B) maintain custody of all or any portion of the Receivable Files with an Electronic Chattel Paper Sub-Custodian. Each Receivable shall be identified on the books and records of the Collateral Custodian in a manner that (x) indicates that the Receivable is held by the Collateral Custodian on behalf of the Secured Parties and (y) is otherwise necessary, as reasonably determined by the Collateral Custodian to comply with the terms of this Agreement. The Collateral Custodian shall report to the Administrative Agent any failure on its part to hold the Receivable Files and to maintain its accounts, records, and computer systems as herein provided and take appropriate action to remedy any such failure. Nothing herein shall be deemed to require an initial review or any periodic review of the Receivable Files by the Secured Parties, and none of the Secured Parties shall be liable or responsible for any action or failure to act by the Servicer in its capacity as custodian hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Maintenance of and Access to Records</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Except to the extent such Receivable Files are maintained in electronic form, the Collateral Custodian shall maintain each Receivable File at one of the locations specified in Schedule D or at such other location as shall be specified to the Administrative Agent and each Lender, by five (5) days' prior written notice. The Collateral Custodian may temporarily move individual Receivable Files or any portion thereof without notice as requested by the Servicer as necessary to conduct collection and other servicing activities in accordance with its customary practices and procedures. The Collateral Custodian shall make available to the Secured Parties or their duly authorized representatives, attorneys or auditors a list of locations of the Receivable Files, the Receivable Files and the related accounts, records and computer systems maintained by the Collateral Custodian at such times during normal business hours as any Secured Party shall reasonably request.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The authoritative copy of each Contract that constitutes or evidences a Receivable which is electronic chattel paper will be maintained by an Electronic Chattel Paper Sub-Custodian on behalf of the Collateral Custodian for the benefit of the Secured Parties. The Collateral Custodian will confirm that the authoritative copy of each Contract that constitutes or evidences a Receivable which is electronic chattel paper does not have any marks or notations indicating it has been pledged, assigned or otherwise conveyed to any Person other than the Administrative Agent. The Collateral Custodian will maintain "control" (as defined in Section 9-105 of the UCC) of Receivables that are electronic chattel paper. The Collateral Custodian will confirm that each Receivable which is electronic chattel paper has been established in a manner such that (a) all copies or revisions that add or change an identified assignee of the authoritative copy of each contract that constitutes or evidences the Receivable must be made with the participation of the Collateral Custodian on behalf of the Administrative Agent and (b) all revisions of the authoritative copy of each Contract that constitutes or evidences the Receivables must be readily identifiable as an authorized or unauthorized revision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Title to Receivables</u>. The Receivable Files and the other documents delivered to the Collateral Custodian will be delivered from time to time to the Collateral Custodian for the sole purpose of holding for safekeeping. The Collateral Custodian shall not at any time have, or in any way attempt to assert, any interest in any Receivable held by it as custodian hereunder or in the related Receivable File, other than for collecting or enforcing such Receivable for the benefit of the Administrative Agent on behalf of the Secured Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Instructions; Authority to Act</u>. The Collateral Custodian shall be deemed to have received proper instructions with respect to the Receivable Files upon its receipt of written instructions signed by a Responsible Officer of the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Indemnification by Collateral Custodian</u>. The Collateral Custodian, in its capacity as custodian of the Receivable Files, shall indemnify and hold harmless the Secured Parties and each of their respective officers, directors, employees and agents from and against any and all loss, liability or expense that may be imposed on, incurred or asserted against the Secured Parties and each of their respective officers, directors, employees and agents as the result of the Collateral Custodian's willful misconduct, bad faith, or gross negligence relating to the maintenance and custody of the Receivable Files by the Collateral Custodian; <u>provided</u>, that the Collateral Custodian shall not be liable for any portion of any such loss, liability, or expense resulting from the willful misfeasance, bad faith, or gross negligence of any Secured Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Effective Period and Termination</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Collateral Custodian's appointment as custodian shall become effective as of the Closing Date and shall continue in full force and effect until the Collateral Custodian is terminated pursuant to this Section 7.17. If the initial Servicer is terminated following a Servicer Termination Event, the appointment of the Collateral Custodian as custodian hereunder may be terminated by the Administrative Agent. As soon as practicable after any such termination of such appointment, the Administrative Agent shall appoint a successor Collateral Custodian (such party, a

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"<u>Successor Collateral Custodian</u>", which, unless the Administrative Agent shall select another successor, shall be Vervent Inc.) to be custodian of the Receivable Files and the accounts and records relating thereto and the Collateral Custodian shall, at its sole cost and expense, (i) deliver, or cause to be delivered, the Receivable Files and the related accounts and records maintained by the Collateral Custodian to such Successor Collateral Custodian, or its agent or designee, as the case may be, at such place as such Successor Collateral Custodian may reasonably designate and (ii) otherwise cooperate with the Successor Collateral Custodian in affecting the termination of the rights and responsibilities of the predecessor Collateral Custodian under this Agreement. From and after the appointment of a Successor Collateral Custodian, the predecessor Collateral Custodian shall continue to perform all custodial functions under this Agreement until the date specified by the Administrative Agent in writing or, if no such date is specified, until a date mutually agreed upon by the predecessor Collateral Custodian and the Administrative Agent. The Administrative Agent may, in its discretion, at the time described in immediately preceding sentence, appoint the Backup Servicer as the Successor Collateral Custodian hereunder, and the Backup Servicer shall on such date assume all obligations of the Collateral Custodian hereunder, and all authority and power of the predecessor Collateral Custodian under this Agreement shall pass to and be vested in the Backup Servicer. The Administrative Agent shall have the same rights of removal and termination for cause with respect to any Successor Collateral Custodian as with respect to Lendbuzz Funding as the initial Collateral Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Collateral Custodian hereby agrees that upon any appointment of a Successor Collateral Custodian hereunder it shall take all necessary action reasonably necessary to transfer all of its control of any Receivables consisting of electronic chattel paper to the applicable Successor Collateral Custodian (including the transfer of such electronic chattel paper to a separate electronic vault at each Electronic Chattel Paper Sub-Custodian controlled by such Successor Collateral Custodian or to a separate electronic vault at such Successor Collateral Custodian or export of the electronic chattel paper from the applicable electronic vault and delivery of physical copies of exported Contracts to the Servicer).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Inspection</u>. The Collateral Custodian shall permit the Administrative Agent, the Servicer, the Backup Servicer, and each Lender or their designee, upon reasonable prior notice and during the Servicer's regular business hours and at the reasonable expense of the Borrower, to periodically, at the discretion of the Administrative Agent, the Servicer, the Backup Servicer and each Lender, conduct an audit of the Receivables and Receivable Files. Notwithstanding the foregoing, for so long as Lendbuzz Funding is both the Servicer and the Collateral Custodian, the right to conduct inspections of the Collateral Custodian shall instead be governed by the provisions of Section 7.07(d).

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ARTICLE EIGHT

EVENTS OF DEFAULT

Section 8.01. <u>Events of Default</u><u>.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each of the following events shall constitute an "<u>Event of Default</u>":

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) failure by the Borrower, Lendbuzz or Lendbuzz Funding to (A) make any payment, transfer, or deposit required by the terms of any Basic Document to which it is a party on the day such payment, transfer, or deposit is required to be made (including, with respect to the Borrower, any payment of Interest or Unused Commitment Fees on any Distribution Date but excluding payments of any Loans Outstanding), or (B) the Borrower to deliver the Monthly Report on the Reporting Date, and in each case, such failure continues unremedied for two (2) Business Days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) failure of the Borrower to (A) pay in full the Loans Outstanding by the Expected Final Maturity Date or (B) to pay any outstanding principal amount of the Lender Advances when the same becomes due and payable pursuant to the terms of the Basic Documents and such failure continues unremedied for one (1) Business Day;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any failure by the Borrower, Lendbuzz Funding, or Lendbuzz duly to observe or perform in any material respect any other covenant or agreement of the Borrower, Lendbuzz Funding, or Lendbuzz, respectively and, in each case, in any capacity, set forth in this Agreement or the other Basic Documents to which the Borrower, Lendbuzz Funding, or Lendbuzz, respectively, is a party, which failure remains unremedied for 30 days after the earlier of knowledge thereof by the Borrower, Lendbuzz Funding, or Lendbuzz, as applicable, or after the date on which written notice of such failure shall have been given by the other parties or by the Administrative Agent to the Borrower, Lendbuzz Funding, or Lendbuzz, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any representation, warranty, or certification made by the Borrower, Lendbuzz Funding, or Lendbuzz in any Basic Document to which it is a party or in any Funding Request, Monthly Report, Quarterly Report, or other report, certificate, or notice delivered pursuant to any Basic Document to which it is a party, shall prove to have been false or otherwise incorrect in any material respect when made, deemed made, or delivered, which such false or incorrect representation, warranty, or information, if able to be cured, shall not have been cured for 30 days after the earlier of the date on which the Borrower, Lendbuzz Funding, or Lendbuzz, as applicable, first has knowledge thereof or the date on which written notice of such failure shall have been given to the Borrower, Lendbuzz Funding, or Lendbuzz, as applicable; <u>provided</u>, that no Event of Default shall occur under this clause for breaches of representations or warranties related to Ineligible Receivables for which the Borrower has deposited the Release Price into the Collection Account pursuant to Section 5.04 hereof;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) an Insolvency Event shall occur with respect to the Borrower, Lendbuzz Funding, or Lendbuzz;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the Administrative Agent shall fail for any reason to have a valid, first priority perfected security interest in all, or any material portion of, the Collateral (other than (A) by reason of a release of such portion of the Collateral in accordance with the terms hereof or the other Basic Documents or (B) following the satisfaction in full of the Obligations and any other amounts due hereunder or any other Basic Document in accordance with the terms hereof or thereof on or after the Facility Termination Date), which failure shall not have been cured for two (2) Business Days after the earlier of the date on which the Borrower, Lendbuzz Funding, or Lendbuzz first has knowledge thereof or the date on which written notice of such failure shall have been given to the Borrower, Lendbuzz, or Lendbuzz Funding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) (A) one or more final nonappealable judgments shall be entered against the Borrower, Lendbuzz, or Lendbuzz Funding by one or more courts of competent jurisdiction (x) assessing monetary damages, individually or in the aggregate over any calendar year, in excess of $50,000 with respect to the Borrower or (y) which judgment would reasonably be expected to have a Material Adverse Effect on Lendbuzz or Lendbuzz Funding, as applicable (with respect to Lendbuzz or Lendbuzz Funding) or (B) one or more monetary settlements shall be entered into by the Borrower, Lendbuzz, or Lendbuzz Funding with any Person, individually or in the aggregate over any calendar year, (x) in excess of $50,000 (with respect to the Borrower) or (y) which settlement would reasonably be expected to have a Material Adverse Effect on Lendbuzz or Lendbuzz Funding, as applicable (with respect to Lendbuzz or Lendbuzz Funding); (C) the IRS shall file notice of a Lien pursuant to Section 6323 of the Code with regard to any assets of the Borrower, Lendbuzz, or Lendbuzz Funding and such Lien shall not have been released within 30 days; or (iv) the Pension Benefit Guaranty Corporation shall file notice of a Lien pursuant to Section 4068 of ERISA with regard to any of the assets of the Borrower, Lendbuzz, or Lendbuzz Funding and such Lien shall not have been released within 30 days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the Borrower, Lendbuzz, or Lendbuzz Funding shall default under any Indebtedness having a principal amount of $50,000 or greater (with respect to the Borrower) or $5,000,000 or greater (with respect to Lendbuzz or Lendbuzz Funding), and (A) such default continues after the applicable grace period, if any, specified in the agreements or instruments relating to such Indebtedness, (B) such default has not been waived by the required lenders, creditors, or similarly denominated parties under the agreements or instruments relating to such Indebtedness and in the manner specified in such agreements or instruments and (C) as a consequence of such default, either the required lenders, creditors, or similarly denominated parties have accelerated the maturity of such Indebtedness, or the acceleration of the maturity of such Indebtedness has occurred automatically, in all cases as specified in the agreements or instruments relating to such Indebtedness and in all cases the result of which acceleration (regardless of how it is denominated in such agreements or instruments) is to require the immediate repayment of principal of such Indebtedness;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) any Change in Control shall occur without the prior consent of the Administrative Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) the occurrence of a Borrowing Base Deficiency that is not cured within two (2) Business Days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) either (A) any Basic Document or any lien granted thereunder shall, in whole or in part, terminate, cease to be effective or, with respect to the Basic Documents, cease to be the legally valid, binding, and enforceable obligation of the Borrower, the Borrower, Lendbuzz, or Lendbuzz Funding (in each case, in any capacity) or (B) any of the Borrower, Lendbuzz, or Lendbuzz Funding (in each case, in any capacity) shall, directly or indirectly, contest in any manner such effectiveness, validity, binding nature, or enforceability of, or assert that it is not bound by, or shall otherwise seek to terminate or disaffirm its obligations under, any Basic Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) any Servicer Termination Event occurs and is continuing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) any Financial Covenant shall fail to be satisfied;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) any Material Adverse Change has occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) the Borrower shall fail to have an Independent Manager as required by Section 6.01(o) at any time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) on any Reporting Date occurring in or after May 2024, the arithmetic mean of the Delinquency Ratio for the three Collection Periods immediately preceding such Reporting Date is greater than [\*\*\*];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) on any Reporting Date occurring in or after May 2024, the arithmetic mean of the Net Loss-to-Liquidation Ratio for the three Collection Periods immediately preceding such Reporting Date is greater than or equal to [\*\*\*];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) on any Reporting Date occurring in or after May 2024, the arithmetic mean of the Extension Ratio for the three Collection Periods immediately preceding such Reporting Date is greater than or equal to [\*\*\*];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) on any Reporting Date occurring in or after May 2024, the arithmetic mean of the Actual Excess Spread for the three Collection Periods immediately preceding the Collection Period immediately preceding such Reporting Date is less than or equal to [\*\*\*];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) on any Reporting Date occurring in or after February 2024, the arithmetic mean of the Serviced Portfolio Net Loss-to-Liquidation Ratio for the three Collection Periods immediately preceding such Reporting Date is greater than or equal to [\*\*\*];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi) on any Reporting Date occurring in or after February 2024, the arithmetic mean of the Serviced Portfolio Delinquency Ratio for the three Collection Periods immediately preceding such Reporting Date is greater than or equal to [\*\*\*];

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxii) on any Reporting Date occurring in or after February 2024, the arithmetic mean of the Serviced Portfolio Extension Ratio for the three Collection Periods immediately preceding such Reporting Date is greater than or equal to [\*\*\*]; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiii) any of the Borrower, Lendbuzz, or Lendbuzz Funding shall (A) become a "covered fund" under regulations adopted to implement section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act or (B) be required to register as an "investment company" within the meaning of the Investment Company Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon the occurrence of any Event of Default, the Administrative Agent shall, at the request, or may with the consent, of the Required Lenders, by notice to the Borrower, declare the Final Maturity Date to have occurred, without demand, protest, or future notice of any kind, all of which are hereby expressly waived by the Borrower, and, upon such declaration, all Loans and all other amounts owing by the Borrower under this Agreement shall be accelerated and become immediately due and payable; <u>provided</u>, that in the event that an Event of Default described in Section 8.01(a)(v) has occurred, the Final Maturity Date shall automatically occur, without demand, protest, or any notice of any kind, all of which are hereby expressly waived by the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon the automatic occurrence or declaration of the occurrence of the Final Maturity Date in accordance with Section 8.01(b), the Revolving Period shall terminate and no further Loans will be made.

Section 8.02. <u>Actions Upon Declaration of the Occurrence of the Final Maturity Date</u>. Upon the automatic occurrence or declaration of the occurrence of the Final Maturity Date following the occurrence of an Event of Default in accordance with Section 8.01(b), the Administrative Agent may, or at the direction of the Required Lenders, shall, exercise in respect of the Collateral the following remedial actions, in addition to any and all other rights and remedies otherwise available to it, including rights available hereunder and all of the rights and remedies of a secured party upon default under the UCC (such rights and remedies to be cumulative and nonexclusive):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Administrative Agent may, without notice to the Borrower except as required by law and at any time or from time to time, charge, set-off, and otherwise apply all or any part of the Loans Outstanding, any Interest accrued thereon and/or any other amount due and owing to any Secured Party against amounts payable to the Borrower from the Collection Account or any part of such account in accordance with the priorities required by Section 2.07.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Administrative Agent may take any action permitted under the Basic Documents, including, without limitation, delivering any shifting control or similar notice under the Remittance Account Control Agreement or the Control Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Consistent with the rights and remedies of a secured party under the UCC (and except as otherwise required by the UCC), the Administrative Agent may, on behalf of itself and the Lenders and without notice except as specified below, solicit and accept bids for and sell the Collateral or any part of the Collateral in one or more parcels at public or private sale, at any exchange, broker's board or at the Administrative Agent's offices or elsewhere, for cash, on credit, or for future delivery, and upon such other terms as the Administrative Agent may deem commercially reasonable. The Borrower agrees that, to the extent notice of sale shall be required by law, at least ten Business Days' notice to the Borrower of the time and place of any public sale or the time after which any private sale is to be made shall constitute reasonable notification. The Administrative Agent shall not be obligated to make any sale of Collateral regardless of notice of sale having been given. The Administrative Agent may adjourn any public or private sale from time to time by announcement at the time and place fixed for such sale, and such sale may, without further notice, be made at the time and place to which it was so adjourned. Every such sale shall operate to divest all right, title, interest, claim, and demand whatsoever of the Borrower in and to the Collateral so sold, and shall be a perpetual bar, both at law and in equity, against the Borrower or any Person claiming the Collateral sold through the Borrower and its successors or assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Upon the completion of any sale under Section 8.02(c), the Borrower will deliver or cause to be delivered all of the Collateral sold to the purchaser or purchasers at such sale on the date of sale, or within a reasonable time thereafter if it shall be impractical to make immediate delivery, but in any event full title and right of possession to such property shall pass to such purchaser or purchasers forthwith upon the completion of such sale. Nevertheless, if so requested by the Administrative Agent or by any purchaser, the Borrower shall confirm any such sale or transfer by executing and delivering to such purchaser all proper instruments of conveyance and transfer and release as may be designated in any such request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) At any sale under Section 8.02(c), Lendbuzz, Lendbuzz Funding, the Administrative Agent, or any Secured Party may bid for and purchase the property offered for sale and, upon compliance with the terms of sale, may hold, retain, and dispose of such property without further accountability therefor. Any Secured Party purchasing property at a sale under Section 8.02(c) may set off the purchase price of such property against amounts owing to such Secured Party in full payment of such purchase price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Administrative Agent may direct the Servicer to direct Collections to an account other than the Remittance Account or the Collection Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Administrative Agent may exercise, at the Borrower's sole expense, any and all rights and remedies of the Borrower under or in connection with the Collateral.

Section 8.03. <u>Exercise of Remedies</u>. No failure or delay on the part of the Administrative Agent to exercise any right, power, or privilege under this Agreement and no course of dealing between the Borrower, on the one hand, and the Administrative Agent or the Secured Parties, on the other hand, shall operate as a waiver of such right, power or privilege, nor shall any single or partial exercise of any right, power, or privilege under this Agreement preclude any other or further exercise of such right, power, or privilege or the exercise of any other right, power or privilege. The rights and remedies expressly provided in this Agreement

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are cumulative and not exclusive of any rights or remedies which the Secured Parties would otherwise have pursuant to law or equity. No notice to or demand on any party in any case shall entitle such party to any other or further notice or demand in similar or other circumstances, or constitute a waiver of the right of the other party to any other or further action in any circumstances without notice or demand.

Section 8.04. <u>Waiver of Certain Laws</u>. The Borrower agrees, to the full extent that it may lawfully so agree, that neither it nor anyone claiming through or under it will set up, claim, or seek to take advantage of any appraisal, valuation, stay, extension, or redemption law now or hereafter in force in any locality where any Collateral may be situated in order to prevent, hinder, or delay the enforcement or foreclosure of this Agreement, or the absolute sale of any of the Collateral or any part thereof, or the final and absolute putting into possession thereof, immediately after such sale, of the purchasers thereof, and the Borrower, for itself and all who may at any time claim through or under it, hereby waives, to the full extent that it may be lawful so to do, the benefit of all such laws, and any and all right to have any of the properties or assets constituting the Collateral marshaled upon any such sale, and agrees that the Administrative Agent or any court having jurisdiction to foreclose the security interests granted in this Agreement may sell the Collateral as an entirety or such parcels as the Administrative Agent or such court may determine.

Section 8.05. <u>Power of Attorney</u>. The Borrower hereby irrevocably appoints the Administrative Agent its true and lawful attorney (with full power of substitution) in its name, place, and stead and at its expense, in connection with the enforcement of the rights and remedies provided for in this Article, including: (i) to give any necessary receipts or acquittance for amounts collected or received hereunder, (ii) to make all necessary transfers of the Collateral in connection with any sale or other disposition made pursuant hereto, (iii) to execute and deliver for value all necessary or appropriate bills of sale, assignments, and other instruments in connection with any such sale or other disposition, the Borrower thereby ratifying and confirming all that such attorney (or any substitute) shall lawfully do hereunder and pursuant hereto, and (iv) to sign any agreements, orders, or other documents in connection with or pursuant to any Basic Document. In furtherance of the foregoing, the Borrower shall deliver to the Administrative Agent an executed power of attorney in the form of Exhibit D on the Closing Date. If so requested by the Administrative Agent, directly or through a purchaser of any of the Collateral, the Borrower shall ratify and confirm any such sale or other disposition by executing and delivering to the Administrative Agent or such purchaser all proper bills of sale, assignments, releases, and other instruments as may be designated in any such request.

ARTICLE NINE

INDEMNIFICATION

Section 9.01. <u>Indemnities by the Borrower</u>. Without limiting any other rights which the Administrative Agent, each Lender or its assignee, the Backup Servicer (including in its capacity as Successor Servicer), the Account Bank, the Collateral Custodian (if not Lendbuzz Funding), the Servicer (if not Lendbuzz Funding), or any of their respective Affiliates may have hereunder or under Applicable Law, the Borrower hereby agrees to indemnify the Administrative Agent, each Secured Party, the Backup Servicer, including if it is then acting as Successor Servicer, the Account Bank, the Collateral Custodian (if not Lendbuzz Funding), the Servicer (if not Lendbuzz Funding), and each of their respective Affiliates and officers, directors, employees and agents thereof (collectively, the "Indemnified Parties") from and against any and all reasonable and documented fees, damages, losses, claims, liabilities and related costs and expenses, including reasonable attorneys' fees, court costs, and expenses (collectively, the "Indemnified

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Amounts") awarded against or incurred by, any such Indemnified Party arising out of or as a result of this Agreement, excluding, however, Indemnified Amounts to the extent resulting from the gross negligence, bad faith, or willful misconduct on the part of any Indemnified Party. Without limiting the foregoing, the Borrower shall indemnify the Indemnified Parties for Indemnified Amounts relating to or resulting from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any Receivable represented by the Borrower to be an Eligible Receivable which is not at the applicable time an Eligible Receivable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) reliance on any representation or warranty made or deemed made by the Borrower or any of its respective officers under or in connection with this Agreement or any other Basic Document, which shall have been false or incorrect in any material respect when made or deemed made or delivered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the failure by the Borrower to comply with any term, provision, or covenant contained in this Agreement or any other Basic Document, or a failure by the Borrower to comply with any Applicable Law with respect to any Contract or Receivable, the related Financed Vehicle or the non-conformity of any Contract with any such Applicable Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the failure to vest and maintain vested in the Administrative Agent a valid and enforceable security interest in any or all of the Collateral or a valid and enforceable first priority perfected security interest in any or all of the Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the failure to file, or any delay in filing, financing statements or other similar instruments or documents under the UCC of any applicable jurisdiction or other Applicable Laws with respect to the Collateral, whether at the time of a Loan or at any subsequent time and as required by the Basic Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any dispute, claim, offset, or defense (other than the discharge in bankruptcy of the related Obligor) of an Obligor to the payment of any Receivable comprising a portion of the Collateral which is, or is purported to be, an Eligible Receivable (including a defense based on the Contract not being a legal, valid, and binding obligation of such Obligor enforceable against it in accordance with its terms) or any other claim resulting from the sale or financing of the Financed Vehicle related to such Receivable (other than as a result of the bankruptcy or insolvency of the related Obligor);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) any products liability claim or personal injury or property damage suit or other similar or related claim or action of whatever sort arising out of or in connection with any Contract or the related Financed Vehicle;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the failure by the Borrower to pay when due any Taxes for which the Borrower is liable, including sales, excise or personal property taxes payable in connection with the Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) any repayment or disgorgement by any Secured Party of any amount previously distributed in reduction of the Loans Outstanding or payment of Interest, any other Obligation or any other amount due hereunder or under any Hedging Agreement, in each case which amount such entity believes in good faith is required to be repaid or disgorged;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) any litigation, proceeding, or investigation relating to arising from the Basic Documents, the transactions contemplated hereby and thereby, the use of proceeds of the Loans or any other investigation, litigation or proceeding relating to the Borrower in which any Indemnified Party becomes involved as a result of any of the transactions contemplated by the Basic Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) the use of the proceeds of any Loan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) any failure by the Borrower to give reasonably equivalent value to the Seller in consideration for the transfer by the Seller to the Borrower of any of the Receivables and the related Collateral or any attempt by any Person to void or otherwise avoid any such transfer under any statutory provision or common law or equitable action, including any provision of the Bankruptcy Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) the commingling by the Borrower of any Collections with other funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) any claim brought by any Person arising from any activity by the Borrower in servicing, administering or collecting any Receivable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) the failure of the Remittance Account Bank or the Account Bank, respectively, to remit any amounts or items of payment held in the Remittance Account or the Collection Account pursuant to the instructions of the Administrative Agent given in accordance with this Agreement or the other Basic Documents, whether by reason or the exercise of setoff rights or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) all reasonable and documented fees, costs, and expenses (including reasonable legal fees and expenses) incurred by any Lender or the Administrative Agent in connection with any amendments, supplements, waivers, or consents (including review and analysis thereof) with respect to the Basic Documents or any other document or instrument delivered pursuant hereto or thereto (whether or not the same is finally agreed to) if the same is requested by the Borrower, or is required or necessary under the Basic Documents; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) any and all Sanctions against, and all reasonable costs and expenses (including attorneys' fees and disbursements) incurred in connection with the defense thereof by the Administrative Agent or any Lender as a result of funding all or any portion of the Loans or the acceptance of payments or of Collateral due under the Basic Documents.

Notwithstanding the foregoing, in no event shall any Indemnified Party be indemnified against any Indemnified Amounts to the extent such Indemnified Amounts are or result from (A) Excluded Taxes (except as specified above in this Section 9.01 <u>or as may be described in clause (B)</u> <u>which follows</u>), (B) Taxes other than any Taxes that represent losses, claims, damages, etc.

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arising from any non-Tax claim, (C) non-payment by any Obligor of any amount that is due and payable under the related Receivable, or (D) any loss in value of any Financed Vehicle or Permitted Investments for reasons that are not caused by the Borrower. For the avoidance of doubt, the terms of this Section 9.01 shall not duplicate any indemnification relating to Taxes that are indemnified by the terms of Section 2.12.

Any amounts subject to the indemnification provisions of this Section 9.01 shall be paid by the Borrower solely pursuant to the provisions of Section 2.07 in the order and priority set forth therein not later than the first Distribution Date following written demand therefor.

Section 9.02. <u>Indemnities by the Servicer and the Collateral Custodian</u>. Without limiting any other rights which the Administrative Agent, each Lender or its assignee, the Backup Servicer, the Account Bank, or any of their respective Affiliates may have hereunder or under Applicable Law, the initial Servicer and the initial Collateral Custodian each hereby agree to indemnify the Indemnified Parties from and against any and all Indemnified Amounts awarded against or incurred by, any such Indemnified Party arising out of or as a result of the failure of the initial Servicer or the initial Collateral Custodian, respectively, to perform its obligations under this Agreement, excluding, however, Indemnified Amounts to the extent resulting from the gross negligence, bad faith, or willful misconduct on the part of any Indemnified Party. Without limiting the foregoing, the initial Servicer and the initial Collateral Custodian shall each indemnify the Indemnified Parties for Indemnified Amounts relating to or resulting from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) reliance on any representation or warranty made or deemed made, respectively, by the Servicer or any of its respective officers or by the Collateral Custodian or any of its respective officers, in all cases under or in connection with this Agreement or any other Basic Document, which shall have been false or incorrect in any material respect when made or deemed made or delivered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the failure by the Servicer or the Collateral Custodian, respectively, to comply with any term, provision, or covenant contained in this Agreement or any other Basic Document to which it is a party or a failure by the Servicer or the Collateral Custodian, respectively, to comply with any term, provision, or covenant contained in any agreement executed in connection with this Agreement or any other Basic Document, or with any Applicable Law with respect to any Contract or Receivable, the related Financed Vehicle or the non-conformity of any Contract with any such Applicable Law and any failure by Lendbuzz Funding to perform its respective duties under the Contracts and Receivables included as a part of the Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) with respect to the Servicer only, the failure to vest and maintain vested in the Administrative Agent a valid and enforceable security interest in any or all of the Collateral or a valid and enforceable first priority perfected security interest in any or all of the Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) with respect to the Servicer only, the failure to file, or any delay in filing, financing statements or other similar instruments or documents under the UCC of any applicable jurisdiction or other Applicable Laws with respect to the Collateral, whether at the time of a Loan or at any subsequent time and as required by the Basic Documents;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any failure by the Servicer or the Collateral Custodian, respectively, to perform its respective duties or obligations in accordance with the provisions of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the failure, respectively, by the Servicer to pay when due any Taxes for which the Servicer is liable or by the Collateral Custodian to pay when due any Taxes for which the Collateral Custodian is liable, in all cases including sales, excise, or personal property taxes payable in connection with the Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) any litigation, proceeding or investigation relating to or arising from the obligation of the Servicer or the Collateral Custodian, respectively, under the Basic Documents to which it is a party, the transactions contemplated hereby and thereby, or any other investigation, litigation or proceeding relating to the Servicer or the Collateral Custodian, respectively, in which any Indemnified Party becomes involved as a result of any of the transactions contemplated by such Basic Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) any claim brought by any Person arising from any activity by the Servicer or the Collateral Custodian, respectively, in servicing, administering or collecting any Receivable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) to the extent caused by actions or inactions of the Servicer or the Collateral Custodian, respectively, the failure of the Remittance Account Bank to remit any amounts or items of payment held in the Remittance Account pursuant to the instructions of the Administrative Agent given in accordance with this Agreement or the other Basic Documents, whether by reason or the exercise of setoff rights or otherwise; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) all reasonable and documented fees, costs and expenses (including reasonable legal fees and expenses) incurred by any Lender or the Administrative Agent in connection with any amendments, supplements, waivers, or consents (including review and analysis thereof) with respect to the Basic Documents or any other document or instrument delivered pursuant hereto or thereto (whether or not the same is finally agreed to) if the same is requested by the Servicer or the Collateral Custodian, respectively.

Notwithstanding the foregoing, in no event shall any Indemnified Party be indemnified against any Indemnified Amounts to the extent such Indemnified Amounts are or result from (A) Excluded Taxes (except as specified above in this Section 9.02 <u>or as may be described in clause (B)</u> <u>which follows</u>), (B) Taxes other than any Taxes that represent losses, claims, damages, etc. arising from any non-Tax claim, (C) non-payment by any Obligor of any amount that is due and payable under the related Receivable, or (D) any loss in value of any Financed Vehicle or Permitted Investments for reasons that are not caused by the Servicer.

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Any amounts subject to the indemnification provisions of this Section 9.02 shall be paid by the Servicer or the Collateral Custodian, respectively, to the related Indemnified Party within 20 Business Days following written demand therefor.

Section 9.03. <u>Indemnities by the Backup Servicer in its Capacity as the Successor Servicer or Successor Collateral Custodian</u>. Notwithstanding any indemnification obligations that the Backup Servicer may assume in a Backup Servicing Agreement, in no event shall the Backup Servicer, in its capacity as Successor Servicer or Successor Collateral Custodian, have (a) any liability with respect to any obligation which was required to be performed by the predecessor Servicer or the predecessor Collateral Custodian, respectively, prior to the date that the Backup Servicer becomes the Successor Servicer or the Successor Collateral Custodian, respectively, or any claim of a third party based on any alleged action or inaction of the predecessor Servicer or the predecessor Collateral Custodian, respectively, or (b) any liability or obligation with respect to any Servicer or Collateral Custodian indemnification obligations of any prior Servicer or Collateral Custodian, including, respectively, Lendbuzz Funding or Lendbuzz.

ARTICLE TEN

THE ADMINISTRATIVE AGENT

Section 10.01. <u>Authorization and Action</u><u>.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Lender and each Secured Party (other than the Administrative Agent) hereby designates and appoints Mizuho Bank, Ltd. (and Mizuho Bank, Ltd. accepts such designation and appointment) as Administrative Agent hereunder, and authorizes the Administrative Agent to take such actions as agent on its behalf and to exercise such powers as are delegated to the Administrative Agent by the terms of this Agreement together with such powers as are reasonably incidental thereto. In performing its functions and duties hereunder, the Administrative Agent shall act solely as agent for the Secured Parties and does not assume nor shall be deemed to have assumed any obligation or relationship of trust or agency with or for the Borrower or any of its successors or assigns. The Administrative Agent shall not be required to take any action which exposes it to personal liability or which is contrary to this Agreement or Applicable Law. The appointment and authority of the Administrative Agent hereunder shall terminate at the indefeasible payment in full of the Aggregate Unpaids.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding any provision to the contrary elsewhere in this Agreement, the Administrative Agent shall not have any duties or responsibilities, except those expressly set forth herein, or any fiduciary relationship with any Lender, and no implied covenants, functions, responsibilities, duties, obligations, or liabilities shall be read into this Agreement or otherwise exist against the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Administrative Agent shall promptly distribute to each Lender all notices, requests for consent and other information received by the Administrative Agent under this Agreement.

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Section 10.02. <u>Delegation of Duties</u>. The Administrative Agent may execute any of its duties under any of the Basic Documents by or through agents or attorneys-in-fact and shall be entitled to advice of counsel concerning all matters pertaining to such duties. The Administrative Agent shall not be responsible for the negligence or misconduct of any agents or attorneys-in-fact selected by it with reasonable care.

Section 10.03. <u>Exculpatory Provisions</u>. Neither the Administrative Agent nor any of its directors, officers, agents, or employees shall be (i) liable for any action lawfully taken or omitted to be taken by it or them under or in connection with this Agreement (except for its, their or such Person's own gross negligence or willful misconduct or, in the case of the Administrative Agent, the breach of its obligations expressly set forth in this Agreement) or (ii) responsible in any manner to any of the Secured Parties for any recitals, statements, representations, or warranties made by the Borrower, the Servicer, the Backup Servicer, the Performance Guarantor, or the Collateral Custodian contained in this Agreement or in any certificate, report, statement, or other document referred to or provided for in, or received under or in connection with, this Agreement or any other Basic Document to which it is a party for the value, validity, effectiveness, genuineness, enforceability, or sufficiency of this Agreement or any other document furnished in connection herewith, or for any failure of the Borrower to perform its obligations hereunder, or for the satisfaction of any condition specified in Article Four. The Administrative Agent shall not be under any obligation to any Secured Party to ascertain or to inquire as to the observance or performance of any of the agreements or covenants contained in, or conditions of, this Agreement, or to inspect the properties, books, or records of the Borrower.

Section 10.04. <u>Reliance</u><u>.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Administrative Agent shall be entitled to rely, and shall be fully protected in relying, upon any writing, resolution, notice, consent, certificate, affidavit, letter, cablegram, telegram, telecopy, telex or teletype message, written statement, order, or other document or conversation believed by it to be genuine and correct and to have been signed, sent, or made by the proper Person or Persons and upon advice and statements of legal counsel (including counsel to the Administrative Agent), independent accountants, and other experts selected by the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Administrative Agent shall be fully justified in failing or refusing to take any action under any of the Basic Documents unless it shall first receive such advice or concurrence of the Required Lenders as it deems appropriate or it shall first be indemnified to its satisfaction by the Lenders against any and all liability and expense which may be incurred by it by reason of taking or continuing to take any such action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Administrative Agent shall in all cases be fully protected in acting, or in refraining from acting, under any of the Basic Documents in accordance with a request of the Required Lenders, and such request and any action taken or failure to act pursuant thereto shall be binding upon all present and future Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of any breach of this Agreement or the occurrence of any Servicer Termination Event, or Event of Default unless it has received notice from the Borrower, the Servicer, the Backup Servicer or any Lender, referring to this Agreement and describing such event. In the event that the Administrative Agent receives such a notice, it shall promptly give notice thereof to each Lender. The Administrative Agent shall take such action with respect to such event as shall be reasonably directed by the Required Lenders; <u>provided</u>, that unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such event as it shall deem advisable in the best interests of the Lenders.

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Section 10.05. <u>Non-Reliance on Other Lenders</u>. Each Lender expressly acknowledges that neither the Administrative Agent nor any of its officers, directors, employees, agents, attorneys-in-fact, or Affiliates has made any representations or warranties to it and that no act by the Administrative Agent hereafter taken, including any review of the affairs of the Borrower, the Servicer, the Performance Guarantor, the Backup Servicer, or the Collateral Custodian shall be deemed to constitute any representation or warranty by the Administrative Agent to any Lender. Each Lender represents to the Administrative Agent that it has, independently and without reliance upon the Administrative Agent or any other Lender, and based on such documents and information as it has deemed appropriate, made its own appraisal of, and investigation into, the business, operations, property, financial, and other condition and creditworthiness of the Borrower, the Servicer, the Performance Guarantor, the Backup Servicer, the Collateral Custodian, and the Receivables and made its own decision to purchase its interest in the Loans hereunder and enter into this Agreement. Each Lender also represents that it will, independently and without reliance upon the Administrative Agent or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own analysis, appraisals, and decisions in taking or not taking action under any of the Basic Documents, and to make such investigation as it deems necessary to inform itself as to the business, operations, property, financial, and other condition and creditworthiness of the Borrower, the Servicer, the Performance Guarantor, the Backup Servicer or the Collateral Custodian and the Receivables. Except for notices, reports and other documents received by the Administrative Agent hereunder, the Administrative Agent shall not have any duty or responsibility to provide any Lender with any credit or other information concerning the business, operations, property, condition (financial or otherwise), prospects, or creditworthiness of the Borrower, the Servicer, the Performance Guarantor, the Backup Servicer, the Collateral Custodian, or the Receivables which may come into the possession of the Administrative Agent or any of its officers, directors, employees, agents, attorneys-in-fact, or affiliates.

Section 10.06. <u>Indemnification</u>. The Lenders agree to indemnify the Administrative Agent in its capacity as such (without limiting the obligation (if any) of the Borrower or the Servicer to reimburse the Administrative Agent for any such amounts), ratably according to their respective Commitments (or, if the Commitments have terminated, Invested Percentages) from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses, or disbursements of any kind whatsoever which may at any time (including at any time following the payment of the obligations under this Agreement, including the Loans Outstanding) be imposed on, incurred by or asserted against the Administrative Agent in any way relating to or arising out of this Agreement, or any documents contemplated by or referred to herein or the transactions contemplated hereby or any action taken or omitted by the Administrative Agent under or in connection with any of the foregoing; provided, that no Lender shall be liable for the payment of any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses, or disbursements of the Administrative Agent resulting from its own gross negligence or willful misconduct. The provisions of this Section 10.06 shall survive the payment of the obligations under this Agreement, including the Loans Outstanding, the termination of this Agreement, and any resignation or removal of the Administrative Agent.

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Section 10.07. <u>Administrative Agent in its Individual Capacity</u>. The Administrative Agent and its Affiliates may make loans to, accept deposits from, and generally engage in any kind of business with the Borrower and any other party to a Basic Document as though it were not the Administrative Agent hereunder. In addition, the Lenders acknowledge that the Administrative Agent may act (i) as administrator, sponsor, or agent for one or more Lenders and in such capacity act and may continue to act on behalf of each such Lender in connection with its business, and (ii) as the agent in various other capacities relating to the business of any such Lender under various agreements. The Administrative Agent shall not, by virtue of its acting in any such other capacities, be deemed to have duties or responsibilities hereunder or be held to a standard of care in connection with the performance of its duties as Administrative Agent other than as expressly provided in this Agreement. The Administrative Agent may act in such capacity without regard to and without additional duties or liabilities arising from its role as such administrator or agent or arising from its acting in any such other capacity. None of the provisions to this Agreement shall require the Administrative Agent to expend or risk its own funds or otherwise to incur any liability, financial or otherwise, in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers if it shall have reasonable grounds for believing that repayment of such funds or indemnity satisfactory to it against such risk or liability is not assured to it.

Section 10.08. <u>Successor Administrative Agent</u>. The Administrative Agent may assign its rights and obligations hereunder with the consent of the Required Lenders and the Borrower. The Administrative Agent may resign as Administrative Agent upon ten (10) days' notice to the Lenders and the Borrower with such resignation becoming effective upon a successor agent succeeding to the rights, powers and duties of the Administrative Agent pursuant to this Section 10.08. If the Administrative Agent shall resign as Administrative Agent under this Agreement, then the Required Lenders shall appoint a successor administrative agent. Any successor administrative agent shall succeed to the rights, powers and duties of resigning Administrative Agent, and the term "Administrative Agent" shall mean such successor administrative agent effective upon its appointment, and the former Administrative Agent's rights, powers and duties as Administrative Agent shall be terminated, without any other or further act or deed on the part of such former Administrative Agent or any of the parties to this Agreement. After the retiring Administrative Agent's resignation as Administrative Agent, the provisions of this Article shall inure to its benefit as to any actions taken or omitted to be taken by it while it was Administrative Agent under this Agreement.

Section 10.09. <u>Erroneous Payments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the Administrative Agent notifies a Lender (any such Lender, a "<u>Payment Recipient</u>") that the Administrative Agent has determined in its sole discretion (whether or not after receipt of any notice under immediately succeeding clause (b)) that any funds received by such Payment Recipient from the Administrative Agent or any of its Affiliates were erroneously transmitted to, or otherwise erroneously or mistakenly received by, such Payment Recipient (whether or not known to such Payment Recipient) (any such funds, whether received as a payment, prepayment or repayment of principal, interest, fees, distribution or otherwise, individually and collectively, an "<u>Erroneous Payment</u>") and demands the return of such Erroneous Payment (or a portion thereof), such Erroneous Payment shall at all times remain the property of the Administrative Agent and shall be segregated by the Payment Recipient and held in trust for the benefit of the Administrative Agent, and such Payment Recipient shall promptly, but in no event later than two (2) Business Days thereafter, return to the Administrative Agent the amount of any such Erroneous Payment (or portion thereof) as to which such a demand was made, in same day funds (in the currency so received), together with interest thereon in respect of each day from and including the date such Erroneous Payment (or portion thereof) was received by such Payment Recipient to the date such amount is repaid to the Administrative Agent in same day funds at the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation from time to time in effect. A notice of the Administrative Agent to any Payment Recipient under this clause (a) shall be conclusive, absent manifest error.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Without limiting immediately preceding clause (a), each Payment Recipient hereby further agrees that if it receives a payment, prepayment or repayment (whether received as a payment, prepayment or repayment of principal, interest, fees, distribution or otherwise) from the Administrative Agent (or any of its Affiliates) (x) that is in a different amount than, or on a different date from, that specified in a notice of payment, prepayment or repayment sent by the Administrative Agent (or any of its Affiliates) with respect to such payment, prepayment or repayment, (y) that was not preceded or accompanied by a notice of payment, prepayment or repayment sent by the Administrative Agent (or any of its Affiliates), or (z) that such Payment Recipient, otherwise becomes aware was transmitted, or received, in error or by mistake (in whole or in part) in each case:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) (A) in the case of immediately preceding clauses (x) or (y), an error shall be presumed to have been made (absent written confirmation from the Administrative Agent to the contrary) or (B) an error has been made (in the case of immediately preceding clause (z)), in each case, with respect to such payment, prepayment or repayment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) such Payment Recipient shall (and shall cause any other recipient that receives funds on its respective behalf to) promptly (and, in all events, within one Business Day of its knowledge of such error) notify the Administrative Agent of its receipt of such payment, prepayment or repayment, the details thereof (in reasonable detail) and that it is so notifying the Administrative Agent pursuant to this Section 10.09(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each Payment Recipient hereby authorizes the Administrative Agent to set off, net and apply any and all amounts at any time owing to such Payment Recipient under any Basic Document, or otherwise payable or distributable by the Administrative Agent to such Payment Recipient from any source, against any amount due to the Administrative Agent under immediately preceding clause (a) or under the indemnification provisions of this Agreement. In addition, each party hereto agrees that, irrespective of whether the Administrative Agent may be equitably subrogated, the Administrative Agent shall be contractually subrogated to all the rights and interests of the applicable Payment Recipient under the Basic Documents with respect to each Erroneous Payment (or portion thereof that is not returned to the Administrative Agent as provided herein) (the "<u>Erroneous Payment Subrogation Rights</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The parties hereto agree that an Erroneous Payment shall not pay, prepay, repay, discharge or otherwise satisfy any Obligations owed by the Borrower or any other Loan Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) To the extent permitted by applicable law, no Payment Recipient shall assert any right or claim to an Erroneous Payment, and hereby waives, and is deemed to waive, any claim, counterclaim, defense or right of set-off or recoupment with respect to any demand, claim or counterclaim by the Administrative Agent for the return of any Erroneous Payment received, including without limitation waiver of any defense based on "discharge for value" or any similar doctrine.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Each party's obligations, agreements and waivers under this Section 10.09 shall survive the resignation or replacement of the Administrative Agent, any transfer of rights or obligations by, or the replacement of, a Lender, the termination of the Commitments and/or the repayment, satisfaction or discharge of all Obligations (or any portion thereof) under any Basic Document.

ARTICLE ELEVEN

ASSIGNMENTS; PARTICIPATIONS

Section 11.01. <u>Assignments and Participations</u><u>.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Lender may, upon at least five (5) Business Days' notice to the Administrative Agent, assign to one or more banks or other entities all or a portion of its rights and obligations under this Agreement; <u>provided</u>, that (i) each such assignment shall be of a constant, and not a varying, percentage of all of the assigning Lender's rights and obligations under this Agreement, (ii) the amount of the Commitment of the assigning Lender being assigned pursuant to each such assignment (determined as of the date of the Assignment and Acceptance with respect to such assignment), except if being assigned to an Affiliate of the Lender, shall in no event be less than the lesser of (A) $5,000,000 or an integral multiple of $1,000,000 in excess of that amount and (B) the full amount of the assigning Lender's Commitment, (iii) each such assignment shall be to an Eligible Assignee, (iv) the parties to each such assignment shall execute and deliver to the Administrative Agent (with a copy to the Borrower), for its recording in the Lender Register, an Assignment and Acceptance, together with a processing and recordation fee of $3,500 or such lesser amount as shall be approved by the Administrative Agent, (v) the parties to each such assignment shall have agreed to reimburse the Administrative Agent for all reasonable fees, costs and expenses (including the reasonable fees and disbursements of counsel for the Administrative Agent) incurred by the Administrative Agent in connection with such assignment, (vi) each Person that becomes a Lender under an Assignment and Acceptance shall agree to be bound by the confidentiality provisions of Article Twelve, and (vii) there shall be no increased costs, expenses or Taxes incurred by the Administrative Agent or any Lender upon assignment or participation. Upon such execution, delivery and recording by the Administrative Agent, from and after the effective date specified in each Assignment and Acceptance, (i) the assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, have the rights and obligations of a Lender hereunder and (ii) the Lender assignor thereunder shall, to the extent that rights and obligations hereunder have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under this Agreement (and, in the case of an Assignment and Acceptance covering all or the remaining portion of an assigning Lender's rights and obligations under this Agreement, such Lender shall cease to be a party hereto).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) By executing and delivering an Assignment and Acceptance, the Lender assignor thereunder and the assignee thereunder confirm to and agree with each other and the other parties hereto as follows: (i) other than as provided in such Assignment and Acceptance, such assigning Lender makes no representation or warranty and assumes no responsibility with respect to any

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statements, warranties, or representations made in or in connection with this Agreement or the execution, legality, validity, enforceability, genuineness, sufficiency, or value of this Agreement or any other instrument or document furnished pursuant hereto; (ii) such assignee confirms that it has received a copy of this Agreement, together with copies of such financial statements and other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into such Assignment and Acceptance; (iii) such assignee will, independently and without reliance upon the Administrative Agent, such assigning Lender or any other Lender and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under this Agreement; (iv) such assigning Lender and such assignee confirm that such assignee is an Eligible Assignee; (v) such assignee appoints and authorizes the Administrative Agent to take such action as agent on its behalf and to exercise such powers under this Agreement as are delegated to such agent by the terms hereof, together with such powers as are reasonably incidental thereto; and (vi) such assignee agrees that it will perform in accordance with their terms all of the obligations which by the terms of this Agreement are required to be performed by it as a Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Administrative Agent, acting solely for this purpose as a non-fiduciary agent of the Borrower, shall maintain at its address referred to herein a copy of each Assignment and Acceptance delivered to it and a register for the recordation of the names, addresses and Commitment of each Lender and the Principal Amount (and stated interest) of each Loan made by each Lender from time to time (the "<u>Lender Register</u>"). The entries in the Lender Register shall be conclusive and binding for all purposes, absent manifest error, and the Borrower and the Lenders shall treat each Person whose name is recorded in the Lender Register as a Lender hereunder for all purposes of this Agreement. The Lender Register shall be available for inspection by any Lender at any reasonable time and from time to time upon reasonable prior notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Subject to the provisions of Section 11.01(a), upon its receipt of an Assignment and Acceptance executed by an assigning Lender and an assignee, the Administrative Agent shall, if such Assignment and Acceptance has been completed, accept such Assignment and Acceptance, and the Administrative Agent shall then record the information contained therein in the Lender Register.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Each Lender may sell participations to one or more banks or other entities in or to all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment and each Loan owned by it); <u>provided</u>, that (i) such Lender's obligations under this Agreement (including its Commitment hereunder) shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations, (iii) the Administrative Agent and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender's rights and obligations under this Agreement, (iv) the Borrower provides its prior written consent to the sale of such participation (such consent of the Borrower not to be unreasonably withheld), and (v) unless an Event of Default has occurred and is continuing, no participation may be sold to any Competitor unless approved by the Borrower in writing prior to such sale. Notwithstanding anything herein to the contrary, each participant shall have the rights of a Lender (including any right to receive payment) under Sections 2.11 and 2.12; <u>provided</u>, that no participant shall be entitled to receive payment under

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either such Section in excess of the amount that would have been payable under such Section by the Borrower to the Lender granting its participation had such participation not been granted, and no Lender granting a participation shall be entitled to receive payment under either such Section in an amount which exceeds the sum of (i) the amount to which such Lender is entitled under such Section with respect to any portion of any Loan owned by such Lender which is not subject to any participation <u>plus</u> (ii) the aggregate amount to which its participants are entitled under such Sections with respect to the amounts of their respective participations. With respect to any participation described in this Section 11.01, the participant's rights as set forth in the agreement between such participant and the applicable Lender to agree to or to restrict such Lender's ability to agree to any modification, waiver or release of any of the terms of this Agreement or to exercise or refrain from exercising any powers or rights which such Lender may have under or in respect of this Agreement shall be limited to the right to consent to any of the matters set forth in Section 11.01.

Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrower, maintain a register on which it enters the name and address of each participant and the principal amounts (and stated interest) of each participant's interest in the obligations under this Agreement (the "<u>Participant Register</u>"); <u>provided</u>, that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any participant or any information relating to a participant's interest in any Commitment or Loan or its other obligations under the Agreement) to any person except to (A) the Administrative Agent and (B) the extent that such disclosure is necessary to establish that such Commitment, Loan, or other obligation is in registered form under Treasury Regulations Section 5f.103-1(c). The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Each Lender may, in connection with any assignment or participation or proposed assignment or participation pursuant to this Section 11.01, disclose to the assignee or participant or proposed assignee or participant any information, including Confidential Information, relating to the Borrower furnished to such Lender by or on behalf of the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Nothing herein shall prohibit any Lender from (i) pledging or assigning as Collateral any of its rights under this Agreement to any Federal Reserve Bank or any other Governmental Authority in accordance with Applicable Law or (ii) pledging or granting a security interest in all or any portion of its rights (including payments to it under this Agreement and the other Basic Documents) under this Agreement to a collateral trustee in order to comply with Rule 3a-7 under the Investment Company Act; <u>provided</u>, that in each case, (A) any such pledge or Collateral assignment may be made without compliance with Section 11.01(a) or 11.01(b) and (B) no such pledge or grant of a security interest shall release a Lender from any of its obligations hereunder or substitute any such pledgee or grantee for such Lender as a party hereto.

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ARTICLE TWELVE

MUTUAL COVENANTS REGARDING CONFIDENTIALITY

Section 12.01. <u>Covenants of the Borrower, the Servicer, the Backup Servicer, the Account Bank and the Collateral Custodian</u>. Each of the Borrower, the Servicer, the Backup Servicer, the Account Bank, and the Collateral Custodian severally and with respect to itself only, covenants and agrees to hold in confidence, and not disclose to any Person, the terms of this Agreement (including any fees payable in connection with this Agreement or the identity of a Lender under this Agreement), except as the Administrative Agent and the Required Lenders may have consented to in writing prior to any proposed disclosure, except it may disclose such information (a) to its officers, directors, employees, agents, counsel, accountants, auditors, subservicers, advisors, or representatives, (b) to the extent such information has become available to the public other than as a result of a disclosure by or through the Borrower, the Servicer, the Backup Servicer, the Account Bank, or the Collateral Custodian, (c) to Mizuho Bank, Ltd. or its Affiliates, or (d) to the extent it should be (i) required by Applicable Law (including filing a copy of this Agreement and the other Basic Documents (other than the Fee Letter and excluding from any such copy the identity of each Lender)) as exhibits to filings required to be made with the Securities and Exchange Commission, or in connection with any legal or regulatory proceeding or (ii) requested by any Governmental Authority to disclose such information; provided, that in the case of clause (d)(i), the Borrower, the Servicer, the Backup Servicer, the Account Bank, or the Collateral Custodian, as applicable, will use all reasonable efforts to maintain confidentiality and will (unless otherwise prohibited by law) notify the Administrative Agent of its intention to make any such disclosure prior to making such disclosure.

Section 12.02. <u>Covenants of the Administrative Agent and the Lenders</u><u>.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each of the Administrative Agent and each Lender covenants and agrees that it will not disclose any of the Confidential Information at any time received or obtained by it without the Borrower's prior written consent; <u>provided</u>, that it may disclose any such Confidential Information (i) in connection with participations and assignments pursuant to Section 11.01 or (ii) to its officers, directors, or employees, to Mizuho Bank, Ltd. or its Affiliates, each of which shall be informed by it of the confidential nature of the Confidential Information and shall have agreed to keep such information confidential, and (iii) to its or its Affiliates' Advisors (provided that such Advisors are advised of the confidential nature of such information and such Advisors are obligated to keep such information confidential pursuant to the terms of their engagement or applicable professional rules). Each of the Administrative Agent and each Lender agrees to be responsible for any breach of this Agreement by its Affiliates, and it agrees that its Affiliates and Advisors will be advised by it of the confidential nature of such information and that it shall cause its Affiliates to be bound by this Agreement. Notwithstanding the foregoing, with respect to participations and assignments pursuant to Section 11.01 involving an Eligible Assignee other than an entity satisfying clause (i) of the definition of "Eligible Assignee", Confidential Information may not be provided to prospective participants or assignees before the execution of an Assignment and Acceptance, unless such Confidential Information is covered under a separate confidentiality agreement between the assigning Lender and such prospective participant or assignee pursuant to which such prospective participant or assignee shall agree to the provisions set forth in this Article.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each of the Administrative Agent and each Lender acknowledges and agrees that any Confidential Information provided to it, in whatever form, is the sole property of the Borrower or Lendbuzz Funding, as applicable. Neither such Person nor its Affiliates or Advisors shall use any of the Confidential Information now or hereafter received or obtained from or through the Borrower, Lendbuzz Funding, or any of their respective Affiliates for any purpose other than for purposes of engaging in, or as otherwise contemplated by, the transactions contemplated by the Basic Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the Administrative Agent, a Lender, or any of their respective Affiliates or Advisors are legally compelled (whether by deposition, interrogatory, request for documents, subpoena, civil investigation, demand or similar process) to disclose any Confidential Information, the related entity shall, to the extent permitted by law, promptly notify the Borrower and Lendbuzz Funding in writing of such requirement so that the Borrower and/or Lendbuzz Funding, at their sole cost and expense, may seek a protective order or other appropriate remedy and/or waive compliance with the provisions hereof. The Administrative Agent and each Lender or any of their respective Affiliates or Advisors agree to use its reasonable efforts, upon the written request of the Borrower or Lendbuzz Funding, as applicable, to obtain or assist the Borrower or Lendbuzz Funding, as applicable, in obtaining any such protective order. Failing the reasonably timely entry of a protective order or the reasonably timely receipt of a waiver hereunder, it may disclose, without liability hereunder, that portion (and only that portion) of the Confidential Information that in the opinion of such party's counsel, it is legally compelled to disclose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding the foregoing, it is understood that the Administrative Agent , and each Lender or its Affiliates may be required to disclose (and may so disclose, without liability hereunder, provided that it complies with the following sentence) the Confidential Information or portions thereof (i) at the request of a bank examiner or other regulatory authority or in connection with an examination of it or its Affiliates by a bank examiner or other regulatory authority, including in connection with the regulator compliance policy of Administrative Agent or any Lender, (ii) to any nationally recognized statistical rating organization (within the meaning of the Exchange Act) (an "<u>NRSRO</u>") in compliance with Rule 17g-5 under the Exchange Act (or any similar rule or regulation in any relevant jurisdiction) which shall be informed by Administrative Agent, such Lender, or such Affiliate, as applicable, of the confidential nature of the Confidential Information and shall have agreed to keep such information confidential, or (iii) to any collateral trustee appointed by such Lender to comply with Rule 3a-7 under the Investment Company Act; <u>provided</u>, that such collateral trustee is informed of the confidential nature of such information and such collateral trustee agrees in writing to keep such Confidential Information subject to an agreement with substantially similar terms as provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) It is understood and agreed that no failure or delay by the Borrower, the Servicer, the Backup Servicer, the Collateral Custodian, the Administrative Agent, the Account Bank or any Lender in exercising any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any right, power or privilege hereunder.

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Section 12.03. <u>Non-Confidentiality of Tax Treatment and Tax Structure</u>. Notwithstanding anything to the contrary contained herein or in any document related to the transactions contemplated hereby, in connection with Treasury Regulations Section 1.6011-4, Section 301.6111-1T and Section 301.6112-1, the parties hereby agree that, from the commencement of discussions with respect to the transactions described herein, each party hereto (and each of its employees, representatives, Advisors, Affiliates, or agents) is permitted to disclose to any and all persons of any kind (other than limitations imposed by State or federal securities laws), the structure and tax aspects of the transactions, and all materials of any kind (including opinions or other tax analyses) that are provided to each such party related to such structure and tax aspects. In this regard, each party hereto acknowledges and agrees that this disclosure of the structure or tax aspects of the transactions is not limited in any way by an express or implied understanding or agreement, oral or written (whether or not such understanding or agreement is legally binding) except as is reasonably necessary to comply with state and federal securities laws. Furthermore, each party hereto acknowledges and agrees that it does not know or have reason to know that its use or disclosure of information relating to the structure or tax aspects of the transactions is limited in any other manner (such as where the transactions are claimed to be proprietary or exclusive) for the benefit of any other Person (other than as it may be limited by State or federal securities laws).

ARTICLE THIRTEEN

MISCELLANEOUS

Section 13.01. <u>Amendments and Waivers</u>. This Agreement may be amended, waived, or modified by the written agreement of the Borrower, the Administrative Agent and the Required Lenders. The Administrative Agent shall provide a copy of each such proposed amendment, waiver or other modification to the Account Bank, the Backup Servicer, and each Hedge Counterparty.

No amendment, waiver, or other modification which could have a material adverse effect on the rights or obligations of the Account Bank, the Servicer or the Backup Servicer (including, in its capacity as Successor Servicer) shall be effective against the Account Bank, the Servicer or the Backup Servicer, as applicable, without the prior written agreement of the Account Bank, the Servicer or the Backup Servicer, as applicable.

Notwithstanding anything in this Section 13.01 or in any Basic Document to the contrary, following the determination of a Benchmark Replacement, this Agreement may be amended by the Administrative Agent without the consent of any other Person and, except as provided in Section 2.18(d), without satisfying any other amendment provisions of this Agreement or any other Basic Document, to implement a Benchmark Replacement and any Conforming Changes. For the avoidance of doubt, any Conforming Changes in any amendment to this Agreement may be retroactive (including retroactive to, but not before, the Benchmark Replacement Date) and this Agreement may be amended more than once in connection with any Conforming Changes.

Section 13.02. <u>Notices, Etc</u>. All notices and other communications provided for hereunder shall, unless otherwise stated herein, be in writing (including communication by e-mail or facsimile copy) and e-mailed, mailed, transmitted or delivered, as to each party hereto, at its address set forth under its name on the signature pages hereof or specified in such party's Assignment and Acceptance or at such other address as shall be designated by such party in a written notice to the other parties hereto. All such notices and communications shall be effective, upon receipt, or in the case of notice by (a) mail, five days after being deposited in the

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United States mail, first class postage prepaid, (b) facsimile copy, when receipt is confirmed by telephone, except that notices and communications pursuant to Article Two shall not be effective until received with respect to any notice sent by mail, or (c) notice by an e-mail, when receipt is confirmed by telephone or by reply e-mail from the recipient.

Section 13.03. <u>No Waiver, Rights and Remedies</u>. No failure on the part of the Administrative Agent or any Secured Party or any assignee of any Secured Party to exercise, and no delay in exercising, any right or remedy hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right or remedy hereunder preclude any other or further exercise thereof or the exercise of any other right. The rights and remedies herein provided are cumulative and not exclusive of any rights and remedies provided by law.

Section 13.04. <u>Binding Effect</u>. This Agreement shall be binding upon and inure to the benefit of the Borrower, the Servicer, the Backup Servicer, the Collateral Custodian, the Account Bank, the Administrative Agent, the Secured Parties, and their respective successors and permitted assigns and, in addition, each Hedge Counterparty shall be an express third-party beneficiary of this Agreement.

Section 13.05. <u>Term of this Agreement</u>. This Agreement shall remain in full force and effect until the Facility Termination Date; provided, that (a) the rights and remedies with respect to any breach of any representation and warranty made or deemed made by the Borrower pursuant to Article Five and the indemnification and payment provisions of Article Nine and Section 2.12, (b) the confidentiality provisions of Article Twelve, (c) the provisions of Section 13.10, and (d) any other provision of this Agreement expressly stated to survive, shall be continuing and shall survive any termination of this Agreement.

Section 13.06. **<u>GOVERNING LAW; CONSENT TO JURISDICTION; WAIVER OF OBJECTION TO VENUE</u>. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REFERENCE TO ITS CONFLICTS OF LAW PROVISIONS (OTHER THAN § 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW). EACH OF THE PARTIES HERETO HEREBY AGREES TO THE NON-EXCLUSIVE JURISDICTION OF ANY FEDERAL COURT LOCATED WITHIN THE STATE OF NEW YORK. EACH OF THE PARTIES HERETO HEREBY WAIVES ANY OBJECTION BASED ON FORUM NON CONVENIENS, AND ANY OBJECTION TO VENUE, OF ANY ACTION INSTITUTED HEREUNDER IN ANY OF THE AFOREMENTIONED COURTS AND CONSENTS TO THE GRANTING OF SUCH LEGAL OR EQUITABLE RELIEF AS IS DEEMED APPROPRIATE BY SUCH COURT.**

Section 13.07. **<u>WAIVER OF JURY TRIAL</u>. TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH OF THE PARTIES HERETO WAIVES ANY RIGHT TO HAVE A JURY PARTICIPATE IN RESOLVING ANY DISPUTE, WHETHER SOUNDING IN CONTRACT, TORT, OR OTHERWISE BETWEEN THE PARTIES HERETO ARISING OUT OF, CONNECTED WITH, RELATED TO, OR INCIDENTAL TO THE RELATIONSHIP BETWEEN ANY OF THEM IN CONNECTION WITH THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. INSTEAD, ANY SUCH DISPUTE RESOLVED IN COURT WILL BE RESOLVED IN A BENCH TRIAL WITHOUT A JURY.**

Section 13.08. <u>Costs and Expenses</u>. In addition to the rights of indemnification granted to the Administrative Agent, the Secured Parties, the Account Bank, the Collateral Custodian, and the Backup Servicer and its or their Affiliates and officers, directors, employees and agents thereof under Article Nine, the Borrower agrees to pay on demand all reasonable out-of-pocket costs and expenses (other than Taxes imposed on net income for services or otherwise arising in connection with the performance of services) of the Administrative Agent, the Secured Parties, the Account Bank, and the Backup Servicer incurred in connection with the

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administration (including periodic auditing), amendment or modification of, or any waiver or consent issued in connection with, this Agreement and the other documents to be delivered hereunder or in connection herewith, including the reasonable fees and out-of-pocket expenses of counsel for the Administrative Agent, the other Secured Parties, the Account Bank, the Collateral Custodian, and the Backup Servicer (including, if it is then acting as the Successor Servicer) with respect thereto and with respect to advising such entities as to their respective rights and remedies under this Agreement and the other documents to be delivered hereunder or in connection herewith, and all costs and expenses, if any (including reasonable counsel fees and expenses), incurred by such entities in connection with the enforcement of this Agreement and the other documents to be delivered hereunder or in connection herewith.

Section 13.09. <u>No Insolvency Proceedings</u>. Notwithstanding any prior termination of this Agreement, no Lender shall, prior to the date which is one year and one day after the final payment of the Aggregate Unpaids, petition, cooperate with or encourage any other Person in petitioning or otherwise invoke the process of any Governmental Authority for the purpose of commencing or sustaining an Insolvency Proceeding against the Borrower under any United States federal or State Insolvency Laws or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator, or other similar official of the Borrower or any substantial part of its property or ordering the winding up or liquidation of the affairs of the Borrower.

Section 13.10. <u>Recourse Against Certain Parties</u><u>.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No recourse under or with respect to any obligation, covenant, or agreement (including the payment of any fees or any other obligations) of the Administrative Agent or any Secured Party as contained in this Agreement or any other agreement, instrument, or document entered into by it pursuant hereto or in connection herewith shall be had against any such Person or any manager or administrator of such Person or any incorporator, affiliate, stockholder, officer, employee, or director of such Person or of the Borrower or of any such manager or administrator, as such, by the enforcement of any assessment or by any legal or equitable proceeding, by virtue of any statute or otherwise; it being expressly agreed and understood that the agreements of the Administrative Agent and any Secured Party contained in this Agreement and all of the other agreements, instruments, and documents entered into by it pursuant hereto or in connection herewith are, in each case, solely the corporate obligations of such Person, and that no personal liability whatsoever shall attach to or be incurred by any administrator of any such Person or any incorporator, stockholder, affiliate, officer, employee, or director of such Person or of any such administrator, as such, or any other of them, under or by reason of any of the obligations, covenants, or agreements of such Person contained in this Agreement or in any other such instruments, documents, or agreements, or that are implied therefrom, and that any and all personal liability of every such administrator of such Person and each incorporator, stockholder, affiliate, officer, employee, or director of such Person or of any such administrator, or any of them, for breaches by such Person of any such obligations, covenants, or agreements, which liability may arise either at common law or at equity, by statute or constitution, or otherwise, is hereby expressly waived as a condition of and in consideration for the execution of this Agreement. The provisions of this Section 13.10 shall survive the termination of this Agreement.

Section 13.11. <u>Patriot Act Compliance</u>. The Administrative Agent hereby notifies the Borrower that pursuant to the requirements of the Patriot Act, it, and each other Lender and the Account Bank, may be required to obtain, verify and record information that identifies the Borrower, which information includes the name and address of the Borrower, organizational documentation, director and shareholder information, and other information that will allow the Administrative Agent, each Lender and the Account Bank to identify the Borrower in accordance with the Patriot Act. This notice is given in accordance with the requirements of the Patriot Act and is effective for the Administrative Agent, each Lender and the Account Bank.

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Section 13.12. <u>Execution in Counterparts; Electronic Signatures; Severability; Integration</u>. This Agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same agreement. Delivery of an executed counterpart of a signature page to this Agreement by facsimile or by electronic mail in a ".pdf" file shall be effective as delivery of a manually executed counterpart of this Agreement. Each party agrees that this Agreement and any other documents to be delivered in connection herewith may be electronically signed, and that any electronic signatures appearing on this Agreement or such other documents are the same as handwritten signatures for the purposes of validity, enforceability, and admissibility. In case any provision in or obligation under this Agreement shall be invalid, illegal or unenforceable in any jurisdiction, the validity, legality, and enforceability of the remaining provisions or obligations, or of such provision or obligation in any other jurisdiction, shall not in any way be affected or impaired thereby. This Agreement contains the final and complete integration of all prior expressions by the parties hereto with respect to the subject matter hereof and shall constitute the entire agreement among the parties hereto with respect to the subject matter hereof, superseding all prior oral or written understandings other than any fee letter contemplated hereby.

[Remainder intentionally left blank]

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IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by their respective officers thereunto duly authorized, as of the date first above written.

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| | | |
|:---|:---|:---|
| THE BORROWER: | LENDBUZZ SPV IX, LLC | LENDBUZZ SPV IX, LLC |
|  | By: | /s/ George Sclavos |
|  |  | Name: George Sclavos |
|  |  | Title: Chief Financial Officer |
|  | Address for Notices: | Address for Notices: |
|  | LENDBUZZ SPV IX, LLC<br> 100 Summer Street | LENDBUZZ SPV IX, LLC<br> 100 Summer Street |
|  | Boston, Massachusetts 02110 | Boston, Massachusetts 02110 |
|  | Attention: George Sclavos, Chief Financial Officer | Attention: George Sclavos, Chief Financial Officer |
|  | E-mail: [\*\*\*] | E-mail: [\*\*\*] |
| THE SERVICER AND THE COLLATERAL CUSTODIAN: | LENDBUZZ FUNDING LLC | LENDBUZZ FUNDING LLC |
|  | By: | /s/ George Sclavos |
|  |  | Name: George Sclavos |
|  |  | Title: Chief Financial Officer |
|  | Address for Notices: | Address for Notices: |
|  | Lendbuzz Funding LLC<br> 100 Summer Street | Lendbuzz Funding LLC<br> 100 Summer Street |
|  | Boston, Massachusetts 02110 | Boston, Massachusetts 02110 |
|  | Attention: George Sclavos, Chief Financial Officer | Attention: George Sclavos, Chief Financial Officer |
|  | E-mail: [\*\*\*] | E-mail: [\*\*\*] |

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[Loan Agreement]

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| | | |
|:---|:---|:---|
|  THE ADMINISTRATIVE AGENT, LENDER: | MIZUHO BANK, LTD. | MIZUHO BANK, LTD. |
|  | By: | /s/ Jeremy Ebrahim |
|  |  | Name: Jeremy Ebrahim |
|  |  | Title: Managing Director |
|  | Address for Notices: | Address for Notices: |
|  |  | <u>For Operational Matters:</u> |
|  |  | Mizuho Bank, Ltd.<br> 1271 Avenue of the Americas |
|  |  | New York, NY 10020 |
|  |  | Attention: Johan Andreasson |
|  |  | Email: [\*\*\*] |

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[Loan Agreement]

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| | | |
|:---|:---|:---|
| ACKNOWLEDGED AND AGREED BY THE PERFORMANCE GUARANTOR: |  | LENDBUZZ INC. |
|  | By: | /s/ George Sclavos |
|  |  | Name: George Sclavos |
|  |  | Title: Chief Financial Officer |
|  |  | Address for Notices: |
|  |  | Lendbuzz Inc.<br> 100 Summer Street |
|  |  | Boston, Massachusetts 02110 |
|  |  | Attention: George Sclavos, Chief Financial Officer |
|  |  | E-mail: [\*\*\*] |

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Loan Agreement

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EXHIBIT A

FORM OF FUNDING REQUEST

____________, 202_

Mizuho Bank, Ltd.,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;as Administrative Agent

1271 Avenue of the Americas

New York, NY 10020

Re: <u>LENDBUZZ SPV</u> IX<u>, LLC</u><u> </u><u>– Loan Agreement</u>

Ladies and Gentlemen:

The undersigned is a Responsible Officer of LENDBUZZ SPV IX, LLC (the "<u>Borrower</u>") and is authorized to execute and deliver this Funding Request on behalf of the Borrower pursuant to the Loan Agreement, dated as of January 24, 2024 (as amended, restated, supplemented or otherwise modified from time to time, the "<u>Loan Agreement</u>"), by and among the Borrower, Lendbuzz Funding LLC, as servicer and as collateral custodian, the Lenders from time to time party thereto, and Mizuho Bank, Ltd., as administrative agent. Capitalized terms used herein that are not otherwise defined shall have the meanings ascribed thereto in the Loan Agreement.

The Borrower hereby requests that a Loan be made under the Loan Agreement on __________, ____ in the amount of $__________.

In connection with the foregoing, the undersigned hereby certifies, on behalf of the Borrower, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. As of the date hereof, the Borrowing Base is __________. After giving effect to the requested Loan, the Loans Outstanding will not exceed the Borrowing Base and no Borrowing Base Deficiency will exist. Attached to this Funding Request is a true, complete and correct calculation of such Borrowing Base and all components thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. As of the date hereof, the Excess Concentration Amount after giving effect to the requested Loan will be: ______

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. All of the conditions applicable to the requested Loan as set forth in the Loan Agreement have been satisfied as of the date hereof and will remain satisfied to the date of such Loan, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) each of the representations and warranties contained in Article Five of the Loan Agreement are true and correct in all respects on and as of the date hereof, before and after giving effect to the Loan and to the application of the proceeds therefrom as though made on and as of the date hereof;

Ex. A-1

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) no event has occurred and is continuing, or would result from such Loan or from the application of the proceeds therefrom, which constitutes an Event of Default or Unmatured Event of Default;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Borrower is in material compliance with each of its agreements set forth in the Loan Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) no Servicer Termination Event or Unmatured Servicer Termination Event has occurred; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) no adverse selection procedures were used by the Borrower with respect to the Receivables which will become a part of the Collateral on the Funding Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The requested Loan will not, on the Funding Date, exceed the Available Amount and after giving effect to the requested Loan, the Loans Outstanding will not exceed the Borrowing Base.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Attached hereto is a true, correct and complete Schedule A to the Purchase Agreement, reflecting all Receivables which will become part of the Collateral on the Funding Date, each Receivable reflected thereon being an Eligible Receivable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The Cutoff Date with respect to the Receivables is [ ], 202_ .

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| | |
|:---|:---|
|  LENDBUZZ SPV IX, LLC | LENDBUZZ SPV IX, LLC |
|  By: |  |
|  | Name: |
|  | Title: |

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Ex. A-2

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EXHIBIT B

FORM OF ASSIGNMENT AND ACCEPTANCE

Dated __________, 202<u> </u>

Reference is made to the Loan Agreement, dated as of January 24, 2024 (as amended, restated, supplemented or otherwise modified from time to time, the "<u>Loan Agreement</u>"), by and among the Borrower, Lendbuzz Funding LLC, as servicer and as collateral custodian, the Lenders from time to time party thereto, and Mizuho Bank, Ltd., as administrative agent. Capitalized terms used herein that are not otherwise defined herein shall have the meanings ascribed thereto in the Loan Agreement.

__________________ (the "<u>Assignor</u>") and ___________________ (the "<u>Assignee</u>") agree as follows:

The Assignor hereby sells and assigns to the Assignee, and the Assignee hereby purchases and assumes from the Assignor, that interest in and to all of the Assignor's rights and obligations under the Loan Agreement as of the date hereof which represents the percentage interest specified in Section 1 of Schedule 1 hereto of all outstanding rights and obligations of the Assignor under the Loan Agreement, including such interest in the Commitment of the Assignor and the Lender Advances made by the Assignor. After giving effect to such sale and assignment, the Commitment and the amount of Lender Advances made by the Assignee will be as set forth in Section 2 of Schedule 1 hereto.

The Assignor represents and warrants that it is the legal and beneficial owner of the interest being assigned by it hereunder and that ` interest is free and clear of any Lien.

The Assignor and the Assignee confirm to and agree with each other and the other parties to Loan Agreement that: (i) other than as provided herein, the Assignor makes no representation or warranty and assumes no responsibility with respect to any statements, warranties or, representations made in or in connection with the Loan Agreement or the execution, legality, validity, enforceability, genuineness, sufficiency, or value of the Loan Agreement or any other instrument or document furnished pursuant thereto; (ii) the Assignee confirms that it has received a copy of the Loan Agreement, together with copies of such financial statements and other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into such Assignment and Acceptance; (iii) the Assignee will, independently and without reliance upon the Administrative Agent, the Assignor or any other Lender party to the Loan Agreement and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Loan Agreement; (iv) the Assignor and the Assignee confirm that the Assignee is an Eligible Assignee; (v) the Assignee appoints and authorizes the Administrative Agent to take such action as agent on its behalf and to exercise such powers under this Agreement as are delegated to such agent by the terms hereof, together with such powers as are reasonably incidental thereto; (vi) the Assignee agrees that it will perform in accordance with their terms all

Ex. B-1

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of the obligations which by the terms of the Loan Agreement are required to be performed by it as a Lender, including the confidentiality provisions of Article Twelve; and (vii) this Assignment and Acceptance meets all other requirements for such an Assignment and Acceptance set forth in Article Eleven of the Loan Agreement.

Following the execution of this Assignment and Acceptance by the Assignor and the Assignee, it will be delivered to the Administrative Agent for acceptance. The effective date of this Assignment and Acceptance (the "<u>Assignment Date</u>") shall be the date of acceptance thereof by the Administrative Agent, unless a later date is specified in Section 3 of Schedule 1 hereto.

The Assignor and the Assignee agree to reimburse the Administrative Agent for all reasonable fees, costs, and expenses (including reasonable fees and out-of-pocket expenses of counsel for the Administrative Agent) incurred by the Administrative Agent in connection with this Assignment and Acceptance.

Upon such acceptance by the Administrative Agent, the Assignee shall be a party to the Loan Agreement and, to the extent provided in this Assignment and Acceptance, have the rights and obligations of a Lender thereunder, <u>provided</u>, that the Assignor shall, to the extent such rights have been assigned by it under this Assignment and Acceptance, relinquish its assigned rights and be released from its assigned obligations under the Loan Agreement (and, in the case of an Assignment and Acceptance coving all or the remaining portion of an assigning Assignor's rights and obligations under the Loan Agreement, Assignor shall cease to be a party thereto).

Upon such acceptance by the Administrative Agent, from and after the Assignment Date, the Administrative Agent shall make, or cause to be made, all payments under the Loan Agreement in respect of the interest assigned hereby (including, without limitation, all payments of principal, interest and fees with respect thereto) to the Assignee. The Assignor and Assignee shall make all appropriate adjustments in payments under the Loan Agreement for periods prior to the Assignment Date directly between themselves.

THIS ASSIGNMENT AND ACCEPTANCE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

Ex. B-2

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IN WITNESS WHEREOF, the Assignor and the Assignee have executed this Assignment and Acceptance as of the __ day of ________, 202 .

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| |
|:---|
|  _______________, as Assignor |
|  By: |
|  Name: |
|  Title: |
|  _______________, as Assignee |
|  By: |
|  Name: |
|  Title: |

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Ex. B-3

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Schedule 1

to

Assignment and Acceptance

Dated _________, 202

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| | |
|:---|:---|
|  <u>Section 1</u>. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Percentage Interest: | % |
|  <u>Section 2</u>. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assignee's Commitment: | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aggregate Lender Advances Owing to the Assignee: | $— |
|  <u>Section 3</u>. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assignment Date: _____________, 202  |  |

---

Ex. B-4

------

EXHIBIT C

CREDIT AND COLLECTION POLICY

[On File with the Administrative Agent]

Ex. C-1

------

EXHIBIT D

FORM OF POWER OF ATTORNEY

This Power of Attorney (this "<u>Power of Attorney</u>") is executed and delivered by LENDBUZZ SPV IX, LLC ("<u>Grantor</u>") to Mizuho Bank, Ltd., as Administrative Agent ("<u>Attorney</u>"), pursuant to (i) the Loan Agreement, dated as of January 24, 2024 (as amended, restated, supplemented or otherwise modified from time to time, the "<u>Loan Agreement</u>"), by and among the Grantor, as borrower, Lendbuzz Funding LLC, as servicer and as collateral custodian, the Lenders from time to time party thereto, and Mizuho Bank, Ltd., as administrative agent, and (ii) the other Basic Documents. Capitalized terms used herein that are not otherwise defined shall have the meanings ascribed thereto in the Loan Agreement.

No person to whom this Power of Attorney is presented, as authority for Attorney to take any action or actions contemplated hereby, shall inquire into or seek confirmation from Grantor as to the authority of Attorney to take any action described below, or as to the existence of or fulfillment of any condition to this Power of Attorney, which is intended to grant to Attorney unconditionally the authority to take and perform the actions contemplated herein, and Grantor irrevocably waives any right to commence any suit or action, in law or equity, against any person or entity that acts in reliance upon or acknowledges the authority granted under this Power of Attorney. The power of attorney granted hereby is coupled with an interest and may not be revoked or canceled by Grantor until all Aggregate Unpaids have been indefeasibly paid in full and Attorney has provided its written consent thereto.

Grantor hereby irrevocably constitutes and appoints Attorney (and all officers, employees, or agents designated by Attorney), with full power of substitution, as its true and lawful attorney-in-fact with full irrevocable power and authority in its place and stead and in its name or in Attorney's own name, from time to time in Attorney's discretion, to take any and all appropriate action and to execute and deliver any and all documents and instruments that may be necessary or desirable to accomplish the purposes of the Loan Agreement, and, without limiting the generality of the foregoing, hereby grants to Attorney the power and right, on its behalf, without notice to or assent by it, upon the occurrence and during the continuance of any Event of Default, to do the following: (a) exercise all rights and privileges of Grantor under the Purchase Agreement (including each Purchase Agreement Supplement); (b) pay or discharge any taxes, Liens, or other encumbrances levied or placed on or threatened against Grantor or Grantor's property; (c) defend any suit, action, or proceeding brought against Grantor if Grantor does not defend such suit, action, or proceeding or if Attorney believes that it is not pursuing such defense in a manner that will maximize the recovery to Attorney, and settle, compromise, or adjust any suit, action, or proceeding described above and, in connection therewith, give such discharges or releases as Attorney may deem appropriate; (d) file or prosecute any claim, litigation, suit, or proceeding in any court of competent jurisdiction or before any arbitrator, or take any other action otherwise deemed appropriate by Attorney for the purpose of collecting any and all such moneys due to Grantor whenever payable and to enforce any other right in respect of Grantor's property; (e) sell, transfer, pledge, make any agreement with respect to, or otherwise deal with, any of Grantor's property, and execute, in connection with such sale or action, any

Ex. D-1

------

endorsements, assignments, or other instruments of conveyance or transfer in connection therewith; and (f) cause the certified public accountants then engaged by Grantor to prepare and deliver to Attorney at any time and from time to time, promptly upon Attorney's request, any reports required to be prepared by or on behalf of Grantor under the Loan Agreement or any other Basic Document, all as though Attorney were the absolute owner of its property for all purposes, and to do, at Attorney's option and Grantor's expense, at any time or from time to time, all acts and other things that Attorney reasonably deems necessary to perfect, preserve, or realize upon its property or assets and the Liens of the Administrative Agent, as agent for the Secured Parties thereon, all as fully and effectively as it might do. Grantor hereby ratifies, to the extent permitted by law, all that said attorneys shall lawfully do or cause to be done by virtue hereof.

IN WITNESS WHEREOF, this Power of Attorney is executed by Grantor as of this __ day of ________ 20__.

---

| | |
|:---|:---|
|  LENDBUZZ SPV IX, LLC | LENDBUZZ SPV IX, LLC |
|  By: |  |
|  | Name: |
|  | Title: |

---

---

| |
|:---|
| Sworn to and subscribed before me this __ day of ________, 20__ |
|  Notary Public |
|  [NOTARY SEAL] |

---

Ex. D-2

------

EXHIBIT E

FORM OF TAKE-OUT RELEASE

Reference is hereby made to the Loan Agreement, dated as of January 24, 2024 (as amended, restated, supplemented or otherwise modified from time to time, the "<u>Loan Agreement</u>"), by and among the Borrower, Lendbuzz Funding LLC, as servicer and as collateral custodian, the Lenders from time to time party thereto, and Mizuho Bank, Ltd., as administrative agent. Capitalized terms not defined herein shall have the meaning given such terms in the Loan Agreement.

The Borrower and the Servicer hereby represent and warrant that each condition in the Loan Agreement and each other Basic Document, to the consummation of the Take-out to which this Take-out Release relates, has been satisfied, including but not limited to delivery of (i) the executed Take-out Date Certificate, in substantially the form attached hereto as Annex 1 and (i) the executed notice, in substantially the form attached hereto as Annex 2.

Upon deposit in the Collection Account of $___________ in accordance with Section 2.13(a)(iv) of the Loan Agreement in immediately available funds, the Administrative Agent hereby releases all of its right, title and interest, including its Lien, in and to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Receivables to be transferred by the Borrower in the related Take-out and described in Schedule I hereto (the "<u>Take-out Receivables</u>" and such Schedule, the "<u>Schedule of Take-out Receivables</u>"), together with the related Contracts, whether now existing or hereafter acquired, and any accounts or obligations evidenced thereby, any guarantee thereof, all Collections related thereto, and all monies due (including any payments made under any guarantee or similar credit enhancement with respect to any such Take-out Receivables) to become due or received by any Person in payment of any of the foregoing on or after the related Take-out Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all of the Borrower's interest in the Financed Vehicles relating to the Take-out Receivables (including repossessed vehicles) or in any document or writing evidencing any security interest in any such Financed Vehicle and each security interest in each such Financed Vehicle, whether now existing or hereafter acquired, including all proceeds from any sale or other disposition of such Financed Vehicles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all Receivable Files and the Schedule of Take-out Receivables, relating to the Take-out Receivables, whether now existing or hereafter acquired, and all right, title and interest of the Borrower in and to the documents, agreements and instruments included in such Receivable Files, including rights of recourse of the Borrower against Lendbuzz Funding and/or any Dealer with respect to the Receivables;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) all of the Borrower's interest in all Records, documents and writings evidencing or related to the Take-out Receivables or the related Contracts;

Ex E-1

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) all of the Borrower's interest in all rights to payment under all Insurance Policies with respect to a Financed Vehicle related to a Take-out Receivable, including any monies collected from whatever source in connection with any default of an Obligor with respect to such Financed Vehicle and any proceeds from claims or refunds of premiums on any such Insurance Policy, whether now existing or hereafter acquired, and all proceeds thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) all of the Borrower's interest in all guaranties, indemnities, warranties, insurance (and proceeds and premium refunds thereof), and other agreements or arrangements of whatever character from time to time supporting or securing payment of the Take-out Receivables, whether pursuant to the related Contracts or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) all of the Borrower's interest in all rights to payment under all service contracts on the related Financed Vehicles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Liens, guaranties, and other encumbrances in favor of or assigned or transferred to the Borrower in and to the Take-out Receivables, whether now existing or hereafter acquired, and the related Financed Vehicles, whether now existing or hereafter acquired;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all deposit accounts, monies, deposits, funds, accounts, and instruments relating to the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) all of the Borrower's right, title, and interest in and to the Purchase Agreement (including each Purchase Agreement Supplement), relating to the Take-out Receivables and remedies thereunder and the assignment to the Administrative Agent of all UCC financing statements filed by the Borrower against Lendbuzz Funding under or in connection with the Purchase Agreement and relating to such Take-out Receivables; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) all income and proceeds of the foregoing.

[The Servicer and the Borrower hereby direct the Collateral Custodian to deliver the Receivable Files for the Take-out Receivables to __________________________________.]

Ex E-2

------

Executed as of __________, 202.

---

| |
|:---|
| LENDBUZZ SPV IX, LLC, as Borrower |
| By: |
| Name: |
| Title: |
| LENDBUZZ FUNDING LLC, as Servicer and as Collateral Custodian |
| By: |
| Name: |
| Title: |
| MIZUHO BANK, LTD., as the Administrative Agent |
| By: |
| Name: |
| Title: |

---

Ex E-3

------

ANNEX 1

LENDBUZZ FUNDING LLC

TAKE-OUT DATE CERTIFICATE

PURSUANT TO SECTION 2.13(a)

OF THE LOAN AGREEMENT

Lendbuzz Funding LLC ("<u>Lendbuzz Funding</u>"), as the servicer (the "<u>Servicer</u>"), delivers this certificate pursuant to Section 2.13(a) of the Loan Agreement, dated as of January 24, 2024 (as amended, restated, supplemented or otherwise modified from time to time, the "<u>Loan Agreement</u>"), by and among the Borrower, the Servicer, Lendbuzz Funding LLC, as collateral custodian, the Lenders from time to time party thereto, and Mizuho Bank, Ltd., as administrative agent, and hereby certifies, as of the date hereof, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Borrower has sufficient funds on the related Take-out Date to effect the Take-out in accordance with the Loan Agreement (taking into account, to the extent necessary, the proceeds of sales of the Collateral in the Take-out, if applicable);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) after giving effect of the Take-out, the release by the Administrative Agent of the related Receivables on the Take-out Date and the transfer by the Borrower or the related Receivables on the Take-out Date, (1) no Borrowing Base Deficiency exists, (2) none of an Unmatured Event of Default, an Event of Default, a Servicer Termination Event, or an event that with notice or the passage of time, or both, would be a Servicer Termination Event, has occurred or results from such Take-out, (3) the Excess Spread shall be no less than the Required Excess Spread, and (r) the proportion of Delinquent Receivables and Liquidated Receivables that will remain subject to the Loan Agreement shall be no higher after giving effect to such Take-out than prior to such Take-out;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Borrower has delivered to the Administrative Agent a list specifying all Contracts under which the Receivables not to be released pursuant to such Take-out arose; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Borrower has deposited in to the Collection Account an amount equal to all Unreimbursed Servicer Advances associated with the Receivables to be released.

Capitalized terms used herein that are not otherwise defined shall have the meanings ascribed thereto in the Loan Agreement.

Ex E-4

------

IN WITNESS WHEREOF, the Servicer has caused this certificate to be executed on its behalf this ___ day of _________, 202.

---

| |
|:---|
|  LENDBUZZ FUNDING LLC |
|  By: |
|  Name:<br> Title: |

---

Ex E-5

------

ANNEX 2

FORM OF NOTICE

Lendbuzz Funding LLC

100 Summer Street

Boston, Massachusetts 02110

__________, 20_<u> </u>

Mizuho Bank, Ltd., as Administrative Agent

1271 Avenue of the Americas

New York, NY 10020

Re: <u>LENDBUZZ SPV</u> IX<u>, LLC – Loan Agreement</u>

Ladies and Gentlemen:

Reference is made to the Loan Agreement, dated as of January 24, 2024 (as amended, restated, supplemented or otherwise modified from time to time, the "<u>Loan Agreement</u>"), by and among LENDBUZZ SPV IX, LLC, as borrower (the "<u>Borrower</u>"), Lendbuzz Funding LLC, as servicer and as collateral custodian, the lenders from time to time parties thereto and Mizuho Bank, Ltd., as administrative agent (the "<u>Administrative Agent</u>").

Pursuant to Section 2.13(a)(i) of the Loan Agreement, the Borrower gives notice of its intent to effect a Take-out on or about __________, 20_ (which date is no fewer than 5 Business Days after the date of delivery of this notice to the Administrative Agent).

Capitalized terms used herein that are not otherwise defined shall have the meanings ascribed thereto in the Loan Agreement.

Very truly yours,

---

| |
|:---|
| LENDBUZZ FUNDING LLC |
|  By: |
|  Name: |
|  Title: |

---

Ex E-6

------

Schedule I

to Take-out Release

SCHEDULE OF REMOVED RECEIVABLES

Ex E-7

------

EXHIBIT F

FORM OF MONTHLY REPORT

[On File with the Administrative Agent]

Ex. F-1

------

EXHIBIT G

FORMS OF U.S. TAX COMPLIANCE CERTIFICATES

Ex. G-1

------

EXHIBIT G-1

[FORM OF]

U.S. TAX COMPLIANCE CERTIFICATE

(For Foreign Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes)

Reference is hereby made to the Loan Agreement, dated as of January 24, 2024 (as amended, restated, supplemented or otherwise modified from time to time, the "<u>Loan Agreement</u>"), by and among LENDBUZZ SPV IX, LLC, as borrower (the "<u>Borrower</u>"), Lendbuzz Funding LLC, as servicer and as collateral custodian, the lenders from time to time parties thereto and Mizuho Bank, Ltd., as administrative agent (the "<u>Administrative Agent</u>").

Pursuant to the provisions of Section 2.12 of the Loan Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial owner of the Loan(s) in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code and (iv) it is not a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code.

The undersigned has furnished the Administrative Agent and the Borrower with a certificate of its non-U.S. Person status on IRS Form W-8BEN or W-8BEN-E. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform the Borrower and the Administrative Agent, and (2) the undersigned shall have at all times furnished the Borrower and the Administrative Agent with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments.

Unless otherwise defined herein, terms defined in the Loan Agreement and used herein shall have the meanings given to them in the Loan Agreement.

---

| | |
|:---|:---|
| [NAME OF LENDER] | [NAME OF LENDER] |
|  By: |  |
|  | Name: |
|  | Title: |

---

Date: ________ __, 20[ ]

Ex. G-2

------

EXHIBIT G-2

[FORM OF]

U.S. TAX COMPLIANCE CERTIFICATE

(For Foreign Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes)

Reference is hereby made to the Loan Agreement, dated as of January 24, 2024 (as amended, restated, supplemented or otherwise modified from time to time, the "<u>Loan Agreement</u>"), by and among LENDBUZZ SPV IX, LLC, as borrower (the "<u>Borrower</u>"), Lendbuzz Funding LLC, as servicer and as collateral custodian, the lenders from time to time parties thereto and Mizuho Bank, Ltd., as administrative agent (the "<u>Administrative Agent</u>").

Pursuant to the provisions of Section 2.12 of the Loan Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial owner of the participation in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code, and (iv) it is not a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code.

The undersigned has furnished its participating Lender with a certificate of its non-U.S. Person status on IRS Form W-8BEN or W-8BEN-E. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform such Lender in writing, and (2) the undersigned shall have at all times furnished such Lender with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments.

Unless otherwise defined herein, terms defined in the Loan Agreement and used herein shall have the meanings given to them in the Loan Agreement.

---

| | |
|:---|:---|
| [NAME OF PARTICIPANT] | [NAME OF PARTICIPANT] |
|  By: |  |
|  | Name: |
|  | Title: |

---

Date: ________ __, 20[ ]

Ex. G-3

------

EXHIBIT G-3

[FORM OF]

U.S. TAX COMPLIANCE CERTIFICATE

(For Foreign Participants That Are Partnerships For U.S. Federal Income Tax Purposes)

Reference is hereby made to the Loan Agreement, dated as of January 24, 2024 (as amended, restated, supplemented or otherwise modified from time to time, the "<u>Loan Agreement</u>"), by and among LENDBUZZ SPV IX, LLC, as borrower (the "<u>Borrower</u>"), Lendbuzz Funding LLC, as servicer and as collateral custodian, the lenders from time to time parties thereto and Mizuho Bank, Ltd., as administrative agent (the "<u>Administrative Agent</u>").

Pursuant to the provisions of Section 2.12 of the Loan Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the participation in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial owners of such participation, (iii) with respect such participation, neither the undersigned nor any of its direct or indirect partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members is a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code, and (v) none of its direct or indirect partners/members is a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code.

The undersigned has furnished its participating Lender with IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or W-8BEN-E or (ii) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN or IRS Form W-8BEN-E from each of such partner's/member's beneficial owners that is claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform such Lender and (2) the undersigned shall have at all times furnished such Lender with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments.

Unless otherwise defined herein, terms defined in the Loan Agreement and used herein shall have the meanings given to them in the Loan Agreement.

---

| | |
|:---|:---|
| [NAME OF PARTICIPANT] | [NAME OF PARTICIPANT] |
|  By: |  |
|  | Name: |
|  | Title: |

---

Date: ________ __, 20[ ]

Ex. G-4

------

EXHIBIT G-4

[FORM OF]

U.S. TAX COMPLIANCE CERTIFICATE

(For Foreign Lenders That Are Partnerships For U.S. Federal Income Tax Purposes)

Reference is hereby made to the Loan Agreement, dated as of January 24, 2024 (as amended, restated, supplemented or otherwise modified from time to time, the "<u>Loan Agreement</u>"), by and among LENDBUZZ SPV IX, LLC, as borrower (the "<u>Borrower</u>"), Lendbuzz Funding LLC, as servicer and as collateral custodian, the lenders from time to time parties thereto and Mizuho Bank, Ltd., as administrative agent (the "<u>Administrative Agent</u>").

Pursuant to the provisions of Section 2.12 of the Loan Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the Loan(s) in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial owners of such Loan(s), (iii) with respect to the extension of credit pursuant to this Loan Agreement or any other Borrower Basic Document, neither the undersigned nor any of its direct or indirect partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members is a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code, and (v) none of its direct or indirect partners/members is a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code.

The undersigned has furnished the Administrative Agent and the Borrower with IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or W-8BEN-E or (ii) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN or IRS Form W-8BEN-E from each of such partner's/member's beneficial owners that is claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform the Borrower and the Administrative Agent, and (2) the undersigned shall have at all times furnished the Borrower and the Administrative Agent with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments.

Unless otherwise defined herein, terms defined in the Loan Agreement and used herein shall have the meanings given to them in the Loan Agreement.

Ex. G-5

------

---

| | |
|:---|:---|
| [NAME OF LENDER] | [NAME OF LENDER] |
|  By: |  |
|  | Name: |
|  | Title: |

---

Date: ________ __, 20[ ]

Ex. G-6

## Exhibit 10.25

**Exhibit 10.25** 

FORM OF SUBORDINATED UNSECURED CONVERTIBLE LOAN AGREEMENT

THIS CONVERTIBLE LOAN AND ANY SECURITIES ISSUABLE PURSUANT HERETO HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR UNDER THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. THESE SECURITIES MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED EXCEPT AS PERMITTED IN THIS CONVERTIBLE LOAN AND PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT OR AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS.

SUBORDINATED UNSECURED CONVERTIBLE LOAN AGREEMENT

THIS SUBORDINATED UNSECURED CONVERTIBLE LOAN AGREEMENT (this "<u>Agreement</u>") is entered into as of [•], 2025, by and between Lendbuzz Inc., a company organized under the laws of the State of Delaware (the "<u>Company</u>"), and [____________], (the "<u>Investor</u>").

WHEREAS, the Investor has agreed to provide the Company with a convertible loan in the aggregate amount of US$[•] (the "<u>Investment Amount</u>"); and

WHEREAS, the Company desires to receive from the Investor the Investment Amount, and the Investor is willing to provide the Investment Amount to the Company, subject to the terms and conditions of this Agreement.

NOW, THEREFORE, THE PARTIES HEREBY AGREE AS FOLLOWS:

1. <u>THE INVESTMENT AMOUNT; CLOSING; INTEREST; REPAYMENT UPON MATURITY DATE</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1. At and subject to the Closing, the Investor shall provide to the Company, and the Company shall receive from the Investor, the Investment Amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2. <u>Closing</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Closing Date</u>. Subject to the fulfillment of the conditions set forth in Section 7 below, the closing of the payment and receipt of the Investment Amount (the "<u>Closing</u>") shall take place remotely, via the exchange of documents and signatures, on [•], 2025, or by such other means or at such other date or place as may be agreed by the Investor and the Company (the date on which the Closing actually occurs, the "<u>Closing Date</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Transactions at Closing</u>. At the Closing, the following transactions shall occur, which transactions shall be deemed to take place simultaneously and no transaction shall be deemed to have been completed or any document delivered until all such transactions have been completed and all required documents delivered:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Company shall deliver to the Investor the following documents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) True and correct copies of the resolutions of the Company's Board of Directors (the "<u>Board</u>") approving, *inter alia*, this Agreement and the transactions contemplated hereby, in the form attached hereto as <u>Schedule (b)(i)(A)</u>;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Waivers of rights of preemption or other participation rights (including with respect to the conversion of the Elected Conversion Amount, if any pursuant to the terms and conditions hereunder), executed by all stockholders entitled to such rights under the COI or otherwise evidence that such rights have expired; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Investor shall cause the transfer to the Company of the Investment Amount, by wire transfer of immediate available funds, to the Company's bank account (details of which shall be provided by the Company to the investor prior to the Closing).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3. <u>Interest</u>*.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Investment Amount shall accrue interest at a rate of ten percent (10%) per annum, non-compounded, commencing on and including the date of the initial funding of the Investment Amount (the "<u>Interest Commencement Date</u>"), and continuing until the Outstanding Balance is converted or repaid in full in accordance with the terms of this Agreement (such accrued interest, including accrued interest pursuant to sub-section 1.3(c) below (if any), the "<u>Accrued Interest</u>"). Interest shall accrue on a daily basis, calculated on the basis of a 365-day year, on the then-outstanding principal amount of the Investment Amount. Except for any payments of Accrued Interest made pursuant to Section 1.3(b) or as otherwise set forth in Section 2, all Accrued Interest, which has not been paid pursuant to Section 1.3(b), shall be deemed automatically added to the principal amount of the Investment Amount immediately prior to any conversion pursuant to Sections 2.2 through 2.5, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Unless and until the Investment Amount has been previously converted or repaid in accordance with the terms of this Agreement, the Company shall pay to the Investor, on a quarterly basis, the then-Accrued Interest. Such interest payments shall be made in cash within thirty (30) days following the end of each calendar quarter, commencing with the first full quarter after the Interest Commencement Date, and shall continue until the earlier of (i) the conversion of the Outstanding Balance, (ii) repayment of the Outstanding Balance, or (iii) any combination thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event that the Company fails to make any payment due under this Agreement, including any interest payment, on the applicable due date, and such failure continues for a period of thirty (30) days following the due date ("<u>Failure to Pay Event</u>"), then (i) the Accrued Interest, including interest accruing pursuant to clause (ii) below, shall thereafter compound on a quarterly basis; and (ii) the overdue amount shall bear interest at a rate equal to two percent (2%) per annum above the rate otherwise applicable hereunder, in each case from the original due date until the date such overdue amount is paid in full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4. <u>Repayment</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless previously converted or repaid in accordance with the terms of this Agreement, the Company shall repay to the Investor the Outstanding Balance on May [•], 2030 (the "<u>Maturity Date"</u>) by wire transfer of immediate available funds, to the Investor's bank account (details of which shall be provided by the Investor to the Company prior to the Maturity Date).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Outstanding Balance (or any portion thereof) may not be prepaid without the written consent of the Investor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding the above, the Outstanding Balance shall become immediately due and payable upon Failure to Pay Event or immediately prior to Dissolution Event.

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2. <u>CONVERSION OR REPAYMENT UPON CERTAIN EVENTS</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1. <u>Issuance upon Equity Financing</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless previously converted or repaid in accordance with the terms of this Agreement, in the event the Company consummates an equity financing pursuant to which it issues and sells shares of its Preferred Stock (or securities convertible into or exercisable for Preferred Stock) in a transaction or series of related transactions for bona fide capital-raising purposes (an "<u>Equity Financing</u>"), the Investor shall have the right, but not the obligation, to convert the Outstanding Balance, in full (and not in part), into the same class and series of equity securities issued in such Equity Financing. Such conversion shall be effected by the Investor delivering written notice to the Company within seven (7) days following the Investor's receipt of written notice from the Company of the material terms and conditions of the Equity Financing. Upon such election, the Outstanding Balance shall convert into a number of equity securities issued in such Equity Financing equal to the Outstanding Balance divided by the price per share paid by the investors in such Equity Financing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to Section 3.3 hereof, the Conversion Shares shall be of the same class and series as, and shall have rights, preferences, privileges, and restrictions that are identical (on a *pari passu* basis) to those of, the most senior series of Preferred Stock issued and sold to the new investors in the Equity Financing, including, without limitation, liquidation preferences, anti-dilution protections, registration rights, preemptive rights, rights of first refusal, voting rights, and protective provisions. For the avoidance of doubt, the Investor shall not be entitled to any named rights granted solely to specific investors in the Equity Financing by virtue of a side letter, separate agreement, or as a result of the size of their investment (including, without limitation, board nomination rights or information rights granted on a discretionary basis). If the Investor converts the Outstanding Balance into the Equity Financing, the Investor shall otherwise be deemed an investor in the Equity Financing for all purposes and shall be entitled to receive its pro rata share (based on its aggregate investment amount relative to the total amount raised in the Equity Financing) of any securities, warrants, or other rights issued to investors generally in connection with such Equity Financing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2. <u>Deemed Liquidation Event</u>.

Unless previously converted or repaid in accordance with the terms of this Agreement, in the event of a Deemed Liquidation Event, and immediately prior to the consummation of such Deemed Liquidation Event (but subject to the closing or consummation thereof), the Company shall, at the election of the Investor: (i) pay to the Investor an amount in cash equal to the Outstanding Balance (the "<u>Liquidation Payment</u>") or (ii) convert all of the Outstanding Balance into either: (A) the Subsequent Senior Shares, at a price per share equal to the lowest price per share paid for such Subsequent Senior Shares, or (B) shares of Preferred D-1 Stock of the Company, at the Series D-1 Original Issue Price. Such Liquidation Payment shall be made on a senior, unsecured basis prior to any distribution or payment to holders of capital stock of the Company by reason of their ownership thereof but junior to payment of outstanding indebtedness (including, without limitation, the Senior Indebtedness) and creditor claims, including contractual claims for payment and convertible promissory notes (to the extent such convertible promissory notes are not actually or notionally converted into capital stock) and on par with payments for other Converting Securities (and if the applicable Proceeds are insufficient to permit full payments to the Investor and such other Converting Securities, the applicable Proceeds will be distributed pro rata to the Investor and such other Converting Securities in proportion to the full payments that would otherwise be due), and shall be in full satisfaction of the Investor's rights under this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3. <u>IPO</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless previously converted or repaid in accordance with the terms of this Agreement, in the event of the consummation of an IPO, and immediately prior to the closing of such IPO (but subject to the consummation thereof), the Investor shall have the right, but not the obligation, to elect to convert all or any portion of the Outstanding Balance, into the number of shares of Common Stock of the Company issued in such IPO, equal to the Elected Conversion Amount divided by the IPO Price. Such election shall be made by delivery of written notice to the Company within seven (7) days following receipt of written notice from the Company of its intention to pursue the IPO (an "<u>Investor IPO Notice</u>"). If the Investor fails to deliver the Investor IPO Notice within such period, the Investor shall be deemed to have elected not to convert the Outstanding Balance according to the terms above. If the Company issues to purchasers of the Company's shares of Common Stock in the IPO any additional securities (including, without limitation, warrants or other financial instruments), then the Investor shall receive such additional securities in the same proportion to the number of Conversion Shares issuable to the Investor upon conversion of the Elected Conversion Amount (as though the Investor had purchased such shares of Common Stock in the IPO at the IPO Price). If any economic rights are granted to the purchasers of the Company's Common Stock in (or in connection with) the IPO which are not in the form of securities, then the same economic rights will be given to the Investor, in the same proportion to the number of shares of Common Stock issuable to Investor upon conversion of the Elected Conversion Amount (as though Investor had purchased such shares of Common Stock in the IPO).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event the Investor elects not to convert the entire Outstanding Balance pursuant to Section 2.3(a), the Investor shall indicate in the Investor IPO Notice its election to either: (i) receive from the Company, immediately following the consummation of the IPO (but subject to the closing thereof), a cash payment equal to the Outstanding Balance (excluding the Elected Conversion Amount); or (ii) continue to hold the Investment Amount (excluding the Elected Conversion Amount) as an outstanding obligation of the Company under the same terms, including accrual of interest and repayment of the Outstanding Balance on the Maturity Date in accordance with this Agreement, provided that such continued obligation shall no longer be convertible into equity securities of the Company and all conversion rights under this Agreement shall be deemed permanently forfeited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4. <u>Maturity Date</u>.

Unless previously converted or repaid in accordance with the terms of this Agreement, immediately prior to the Maturity Date, the Investor shall have the right, but not the obligation, to elect to convert all or any portion of the Outstanding Balance, into either: (i) the Subsequent Senior Shares, at a price per share equal to the lowest price per share paid for such Subsequent Senior Shares, or (ii) shares of Preferred D-1 Stock of the Company, at the Series D-1 Original Issue Price. Such election shall be made by written notice delivered to the Company no later than sixty (60) days prior to the Maturity Date (an "<u>Investor Maturity</u> <u>Notice</u>"). If the Investor Maturity Notice provides for the conversion of less than the entire Outstanding Balance, the remaining portion of the Outstanding Balance equal to the Outstanding Balance minus the Elected Conversion Amount shall become immediately due and payable in full by the Company on the Maturity Date. If the Investor fails to deliver an Investor Maturity Notice on or prior to such date, the Outstanding Balance shall become due and payable in full by the Company on the Maturity Date.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5. <u>Definitions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "<u>Affiliate</u>" shall have the meaning ascribed to such term in the Investors' Rights Agreement, dated as of July 11, 2023, as amended on August 15, 2023, by and among the Company and the other parties listed thereto, as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "<u>Capital Stock</u>" means the capital stock of the Company, including, without limitation, the "Common Stock" and the "Preferred Stock".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "<u>COI</u>" means the Company's Certificate of Incorporation, as may be amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "<u>Converting Securities</u>" includes this Agreement and other convertible securities issued by the Company, including but not limited to: (i) Simple Agreements for Future Equity; (ii) other convertible promissory notes and other convertible debt instruments; and (iii) convertible securities that have the right to convert into shares of Capital Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "<u>Conversion Shares</u>" means the shares of Preferred Stock that may be issued to the Investor upon conversion of the Elected Conversion Amount in accordance with Sections 2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "<u>Deemed Liquidation Event</u>" shall have the meaning ascribed to such term in the COI.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "<u>Direct Listing</u>" means the Company's initial listing of its Common Stock (other than shares of Common Stock not eligible for resale under Rule 144 under the Securities Act) on a national securities exchange by means of an effective registration statement on Form S-1 filed by the Company with the SEC that registers shares of existing capital stock of the Company for resale, as approved by the Company's board of directors. For the avoidance of doubt, a Direct Listing will not be deemed to be an underwritten offering and will not involve any underwriting services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "<u>Dissolution Event</u>" means (i) a voluntary termination of operations, (ii) a general assignment for the benefit of the Company's creditors or (iii) any other liquidation, dissolution or winding up of the Company (excluding an IPO or a Deemed Liquidation Event), whether voluntary or involuntary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "<u>Elected Conversion Amount</u>" means, (i) with respect to 1.3(a) and 2.2, the Outstanding Balance, and (ii) with respect to Sections 2.3 and 2.4, the portion of the Outstanding Balance that the Investor has affirmatively elected to convert into Conversion Shares. For the avoidance of doubt, any Elected Conversion Amount shall be applied against, and reduce, the Outstanding Balance in the following order: first, the then-outstanding Investment Amount, and second, the then-Accrued Interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "<u>GAAP</u>" means generally accepted accounting principles in the United States of America.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "<u>IPO</u>" means an initial public offering and listing of the Company's CommonStoc k on the New York Stock Exchange, NASDAQ, or any other nationally or internationally recognized securities exchange**,** SPAC Transaction (as defined in the COI) or a Direct Listing**.**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "<u>IPO Capitalization</u>" is calculated as of immediately prior to the IPO, and (without double-counting, in each case calculated on an as-converted to Common Stock basis):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Includes all shares of Capital Stock issued and outstanding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Includes all Converting Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Includes all (i) issued and outstanding Options and (ii) Promised Options;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Includes the Unissued Option Pool, except that any increase to the Unissued Option Pool in connection with an IPO
shall only be included to the extent that the number of Promised Options exceeds the Unissued Option Pool prior to such increase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) "<u>IPO Price</u>" means the lower of: (i) the price per share to the public of the Common Stock sold in the IPO as set forth in the final prospectus filed with the U.S. Securities and Exchange Commission pursuant to Rule 424(b) under the Securities Act; and (ii) the price per share equal to the Valuation Cap divided by the IPO Capitalization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) "<u>Options</u>" includes options, restricted stock awards or purchases, RSUs, SARs, warrants or similar securities, vested or unvested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) "<u>Outstanding Balance</u>" means the then-outstanding principal amount of the Investment Amount, together with all unpaid Accrued Interest thereon, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) "<u>Preferred Stock</u>" shall have the meaning ascribed to such term in the COI.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) "<u>Proceeds</u>" means cash and other assets (including without limitation stock consideration) that are proceeds from the Deemed Liquidation Event or the Dissolution Event, as applicable, and legally available for distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) "<u>Promised Options</u>" means promised but ungranted Options that are promised pursuant to agreements or understandings made prior to the consummation of an IPO, treated as outstanding Options in the calculation of the price per share price per share to the public of the Common Stock sold in the IPO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) "<u>Securities Act</u>" means the U.S. Securities Act of 1933, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) "<u>Series D-1 Original Issue Price</u>" shall have the meaning ascribed to such term in the COI.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) "<u>Stockholders' Agreements</u>" means the Amended and Restated Investors' Rights Agreement (as amended from time to time), the Amended and Restated Right of First Refusal and Co-Sale Agreement (as amended from time to time) and the Amended and Restated Voting Agreement (as amended from time to time), each by and between the Company and certain of its stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) "<u>Subsequent Convertible Securities</u>" means convertible securities that the Company may issue after Closing with the principal purpose of raising capital, including but not limited to Safes, convertible debt instruments and other convertible securities (and, in all cases, any side letters issued in connection thereto). Subsequent Convertible Securities exclude Exempted Securities (as such term is defined in the COI).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) "<u>Subsequent Senior Shares</u>" means shares of Capital Stock of the most senior class or series existing at the applicable date (being the class or series with first priority rights to distributions over all other series or classes of shares or in case all Preferred Stock participate in distributions on a pari passu basis between them, the last class of Preferred Stock issued by the Company).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) "<u>Taxes</u>" means all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments, fees or other charges imposed by any governmental authority, including any interest, additions to tax or penalties applicable thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) "<u>Unissued Option Pool</u>" means all shares of Capital Stock that are reserved, available for future grant and not subject to any outstanding Options or Promised Options under any equity incentive or similar Company plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) "<u>Valuation Cap</u>" means an amount equal to US$2,000,000,000 (Two Billion United States Dollars).

3. <u>MECHANICS OF ISSUANCE OF SHARES</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1. <u>No Fractional Shares</u>. The issuance of shares hereunder shall be calculated based on the Elected Conversion Amount, and no fractional shares shall be issued the Investor. The number of Conversion Shares to be issued to the Investor shall be rounded to the nearest whole number.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2. <u>Issuance</u>. The Company shall, immediately upon any conversion of the Elected Conversion Amount, issue and deliver to the Investor a digital certificate or evidence of book entry representing the number of the Conversion Shares to which the Investor is entitled upon conversion of the Elected Conversion Amount, grant to the Investor the rights, preferences, powers and privileges required to be granted in connection with such Conversion Shares, and register the issuance of such Conversion Shares in the Investor's name in the Company's register of stockholders. The Investor, by entering into this Agreement, consents to the placement of legend(s) on all securities issued hereunder with respect to restrictions on transferability thereof in order to ensure compliance with applicable securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3. <u>Original Issue Price</u>. For purposes of liquidation and dividend preference rights, anti dilution rights and any other rights to which the Investor may be entitled upon conversion of the Elected Conversion Amount, whether pursuant to the COI or otherwise, the price per share of the Conversion Shares shall be the price per share according to which the Elected Conversion Amount was actually converted (i.e., after taking into account any discount provided to the Investor pursuant to this Agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4. <u>Further Assurance</u>. The Investor and the Company agree and covenant that at any time and from time to time they will promptly execute and deliver to the other party hereof such further instruments and documents and shall perform such further acts as may reasonably be necessary to carry out and give full effect to the provisions of this Agreement and the intentions of the parties as reflected hereby, including, without limitation, to vote (and execute written resolutions) at any time in favor of an amendment to the COI as then in effect in order to provide

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for the creation, authorization and issuance of the Conversion Shares, and the reservation of sufficient Common Stock of the Company ("<u>Common Stock</u>") for conversion thereof. The Company hereby undertakes to take all necessary actions in its power and obtain all required approvals and consents so as to approve and adopt such amendment to its COI.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5. <u>Effect of Conversion</u>. Upon repayment and/or conversion in full of the Outstanding Balance pursuant to the applicable provisions of Section 2 above and the grant to the Investor of the rights, preferences, powers and privileges required to be granted in connection with the Conversion Shares, any obligations of the Company towards the Investor hereunder, except as otherwise stated herein, shall be deemed satisfied in full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6. <u>Financing Agreements</u>. The Investor acknowledges and agrees that the conversion of the Elected Conversion Amount into Conversion Shares may require the Investor's execution of certain agreements relating to the purchase and sale of such securities as well as registration, co sale, rights of first refusal, rights of first offer and voting rights, if any, relating to such shares. The Investor agrees to execute all such agreements as an "Investor" in connection with the conversion so long as the issuance of Conversion Shares issued pursuant to the conversion of the Elected Conversion Amount is subject to the same terms and conditions applicable to the shares sold in the Equity Financing or IPO, as the case may be. Without derogating from the foregoing, the Investor shall be deemed an "Investor" in connection with the conversion hereunder and be deemed a party to all such financing agreements whether or not such Investor actually executes such agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7. <u>Stockholders' Agreements</u>. Simultaneously with the execution of this Agreement, the Investor shall execute counterpart signature pages to each of the Stockholders' Agreements, such that upon (and subject to) the issuance of any Conversion Shares, the Investor shall be deemed a party to, and an "Investor" for all purposes under, the Stockholders' Agreements.

4. <u>TAXES</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1. <u>Status of Investor</u>. The Investor, if entitled to an exemption from or reduction of withholding Tax with respect to payments made under this Agreement, shall deliver to the Company, at the time or times reasonably requested by the Company, such properly completed and executed documentation reasonably requested by the Company as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, the Investor, if reasonably requested by the Company, shall deliver such other documentation prescribed by applicable law or reasonably requested by the Company as will enable the Company to determine whether or not the Investor is subject to backup withholding or information reporting requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2. <u>Withholding</u>. The Company shall be entitled to deduct and withhold such amounts as it is required under applicable law to deduct and withhold from any payments made to the Investor pursuant to this Agreement and shall timely remit any such deducted and/or withheld amounts to the appropriate government authority as required by applicable law; provided, however, that (a) the Company acknowledges and agrees that, as of the date hereof and based on its books and records and information provided to it by the Investor pursuant to this Section 4 and Section 9.7 of this Agreement, the Company reasonably believes that the portfolio interest exemption (under Section 881(c) of the U.S. Internal Revenue Code of 1986, as amended (the "<u>Code</u>")) applies to the Investor and that therefore the Company shall not withhold on any amounts payable pursuant to this Agreement under such exemption; and (b) in the event of any change in circumstances or analysis (including any change in applicable laws or other guidance) that could reasonably be expected to require the Company to deduct or withhold any amounts payable pursuant to this Agreement, the Company shall, prior to any such deduction or withholding, (i) notify the Investor

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in writing of such change promptly, but no later than two (2) business days after the date it becomes aware of such a change, and provide reasonable detail in respect of such change so that the Investor can analyze the withholding obligation; and (ii) reasonably cooperate with Investor to mitigate or reduce the amount of any such deduction or withholding. To the extent any amounts are properly deducted and/or withheld and remitted to the appropriate taxing authority, such amounts shall be treated as having been paid to the Investor. The Company shall timely provide the Investor with any Tax information required by law in respect of such withholding or deduction and any other documentation or information reasonably requested by Investor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3. <u>U.S. Federal Income Tax Documentation</u>. Without limiting the generality of the foregoing,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Investor shall, to the extent it is legally entitled to do so, in order to claim the benefits of the exemption for portfolio interest under Section 881(c) of the Code, deliver to the Company (in such number of copies as shall be requested by the Company) on or prior to the date on which such the Investor becomes an "Investor" under this Agreement (and from time to time thereafter upon the reasonable request of the Company): (1) a certificate substantially in the form of Schedule A to the effect that the Investor is not a "bank" within the meaning of Section 881(c)(3)(A) of the Code, a "10 percent shareholder" of the Company within the meaning of Section 881(c)(3)(B) of the Code, or a "controlled foreign corporation" described in Section 881(c)(3)(C) of the Code (a "<u>U.S. Tax Compliance Certificate</u>"); and (2) executed copies of IRS Form W-8BEN-E or IRS Form W-8BEN.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Investor shall, to the extent it is legally entitled to do so, deliver to the Company (in such number of copies as shall be requested by the Company) on or prior to the date on which the Investor becomes an "Investor" under this Agreement (and from time to time thereafter upon the reasonable request of the Company), executed copies of any other form prescribed by applicable law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by applicable law to permit the Company to determine the withholding or deduction required to be made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4. <u>Additional Documentation</u>. The Investor agrees that if any form or certification it previously delivered becomes obsolete or inaccurate in any respect or the Company notifies the Investor in writing that any such form or certification has expired, it shall update such form or certification or promptly notify the Company in writing of its legal inability to do so in accordance with Section 9.12 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5. <u>Survival</u>. Each party's obligations under this Section 4 of this Agreement shall survive any assignment of rights by, or the replacement of, the Investor, until the repayment, satisfaction or discharge of the Outstanding Balance.

5. <u>REPRESENTATIONS AND WARRANTIES OF THE COMPANY</u>.

The Company hereby represents and warrants to the Investor that the following representations are true, correct and complete as of the date hereof and as of the Closing (as if made on the Closing Date); except, in each case, as to such representations and warranties that address matters as of a particular date, which are given only as of such date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1. <u>Organization</u>. The Company is a company duly organized, validly existing and in good standing under the laws of the State of Delaware and has all requisite corporate power and authority to carry on its business as currently conducted.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2. <u>Authorization</u>. The Company has the full power and authority to execute and deliver this Agreement, and to consummate the transactions contemplated hereby, and this Agreement, when executed and delivered by the Company, and assuming the due authorization, execution and delivery by the other parties hereto and thereto, constitutes valid and binding obligations of the Company, enforceable against the Company in accordance with their respective terms except (i) as limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance, or other laws of general application relating to or affecting the enforcement of creditors' rights generally, and (ii) as limited by laws relating to the availability of specific performance, injunctive relief, or other equitable remedies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3. <u>Capitalization</u>. The issued and outstanding share capital of the Company, on a fully diluted as converted basis as of the date hereof (the "<u>Capitalization Table</u>"), has been provided to the Investor. The issued and outstanding shares of the Company were duly and validly authorized and issued, fully paid and non-assessable, and offered and issued in compliance with the provisions of the COI, the Company's Bylaws and the Stockholders' Agreements as in effect at the time of each such issuance and in compliance with all applicable corporate and securities laws. Except as detailed in the Capitalization Table, COI, and the Stockholders' Agreements, and related transactions, there are no outstanding share capital, options, warrants, or agreements for the purchase from the Company of any of its share capital, or any securities convertible into or exchangeable for shares of the Company (whether now or hereinafter authorized or issued), or that could require the Company or a shareholder of the Company to issue, sell, transfer or otherwise cause to be outstanding any of the Company's share capital or securities convertible or exercisable into shares thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4. <u>Financial Statements</u>. The Company has delivered to the Investor its audited financial statements (including balance sheet, income statement and statement of cash flows) as of December 31, 2023 and as of December 31, 2024 (the "<u>Financial Statements</u>"). The Financial Statements are correct in all material respects and present fairly the financial condition and operating results of the Company as of the dates and during the periods indicated therein. The Financial Statements are consolidated financial statements that include the results of operations of all the subsidiaries of the Company. The Financial Statements have been prepared in accordance with generally accepted accounting principles in the U.S. ("<u>GAAP</u>") applied on a consistent basis throughout the period indicated, except as disclosed therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5. <u>No Conflict; Consents</u>. The execution, delivery and performance of this Agreement and the consummation of the transactions contemplated hereby will not (a) result in any conflict with, or a breach or violation, with or without the passage of time and giving of notice, of any of the terms, conditions or provisions of, or give rise to rights to others (including rights of termination, cancellation or acceleration) under: (i) the COI; (ii) any judgment, injunction, order, writ, decree or ruling of any court or governmental authority, domestic or foreign, to which the Company is subject; (iii) any material contract or agreement, lease or license to which the Company is a party or by which it is bound; or (iv) any applicable law, in each case, in a manner that would reasonably be expected to have a material adverse effect on the operations or financial condition of the Company; (b) result in the creation of any lien, charge or encumbrance upon any assets of the Company or the suspension, revocation, forfeiture, or nonrenewal of any material permit or license applicable to the Company; or (c) require the consent, approval or authorization of, registration, qualification or filing with, or notice to any person or any federal, state, local or foreign governmental authority or regulatory authority or agency, on the part of the Company, which has not heretofore been obtained or will be obtained prior to the Closing.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7. <u>Taxes</u>. The Company has timely filed or timely caused to be filed all Tax returns, information statements and reports required to have been filed and has paid or caused to be paid all Taxes due and owing with respect to the Company, except Taxes that are being contested in good faith by appropriate proceedings and for which the Company has set aside on its books adequate reserves in accordance with GAAP.

6. <u>REPRESENTATIONS AND WARRANTIES OF THE INVESTOR</u>.

The Investor hereby represents and warrants that the following representations are true, correct and complete as of the date hereof and as of the Closing (as if made on the Closing Date); except, in each case, as to such representations and warranties that address matters as of a particular date, which are given only as of such date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1. <u>Authorization; Organization</u>. The Investor is duly organized, validly existing and, if applicable, in good standing under the laws of the jurisdiction in which it has been incorporated and has full power and authority to enter into this Agreement. This Agreement when executed and delivered by the Investor, and assuming the due authorization, execution and delivery by the other parties hereto, constitute valid and binding obligations of the Investor, enforceable against the Investor in accordance with its terms, except (i) as limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance, or other laws of general application relating to or affecting the enforcement of creditors' rights generally, and (ii) as limited by laws relating to the availability of specific performance, injunctive relief, or other equitable remedies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2. <u>Purchase Entirely for Own Account</u>. The Conversion Shares to be issued upon conversion hereunder and the Common Stock issued upon conversion thereof (the "<u>Conversion Securities</u>") will be acquired for investment for the Investor's own account, not as a nominee or agent, and not with a view to the resale or distribution of any part thereof, and the Investor has no present intention of selling, granting any participation in, or otherwise distributing the same. The Investor does not presently have any contract, undertaking, agreement or arrangement to sell, transfer or grant participation rights to any person with respect to any of the Conversion Securities. The Investor has not been formed for the specific purpose of acquiring the Conversion Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3. <u>Disclosure of Information</u>. The Investor has had an opportunity to discuss the Company's business, operations, properties, prospects, technology, plans, management, financial affairs and the terms and conditions of the offering of the Conversion Shares with the Company's management and has had an opportunity to review the Company's facilities. The Investor acknowledges that any projections provided (if any) by the Company are uncertain in nature, and that some or all of the assumptions underlying such projections may not materialize or will vary significantly from actual results.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4. <u>Investment Experience; Accredited Investor; Non-U.S. Person</u>. The Investor is an investor in securities of companies in the development stage and acknowledges that it is able to fend for itself, can bear the economic risk of its investment, and has such knowledge and experience in financial or business matters that it is capable of evaluating and understanding the merits and risks of the investment in the Conversion Securities. The Investor is either (i) an accredited investor as defined in Rule 501(a) of Regulation D promulgated under the Securities Act of 1933 (together with the rules and regulations promulgated thereunder, all as amended, the "<u>Securities Act</u>"), or (ii) a Non U.S. Person as defined under Regulation S promulgated under the Securities Act. To the extent that the Investor is a non U.S. Person, such Investor (x) is not acquiring Purchased Securities for the account or benefit of any U.S. Person, (y) is not, at the time of execution of this Agreement, and will not be, at the time of the issuance of the Conversion Securities, in the United States and (z) is not a "distributor" (as defined in Regulation S promulgated under the Securities Act).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5. <u>Restricted Securities</u>. The Conversion Securities will not be registered under the Securities Act or any state securities laws and, therefore, cannot be resold unless they are registered under the Securities Act and applicable state securities laws or unless an exemption from such registration requirements is available. Investor is aware that the Company is under no obligation to effect any such registration or to file for or comply with any exemption from registration. The sale and issuance of the Conversion Securities have not and will not be registered under the Securities Act by reason of a specific exemption from registration which depends upon, among other things, the accuracy of the Investor's representations as expressed herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6. <u>Legends</u>. The Conversion Securities, and (if applicable) any securities issued in respect of or exchange for the foregoing may be notated with the following or a similar legend as well as other legends as may be required by applicable securities laws: "THE SHARES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AND HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. NO TRANSFER OF SUCH SHARES MAY BE EFFECTED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL IN A FORM SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE SECURITIES ACT OF 1933."

7. <u>CONDITIONS TO CLOSING</u>.

The obligation of each of the parties to consummate the Closing is subject to the fulfillment on or before the Closing of each of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Representations and Warranties</u>. The representations and warranties of the other party contained herein shall be true in all respects on and as of the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Performance</u>. The other party shall have performed and complied with all agreements, obligations and conditions contained in this Agreement that are required to be performed or complied with by it on or before the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Consents, etc.</u> The Company shall have secured at or prior to the Closing, all waivers, permits, consents and authorizations that shall be necessary or required lawfully to consummate this Agreement and the transactions contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Delivery of Documents</u>. All of the documents to be delivered by the Company pursuant to Section 1.2(b)(i) shall be in a form as attached to this Agreement.

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8. <u>UNSECURED OBLIGATION; SUBORDINATION; ADDITIONAL COVENANTS</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1. This Agreement is a general unsecured obligation of Company. The indebtedness evidenced by this Agreement is hereby expressly subordinated, to the extent and in the manner hereinafter set forth, in right of payment to the prior payment in full of all of the Company's indebtedness to financial institutions, including, without limitation, under that certain committed line of credit provided under that certain letter agreement dated March 31, 2023, by and among the Company or Lendbuzz Funding LLC, as borrowers, and Bank Hapoalim B.M. and related transaction documents, each as may be amended, supplemented or otherwise modified from time to time (the "<u>Senior Indebtedness</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2. If there shall occur any receivership, insolvency, assignment for the benefit of creditors, bankruptcy, reorganization, or arrangements with creditors (whether or not pursuant to bankruptcy or other insolvency laws), sale of all or substantially all of the assets, dissolution, liquidation, or any other marshaling of the assets and liabilities of the Company, no amount shall be paid by the Company in respect of the principal of, interest on or other amounts due with respect to this Agreement at the time outstanding, unless and until the principal of and interest on the Senior Indebtedness then outstanding shall be paid in full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3. The Investor acknowledges that the Company may raise additional funds under other Converting Securities, provided that, for as long as the Outstanding Balance is outstanding and until the earliest to occur of an IPO, a Deemed Liquidation Event, or a Dissolution Event, any aggregate financing amount raised under Converting Securities (including pursuant to this Agreement, and the Safe dated April 30, 2025) in excess of US$70,000,000 shall be subject to the prior written consent of the Investor, which consent shall not be unreasonably withheld, conditioned, or delayed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4. <u>"MFN" Amendment Provision</u>. For as long as the Outstanding Balance is outstanding and until the earliest to occur of the lapse of thirty six (36) months as of the date hereof, an IPO, a Deemed Liquidation Event, or a Dissolution Event, if the Company issues any Subsequent Convertible Securities with terms more favorable than those of this Agreement(including, without limitation, a valuation cap and/or discount), the Company will promptly provide the Investor with written notice thereof, together with a copy of such Subsequent Convertible Securities (the "<u>MFN Notice</u>") and, upon written request of the Investor, any additional information related to such Subsequent Convertible Securities as may be reasonably requested by the Investor. In the event the Investor determines that the terms of the Subsequent Convertible Securities are preferable to the terms of this instrument, the Investor will notify the Company in writing within seven (7) days of the receipt of the MFN Notice. Promptly after receipt of such written notice from the Investor, the Company agrees to amend and restate this instrument to be identical to the instrument(s) evidencing the Subsequent Convertible Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5. <u>Certain Notices</u>. For as long as the Outstanding Balance is outstanding and is convertible into Capital Stock, the Company shall deliver prior written notice to the Investor of any contemplated Deemed Liquidation Event, Equity Financing or IPO, as promptly as possible, but in any event at least fourteen (14) days prior to the closing of such transaction, provided, however, that if such notice may not be given without the Company's breach of a confidentiality obligation entered into in connection with such contemplated transaction, or notice to the Company's stockholders is to be given at a later stage, then such notice shall be given at such times and on such terms as provided to the Company's stockholders.

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9. <u>MISCELLANEOUS</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1. <u>Fees and Expenses</u>. Each party hereto shall bear and be responsible for its own expenses in connection with the transactions contemplated under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2. <u>Taxes</u>. Each party hereto shall bear and be responsible to pay in cash (to the Company or the relevant Tax authorities, as applicable) all Taxes attributable to it, if any, in connection with or as a result of the transactions contemplated under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3. <u>Survival</u>. The warranties, representations and covenants of the Company contained in or made pursuant to this Agreement shall survive from the Closing until the satisfaction in full of the Outstanding Balance, through the conversion and/or payment in full of the Outstanding Balance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4. <u>Entire Agreement</u>. This Agreement and the Schedules hereto constitute the full and entire understanding and agreement between the parties with regard to the subject matters hereof, and supersede all prior agreements and understandings, both written and oral, among any of the parties hereto, with respect to the subject matter hereof (with no concession being made as to the existence of any such prior agreements or understandings).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5. <u>Amendment; Waiver</u>. Any term of this Agreement may be amended and the observance of any term hereof may be waived only with the written consent of the Company and the Investor. The observance of any term hereof may be waived (either prospectively or retroactively and either generally or in a particular instance) only by the prior written consent of the party against which enforcement of such waiver shall be sought. Any amendment or waiver effected in accordance with this Section 9.5 shall be binding upon the Investor and each transferee of the Conversion Shares (or the Common Stock issuable upon conversion thereof), each future holder of all such securities, and the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.7. <u>Successors and Assigns</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company shall maintain at its principal office a copy of each assignment and assumption delivered to it and a register for the recordation of the names and addresses of any subsequent assignees of all or any portion of the Outstanding Balance, and the principal amount of (and any interest thereon) owed to any such assignee from time to time (collectively, the "Register"). The entries in the Register shall be conclusive absent manifest error and the Company, the Investor, and any such assignee shall treat each person whose name is recorded in the Register pursuant to the terms hereof as the lender in respect of such transferred portion of the Outstanding Balance for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by the Investor and any such assignee at any reasonable time and from time to time upon reasonable prior written notice. It is the intent of the Parties that such Register shall cause this Convertible Loan to be maintained in registered form under Section 5f.103-1(c) of the United States Treasury Regulations.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon its receipt of a duly completed assignment and assumption executed by an assigning Investor and an assignee and any written consent to such assignment required by Sections 9.6 and 9.7 of this Agreement, the Company will accept such assignment and assumption and record the information contained therein in the Register. No assignment shall be effective for purposes of this Agreement unless it has been recorded in the Register as provided in Section 9.7 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.8. <u>Governing Law</u>. All rights and obligations hereunder will be governed by the laws of the State of Delaware, without regard to the conflicts of law provisions of such jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.9. <u>Dispute Resolution</u>. The parties (a) hereby irrevocably and unconditionally submit to the exclusive jurisdiction of the appropriate State or Federal Court in the State of Delaware for the purpose of any suit, action or other proceeding arising out of or based upon this Agreement, (b) agree not to commence any suit, action or other proceeding arising out of or based upon this Agreement except in the appropriate State or Federal Court in the State of Delaware, and (c) hereby waive, and agree not to assert, by way of motion, as a defense, or otherwise, in any such suit, action or proceeding, any claim that it is not subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune from attachment or execution, that the suit, action or proceeding is brought in an inconvenient forum, that the venue of the suit, action or proceeding is improper or that this Agreement or the subject matter hereof may not be enforced in or by such court.

WAIVER OF JURY TRIAL: EACH PARTY HEREBY WAIVES ITS RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT, THE OTHER TRANSACTION DOCUMENTS, THE SECURITIES OR THE SUBJECT MATTER HEREOF OR THEREOF. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL- ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS TRANSACTION, INCLUDING, WITHOUT LIMITATION, CONTRACT CLAIMS, TORT CLAIMS (INCLUDING NEGLIGENCE), BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. THIS SECTION HAS BEEN FULLY DISCUSSED BY EACH OF THE PARTIES HERETO AND THESE PROVISIONS WILL NOT BE SUBJECT TO ANY EXCEPTIONS. EACH PARTY HERETO HEREBY FURTHER WARRANTS AND REPRESENTS THAT SUCH PARTY HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL, AND THAT SUCH PARTY KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.10. <u>Delays or Omissions</u>. Except as expressly provided herein, no delay or omission to exercise any right, power or remedy accruing to any party to this Agreement upon any breach or default of any other party under this Agreement, shall impair any such right, power or remedy of such non-defaulting party nor shall it be construed to be a waiver of any such breach or default, or an acquiescence therein, or of any similar breach or default thereafter occurring; nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default therefore or thereafter occurring. Any waiver, permit, consent or approval of any kind or character on the part of any party of any breach or default under this Agreement, or any waiver on the part of any party of any provisions or conditions of this Agreement, must be in writing and shall be effective only to the extent specifically set forth in such writing. All remedies, either under this Agreement or by law or otherwise afforded to any party to this Agreement, shall be cumulative and not alternative.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.11. <u>Severability</u>. If one or more provisions of this Agreement are held to be unenforceable under applicable law, such provision shall be excluded from this Agreement and the balance of the Agreement shall be enforceable in accordance with its terms and interpreted so as to give effect, to the fullest extent consistent with and permitted by applicable law, to the meaning and intention of the excluded provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.12. <u>Notices</u>. All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed effectively given upon the earlier of actual receipt, or (i) when delivered, if sent by personal delivery to the party to be notified, (ii) when sent, if sent by electronic mail or facsimile (with electronic conformation of delivery) on a business day and during normal business hours of the recipient, and otherwise on the first business day in the place of recipient, (iii) five (5) business days after having been sent, if sent by registered or certified mail, return receipt requested, postage prepaid, or (iv) one (1) business day after deposit with an internationally recognized overnight courier, freight prepaid, specifying next business day delivery, with written confirmation of receipt. All communications shall be sent to the respective parties at their address or contact details as set forth below, or to such address or contact details as subsequently modified by written notice given in accordance with this Section 9.12, or, in the case of the Investor, as used for purposes of sending stockholders' notices by the Company.

If to the Company:

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| | |
|:---|:---|
| Lendbuzz Inc. | Lendbuzz Inc. |
| [ADDRESS] | [ADDRESS] |
| Attention: Chief Financial Officer | Attention: Chief Financial Officer |
| Telephone: | [____________] |
| E-mail: | [____________] |

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***with a mandatory copy to (which shall not constitute a notice):***

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| | |
|:---|:---|
| Goldfarb Gross Seligman & Co. | Goldfarb Gross Seligman & Co. |
|  [ADDRESS] | [ADDRESS] |
| Attention: | [____________] |
| Telephone: | [____________] |
| E-mail: | [____________] |

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If to Investor: as set forth in the preamble of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.13. <u>Counterparts</u>. This Agreement may be executed in one or more counterparts, all of which together shall constitute one and the same instrument, binding and enforceable against the parties so executing the same; it being understood that all parties need not sign the same counterpart. Counterparts may also be delivered by facsimile or email transmission (in pdf format or the like, or signed with "DocuSign", e-sign or any similar form of signature by electronic means) and any counterpart so *delivered shall be sufficient to bind the parti*es to this Agreement, as an original.

[*Signature Pages Follow*]

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IN WITNESS WHEREOF, the undersigned have caused this Subordinated Unsecured Convertible Loan Agreement to be executed by their respective duly authorized officers as of the date first above written.

COMPANY:

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| | |
|:---|:---|
| Lendbuzz Inc. | Lendbuzz Inc. |
| By: |  |
|  | Name: [____________] |
|  | Title: [____________] |

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INVESTOR

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| | |
|:---|:---|
| By: |  |
|  | Name: [____________] |
|  | Title: [____________] |

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[*signature page to Lendbuzz Inc. Convertible Loan Agreement – May, 2025*]

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SCHEDULE A [FORM OF]

U.S. TAX COMPLIANCE CERTIFICATE

(For Foreign Participants That Are Not Partnerships for U.S. Federal Income Tax Purposes)

Reference is hereby made to the Subordinated Unsecured Convertible Loan Agreement dated as of [•], 2025 (as amended, supplemented or otherwise modified from time to time, this " <u>Agreement</u>"), between Lendbuzz Inc. (the "Company"), and [____________] (the "<u>Investor</u>").

Pursuant to the provisions of this Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial owner of the participation in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of the Company within the meaning of Section 871(h)(3)(B) of the Code, and (iv) it is not a controlled foreign corporation related to the Company as described in Section 881(c)(3)(C) of the Code.

The Company has furnished to the Investor a certificate of its non-U.S. Person status on IRS Form W-8BEN or IRS form W-8BEN-E, as applicable. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform the Company in writing, and (2) the undersigned shall have at all times furnished to the Company with a properly completed and currently effective certificate prior to the first payment to be made to the undersigned, or in either of the two calendar years preceding such payments.

Unless otherwise defined herein, terms defined in this Agreement and used herein shall have the meanings given to them in this Agreement.

[*Remainder of page intentionally left blank*]

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INVESTOR

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| | |
|:---|:---|
| By: |  |
|  | Name: [____________] |
|  | Title: [____________] |

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## Exhibit 10.26

**Exhibit 10.26** 

FORM OF SIMPLE AGREEMENT FOR FUTURE EQUITY

THIS INSTRUMENT AND ANY SECURITIES ISSUABLE PURSUANT HERETO HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "**SECURITIES ACT**"), OR UNDER THE SECURITIES LAWS OF CERTAIN STATES. THESE SECURITIES MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED EXCEPT AS PERMITTED IN THIS SAFE AND UNDER THE ACT AND APPLICABLE STATE SECURITIES LAWS PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT OR AN EXEMPTION THEREFROM.

**LENDBUZZ INC.** 

**SAFE** 

**(Simple Agreement for Future Equity)** 

THIS CERTIFIES THAT in exchange for the payment by [____________] (the "**Investor**") of US$[•] (the "**Purchase Amount**") on or about [•], 2025 (the "**Effective Date**"), Lendbuzz Inc., a Delaware corporation (the "**Company**"), issues to the Investor the right to certain shares of the Company's Capital Stock, subject to the terms described below.

This Safe is one of series of similar Safes which may be issued by the Company on or after the date hereof (the "**SAFE Series**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. *Events*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **<u>Equity Financing</u>**. If there is an Equity Financing before the termination of this Safe, the Investor, or the Majority Investors (whose action in such case shall bind all investors under the SAFE Series) shall have the right (but not the obligation, unless determined otherwise by the Majority Investors) to convert the entire Purchase Amount, on the initial closing of such Equity Financing, into the number of shares of Safe Preferred Stock equal to the Purchase Amount divided by the Equity Financing Discount Price.

In connection with the conversion of this Safe into shares of Safe Preferred Stock, the Investor will execute and deliver to the Company all of the transaction documents related to the Equity Financing; *provided,* that such documents (i) are the same documents to be entered into with the purchasers of Standard Preferred Stock, with appropriate variations for the Safe Preferred Stock if applicable, and (ii) have customary exceptions to any drag-along applicable to the Investor, including (without limitation) limited representations, warranties, liability and indemnification obligations for the Investor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **<u>Deemed Liquidation Event</u>**. If there is a Deemed Liquidation Event before the termination of this Safe, this Safe will automatically be entitled (subject to the liquidation priority set forth in Section 1(g) below) to receive a portion of Proceeds, due and payable to the Investor immediately prior to, or concurrent with, the consummation of such Deemed Liquidation Event, equal to the greater of (i) the Purchase Amount (the "**Cash-Out Amount**") or (ii) the amount payable on the number of Subsequent Senior Shares equal to the Purchase Amount divided by the price per share paid for the Subsequent Senior Shares in such Deemed Liquidation Event *multiplied* by the Deemed Liquidation Discount Rate (the "**Conversion Amount**"). If any of the Company's securityholders are given a choice as to the form and amount of Proceeds to be received in a Deemed Liquidation Event, the Investor will be given the same choice, *provided* that the Investor may not choose to receive a form of consideration that the Investor would be ineligible to receive as a result of the Investor's failure to satisfy any requirement or limitation generally applicable to the Company's securityholders, or under any applicable laws. Notwithstanding the foregoing, in connection with a Deemed Liquidation Event intended to qualify as a tax-free reorganization, the

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Company may reduce the cash portion of Proceeds payable to the Investor by the amount determined by its board of directors in good faith for such Deemed Liquidation Event to qualify as a tax-free reorganization for U.S. federal income tax purposes, provided that such reduction (A) does not reduce the total Proceeds payable to such Investor and (B) is applied in the same manner and on a pro rata basis to all securityholders who have equal priority to the Investor under Section 1(g).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **<u>Qualified IPO</u>**. If there is a Qualified IPO before the termination of this Safe, then the Purchase Amount shall automatically convert (together with all other Company's Preferred Stock) immediately prior to (and contingent upon) the closing of the Qualified IPO, into the number of shares of Common Stock of the Company to be sold in such Qualified IPO, equal to the Purchase Amount divided by the IPO Price. If the Company issues, to purchasers of the Company's shares of Common Stock in the Qualified IPO, any additional securities (including, without limitation, warrants or other financial instruments), then the Investor shall receive such additional securities in the same proportion to the number of shares of Common Stock issuable to the Investor upon conversion of this Safe (as though the Investor had purchased such shares of Common Stock in the Qualified IPO at the IPO Price), and in the event such additional securities include an exercise price for the acquisition of Common Stock, such exercise price shall be adjusted to reflect the discount rate (based on the IPO Price) applicable to the Common Stock issued to the Investor in the Qualified IPO. If any economic rights are granted to the purchasers of the Company's Common Stock in (or in connection with) the Qualified IPO which are not in the form of securities, then the same economic rights will be given to the Investor, in the same proportion to the number of shares of Common Stock issuable to Investor upon conversion of this Safe (as though Investor had purchased such shares of Common Stock in the Qualified IPO).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **<u>Non-Qualified IPO</u>**. If there is a Non-Qualified IPO before the termination of this Safe, the Investor, or the Majority Investors (whose action in such case shall bind all investors under the SAFE Series), shall have the right (but not the obligation, unless determined otherwise by the Majority Investors) to elect to convert immediately prior to (and contingent upon) the closing of the Non-Qualified IPO, into the number of shares of Common Stock of the Company to be sold in such Non-Qualified IPO, equal to the Purchase Amount divided by the IPO Price. If the Company issues to purchasers of the Company's shares of Common Stock in the Non-Qualified IPO any additional securities (including, without limitation, warrants or other financial instruments), then the Investor shall receive such additional securities in the same proportion to the number of shares of Common Stock issuable to the Investor upon conversion of this Safe (as though the Investor had purchased such shares of Common Stock in the Non-Qualified IPO at the IPO Price), and in the event such additional securities include an exercise price for the acquisition of Common Stock, such exercise price shall be adjusted to reflect the discount rate (based on the IPO Price) applicable to the Common Stock issued to the Investor in the Non-Qualified IPO. If any economic rights are granted to the purchasers of the Company's Common Stock in (or in connection with) the Non-Qualified IPO which are not in the form of securities, then the same economic rights will be given to the Investor, in the same proportion to the number of shares of Common Stock issuable to Investor upon conversion of this Safe (as though Investor had purchased such shares of Common Stock in the Non-Qualified IPO).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **<u>Dissolution Event</u>**. If there is a Dissolution Event before the termination of this Safe, the Investor will automatically be entitled (subject to the liquidation priority set forth in Section 1(g) below) to receive a portion of Proceeds equal to the Cash-Out Amount, due and payable to the Investor immediately prior to the consummation of the Dissolution Event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **<u>Target Date Conversion</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If this Safe has not been previously converted or terminated pursuant to the terms hereof prior to <u>April</u> <u>30, 2028</u>, then the Investor, shall have the right (but not the obligation) to elect to convert its entire Purchase Amount into either (i) the Subsequent Senior Shares, at a price per share equal to the lowest price per share paid for such Subsequent Senior Shares, or (ii) shares of Preferred D-1 Stock of the Company, at the Series D-1 Original Issue Price (as such terms are defined in the COI).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If this Safe has not been previously converted or terminated pursuant to the terms hereof prior to <u>April</u> <u>30, 2035</u>, then the Purchase Amount shall automatically convert on such date into either (i) the Subsequent Senior Shares, at a price per share equal to the lowest price per share paid for such Subsequent Senior Shares, or (ii) shares of Preferred D-1 Stock of the Company, at the Series D-1 Original Issue Price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) **<u>Liquidation Priority</u>**. In a Deemed Liquidation Event or Dissolution Event, this Safe is intended to operate like standard non-participating Preferred Stock. The Investor's right to receive its Cash-Out Amount is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Junior to payment of outstanding indebtedness and creditor claims, including contractual claims for payment and convertible promissory notes (to the extent such convertible promissory notes are not actually or notionally converted into Capital Stock);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) On par with payments for other Safes, and if the applicable Proceeds are insufficient to permit full payments to the Investor and such other Safes, the applicable Proceeds will be distributed pro rata to the Investor and such other Safes in proportion to the full payments that would otherwise be due; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Senior to payments for Preferred Stock and Common Stock.

The Investor's right to receive its Conversion Amount is (A) on par with payments for Common Stock and other Safes and/or Preferred Stock who are also receiving Conversion Amounts or Proceeds on a similar as-converted to Common Stock basis, and (B) junior to payments described in clauses (i) and (ii) above (in the latter case, to the extent such payments are Cash-Out Amounts or similar liquidation preferences).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) **<u>Termination</u>**. This Safe will automatically terminate (without relieving the Company of any obligations arising from a prior breach of or non-compliance with this Safe) immediately following the earliest to occur of: (i) the issuance of Capital Stock to the Investor pursuant to Sections 1(a), (c), (d) or (f); or (ii) the payment, or setting aside for payment, of amounts due the Investor pursuant to Sections 1(b) or (e).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **<u>Notices</u>**. For as long as this Safe is outstanding, the Company shall deliver prior written notice to the Investor of any contemplated Deemed Liquidation Event, Equity Financing or IPO Event, as promptly as possible, but in any event at least fourteen (14) days prior to the closing of such transaction, provided, however, that if such notice may not be given without the Company's breach of a confidentiality obligation entered into in connection with such contemplated transaction, or notice to the Company's stockholders is to be given at a later stage, then such notice shall be given at such times and on such terms as provided to the Company's stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) **<u>Stockholders' Agreements</u>**. If the Investor is not a party to the Stockholders' Agreements as of the Effective Date, the issuance of Capital Stock to the Investor under Sections 1(a), (c), (d), or (f) will be conditional on the Investor signing a joinder agreement for each of the Stockholders' Agreements, in a form provided by the Company.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. Definitions** 

"**Capital Stock**" means the capital stock of the Company, including, without limitation, the "**Common Stock**" and the "**Preferred Stock**."

"**COI**" means the Company's Amended and Restated Certificate of Incorporation, as amended.

"**Converting Securities**" includes this Safe and other convertible securities issued by the Company, including but not limited to: (i) other Safes; (ii) convertible promissory notes and other convertible debt instruments; and (iii) convertible securities that have the right to convert into shares of Capital Stock.

"**Deemed Liquidation Discount Rate**" means: (a) 75% if such Deemed Liquidation Event is being consummated until April 30, 2026; or (b) 65% if such Deemed Liquidation Event is being consummated following May 1, 2026.

"**Deemed Liquidation Event**" shall have the meaning set forth in the COI.

"**Direct Listing**" means the Company's initial listing of its Common Stock (other than shares of Common Stock not eligible for resale under Rule 144 under the Securities Act) on a national securities exchange by means of an effective registration statement on Form S-1 filed by the Company with the SEC that registers shares of existing capital stock of the Company for resale, as approved by the Company's board of directors. For the avoidance of doubt, a Direct Listing will not be deemed to be an underwritten offering and will not involve any underwriting services.

"**Dissolution Event**" means (i) a voluntary termination of operations, (ii) a general assignment for the benefit of the Company's creditors or (iii) any other liquidation, dissolution or winding up of the Company (**<u>excluding</u>** an IPO Event or a Deemed Liquidation Event), whether voluntary or involuntary.

"**Dividend Amount**" means, with respect to any date on which the Company pays a dividend on its outstanding Common Stock, the amount of such dividend that is paid per share of Common Stock multiplied by (x) the Purchase Amount divided by (y) a price per share equal to the Valuation Cap divided by the IPO Capitalization (treating the dividend date as an IPO Event solely for purposes of calculating such price).

"**Equity Financing**" means a bona fide transaction or series of transactions with the principal purpose of raising capital, pursuant to which the Company issues and sells Preferred Stock at a fixed valuation, including but not limited to, a pre-money or post-money valuation.

"**Equity Financing Discount Price**" means the lowest price per share of the Standard Preferred Stock sold in the Equity Financing multiplied by: (a) 80% if the definitive documents for such Equity Financing are executed until April 30, 2026; or (b) 70% if the definitive documents for such Equity Financing are executed following May 1, 2026.

"**Initial Public Offering**" means the closing of the Company's first firm commitment underwritten initial public offering of Common Stock pursuant to a registration statement filed under the Securities Act.

"**IPO Capitalization**" is calculated as of immediately prior to the IPO Event, and (without double-counting, in each case calculated on an as-converted to Common Stock basis):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Includes all shares of Capital Stock issued and outstanding;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Includes all Converting Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Includes all (i) issued and outstanding Options and (ii) Promised Options;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Includes the Unissued Option Pool, except that any increase to the Unissued Option Pool in connection with the
IPO Event shall only be included to the extent that the number of Promised Options exceeds the Unissued Option Pool prior to such increase.

"**IPO Discount Rate**" means: (a) 85% if such IPO Event is consummated following the Effective Date and on or prior to July 31, 2025; (ii) 80% if such IPO Event is consummated on or following August 1, 2025, and on or prior to April 30, 2026; (iii) 75% if such IPO Event is consummated on or following May 1, 2026, and on or prior to April 30, 2027, and (iv) 70% if such IPO Event is consummated following April 30, 2027. "**IPO Event**" means a Qualified IPO and Non-Qualified IPO.

"**IPO Price**" means the lower of: (i) the price per share to the public of the Common Stock sold in the IPO Event as set forth in the final prospectus filed with the U.S. Securities and Exchange Commission pursuant to Rule 424(b) under the Securities Act multiplied by the applicable IPO Discount Rate; and (ii) the price per share equal to the Valuation Cap divided by the IPO Capitalization.

"**Majority Investors**" means the holders of SAFE Series whose Safes have a total Purchase Amount greater than 50% of the total Purchase Amount of all of the then outstanding SAFE Series, including 83North VII Limited Partnership.

"**Non**-**Qualified IPO**" means SPAC Transaction (as defined in the COI), a Direct Listing or an Initial Public Offering of the Company which does not qualify, for any reason, as a Qualified IPO.

"**Options**" includes options, restricted stock awards or purchases, RSUs, SARs, warrants or similar securities, vested or unvested.

"**Proceeds**" means cash and other assets (including without limitation stock consideration) that are proceeds from the Deemed Liquidation Event or the Dissolution Event, as applicable, and legally available for distribution.

"**Promised Options**" means promised but ungranted Options that are promised pursuant to agreements or understandings made prior to the consummation of the IPO Event, treated as outstanding Options in the calculation of the price per share price per share to the public of the Common Stock sold in the IPO Event.

"**Qualified IPO**" means an Initial Public Offering on the New York Stock Exchange or NASDAQ, which yields at least US$100,000,000 net proceeds to the Company at a price per share which is at least equal to the Series D-1 Original Issue Price (as defined under the COI). For the avoidance of doubt, a SPAC Transaction or Direct Listing shall not be deemed as a Qualified IPO.

"**Safe**" means an instrument containing a future right to shares of Capital Stock, similar in form and content to this instrument, purchased by investors for the purpose of funding the Company's business operations. References to "this Safe" mean this specific instrument.

"**Safe Preferred Stock**" means the shares of the series of Preferred Stock issued to the Investor in an Equity Financing, having the identical rights, privileges, preferences, seniority, liquidation multiple and restrictions as the shares of Standard Preferred Stock, except that any price-based preferences (such as the per share liquidation amount, initial conversion price and per share dividend amount) will be based on the Equity Financing Discount Price.

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"S**tandard Preferred Stock**" means the shares of a series of Preferred Stock issued to the investors investing new money in the Company in connection with the initial closing of the Equity Financing.

"**Stockholders' Agreements**" means the Investors' Rights Agreement (as amended from time to time), the Right of First Refusal and Co-Sale Agreement (as amended from time to time) and the Voting Agreement (as amended from time to time), each by and between the Company and certain of its stockholders.

"**Subsequent Convertible Securities**" means convertible securities that the Company may issue after the issuance of this instrument with the principal purpose of raising capital, including but not limited to, other Safes, convertible debt instruments and other convertible securities (and, in all cases, any side letters issued in connection thereto). Subsequent Convertible Securities excludes Exempted Securities (as such term is defined in the COI).

"**Subsequent Senior Shares**" means shares of Capital Stock of the most senior class or series existing at the applicable date (being the class or series with first priority rights to distributions over all other series or classes of shares or in case all Preferred Stock participate in distributions on a *pari passu* basis between them, the last class of Preferred Stock issued by the Company).

"**Unissued Option Pool**" means all shares of Capital Stock that are reserved, available for future grant and not subject to any outstanding Options or Promised Options under any equity incentive or similar Company plan.

"**Valuation Cap**" US$2,000,000,000 (Two Billion United States Dollars).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. *"MFN" Amendment Provision***. If the Company issues any Subsequent Convertible Securities with terms more favorable than those of this Safe (including, without limitation, a valuation cap and/or discount) prior to termination of this Safe, the Company will promptly provide the Investor with written notice thereof, together with a copy of such Subsequent Convertible Securities (the "**MFN Notice**") and, upon written request of the Investor, any additional information related to such Subsequent Convertible Securities as may be reasonably requested by the Investor. In the event the Investor determines that the terms of the Subsequent Convertible Securities are preferable to the terms of this instrument, the Investor will notify the Company in writing within 7 days of the receipt of the MFN Notice. Promptly after receipt of such written notice from the Investor, the Company agrees to amend and restate this instrument to be identical to the instrument(s) evidencing the Subsequent Convertible Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. *Company Representations*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company is a corporation duly organized, validly existing and in good standing under the laws of its state of incorporation, and has the power and authority to own, lease and operate its properties and carry on its business as now conducted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The execution, delivery and performance by the Company of this Safe is within the power of the Company and has been duly authorized by all necessary actions on the part of the Company (subject to section 3(e)). This Safe constitutes a legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms, except as limited by bankruptcy, insolvency or other laws of general application relating to or affecting the enforcement of creditors' rights generally and general principles of equity. To its knowledge, the Company is not in violation of (i) its current certificate of incorporation or bylaws, (ii) any material statute, rule or regulation applicable to the Company or (iii) any material debt or contract to which the Company is a party or by which it is bound, where, in each case, such violation or default, individually, or together with all such violations or defaults, could reasonably be expected to have a material adverse effect on the Company.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The issued and outstanding share capital of the Company, on a fully diluted as converted basis as of the date hereof (the "**Capitalization Table**"), has been provided to the Investor. The issued and outstanding shares of the Company were duly and validly authorized and issued, fully paid and non-assessable, and offered and issued in compliance with the provisions of the COI, the Company's Bylaws and the Stockholders' Agreements as in effect at the time of each such issuance and in compliance with all applicable corporate and securities laws. Except as detailed in the Capitalization Table, COI, and the Stockholders' Agreements, and except for the SAFE Series and related transactions (including the convertible promissory note executed by and between the Company and OG Tech Ventures International Ltd., dated on or about the date hereof), there are no outstanding share capital, options, warrants, or agreements for the purchase from the Company of any of its share capital, or any securities convertible into or exchangeable for shares of the Company (whether now or hereinafter authorized or issued), or that could require the Company or a shareholder of the Company to issue, sell, transfer or otherwise cause to be outstanding any of the Company's share capital or securities convertible or exercisable into shares thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The performance and consummation of the transactions contemplated by this Safe do not and will not: (i) violate any material judgment, statute, rule or regulation applicable to the Company; (ii) result in the acceleration of any material debt or contract to which the Company is a party or by which it is bound; or (iii) result in the creation or imposition of any lien on any property, asset or revenue of the Company or the suspension, forfeiture, or nonrenewal of any material permit, license or authorization applicable to the Company, its business or operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) No consents or approvals are required in connection with the performance of this Safe, other than: (i) the Company's corporate approvals; (ii) any qualifications or filings under applicable securities laws; and (iii) necessary corporate approvals for the authorization of Capital Stock issuable pursuant to Section 1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Company has delivered to the Investor its audited financial statements (including balance sheet, income statement and statement of cash flows) as of December 31, 2023 and as of December 31, 2024 (the "**Financial Statements**"). The Financial Statements are correct in all material respects and present fairly the financial condition and operating results of the Company as of the dates and during the periods indicated therein. The Financial Statements are consolidated financial statements that include the results of operations of all the subsidiaries of the Company. The Financial Statements have been prepared in accordance with generally accepted accounting principles in the U.S. ("**GAAP**") applied on a consistent basis throughout the period indicated, except as disclosed therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) No actions (including, without limitation, derivative actions), suits, proceedings or investigations are pending or threatened against the Company or the Company's subsidiaries or any of its or their respective properties or any of its or their respective directors, officers or managers (in their capacities as such) at law or in equity in any court, arbiter or before any other governmental authority that if adversely determined (i) would (alone or in the aggregate) reasonably be expected to have a material adverse effect on the Company or (ii) seeks to enjoin, either directly or indirectly, the execution, delivery or performance by the Company of this Safe or the transactions contemplated hereby. There is no material action, suit, proceeding or investigation by the Company pending or which the Company intends to initiate.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) To its knowledge, the Company owns or possesses (or can obtain on commercially reasonable terms) sufficient legal rights to all patents, trademarks, service marks, trade names, copyrights, trade secrets, licenses, information, processes and other intellectual property rights necessary for its business as now conducted and as currently proposed to be conducted, without any conflict with, or infringement of the rights of, others.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. *Investor Representations*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Investor has full legal capacity, power and authority to execute and deliver this Safe and to perform its obligations hereunder. This Safe constitutes valid and binding obligation of the Investor, enforceable in accordance with its terms, except as limited by bankruptcy, insolvency or other laws of general application relating to or affecting the enforcement of creditors' rights generally and general principles of equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Investor is an accredited investor as such term is defined in Rule 501 of Regulation D under the Securities Act and acknowledges and agrees that if not an accredited investor at the time of an Equity Financing, the Company may void this Safe and return the Purchase Amount. The Investor has been advised that this Safe and the underlying securities have not been registered under the Securities Act, or any state securities laws and, therefore, cannot be resold unless they are registered under the Securities Act and applicable state securities laws or unless an exemption from such registration requirements is available. The Investor is purchasing this Safe and the securities to be acquired by the Investor hereunder for its own account for investment, not as a nominee or agent, and not with a view to, or for resale in connection with, the distribution thereof, and the Investor has no present intention of selling, granting any participation in, or otherwise distributing the same. The Investor has such knowledge and experience in financial and business matters that the Investor is capable of evaluating the merits and risks of such investment, is able to incur a complete loss of such investment without impairing the Investor's financial condition and is able to bear the economic risk of such investment for an indefinite period of time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. *Miscellaneous*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any provision of this Safe may be amended, waived or modified by written consent of the Company and the Majority Investors, *provided that*: (A) the Purchase Amount may not be amended, waived or modified without the consent of the applicable Investor, (B) the consent of the Investor and each holder of a Safe under the Safe Series must be solicited (even if not obtained),(C) such amendment, waiver or modification treats all such holders in the same manner, and (D) if any such amendment changes the conversion terms of the Purchase Amount as set forth in Sections 1(a), 1(b), 1(c), 1(d), 1(f) or the defined terms referenced in such provisions, then the Investor shall have a period of ten (10) days following receipt of written notice from the Company of such amendment to elect, by written notice to the Company, to convert the Purchase Amount into shares of the Company's Series D-1 Preferred Stock at the Series D-1 Original Issue Price (as such terms are defined in the COI). If the Investor does not deliver such notice within such ten (10) day period, the Investor shall be deemed to have consented to such amendment, and shall be deemed to irrevocably waive any right to such conversion set forth in this clause (D).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any notice required or permitted by this Safe will be deemed sufficient when delivered personally or by overnight courier or sent by email to the relevant address listed on the signature page, or 48 hours after being deposited in the U.S. mail as certified or registered mail with postage prepaid, addressed to the party to be notified at such party's address listed on the signature page, as subsequently modified by written notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Investor is not entitled, as a holder of this Safe, to vote or be deemed a holder of Capital Stock for any purpose other than tax purposes, nor will anything in this Safe be construed to confer on the Investor, as such, any rights of a Company stockholder or rights to vote for the election of directors or on any matter submitted to Company stockholders, or to give or withhold consent to any corporate action or to receive notice of meetings, until shares have been issued on the terms described in Section 1. However, if the Company pays a dividend on outstanding shares of Common Stock (that is not payable in shares of Common Stock) while this Safe is outstanding, the Company will pay the Dividend Amount to the Investor at the same time.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Neither this Safe nor the rights in this Safe are transferable or assignable, by operation of law or otherwise, by either party without the prior written consent of the other; *provided, however*, that this Safe and/or its rights may be assigned without the Company's consent by the Investor (i) to the Investor's estate, heirs, executors, administrators, guardians and/or successors in the event of Investor's death or disability, or (ii) to any other entity who directly or indirectly, controls, is controlled by or is under common control with the Investor, including, without limitation, any general partner, managing member, officer or director of the Investor, or any venture capital fund now or hereafter existing which is controlled by one or more general partners or managing members of, or shares the same management company with, the Investor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) In the event any one or more of the provisions of this Safe is for any reason held to be invalid, illegal or unenforceable, in whole or in part or in any respect, or in the event that any one or more of the provisions of this Safe operate or would prospectively operate to invalidate this Safe, then and in any such event, such provision(s) only will be deemed null and void and will not affect any other provision of this Safe and the remaining provisions of this Safe will remain operative and in full force and effect and will not be affected, prejudiced, or disturbed thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) All rights and obligations hereunder will be governed by the laws of the State of Delaware, without regard to the conflicts of law provisions of such jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The parties acknowledge and agree that for United States federal and state income tax purposes this Safe is, and at all times has been, intended to be characterized as stock, and more particularly as common stock for purposes of Sections 304, 305, 306, 354, 368, 1036 and 1202 of the Internal Revenue Code of 1986, as amended. Accordingly, the parties agree to treat this Safe consistent with the foregoing intent for all United States federal and state income tax purposes (including, without limitation, on their respective tax returns or other informational statements).

[*Signature page follows*]

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IN WITNESS WHEREOF, the undersigned have caused this Safe to be duly executed and delivered.

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| | |
|:---|:---|
| **LENDBUZZ INC.** | **LENDBUZZ INC.** |
| By: |  |
|  | Name: [____________] |
|  | Title: [____________] |

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---

| |
|:---|
| Address: |
| Email: [____________] |

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| | |
|:---|:---|
| **INVESTOR** | **INVESTOR** |
| By: |  |
|  | Name: [____________] |
|  | Title: [____________] |

---

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| |
|:---|
| Address: |
| Email: [____________] |

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## Exhibit 10.27

**Exhibit 10.27** 

**LENDBUZZ INC.** 

**NON-EMPLOYEE DIRECTOR COMPENSATION POLICY** 

**Effective**[•]

Section 1. *Establishment of the Policy.* Each member of the Board of Directors (the "**Board**") of Lendbuzz Inc. (the "**Company**") who is not an employee or executive officer of the Company or its subsidiaries (each such member, a "**Non-Employee Director**") will be eligible to receive the compensation described in this Non-Employee Director Compensation Policy (this "**Policy**") for his or her Board service. This Policy may be amended or terminated at any time in the sole discretion of the Compensation Committee of the Board (the "**Committee**"). The terms of this Policy shall supersede all prior cash and/or equity compensation arrangements for service as a member of the Board between the Company and any Non-Employee Director and between any subsidiary of the Company and any of its non-employee directors. While this Policy remains in effect, the cash compensation and equity grants described in this Policy shall be paid or be made, as applicable, automatically in accordance with the terms of the Policy, without the need for any further action by the Board or the Committee. Capitalized terms not defined herein shall have the meanings ascribed to them in the Company's 2024 Omnibus Incentive Plan, as may be amended and restated from time to time, or the applicable successor plan thereto (the "**Omnibus Incentive Plan**").

Section 2. *Annual Cash Compensation*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Cash Retainer</u>*.* With respect to each period beginning on January 1 of a given year and ending on December 31 of such year (each such period, a "**Compensation Year**"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The lead independent Non-Employee Director (the "**Lead Independent Director**") will be paid an annual cash retainer of $50,000 (the "**Lead Independent Director Retainer**"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The chairperson of the Audit Committee of the Board (the "**Audit Committee Chair**") will be paid an annual cash retainer of $60,000 (the "**Audit Committee Chair Retainer**," and, together with the Lead Independent Director Retainer, the "**Cash Retainers**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Payment Schedule</u>. The Cash Retainers will be paid by the Company in equal monthly installments in arrears during the calendar month immediately following the Compensation Year quarter to which such amount relates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Proration of Retainers</u>. With respect to any Compensation Year month in which the service of the Lead Independent Director or the Audit Committee Chair as a member of the Board is terminated (including, but not limited to, as a result of a Change in Control of the Company), such Non-Employee Director will be entitled to receive a prorated portion of the Cash Retainer for such partial month of service, payable as soon as reasonably practicable following the date of the Non-Employee Director's separation from service. In the event a new eligible Non-Employee Director is elected or appointed to be the Lead Independent Director or the Audit Committee Chair following the beginning of a Compensation Year, such Non-Employee Director will be entitled to receive a Cash Retainer for such Compensation Year, which will be prorated based on the date of appointment or election and payable in accordance with the schedule set forth in Section 2(c).

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Section 3. *Equity Compensation*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Generally</u>. Equity awards will be granted under the Omnibus Incentive Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Initial Equity Award</u>*<u>.</u>*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Each individual who becomes a Non-Employee Director after the Effective Date will, as promptly as practicable following the commencement of such Non-Employee Director's service as such, be granted such number of RSUs (rounded to the nearest whole number) in an amount equal to (A) $200,000, *divided by* (B) the Fair Market Value of a Share as of the grant date of such RSUs (the "**Initial Equity Grant**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Initial Equity Grant will vest and be settled on the earlier of (A) the one-year anniversary of the grant date of such Initial Equity Grant, and (B) immediately prior to the date of the next annual shareholders meeting of the Company following the grant date of such Initial Equity Grant, in each case, subject to the Non-Employee Director's continuous service as a member of the Board through such vesting date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Annual Equity Awards</u>*<u>.</u>*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Unless otherwise determined by the Compensation Committee, on the second trading day following each annual meeting of the Company's shareholders after the Effective Date, each individual who is then a Non-Employee Director shall be granted such number of RSUs in an amount equal to (A) $200,000, *divided by* (B) the Fair Market Value of a Share as of the grant date of such RSUs (rounded to the nearest whole number) (the "**Annual Equity Award**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Each Annual Equity Award shall vest upon the earlier of (A) the one-year anniversary of the grant date of such Annual Equity Award and (B) immediately prior to the date of the next annual shareholders meeting of the Company following the grant date of such Annual Equity Award, in each case, subject to the Non-Employee Director's continuous service as a member of the Board through such vesting date.

Section 4. *Expenses*. The Company will reimburse each Non-Employee Director for all reasonable out-of-pocket expenses incurred by such Non-Employee Director for attending meetings of the Board of any committee thereof; *provided* that such Non-Employee Director timely submits to the Company appropriate documentation substantiating such expenses in accordance with the Company's expense policy, as in effect from time to time.

Section 5. *Limits on Director Compensation*. No Non-Employee Director may receive total compensation in any Compensation Year in excess of $750,000.

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Section 6. *Sections 409A*. This Policy and any compensation granted hereunder is intended to comply with, or be exempt from, the provisions of Section 409A, and the provisions of the Policy shall be interpreted in a manner that satisfies the requirements of Section 409A, and the Policy shall be operated accordingly. If any provision of the Policy would otherwise frustrate or conflict with this intent, the provision, term or condition shall be interpreted and deemed amended so as to avoid this conflict. If any compensation granted hereunder includes a "series of installment payments" (within the meaning of Section 1.409A-2(b)(2)(iii) of the Treasury Regulations), a Non-Employee Director's right to such series of installment payments shall be treated as a right to a series of separate payments and not as a right to a single payment, and if any compensation granted hereunder includes "dividend equivalents" (within the meaning of Section 1.409A-3(e) of the Treasury Regulations), a Non-Employee Director's right to such dividend equivalents shall be treated separately from the right to other amounts under the compensation granted hereunder. Notwithstanding any other provision in this Policy, to the extent compliance with the requirements of Treas. Reg. § 1.409A-3(i)(2) is necessary to avoid the application of an additional tax under Section 409A, any amounts hereunder that constitute "deferred compensation" subject to Section 409A that are otherwise issuable upon the Non-Employee Director's "separation from service" (as defined in Section 409A) shall not be made until the date that is six months after such "separation from service," except to the extent that earlier distribution would not result in such Non-Employee Director incurring interest or additional tax under Section 409A. Notwithstanding the foregoing, the tax treatment of the benefits provided under the Policy is not warranted or guaranteed, and in no event shall the Company be liable for all or any portion of any taxes, penalties, interest or other expenses that may be incurred by any Non-Employee Director on account of noncompliance with Section 409A.

## Exhibit 10.28

**Exhibit 10.28** 

**LENDBUZZ INC.** 

**2025 OMNIBUS INCENTIVE PLAN** 

**NOTICE OF RESTRICTED STOCK UNIT AWARD GRANT** 

The participant whose name appears below (the "**Participant**") has been granted an Award of Restricted Stock Units (the "**RSUs**") under the Lendbuzz Inc. (the "**Company**") 2025 Omnibus Incentive Plan (as may be amended from time to time, the "**Plan**"), subject to the terms and conditions of the Plan, this Notice of Restricted Stock Unit Award Grant (the "**Notice of Grant**") and the attached Restricted Stock Unit Award Agreement (the "**Agreement**"). Except as otherwise indicated, capitalized terms used but not otherwise defined herein or in the attached Agreement shall have the meanings ascribed to such terms in the Plan.

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| | |
|:---|:---|
| **Name:** |  |
| **Address:** |  |
| **Date of Grant**: |  |
| **Vesting Commencement Date**: |  |
| **Number of RSUs**: |  |
|  **Vesting Conditions**: | Except as set forth in Section 3 of the Agreement, so long as Participant remains continuously in service to the Company or one of its Subsidiaries from the date hereof through the 12-month anniversary of the Vesting Commencement Date (the "***Initial Vesting Date***"), 25% of the RSUs shall vest on the Initial Vesting Date. Thereafter, through each additional month, an additional 1/48<sup>th</sup> of the RSUs shall become vested, subject to the Participant's continuous service with the Company or one of its Subsidiaries through each applicable vesting date. |

---

The Participant understands that their employment or consulting relationship with the Company is for an unspecified duration and can be terminated at any time (i.e., is "at-will") and that nothing in this Notice of Grant, the Agreement or the Plan changes the at-will nature of that relationship. By accepting this Award, you and the Company agree that this Award is granted under and governed by the terms and conditions of the Plan, the Notice of Grant and the Agreement. By accepting this Award, you consent to electronic delivery as set forth in the Agreement.

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IN WITNESS WHEREOF, the Company and the Participant have duly executed and delivered this Agreement as of the Date of Grant.

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| | | |
|:---|:---|:---|
| **LENDBUZZ INC.** | **LENDBUZZ INC.** | **PARTICIPANT** |
| By: |  |  |
|  | Name: [•] | Name: [•] |
|  | Title: [•] |  |

---

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**LENDBUZZ INC.** 

**2025 OMNIBUS INCENTIVE PLAN** 

**RESTRICTED STOCK UNIT AWARD AGREEMENT** 

Section 1. *Grant of RSUs*. Each RSU shall represent the right to receive one Share upon the vesting of such RSU, as determined in accordance with and subject to the terms of this Agreement, the Plan and the Notice of Grant. The number of RSUs is set forth in the Notice of Grant.

Section 2. *Vesting*. The RSUs shall vest in accordance with the Vesting Conditions, subject to the Participant's continuous service with the Company or any Subsidiary through each applicable vesting date.

Section 3. *Termination of Employment*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>General Rule</u>. Subject to the terms of the Participant's Service Agreement, if the Participant experiences a Termination of Service for any reason other than due to death or Disability, then any portion of this Award that has not vested as of the date of the Termination of Service will be forfeited for no consideration at the close of business at Company headquarters on the date of such Termination of Service. The Company determines the date of the Termination of Service for all purposes under this Agreement. The Participant acknowledges and agrees that the Vesting Conditions may change prospectively in the event that the Participant's status changes between full- and part-time status or in the event of a change in role to or from Employee, Director or Consultant in accordance with Company policies relating to work schedules and vesting of awards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Death; Disability</u>. Subject to the terms of the Participant's Service Agreement, if the Participant experiences a Termination of Service due to their death or Disability prior to the satisfaction of the Vesting Conditions, then, to the extent unvested, (i) if such Termination of Service occurs on or prior to the Initial Vesting Date, the Participant will vest in a prorated portion of the RSUs that would have vested had the Participant remained employed through the Initial Vesting Date, with such number of RSUs determined based on the number of months completed following the Vesting Commencement Date and (ii) if such Termination of Service occurs following the Initial Vesting Date, the Participant will vest in the next tranche of RSUs that would have vested had the Participant remained employed through the following monthly vesting date. Any RSUs that have not satisfied the Vesting Conditions shall be forfeited for no consideration.

Section 4. *Settlement*. Except as otherwise set forth in the Plan, the RSUs will be settled in Shares and the Participant shall receive Shares that correspond to the number of RSUs that have become vested as of the applicable vesting date, which shall be delivered on the date that as soon as reasonably practicable following the applicable vesting date, as determined in the sole discretion of the Committee, but in no event later than sixty (60) days following the applicable vesting date.

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Section 5. *Dividend Equivalent Payments*. Until the RSUs settle in the manner set forth in Section 4, if the Company pays a dividend on Shares, the Participant will be entitled to a payment in the same amount as the dividend the Participant would have received if he or she held Shares in respect of his or her vested and unvested RSUs held but not previously forfeited immediately prior to the record date of the dividend (a "**Dividend Equivalent**"). No such Dividend Equivalents will be paid to the Participant with respect to any RSU that is thereafter cancelled or forfeited prior to the applicable vesting date. The Committee will determine the form of payment in its sole discretion and may pay Dividend Equivalents in cash, Shares, or a combination thereof. The Company will pay the Dividend Equivalents as soon as reasonably practicable following the vesting date of the RSUs to which such Dividend Equivalents relate, but in no event later than sixty (60) days following the applicable vesting date.

Section 6. *Nontransferability*. Except as may be permitted by the Committee, no portions of the RSUs shall be assignable, alienable, saleable or transferable by the Participant other than (i) by will or laws of descent and distribution, (ii) pursuant to Section 13(e) of the Plan, (iii) pursuant to a domestic relations order issued by a court of competent jurisdiction that is not contrary to the terms and conditions of the Plan or this Award or (iv) to the Company as a result of forfeiture of the RSUs as provided herein, unless and until payment is made in respect of vested RSUs in accordance with the provisions hereof and the Participant has become the holder of record of the vested Shares issuable hereunder.

Section 7. *Tax Withholding*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Participant acknowledges that, regardless of any action taken by the Company, the ultimate liability for all income tax, social insurance, payroll tax, fringe benefits tax, payment on account or other tax-related items related to the Participant's participation in the Plan and legally applicable to the Participant ("**Tax-Related Items**") is and remains the Participant's responsibility and may exceed the amount actually withheld by the Company. The Participant further acknowledges that the Company (i) makes no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the Award, including, but not limited to, the grant, vesting or settlement of the Award, the subsequent sale of Shares acquired upon settlement of the Award and the receipt of any dividends and/or Dividend Equivalents and (ii) does not commit to and is under no obligation to structure the terms of the grant or any aspect of the Award to reduce or eliminate the Participant's liability for Tax-Related Items or achieve any particular tax result. Further, if the Participant is subject to Tax-Related Items in more than one jurisdiction, the Participant acknowledges that the Company (or former employer, as applicable) may be required to withhold or account for Tax-Related Items in more than one jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Prior to any relevant taxable or tax withholding event, as applicable, the Participant agrees to make adequate arrangements satisfactory to the Company to satisfy all Tax-Related Items. In this regard, the Participant authorizes the Company, or its respective agents, at its discretion, to satisfy any applicable withholding obligations with regard to all Tax-Related Items in the manner determined by the Company from time to time, which may include: (i) withholding from the Participant's wages or other cash

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compensation paid to the Participant by the Company; (ii) requiring the Participant to remit the aggregate amount of such Tax-Related Items to the Company in full, in cash or by check, bank draft or money order payable to the order of the Company; (iii) through a procedure whereby the Participant delivers or is deemed to deliver irrevocable instructions to a broker reasonably acceptable to the Committee to sell Shares obtained upon settlement of the Award and to deliver promptly to the Company an amount of the proceeds of such sale equal to the amount of the Tax-Related Items; (iv) by a "net settlement" under which the Company reduces the number of Shares issued on settlement of the Award by the number of Shares with an aggregate Fair Market Value that equals the amount of the Tax-Related Items associated with such settlement; or (v) any other method of withholding determined by the Company and permitted by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Depending on the withholding method, the Company may withhold or account for Tax-Related Items by considering applicable minimum statutory withholding rates or other applicable withholding rates, including maximum applicable rates, in which case the Participant will receive a refund of any over-withheld amount in cash and will have no entitlement to the equivalent number of Shares. If the obligation for Tax-Related Items is satisfied by withholding in Shares, for tax purposes, the Participant is deemed to have been issued the full number of Shares subject to the settled Award, notwithstanding that a number of the Shares are held back solely for the purpose of paying the Tax-Related Items.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Participant agrees to pay to the Company any amount of Tax-Related Items that the Company may be required to withhold or account for as a result of the Participant's participation in the Plan that cannot be satisfied by the means previously described. The Company may refuse to issue or deliver the Shares or the proceeds of the sale of Shares if the Participant fails to comply with the Participant's obligations in connection with the Tax-Related Items.

Section 8. *Rights as a Shareholder*. The Participant will not have any rights as a stockholder in the Shares corresponding to the RSUs prior to settlement of the RSUs other than the rights set forth herein.

Section 9. *Securities Law Compliance*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All certificates, if any, for Shares and/or other securities delivered under the Plan pursuant to any award or the exercise or settlement thereof shall be subject to such stop transfer orders and other restrictions as the Committee may deem advisable under the Plan or the rules, regulations and other requirements of the Securities and Exchange Commission, any stock market or exchange upon which such Shares or other securities are then quoted, traded or listed, and any applicable securities laws, and the Committee may cause a legend or legends to be put on any such certificates to make appropriate reference to such restrictions.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company will not be obligated to deliver any Shares under the Plan or remove restrictions from Shares previously delivered under the Plan until (i) all award conditions have been met or removed to the Committee's satisfaction, (ii) as determined by the Committee, all other legal matters regarding the issuance and delivery of such Shares have been satisfied, including any applicable securities laws, stock market or exchange rules and regulations or accounting or tax rules and regulations and (iii) the Participant has executed and delivered to the Company such representations or agreements as the Committee deems necessary or appropriate to satisfy any applicable laws. The Company's inability to obtain authority from any regulatory body having jurisdiction, which the Committee determines is necessary to the lawful issuance and sale of any Shares, will relieve the Company of any liability for failing to issue or sell such Shares as to which such requisite authority has not been obtained.

Section 10. *Notices*. Any notice required or permitted to be given under this Agreement shall be in writing and shall be deemed to have been given when delivered personally or by courier, or sent by certified or registered mail, postage prepaid, return receipt requested, duly addressed to the party concerned at the address indicated below or to such changed address as such party may subsequently by similar process give notice of:

If to the Company:

Lendbuzz Inc.

100 Summer Street

Suite 1920

Boston, MA 02110

Attention: [•]

Email: [•]

If to the Participant, to the address of the Participant on file with the Company.

Section 11. *Miscellaneous*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>No Right to Continued Employment or Service</u>. This Agreement shall not confer upon the Participant any right to continue in the employ or service of the Company or to be entitled to any remuneration or benefits not set forth in this Agreement or the Plan nor interfere with or limit the right of the Company to modify the terms of or terminate the Participant's employment or service at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>No Right to Future Awards</u>. Any Award granted under the Plan shall be a one-time Award that does not constitute a promise of future grants. The Company, in its sole discretion, maintains the right to make available future grants under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Not Salary, Pensionable Earnings or Base Pay</u>. The Participant acknowledges that the Award shall not be included in or deemed to be a part of (i) salary, normal salary, wages or other ordinary compensation, (ii) any definition of pensionable or other earnings (however defined) for the purpose of calculating any benefits payable to or on behalf of the Participant under any pension, retirement, termination or dismissal indemnity, severance benefit, retirement indemnity or other benefit arrangement of the Company or any Affiliate or (iii) any calculation of base pay, regular pay or wages for any purpose.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>No Advice Regarding Grant</u>. The Company is not providing any tax, legal or financial advice, nor is the Company making any recommendations regarding the Participant's participation in the Plan or acquisition or sale of the underlying Shares. The Participant is hereby advised to consult with his or her own personal tax, legal and financial advisors regarding his or her participation in the Plan before taking any action related to the Plan or the RSUs. Notwithstanding any provision of the Plan or this Agreement to the contrary, in no event shall the Company or its Subsidiaries be liable to the Participant on account of failure of the RSUs to (i) qualify for favorable U.S. or foreign tax treatment or (ii) avoid adverse tax treatment under U.S. or foreign law, including, without limitation, under Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Cancellation or Clawback</u>. The Participant hereby acknowledges and agrees that the Participant and the RSUs are subject to the terms and conditions of Section 18 of the Plan (regarding reduction, cancellation, forfeiture or recoupment of Awards upon the occurrence of certain specified events) and the Company's Compensation Recoupment Policy, as in effect from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Plan to Govern</u>. This Agreement and the rights of the Participant hereunder are subject to all of the terms and conditions of the Plan as the same may be amended from time to time, as well as to such rules and regulations as the Committee may adopt for the administration of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Amendment; Waiver</u>. No amendment or modification of any provision of this Agreement that has a material adverse effect on the Participant shall be effective unless signed in writing by or on behalf of the Company and the Participant; *provided* that the Company may amend or modify this Agreement without the Participant's consent in accordance with the provisions of the Plan or as otherwise set forth in this Agreement. No waiver of any breach or condition of this Agreement shall be deemed to be a waiver of any other or subsequent breach or condition, whether of like or different nature. Any amendment or modification of or to any provision of this Agreement, or any waiver of any provision of this Agreement, shall be effective only in the specific instance and for the specific purpose for which such amendment, modification or waiver is made or given.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Assignment</u>. Neither this Agreement nor any right, remedy, obligation or liability arising hereunder or by reason hereof shall be assignable by the Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Successors and Assigns; No Third-Party Beneficiaries</u>. This Agreement shall inure to the benefit of and be binding upon the Company and the Participant and their respective heirs, successors, legal representatives and permitted assigns, including any successor entity contemplated by Section 12(c) of the Plan. Nothing in this Agreement, express or implied, is intended to confer on any Person other than the Company and the Participant, and their respective heirs, successors, legal representatives and permitted assigns, any rights, remedies, obligations or liabilities under or by reason of this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Severability</u>. In the event that any provision of this Agreement shall be held illegal or invalid for any reason, such illegality or invalidity shall not affect the remaining provisions of this Agreement, and this Agreement shall be construed and enforced as if the illegal or invalid provision had not been included.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Entire Agreement</u>. This Agreement and the Plan contain all of the understandings between the Company and the Participant concerning the RSUs granted hereunder and supersede all prior agreements and understandings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Successors</u>. This Agreement shall be binding upon and inure to the benefit of the Company and any successor entity, including any successor entity contemplated by Section 12(c) of the Plan, and any person or persons who shall, upon the Participant's death, acquire any rights hereunder in accordance with this Agreement or the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>References</u>. References herein to rights and obligations of the Participant shall apply, where appropriate, to the Participant's legal representative or estate without regard to whether specific reference to such legal representative or estate is contained in a particular provision of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>Imposition of other Requirements and Participant Undertaking</u>. The Company reserves the right to impose other requirements on the Participant's participation in the Plan, on the Award and on any Shares to be issued upon settlement of the Award, to the extent the Company determines it is necessary or advisable for legal or administrative reasons. The Participant agrees to take whatever additional action and execute whatever additional documents the Company may deem necessary or advisable to accomplish the foregoing or to carry out or give effect to any of the obligations or restrictions imposed on either the Participant or the RSU pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) <u>Dispute Resolution</u>. Any dispute, controversy or claim arising out of or related to the Plan or this Agreement shall be submitted to and decided by binding arbitration. Arbitration shall be administered exclusively by JAMS pursuant to the JAMS Employment Arbitration Rules & Procedures (which can be found at https://www.jamsadr.com/rules-employment-arbitration/english or obtained from the Company) and shall be conducted consistent with the rules, regulations and requirements thereof as well as any requirements imposed by state law. Any arbitral award determination shall be final and binding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) <u>Governing Law</u>. The Plan and this Agreement shall be governed by the laws of the State of Delaware, without application of the conflicts of law principles thereof.

## Exhibit 10.29

**Exhibit 10.29** 

**LENDBUZZ INC.** 

**2025 OMNIBUS INCENTIVE PLAN** 

**NOTICE OF RESTRICTED STOCK UNIT AWARD GRANT** 

The participant whose name appears below (the "**Participant**") has been granted an Award of Restricted Stock Units (the "**RSUs**") under the Lendbuzz Inc. (the "**Company**") 2025 Omnibus Incentive Plan (as may be amended from time to time, the "**Plan**"), subject to the terms and conditions of the Plan, this Notice of Restricted Stock Unit Award Grant (the "**Notice of Grant**") and the attached Restricted Stock Unit Award Agreement (the "**Agreement**"). Except as otherwise indicated, capitalized terms used but not otherwise defined herein or in the attached Agreement shall have the meanings ascribed to such terms in the Plan.

---

| | |
|:---|:---|
| **Name:** |  |
| **Address:** |  |
| **Date of Grant**: |  |
| **Number of RSUs**: |  |
| **Vesting Conditions**: | Except as set forth in Section 3 of the Agreement, 100% of the RSUs shall vest upon the earlier of (A) the one-year anniversary of the Date of Grant of such Annual Equity Award and (B) immediately prior to the date of the next annual shareholders meeting of the Company following the Date of Grant of the RSUs, subject to Participant's continuous service to the Company or one of its Subsidiaries through such date. |

---

The Participant understands that their employment or consulting relationship with the Company is for an unspecified duration and can be terminated at any time (i.e., is "at-will") and that nothing in this Notice of Grant, the Agreement or the Plan changes the at-will nature of that relationship. By accepting this Award, you and the Company agree that this Award is granted under and governed by the terms and conditions of the Plan, the Notice of Grant and the Agreement. By accepting this Award, you consent to electronic delivery as set forth in the Agreement.

------

IN WITNESS WHEREOF, the Company and the Participant have duly executed and delivered this Agreement as of the Date of Grant.

---

| | | |
|:---|:---|:---|
| **LENDBUZZ INC.** | **LENDBUZZ INC.** | **PARTICIPANT** |
|  By: |  |  |
|  | Name: [•] | Name: [•] |
|  | Title: [•] |  |

---

------

**LENDBUZZ INC.** 

**2025 OMNIBUS INCENTIVE PLAN** 

**RESTRICTED STOCK UNIT AWARD AGREEMENT** 

Section 1. *Grant of RSUs*. Each RSU shall represent the right to receive one Share upon the vesting of such RSU, as determined in accordance with and subject to the terms of this Agreement, the Plan and the Notice of Grant. The number of RSUs is set forth in the Notice of Grant.

Section 2. *Vesting*. The RSUs shall vest in accordance with the Vesting Conditions, subject to the Participant's continuous service with the Company or any Subsidiary through each applicable vesting date.

Section 3. *Termination of Service*. Subject to the terms of the Participant's Service Agreement, if the Participant experiences a Termination of Service for any reason, then any portion of this Award that has not vested as of the date of the Termination of Service will be forfeited for no consideration at the close of business at Company headquarters on the date of such Termination of Service. The Company determines the date of the Termination of Service for all purposes under this Agreement. The Participant acknowledges and agrees that the Vesting Conditions may change prospectively in the event of a change in role to or from Employee, Director or Consultant in accordance with Company policies relating to work schedules and vesting of awards.

Section 4. *Settlement*. Except as otherwise set forth in the Plan, the RSUs will be settled in Shares and the Participant shall receive Shares that correspond to the number of RSUs that have become vested as of the applicable vesting date, which shall be delivered on the date that as soon as reasonably practicable following the applicable vesting date, as determined in the sole discretion of the Committee, but in no event later than sixty (60) days following the applicable vesting date.

Section 5. *Dividend Equivalent Payments*. Until the RSUs settle in the manner set forth in Section 4, if the Company pays a dividend on Shares, the Participant will be entitled to a payment in the same amount as the dividend the Participant would have received if he or she held Shares in respect of his or her vested and unvested RSUs held but not previously forfeited immediately prior to the record date of the dividend (a "**Dividend Equivalent**"). No such Dividend Equivalents will be paid to the Participant with respect to any RSU that is thereafter cancelled or forfeited prior to the applicable vesting date. The Committee will determine the form of payment in its sole discretion and may pay Dividend Equivalents in cash, Shares, or a combination thereof. The Company will pay the Dividend Equivalents as soon as reasonably practicable following the vesting date of the RSUs to which such Dividend Equivalents relate, but in no event later than sixty (60) days following the applicable vesting date.

Section 6. *Nontransferability*. Except as may be permitted by the Committee, no portions of the RSUs shall be assignable, alienable, saleable or transferable by the Participant other than (i) by will or laws of descent and distribution, (ii) pursuant to Section 13(e) of the Plan, (iii) pursuant to a domestic relations order issued by a court of competent jurisdiction that is not contrary to the terms and conditions of the Plan or this Award or (iv) to the Company as a result of forfeiture of the RSUs as provided herein, unless and until payment is made in respect of vested RSUs in accordance with the provisions hereof and the Participant has become the holder of record of the vested Shares issuable hereunder.

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Section 7. *Tax Withholding*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Participant acknowledges that the ultimate liability for all income tax, social insurance, payroll tax, fringe benefits tax, payment on account or other tax-related items related to the Participant's participation in the Plan and legally applicable to the Participant ("**Tax-Related Items**") is and remains the Participant's responsibility. The Participant further acknowledges that the Company (i) makes no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the Award, including, but not limited to, the grant, vesting or settlement of the Award, the subsequent sale of Shares acquired upon settlement of the Award and the receipt of any dividends and/or Dividend Equivalents and (ii) does not commit to and is under no obligation to structure the terms of the grant or any aspect of the Award to reduce or eliminate the Participant's liability for Tax-Related Items or achieve any particular tax result. Further, if the Participant is subject to Tax-Related Items in more than one jurisdiction, the Participant acknowledges that the Company (or former employer, as applicable) may be required to withhold or account for Tax-Related Items in more than one jurisdiction. The Participant acknowledges that they shall be solely responsible for the payment or remission of any amounts due with respect to the Tax-Related Items, and the Company shall have no obligation to withhold or pay any such amounts.

Section 8. *Rights as a Shareholder*. The Participant will not have any rights as a stockholder in the Shares corresponding to the RSUs prior to settlement of the RSUs other than the rights set forth herein.

Section 9. *Securities Law Compliance*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All certificates, if any, for Shares and/or other securities delivered under the Plan pursuant to any award or the exercise or settlement thereof shall be subject to such stop transfer orders and other restrictions as the Committee may deem advisable under the Plan or the rules, regulations and other requirements of the Securities and Exchange Commission, any stock market or exchange upon which such Shares or other securities are then quoted, traded or listed, and any applicable securities laws, and the Committee may cause a legend or legends to be put on any such certificates to make appropriate reference to such restrictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company will not be obligated to deliver any Shares under the Plan or remove restrictions from Shares previously delivered under the Plan until (i) all award conditions have been met or removed to the Committee's satisfaction, (ii) as determined by the Committee, all other legal matters regarding the issuance and delivery of such Shares have been satisfied, including any applicable securities laws, stock market or exchange rules and regulations or accounting or tax rules and regulations and (iii) the Participant has executed and delivered to the Company such representations or

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agreements as the Committee deems necessary or appropriate to satisfy any applicable laws. The Company's inability to obtain authority from any regulatory body having jurisdiction, which the Committee determines is necessary to the lawful issuance and sale of any Shares, will relieve the Company of any liability for failing to issue or sell such Shares as to which such requisite authority has not been obtained.

Section 10. *Notices*. Any notice required or permitted to be given under this Agreement shall be in writing and shall be deemed to have been given when delivered personally or by courier, or sent by certified or registered mail, postage prepaid, return receipt requested, duly addressed to the party concerned at the address indicated below or to such changed address as such party may subsequently by similar process give notice of:

If to the Company:

Lendbuzz Inc.

100 Summer Street

Suite 1920

Boston, MA 02110

Attention: [•]

Email: [•]

If to the Participant, to the address of the Participant on file with the Company.

Section 11. *Miscellaneous*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>No Right to Continued Employment or Service</u>. This Agreement shall not confer upon the Participant any right to continue in the employ or service of the Company or to be entitled to any remuneration or benefits not set forth in this Agreement or the Plan nor interfere with or limit the right of the Company to modify the terms of or terminate the Participant's employment or service at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>No Right to Future Awards</u>. Any Award granted under the Plan shall be a one-time Award that does not constitute a promise of future grants. The Company, in its sole discretion, maintains the right to make available future grants under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Not Salary, Pensionable Earnings or Base Pay</u>. The Participant acknowledges that the Award shall not be included in or deemed to be a part of (i) salary, normal salary, wages or other ordinary compensation, (ii) any definition of pensionable or other earnings (however defined) for the purpose of calculating any benefits payable to or on behalf of the Participant under any pension, retirement, termination or dismissal indemnity, severance benefit, retirement indemnity or other benefit arrangement of the Company or any Affiliate or (iii) any calculation of base pay, regular pay or wages for any purpose.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>No Advice Regarding Grant</u>. The Company is not providing any tax, legal or financial advice, nor is the Company making any recommendations regarding the Participant's participation in the Plan or acquisition or sale of the underlying Shares. The Participant is hereby advised to consult with his or her own personal tax, legal and financial advisors regarding his or her participation in the Plan before taking any action related to the Plan or the RSUs. Notwithstanding any provision of the Plan or this Agreement to the contrary, in no event shall the Company or its Subsidiaries be liable to the Participant on account of failure of the RSUs to (i) qualify for favorable U.S. or foreign tax treatment or (ii) avoid adverse tax treatment under U.S. or foreign law, including, without limitation, under Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Cancellation or Clawback</u>. The Participant hereby acknowledges and agrees that the Participant and the RSUs are subject to the terms and conditions of Section 18 of the Plan (regarding reduction, cancellation, forfeiture or recoupment of Awards upon the occurrence of certain specified events) and the Company's Compensation Recoupment Policy, as in effect from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Plan to Govern</u>. This Agreement and the rights of the Participant hereunder are subject to all of the terms and conditions of the Plan as the same may be amended from time to time, as well as to such rules and regulations as the Committee may adopt for the administration of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Amendment; Waiver</u>. No amendment or modification of any provision of this Agreement that has a material adverse effect on the Participant shall be effective unless signed in writing by or on behalf of the Company and the Participant; *provided* that the Company may amend or modify this Agreement without the Participant's consent in accordance with the provisions of the Plan or as otherwise set forth in this Agreement. No waiver of any breach or condition of this Agreement shall be deemed to be a waiver of any other or subsequent breach or condition, whether of like or different nature. Any amendment or modification of or to any provision of this Agreement, or any waiver of any provision of this Agreement, shall be effective only in the specific instance and for the specific purpose for which such amendment, modification or waiver is made or given.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Assignment</u>. Neither this Agreement nor any right, remedy, obligation or liability arising hereunder or by reason hereof shall be assignable by the Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Successors and Assigns; No Third-Party Beneficiaries</u>. This Agreement shall inure to the benefit of and be binding upon the Company and the Participant and their respective heirs, successors, legal representatives and permitted assigns, including any successor entity contemplated by Section 12(c) of the Plan. Nothing in this Agreement, express or implied, is intended to confer on any Person other than the Company and the Participant, and their respective heirs, successors, legal representatives and permitted assigns, any rights, remedies, obligations or liabilities under or by reason of this Agreement.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Severability</u>. In the event that any provision of this Agreement shall be held illegal or invalid for any reason, such illegality or invalidity shall not affect the remaining provisions of this Agreement, and this Agreement shall be construed and enforced as if the illegal or invalid provision had not been included.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Entire Agreement</u>. This Agreement and the Plan contain all of the understandings between the Company and the Participant concerning the RSUs granted hereunder and supersede all prior agreements and understandings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Successors</u>. This Agreement shall be binding upon and inure to the benefit of the Company and any successor entity, including any successor entity contemplated by Section 12(c) of the Plan, and any person or persons who shall, upon the Participant's death, acquire any rights hereunder in accordance with this Agreement or the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>References</u>. References herein to rights and obligations of the Participant shall apply, where appropriate, to the Participant's legal representative or estate without regard to whether specific reference to such legal representative or estate is contained in a particular provision of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>Imposition of other Requirements and Participant Undertaking</u>. The Company reserves the right to impose other requirements on the Participant's participation in the Plan, on the Award and on any Shares to be issued upon settlement of the Award, to the extent the Company determines it is necessary or advisable for legal or administrative reasons. The Participant agrees to take whatever additional action and execute whatever additional documents the Company may deem necessary or advisable to accomplish the foregoing or to carry out or give effect to any of the obligations or restrictions imposed on either the Participant or the RSU pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) <u>Dispute Resolution</u>. Any dispute, controversy or claim arising out of or related to the Plan or this Agreement shall be submitted to and decided by binding arbitration. Arbitration shall be administered exclusively by JAMS pursuant to the JAMS Employment Arbitration Rules & Procedures (which can be found at https://www.jamsadr.com/rules-employment-arbitration/english or obtained from the Company) and shall be conducted consistent with the rules, regulations and requirements thereof as well as any requirements imposed by state law. Any arbitral award determination shall be final and binding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) <u>Governing Law</u>. The Plan and this Agreement shall be governed by the laws of the State of Delaware, without application of the conflicts of law principles thereof.

## Exhibit 10.30

**Exhibit 10.30** 

**LENDBUZZ INC.** 

**2025 OMNIBUS INCENTIVE PLAN** 

**NOTICE OF PERFORMANCE-BASED RESTRICTED STOCK UNIT AWARD GRANT** 

The participant whose name appears below (the "**Participant**") has been granted an Award of performance-based Restricted Stock Units (the "**PSUs**") under the Lendbuzz Inc. (the "**Company**") 2025 Omnibus Incentive Plan (as may be amended from time to time, the "**Plan**"), subject to the terms and conditions of the Plan, this Notice of Performance-Based Restricted Stock Unit Award Grant (the "**Notice of Grant**") and the attached Performance-Based Restricted Stock Unit Award Agreement (the "**Agreement**"). Except as otherwise indicated, capitalized terms used but not otherwise defined herein or in the attached Agreement shall have the meanings ascribed to such terms in the Plan.

---

| | |
|:---|:---|
| **Name:** |  |
| **Address:** |  |
| **Date of Grant**: |  |
| **Performance Period**: |  |
| **Number of PSUs at Target**: |  |
| **Vesting Conditions**: | See Annex A |

---

The Participant understands that their employment or consulting relationship with the Company is for an unspecified duration and can be terminated at any time (i.e., is "at-will") and that nothing in this Notice of Grant, the Agreement or the Plan changes the at-will nature of that relationship. By accepting this Award, you and the Company agree that this Award is granted under and governed by the terms and conditions of the Plan, the Notice of Grant and the Agreement. By accepting this Award, you consent to electronic delivery as set forth in the Agreement.

------

IN WITNESS WHEREOF, the Company and the Participant have duly executed and delivered this Agreement as of the Date of Grant.

---

| | | |
|:---|:---|:---|
| **LENDBUZZ INC.** | **LENDBUZZ INC.** | **PARTICIPANT** |
| By: |  |  |
|  | Name: [•] | Name: [•] |
|  | Title: [•] |  |

---

------

**LENDBUZZ INC.** 

**2025 OMNIBUS INCENTIVE PLAN** 

**PERFORMANCE-BASED RESTRICTED STOCK UNIT AWARD AGREEMENT** 

Section 1. *Grant of PSUs*. Each PSU shall represent the right to receive one Share upon the vesting of such PSU, as determined in accordance with and subject to the terms of this Agreement, the Plan and the Notice of Grant. The target number of PSUs is set forth in the Notice of Grant.

Section 2. *Vesting*. The PSUs shall vest in accordance with the Vesting Conditions, subject to the Participant's continuous service with the Company or any Subsidiary through each applicable vesting date.

Section 3. *Termination of Employment*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>General Rule</u>. Subject to the terms of the Participant's Service Agreement, if the Participant experiences a Termination of Service for any reason other than due to death or Disability, then any portion of this Award that has not vested as of the date of the Termination of Service will be forfeited for no consideration at the close of business at Company headquarters on the date of such Termination of Service. The Company determines the date of the Termination of Service for all purposes under this Agreement. The Participant acknowledges and agrees that the Vesting Conditions may change prospectively in the event that the Participant's status changes between full- and part-time status or from Employee to or from Consultant in accordance with Company policies relating to work schedules and vesting of awards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Death; Disability</u>. Subject to the terms of the Participant's Service Agreement, if the Participant experiences a Termination of Service due to their death or Disability prior to the satisfaction of the Vesting Conditions, then, to the extent unvested, the Participant will be deemed to have satisfied any service-based vesting conditions on a prorated portion of the PSUs (measured based on the number of completed months during the Performance Period divided by the total number of months in the Performance Period), with performance determined based on target level of performance. Any PSUs that have not satisfied the Vesting Conditions shall be forfeited for no consideration.

Section 4. *Settlement*. Except as otherwise set forth in the Plan, the PSUs will be settled in Shares and the Participant shall receive Shares that correspond to the number of PSUs that have become vested as of the applicable vesting date, which shall be delivered on the date that as soon as reasonably practicable following the applicable vesting date, as determined in the sole discretion of the Committee, but in no event later than sixty (60) days following the last day of the Performance Period.

Section 5. *Dividend Equivalent Payments*. Until the PSUs settle in the manner set forth in Section 4, if the Company pays a dividend on Shares, the Participant will be entitled to a payment in the same amount as the dividend the Participant would have received if he or she held Shares in respect of his or her vested and unvested PSUs held but not previously forfeited immediately prior to the record date of the dividend (a "**Dividend** 

------

 **Equivalent**"). No such Dividend Equivalents will be paid to the Participant with respect to any PSU that is thereafter cancelled or forfeited prior to the applicable vesting date. The Committee will determine the form of payment in its sole discretion and may pay Dividend Equivalents in cash, Shares, or a combination thereof. The Company will pay the Dividend Equivalents as soon as reasonably practicable following the vesting date of the PSUs to which such Dividend Equivalents relate, but in no event later than sixty (60) days following the last day of the Performance Period.

Section 6. *Nontransferability*. Except as may be permitted by the Committee, no portions of the PSUs shall be assignable, alienable, saleable or transferable by the Participant other than (i) by will or laws of descent and distribution, (ii) pursuant to Section 13(e) of the Plan, (iii) pursuant to a domestic relations order issued by a court of competent jurisdiction that is not contrary to the terms and conditions of the Plan or this Award or (iv) to the Company as a result of forfeiture of the PSUs as provided herein, unless and until payment is made in respect of vested PSUs in accordance with the provisions hereof and the Participant has become the holder of record of the vested Shares issuable hereunder.

Section 7. *Tax Withholding*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Participant acknowledges that, regardless of any action taken by the Company, the ultimate liability for all income tax, social insurance, payroll tax, fringe benefits tax, payment on account or other tax-related items related to the Participant's participation in the Plan and legally applicable to the Participant ("**Tax-Related Items**") is and remains the Participant's responsibility and may exceed the amount actually withheld by the Company. The Participant further acknowledges that the Company (i) makes no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the Award, including, but not limited to, the grant, vesting or settlement of the Award, the subsequent sale of Shares acquired upon settlement of the Award and the receipt of any dividends and/or Dividend Equivalents and (ii) does not commit to and is under no obligation to structure the terms of the grant or any aspect of the Award to reduce or eliminate the Participant's liability for Tax-Related Items or achieve any particular tax result. Further, if the Participant is subject to Tax-Related Items in more than one jurisdiction, the Participant acknowledges that the Company (or former employer, as applicable) may be required to withhold or account for Tax-Related Items in more than one jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Prior to any relevant taxable or tax withholding event, as applicable, the Participant agrees to make adequate arrangements satisfactory to the Company to satisfy all Tax-Related Items. In this regard, the Participant authorizes the Company, or its respective agents, at its discretion, to satisfy any applicable withholding obligations with regard to all Tax-Related Items in the manner determined by the Company from time to time, which may include: (i) withholding from the Participant's wages or other cash compensation paid to the Participant by the Company; (ii) requiring the Participant to remit the aggregate amount of such Tax-Related Items to the Company in full, in cash or by check, bank draft or money order payable to the order of the Company; (iii) through a procedure whereby the Participant delivers or is deemed to deliver irrevocable instructions to a broker reasonably acceptable to the Committee to sell Shares obtained upon settlement

------

of the Award and to deliver promptly to the Company an amount of the proceeds of such sale equal to the amount of the Tax-Related Items; (iv) by a "net settlement" under which the Company reduces the number of Shares issued on settlement of the Award by the number of Shares with an aggregate Fair Market Value that equals the amount of the Tax-Related Items associated with such settlement; or (v) any other method of withholding determined by the Company and permitted by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Depending on the withholding method, the Company may withhold or account for Tax-Related Items by considering applicable minimum statutory withholding rates or other applicable withholding rates, including maximum applicable rates, in which case the Participant will receive a refund of any over-withheld amount in cash and will have no entitlement to the equivalent number of Shares. If the obligation for Tax-Related Items is satisfied by withholding in Shares, for tax purposes, the Participant is deemed to have been issued the full number of Shares subject to the settled Award, notwithstanding that a number of the Shares are held back solely for the purpose of paying the Tax-Related Items.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Participant agrees to pay to the Company any amount of Tax-Related Items that the Company may be required to withhold or account for as a result of the Participant's participation in the Plan that cannot be satisfied by the means previously described. The Company may refuse to issue or deliver the Shares or the proceeds of the sale of Shares if the Participant fails to comply with the Participant's obligations in connection with the Tax-Related Items.

Section 8. *Rights as a Shareholder*. The Participant will not have any rights as a stockholder in the Shares corresponding to the PSUs prior to settlement of the PSUs other than the rights set forth herein.

Section 9. *Securities Law Compliance*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All certificates, if any, for Shares and/or other securities delivered under the Plan pursuant to any award or the exercise or settlement thereof shall be subject to such stop transfer orders and other restrictions as the Committee may deem advisable under the Plan or the rules, regulations and other requirements of the Securities and Exchange Commission, any stock market or exchange upon which such Shares or other securities are then quoted, traded or listed, and any applicable securities laws, and the Committee may cause a legend or legends to be put on any such certificates to make appropriate reference to such restrictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company will not be obligated to deliver any Shares under the Plan or remove restrictions from Shares previously delivered under the Plan until (i) all award conditions have been met or removed to the Committee's satisfaction, (ii) as determined by the Committee, all other legal matters regarding the issuance and delivery of such Shares have been satisfied, including any applicable securities laws, stock market or exchange rules and regulations or accounting or tax rules and regulations and (iii) the Participant has executed and delivered to the Company such representations or agreements as the Committee deems necessary or appropriate to satisfy any applicable

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laws. The Company's inability to obtain authority from any regulatory body having jurisdiction, which the Committee determines is necessary to the lawful issuance and sale of any Shares, will relieve the Company of any liability for failing to issue or sell such Shares as to which such requisite authority has not been obtained.

Section 10. *Notices*. Any notice required or permitted to be given under this Agreement shall be in writing and shall be deemed to have been given when delivered personally or by courier, or sent by certified or registered mail, postage prepaid, return receipt requested, duly addressed to the party concerned at the address indicated below or to such changed address as such party may subsequently by similar process give notice of:

If to the Company:

Lendbuzz Inc.

100 Summer Street

Suite 1920

Boston, MA 02110

Attention: [•]

Email: [•]

If to the Participant, to the address of the Participant on file with the Company.

Section 11. *Miscellaneous*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>No Right to Continued Employment or Service</u>. This Agreement shall not confer upon the Participant any right to continue in the employ or service of the Company or to be entitled to any remuneration or benefits not set forth in this Agreement or the Plan nor interfere with or limit the right of the Company to modify the terms of or terminate the Participant's employment or service at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>No Right to Future Awards</u>. Any Award granted under the Plan shall be a one-time Award that does not constitute a promise of future grants. The Company, in its sole discretion, maintains the right to make available future grants under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Not Salary, Pensionable Earnings or Base Pay</u>. The Participant acknowledges that the Award shall not be included in or deemed to be a part of (i) salary, normal salary, wages or other ordinary compensation, (ii) any definition of pensionable or other earnings (however defined) for the purpose of calculating any benefits payable to or on behalf of the Participant under any pension, retirement, termination or dismissal indemnity, severance benefit, retirement indemnity or other benefit arrangement of the Company or any Affiliate or (iii) any calculation of base pay, regular pay or wages for any purpose.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>No Advice Regarding Grant</u>. The Company is not providing any tax, legal or financial advice, nor is the Company making any recommendations regarding the Participant's participation in the Plan or acquisition or sale of the underlying Shares. The Participant is hereby advised to consult with his or her own personal tax, legal and financial advisors regarding his or her participation in the Plan before taking any action related to the Plan or the PSUs. Notwithstanding any provision of the Plan or this Agreement to the contrary, in no event shall the Company or its Subsidiaries be liable to the Participant on account of failure of the PSUs to (i) qualify for favorable U.S. or foreign tax treatment or (ii) avoid adverse tax treatment under U.S. or foreign law, including, without limitation, under Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Cancellation or Clawback</u>. The Participant hereby acknowledges and agrees that the Participant and the PSUs are subject to the terms and conditions of Section 18 of the Plan (regarding reduction, cancellation, forfeiture or recoupment of Awards upon the occurrence of certain specified events) and the Company's Compensation Recoupment Policy, as in effect from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Plan to Govern</u>. This Agreement and the rights of the Participant hereunder are subject to all of the terms and conditions of the Plan as the same may be amended from time to time, as well as to such rules and regulations as the Committee may adopt for the administration of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Amendment; Waiver</u>. No amendment or modification of any provision of this Agreement that has a material adverse effect on the Participant shall be effective unless signed in writing by or on behalf of the Company and the Participant; *provided* that the Company may amend or modify this Agreement without the Participant's consent in accordance with the provisions of the Plan or as otherwise set forth in this Agreement. No waiver of any breach or condition of this Agreement shall be deemed to be a waiver of any other or subsequent breach or condition, whether of like or different nature. Any amendment or modification of or to any provision of this Agreement, or any waiver of any provision of this Agreement, shall be effective only in the specific instance and for the specific purpose for which such amendment, modification or waiver is made or given.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Assignment</u>. Neither this Agreement nor any right, remedy, obligation or liability arising hereunder or by reason hereof shall be assignable by the Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Successors and Assigns; No Third-Party Beneficiaries</u>. This Agreement shall inure to the benefit of and be binding upon the Company and the Participant and their respective heirs, successors, legal representatives and permitted assigns, including any successor entity contemplated by Section 12(c) of the Plan. Nothing in this Agreement, express or implied, is intended to confer on any Person other than the Company and the Participant, and their respective heirs, successors, legal representatives and permitted assigns, any rights, remedies, obligations or liabilities under or by reason of this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Severability</u>. In the event that any provision of this Agreement shall be held illegal or invalid for any reason, such illegality or invalidity shall not affect the remaining provisions of this Agreement, and this Agreement shall be construed and enforced as if the illegal or invalid provision had not been included.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Entire Agreement</u>. This Agreement and the Plan contain all of the understandings between the Company and the Participant concerning the PSUs granted hereunder and supersede all prior agreements and understandings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Successors</u>. This Agreement shall be binding upon and inure to the benefit of the Company and any successor entity, including any successor entity contemplated by Section 12(c) of the Plan, and any person or persons who shall, upon the Participant's death, acquire any rights hereunder in accordance with this Agreement or the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>References</u>. References herein to rights and obligations of the Participant shall apply, where appropriate, to the Participant's legal representative or estate without regard to whether specific reference to such legal representative or estate is contained in a particular provision of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>Imposition of other Requirements and Participant Undertaking</u>. The Company reserves the right to impose other requirements on the Participant's participation in the Plan, on the Award and on any Shares to be issued upon settlement of the Award, to the extent the Company determines it is necessary or advisable for legal or administrative reasons. The Participant agrees to take whatever additional action and execute whatever additional documents the Company may deem necessary or advisable to accomplish the foregoing or to carry out or give effect to any of the obligations or restrictions imposed on either the Participant or the PSU pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) <u>Dispute Resolution</u>. Any dispute, controversy or claim arising out of or related to the Plan or this Agreement shall be submitted to and decided by binding arbitration. Arbitration shall be administered exclusively by JAMS pursuant to the JAMS Employment Arbitration Rules & Procedures (which can be found at https://www.jamsadr.com/rules-employment-arbitration/english or obtained from the Company) and shall be conducted consistent with the rules, regulations and requirements thereof as well as any requirements imposed by state law. Any arbitral award determination shall be final and binding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) <u>Governing Law</u>. The Plan and this Agreement shall be governed by the laws of the State of Delaware, without application of the conflicts of law principles thereof.

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**ANNEX A** 

**<u>Vesting Schedule of PSUs</u>**

## Exhibit 10.31

**Exhibit 10.31** 

**EMPLOYMENT AGREEMENT** 

THIS EMPLOYMENT AGREEMENT (the "**Agreement**") is hereby entered into as of September<u> </u>, 2025 (the "**Effective Date**"), by and between Lendbuzz Inc., a Delaware corporation (the "**Company**"), and Amitay Kalmar, an individual ("**Executive**") (hereinafter collectively referred to as "**the parties**"). Where the context requires, references to the Company shall include the Company's subsidiaries and affiliates.

**RECITALS** 

WHEREAS, the Company desires to continue to employ Executive for the period provided in this Agreement, and Executive desires to continue to be employed by the Company, subject to the terms and conditions set forth herein;

NOW, THEREFORE, in consideration of the respective agreements of the parties contained herein, it is agreed as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. *Commencement Date; Term; Effect on Other Agreements*. The employment term (the "**Employment Term**") of Executive's employment under this Agreement shall be for the period commencing on the Effective Date and ending on the third (3rd) anniversary of the Effective Date. Thereafter, the Employment Term shall extend automatically for consecutive periods of one (1) year unless either party provides notice of non-renewal not less than sixty (60) days prior to the end of the Employment Term as then in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. *Employment*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Title; Location</u>. Executive shall be employed as Chief Executive Officer of the Company. Executive shall
report directly to the Board of Directors of the Company. Executive shall perform the duties, undertake the responsibilities and exercise the authority customarily performed, undertaken and exercised by persons situated in similar executive
capacities. Executive acknowledges that Executive will perform Executive's duties hereunder primarily in Boston, Massachusetts; *provided* that Executive will travel to the Company's headquarters in Boston, Massachusetts and other
locations in connection with the performance of his duties hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Responsibilities</u>. Excluding periods of vacation and sick leave to which Executive is entitled and other
service outside of the Company contemplated in this Section 2(b), Executive shall devote Executive's full professional time and attention to the business and affairs of the Company to discharge the responsibilities of Executive hereunder.
Except as set forth in Schedule 1, prior to joining or agreeing to serve on corporate, civil or charitable boards or committees, Executive shall obtain written approval of the Board of Directors. Executive may manage personal and family investments
and participate in industry organizations, so long as such activities do not, individually or in the aggregate, interfere with the performance of Executive's responsibilities hereunder or violate the terms

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of this Agreement. It is understood that, during Executive's employment by the Company, Executive shall not engage in any activities that constitute a conflict of interest with the interests of the Company or its direct and indirect subsidiaries, as outlined in the Company's conflict of interest policies for employees and executives in effect from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>At Will Employment</u>. Subject to Sections 6, 7 and 8, Executive's employment with the Company is
"at will," such that each of Executive or the Company has the ability to terminate Executive's employment at any time, with or without advance notice (except to the extent required pursuant to Section 7 hereof), and with or
without Cause or with or without Good Reason. This Agreement does not constitute an express or implied agreement of continuing or long-term employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*3. Annual Cash Compensation.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Base Salary</u>. During the Employment Term, Executive shall be paid an annual base salary of $375,000
(" **Base Salary** "). The Base Salary shall be payable in accordance with the Company's regular payroll practices as then in effect. During the Employment Term, the Base Salary will be reviewed annually and is subject to
adjustment at the discretion of the Compensation Committee of the Board of Directors (the "**Committee** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Annual Cash Performance Bonus</u>. Subject to the terms of the Company's 2025 Cash Incentive
Compensation Plan or such other annual incentive cash bonus program as in effect from time to time and the provisions hereof, for each fiscal year of the Company ending during the Employment Term, Executive shall be eligible to receive an annual
cash bonus (the "**Annual Bonus** "), with a target annual cash bonus opportunity of 100% of Base Salary (such target bonus, the "**Target Bonus** "). The actual Annual Bonus earned by Executive for any applicable fiscal
year, if any, will be payable in the Company's discretion and in accordance with the Company's customary practices applicable to bonuses paid to similarly situated executives of the Company (which, in any event but subject to
Section 9 hereof, will be during the calendar year following the calendar year in which such Annual Bonus relates but in no event later than March 15 of such year), subject to Executive's continued employment through the applicable
payment date except as otherwise provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. *Equity Compensation*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Ongoing Grants</u>. Executive will be eligible for consideration for equity grants under the Company's
2025 Omnibus Incentive Plan or such successor plan thereto (as may be amended from time to time and any successor thereto, the "**2025 Omnibus Plan**") during the Employment Term in the sole discretion of the Committee.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Treatment of Equity and Equity-Based Awards upon a Change in Control</u>. In the event of a Change in
Control (as defined in the 2025 Omnibus Plan if such award was granted under the 2025 Omnibus Plan, or as defined in the Lendbuzz Inc. 2019 Equity Incentive Plan (the "**2019 Plan**") if such award was granted under the 2019 Plan),
(i) to the extent that any equity or equity-based awards are assumed, replaced or continued by the Company, the acquiring company, an affiliate thereof or any successor of any such entity on no less favorable terms and conditions as were in place
immediately prior to the Change in Control (a "**Qualifying Assumption** "), then the treatment of such equity or equity-based awards shall be determined under the terms of the Company's Executive Change in Control Severance Plan
(the "**CIC Plan**") or, if more favorable to Executive, the underlying award agreement and (ii) to the extent that a Qualifying Assumption does not occur, then (x) any service-based vesting conditions shall be deemed
satisfied and the equity or equity-based award shall vest immediately prior to the Change in Control and (y) any performance-based vesting conditions shall be deemed achieved at the greater of target and actual performance, as measured by the
Committee as of the date of the Change in Control and extrapolated for the applicable performance period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. *Other Benefits*. During the Employment Term:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Employee Benefits</u>. Executive shall be entitled to participate in the employee benefit plans, practices
and programs maintained by the Company, and made available to employees of the Company generally (taking into account jurisdictional differences), subject to the terms of the plans as in effect from time to time. Executive's participation in
such plans, practices and programs shall be on the same basis and terms as are applicable to similarly situated executives of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Business Expenses</u>. Upon submission of proper invoices in accordance with, and subject to, the
Company's normal policies and procedures in effect from time to time, Executive shall be entitled to receive prompt reimbursement of all reasonable out-of-pocket business, entertainment and travel expenses incurred by him in connection with the performance of Executive's duties hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. *Termination*. Executive's employment with the Company hereunder may be terminated under the circumstances set forth below; *provided*, *however*, that notwithstanding anything contained herein to the contrary, to the extent required by Section 409A of the Internal Revenue Code of 1986, as amended (the "**Code**" and Section 409A thereunder, "**Section 409A**"), Executive shall not be considered to have terminated employment with the Company for purposes of this Agreement until he would be considered to have incurred a "separation from service" from the Company within the meaning of Section 409A.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Death</u>. Executive's employment shall be terminated as of the date of Executive's death and
Executive's beneficiaries shall be entitled to the benefits provided in Section 8(b) hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Disability</u>. The Company may terminate Executive's employment, on written notice to Executive after
having established Executive's Disability and while Executive remains disabled, and Executive shall be entitled to the benefits provided in Section 8(b) hereof. "**Disability**" shall have the meaning assigned to such term
in the 2025 Omnibus Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Cause</u>. The Company may terminate Executive's employment for Cause effective as of the date of the
Notice of Termination (as defined in Section 7 hereof) and Executive shall be entitled to the benefits provided in Section 8(a) hereof. "**Cause**" shall (i) have the meaning assigned to such term in the CIC Plan if
such termination of employment occurs during the Change in Control Period (as defined in the CIC Plan) and (ii) if such termination of employment occurs at any other time, mean Executive's: (A) intentional wrongdoing, gross
negligence or willful misconduct in the performance of Executive's duties or otherwise in respect of the Company or its affiliates, (B) willful, deliberate or negligent conduct that is materially injurious to the Company or its
affiliates, (C) commission of, conviction of, plea of guilty to, or plea of *nolo contendere* to, (x) a felony or (y) any other criminal offense involving moral turpitude, fraud or dishonesty, (D) commission of an act of
fraud, embezzlement or misappropriation, in each case, against the Company or any affiliate, (E) material breach of any policies of the Company or its affiliates or (F) material breach of this Agreement or any other material agreement
between the Company or its affiliates and Executive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Without Cause</u>. The Company may terminate Executive's employment without Cause by delivering to the
Company a Notice of Termination consistent with the terms set forth in the CIC Plan or this Agreement, as applicable. The Company shall deliver to Executive a Notice of Termination (as defined in Section 7 hereof) not less than thirty
(30) days prior to the termination of Executive's employment without Cause and the Company shall have the option of terminating Executive's duties and responsibilities prior to the expiration of such thirty (30)-day notice period, and Executive shall be entitled to the benefits provided in Section 8(c) hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Good Reason</u>. Executive may terminate Executive's employment for Good Reason by delivering to the
Company a Notice of Termination consistent with the terms set forth in (i) if such resignation of employment occurs during the Change in Control Period, the CIC Plan and (ii) if such resignation of employment occurs at any other time, this
Section 6(e). "**Good Reason**" shall (i) have the meaning assigned to such term in the CIC Plan if such resignation of employment occurs during the Change in

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Control Period and (ii) if such resignation of employment occurs at any other time, mean, without Executive's consent: (A) a material reduction in Base Salary or Target Bonus (other than a general reduction in Base Salary or Target Bonus that affects all similarly situated executives in substantially the same proportions); (B) a relocation of Executive's principal place of employment by more than fifty (50) miles; (C) the Company's material breach of this Agreement or any other material agreement between the Company or its affiliates and Executive; or (D) a material, adverse change in Executive's title, reporting relationship, authority, duties or responsibilities (other than temporarily while Executive is physically or mentally incapacitated or as required by applicable law).

Executive cannot terminate his employment for Good Reason unless Executive has provided written notice to the Company of the existence of the circumstances providing grounds for termination for Good Reason within thirty (30) days of the initial existence of such grounds and the Company has had at least thirty (30) days from the date on which such notice is provided to cure such circumstances, if curable. If Executive does not terminate Executive's employment for Good Reason within ninety (90) days after the first occurrence of the applicable grounds, then Executive will be deemed to have waived Executive's right to terminate for Good Reason with respect to such grounds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Without Good Reason</u>. Executive may voluntarily terminate Executive's employment without Good
Reason by delivering to the Company a Notice of Termination not less than ninety (90) days prior to the termination of Executive's employment and the Company shall have the option of waiving all or any portion of such ninety (90)-day notice period (*provided* that, for the avoidance of doubt, such waiver of all or any potion of such notice period shall not constitute Good Reason, and shall not be deemed a termination of employment
by the Company without Cause), and Executive shall be entitled to the benefits provided in Section 8(c) hereof through the last day of such notice period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Notice of Non-Renewal</u>. Executive's employment shall
terminate upon expiration of the Employment Term as then in effect following timely provision by either party of notice of non-renewal in accordance with Section 1 hereof, and Executive shall be entitled
to the benefits provided in (i) Section 8(c) hereof if such notice is submitted by the Company and (ii) Section 8(d) hereof if such notice is submitted by Executive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. *Notice of Termination*. Any purported termination by the Company or by Executive shall be communicated by written Notice of Termination to the other party hereto. For purposes of this Agreement, a "**Notice of Termination**" shall mean a notice which indicates a date of termination (the "**Termination Date**"), the specific termination provision in this Agreement relied upon and sets forth in reasonable detail the facts and circumstances claimed to

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provide a basis for termination of Executive's employment under the provision so indicated. For purposes of this Agreement, no such purported termination of Executive's employment hereunder shall be effective without such Notice of Termination (unless waived by the party entitled to receive such notice).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. *Compensation Upon Termination*. Upon termination of Executive's employment during the Employment Term, Executive shall be entitled to the following benefits: *provided*, *however*, that any such benefits to which Executive is hereunder entitled shall be offset by those benefits that Executive receives, if any, under applicable law or otherwise:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Termination by the Company for Cause</u>. If Executive's employment is terminated by the Company for
Cause, the Company shall pay Executive the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Earned but unpaid Base Salary payments through the Termination Date, which shall be paid within thirty
(30) days following the Termination Date (or such earlier date as may be required by applicable law);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Reimbursement for reasonable and necessary expenses incurred by Executive on behalf of the Company for the
period ending on the Termination Date, which shall be paid within thirty (30) days following the Termination Date (or such earlier date as may be required by applicable law);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Any previous compensation which Executive has previously deferred (including any interest earned or credited
thereon), in accordance with the terms and conditions of the applicable deferred compensation plans or arrangements then in effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Equity and equity-based awards, to the extent previously vested and not forfeited in connection with
Executive's termination of employment in accordance with their terms, shall be paid, delivered or settled to Executive in accordance with the applicable terms of such awards; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Any amount or benefit as provided under any benefit plan or program in which Executive is entitled, payable in
accordance with and subject to the terms of such plan or program (the foregoing items in clauses (1) through (5) being collectively referred to as the "**Accrued Compensation** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Termination by the Company for Disability or Death</u>. If Executive's employment is terminated by the
Company for Disability or by reason of Executive's death, then Executive shall be entitled to the benefits provided in this Section 8(b); *provided* that any payments or benefits under this Section 8(b) shall be subject to
Executive's (or Executive's beneficiaries, as applicable) execution and nonrevocation of a release of claims in favor

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of the Company, its current and former Subsidiaries, Affiliates and stockholders, the acquiror and the surviving company and the current and former directors, officers, employees and agents of the Company and such subsidiaries and affiliates in a form reasonably satisfactory to the Company (the "**Release**"), which such Release must be signed by Executive (or their representative) and must become effective and irrevocable (with any revocation period having expired) within 60 days following the Termination Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Company shall pay Executive (or Executive's beneficiaries, as applicable) the Accrued Compensation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Company shall pay to Executive (or Executive's beneficiaries, as applicable) within sixty
(60) days following the Termination Date, any Annual Bonus earned but unpaid in respect of any fiscal year preceding the Termination Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Each equity and equity-based award held by Executive at the time of termination shall be governed by the terms
of the 2025 Omnibus Plan or 2019 Plan, as applicable, and the applicable award agreement; *provided* that, notwithstanding such terms set forth therein, each vested Option (as defined in the 2025 Omnibus Plan or 2019 Plan, as applicable)
outstanding as of the date of such death or Disability shall remain outstanding and be exercisable until the earlier of (i) the one (1)-year anniversary of the date of death or Disability or (ii) the expiration date of the Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Termination by the Company Without Cause or by Executive for Good Reason or Without Good Reason not in Connection with a Change in Control</u>. If Executive's employment by the Company shall be terminated by the Company without Cause or by Executive for Good Reason or without Good Reason (in each case, at any time other than during the Change
in Control Period) (at any time following the Effective Date, including during or following the Change in Control Period), then, subject to the terms of this Agreement (including Section 9 hereof), Executive shall be entitled to the benefits
provided in this Section 8(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Company shall pay to Executive the Accrued Compensation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Company shall pay to Executive, within sixty (60) days following the Termination Date, any Annual
Bonus earned but unpaid in respect of any fiscal year preceding the Termination Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The Annual Bonus for the year in which the Termination Date occurs, measured at target, prorated based on the
number of days Executive is employed by the Company during the year in which the Termination Date occurs, paid at the time such bonuses are paid to other similarly situated employees of the Company;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Severance in an amount equal to Executive's Base Salary in effect immediately prior to the Termination
Date (or, in the case of a resignation for Good Reason, such base salary in effect immediately prior to the reduction giving rise to the Good Reason), which will be paid in substantially equal monthly installments over the one-year period following the termination of employment, subject to Executive's execution and nonrevocation of a Release, which such Release must be signed by Executive and must become effective and
irrevocable (with any revocation period having expired) within 60 days following the Termination Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Subject to Executive's timely election of continuation coverage under Consolidated Omnibus Budget
Reconciliation Act of 1985, as amended ()"**COBRA** "), during the period beginning on Executive's Termination Date and ending on the earliest of the one-year anniversary of the Termination
Date or the date Executive is no longer eligible to receive COBRA continuation coverage, reimbursement for the monthly COBRA premium paid by Executive for himself and his eligible dependents at the active employee rate; *provided*, *however*, that Executive shall be solely responsible for any taxes incurred in respect of such coverage; *provided*, *further*, that the Company may modify the continuation coverage contemplated by this Section 8(c)(3)(C)
(including by providing, in lieu of such continuation coverage or to the extent that the COBRA continuation period expires, a lump-sum cash payment equal to the value for Executive of the continuation coverage
provided herein) to the extent reasonably necessary to avoid the imposition of any excise taxes on the Company for failure to comply with the nondiscrimination requirements of the Patient Protection and Affordable Care Act of 2010, as amended,
and/or the Health Care and Education Reconciliation Act of 2010, as amended (to the extent applicable); *provided*, *further*, in the event Executive obtains other employment and becomes eligible to receive substantially similar coverage
of group health benefits from another employer, such continuation coverage by the Company under this Section 8(c)(3)(C) shall immediately cease (and Executive agrees to promptly notify the Company if Executive elects to receive such group
health benefits).

For the avoidance of doubt, if Executive's employment by the Company is terminated by the Company without Cause or by Executive for Good Reason during the Change in Control Period, the treatment shall be controlled by the CIC Plan subject to the terms and conditions therein.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Expiration of Employment Term Upon Notice of Non-Renewal</u>. If
Executive's employment terminates upon expiration of the Employment Term as then in effect following timely provision by either party of notice of non-renewal in accordance with Section 1 hereof,
then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) If such notice is submitted by Executive, the Company shall pay to Executive (i) the Accrued Compensation;
and (ii) each equity award held by Executive at the time of termination shall be governed by the terms of the 2025 Omnibus Plan or 2019 Plan, as applicable, and the applicable award agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) If such notice is submitted by the Company, then Executive shall be entitled to the benefits provided in
Section 8(c) hereof, subject to the terms thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. *Section 409A*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All amounts payable hereunder are intended to be exempt from or comply with the requirements of
Section 409A, and this Agreement shall be construed and administered in accordance with such intention. To the extent any payments or benefits under this Agreement are subject to Section 409A, this Agreement shall be interpreted and
administered to the maximum extent possible to comply with Section 409A. For purposes of any payments or benefits under this Agreement subject to Section 409A:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Executive shall not be considered to have terminated employment with the Company unless Executive would be
considered to have incurred a "separation from service" within the meaning of Section 409A, and, for purposes of any such provision of this Agreement, references to a "termination," "termination of
employment" or like terms shall mean "separation from service";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) each separate payment to be made or benefit to be provided under this Agreement shall be construed as a
separate identified payment for purposes of Section 409A;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) if Executive is a "specified employee" within the meaning of Section 409A at the time of
Executive's separation from service, to the extent required under Section 409A to avoid additional tax or tax penalties, any amounts payable during the six-month period immediately following
Executive's separation from service shall instead be paid on the first business day after the date that is six months following Executive's separation from service (or, if earlier, Executive's date of death);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) all expenses or other reimbursements or in-kind benefits under this
Agreement shall be paid or provided on or prior to the last day of the taxable year following the taxable year in which such expenses

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or in-kind benefits were incurred by Executive, and no such reimbursement or in-kind benefits in any taxable year shall in any way affect the reimbursement or in-kind benefits in any other taxable year or subject to exchange for cash or other taxable amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) whenever a payment under this Agreement specifies a payment period with reference to a number of days (e.g.,
"payment shall be made within 30 days following the date of termination"), the actual date of payment within the specified period shall be within the sole discretion of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) no payment will be subject to offset unless otherwise permitted by Section 409A; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) notwithstanding any provisions in this Agreement to the contrary, whenever a payment under this Agreement may
be made upon the effective date of the Release, and the period in which Executive could execute the Release (along with its accompanying revocation period) crosses calendar years, no payments shall be made until the latter calendar year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company makes no representation that payments described in this Agreement will be exempt from or comply
with Section 409A and shall have no liability or obligation to Executive for any failure of this Agreement or any payments hereunder to comply with Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. *Restrictive Covenants*. As a condition to the compensation and benefits provided for in this Agreement, including those set forth in the CIC Plan, Executive agrees to execute the Employee Proprietary Information, Inventions Assignment, Non-Competition and Non-Solicitation Agreement in the form set forth in Schedule 2 (the "**Restrictive Covenant Agreement**"), which is hereby incorporated by reference to this Agreement. For the avoidance of doubt, this Section 10 and the Restrictive Covenant Agreement shall survive the termination of the Employment Term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. *Miscellaneous*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Successors and Assigns</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) This Agreement shall be binding upon and shall inure to the benefit of the Company, its successors and
permitted assigns. The Company may not assign or delegate any rights or obligations hereunder except to a successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or
assets of the Company, as applicable. Except for purposes of determining the occurrence of a Change in Control, the term "**the Company**" as used herein shall mean a corporation or other entity acquiring all or substantially all the
assets and business of the Company, as the case may be (including this Agreement), whether by operation of law or otherwise.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Neither this Agreement nor any right or interest hereunder shall be assignable or transferable by Executive,
Executive's beneficiaries or legal representatives, except by will or by the laws of descent and distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) This Agreement shall inure to the benefit of and be enforceable by Executive's legal personal
representatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Company Policies</u>. Executive shall be subject to and shall abide by each of the personnel policies
applicable to senior executives, including but not limited to any policy restricting pledging and hedging investments in Company equity by Company executives, any policy regarding stock ownership, any policy the Company adopts regarding the recovery
of incentive compensation (sometimes referred to as "clawback") and any additional clawback provisions as required by law and applicable listing rules. This Section 11(b) shall survive the termination of the Employment Term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Notice</u>. For the purposes of this Agreement, notices and all other communications provided for in the
Agreement (including the Notice of Termination) shall be in writing and shall be deemed to have been duly given when personally delivered or sent by Certified mail, return receipt requested, postage prepaid, addressed to the respective addresses
last given by each party to each other party; *provided* that all notices to the Company shall be directed to the attention of the Chief Financial Officer of the Company. All notices and communications shall be deemed to have been received on
the date of delivery thereof or on the third business day after the mailing thereof, except that notice of change of address shall be effective only upon receipt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Indemnity Agreement</u>. The Company agrees to indemnify and hold Executive harmless to the fullest extent
permitted by applicable law for actions taken as a director or officer of the Company, as in effect at the time of the subject act or omission. In connection therewith, Executive shall be entitled to the protection of any insurance policies which
the Company elects to maintain generally for the benefit of the Company's directors and officers, against all costs, charges and expenses whatsoever incurred or sustained by Executive in connection with any action, suit or proceeding to which
he may be made a party by reason of Executive's being or having been a director, officer or employee of the Company. This provision shall survive any termination of the Employment Term.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Withholding</u>. The Company shall be entitled to withhold the amount, if any, of all taxes of any
applicable jurisdiction required to be withheld by an employer with respect to any amount paid to Executive hereunder. The Company, in its sole and absolute discretion, shall make all determinations as to whether it is obligated to withhold any
taxes hereunder and the amount hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Modification</u>. No provision of this Agreement may be modified, waived or discharged unless such waiver,
modification or discharge is agreed to in writing and signed by Executive and the Company. No waiver by either party hereto at any time of any breach by the other party hereto of, or non-compliance with, any
condition or provision of this Agreement to be performed by the other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. No agreement or representations, oral or
otherwise, express or implied, with respect to the subject matter hereof have been made by any party which are not expressly set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Effect of Other Law</u>. Anything herein to the contrary notwithstanding, the terms of this Agreement shall
be modified to the extent required to meet the provisions of the Sarbanes-Oxley Act of 2002, Section 409A, the Dodd-Frank Wall Street Reform and Consumer Protection Act or other law applicable to the employment arrangements between Executive
and the Company. Any delay in providing benefits or payments or any failure to provide a benefit or payment shall not in and of itself constitute a breach of this Agreement; *provided*, *however*, that the Company shall provide
economically equivalent payments or benefits to Executive to the extent permitted by law as soon as practicable after such benefits or payments are due. Any request or requirement that Executive repay compensation that is required under the first
sentence of this Section 11(g), or pursuant to a Company policy that is applicable to other executive officers of the Company and that is designed to advance the legitimate corporate governance objectives of the Company, shall not in and of
itself constitute a breach of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Governing Law</u>. This Agreement and all acts and transactions pursuant hereto and the rights and
obligations of the parties hereto shall be governed, construed and interpreted in accordance with the laws of the State of Delaware, without giving effect to principles of conflicts of law. Any dispute, controversy or claim arising out of or related
to this Agreement shall be submitted to and decided by binding arbitration. Arbitration shall be administered exclusively by JAMS pursuant to the JAMS Employment Arbitration Rules & Procedures (which can be found at
https://www.jamsadr.com/rules-employment-arbitration/english or obtained from the Company) and shall be conducted consistent with the rules, regulations and requirements thereof as well as any requirements imposed by state law. Any arbitral award
determination shall be final and binding.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Attorney</u> <u>'</u> <u>s Fees</u> *.* The Company agrees to pay as incurred (within 30 days
following the Company's receipt of an invoice from Executive), at any time from the Termination Date following a termination of service pursuant to Section 8(c) hereto, to the fullest extent permitted by applicable law, all legal fees and
expenses that Executive may reasonably incur as a result of any contest (regardless of the outcome thereof) by the Company, Executive or others of the validity or enforceability of, or liability under, any provision of this Agreement or any
guarantee of performance thereof (including, for the avoidance of doubt, any claim that a termination of service should qualify as a termination of service under Section 8(c) hereto) whether such contest is between the Company and Executive or
between either of them and any third party (including as a result of any contest by Executive about the amount of any payment pursuant to this Agreement and any audit by the Internal Revenue Service).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>No Conflicts</u>. As a condition to the effectiveness of this Agreement, Executive represents and warrants
to the Company that he is not a party to or otherwise bound by any agreement or arrangement (including, without limitation, any license, covenant or commitment of any nature), or subject to any judgment, decree or order of any court or
administrative agency, that would conflict with or will be in conflict with or in any way preclude, limit or inhibit Executive's ability to execute this Agreement or to carry out Executive's duties and responsibilities hereunder. In the
event that the Company determines that Executive's duties hereunder may conflict with an agreement or arrangement to which Executive is bound, Executive shall be required to cease engaging in any such activities, duties or responsibilities
(including providing supervisory services over certain subsets of the Company's business operations) and the Company will take steps to restrict Executive's access to, and participation in, any such activities. Any actions taken by the
Company under this Section 11(i) to restrict or limit Executive's access to information or provision of services shall not constitute Good Reason for purposes of Section 6(e) hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Severability</u>. The provisions of this Agreement shall be deemed severable and the invalidity or
unenforceability of any provision shall not affect the validity or enforceability of the other provisions hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. *Entire Agreement*. This Agreement constitutes the entire agreement between the parties hereto and supersedes all prior agreements, if any, understandings and arrangements, oral or written, between the parties hereto with respect to the subject matter hereof, including without limitation any term sheets or other similar presentations, other than any restrictive covenant agreements (including, for the avoidance of doubt, the Restrictive Covenant Agreement, which is incorporated by reference).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. *Counterparts*. This Agreement may be executed in separate counterparts, any one of which need not contain signatures of more than one party, but all of which taken together will constitute one and the same Agreement. Signatures transmitted via DocuSign, facsimile or PDF will be deemed the equivalent of originals.

*Remainder of page left intentionally blank* 

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IN WITNESS WHEREOF, the parties have executed this Agreement as of the day and year first above written, to be effective as of the Effective Date.

---

| | |
|:---|:---|
| LENDBUZZ, INC. | LENDBUZZ, INC. |
| By: |  |
|  | Name: |
|  | Title: |

---

---

| | |
|:---|:---|
| EXECUTIVE | EXECUTIVE |
| By: |  |
|  | Name: Amitay Kalmar |

---

## Exhibit 10.32

**Exhibit 10.32** 

**EMPLOYMENT AGREEMENT** 

THIS EMPLOYMENT AGREEMENT (the "**Agreement**") is hereby entered into as of September<u> </u>, 2025 (the "**Effective Date**"), by and between Lendbuzz Inc., a Delaware corporation (the "**Company**"), and George Sclavos, an individual ("**Executive**") (hereinafter collectively referred to as "**the parties**"). Where the context requires, references to the Company shall include the Company's subsidiaries and affiliates.

**RECITALS** 

WHEREAS, the Company desires to continue to employ Executive for the period provided in this Agreement, and Executive desires to continue to be employed by the Company, subject to the terms and conditions set forth herein;

NOW, THEREFORE, in consideration of the respective agreements of the parties contained herein, it is agreed as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. *Commencement Date; Term; Effect on Other Agreements*. The employment term (the "**Employment Term**") of Executive's employment under this Agreement shall be for the period commencing on the Effective Date and ending on the third (3rd) anniversary of the Effective Date. Thereafter, the Employment Term shall extend automatically for consecutive periods of one (1) year unless either party provides notice of non-renewal not less than sixty (60) days prior to the end of the Employment Term as then in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. *Employment*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Title; Location</u>. Executive shall be employed as Chief Financial Officer of the Company. Executive shall
report directly to the Chief Executive Officer of the Company. Executive shall perform the duties, undertake the responsibilities and exercise the authority customarily performed, undertaken and exercised by persons situated in similar executive
capacities. Executive acknowledges that Executive will perform Executive's duties hereunder primarily in New York, New York; *provided* that Executive will travel to the Company's headquarters in Boston, Massachusetts and other
locations in connection with the performance of his duties hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Responsibilities</u>. Excluding periods of vacation and sick leave to which Executive is entitled and other
service outside of the Company contemplated in this Section 2(b), Executive shall devote Executive's full professional time and attention to the business and affairs of the Company to discharge the responsibilities of Executive hereunder.
Except as set forth in Schedule 1, prior to joining or agreeing to serve on corporate, civil or charitable boards or committees, Executive shall obtain written approval of the Chief Executive Officer. Executive may manage personal and family
investments and participate in industry organizations, so long as such activities do not, individually or in the aggregate, interfere with the performance of Executive's responsibilities hereunder or violate the terms

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of this Agreement. It is understood that, during Executive's employment by the Company, Executive shall not engage in any activities that constitute a conflict of interest with the interests of the Company or its direct and indirect subsidiaries, as outlined in the Company's conflict of interest policies for employees and executives in effect from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>At Will Employment</u>. Subject to Sections 6, 7 and 8, Executive's employment with the Company is
"at will," such that each of Executive or the Company has the ability to terminate Executive's employment at any time, with or without advance notice (except to the extent required pursuant to Section 7 hereof), and with or
without Cause or with or without Good Reason. This Agreement does not constitute an express or implied agreement of continuing or long-term employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*3. Annual Cash Compensation.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Base Salary</u>. During the Employment Term, Executive shall be paid an annual base salary of $450,000
(" **Base Salary** "). The Base Salary shall be payable in accordance with the Company's regular payroll practices as then in effect. During the Employment Term, the Base Salary will be reviewed annually and is subject to
adjustment at the discretion of the Compensation Committee of the Board of Directors (the "**Committee** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Annual Cash Performance Bonus</u>. Subject to the terms of the Company's 2025 Cash Incentive
Compensation Plan or such other annual incentive cash bonus program as in effect from time to time and the provisions hereof, for each fiscal year of the Company ending during the Employment Term, Executive shall be eligible to receive an annual
cash bonus (the "**Annual Bonus** "), with a target annual cash bonus opportunity of 150% of Base Salary (such target bonus, the "**Target Bonus** "). The actual Annual Bonus earned by Executive for any applicable fiscal
year, if any, will be payable in the Company's discretion and in accordance with the Company's customary practices applicable to bonuses paid to similarly situated executives of the Company (which, in any event but subject to
Section 9 hereof, will be during the calendar year following the calendar year in which such Annual Bonus relates but in no event later than March 15 of such year), subject to Executive's continued employment through the applicable
payment date except as otherwise provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. *Equity Compensation*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Ongoing Grants</u>. Executive will be eligible for consideration for equity grants under the Company's
2025 Omnibus Incentive Plan or such successor plan thereto (as may be amended from time to time and any successor thereto, the "**2025 Omnibus Plan**") during the Employment Term in the sole discretion of the Committee.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Treatment of Equity and Equity-Based Awards upon a Change in Control</u>. In the event of a Change in
Control (as defined in the 2025 Omnibus Plan if such award was granted under the 2025 Omnibus Plan, or as defined in the Lendbuzz Inc. 2019 Equity Incentive Plan (the "**2019 Plan**") if such award was granted under the 2019 Plan),
(i) to the extent that any equity or equity-based awards are assumed, replaced or continued by the Company, the acquiring company, an affiliate thereof or any successor of any such entity on no less favorable terms and conditions as were in place
immediately prior to the Change in Control (a "**Qualifying Assumption** "), then the treatment of such equity or equity-based awards shall be determined under the terms of the Company's Executive Change in Control Severance Plan
(the "**CIC Plan**") or, if more favorable to Executive, the underlying award agreement and (ii) to the extent that a Qualifying Assumption does not occur, then (x) any service-based vesting conditions shall be deemed
satisfied and the equity or equity-based award shall vest immediately prior to the Change in Control and (y) any performance-based vesting conditions shall be deemed achieved at the greater of target and actual performance, as measured by the
Committee as of the date of the Change in Control and extrapolated for the applicable performance period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. *Other Benefits*. During the Employment Term:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Employee Benefits</u>. Executive shall be entitled to participate in the employee benefit plans, practices
and programs maintained by the Company, and made available to employees of the Company generally (taking into account jurisdictional differences), subject to the terms of the plans as in effect from time to time. Executive's participation in
such plans, practices and programs shall be on the same basis and terms as are applicable to similarly situated executives of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Business Expenses</u>. Upon submission of proper invoices in accordance with, and subject to, the
Company's normal policies and procedures in effect from time to time, Executive shall be entitled to receive prompt reimbursement of all reasonable out-of-pocket business, entertainment and travel expenses incurred by him in connection with the performance of Executive's duties hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. *Termination*. Executive's employment with the Company hereunder may be terminated under the circumstances set forth below; *provided*, *however*, that notwithstanding anything contained herein to the contrary, to the extent required by Section 409A of the Internal Revenue Code of 1986, as amended (the "**Code**" and Section 409A thereunder, "**Section 409A**"), Executive shall not be considered to have terminated employment with the Company for purposes of this Agreement until he would be considered to have incurred a "separation from service" from the Company within the meaning of Section 409A.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Death</u>. Executive's employment shall be terminated as of the date of Executive's death and
Executive's beneficiaries shall be entitled to the benefits provided in Section 8(b) hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Disability</u>. The Company may terminate Executive's employment, on written notice to Executive after
having established Executive's Disability and while Executive remains disabled, and Executive shall be entitled to the benefits provided in Section 8(b) hereof. "**Disability**" shall have the meaning assigned to such term
in the 2025 Omnibus Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Cause</u>. The Company may terminate Executive's employment for Cause effective as of the date of the
Notice of Termination (as defined in Section 7 hereof) and Executive shall be entitled to the benefits provided in Section 8(a) hereof. "**Cause**" shall (i) have the meaning assigned to such term in the CIC Plan if
such termination of employment occurs during the Change in Control Period (as defined in the CIC Plan) and (ii) if such termination of employment occurs at any other time, mean Executive's: (A) intentional wrongdoing, gross
negligence or willful misconduct in the performance of Executive's duties or otherwise in respect of the Company or its affiliates, (B) willful, deliberate or negligent conduct that is materially injurious to the Company or its
affiliates, (C) commission of, conviction of, plea of guilty to, or plea of *nolo contendere* to, (x) a felony or (y) any other criminal offense involving moral turpitude, fraud or dishonesty, (D) commission of an act of
fraud, embezzlement or misappropriation, in each case, against the Company or any affiliate, (E) material breach of any policies of the Company or its affiliates or (F) material breach of this Agreement or any other material agreement
between the Company or its affiliates and Executive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Without Cause</u>. The Company may terminate Executive's employment without Cause by delivering to the
Company a Notice of Termination consistent with the terms set forth in the CIC Plan or this Agreement, as applicable. The Company shall deliver to Executive a Notice of Termination (as defined in Section 7 hereof) not less than thirty
(30) days prior to the termination of Executive's employment without Cause and the Company shall have the option of terminating Executive's duties and responsibilities prior to the expiration of such thirty (30)-day notice period, and Executive shall be entitled to the benefits provided in Section 8(c) hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Good Reason</u>. Executive may terminate Executive's employment for Good Reason by delivering to the
Company a Notice of Termination consistent with the terms set forth in (i) if such resignation of employment occurs during the Change in Control Period, the CIC Plan and (ii) if such resignation of employment occurs at any other time, this
Section 6(e). "**Good Reason**" shall (i) have the meaning assigned to such term in the CIC Plan if such resignation of employment occurs during the Change in

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Control Period and (ii) if such resignation of employment occurs at any other time, mean, without Executive's consent: (A) a material reduction in Base Salary or Target Bonus (other than a general reduction in Base Salary or Target Bonus that affects all similarly situated executives in substantially the same proportions); (B) a relocation of Executive's principal place of employment by more than fifty (50) miles; (C) the Company's material breach of this Agreement or any other material agreement between the Company or its affiliates and Executive; or (D) a material, adverse change in Executive's title, reporting relationship, authority, duties or responsibilities (other than temporarily while Executive is physically or mentally incapacitated or as required by applicable law).

Executive cannot terminate his employment for Good Reason unless Executive has provided written notice to the Company of the existence of the circumstances providing grounds for termination for Good Reason within thirty (30) days of the initial existence of such grounds and the Company has had at least thirty (30) days from the date on which such notice is provided to cure such circumstances, if curable. If Executive does not terminate Executive's employment for Good Reason within ninety (90) days after the first occurrence of the applicable grounds, then Executive will be deemed to have waived Executive's right to terminate for Good Reason with respect to such grounds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Without Good Reason</u>. Executive may voluntarily terminate Executive's employment without Good
Reason by delivering to the Company a Notice of Termination not less than ninety (90) days prior to the termination of Executive's employment and the Company shall have the option of waiving all or any portion of such ninety (90)-day notice period (*provided* that, for the avoidance of doubt, such waiver of all or any potion of such notice period shall not constitute Good Reason, and shall not be deemed a termination of employment
by the Company without Cause), and Executive shall be entitled to the benefits provided in Section 8(c) hereof through the last day of such notice period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Notice of Non-Renewal</u>. Executive's employment shall
terminate upon expiration of the Employment Term as then in effect following timely provision by either party of notice of non-renewal in accordance with Section 1 hereof, and Executive shall be entitled
to the benefits provided in (i) Section 8(c) hereof if such notice is submitted by the Company and (ii) Section 8(d) hereof if such notice is submitted by Executive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. *Notice of Termination*. Any purported termination by the Company or by Executive shall be communicated by written Notice of Termination to the other party hereto. For purposes of this Agreement, a "**Notice of Termination**" shall mean a notice which indicates a date of termination (the "**Termination Date**"), the specific termination provision in this Agreement relied upon and sets forth in reasonable detail the facts and circumstances claimed to

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provide a basis for termination of Executive's employment under the provision so indicated. For purposes of this Agreement, no such purported termination of Executive's employment hereunder shall be effective without such Notice of Termination (unless waived by the party entitled to receive such notice).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. *Compensation Upon Termination*. Upon termination of Executive's employment during the Employment Term, Executive shall be entitled to the following benefits: *provided*, *however*, that any such benefits to which Executive is hereunder entitled shall be offset by those benefits that Executive receives, if any, under applicable law or otherwise:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Termination by the Company for Cause</u>. If Executive's employment is terminated by the Company for
Cause, the Company shall pay Executive the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Earned but unpaid Base Salary payments through the Termination Date, which shall be paid within thirty
(30) days following the Termination Date (or such earlier date as may be required by applicable law);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Reimbursement for reasonable and necessary expenses incurred by Executive on behalf of the Company for the
period ending on the Termination Date, which shall be paid within thirty (30) days following the Termination Date (or such earlier date as may be required by applicable law);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Any previous compensation which Executive has previously deferred (including any interest earned or credited
thereon), in accordance with the terms and conditions of the applicable deferred compensation plans or arrangements then in effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Equity and equity-based awards, to the extent previously vested and not forfeited in connection with
Executive's termination of employment in accordance with their terms, shall be paid, delivered or settled to Executive in accordance with the applicable terms of such awards; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Any amount or benefit as provided under any benefit plan or program in which Executive is entitled, payable in
accordance with and subject to the terms of such plan or program (the foregoing items in clauses (1) through (5) being collectively referred to as the "**Accrued Compensation** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Termination by the Company for Disability or Death</u>. If Executive's employment is terminated by the
Company for Disability or by reason of Executive's death, then Executive shall be entitled to the benefits provided in this Section 8(b); *provided* that any payments or benefits under this Section 8(b) shall be subject to
Executive's (or Executive's beneficiaries, as applicable) execution and nonrevocation of a release of claims in favor

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of the Company, its current and former Subsidiaries, Affiliates and stockholders, the acquiror and the surviving company and the current and former directors, officers, employees and agents of the Company and such subsidiaries and affiliates in a form reasonably satisfactory to the Company (the "**Release**"), which such Release must be signed by Executive (or their representative) and must become effective and irrevocable (with any revocation period having expired) within 60 days following the Termination Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Company shall pay Executive (or Executive's beneficiaries, as applicable) the Accrued Compensation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Company shall pay to Executive (or Executive's beneficiaries, as applicable) within sixty
(60) days following the Termination Date, any Annual Bonus earned but unpaid in respect of any fiscal year preceding the Termination Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Each equity and equity-based award held by Executive at the time of termination shall be governed by the terms
of the 2025 Omnibus Plan or 2019 Plan, as applicable, and the applicable award agreement; *provided* that, notwithstanding such terms set forth therein, each vested Option (as defined in the 2025 Omnibus Plan or 2019 Plan, as applicable)
outstanding as of the date of such death or Disability shall remain outstanding and be exercisable until the earlier of (i) the one (1)-year anniversary of the date of death or Disability or (ii) the expiration date of the Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Termination by the Company Without Cause or by Executive for Good Reason or Without Good Reason not in Connection with a Change in Control</u>. If Executive's employment by the Company shall be terminated by the Company without Cause or by Executive for Good Reason (in each case, at any time other than during the Change in Control Period) or
without Good Reason (at any time following the Effective Date, including during or following the Change in Control Period), then, subject to the terms of this Agreement (including Section 9 hereof), Executive shall be entitled to the benefits
provided in this Section 8(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Company shall pay to Executive the Accrued Compensation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Company shall pay to Executive, within sixty (60) days following the Termination Date, any Annual
Bonus earned but unpaid in respect of any fiscal year preceding the Termination Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The Annual Bonus for the year in which the Termination Date occurs, measured at target, prorated based on the
number of days Executive is employed by the Company during the year in which the Termination Date occurs, paid at the time such bonuses are paid to other similarly situated employees of the Company;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Severance in an amount equal to Executive's Base Salary in effect immediately prior to the Termination
Date (or, in the case of a resignation for Good Reason, such base salary in effect immediately prior to the reduction giving rise to the Good Reason), which will be paid in substantially equal monthly installments over the one-year period following the termination of employment, subject to Executive's execution and nonrevocation of a Release, which such Release must be signed by Executive and must become effective and
irrevocable (with any revocation period having expired) within 60 days following the Termination Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Subject to Executive's timely election of continuation coverage under Consolidated Omnibus Budget
Reconciliation Act of 1985, as amended ()"**COBRA** "), during the period beginning on Executive's Termination Date and ending on the earliest of the one-year anniversary of the Termination
Date or the date Executive is no longer eligible to receive COBRA continuation coverage, reimbursement for the monthly COBRA premium paid by Executive for himself and his eligible dependents at the active employee rate; *provided*, *however*, that Executive shall be solely responsible for any taxes incurred in respect of such coverage; *provided*, *further*, that the Company may modify the continuation coverage contemplated by this Section 8(c)(3)(C)
(including by providing, in lieu of such continuation coverage or to the extent that the COBRA continuation period expires, a lump-sum cash payment equal to the value for Executive of the continuation coverage
provided herein) to the extent reasonably necessary to avoid the imposition of any excise taxes on the Company for failure to comply with the nondiscrimination requirements of the Patient Protection and Affordable Care Act of 2010, as amended,
and/or the Health Care and Education Reconciliation Act of 2010, as amended (to the extent applicable); *provided*, *further*, in the event Executive obtains other employment and becomes eligible to receive substantially similar coverage
of group health benefits from another employer, such continuation coverage by the Company under this Section 8(c)(3)(C) shall immediately cease (and Executive agrees to promptly notify the Company if Executive elects to receive such group
health benefits).

For the avoidance of doubt, if Executive's employment by the Company is terminated by the Company without Cause or by Executive for Good Reason during the Change in Control Period, the treatment shall be controlled by the CIC Plan subject to the terms and conditions therein.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Expiration of Employment Term Upon Notice of Non-Renewal</u>. If
Executive's employment terminates upon expiration of the Employment Term as then in effect following timely provision by either party of notice of non-renewal in accordance with Section 1 hereof,
then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) If such notice is submitted by Executive, the Company shall pay to Executive (i) the Accrued Compensation;
and (ii) each equity award held by Executive at the time of termination shall be governed by the terms of the 2025 Omnibus Plan or 2019 Plan, as applicable, and the applicable award agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) If such notice is submitted by the Company, then Executive shall be entitled to the benefits provided in
Section 8(c) hereof, subject to the terms thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. *Section 409A*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All amounts payable hereunder are intended to be exempt from or comply with the requirements of
Section 409A, and this Agreement shall be construed and administered in accordance with such intention. To the extent any payments or benefits under this Agreement are subject to Section 409A, this Agreement shall be interpreted and
administered to the maximum extent possible to comply with Section 409A. For purposes of any payments or benefits under this Agreement subject to Section 409A:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Executive shall not be considered to have terminated employment with the Company unless Executive would be
considered to have incurred a "separation from service" within the meaning of Section 409A, and, for purposes of any such provision of this Agreement, references to a "termination," "termination of
employment" or like terms shall mean "separation from service";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) each separate payment to be made or benefit to be provided under this Agreement shall be construed as a
separate identified payment for purposes of Section 409A;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) if Executive is a "specified employee" within the meaning of Section 409A at the time of
Executive's separation from service, to the extent required under Section 409A to avoid additional tax or tax penalties, any amounts payable during the six-month period immediately following
Executive's separation from service shall instead be paid on the first business day after the date that is six months following Executive's separation from service (or, if earlier, Executive's date of death);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) all expenses or other reimbursements or in-kind benefits under this
Agreement shall be paid or provided on or prior to the last day of the taxable year following the taxable year in which such expenses

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or in-kind benefits were incurred by Executive, and no such reimbursement or in-kind benefits in any taxable year shall in any way affect the reimbursement or in-kind benefits in any other taxable year or subject to exchange for cash or other taxable amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) whenever a payment under this Agreement specifies a payment period with reference to a number of days (e.g.,
"payment shall be made within 30 days following the date of termination"), the actual date of payment within the specified period shall be within the sole discretion of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) no payment will be subject to offset unless otherwise permitted by Section 409A; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) notwithstanding any provisions in this Agreement to the contrary, whenever a payment under this Agreement may
be made upon the effective date of the Release, and the period in which Executive could execute the Release (along with its accompanying revocation period) crosses calendar years, no payments shall be made until the latter calendar year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company makes no representation that payments described in this Agreement will be exempt from or comply
with Section 409A and shall have no liability or obligation to Executive for any failure of this Agreement or any payments hereunder to comply with Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. *Restrictive Covenants*. As a condition to the compensation and benefits provided for in this Agreement, including those set forth in the CIC Plan, Executive agrees to execute the Employee Proprietary Information, Inventions Assignment, Non-Competition and Non-Solicitation Agreement in the form set forth in Schedule 2 (the "**Restrictive Covenant Agreement**"), which is hereby incorporated by reference to this Agreement. For the avoidance of doubt, this Section 10 and the Restrictive Covenant Agreement shall survive the termination of the Employment Term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. *Miscellaneous*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Successors and Assigns</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) This Agreement shall be binding upon and shall inure to the benefit of the Company, its successors and
permitted assigns. The Company may not assign or delegate any rights or obligations hereunder except to a successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or
assets of the Company, as applicable. Except for purposes of determining the occurrence of a Change in Control, the term "**the Company**" as used herein shall mean a corporation or other entity acquiring all or substantially all the
assets and business of the Company, as the case may be (including this Agreement), whether by operation of law or otherwise.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Neither this Agreement nor any right or interest hereunder shall be assignable or transferable by Executive,
Executive's beneficiaries or legal representatives, except by will or by the laws of descent and distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) This Agreement shall inure to the benefit of and be enforceable by Executive's legal personal
representatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Company Policies</u>. Executive shall be subject to and shall abide by each of the personnel policies
applicable to senior executives, including but not limited to any policy restricting pledging and hedging investments in Company equity by Company executives, any policy regarding stock ownership, any policy the Company adopts regarding the recovery
of incentive compensation (sometimes referred to as "clawback") and any additional clawback provisions as required by law and applicable listing rules. This Section 11(b) shall survive the termination of the Employment Term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Notice</u>. For the purposes of this Agreement, notices and all other communications provided for in the
Agreement (including the Notice of Termination) shall be in writing and shall be deemed to have been duly given when personally delivered or sent by Certified mail, return receipt requested, postage prepaid, addressed to the respective addresses
last given by each party to each other party; *provided* that all notices to the Company shall be directed to the attention of the Chief Executive Officer of the Company. All notices and communications shall be deemed to have been received on
the date of delivery thereof or on the third business day after the mailing thereof, except that notice of change of address shall be effective only upon receipt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Indemnity Agreement</u>. The Company agrees to indemnify and hold Executive harmless to the fullest extent
permitted by applicable law for actions taken as a director or officer of the Company, as in effect at the time of the subject act or omission. In connection therewith, Executive shall be entitled to the protection of any insurance policies which
the Company elects to maintain generally for the benefit of the Company's directors and officers, against all costs, charges and expenses whatsoever incurred or sustained by Executive in connection with any action, suit or proceeding to which
he may be made a party by reason of Executive's being or having been a director, officer or employee of the Company. This provision shall survive any termination of the Employment Term.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Withholding</u>. The Company shall be entitled to withhold the amount, if any, of all taxes of any
applicable jurisdiction required to be withheld by an employer with respect to any amount paid to Executive hereunder. The Company, in its sole and absolute discretion, shall make all determinations as to whether it is obligated to withhold any
taxes hereunder and the amount hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Modification</u>. No provision of this Agreement may be modified, waived or discharged unless such waiver,
modification or discharge is agreed to in writing and signed by Executive and the Company. No waiver by either party hereto at any time of any breach by the other party hereto of, or non-compliance with, any
condition or provision of this Agreement to be performed by the other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. No agreement or representations, oral or
otherwise, express or implied, with respect to the subject matter hereof have been made by any party which are not expressly set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Effect of Other Law</u>. Anything herein to the contrary notwithstanding, the terms of this Agreement shall
be modified to the extent required to meet the provisions of the Sarbanes-Oxley Act of 2002, Section 409A, the Dodd-Frank Wall Street Reform and Consumer Protection Act or other law applicable to the employment arrangements between Executive
and the Company. Any delay in providing benefits or payments or any failure to provide a benefit or payment shall not in and of itself constitute a breach of this Agreement; *provided*, *however*, that the Company shall provide
economically equivalent payments or benefits to Executive to the extent permitted by law as soon as practicable after such benefits or payments are due. Any request or requirement that Executive repay compensation that is required under the first
sentence of this Section 11(g), or pursuant to a Company policy that is applicable to other executive officers of the Company and that is designed to advance the legitimate corporate governance objectives of the Company, shall not in and of
itself constitute a breach of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Governing Law</u>. This Agreement and all acts and transactions pursuant hereto and the rights and
obligations of the parties hereto shall be governed, construed and interpreted in accordance with the laws of the State of Delaware, without giving effect to principles of conflicts of law. Any dispute, controversy or claim arising out of or related
to this Agreement shall be submitted to and decided by binding arbitration. Arbitration shall be administered exclusively by JAMS pursuant to the JAMS Employment Arbitration Rules & Procedures (which can be found at
https://www.jamsadr.com/rules-employment-arbitration/english or obtained from the Company) and shall be conducted consistent with the rules, regulations and requirements thereof as well as any requirements imposed by state law. Any arbitral award
determination shall be final and binding.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Attorney</u> <u>'</u> <u>s Fees</u> *.* The Company agrees to pay as incurred (within 30 days
following the Company's receipt of an invoice from Executive), at any time from the Termination Date following a termination of service pursuant to Section 8(c) hereto, to the fullest extent permitted by applicable law, all legal fees and
expenses that Executive may reasonably incur as a result of any contest (regardless of the outcome thereof) by the Company, Executive or others of the validity or enforceability of, or liability under, any provision of this Agreement or any
guarantee of performance thereof (including, for the avoidance of doubt, any claim that a termination of service should qualify as a termination of service under Section 8(c) hereto) whether such contest is between the Company and Executive or
between either of them and any third party (including as a result of any contest by Executive about the amount of any payment pursuant to this Agreement and any audit by the Internal Revenue Service).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>No Conflicts</u>. As a condition to the effectiveness of this Agreement, Executive represents and warrants
to the Company that he is not a party to or otherwise bound by any agreement or arrangement (including, without limitation, any license, covenant or commitment of any nature), or subject to any judgment, decree or order of any court or
administrative agency, that would conflict with or will be in conflict with or in any way preclude, limit or inhibit Executive's ability to execute this Agreement or to carry out Executive's duties and responsibilities hereunder. In the
event that the Company determines that Executive's duties hereunder may conflict with an agreement or arrangement to which Executive is bound, Executive shall be required to cease engaging in any such activities, duties or responsibilities
(including providing supervisory services over certain subsets of the Company's business operations) and the Company will take steps to restrict Executive's access to, and participation in, any such activities. Any actions taken by the
Company under this Section 11(i) to restrict or limit Executive's access to information or provision of services shall not constitute Good Reason for purposes of Section 6(e) hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Severability</u>. The provisions of this Agreement shall be deemed severable and the invalidity or
unenforceability of any provision shall not affect the validity or enforceability of the other provisions hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. *Entire Agreement*. This Agreement constitutes the entire agreement between the parties hereto and supersedes all prior agreements, if any, understandings and arrangements, oral or written, between the parties hereto with respect to the subject matter hereof, including without limitation any term sheets or other similar presentations, other than any restrictive covenant agreements (including, for the avoidance of doubt, the Restrictive Covenant Agreement, which is incorporated by reference).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. *Counterparts*. This Agreement may be executed in separate counterparts, any one of which need not contain signatures of more than one party, but all of which taken together will constitute one and the same Agreement. Signatures transmitted via DocuSign, facsimile or PDF will be deemed the equivalent of originals.

*Remainder of page left intentionally blank* 

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IN WITNESS WHEREOF, the parties have executed this Agreement as of the day and year first above written, to be effective as of the Effective Date.

---

| | |
|:---|:---|
| LENDBUZZ, INC. | LENDBUZZ, INC. |
| By: |  |
|  | Name: |
|  | Title: |

---

---

| | |
|:---|:---|
| EXECUTIVE | EXECUTIVE |
| By: |  |
|  | Name: George Sclavos |

---

## Exhibit 10.33

**Exhibit 10.33** 

**EMPLOYMENT AGREEMENT** 

THIS EMPLOYMENT AGREEMENT (the "**Agreement**") is hereby entered into as of September<u> </u>, 2025 (the "**Effective Date**"), by and between Lendbuzz Inc., a Delaware corporation (the "**Company**"), and Dan Raviv, an individual ("**Executive**") (hereinafter collectively referred to as "**the parties**"). Where the context requires, references to the Company shall include the Company's subsidiaries and affiliates.

**RECITALS** 

WHEREAS, the Company desires to continue to employ Executive for the period provided in this Agreement, and Executive desires to continue to be employed by the Company, subject to the terms and conditions set forth herein;

NOW, THEREFORE, in consideration of the respective agreements of the parties contained herein, it is agreed as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. *Commencement Date; Term; Effect on Other Agreements*. The employment term (the "**Employment Term**") of Executive's employment under this Agreement shall be for the period commencing on the Effective Date and ending on the third (3rd) anniversary of the Effective Date. Thereafter, the Employment Term shall extend automatically for consecutive periods of one (1) year unless either party provides notice of non-renewal not less than sixty (60) days prior to the end of the Employment Term as then in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. *Employment*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Title; Location</u>. Executive shall be employed as Chief Technology Officer of the Company. Executive shall
report directly to the Chief Executive Officer of the Company. Executive shall perform the duties, undertake the responsibilities and exercise the authority customarily performed, undertaken and exercised by persons situated in similar executive
capacities. Executive acknowledges that Executive will perform Executive's duties hereunder primarily in Tel Aviv, Israel; *provided* that Executive will travel to the Company's headquarters in Boston, Massachusetts and other
locations in connection with the performance of his duties hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Responsibilities</u>. Excluding periods of vacation and sick leave to which Executive is entitled and other
service outside of the Company contemplated in this Section 2(b), Executive shall devote Executive's full professional time and attention to the business and affairs of the Company to discharge the responsibilities of Executive hereunder.
Except as set forth in Schedule 1, prior to joining or agreeing to serve on corporate, civil or charitable boards or committees, Executive shall obtain written approval of the Chief Executive Officer. Executive may manage personal and family
investments and participate in industry organizations, so long as such activities do not, individually or in the aggregate, interfere with the performance of Executive's responsibilities hereunder or violate the terms

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of this Agreement. It is understood that, during Executive's employment by the Company, Executive shall not engage in any activities that constitute a conflict of interest with the interests of the Company or its direct and indirect subsidiaries, as outlined in the Company's conflict of interest policies for employees and executives in effect from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>At Will Employment</u>. Subject to Sections 6, 7 and 8, Executive's employment with the Company is
"at will," such that each of Executive or the Company has the ability to terminate Executive's employment at any time, with or without advance notice (except to the extent required pursuant to Section 7 hereof), and with or
without Cause or with or without Good Reason. This Agreement does not constitute an express or implied agreement of continuing or long-term employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*3. Annual Cash Compensation.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Base Salary</u>. During the Employment Term, Executive shall be paid an annual base salary of $375,000
(" **Base Salary** "). The Base Salary shall be payable in accordance with the Company's regular payroll practices as then in effect. During the Employment Term, the Base Salary will be reviewed annually and is subject to
adjustment at the discretion of the Compensation Committee of the Board of Directors (the "**Committee** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Annual Cash Performance Bonus</u>. Subject to the terms of the Company's 2025 Cash Incentive
Compensation Plan or such other annual incentive cash bonus program as in effect from time to time and the provisions hereof, for each fiscal year of the Company ending during the Employment Term, Executive shall be eligible to receive an annual
cash bonus (the "**Annual Bonus** "), with a target annual cash bonus opportunity of 100% of Base Salary (such target bonus, the "**Target Bonus** "). The actual Annual Bonus earned by Executive for any applicable fiscal
year, if any, will be payable in the Company's discretion and in accordance with the Company's customary practices applicable to bonuses paid to similarly situated executives of the Company (which, in any event but subject to
Section 9 hereof, will be during the calendar year following the calendar year in which such Annual Bonus relates but in no event later than March 15 of such year), subject to Executive's continued employment through the applicable
payment date except as otherwise provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. *Equity Compensation*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Ongoing Grants</u>. Executive will be eligible for consideration for equity grants under the Company's
2025 Omnibus Incentive Plan or such successor plan thereto (as may be amended from time to time and any successor thereto, the "**2025 Omnibus Plan**") during the Employment Term in the sole discretion of the Committee.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Treatment of Equity and Equity-Based Awards upon a Change in Control</u>. In the event of a Change in
Control (as defined in the 2025 Omnibus Plan if such award was granted under the 2025 Omnibus Plan, or as defined in the Lendbuzz Inc. 2019 Equity Incentive Plan (the "**2019 Plan**") if such award was granted under the 2019 Plan),
(i) to the extent that any equity or equity-based awards are assumed, replaced or continued by the Company, the acquiring company, an affiliate thereof or any successor of any such entity on no less favorable terms and conditions as were in place
immediately prior to the Change in Control (a "**Qualifying Assumption** "), then the treatment of such equity or equity-based awards shall be determined under the terms of the Company's Executive Change in Control Severance Plan
(the "**CIC Plan**") or, if more favorable to Executive, the underlying award agreement and (ii) to the extent that a Qualifying Assumption does not occur, then (x) any service-based vesting conditions shall be deemed
satisfied and the equity or equity-based award shall vest immediately prior to the Change in Control and (y) any performance-based vesting conditions shall be deemed achieved at the greater of target and actual performance, as measured by the
Committee as of the date of the Change in Control and extrapolated for the applicable performance period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. *Other Benefits*. During the Employment Term:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Employee Benefits</u>. Executive shall be entitled to participate in the employee benefit plans, practices
and programs maintained by the Company, and made available to employees of the Company generally (taking into account jurisdictional differences), subject to the terms of the plans as in effect from time to time. Executive's participation in
such plans, practices and programs shall be on the same basis and terms as are applicable to similarly situated executives of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Business Expenses</u>. Upon submission of proper invoices in accordance with, and subject to, the
Company's normal policies and procedures in effect from time to time, Executive shall be entitled to receive prompt reimbursement of all reasonable out-of-pocket business, entertainment and travel expenses incurred by him in connection with the performance of Executive's duties hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. *Termination*. Executive's employment with the Company hereunder may be terminated under the circumstances set forth below; *provided*, *however*, that notwithstanding anything contained herein to the contrary, to the extent required by Section 409A of the Internal Revenue Code of 1986, as amended (the "**Code**" and Section 409A thereunder, "**Section 409A**"), Executive shall not be considered to have terminated employment with the Company for purposes of this Agreement until he would be considered to have incurred a "separation from service" from the Company within the meaning of Section 409A.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Death</u>. Executive's employment shall be terminated as of the date of Executive's death and
Executive's beneficiaries shall be entitled to the benefits provided in Section 8(b) hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Disability</u>. The Company may terminate Executive's employment, on written notice to Executive after
having established Executive's Disability and while Executive remains disabled, and Executive shall be entitled to the benefits provided in Section 8(b) hereof. "**Disability**" shall have the meaning assigned to such term
in the 2025 Omnibus Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Cause</u>. The Company may terminate Executive's employment for Cause effective as of the date of the
Notice of Termination (as defined in Section 7 hereof) and Executive shall be entitled to the benefits provided in Section 8(a) hereof. "**Cause**" shall (i) have the meaning assigned to such term in the CIC Plan if
such termination of employment occurs during the Change in Control Period (as defined in the CIC Plan) and (ii) if such termination of employment occurs at any other time, mean Executive's: (A) intentional wrongdoing, gross
negligence or willful misconduct in the performance of Executive's duties or otherwise in respect of the Company or its affiliates, (B) willful, deliberate or negligent conduct that is materially injurious to the Company or its
affiliates, (C) commission of, conviction of, plea of guilty to, or plea of *nolo contendere* to, (x) a felony or (y) any other criminal offense involving moral turpitude, fraud or dishonesty, (D) commission of an act of
fraud, embezzlement or misappropriation, in each case, against the Company or any affiliate, (E) material breach of any policies of the Company or its affiliates or (F) material breach of this Agreement or any other material agreement
between the Company or its affiliates and Executive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Without Cause</u>. The Company may terminate Executive's employment without Cause by delivering to the
Company a Notice of Termination consistent with the terms set forth in the CIC Plan or this Agreement, as applicable. The Company shall deliver to Executive a Notice of Termination (as defined in Section 7 hereof) not less than thirty
(30) days prior to the termination of Executive's employment without Cause and the Company shall have the option of terminating Executive's duties and responsibilities prior to the expiration of such thirty (30)-day notice period, and Executive shall be entitled to the benefits provided in Section 8(c) hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Good Reason</u>. Executive may terminate Executive's employment for Good Reason by delivering to the
Company a Notice of Termination consistent with the terms set forth in (i) if such resignation of employment occurs during the Change in Control Period, the CIC Plan and (ii) if such resignation of employment occurs at any other time, this
Section 6(e). "**Good Reason**" shall (i) have the meaning assigned to such term in the CIC Plan if such resignation of employment occurs during the Change in

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Control Period and (ii) if such resignation of employment occurs at any other time, mean, without Executive's consent: (A) a material reduction in Base Salary or Target Bonus (other than a general reduction in Base Salary or Target Bonus that affects all similarly situated executives in substantially the same proportions); (B) a relocation of Executive's principal place of employment by more than fifty (50) miles; (C) the Company's material breach of this Agreement or any other material agreement between the Company or its affiliates and Executive; or (D) a material, adverse change in Executive's title, reporting relationship, authority, duties or responsibilities (other than temporarily while Executive is physically or mentally incapacitated or as required by applicable law).

Executive cannot terminate his employment for Good Reason unless Executive has provided written notice to the Company of the existence of the circumstances providing grounds for termination for Good Reason within thirty (30) days of the initial existence of such grounds and the Company has had at least thirty (30) days from the date on which such notice is provided to cure such circumstances, if curable. If Executive does not terminate Executive's employment for Good Reason within ninety (90) days after the first occurrence of the applicable grounds, then Executive will be deemed to have waived Executive's right to terminate for Good Reason with respect to such grounds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Without Good Reason</u>. Executive may voluntarily terminate Executive's employment without Good
Reason by delivering to the Company a Notice of Termination not less than ninety (90) days prior to the termination of Executive's employment and the Company shall have the option of waiving all or any portion of such ninety (90)-day notice period (*provided* that, for the avoidance of doubt, such waiver of all or any potion of such notice period shall not constitute Good Reason, and shall not be deemed a termination of employment
by the Company without Cause), and Executive shall be entitled to the benefits provided in Section 8(c) hereof through the last day of such notice period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Notice of Non-Renewal</u>. Executive's employment shall
terminate upon expiration of the Employment Term as then in effect following timely provision by either party of notice of non-renewal in accordance with Section 1 hereof, and Executive shall be entitled
to the benefits provided in (i) Section 8(c) hereof if such notice is submitted by the Company and (ii) Section 8(d) hereof if such notice is submitted by Executive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. *Notice of Termination*. Any purported termination by the Company or by Executive shall be communicated by written Notice of Termination to the other party hereto. For purposes of this Agreement, a "**Notice of Termination**" shall mean a notice which indicates a date of termination (the "**Termination Date**"), the specific termination provision in this Agreement relied upon and sets forth in reasonable detail the facts and circumstances claimed to

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provide a basis for termination of Executive's employment under the provision so indicated. For purposes of this Agreement, no such purported termination of Executive's employment hereunder shall be effective without such Notice of Termination (unless waived by the party entitled to receive such notice).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. *Compensation Upon Termination*. Upon termination of Executive's employment during the Employment Term, Executive shall be entitled to the following benefits: *provided*, *however*, that any such benefits to which Executive is hereunder entitled shall be offset by those benefits that Executive receives, if any, under applicable law or otherwise:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Termination by the Company for Cause</u>. If Executive's employment is terminated by the Company for
Cause, the Company shall pay Executive the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Earned but unpaid Base Salary payments through the Termination Date, which shall be paid within thirty
(30) days following the Termination Date (or such earlier date as may be required by applicable law);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Reimbursement for reasonable and necessary expenses incurred by Executive on behalf of the Company for the
period ending on the Termination Date, which shall be paid within thirty (30) days following the Termination Date (or such earlier date as may be required by applicable law);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Any previous compensation which Executive has previously deferred (including any interest earned or credited
thereon), in accordance with the terms and conditions of the applicable deferred compensation plans or arrangements then in effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Equity and equity-based awards, to the extent previously vested and not forfeited in connection with
Executive's termination of employment in accordance with their terms, shall be paid, delivered or settled to Executive in accordance with the applicable terms of such awards; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Any amount or benefit as provided under any benefit plan or program in which Executive is entitled, payable in
accordance with and subject to the terms of such plan or program (the foregoing items in clauses (1) through (5) being collectively referred to as the "**Accrued Compensation** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Termination by the Company for Disability or Death</u>. If Executive's employment is terminated by the
Company for Disability or by reason of Executive's death, then Executive shall be entitled to the benefits provided in this Section 8(b); *provided* that any payments or benefits under this Section 8(b) shall be subject to
Executive's (or Executive's beneficiaries, as applicable) execution and nonrevocation of a release of claims in favor

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of the Company, its current and former Subsidiaries, Affiliates and stockholders, the acquiror and the surviving company and the current and former directors, officers, employees and agents of the Company and such subsidiaries and affiliates in a form reasonably satisfactory to the Company (the "**Release**"), which such Release must be signed by Executive (or their representative) and must become effective and irrevocable (with any revocation period having expired) within 60 days following the Termination Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Company shall pay Executive (or Executive's beneficiaries, as applicable) the Accrued Compensation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Company shall pay to Executive (or Executive's beneficiaries, as applicable) within sixty
(60) days following the Termination Date, any Annual Bonus earned but unpaid in respect of any fiscal year preceding the Termination Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Each equity and equity-based award held by Executive at the time of termination shall be governed by the terms
of the 2025 Omnibus Plan or 2019 Plan, as applicable, and the applicable award agreement; *provided* that, notwithstanding such terms set forth therein, each vested Option (as defined in the 2025 Omnibus Plan or 2019 Plan, as applicable)
outstanding as of the date of such death or Disability shall remain outstanding and be exercisable until the earlier of (i) the one (1)-year anniversary of the date of death or Disability or (ii) the expiration date of the Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Termination by the Company Without Cause or by Executive for Good Reason or Without Good Reason not in Connection with a Change in Control</u>. If Executive's employment by the Company shall be terminated by the Company without Cause or by Executive for Good Reason (in each case, at any time other than during the Change in Control Period) or
without Good Reason (at any time following the Effective Date, including during or following the Change in Control Period), then, subject to the terms of this Agreement (including Section 9 hereof), Executive shall be entitled to the benefits
provided in this Section 8(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Company shall pay to Executive the Accrued Compensation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Company shall pay to Executive, within sixty (60) days following the Termination Date, any Annual
Bonus earned but unpaid in respect of any fiscal year preceding the Termination Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The Annual Bonus for the year in which the Termination Date occurs, measured at target, prorated based on the
number of days Executive is employed by the Company during the year in which the Termination Date occurs, paid at the time such bonuses are paid to other similarly situated employees of the Company;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Severance in an amount equal to Executive's Base Salary in effect immediately prior to the Termination
Date (or, in the case of a resignation for Good Reason, such base salary in effect immediately prior to the reduction giving rise to the Good Reason), which will be paid in substantially equal monthly installments over the one-year period following the termination of employment, subject to Executive's execution and nonrevocation of a Release, which such Release must be signed by Executive and must become effective and
irrevocable (with any revocation period having expired) within 60 days following the Termination Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Subject to Executive's timely election of continuation coverage under Consolidated Omnibus Budget
Reconciliation Act of 1985, as amended ()"**COBRA** "), during the period beginning on Executive's Termination Date and ending on the earliest of the one-year anniversary of the Termination
Date or the date Executive is no longer eligible to receive COBRA continuation coverage, reimbursement for the monthly COBRA premium paid by Executive for himself and his eligible dependents at the active employee rate; *provided*, *however*, that Executive shall be solely responsible for any taxes incurred in respect of such coverage; *provided*, *further*, that the Company may modify the continuation coverage contemplated by this Section 8(c)(3)(C)
(including by providing, in lieu of such continuation coverage or to the extent that the COBRA continuation period expires, a lump-sum cash payment equal to the value for Executive of the continuation coverage
provided herein) to the extent reasonably necessary to avoid the imposition of any excise taxes on the Company for failure to comply with the nondiscrimination requirements of the Patient Protection and Affordable Care Act of 2010, as amended,
and/or the Health Care and Education Reconciliation Act of 2010, as amended (to the extent applicable); *provided*, *further*, in the event Executive obtains other employment and becomes eligible to receive substantially similar coverage
of group health benefits from another employer, such continuation coverage by the Company under this Section 8(c)(3)(C) shall immediately cease (and Executive agrees to promptly notify the Company if Executive elects to receive such group
health benefits).

For the avoidance of doubt, if Executive's employment by the Company is terminated by the Company without Cause or by Executive for Good Reason during the Change in Control Period, the treatment shall be controlled by the CIC Plan subject to the terms and conditions therein.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Expiration of Employment Term Upon Notice of Non-Renewal</u>. If
Executive's employment terminates upon expiration of the Employment Term as then in effect following timely provision by either party of notice of non-renewal in accordance with Section 1 hereof,
then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) If such notice is submitted by Executive, the Company shall pay to Executive (i) the Accrued Compensation;
and (ii) each equity award held by Executive at the time of termination shall be governed by the terms of the 2025 Omnibus Plan or 2019 Plan, as applicable, and the applicable award agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) If such notice is submitted by the Company, then Executive shall be entitled to the benefits provided in
Section 8(c) hereof, subject to the terms thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. *Section 409A*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All amounts payable hereunder are intended to be exempt from or comply with the requirements of
Section 409A, and this Agreement shall be construed and administered in accordance with such intention. To the extent any payments or benefits under this Agreement are subject to Section 409A, this Agreement shall be interpreted and
administered to the maximum extent possible to comply with Section 409A. For purposes of any payments or benefits under this Agreement subject to Section 409A:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Executive shall not be considered to have terminated employment with the Company unless Executive would be
considered to have incurred a "separation from service" within the meaning of Section 409A, and, for purposes of any such provision of this Agreement, references to a "termination," "termination of
employment" or like terms shall mean "separation from service";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) each separate payment to be made or benefit to be provided under this Agreement shall be construed as a
separate identified payment for purposes of Section 409A;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) if Executive is a "specified employee" within the meaning of Section 409A at the time of
Executive's separation from service, to the extent required under Section 409A to avoid additional tax or tax penalties, any amounts payable during the six-month period immediately following
Executive's separation from service shall instead be paid on the first business day after the date that is six months following Executive's separation from service (or, if earlier, Executive's date of death);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) all expenses or other reimbursements or in-kind benefits under this
Agreement shall be paid or provided on or prior to the last day of the taxable year following the taxable year in which such expenses

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or in-kind benefits were incurred by Executive, and no such reimbursement or in-kind benefits in any taxable year shall in any way affect the reimbursement or in-kind benefits in any other taxable year or subject to exchange for cash or other taxable amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) whenever a payment under this Agreement specifies a payment period with reference to a number of days (e.g.,
"payment shall be made within 30 days following the date of termination"), the actual date of payment within the specified period shall be within the sole discretion of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) no payment will be subject to offset unless otherwise permitted by Section 409A; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) notwithstanding any provisions in this Agreement to the contrary, whenever a payment under this Agreement may
be made upon the effective date of the Release, and the period in which Executive could execute the Release (along with its accompanying revocation period) crosses calendar years, no payments shall be made until the latter calendar year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company makes no representation that payments described in this Agreement will be exempt from or comply
with Section 409A and shall have no liability or obligation to Executive for any failure of this Agreement or any payments hereunder to comply with Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. *Restrictive Covenants*. As a condition to the compensation and benefits provided for in this Agreement, including those set forth in the CIC Plan, Executive agrees to execute the Employee Proprietary Information, Inventions Assignment, Non-Competition and Non-Solicitation Agreement in the form set forth in Schedule 2 (the "**Restrictive Covenant Agreement**"), which is hereby incorporated by reference to this Agreement. For the avoidance of doubt, this Section 10 and the Restrictive Covenant Agreement shall survive the termination of the Employment Term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. *Miscellaneous*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Successors and Assigns</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) This Agreement shall be binding upon and shall inure to the benefit of the Company, its successors and
permitted assigns. The Company may not assign or delegate any rights or obligations hereunder except to a successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or
assets of the Company, as applicable. Except for purposes of determining the occurrence of a Change in Control, the term "**the Company**" as used herein shall mean a corporation or other entity acquiring all or substantially all the
assets and business of the Company, as the case may be (including this Agreement), whether by operation of law or otherwise.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Neither this Agreement nor any right or interest hereunder shall be assignable or transferable by Executive,
Executive's beneficiaries or legal representatives, except by will or by the laws of descent and distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) This Agreement shall inure to the benefit of and be enforceable by Executive's legal personal
representatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Company Policies</u>. Executive shall be subject to and shall abide by each of the personnel policies
applicable to senior executives, including but not limited to any policy restricting pledging and hedging investments in Company equity by Company executives, any policy regarding stock ownership, any policy the Company adopts regarding the recovery
of incentive compensation (sometimes referred to as "clawback") and any additional clawback provisions as required by law and applicable listing rules. This Section 11(b) shall survive the termination of the Employment Term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Notice</u>. For the purposes of this Agreement, notices and all other communications provided for in the
Agreement (including the Notice of Termination) shall be in writing and shall be deemed to have been duly given when personally delivered or sent by Certified mail, return receipt requested, postage prepaid, addressed to the respective addresses
last given by each party to each other party; *provided* that all notices to the Company shall be directed to the attention of the Chief Financial Officer of the Company. All notices and communications shall be deemed to have been received on
the date of delivery thereof or on the third business day after the mailing thereof, except that notice of change of address shall be effective only upon receipt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Indemnity Agreement</u>. The Company agrees to indemnify and hold Executive harmless to the fullest extent
permitted by applicable law for actions taken as a director or officer of the Company, as in effect at the time of the subject act or omission. In connection therewith, Executive shall be entitled to the protection of any insurance policies which
the Company elects to maintain generally for the benefit of the Company's directors and officers, against all costs, charges and expenses whatsoever incurred or sustained by Executive in connection with any action, suit or proceeding to which
he may be made a party by reason of Executive's being or having been a director, officer or employee of the Company. This provision shall survive any termination of the Employment Term.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Withholding</u>. The Company shall be entitled to withhold the amount, if any, of all taxes of any
applicable jurisdiction required to be withheld by an employer with respect to any amount paid to Executive hereunder. The Company, in its sole and absolute discretion, shall make all determinations as to whether it is obligated to withhold any
taxes hereunder and the amount hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Modification</u>. No provision of this Agreement may be modified, waived or discharged unless such waiver,
modification or discharge is agreed to in writing and signed by Executive and the Company. No waiver by either party hereto at any time of any breach by the other party hereto of, or non-compliance with, any
condition or provision of this Agreement to be performed by the other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. No agreement or representations, oral or
otherwise, express or implied, with respect to the subject matter hereof have been made by any party which are not expressly set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Effect of Other Law</u>. Anything herein to the contrary notwithstanding, the terms of this Agreement shall
be modified to the extent required to meet the provisions of the Sarbanes-Oxley Act of 2002, Section 409A, the Dodd-Frank Wall Street Reform and Consumer Protection Act or other law applicable to the employment arrangements between Executive
and the Company. Any delay in providing benefits or payments or any failure to provide a benefit or payment shall not in and of itself constitute a breach of this Agreement; *provided*, *however*, that the Company shall provide
economically equivalent payments or benefits to Executive to the extent permitted by law as soon as practicable after such benefits or payments are due. Any request or requirement that Executive repay compensation that is required under the first
sentence of this Section 11(g), or pursuant to a Company policy that is applicable to other executive officers of the Company and that is designed to advance the legitimate corporate governance objectives of the Company, shall not in and of
itself constitute a breach of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Governing Law</u>. This Agreement and all acts and transactions pursuant hereto and the rights and
obligations of the parties hereto shall be governed, construed and interpreted in accordance with the laws of the State of Delaware, without giving effect to principles of conflicts of law. Any dispute, controversy or claim arising out of or related
to this Agreement shall be submitted to and decided by binding arbitration. Arbitration shall be administered exclusively by JAMS pursuant to the JAMS Employment Arbitration Rules & Procedures (which can be found at
https://www.jamsadr.com/rules-employment-arbitration/english or obtained from the Company) and shall be conducted consistent with the rules, regulations and requirements thereof as well as any requirements imposed by state law. Any arbitral award
determination shall be final and binding.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Attorney</u> <u>'</u> <u>s Fees</u> *.* The Company agrees to pay as incurred (within 30 days
following the Company's receipt of an invoice from Executive), at any time from the Termination Date following a termination of service pursuant to Section 8(c) hereto, to the fullest extent permitted by applicable law, all legal fees and
expenses that Executive may reasonably incur as a result of any contest (regardless of the outcome thereof) by the Company, Executive or others of the validity or enforceability of, or liability under, any provision of this Agreement or any
guarantee of performance thereof (including, for the avoidance of doubt, any claim that a termination of service should qualify as a termination of service under Section 8(c) hereto) whether such contest is between the Company and Executive or
between either of them and any third party (including as a result of any contest by Executive about the amount of any payment pursuant to this Agreement and any audit by the Internal Revenue Service).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>No Conflicts</u>. As a condition to the effectiveness of this Agreement, Executive represents and warrants
to the Company that he is not a party to or otherwise bound by any agreement or arrangement (including, without limitation, any license, covenant or commitment of any nature), or subject to any judgment, decree or order of any court or
administrative agency, that would conflict with or will be in conflict with or in any way preclude, limit or inhibit Executive's ability to execute this Agreement or to carry out Executive's duties and responsibilities hereunder. In the
event that the Company determines that Executive's duties hereunder may conflict with an agreement or arrangement to which Executive is bound, Executive shall be required to cease engaging in any such activities, duties or responsibilities
(including providing supervisory services over certain subsets of the Company's business operations) and the Company will take steps to restrict Executive's access to, and participation in, any such activities. Any actions taken by the
Company under this Section 11(i) to restrict or limit Executive's access to information or provision of services shall not constitute Good Reason for purposes of Section 6(e) hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Severability</u>. The provisions of this Agreement shall be deemed severable and the invalidity or
unenforceability of any provision shall not affect the validity or enforceability of the other provisions hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. *Entire Agreement*. This Agreement constitutes the entire agreement between the parties hereto and supersedes all prior agreements, if any, understandings and arrangements, oral or written, between the parties hereto with respect to the subject matter hereof, including without limitation any term sheets or other similar presentations, other than any restrictive covenant agreements (including, for the avoidance of doubt, the Restrictive Covenant Agreement, which is incorporated by reference).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. *Counterparts*. This Agreement may be executed in separate counterparts, any one of which need not contain signatures of more than one party, but all of which taken together will constitute one and the same Agreement. Signatures transmitted via DocuSign, facsimile or PDF will be deemed the equivalent of originals.

*Remainder of page left intentionally blank* 

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IN WITNESS WHEREOF, the parties have executed this Agreement as of the day and year first above written, to be effective as of the Effective Date.

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| | |
|:---|:---|
| LENDBUZZ, INC. | LENDBUZZ, INC. |
| By: |  |
|  | Name: |
|  | Title: |

---

---

| | |
|:---|:---|
| EXECUTIVE | EXECUTIVE |
| By: |  |
|  | Name: Dan Raviv |

---

## Exhibit 10.34

**Exhibit 10.34** 

**LENDBUZZ INC.** 

**EXECUTIVE CHANGE IN CONTROL SEVERANCE PLAN** 

ARTICLE I

PURPOSE

This Executive Change in Control Severance Plan has been established by the Company on September 8, 2025 (the "**Effective Date**") to provide Participants with the opportunity to receive severance protection in connection with a Change in Control of the Company. The purpose of the Plan is to attract and retain talent and to assure the present and future continuity, objectivity and dedication of management in the event of any Change in Control to maximize the value of the Company on a Change in Control.

The Plan qualifies as a "top hat" plan that is maintained primarily to provide severance compensation and benefits to a select group of "management or highly compensated employees" within the meaning of Sections 201(2), 301(a)(3) and 401(a)(1) of ERISA, and therefore, the Plan is exempt from the provisions of Parts 2, 3, and 4 of Title I of ERISA. The Plan is not intended to be an "employee pension benefit plan" or "pension plan" within the meaning of Section 3(2) of ERISA. Rather, the Plan is intended to be a "welfare benefit plan" within the meaning of Section 3(1) of ERISA and to meet the descriptive requirements of a plan constituting a "severance pay plan" within the meaning of regulations published by the Secretary of Labor at 29 CFR § 2510.3-2(b). No employee contributions are required or permitted. This document constitutes both the written instrument under which the Plan is maintained and the required summary plan description for the Plan.

Capitalized terms used but not otherwise defined herein have the meanings set forth in ARTICLE II.

ARTICLE II

DEFINITIONS

"**Affiliate**" means any entity that, directly or indirectly through one or more intermediaries, controls, is controlled by, or is under common control with, the Company.

"**Accountants**" has the meaning set forth in Section 7.03.

"**Administrator**" means the Committee.

"**Award Agreement**" means any agreement, contract or other instrument or document (including in electronic form) evidencing any award granted under the Omnibus Plan or the Lendbuzz Inc. 2019 Equity Incentive Plan, which may, but need not, be executed or acknowledged by a Participant.

"**Benefit Continuation**" has the meaning set forth in Section 4.01(b).

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"**Benefit Continuation Period**" means the period beginning on the Participant's Termination Date and ending on the earliest of: (a) the two-year anniversary of the Termination Date; (b) the date on which the Participant becomes eligible to receive substantially similar coverage from another employer; and (c) the date the Participant is no longer eligible to receive COBRA continuation coverage.

"**Board**" means the Board of Directors of the Company.

"**Cause**" means the Participant's: (i) intentional material wrongdoing, gross negligence or willful misconduct in the performance of the Participant's duties or otherwise in respect of the Company or its Affiliates that results in material financial or reputational harm to the Company or its Affiliates, (ii) willful, deliberate or negligent conduct that is materially injurious to the Company or its Affiliates that results in material financial or reputational harm to the Company or its Affiliates, (iii) commission of, conviction of, plea of guilty to, or plea of *nolo contendere* to, (x) a felony or (y) any other criminal offense involving moral turpitude, fraud or dishonesty, (iv) commission of an act of fraud, embezzlement or misappropriation, in each case, against the Company or any Affiliate that results in material financial or reputational harm to the Company or its Affiliates, (v) material breach of any policies of the Company or its Affiliates or (vi) material breach of any applicable Service Agreement.

"**Change in Control**" has the meaning ascribed to it in the Omnibus Plan.

"**Change in Control Period**" means the period of time that is three (3) months prior to and twelve (12) months following the date of a Change in Control.

"**COBRA**" means the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended. Any reference to a section of COBRA shall be deemed to include a reference to any regulations promulgated thereunder.

"**Code**" means the Internal Revenue Code of 1986, as amended. Any reference to a section of the Code shall be deemed to include a reference to any regulations promulgated thereunder.

"**Committee**" means the compensation committee of the Board unless another committee is designated by the Board. If there is no compensation committee of the Board and the Board does not designate another committee, references herein to the "Committee" shall refer to the Board.

"**Company**" means Lendbuzz Inc., a Delaware corporation, and any successor thereto.

"**Covered Payments**" has the meaning set forth in Section 7.01.

"**Effective Date**" has the meaning set forth in ARTICLE I.

"**Eligible Employee**" means any full-time employee of the Company who is an executive officer of the Company (as determined by the Committee in its sole discretion) and any other full-time employee of the Company who is recommended by the chief executive officer of the Company to the Administrator to be a key employee who should be eligible to participate in the Plan. Eligible Employees shall be limited to a select group of management or highly compensated employees within the meaning of Sections 201, 301 and 404 of ERISA.

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"**ERISA**" means the Employee Retirement Income Security Act of 1974, as amended. Any reference to a section of ERISA shall be deemed to include a reference to any regulations promulgated thereunder.

"**Exchange Act**" means the U.S. Securities Exchange Act of 1934, as amended from time to time, and the rules, regulations and guidance thereunder. Any reference to a provision in the Exchange Act shall include any successor provision thereto.

"**Excise Tax**" has the meaning set forth in Section 7.01.

"**Good Reason**" means, without the Participant's consent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any reduction in the Participant's base salary or target bonus opportunity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a relocation of the Participant's principal place of employment by more than 50 miles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Company's breach of the Participant's Service Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any adverse change in the Participant's title, reporting relationship, authority, duties or responsibilities (other than temporarily while the Participant is physically or mentally incapacitated or as required by applicable law).

The Participant cannot terminate their employment for Good Reason unless they have provided written notice to the Company of the existence of the circumstances providing grounds for termination for Good Reason within 30 days of the initial existence of such grounds and the Company has had at least 30 days from the date on which such notice is provided to cure such circumstances, if curable. If the Participant does not terminate their employment for Good Reason within 90 days after the first occurrence of the applicable grounds, then the Participant will be deemed to have waived their right to terminate for Good Reason with respect to such grounds.

"**Omnibus Plan**" means the Lendbuzz Inc. 2025 Omnibus Incentive Plan, and any successor plan thereto.

"**Parachute Payments**" has the meaning set forth in Section 7.01.

"**Participant**" has the meaning set forth in Section 3.01.

"**Person**" has the meaning ascribed to such term in Section 3(a)(9) of the Exchange Act and used in Sections 13(d) and 14(d) thereof, including a "group" as defined in Section 13(d) thereof.

"**Plan**" means this Lendbuzz Inc. Executive Change in Control Severance Plan, as may be amended and/or restated from time to time.

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"**Qualifying Termination**" means the termination of a Participant's employment either (a) by the Company without Cause or (b) by the Participant for Good Reason, in each case during the Change in Control Period.

"**Release**" has the meaning set forth in Section 6.01.

"**Reduced Amount**" has the meaning set forth in Section 7.01(a).

"**Service Agreement**" means any employment, severance, consulting or similar agreement between the Company or any of its Affiliates and a Participant.

"**Severance**" has the meaning set forth in Section 4.01(a).

"**Subsidiary**" means an entity of which the Company directly or indirectly holds all or a majority of the value of the outstanding equity interests of such entity or a majority of the voting power with respect to the voting securities of such entity. Whether employment by or service with a Subsidiary is included within the scope of the Plan shall be determined by the Committee.

"**Termination Date**" means the effective date of the Qualifying Termination.

ARTICLE III

PARTICIPATION

Section 3.01. *Participants.* The Administrator shall designate and provide written notice to each Eligible Employee chosen by the Administrator to participate in the Plan (each, a "**Participant**"). <u>Appendix A</u> of the Plan, as it may be updated from time to time by the Administrator, shall at all times contain a current list of Participants.

ARTICLE IV

SEVERANCE

Section 4.01. *Severance.* If a Participant experiences a Qualifying Termination, then, subject to Section 6.01, ARTICLE VII and Section 10.13, the Company will provide the Participant with the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Severance in an amount equal to the product of (i) the sum of (x) the Participant's base salary in effect immediately prior to the Termination Date (or, in the case of a Qualifying Termination due to Good Reason, such base salary in effect immediately prior to the reduction giving rise to the Good Reason) *plus* (y) the Participant's target annual cash bonus opportunity for the year in which the Qualifying Termination occurs (or, in the case of a Qualifying Termination due to Good Reason, such target annual cash bonus opportunity in effect immediately prior to the reduction giving rise to the Good Reason) multiplied by (ii) two (2) ("**Severance**"); *provided* that Severance will be paid in a lump sum payment within sixty (60) days following the Qualifying Termination;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Participant's annual cash bonus for the year in which the Qualifying Termination occurs, measured at the greater of target and actual performance, prorated based on the number of days the Participant is employed by the Company during the year in which the Qualifying Termination occurs, paid at the time such as such bonuses are paid to other similarly situated employees of the Company and in any event before March 15 of the year following the year in which the Qualifying Termination occurs; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) subject to the Participant's timely election of continuation coverage under COBRA, during the Participant's Benefit Continuation Period, reimbursement for the monthly COBRA premium paid by the Participant for themself and their eligible dependents at the active employee rate ("**Benefit Continuation**"); *provided*, *however*, that the Participant shall be solely responsible for any taxes incurred in respect of such coverage; and *provided*, *further*, that the Company may modify the continuation coverage contemplated by this Section 4.01(b) (including by providing, in lieu of such continuation coverage or to the extent that the COBRA continuation period expires, a lump-sum cash payment equal to the value for the Participant of the continuation coverage provided herein) to the extent reasonably necessary to avoid the imposition of any excise taxes on the Company for failure to comply with the nondiscrimination requirements of the Patient Protection and Affordable Care Act of 2010, as amended, and/or the Health Care and Education Reconciliation Act of 2010, as amended (to the extent applicable); and *provided*, *further*, in the event the Participant obtains other employment that offers group health benefits and elects to receive such group health benefits, such continuation coverage by the Company under this Section 4.01(b) shall immediately cease (and the Participant agrees to promptly notify the Company if the Participant elects to receive such group health benefits).

ARTICLE V

EQUITY AWARDS

Section 5.01. *Equity Awards.* If a Participant experiences a Qualifying Termination, then, subject to Section 6.01, ARTICLE VII and Section 10.13, with respect to each unvested outstanding equity or equity-based award granted to the Participant under the Omnibus Plan or, if applicable, the Lendbuzz Inc. 2019 Equity Incentive Plan: (i) any service-based vesting conditions shall be deemed satisfied and the equity or equity-based award shall vest immediately prior to the Qualifying Termination and (ii) any performance-based vesting conditions shall be deemed achieved at the greater of target and actual performance, as measured by the Committee as of the date of the Change in Control and extrapolated for the applicable performance period. Other than as set forth in this Article V, the Plan does not affect the terms of any outstanding equity awards.

ARTICLE VI

CONDITIONS

Section 6.01. *Conditions.* A Participant's entitlement to any severance benefits under ARTICLE IV and ARTICLE V will be subject to the Participant's execution and nonrevocation of a separation and release agreement (the "**Release**") in favor of the Company, its current and former Subsidiaries, Affiliates and stockholders, the acquiror and the surviving company and the current and former directors, officers, employees and agents of the Company and such Subsidiaries and Affiliates in a form reasonably satisfactory to the Company, which such Release must be signed by the Participant and must become effective and irrevocable (with any revocation period having expired) within 60 days following the Termination Date. The date

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upon which the executed Release is no longer subject to revocation by the Participant shall be referred to herein as the "**Release Effective Date**." Any Severance that would have been provided under ARTICLE IV and ARTICLE V following the Termination Date but before the Release Effective Date shall be made as soon as reasonably practicable following the Release Effective Date, subject to Section 10.13.

Section 6.02. *Qualifying Termination prior to a Change in Control*. In the event that (i) the Participant experiences a termination of employment without Cause or resigns for Good Reason, in each case prior to a Change in Control and (ii) such termination of a Participant's employment occurred during the Change in Control Period by virtue of the consummation of a Change in Control following the date of such termination of Participant's employment, then such termination of Participant's employment shall be treated as a Qualifying Termination and the Participant shall receive the balance of his or her entitlement to any benefits under ARTICLE IV and ARTICLE V as soon as practical following the Change in Control, subject to Section 6.01, ARTICLE VII and Section 10.13; *provided* that such payments shall be subject to the Participant's execution and nonrevocation of a Release for such payments; *provided*, *further*, that nothing in this Section 6.02 shall result in a duplication of benefits.

ARTICLE VII

SECTION 280G

Section 7.01. *Reduction.* Notwithstanding any other provision of the Plan or any other plan, arrangement or agreement to the contrary, if any of the payments or benefits provided or to be provided by the Company or its affiliates to a Participant or for a Participant's benefit pursuant to the terms of the Plan or otherwise ("**Covered Payments**") constitute parachute payments ("**Parachute Payments**") within the meaning of Section 280G of the Code and would, but for this ARTICLE VII, be subject to the excise tax imposed under Section 4999 of the Code (or any successor provision thereto) or any similar tax imposed by state or local law or any interest or penalties with respect to such taxes (collectively, the "**Excise Tax**"), then the Covered Payments shall be either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) reduced to the minimum extent necessary to ensure that no portion of the Covered Payments is subject to the Excise Tax (that amount, the "**Reduced Amount**"); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) payable in full if the Participant's receipt on an after-tax basis of the full amount of payments and benefits (after taking into account the applicable federal, state, local and foreign income, employment and excise taxes (including the Excise Tax)) would result in the Participant receiving an amount greater than the Reduced Amount.

Section 7.02. *Order of Reduction.* Any such reduction shall be made in accordance with Section 409A (as defined below) and the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Covered Payments which do not constitute nonqualified deferred compensation subject to Section 409A shall be reduced first; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all other Covered Payments shall then be reduced as follows: (i) cash payments shall be reduced before non-cash payments; and (ii) payments to be made on a later payment date shall be reduced before payments to be made on an earlier payment date.

Section 7.03. *Determinations.* Any determination required under this ARTICLE VII shall be made in writing in good faith by the accounting firm that was the Company's independent auditor immediately before the occurrence of the change in control (the "**Accountants**"), which shall provide detailed supporting calculations to the Company and the Participant as requested by the Company or the Participant. The Company and the Participant shall provide the Accountants with such information and documents as the Accountants may reasonably request in order to make a determination under this ARTICLE VII. For purposes of making the calculations and determinations required by this ARTICLE VII, the Accountants may rely on reasonable, good faith assumptions and approximations concerning the application of Section 280G and Section 4999 of the Code. The Accountants' determinations shall be final and binding on the Company and the Participant. The Company shall be responsible for all fees and expenses incurred by the Accountants in connection with the calculations required by this ARTICLE VII.

ARTICLE VIII

CLAIMS PROCEDURES

Section 8.01. *Initial Claims*. A Participant who believes that they are eligible for a payment under the Plan that has not been received may submit a written claim for benefits to the Plan within 60 days after the Participant's Qualifying Termination. Claims should be addressed and sent to:

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If the Participant's claim is denied, in whole or in part, the Participant will be furnished with written notice of the denial within 90 days after the Administrator's receipt of the Participant's written claim, unless special circumstances require an extension of time for processing the claim, in which case a period not to exceed 180 days will apply. If such an extension of time is required, written notice of the extension will be furnished to the Participant before the termination of the initial 90-day period and will describe the special circumstances requiring the extension, and the date on which a decision is expected to be rendered. Written notice of the denial of the Participant's claim will contain the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the specific reason or reasons for the denial of the Participant's claim;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) references to the specific Plan provisions on which the denial of the Participant's claim was based;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a description of any additional information or material required by the Administrator to reconsider the Participant's claim (to the extent applicable) and an explanation of why such material or information is necessary; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a description of the Plan's review procedures and time limits applicable to such procedures, including a statement of the Participant's right to bring a civil action under Section 502(a) of ERISA following a benefit claim denial on review.

Section 8.02. *Appeal of Denied Claims.* If the Participant's claim is denied and they wish to submit a request for a review of the denied claim, the Participant or their authorized representative must follow the procedures described below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon receipt of the denied claim, the Participant (or their authorized representative) may file a request for review of the claim in writing with the Administrator. This request for review must be filed no later than 60 days after the Participant has received written notification of the denial.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Participant has the right to submit in writing to the Administrator any comments, documents, records or other information relating to their claim for benefits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Participant has the right to be provided with, upon request and free of charge, reasonable access to and copies of all pertinent documents, records and other information that are relevant to their claim for benefits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The review of the denied claim will take into account all comments, documents, records and other information that the Participant submitted relating to their claim, without regard to whether such information was submitted or considered in the initial denial of their claim.

Section 8.03. *Administrator's Response to Appeal.* The Administrator will provide the Participant with written notice of its decision within 60 days after the Administrator's receipt of the Participant's written claim for review. There may be special circumstances which require an extension of this 60-day period. In any such case, the Administrator will notify the Participant in writing within the 60-day period and the final decision will be made no later than 120 days after the Administrator's receipt of the Participant's written claim for review. The Administrator's decision on the Participant's claim for review will be communicated to the Participant in writing and will clearly state:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the specific reason or reasons for the denial of the Participant's claim;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) reference to the specific Plan provisions on which the denial of the Participant's claim is based;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a statement that the Participant is entitled to receive, upon request and free of charge, reasonable access to and copies of, the Plan and all documents, records and other information relevant to their claim for benefits; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a statement describing the Participant's right to bring an action under Section 502(a) of ERISA.

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Section 8.04. *Exhaustion of Administrative Remedies.* The exhaustion of these claims procedures is mandatory for resolving every claim and dispute arising under the Plan. As to such claims and disputes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) no claimant shall be permitted to commence any legal action to recover benefits or to enforce or clarify rights under the Plan under Section 502 or Section 510 of ERISA or under any other provision of law, whether or not statutory, until these claims procedures have been exhausted in their entirety; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in any such legal action, all explicit and implicit determinations by the Administrator (including, but not limited to, determinations as to whether the claim, or a request for a review of a denied claim, was timely filed) shall be afforded the maximum deference permitted by law.

Section 8.05. *Arbitration.* Subject to Section 8.04, any dispute, controversy or claim arising out of or related to the Plan shall be submitted to and decided by binding arbitration. Arbitration shall be administered exclusively by JAMS pursuant to the JAMS Employment Arbitration Rules & Procedures (which can be found at https://www.jamsadr.com/rules-employment-arbitration/english or obtained from the Company) and shall be conducted consistent with the rules, regulations and requirements thereof as well as any requirements imposed by state law. Any arbitral award determination shall be final and binding.

Section 8.06. *Attorney's Fees.* The Company agrees to pay as incurred (within 30 days following the Company's receipt of an invoice from the Participant), at any time from the date of a Change in Control, to the fullest extent permitted by applicable law, all legal fees and expenses that the Participant may reasonably incur as a result of any contest (regardless of the outcome thereof) by the Company, the Participant or others of the validity or enforceability of, or liability under, any provision of this Plan or any guarantee of performance thereof whether such contest is between the Company and the Participant or between either of them and any third party (including as a result of any contest by the Participant about the amount of any payment pursuant to this Plan and any audit by the Internal Revenue Service).

ARTICLE IX

ADMINISTRATION, AMENDMENT AND TERMINATION

Section 9.01. *Administration.* The Administrator has the exclusive right, power and authority, in its sole discretion exercised in good faith, to administer and interpret the Plan. The Administrator has all powers reasonably necessary to carry out, in good faith, its responsibilities under the Plan including (but not limited to) the sole discretionary authority to, in good faith:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) administer the Plan according to its terms and to interpret Plan provisions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) resolve and clarify inconsistencies, ambiguities and omissions in the Plan and among and between the Plan and other related documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) take all actions and make all decisions regarding questions of eligibility for benefits, and benefit amounts;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) make, amend, interpret and enforce all appropriate rules and regulations for the administration of the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) process and approve or deny all claims for benefits; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) decide or resolve any and all questions, including benefit eligibility determinations and interpretations of the Plan, as may arise in connection with the Plan.

The decision of the Administrator on any disputes arising under the Plan, including (but not limited to) questions of construction, interpretation and administration shall be final, conclusive and binding on all persons having an interest in or under the Plan. Any determination made by the Administrator shall be given deference in the event the determination is subject to judicial review and shall be overturned by a court of law only if it is arbitrary and capricious.

Section 9.02. *Amendment and Termination.* The Company, by action of the Administrator, reserves the right to amend or terminate the Plan or the benefits provided hereunder at any time. Any amendment or termination of the Plan will be in writing. Upon the occurrence of a Change in Control, no amendment or termination of the Plan may, without that Participant's written consent, reduce or alter to the detriment of such Participant the payments and benefits to which the Participant is entitled or otherwise adversely impact such Participant's rights under this Plan.

ARTICLE X

GENERAL PROVISIONS

Section 10.01. *At-Will Employment.* The Plan does not alter the status of each Participant as an at-will employee of the Company. Nothing contained herein shall be deemed to give any Participant the right to remain employed by the Company or to interfere with the rights of the Company to terminate the employment of any Participant at any time, with or without Cause.

Section 10.02. *Effect on Other Plans, Agreements and Benefits.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any severance benefits payable to a Participant under the Plan will be: (i) in lieu of and not in addition to any severance benefits to which the Participant would otherwise be entitled under any general severance policy or severance plan maintained by the Company or any agreement between the Participant and the Company that provides for severance benefits (unless the policy, plan or agreement expressly provides for severance benefits to be in addition to those provided under the Plan); and (ii) reduced by any severance benefits to which the Participant is entitled by operation of a statute or government regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To the extent that a Participant is a party to a Service Agreement that provides for any severance payments upon such Participant's termination of employment with the Company or any of its Subsidiaries in connection with a Change in Control of the Company, then that Service Agreement governs, and not this Plan. Upon the expiration of such Service Agreement, this Plan will govern. In addition, a Participant shall not be entitled to receive benefits more than once under this Plan as a result of holding titles with multiple entities with the Company and the group of companies under common control with the Company. In no event shall any Participant receive payments and/or benefits under this Plan and such Participant's Service Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any severance benefits payable to a Participant under the Plan will not be counted as compensation for purposes of determining benefits under any other benefit policies or plans of the Company, except to the extent expressly provided therein.

Section 10.03. *Mitigation and Offset.* If a Participant obtains other employment after a Qualifying Termination, such other employment will not affect the Participant's rights or the Company's obligations under the Plan.

Section 10.04. *Severability.* The invalidity or unenforceability of any provision of the Plan shall not affect the validity or enforceability of any other provision of the Plan. If any provision of the Plan is held by a court of competent jurisdiction to be illegal, invalid, void or unenforceable, such provision shall be deemed modified, amended and narrowed to the extent necessary to render such provision legal, valid and enforceable, and the other remaining provisions of the Plan shall not be affected but shall remain in full force and effect.

Section 10.05. *Headings and Subheadings.* Headings and subheadings contained in the Plan are intended solely for convenience and no provision of the Plan is to be construed by reference to the heading or subheading of any section or paragraph.

Section 10.06. *Unfunded Obligations.* The amounts to be paid to Participants under the Plan are unfunded obligations of the Company. The Company is not required to segregate any monies or other assets from its general funds with respect to these obligations. Participants shall not have any preference or security interest in any assets of the Company other than as a general unsecured creditor.

Section 10.07. *Successors.* The Plan will be binding upon any successor to the Company, its assets, its businesses or its interest (whether as a result of the occurrence of a Change in Control or otherwise), in the same manner and to the same extent that the Company would be obligated under the Plan if no succession had taken place. In the case of any transaction in which a successor would not by the foregoing provision or by operation of law be bound by the Plan, the Company shall require any successor to the Company to expressly and unconditionally assume the Plan in writing and honor the obligations of the Company hereunder, in the same manner and to the same extent that the Company would be required to perform if no succession had taken place. All payments and benefits that become due to a Participant under the Plan will inure to the benefit of his or her heirs, assigns, designees or legal representatives.

Section 10.08. *Transfer and Assignment.* Neither a Participant nor any other Person shall have any right to sell, assign, transfer, pledge, anticipate or otherwise encumber, transfer, hypothecate or convey any amounts payable under the Plan prior to the date that such amounts are paid, except that, in the case of a Participant's death, such amounts shall be paid to the Participant's beneficiaries.

Section 10.09. *Waiver.* Any party's failure to enforce any provision or provisions of the Plan will not in any way be construed as a waiver of any such provision or provisions, nor prevent any party from thereafter enforcing each and every other provision of the Plan.

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Section 10.10. *Governing Law.* To the extent not preempted by federal law, the Plan shall be construed in accordance with and governed by the laws of Delaware without regard to conflicts of law principles.

Section 10.11. *Clawback.* Any amounts payable under the Plan are subject to any policy (whether in existence as of the Effective Date or later adopted) established by the Company promulgated under Section 10D of the Exchange Act and any rules promulgated thereunder (the "**Clawback Policy**"). The Company will make any determination for clawback or recovery in accordance with any applicable law or regulation and the Clawback Policy.

Section 10.12. *Withholding.* The Company shall have the right to withhold from any amount payable hereunder any federal, state and local taxes in order for the Company to satisfy any withholding tax obligation it may have under any applicable law or regulation.

Section 10.13. *Section 409A.* ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All amounts payable hereunder are intended to be exempt from or comply with the requirements of Section 409A of the Code ("**Section 409A**"), and this Plan shall be construed and administered in accordance with such intention. To the extent any payments or benefits under the Plan are subject to Section 409A, the Plan shall be interpreted and administered to the maximum extent possible to comply with Section 409A. For purposes of any payments or benefits under the Plan subject to Section 409A:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Participant shall not be considered to have terminated employment with the Company unless the Participant would be considered to have incurred a "separation from service" within the meaning of Section 409A, and, for purposes of any such provision of this Plan, references to a "Qualifying Termination," "termination of employment" or like terms shall mean "separation from service."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) each separate payment to be made or benefit to be provided under the Plan shall be construed as a separate identified payment for purposes of Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) if the Participant is a "specified employee" within the meaning of Section 409A at the time of the Participant's separation from service, to the extent required under Section 409A to avoid additional tax or tax penalties, any amounts payable during the six-month period immediately following the Participant's separation from service shall instead be paid on the first business day after the date that is six months following the Participant's separation from service (or, if earlier, the Participant's date of death).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) all expenses or other reimbursements or in-kind benefits under this Plan shall be paid or provided on or prior to the last day of the taxable year following the taxable year in which such expenses or in-kind benefits were incurred by the Participant, and no such reimbursement or in-kind benefits in any taxable year shall in any way affect the reimbursement or in-kind benefits in any other taxable year or subject to exchange for cash or other taxable amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) whenever a payment under this Plan specifies a payment period with reference to a number of days (e.g., "payment shall be made within 30 days following the date of termination"), the actual date of payment within the specified period shall be within the sole discretion of the Company.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) no payment will be subject to offset unless otherwise permitted by Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) notwithstanding any provisions in this Plan to the contrary, whenever a payment under this Plan may be made upon the Release Effective Date, and the period in which the Participant could execute the Release (along with its accompanying revocation period) crosses calendar years, no payments shall be made until the latter calendar year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company makes no representation that payments described in the Plan will be exempt from or comply with Section 409A and shall have no liability or obligation to any Participant for any failure of the Plan or any payments hereunder to comply with Section 409A.

## Exhibit 21.1

Exhibit 21.1

---

| | |
|:---|:---|
|  **Subsidiaries of Lendbuzz Inc.** |  |
| **Name** | **Jurisdiction** |
|  Lendbuzz Funding, LLC | Delaware |
|  Lendbuzz LTD | Israel |
|  Lendbuzz Floorplan, LLC | Massachusetts |
|  Lendbuzz SPV IV, LLC | Delaware |
|  Lendbuzz Depositor, LLC | Delaware |
|  Lendbuzz SPV V, LLC | Delaware |
|  Lendbuzz SPV VII, LLC | Delaware |
|  Lendbuzz Depositor II, LLC | Delaware |
|  Lendbuzz SPV VIII, LLC | Delaware |
|  Lendbuzz SPV IX, LLC | Delaware |
|  Lendbuzz Floorplan SPV I, LLC | Delaware |
|  Lendbuzz Securitization Trust 2021-1 | Delaware |
|  Lendbuzz Securitization Trust 2022-01 | Delaware |
|  Lendbuzz Securitization Trust 2023-1 | Delaware |
|  Lendbuzz Securitization Trust 2023-3 | Delaware |
|  Lendbuzz Securitization Trust 2024-1 | Delaware |

---

## Exhibit 23.1

**Exhibit 23.1** 

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

We consent to the use in this Registration Statement on Form S-1 of our report dated March 5, 2025, relating to the financial statements of Lendbuzz Inc. We also consent to the reference to us under the heading "Experts" in such Registration Statement.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

September 12, 2025

## Ex-Filing

?xml version='1.0' encoding='ASCII'? EX-FILING FEES

---

| |
|:---|
| **Calculation of Filing Fee Tables**  |
| &nbsp;&nbsp;&nbsp;&nbsp;**S-1**  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Lendbuzz Inc.**  |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Security Type**  | **Security Class Title**  | **Fee Calculation or Carry Forward Rule**  | **Maximum Aggregate Offering Price**  | **Fee Rate**  | **Amount of Registration Fee**  |
| **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** |
| Fees to be Paid | 1 | Equity | Common stock, par value $0.001 per share | 457(o) | $100000000.00 | 0.0001531 | $15310.00 |
| Fees Previously Paid |  |  |  |  |  |  |  |
| **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** |
| Carry Forward Securities |  |  |  |  |  |  |  |
|  |  |  | Total Offering Amounts: | Total Offering Amounts: | $100000000.00  |  | $15310.00  |
|  |  |  | Total Fees Previously Paid:  | Total Fees Previously Paid:  |  |  | $0.00  |
|  |  |  | Total Fee Offsets:  | Total Fee Offsets:  |  |  | $0.00  |
|  |  |  | Net Fee Due:  | Net Fee Due:  |  |  | $15310.00  |

---

 **Offering Note** <br>

<sup>1</sup> (1) Estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(o) under the Securities Act of 1933, as amended. (2) Includes the aggregate offering price of additional shares that the underwriters have the option to purchase.

---

| | |
|:---|:---|
| | |
| **Rules 457(b) and 0-11(a)(2)** | **Rules 457(b) and 0-11(a)(2)** |
| Fee Offset Claims | N/A |
| Fee Offset Sources | N/A |
| **Rule 457(p)** | **Rule 457(p)** |
| Fee Offset Claims | N/A |
| Fee Offset Sources | N/A |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Security Type**  | **Security Class Title**  | **Amount of Securities Previously Registered**  | **Maximum Aggregate Offering Price of Securities Previously Registered**  | **Form Type**  | **File Number**  | **Initial Effective Date**  |
| N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |

---